Can you talk about future opportunities there, and then how the growth peak rate of the 7,000 barrel compared to your initial expectations of the first well?While prices are much different now, we still achieved strong pricing before gains in hedge positions in the first quarter thanks to our diverse oil weighted assets that are close to markets. Our hedge position, starting off at over $56, was a very, very good position to be in. Good morning, and thank you everyone for joining us … And these are, at any mid cycle pricing, well over 100% rate of return. And we see no milestone that's required is marching toward closing both parties have worked a lot on the agreements.
Roger Jenkins - … The revised Gulf of Mexico budget of $315 million includes adjusting the three-well rig program at Front Runner to two wells, no longer drilling or completing certain operated and non-operated projects and shifting timing of other projects. After submitting your information, you will receive an email. VP Investor Relations & Communications at Murphy Oil Corporation Houston, Texas 500+ connections. Just a first question here on LOE. Company Participants. We believe this will enhance our collaboration, operational efficiencies, while achieving lower G&A expenses and expect these actions to be complete in the early third quarter of 2020. [Operator Instructions] Your next question comes from Muhammed Ghulam of Raymond James. And given the most - given that most of our activity was originally planned in the first quarter, Murphy will only bring online five operated wells and six non-operated wells for the second quarter, thereby wrapping up activity for the year.Your next question comes from Gail Nicholson with Stephens.
The El Dorado office closure was particularly painful for us. As you know, these expense workovers can cause significant fluctuations in our reported LOE and this was certainly the case in the first quarter. And then my follow-up is with regards to the Eagle Ford. Murphy Oil Corporation (NYSE:MUR) Q1 2020 Earnings Conference Call May 7, 2020 9:00 AM ET. I think what we'll see over the next few quarters is everything's on the table with the hedging. It's not just looking for a certain margin there. Good morning, everyone, and …
Education. I think you guys said you had a Dalmatian well workover going on in the second quarter. And when we reach that we discuss with our partners and then we move forward with decisions to maximize the cash flow for the Company.With that, I'll turn it back over to Roger.We're in pretty good shape on shut-ins in the Eagle Ford. Overall, when looking at the full-year, 2020 Murphy will have an average of 48,000 barrels of oil per day hedged in an average price of $54.35 per barrel.Slide 1; please keep in mind that some of the comments made during this call will be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.
We were able to preserve our largest resources and our unique exploration upside for the future.Thank you.
Please proceed.I'm doing well, Roger. I know you guys had a significant workover going on that, I think, drove that higher.