Record-Breaking Oil Production
2024 saw record daily oil production, which was up 23% year-over-year, contributing to a total production increase of 12%.
Significant Free Cash Flow Increase
The 2025 plan anticipates a year-over-year increase in free cash flow of more than 40%, with a free cash flow yield to current market capitalization of approximately 15%.
Strong Reserve Growth
Record year-end estimated net proved reserves total 678 million barrels of oil equivalent, with reserves growing 12% and oil reserves growing 29% from year-end 2023.
Increased Dividend
The company increased its sustainable annual fixed dividend to $0.80 per share, marking a record high.
Uinta Basin Acquisition
The addition of Uinta Basin assets resulted in more than 20% production growth and over 30% oil production growth year-over-year.
Operational Efficiency
Significant improvements in drilling and completion efficiencies: Midland saw a 20% improvement in drilling footage per day and nearly doubled completion efficiencies, while South Texas improved drilling by 27% and completion efficiency by 18%.