We realized natural gas prices of $2.52 this quarter versus $3.23 in the December quarter. Even though natural gas prices fell 34% quarter on quarter, our average realized price per barrel equivalent fell less than 3%. Gas prices have a minimal impact on our financial performance.
Our LOE remains essentially flat against the December quarter at $19.61 per barrel. And our EBITDA was healthy $52.16 per barrel, our second consecutive quarter above $50 per barrel, even with natural gas prices declining by over 1/3 during that period.
G&A was higher quarter on quarter, primarily due to noncash mark-to-market adjustment and stock-based compensation and profit sharing paid during the quarter. Our EBITDA for the past 2 quarters combined is $440 million. On an annualized basis, that's almost $900 million. As we continue to ramp crude oil production, we should see a significant increase in EBITDA and free cash flow.
During the fiscal third quarter, the drilling program was at its peak and we spent approximately $155 million in CapEx. And even at that rate, we were cash flow positive. As we bring production tied to this CapEx online in the June and September quarters, you will see accelerated cash flow and increased liquidity. And to help assure that we remain cash flow positive, although we believe that the fundamental for crude oil remains very constructive, we continue to look for prudent ways to enhance our existing hedge portfolio. We recently bought 15,000 barrels per day of the 75-85 WTI foot [ph] spread, paying approximately $0.70 per barrel for this through May through the December period. We are also looking at incremental hedges for calendar 2013 and 2014 periods, which give us additional downside protection while allowing us to participate in the upside.Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV