Great stuff. Thank you, Mark. Our earnings release detailed very positive results of operations for 2011 and a favorable outlook for 2012. Before turning the call over to Tom and Joe to describe these accomplishments and expectations, I'd like to briefly reiterate just a few financial highlights.
First off, I need to mention ahead, our view of 2011 is challenged by the fact that it's often compared to our record results in 2010, a year in which we hit on all cylinders and set new highs for most measures. Not even Jeremy Lin scores more points each and every night. Still at 2011, we achieved even greater revenues in cash flow than we did in 2010. Our revenues reached nearly $1.8 billion versus $1.6 billion in 2010. Our cash flow from operating activities rose to $1.3 billion compared to $1.2 billion a year earlier.
Our earnings were also strong. Once again, we exceeded the $500 million mark. In 2011, net income totaled $530 million or $6.15 per share. That compares to $575 million or $6.70 per share in 2010, a year in which we had substantially larger hedging gains and non-recurring income from the early extinguishment of some debt.As this usually indicates, the prices we received for our production of oil, gas and natural gas liquids had the greatest impact of anything on our financial results. In 2011, price realizations for oil and natural gas liquids increased by more than 20%. On the other hand, gas prices were 10% lower. During the year, our production and revenue mix changed as we came more tilted towards liquids output versus natural gas. In 2011, about 50% of our production was gas, with 44% being oil and natural gas liquids. Combining with the effect of prices however, roughly 70% of our revenues were derived from oil and natural gas liquids, with less than 30% coming from gas.
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