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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
August 6, 2024
GULFPORT ENERGY CORPORATION
(Exact Name of Registrant as Specified in Charter)
| Delaware |
|
001-19514 |
|
86-3684669 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification Number) |
|
713 Market Drive
Oklahoma City, Oklahoma |
|
73114 |
| (Address
of principal executive offices) |
|
(Zip code) |
(405) 252-4600
(Registrant’s telephone number, including
area code)
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously
satisfy the filing obligation of the Registrant under any of the following provisions:
| ☐ | Written
communications pursuant to Rule 425 under the Securities Act |
| ☐ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act |
| ☐ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act |
| ☐ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
|
Name of each exchange on which registered |
|
Trading Symbol |
| Common stock, par value $0.0001 per share |
|
The New York Stock Exchange |
|
GPOR |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On August 6, 2024, Gulfport Energy Corporation (“Gulfport”)
issued a press release reporting its financial and operating results for the three months ended June 30, 2024, and provided an update
on its 2024 development plan and financial guidance. A copy of the press release and supplemental financial information are attached as
Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K.
Item 7.01. Regulation FD Disclosure.
Also on August 6, 2024, Gulfport posted an updated investor presentation
on its website. The presentation may be found on Gulfport’s website at http://www.gulfportenergy.com by selecting “Investors,”
“Company Information” and then “Presentations.”
The information in the press release and updated investor presentation
is being furnished, not filed, pursuant to Item 2.02 and Item 7.01. Accordingly, the information in the press release and updated investor
presentation will not be incorporated by reference into any registration statement filed by Gulfport under the Securities Act of 1933,
as amended, unless specifically identified therein as being incorporated therein by reference.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| |
GULFPORT ENERGY CORPORATION |
| |
|
| Date: August 6, 2024 |
By: |
/s/ Michael Hodges |
| |
|
Michael Hodges |
| |
|
Chief Financial Officer |
2
Exhibit 99.1
| |
 |
| Gulfport Energy Reports Second Quarter 2024 Financial and Operating Results |
OKLAHOMA CITY (August 6, 2024) Gulfport
Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today reported financial and operating results for
the three months ended June 30, 2024 and provided an update on its 2024 development plan and financial guidance.
Second Quarter 2024 and Recent Highlights
| ● | Delivered total net production of 1,050.1 MMcfe per day |
| ● | Incurred capital expenditures of $122.2 million, below analyst consensus expectations |
| ● | Reported $26.2 million of net loss, $54.0 million of adjusted net income(1) and $164.4 million of adjusted EBITDA(1) |
| ● | Generated $123.5 million of net cash provided by operating activities and $20.2 million of adjusted free cash flow(1),
above analyst consensus expectations |
| ● | Repurchased approximately 160.6 thousand shares for approximately $25.0 million during the second quarter of 2024 |
| ● | Completed opportunistic discretionary acreage acquisitions totaling $19.0 million |
| ● | Turned to sales the Company’s first Utica condensate pad in four years and recently completed drilling of a second Utica condensate
pad in Harrison County, Ohio |
Full Year 2024 Outlook
| ● | Narrowing full year 2024 net production guidance to 1,055 MMcfe - 1,070 MMcfe per day |
| ● | Forecasting over $25 million in capital expenditure savings from operating efficiencies on drilling and completion activities during
2024, with the allocation of these savings to be determined pending the commodity price outlook |
| ● | Planning to allocate approximately $45 million to targeted discretionary acreage acquisitions, of which $19.0 million was deployed
during the second quarter of 2024 |
| ● | Reiterating plans to allocate substantially all 2024 adjusted free cash flow(1) towards common share repurchases after
discretionary acreage acquisitions |
John Reinhart, President and CEO, commented, “During
the second quarter, our drilling and completions teams continued to perform extremely well and, as a result, we estimate the Company will
realize over $25 million in capital savings on our drilling and completion activities during 2024. As we navigate a volatile and ever-changing
commodity price environment, the Company retains its flexibility to dynamically employ these savings pending the commodity price environment
later in the year. These options include development of our high-quality assets, incremental shareholder returns, further balance sheet
improvements or enhancing the Company’s inventory runway. Maintaining the Company’s top-tier financial position allows us
the optionality to be responsive to the market and act quickly to maximize shareholder value. Further to that, there is no change to our
full year capital guidance at this time pending our ongoing assessment of the commodity price environment.”
Reinhart continued, “The continuous optimization
of our development program emphasizes the free cash flow generation capability of the Company and highlights the team’s efforts
to lower expenses and capital costs, enhance realized pricing and prioritize the highest-margin development within our robust, low-breakeven
inventory. We believe the gains realized to date will create long-lasting improvements in our operations going forward, allowing Gulfport
to reduce our future maintenance capital requirements on comparable drilling programs or deliver more activity on similar base capital
expenditures in future years.”
“We continue to forecast robust adjusted
free cash flow generation for 2024 and we are pleased to announce today our plans to allocate approximately $45 million towards targeted
discretionary acreage acquisition opportunities, of which approximately $19 million was deployed during the second quarter of 2024. In
addition to the impact of these recent liquids-rich inventory additions, the Company’s initial Marcellus development on our stacked-pay
acreage in Belmont County, Ohio continues to exhibit strong oil performance and we are also very encouraged with the initial production
results from our latest four-well Utica condensate pad in Harrison County, Ohio that was recently turned to sales in mid-July. These and
other liquids-rich focus areas targeted for acquisition and development add significant optionality of high-margin, low-breakeven inventory
to augment the Company’s development plans for years to come. We remain consistent in our free cash flow allocation framework and
will continue to return substantially all of our full year 2024 adjusted free cash flow, excluding discretionary acreage acquisitions,
to our shareholders through common stock repurchases,” Reinhart concluded.
A company presentation to accompany the Gulfport
earnings conference call can be accessed by clicking here.
| 1. | A non-GAAP financial measure. Reconciliations of these non-GAAP measures and other disclosures are provided
with the supplemental financial tables available on our website at www.gulfportenergy.com. |
Operational Update
The table below summarizes Gulfport’s operated
drilling and completion activity for the second quarter of 2024:
| | |
Quarter Ended June 30, 2024 | |
| | |
Gross | | |
Net | | |
Lateral
Length | |
| Spud | |
| | |
| | |
| |
| Utica | |
| 5 | | |
| 5.0 | | |
| 12,700 | |
| SCOOP | |
| — | | |
| — | | |
| — | |
| | |
| | | |
| | | |
| | |
| Drilled | |
| | | |
| | | |
| | |
| Utica | |
| 3 | | |
| 3.0 | | |
| 14,300 | |
| SCOOP | |
| 2 | | |
| 1.5 | | |
| 12,500 | |
| | |
| | | |
| | | |
| | |
| Completed | |
| | | |
| | | |
| | |
| Utica | |
| 8 | | |
| 7.5 | | |
| 18,200 | |
| SCOOP | |
| — | | |
| — | | |
| — | |
| | |
| | | |
| | | |
| | |
| Turned-to-Sales | |
| | | |
| | | |
| | |
| Utica | |
| 4 | | |
| 3.8 | | |
| 19,200 | |
| SCOOP | |
| — | | |
| — | | |
| — | |
Gulfport’s net daily production for the
second quarter of 2024 averaged 1,050.1 MMcfe per day, primarily consisting of 836.9 MMcfe per day in the Utica/Marcellus and 213.2 MMcfe
per day in the SCOOP. For the second quarter of 2024, Gulfport’s net daily production mix was comprised of approximately 92% natural
gas, 6% natural gas liquids (“NGL”) and 2% oil and condensate.
| | |
Three Months Ended
June 30,
2024 | | |
Three Months Ended
June 30,
2023 | |
| Production | |
| | |
| |
| Natural gas (Mcf/day) | |
| 972,487 | | |
| 945,910 | |
| Oil and condensate (Bbl/day) | |
| 2,747 | | |
| 3,533 | |
| NGL (Bbl/day) | |
| 10,195 | | |
| 12,036 | |
| Total (Mcfe/day) | |
| 1,050,137 | | |
| 1,039,323 | |
| Average Prices | |
| | | |
| | |
| Natural Gas: | |
| | | |
| | |
| Average price without the impact of derivatives ($/Mcf) | |
$ | 1.63 | | |
$ | 1.85 | |
| Impact from settled derivatives ($/Mcf) | |
$ | 1.03 | | |
$ | 0.57 | |
| Average price, including settled derivatives ($/Mcf) | |
$ | 2.66 | | |
$ | 2.42 | |
| Oil and condensate: | |
| | | |
| | |
| Average price without the impact of derivatives ($/Bbl) | |
$ | 76.51 | | |
$ | 70.30 | |
| Impact from settled derivatives ($/Bbl) | |
$ | (1.08 | ) | |
$ | 1.15 | |
| Average price, including settled derivatives ($/Bbl) | |
$ | 75.43 | | |
$ | 71.45 | |
| NGL: | |
| | | |
| | |
| Average price without the impact of derivatives ($/Bbl) | |
$ | 28.18 | | |
$ | 23.80 | |
| Impact from settled derivatives ($/Bbl) | |
$ | (0.25 | ) | |
$ | 2.47 | |
| Average price, including settled derivatives ($/Bbl) | |
$ | 27.93 | | |
$ | 26.27 | |
| Total: | |
| | | |
| | |
| Average price without the impact of derivatives ($/Mcfe) | |
$ | 1.99 | | |
$ | 2.20 | |
| Impact from settled derivatives ($/Mcfe) | |
$ | 0.94 | | |
$ | 0.56 | |
| Average price, including settled derivatives ($/Mcfe) | |
$ | 2.93 | | |
$ | 2.76 | |
| Selected operating metrics | |
| | | |
| | |
| Lease operating expenses ($/Mcfe) | |
$ | 0.17 | | |
$ | 0.17 | |
| Taxes other than income ($/Mcfe) | |
$ | 0.07 | | |
$ | 0.08 | |
| Transportation, gathering, processing and compression expense ($/Mcfe) | |
$ | 0.91 | | |
$ | 0.91 | |
| Recurring cash general and administrative expenses ($/Mcfe) (non-GAAP) | |
$ | 0.12 | | |
$ | 0.11 | |
| Interest expenses ($/Mcfe) | |
$ | 0.16 | | |
$ | 0.15 | |
Capital Investment
Capital investment was $122.2 million (on
an incurred basis) for the second quarter of 2024, of which $106.2 million related to drilling and completion (“D&C”)
activity and $16.0 million related to maintenance leasehold and land investment. In addition, Gulfport invested approximately $19.0 million
in discretionary acreage acquisitions.
For the six-month period ended June 30, 2024,
capital investment was $246.5 million (on an incurred basis), of which $212.5 million related to D&C activity and $34.0 million to
maintenance leasehold and land investment. In addition, Gulfport invested approximately $19.0 million in discretionary acreage acquisitions.
Common Stock Repurchase Program
Gulfport repurchased approximately 160.6 thousand
shares of common stock at a weighted-average price of $155.65 during the second quarter of 2024, totaling approximately $25.0 million.
As of July 29, 2024, the Company had repurchased approximately 4.8 million shares of common stock at a weighted-average share price
of $96.42 since the program initiated in March 2022, totaling approximately $461.2 million in aggregate. The Company currently has approximately
$188.8 million of remaining capacity under the share repurchase program.
Financial Position and Liquidity
As of June 30, 2024, Gulfport had approximately
$1.2 million of cash and cash equivalents, $130.0 million of borrowings under its revolving credit facility, $63.8 million of
letters of credit outstanding and $550 million of outstanding 2026 senior notes.
Gulfport’s liquidity at June 30, 2024,
totaled approximately $707.4 million, comprised of the $1.2 million of cash and cash equivalents and approximately $706.2 million
of available borrowing capacity under its credit facility.
Derivatives
Gulfport enters into commodity derivative contracts
on a portion of its expected future production volumes to mitigate the Company’s exposure to commodity price fluctuations. For details,
please refer to the “Derivatives” section provided with the supplemental financial tables available on our website at ir.gulfportenergy.com.
Second Quarter 2024 Conference Call
Gulfport will host a teleconference and webcast
to discuss its second quarter of 2024 results beginning at 9:00 a.m. ET (8:00 a.m. CT) on Wednesday, August 7, 2024.
The conference call can be heard live through
a link on the Gulfport website, www.gulfportenergy.com. In addition, you may participate in the conference call by dialing 866-373-3408
domestically or 412-902-1039 internationally. A replay of the conference call will be available on the Gulfport website and a telephone
audio replay will be available from August 7, 2024 to August 21, 2024, by calling 877-660-6853 domestically or 201-612-7415
internationally and then entering the replay passcode 13747661.
Financial Statements and Guidance Documents
Second quarter of 2024 earnings results and supplemental
information regarding quarterly data such as production volumes, pricing, financial statements and non-GAAP reconciliations are available
on our website at ir.gulfportenergy.com.
Non-GAAP Disclosures
This news release includes non-GAAP financial
measures. Such non-GAAP measures should be not considered as an alternative to GAAP measures. Reconciliations of these non-GAAP measures
and other disclosures are provided with the supplemental financial tables available on our website at ir.gulfportenergy.com.
