First-Quarter 2020 Highlights
Delivered oil production volumes of 209 MBopd, exceeding the high end of the Company's guidance range.
Generated cash flow from operating activities of
Included in the Company's first-quarter 2020 results are
Adjusted net income (non-GAAP) totaled
Generated
Returned capital to shareholders through the Company's common dividend of
2020 Outlook Update
Further reducing planned capital expenditures to
Targeting
The Company expects production to remain relatively consistent with 2019 divestiture-adjusted production volumes. The Company's production outlook includes current voluntary curtailments, but does not include any potential future curtailments.
About
Forward-Looking Statements and Cautionary Statements
The foregoing contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. The words 'estimate,' 'project,' 'predict,' 'believe,' 'expect,' 'anticipate,' 'potential,' 'could,' 'may,' 'enable,' 'strategy,' 'intend,' 'positioned,' 'foresee,' 'plan,' 'will,' 'guidance,' 'outlook,' 'goal,' 'target' or other similar expressions that convey the uncertainty of future events or outcomes are intended to identify forward-looking statements, which generally are not historical in nature. However, the absence of these words does not mean that the statements are not forward-looking. These statements are based on certain assumptions and analyses made by the Company based on management's experience, expectations and perception of historical trends, current conditions, current plans, anticipated future developments, expected financings, the impact of the COVID-19 pandemic and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include the risk factors and other information discussed or referenced in the Company's most recent Annual Report on Form 10-K and other filings with the
Use of Non-GAAP Financial Measures
To supplement the presentation of the Company's financial results prepared in accordance with
Contact:
Tel: 432.685.2533
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