Good day, and welcome to the Italian Oil First Quarter 2021 Earnings Call. This call is being recorded. I will now turn the call over to Chris Lang. Please go ahead.
Thank you, and welcome to our Q1 2021 earnings call. With me today are a few of my colleagues, our Chief Executive Officer, Richard Little our Chief Financial Officer, Kevin Andrews and our Chief Operating Officer, Daniel Rolling. This conference call contains forward looking statements. For a detailed description of our disclaimer, see our earnings release issued yesterday and posted on our website. This conference call also includes references to certain non GAAP financial measures.
Reconciliations of these non GAAP financial measures to the most directly comparable measure under GAAP Are contained in our earnings announcement released yesterday. We have also published an investor presentation, which may be found on our website and may be referenced during this webcast. Our team will begin with a few scripted remarks followed by Q and A. Now let me turn it over to Rich.
Good morning, everyone. I'd like to thank you for joining us this morning for Battalion Oil's Q1 2021 earnings call. The culture of capital discipline, safety And execution were on display this quarter as we delivered a strong Q1 results despite the continued challenges related to the ongoing pandemic as well as the disruption caused by the winter storms. I'm proud of what our team was able to accomplish and I'm excited to share our results and discuss how we were able to remain on plan for 2021 Despite lower than expected production volumes, we got started on our capital program early this year, completing 4 DUCs and spudding 2 additional wells in the Q1. We recently kicked off the completion program of 2 new wells earlier this month and expect to turn them to sales in the Q2.
A major theme on our last call was our commitment to capital efficiency. And we demonstrated that this quarter by reducing our completion costs from $5.75 per linear foot in 2020 to $3.95 per linear foot in Q1. Some of those cost savings were certainly a result of our ability to preempt demand on the service market, but we were also driving cost savings through improved operational efficiencies. To date, we're pleased with the performance from our new wells. And while performance from these new wells is certainly a positive, Our average daily production on the quarter was down 17% from the Q4 of 2020 as a result of production shut ins related to the winter storms.
That historically long cold snap caused widespread issues for us. Mechanical failures, line freezes and force majeure events are just a handful of examples of The kind of challenges our field team had to overcome and they did a great job keeping us online while remaining safe. We had 0 recordable incidents this quarter, Including during those storms and our team deserves a lot of praise for their efforts. Despite the operational downtime, we exceeded our expectations for revenue, EBITDA and cash flow during the quarter due to an overall improvement in the commodity pricing environment as well as high daily prices realized during February. Now I'd like to hand the call off to our Chief Operating Officer, Daniel Rolling.
Thank you and good morning. As Rich mentioned, we got a quick jump on our 2021 capital program by starting work on our first pad of completions in December of 2020. Last fall, as we were preparing for 2021, we saw an opportunity to get in front of what we expected to be an increase in activity across the basin. We strongly believe that that was the right call. By moving early, we were able to secure attractive pricing and when we couple that with our improved efficiency, The end result is an overall reduction in average completion costs of $5.75 a foot in 2020 to $3.95 in the Q1 of this year.
We also spud 2 wells on our taper pad in the Q1 and our drilling performance and cost on those wells were in line with the expectation despite working The February freeze, which impacted our drilling operation over a 5 day period. We also saw an increase in casing cost as a result of the higher commodity pricing. To save those freeze days, we'd be talking about 2 more record wells for this area. It's another example of what we talked about last quarter We use our G and G knowledge not only to optimize our frac design, but also leverage our understanding of the rock to improve our drilling performance, Using real time adjustments to increase ROP and decrease bit and DHA wear and trips. In all, we continue to And are reaping the benefits of repeatable performance improvements and cost savings measures, while seeing extremely strong performance across the asset base.
Last dozen or so EURs have averaged about 1,400,000 barrels equivalent at all time low CapEx. On the production side, our team really had their work cut out for them as a once in a lifetime winter storm came barreling in. They did a tremendous job keeping us online both in the midst of the storm and the aftermath as we assess the damage. We We mentioned earlier that improved pricing led to strong financial results, but the pricing only matters if the production is flowing. So our ops team deserves a tremendous amount of credit for the results we were able to report today.
Before jumping into the financials, I'll finish by noting that we continue to make strides on the ESG front. During the quarter, we had no recordable incidents, we substantially reduced our flare intensity And have continued to work with the communities in West Texas to make an impact with youth programs. While we are pleased with the progress we have made on ESG, we hold ourselves And we'll continue working hard to improve across the board. Now Kevin will walk you through some of our financial highlights. Kevin?
Thank you, Danny, and good morning, everyone. Let me walk you through a few financial highlights from our Q1. Our production in Q1 2021 averaged 14,333 barrels of oil equivalent per day Compared to 17,293 barrels of oil equivalent per day for Q4 2020, 17% decrease driven primarily by the shut in and producing wells as a result of the severe weather during the winter storms. Total revenue was $55,500,000 for the Q1 of 2021, Of which all represented 74%. We realized 99% of the average NYMEX oil price during the quarter, but recognized a 9 point $7,000,000 loss from our hedge program.
We reported a GAAP net loss to common shareholders for the Q1 of 2021 of $33,400,000 or $2.06 per share. After adjusting for certain items, including the effect of net Unrealized derivative losses. I refer you to the press release for details of those adjustments. The company reflected net income of $2,700,000 or income of $0.17 per share. Adjusted EBITDA totaled $15,300,000 for the Q1 of Capital expenditures for the Q1 totaled $21,600,000 Of that $21,600,000 spent in Q1, dollars 18,800,000 was related to the drilling and completion activities and $2,400,000 is related to development of our treating and gathering support infrastructure.
And as previously We expect the majority of our remaining 2021 capital budget to be spent during the Q2 of this year. I'll close with some comments on our liquidity. At March 31, 2021, the company had liquidity of $34,200,000 Consistent of $1,700,000 of cash and $32,500,000 of availability under a revolving credit facility. In May, as part of the company's spring 2021 redetermination process, the company entered into a 4th amendment To its senior credit facility, which among other things reduces our borrowing base to $185,000,000 effective June 1, 2021, Further reduces the borrowing base to $175,000,000 effective September 1, 2021. While this amendment certainly reduces availability under our credit facility, we believe our current liquidity and expected cash flows I'm more than sufficient to execute on the remaining 2021 capital program.
Thanks, Kevin. The results we delivered in the Q1 set us up well to meet or exceed our 2021 guidance, and we were able to deliver those results Despite the widespread operational disruption that was caused by the winter storms as well as the ongoing challenges faced as a result of the pandemic, Our operation teams really have done an incredible job so far this year and we expect that exceptional work to carry us through the rest of 2021. As we enter this year, our goal was simple, use a disciplined approach, deliver flat to single digit production growth, while increasing free cash flow. While we remain committed to that goal, we are eager to return to growth and remain at the ready to take advantage of whatever opportunities the market might present us, Whether that growth comes through M and A or through the drill bit. Again, thank you for your interest in Battalion.
That concludes our scripted remarks. I'll now turn it back to the operator to facilitate the Q and A.
Thank reach our equipment. All right. It appears there are no questions at this time. Mr. Little, I'd like turn the conference back to you for any additional or closing remarks.
Great. Thank you. Again, I just want to thank everybody for their interest in Battalion Oil. 1st quarter came with a lot of challenges, and I'm really proud of how our team responded to those challenges. So we look forward to speaking to you again in the near future.
Thanks again. Bye.
This concludes today's call. Thank you for your participation. You may now disconnect.