About Gulfport
Gulfport is an independent natural gas-weighted
exploration and production company focused on the exploration, acquisition and production of natural gas, crude oil and NGL in the United
States with primary focus in the Appalachia and Anadarko basins. Our principal properties are located in eastern Ohio targeting the Utica
and Marcellus formations and in central Oklahoma targeting the SCOOP Woodford and SCOOP Springer formations.
Forward Looking Statements
This press release includes “forward-looking
statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements
other than statements of historical fact. They include statements regarding Gulfport’s current expectations, management’s outlook
guidance or forecasts of future events, projected cash flow and liquidity, inflation, share repurchases and other return of capital plans,
its ability to enhance cash flow and financial flexibility, future production and commodity mix, plans and objectives for future operations,
the ability of our employees, portfolio strength and operational leadership to create long-term value and the assumptions on which such
statements are based. Gulfport believes the expectations and forecasts reflected in the forward-looking statements are reasonable, Gulfport
can give no assurance they will prove to have been correct. They can be affected by inaccurate or changed assumptions or by known or unknown
risks and uncertainties. Important risks, assumptions and other important factors that could cause future results to differ materially
from those expressed in the forward-looking statements are described under “Risk Factors” in Item 1A of Gulfport’s annual
report on Form 10-K for the year ended December 31, 2023 and any updates to those factors set forth in Gulfport’s subsequent quarterly
reports on Form 10-Q or current reports on Form 8-K (available at https://www.gulfportenergy.com/investors/sec-filings). Gulfport undertakes
no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated
events.
Investors should note that Gulfport announces
financial information in SEC filings, press releases and public conference calls. Gulfport may use the Investors section of its
website (www.gulfportenergy.com) to communicate with investors. It is possible that the financial and other information posted there
could be deemed to be material information. The information on Gulfport’s website is not part of this filing.
Investor Contact:
Jessica Antle – Vice President, Investor
Relations
jantle@gulfportenergy.com
405-252-4550
5
Exhibit 99.2
Three months and six months ended June 30,
2024
Supplemental Information of Gulfport Energy
Production Volumes by Asset Area: Three months ended June 30,
2024
Production Volumes
| | |
Three Months
Ended
June 30,
2024 | | |
Three Months
Ended
June 30,
2023 | |
| Natural gas (Mcf/day) | |
| | |
| |
| Utica & Marcellus | |
| 816,935 | | |
| 751,272 | |
| SCOOP | |
| 155,552 | | |
| 194,639 | |
| Total | |
| 972,487 | | |
| 945,910 | |
| Oil and condensate (Bbl/day) | |
| | | |
| | |
| Utica & Marcellus | |
| 977 | | |
| 556 | |
| SCOOP | |
| 1,770 | | |
| 2,977 | |
| Total | |
| 2,747 | | |
| 3,533 | |
| NGL (Bbl/day) | |
| | | |
| | |
| Utica & Marcellus | |
| 2,349 | | |
| 2,440 | |
| SCOOP | |
| 7,845 | | |
| 9,596 | |
| Total | |
| 10,195 | | |
| 12,036 | |
| Combined (Mcfe/day) | |
| | | |
| | |
| Utica & Marcellus | |
| 836,892 | | |
| 769,246 | |
| SCOOP | |
| 213,245 | | |
| 270,077 | |
| Total | |
| 1,050,137 | | |
| 1,039,323 | |
| Totals may not sum or recalculate due to rounding. | |
| | | |
| | |
Production Volumes by Asset Area: Six months ended June 30,
2024
Production Volumes
| | |
Six Months
Ended
June 30,
2024 | | |
Six Months
Ended
June 30,
2023 | |
| Natural gas (Mcf/day) | |
| | |
| |
| Utica & Marcellus | |
| 814,146 | | |
| 735,133 | |
| SCOOP | |
| 158,879 | | |
| 210,030 | |
| Total | |
| 973,025 | | |
| 945,163 | |
| Oil and condensate (Bbl/day) | |
| | | |
| | |
| Utica & Marcellus | |
| 1,163 | | |
| 573 | |
| SCOOP | |
| 1,875 | | |
| 3,555 | |
| Total | |
| 3,038 | | |
| 4,128 | |
| NGL (Bbl/day) | |
| | | |
| | |
| Utica & Marcellus | |
| 2,165 | | |
| 2,564 | |
| SCOOP | |
| 7,948 | | |
| 10,496 | |
| Total | |
| 10,113 | | |
| 13,060 | |
| Combined (Mcfe/day) | |
| | | |
| | |
| Utica & Marcellus | |
| 834,112 | | |
| 753,957 | |
| SCOOP | |
| 217,817 | | |
| 294,335 | |
| Total | |
| 1,051,929 | | |
| 1,048,292 | |
| Totals may not sum or recalculate due to rounding. | |
| | | |
| | |
Production and Pricing: Three months ended June 30, 2024
The following table summarizes production and related pricing for
the three months ended June 30, 2024, as compared to such data for the three months ended June 30, 2023:
| | |
Three Months
Ended
June 30,
2024 | | |
Three Months
Ended
June 30,
2023 | |
| Natural gas sales | |
| | |
| |
| Natural gas production volumes (MMcf) | |
| 88,496 | | |
| 86,078 | |
| Natural gas production volumes (MMcf) per day | |
| 972 | | |
| 946 | |
| Total sales | |
$ | 144,458 | | |
$ | 159,246 | |
| Average price without the impact of derivatives ($/Mcf) | |
$ | 1.63 | | |
$ | 1.85 | |
| Impact from settled derivatives ($/Mcf) | |
$ | 1.03 | | |
$ | 0.57 | |
| Average price, including settled derivatives ($/Mcf) | |
$ | 2.66 | | |
$ | 2.42 | |
| | |
| | | |
| | |
| Oil and condensate sales | |
| | | |
| | |
| Oil and condensate production volumes (MBbl) | |
| 250 | | |
| 321 | |
| Oil and condensate production volumes (MBbl) per day | |
| 3 | | |
| 4 | |
| Total sales | |
$ | 19,127 | | |
$ | 22,602 | |
| Average price without the impact of derivatives ($/Bbl) | |
$ | 76.51 | | |
