I can best describe 2021 as a year of comprehensive delivery against our framework for success, highlighted by financial results that are not only superior to our E&P peers, but more importantly, superior to any other sector of the S&P 500.
During the fourth quarter, we returned over 70% of our cash from operations or more than $800 million to our equity investors, significantly exceeding our minimum 40% commitment.
To clarify, that 70% of our cash flow from operations, not our free cash flow.
That $800 million actually equates to around 90% of our free cash flow during the fourth quarter.
In total, we have now executed $1 billion of share repurchases since October, driving an 8% reduction to our outstanding share count in just four and a half months.
My second key point today is that we are successfully executing on our mandate to deliver financial outcomes that are not only superior to our E&P peer group, but are superior to the broader S&P 500 as well.
As I've said before, for our company and for our sector to attract a broader universe of investors, we must deliver competitive financial performance with other investment opportunities in the market as measured by free cash flow generation and return of capital even when commodity prices are much lower than they are today, all the way down to $40 to $50 WTI range.
And we must deliver truly outsized free cash flow and return of capital versus the S&P 500 when we experienced constructive commodity price support as we are seeing today.
Over $2.2 billion of free cash flow at a reinvestment rate of 32% in 2021, including over $900 million of free cash flow at a 22% reinvestment rate during the fourth quarter alone, a peer-leading return of capital profile driving significant per share growth, a tremendous balance sheet following $1.4 billion of gross debt reduction last year and a demonstrated capital efficiency advantage relative to other E&P no matter how you want to analyze the publicly available data.
Our $1.2 billion 2022 capital program is fully consistent with our disciplined capital allocation framework that prioritizes sustainable free cash flow generation and per share accretion over production growth.
We expect to deliver over $3 billion of free cash flow at a reinvestment rate of less than 30%, assuming $80 WTI and $4 Henry Hub prices at a discount to the current forward curve.
While our five-year benchmark scenario is based on a well-by-well execution-level model, our longer-term portfolio modeling extends the maintenance scenario out 10 years and shows that we can deliver the same peer-leading financial outcomes for at least a decade.
I'll speak to Slide 7 through 9 of our deck, largely focusing my comments on our return of capital accomplishments and outlook.
As a reminder, our framework calls for delivering a minimum of 40% of cash flow from operations to our equity holders when WTI is at or above $60.
This represents a return of capital commitment at the top of our E&P peer space and that is competitive with any sector in the S&P 500.
We started 2021 with the top priority of balance sheet improvement, accelerating $1.4 billion of gross debt reduction during the first three quarters of the year.
After taking our net debt to EBITDA comfortably below one time at strip and below 1.5 times at our conservative longer-term planning basis of $50 WTI, we have no longer need to accelerate additional debt reduction.
In total, we directed over 70% of our full year 2021 CFO, that's $2.3 billion to debt reduction, share repurchases and our base dividend.
Since October, we've already executed $1 billion of share repurchases, reducing our outstanding share count by 8% in just four and a half months and driving significant growth to our underlying per share metrics.
Our current outstanding buyback authorization is $1.7 billion, and we continue to believe that buying back our stock in a disciplined manner is a good use of our capital.
And while our equity value has appreciated since we kicked off our buyback program in October, we continue to trade at a free cash flow yield north of 20%, and that's at $80 WTI, which is a discount to the current forward curve.
That's roughly four times the free cash flow yield of the S&P 500 and even using a more conservative, say, $60 WTI price assumption, our free cash flow yield on our current equity value is around 10%, at still 2.5 times that of the S&P 500.
Paying a competitive and sustainable base dividend also remains a top priority for us as evidenced by the fact that we have now raised our base dividend four quarters in a row for a cumulative increase of 133%.
With regard to the 2022 outlook at an $80 WTI and $4 Henry Hub price deck, our minimum return of capital commitment translates to $1.8 billion, a number that stacks up well against our E&P peers and even better against the broader market.
With no material debt maturities in 2022, a constructive commodity price backdrop, our commitment to capital discipline and expected reinvestment rate of less than 30%, we see potential to meaningfully outperform our minimum 40% of CFO commitment.
We are on pace to return over 50% of our CFO to equity investors in the first quarter.
For the full year, upside potential at the same $80 WTI and $4 Henry Hub deck could be as high as 70% of our CFO, the level at which we executed during the fourth quarter.
That would represent a return to equity investors of around $3.1 billion or close to 20% of our current market capitalization.
Our $1.2 billion capital program with details summarized on Slide 13, is fully consistent with our disciplined capital allocation framework that prioritizes corporate returns and free cash flow generation over production model.
We expect our 2022 program to deliver over $3 billion of free cash flow at a reinvestment rate of less than 30%, assuming $80 WTI and $4 Henry Hub.
As Dane just mentioned, by staying disciplined and maintaining a low reinvestment rate, we expect to exceed our minimum return of capital commitment of 40% of cash flow from operations.
We will continue our investment in reducing our GHG intensity targeting a 40% reduction relative to our 2019 baseline.
In addition, the gas capture of 99% or better.
At basin level, consistent with prior indications around our capital allocation mix, we will be spending approximately 75% for capital budget in the Eagle Ford and Bakken with the balance going to the Permian and Oklahoma.
We are not allocating any production growth capital in 2022 and expect our total company oil and oil equivalent production to be flat with the 2021 full year averages.
Yet, while we aren't growing absolute production levels, the 8% reduction to our share count we've already achieved is driving significant growth to our production per share cash flow per share and free cash flow per share.
For any given quarter, it is reasonable to expect a plus or minus 5% variance around the midpoint of our full year production guidance.
For first quarter 2022 due to the timing of our wells to sales and some typical winter weather downtime, we expect our total company oil production to be at the lower end of our annual guidance range at around 168,000 barrels of oil per day for improving into the second quarter.
Regarding our capital spending profile, our full year capital will be slightly weighted to the first half of the year with approximately $350 million of capex expected during 1Q '21.
With a balanced exposure to oil, natural gas and NGLs, our company retains significant leverage to commodity price upside with a $1 per barrel increase in oil price, translating to around $60 million incremental free cash flow.
The resilience of our 2022 program is underscored by a free cash flow breakeven well below $35 per barrel WTI, assuming conservative gas and NGL prices.
We realized significant progress against our core environmental objectives, achieving our GHG intensity reduction target of at least 30% relative to our 2019 baseline and improving our total company gas capture to 98.8% for the full year.
During the third and fourth quarters of 2021, we achieved a gas capture of approximately 99%, and we expect to perform at or above this level in 2022 and beyond.
These goals complement our existing 2025 GHG intensity reduction objective of 50% versus our 2019 baseline.
Importantly, our 2030 GHG and methane intensity objectives represent industry-leading improvement and will contribute to absolute performance that is competitive with the very best oil and gas producers globally.
It's on growing the per share metrics that matter most and $1 billion of buybacks in just the last four and a half months, driving 8% underlying per share growth is a strong statement of our commitment.

Summary:
Our $1.2 billion 2022 capital program is fully consistent with our disciplined capital allocation framework that prioritizes sustainable free cash flow generation and per share accretion over production growth.
Our $1.2 billion capital program with details summarized on Slide 13, is fully consistent with our disciplined capital allocation framework that prioritizes corporate returns and free cash flow generation over production model.
We are not allocating any production growth capital in 2022 and expect our total company oil and oil equivalent production to be flat with the 2021 full year averages.