$ | 70.30 | |
| Impact from settled derivatives ($/Bbl) | |
$ | (1.08 | ) | |
$ | 1.15 | |
| Average price, including settled derivatives ($/Bbl) | |
$ | 75.43 | | |
$ | 71.45 | |
| | |
| | | |
| | |
| NGL sales | |
| | | |
| | |
| NGL production volumes (MBbl) | |
| 928 | | |
| 1,095 | |
| NGL production volumes (MBbl) per day | |
| 10 | | |
| 12 | |
| Total sales | |
$ | 26,147 | | |
$ | 26,070 | |
| Average price without the impact of derivatives ($/Bbl) | |
$ | 28.18 | | |
$ | 23.80 | |
| Impact from settled derivatives ($/Bbl) | |
$ | (0.25 | ) | |
$ | 2.47 | |
| Average price, including settled derivatives ($/Bbl) | |
$ | 27.93 | | |
$ | 26.27 | |
| | |
| | | |
| | |
| Natural gas, oil and condensate and NGL sales | |
| | | |
| | |
| Natural gas equivalents (MMcfe) | |
| 95,562 | | |
| 94,578 | |
| Natural gas equivalents (MMcfe) per day | |
| 1,050 | | |
| 1,039 | |
| Total sales | |
$ | 189,732 | | |
$ | 207,918 | |
| Average price without the impact of derivatives ($/Mcfe) | |
$ | 1.99 | | |
$ | 2.20 | |
| Impact from settled derivatives ($/Mcfe) | |
$ | 0.94 | | |
$ | 0.56 | |
| Average price, including settled derivatives ($/Mcfe) | |
$ | 2.93 | | |
$ | 2.76 | |
| | |
| | | |
| | |
| Production Costs: | |
| | | |
| | |
| Average lease operating expenses ($/Mcfe) | |
$ | 0.17 | | |
$ | 0.17 | |
| Average taxes other than income ($/Mcfe) | |
$ | 0.07 | | |
$ | 0.08 | |
| Average transportation, gathering, processing and compression ($/Mcfe) | |
$ | 0.91 | | |
$ | 0.91 | |
| Total lease operating expenses, midstream costs and production taxes ($/Mcfe) | |
$ | 1.14 | | |
$ | 1.16 | |
Production and Pricing: Six months ended June 30, 2024
The following table summarizes production and related pricing for
the six months ended June 30, 2024, as compared to such data for the six months ended June 30, 2023:
| | |
Six Months
Ended
June 30,
2024 | | |
Six Months
Ended
June 30,
2023 | |
| Natural gas sales | |
| | |
| |
| Natural gas production volumes (MMcf) | |
| 177,091 | | |
| 171,075 | |
| Natural gas production volumes (MMcf) per day | |
| 973 | | |
| 945 | |
| Total sales | |
$ | 332,744 | | |
$ | 441,780 | |
| Average price without the impact of derivatives ($/Mcf) | |
$ | 1.88 | | |
$ | 2.58 | |
| Impact from settled derivatives ($/Mcf) | |
$ | 0.89 | | |
$ | 0.29 | |
| Average price, including settled derivatives ($/Mcf) | |
$ | 2.77 | | |
$ | 2.87 | |
| | |
| | | |
| | |
| Oil and condensate sales | |
| | | |
| | |
| Oil and condensate production volumes (MBbl) | |
| 553 | | |
| 747 | |
| Oil and condensate production volumes (MBbl) per day | |
| 3 | | |
| 4 | |
| Total sales | |
$ | 40,828 | | |
$ | 53,316 | |
| Average price without the impact of derivatives ($/Bbl) | |
$ | 73.84 | | |
$ | 71.36 | |
| Impact from settled derivatives ($/Bbl) | |
$ | (0.46 | ) | |
$ | (0.10 | ) |
| Average price, including settled derivatives ($/Bbl) | |
$ | 73.38 | | |
$ | 71.26 | |
| | |
| | | |
| | |
| NGL sales | |
| | | |
| | |
| NGL production volumes (MBbl) | |
| 1,841 | | |
| 2,364 | |
| NGL production volumes (MBbl) per day | |
| 10 | | |
| 13 | |
| Total sales | |
$ | 54,253 | | |
$ | 65,982 | |
| Average price without the impact of derivatives ($/Bbl) | |
$ | 29.48 | | |
$ | 27.91 | |
| Impact from settled derivatives ($/Bbl) | |
$ | (0.75 | ) | |
$ | 1.56 | |
| Average price, including settled derivatives ($/Bbl) | |
$ | 28.73 | | |
$ | 29.47 | |
| | |
| | | |
| | |
| Natural gas, oil and condensate and NGL sales | |
| | | |
| | |
| Natural gas equivalents (MMcfe) | |
| 191,451 | | |
| 189,741 | |
| Natural gas equivalents (MMcfe) per day | |
| 1,052 | | |
| 1,048 | |
| Total sales | |
$ | 427,825 | | |
$ | 561,078 | |
| Average price without the impact of derivatives ($/Mcfe) | |
$ | 2.23 | | |
$ | 2.96 | |
| Impact from settled derivatives ($/Mcfe) | |
$ | 0.82 | | |
$ | 0.28 | |
| Average price, including settled derivatives ($/Mcfe) | |
$ | 3.05 | | |
$ | 3.24 | |
| | |
| | | |
| | |
| Production Costs: | |
| | | |
| | |
| Average lease operating expenses ($/Mcfe) | |
$ | 0.17 | | |
$ | 0.19 | |
| Average taxes other than income ($/Mcfe) | |
$ | 0.08 | | |
$ | 0.10 | |
| Average transportation, gathering, processing and compression ($/Mcfe) | |
$ | 0.90 | | |
$ | 0.91 | |
| Total lease operating expenses, midstream costs and production taxes ($/Mcfe) | |
$ | 1.15 | | |
$ | 1.20 | |
Consolidated Statements of Income: Three months ended June 30,
2024
(In thousands, except per share data)
(Unaudited)
| | |
Three Months
Ended
June 30,
2024 | | |
Three Months
Ended
June 30,
2023 | |
| REVENUES: | |
| | |
| |
| Natural gas sales | |
$ | 144,458 | | |
$ | 159,246 | |
| Oil and condensate sales | |
| 19,127 | | |
| 22,602 | |
| Natural gas liquid sales | |
| 26,147 | | |
| 26,070 | |
| Net (loss) gain on natural gas, oil and NGL derivatives | |
| (8,615 | ) | |
| 96,788 | |
| Total revenues | |
| 181,117 | | |
| 304,706 | |
| OPERATING EXPENSES: | |
| | | |
| | |
| Lease operating expenses | |
| 15,817 | | |
| 16,155 | |
| Taxes other than income | |
| 7,018 | | |
| 7,938 | |
| Transportation, gathering, processing and compression | |
| 86,529 | | |
| 85,664 | |
| Depreciation, depletion and amortization | |
| 78,553 | | |
| 80,148 | |
| General and administrative expenses | |
| 10,752 | | |
| 8,611 | |
| Restructuring costs | |
| — | | |
| 2,893 | |
| Accretion expense | |
| 567 | | |
| 714 | |
| Total operating expenses | |
| 199,236 | | |
| 202,123 | |
| (LOSS) INCOME FROM OPERATIONS | |
| (18,119 | ) | |
| 102,583 | |
| OTHER EXPENSE (INCOME): | |
| | | |
| | |
| Interest expense | |
| 15,158 | | |
| 13,727 | |
| Other, net | |
| 522 | | |
| (4,831 | ) |
| Total other expense | |
| 15,680 | | |
| 8,896 | |
| (LOSS) INCOME BEFORE INCOME TAXES | |
| (33,799 | ) | |
| 93,687 | |
| INCOME TAX BENEFIT: | |
| | | |
| | |
| Current | |
| — | | |
| — | |
| Deferred | |
| (7,587 | ) | |
| — | |
| Total income tax benefit | |
| (7,587 | ) | |
| — | |
| NET (LOSS) INCOME | |
$ | (26,212 | ) | |
$ | 93,687 | |
| Dividends on preferred stock | |
| (1,095 | ) | |
| (1,278 | ) |
| Participating securities - preferred stock | |
| — | | |
| (14,044 | ) |
| NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |
$ | (27,307 | ) | |
$ | 78,365 | |
| NET (LOSS) INCOME PER COMMON SHARE: | |
| | | |
| | |
| Basic | |
$ | (1.51 | ) | |
$ | 4.23 | |
| Diluted | |
$ | (1.51 | ) | |
$ | 4.18 | |
| Weighted average common shares outstanding—Basic | |
| 18,144 | | |
| 18,518 | |
| Weighted average common shares outstanding—Diluted | |
| 18,144 | | |
| 18,805 | |
Consolidated Statements of Income: Six months ended June 30,
2024
(In thousands, except per share data)
(Unaudited)
| | |
Six Months
Ended
June 30,
2024 | | |
Six Months
Ended
June 30,
2023 | |
| REVENUES: | |
| | |
| |
| Natural gas sales | |
$ | 332,744 | | |
$ | 441,780 | |
| Oil and condensate sales | |
| 40,828 | | |
| 53,316 | |
| Natural gas liquid sales | |
| 54,253 | | |
| 65,982 | |
| Net gain on natural gas, oil and NGL derivatives | |
| 36,521 | | |
| 474,849 | |
| Total revenues | |
| 464,346 | | |
| 1,035,927 | |
| OPERATING EXPENSES: | |
| | | |
| | |
| Lease operating expenses | |
| 32,625 | | |
| 36,017 | |
| Taxes other than income | |
| 15,278 | | |
| 18,633 | |
| Transportation, gathering, processing and compression | |
| 173,148 | | |
| 173,281 | |
| Depreciation, depletion and amortization | |
| 158,576 | | |
| 159,242 | |
| General and administrative expenses | |
| 19,950 | | |
| 17,344 | |
| Restructuring costs | |
| — | | |
| 4,762 | |
| Accretion expense | |
| 1,122 | | |
| 1,478 | |
| Total operating expenses | |
| 400,699 | | |
| 410,757 | |
| INCOME FROM OPERATIONS | |
| 63,647 | | |
| 625,170 | |
| OTHER EXPENSE (INCOME): | |
| | | |
| | |
| Interest expense | |
| 30,161 | | |
| 27,483 | |
| Other, net | |
| 397 | | |
| (19,054 | ) |
| Total other expense | |
| 30,558 | | |
| 8,429 | |
| INCOME BEFORE INCOME TAXES | |
| 33,089 | | |
| 616,741 | |
| INCOME TAX EXPENSE: | |
| | | |
| | |
| Current | |
| — | | |
| — | |
| Deferred | |
| 7,266 | | |
| — | |
| Total income tax expense | |
| 7,266 | | |
| — | |
| NET INCOME | |
$ | 25,823 | | |
$ | 616,741 | |
| Dividends on preferred stock | |
| (2,200 | ) | |
| (2,585 | ) |
| Participating securities - preferred stock | |
| (3,469 | ) | |
| (92,611 | ) |
| NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |
$ | 20,154 | | |
$ | 521,545 | |
| NET INCOME PER COMMON SHARE: | |
| | | |
| | |
| Basic | |
$ | 1.11 | | |
$ | 27.91 | |
| Diluted | |
$ | 1.09 | | |
$ | 27.60 | |
| Weighted average common shares outstanding—Basic | |
| 18,169 | | |
| 18,688 | |
| Weighted average common shares outstanding—Diluted | |
| 18,573 | | |
| 18,930 | |
Consolidated Balance Sheets
(In thousands)
| | |
June 30,
2024 | | |
December 31,
2023 | |
| Assets | |
(Unaudited) | | |
| |
| Current assets: | |
| | |
| |
| Cash and cash equivalents | |
$ | 1,233 | | |
$ | 1,929 | |
| Accounts receivable—oil, natural gas, and natural gas liquids sales | |
| 94,346 | | |
| 122,479 | |
| Accounts receivable—joint interest and other | |
| 21,210 | | |
| 22,221 | |
| Prepaid expenses and other current assets | |
| 6,239 | | |
| 16,951 | |
| Short-term derivative instruments | |
| 147,243 | | |
| 233,226 | |
| Total current assets | |
| 270,271 | | |
| 396,806 | |
| Property and equipment: | |
| | | |
| | |
| Oil and natural gas properties, full-cost method | |
| | | |
| | |
| Proved oil and natural gas properties | |
| 3,171,811 | | |
| 2,904,519 | |
| Unproved properties | |
| 218,399 | | |
| 204,233 | |
| Other property and equipment | |
| 10,810 | | |
| 9,165 | |
| Total property and equipment | |
| 3,401,020 | | |
| 3,117,917 | |
| Less: accumulated depletion, depreciation and amortization | |
| (1,024,142 | ) | |
| (865,618 | ) |
| Total property and equipment, net | |
| 2,376,878 | | |
| 2,252,299 | |
| Other assets: | |
| | | |
| | |
| Long-term derivative instruments | |
| 38,220 | | |
| 47,566 | |
| Deferred tax asset | |
| 517,890 | | |
| 525,156 | |
| Operating lease assets | |
| 7,844 | | |
| 14,299 | |
| Other assets | |
| 27,140 | | |
| 31,487 | |
| Total other assets | |
| 591,094 | | |
| 618,508 | |
| Total assets | |
$ | 3,238,243 | | |
$ | 3,267,613 | |
Consolidated Balance Sheets
(In thousands, except share data)
| | |
June 30,
2024 | | |
December 31,
2023 | |
| Liabilities, Mezzanine Equity and Stockholders’ Equity | |
(Unaudited) | | |
| |
| Current liabilities: | |
| | |
| |
| Accounts payable and accrued liabilities | |
$ | 290,978 | | |
$ | 309,532 | |
| Short-term derivative instruments | |
| 43,838 | | |
| 21,963 | |
| Current portion of operating lease liabilities | |
| 6,888 | | |
| 12,959 | |
| Total current liabilities | |
| 341,704 | | |
| 344,454 | |
| Non-current liabilities: | |
| | | |
| | |
| Long-term derivative instruments | |
| 20,941 | | |
| 18,602 | |
| Asset retirement obligation | |
| 31,438 | | |
| 29,941 | |
| Non-current operating lease liabilities | |
| 956 | | |
| 1,340 | |
| Long-term debt | |
| 679,503 | | |
| 667,382 | |
| Total non-current liabilities | |
| 732,838 | | |
| 717,265 | |
| Total liabilities | |
$ | 1,074,542 | | |
$ | 1,061,719 | |
| Commitments and contingencies (Note 9) | |
| | | |
| | |
| Mezzanine equity: | |
| | | |
| | |
| Preferred stock - $0.0001 par value, 110.0 thousand shares authorized, 43.8 thousand issued and outstanding at June 30, 2024, and 44.2 thousand issued and outstanding at December 31, 2023 | |
| 43,788 | | |
| 44,214 | |
| Stockholders’ equity: | |
| | | |
| | |
| Common stock - $0.0001 par value, 42.0 million shares authorized, 18.1 million issued and outstanding at June 30, 2024, and 18.3 million issued and outstanding at December 31, 2023 | |
| 2 | | |
| 2 | |
| Additional paid-in capital | |
| 249,038 | | |
| 315,726 | |
| Common stock held in reserve, 0 shares at June 30, 2024 and 62.0 thousand shares at December 31, 2023 | |
| — | | |
| (1,996 | ) |
| Retained earnings | |
| 1,871,571 | | |
| 1,847,948 | |
| Treasury stock, at cost - 4.6 thousand shares at June 30, 2024 and 0 shares at December 31, 2023 | |
| (698 | ) | |
| — | |
| Total stockholders’ equity | |
$ | 2,119,913 | | |
$ | 2,161,680 | |
| Total liabilities, mezzanine equity and stockholders’ equity | |
$ | 3,238,243 | | |
$ | 3,267,613 | |
Consolidated Statement of Cash Flows: Three months ended June 30,
2024
(In thousands)
(Unaudited)
| | |
Three Months
Ended
June
30,
2024 | | |
Three Months
Ended
June 30,
2023 | |
| Cash flows from operating activities: | |
| | |
| |
| Net (loss) income | |
$ | (26,212 | ) | |
$ | 93,687 | |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |
| | | |
| | |
| Depletion, depreciation and amortization | |
| 78,553 | | |
| 80,148 | |
| Net loss (gain) on derivative instruments | |
| 8,614 | | |
| (96,788 | ) |
| Net cash receipts on settled derivative instruments | |
| 90,743 | | |
| 52,519 | |
| Deferred income tax benefit | |
| (7,587 | ) | |
| — | |
| Stock-based compensation expense | |
| 3,343 | | |
| 2,838 | |
| Other, net | |
| 1,456 | | |
| 1,547 | |
| Changes in operating assets and liabilities, net | |
| (25,445 | ) | |
| (26,600 | ) |
| Net cash provided by operating activities | |
| 123,465 | | |
| 107,351 | |
| Cash flows from investing activities: | |
| | | |
| | |
| Additions to oil and natural gas properties | |
| (126,705 | ) | |
| (153,006 | ) |
| Proceeds from sale of oil and natural gas properties | |
| — | | |
| 185 | |
| Other, net | |
| (841 | ) | |
| (191 | ) |
| Net cash used in investing activities | |
| (127,546 | ) | |
| (153,012 | ) |
| Cash flows from financing activities: | |
| | | |
| | |
| Principal payments on Credit Facility | |
| (208,000 | ) | |
| (205,000 | ) |
| Borrowings on Credit Facility | |
| 251,000 | | |
| 304,000 | |
| Debt issuance costs and loan commitment fees | |
| 1 | | |
| (6,913 | ) |
| Dividends on preferred stock | |
| (1,095 | ) | |
| (1,280 | ) |
| Repurchase of common stock under Repurchase Program | |
| (24,302 | ) | |
| (21,413 | ) |
| Repurchase of common stock under Repurchase Program - related party | |
| — | | |
| (20,431 | ) |
| Shares exchanged for tax withholdings | |
| (20,499 | ) | |
| (1,493 | ) |
| Net cash (used in) provided by financing activities | |
| (2,895 | ) | |
| 47,470 | |
| Net change in cash and cash equivalents | |
| (6,976 | ) | |
| 1,809 | |
| Cash and cash equivalents at beginning of period | |
| 8,209 | | |
| 3,460 | |
| Cash and cash equivalents at end of period | |
$ | 1,233 | | |
$ | 5,269 | |
Consolidated Statement of Cash Flows: Six months ended June 30,
2024
(In thousands)
(Unaudited)
| | |
Six Months
Ended
June 30,
2024 | | |
Six Months
Ended
June 30,
2023 | |
| Cash flows from operating activities: | |
| | |
| |
| Net income | |
$ | 25,823 | | |
$ | 616,741 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
| Depletion, depreciation and amortization | |
| 158,576 | | |
| 159,242 | |
| Net gain on derivative instruments | |
| (36,522 | ) | |
| (474,849 | ) |
| Net cash receipts on settled derivative instruments | |
| 156,065 | | |
| 52,886 | |
| Deferred income tax expense | |
| 7,266 | | |
| — | |
| Stock-based compensation expense | |
| 5,746 | | |
| 5,043 | |
| Other, net | |
| 3,024 | | |
| 4,184 | |
| Changes in operating assets and liabilities, net | |
| (8,491 | ) | |
| 48,159 | |
| Net cash provided by operating activities | |
| 311,487 | | |
| 411,406 | |
| Cash flows from investing activities: | |
| | | |
| | |
| Additions to oil and natural gas properties | |
| (244,851 | ) | |
| (283,406 | ) |
| Proceeds from sale of oil and natural gas properties | |
| — | | |
| 2,648 | |
| Other, net | |
| (1,647 | ) | |
| (835 | ) |
| Net cash used in investing activities | |
| (246,498 | ) | |
| (281,593 | ) |
| Cash flows from financing activities: | |
| | | |
| | |
| Principal payments on Credit Facility | |
| (511,000 | ) | |
| (518,000 | ) |
| Borrowings on Credit Facility | |
| 523,000 | | |
| 472,000 | |
| Debt issuance costs and loan commitment fees | |
| (106 | ) | |
| (6,920 | ) |
| Dividends on preferred stock | |
| (2,200 | ) | |
| (2,587 | ) |
| Repurchase of common stock under Repurchase Program | |
| (38,793 | ) | |
| (54,085 | ) |
| Repurchase of common stock under Repurchase Program - related party | |
| (15,002 | ) | |
| (20,431 | ) |
| Shares exchanged for tax withholdings | |
| (21,584 | ) | |
| (1,780 | ) |
| Net cash used in financing activities | |
| (65,685 | ) | |
| (131,803 | ) |
| Net change in cash and cash equivalents | |
| (696 | ) | |
| (1,990 | ) |
| Cash and cash equivalents at beginning of period | |
| 1,929 | | |
| 7,259 | |
| Cash and cash equivalents at end of period | |
$ | 1,233 | | |
$ | 5,269 | |
Updated 2024E Guidance
Gulfport's 2024 guidance assumes commodity strip
prices as of July 17, 2024, adjusted for applicable commodity and location differentials, and no property acquisitions or divestitures.
| | |
Year Ending | |
| | |
December 31,
2024 | |
| | |
Low | | |
High | |
| Production | |
| | |
| |
| Average daily gas equivalent (MMcfe/day) | |
| 1,055 | | |
| 1,070 | |
| % Gas | |
| ~92% | | |
| | |
| | | |
| | |
| Realizations (before hedges) | |
| | | |
| | |
| Natural gas (differential to NYMEX settled price) ($/Mcf) | |
$ | (0.20 | ) | |
$ | (0.35 | ) |
| NGL (% of WTI) | |
| 35 | % | |
| 40 | % |
| Oil (differential to NYMEX WTI) ($/Bbl) | |
$ | (4.75 | ) | |
$ | (5.75 | ) |
| | |
| | | |
| | |
| Expenses | |
| | | |
| | |
| Lease operating expense ($/Mcfe) | |
$ | 0.17 | | |
$ | 0.19 | |
| Taxes other than income ($/Mcfe) | |
$ | 0.08 | | |
$ | 0.10 | |
| Transportation, gathering, processing and compression ($/Mcfe) | |
$ | 0.90 | | |
$ | 0.94 | |
| Recurring cash general and administrative(1,2) ($/Mcfe) | |
$ | 0.11 | | |
$ | 0.13 | |
| | |
| | | |
| | |
| | |
| Total | |
| Capital expenditures (incurred) | |
| (in millions) | |
| D&C | |
$ | 330 | | |
$ | 360 | |
| Maintenance leasehold and land | |
$ | 50 | | |
$ | 60 | |
| Total base capital expenditures | |
$ | 380 | | |
$ | 420 | |
| | |
| | | |
| | |
| Discretionary acreage acquisitions | |
| ~$45 | |
| (1) | Recurring cash G&A includes capitalization. It excludes
non-cash stock compensation and expenses related to the continued administration of our prior Chapter 11 filing. |
| (2) | This is a non-GAAP measure. Reconciliations of these non-GAAP
measures and other disclosures are provided with the supplemental financial tables available on our website at www.gulfportenergy.com. |
Derivatives
The below details Gulfport's hedging positions
as of July 29, 2024:
| | |
3Q2024 | | |
4Q2024 | | |
Full Year
2024(1) | | |
Full Year
2025 | |
| Natural Gas Contract Summary (NYMEX): | |
| | |
| | |
| | |
| |
| Fixed Price Swaps | |
| | |
| | |
| | |
| |
| Volume (BBtupd) | |
| 400 | | |
| 400 | | |
| 400 | | |
| 210 | |
| Weighted Average Price ($/MMBtu) | |
$ | 3.77 | | |
$ | 3.77 | | |
$ | 3.77 | | |
$ | 3.92 | |
| | |
| | | |
| | | |
| | | |
| | |
| Fixed Price Collars | |
| | | |
| | | |
| | | |
| | |
| Volume (BBtupd) | |
| 225 | | |
| 225 | | |
| 225 | | |
| 220 | |
| Weighted Average Floor Price ($/MMBtu) | |
$ | 3.36 | | |
$ | 3.36 | | |
$ | 3.36 | | |
$ | 3.37 | |
| Weighted Average Ceiling Price ($/MMBtu) | |
$ | 5.14 | | |
$ | 5.14 | | |
$ | 5.14 | | |
$ | 4.23 | |
| | |
| | | |
| | | |
| | | |
| | |
| Fixed Price Calls Sold | |
| | | |
| | | |
| | | |
| | |
| Volume (BBtupd) | |
| 202 | | |
| 202 | | |
| 202 | | |
| 193 | |
| Weighted Average Price ($/MMBtu) | |
$ | 3.33 | | |
$ | 3.33 | | |
$ | 3.33 | | |
$ | 5.80 | |
| | |
| | | |
| | | |
| | | |
| | |
| Rex Zone 3 Basis | |
| | | |
| | | |
| | | |
| | |
| Volume (BBtupd) | |
| 150 | | |
| 150 | | |
| 150 | | |
| 90 | |
| Differential ($/MMBtu) | |
$ | (0.15 | ) | |
$ | (0.15 | ) | |
$ | (0.15 | ) | |
$ | (0.21 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Tetco M2 Basis | |
| | | |
| | | |
| | | |
| | |
| Volume (BBtupd) | |
| 230 | | |
| 230 | | |
| 230 | | |
| 230 | |
| Differential ($/MMBtu) | |
$ | (0.94 | ) | |
$ | (0.94 | ) | |
$ | (0.94 | ) | |
$ | (0.96 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| NGPL TX OK Basis | |
| | | |
| | | |
| | | |
| | |
| Volume (BBtupd) | |
| 70 | | |
| 70 | | |
| 70 | | |
| 40 | |
| Differential ($/MMBtu) | |
$ | (0.31 | ) | |
$ | (0.31 | ) | |
$ | (0.31 | ) | |
$ | (0.29 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Oil Contract Summary (WTI): | |
| | | |
| | | |
| | | |
| | |
| Fixed Price Swaps | |
| | | |
| | | |
| | | |
| | |
| Volume (Bblpd) | |
| 500 | | |
| 500 | | |
| 500 | | |
| 2,000 | |
| Weighted Average Price ($/Bbl) | |
$ | 77.50 | | |
$ | 77.50 | | |
$ | 77.50 | | |
$ | 74.50 | |
| | |
| | | |
| | | |
| | | |
| | |
| Fixed Price Collars | |
| | | |
| | | |
| | | |
| | |
| Volume (Bblpd) | |
| 1,000 | | |
| 1,000 | | |
| 1,000 | | |
| — | |
| Weighted Average Floor Price ($/Bbl) | |
$ | 62.00 | | |
$ | 62.00 | | |
$ | 62.00 | | |
$ | — | |
| Weighted Average Ceiling Price ($/Bbl) | |
$ | 80.00 | | |
$ | 80.00 | | |
$ | 80.00 | | |
$ | — | |
| | |
| | | |
| | | |
| | | |
| | |
| NGL Contract Summary: | |
| | | |
| | | |
| | | |
| | |
| C3 Propane Fixed Price Swaps | |
| | | |
| | | |
| | | |
| | |
| Volume (Bblpd) | |
| 2,500 | | |
| 2,500 | | |
| 2,500 | | |
| 2,000 | |
| Weighted Average Price ($/Bbl) | |
$ | 30.25 | | |
$ | 30.25 | | |
$ | 30.25 | | |
$ | 30.09 | |
| (1) | July 1, 2024 - December 31, 2024. |
Non-GAAP Reconciliations
Gulfport’s management uses certain
non-GAAP financial measures for planning, forecasting and evaluating business and financial performance, and believes that they are
useful tools to assess Gulfport’s operating results. Although these are not measures of performance calculated in accordance
with generally accepted accounting principles (GAAP), management believes that these financial measures are useful to an investor in
evaluating Gulfport because (i) analysts utilize these metrics when evaluating company performance and have requested this
information as of a recent practicable date, (ii) these metrics are widely used to evaluate a company’s operating performance,
and (iii) we want to provide updated information to investors. Investors should not view these metrics as a substitute for measures
of performance that are calculated in accordance with GAAP. In addition, because all companies do not calculate these measures
identically, these measures may not be comparable to similarly titled measures of other companies.
These non-GAAP financial measures include adjusted
net income, adjusted EBITDA, adjusted free cash flow, and recurring general and administrative expense. A reconciliation of each financial
measure to its most directly comparable GAAP financial measure is included in the tables below. These non-GAAP measure should be considered
in addition to, but not instead of, the financial statements prepared in accordance with GAAP.
Definitions
Adjusted net income is a non-GAAP financial measure
equal to net income (loss) less non-cash derivative loss (gain), non-recurring general and administrative expenses comprised of expenses
related to the continued administration of our prior Chapter 11 filing, stock-based compensation expenses, restructuring costs, other
items which include items related to our Chapter 11 filing and other non-material expenses and the tax effect of the adjustments to net
income.
Adjusted EBITDA is a non-GAAP financial measure
equal to net income (loss), the most directly comparable GAAP financial measure, plus interest expense, deferred income tax expense (benefit),
depreciation, depletion, amortization and accretion, non-cash derivative loss (gain), non-recurring general and administrative expenses
comprised of expenses related to the continued administration of our prior Chapter 11 filing, stock-based compensation, restructuring
costs and other items which include items related to our Chapter 11 filing and other non-material expenses.
Adjusted free cash flow is a non-GAAP measure
defined as adjusted EBITDA plus certain non-cash items that are included in net cash provided by operating activities but excluded from
adjusted EBITDA less interest expense, capitalized expenses incurred and capital expenditures incurred excluding discretionary acreage
acquisitions. Gulfport includes an adjusted free cash flow estimate for 2024. We are unable, however, to provide a quantitative reconciliation
of the forward-looking non-GAAP measure to its most directly comparable forward-looking GAAP measure because management cannot reliably
quantify certain of the necessary components of such forward-looking GAAP measure. Accordingly, Gulfport is relying on the exception provided
by Item 10(e)(1)(i)(B) of Regulation S-K to exclude such reconciliation. Items excluded in net cash provided by (used in) operating activities
to arrive at adjusted free cash flow include interest expense, income taxes, capitalized expenses as well as one-time items or items whose
timing or amount cannot be reasonably estimated.
Recurring general and administrative expense is
a non-GAAP financial measure equal to general and administrative expense (GAAP) plus capitalized general and administrative expense, less
non-recurring general and administrative expenses comprised of expenses related to the continued administration of our prior Chapter 11
filing. Gulfport includes a recurring general and administrative expense estimate for 2024. We are unable, however, to provide a quantitative
reconciliation of the forward-looking non-GAAP measure to its most directly comparable forward-looking GAAP measure because management
cannot reliably quantify certain of the necessary components of such forward-looking GAAP measure. Accordingly, Gulfport is relying on
the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K to exclude such reconciliation. Items excluded in general and administrative
expense to arrive at recurring general and administrative expense include capitalized expenses as well as one-time items or items whose
timing or amount cannot be reasonably estimated. The non-GAAP measure recurring general and administrative expenses allows investors to
compare Gulfport’s total general and administrative expenses, including capitalization, to peer companies that account for their
oil and gas operations using the successful efforts method.
Adjusted Net Income: Three months ended June 30, 2024
(In thousands)
(Unaudited)
| | |
Three Months Ended
June 30,
2024 | | |
Three Months Ended
June 30,
2023 | |
| | |
| | |
| |
| Net (Loss) Income (GAAP) | |
$ | (26,212 | ) | |
$ | 93,687 | |
| | |
| | | |
| | |
| Adjustments: | |
| | | |
| | |
| Non-cash derivative loss (gain) | |
| 99,357 | | |
| (44,269 | ) |
| Non-recurring general and administrative expense | |
| 718 | | |
| 438 | |
| Stock-based compensation expense | |
| 3,343 | | |
| 2,024 | |
| Restructuring costs | |
| — | | |
| 2,893 | |
| Other, net(1) | |
| 522 | | |
| (4,831 | ) |
| Tax effect of adjustments(2) | |
| (23,730 | ) | |
| — | |
| Adjusted Net Income (Non-GAAP) | |
$ | 53,998 | | |
$ | 49,942 | |
| (1) |
For
the three months ended June 30, 2023, “Other, net” included a $5.0 million recoupment of previously placed collateral
for certain firm transportation commitments during our Chapter 11 filing. |
| (2) |
Deferred
income taxes were approximately 23% for the three months ended June 30, 2024. For the three months ended June 30, 2023, the Company’s
effective tax rate was 0% primarily as a result of the valuation allowance on the Company’s deferred tax asset. |
Adjusted Net Income: Six months ended June 30, 2024
(In thousands)
(Unaudited)
| | |
Six Months Ended
June 30,
2024 | | |
Six Months Ended
June 30,
2023 | |
| | |
| | |
| |
| Net Income (GAAP) | |
$ | 25,823 | | |
$ | 616,741 | |
| | |
| | | |
| | |
| Adjustments: | |
| | | |
| | |
| Non-cash derivative loss (gain) | |
| 119,543 | | |
| (421,963 | ) |
| Non-recurring general and administrative expense | |
| 1,528 | | |
| 1,735 | |
| Stock-based compensation expense | |
| 5,746 | | |
| 3,778 | |
| Restructuring costs | |
| — | | |
| 4,762 | |
| Other, net(1) | |
| 397 | | |
| (19,054 | ) |
| Tax effect of adjustments(2) | |
| (27,936 | ) | |
| — | |
| Adjusted Net Income (Non-GAAP) | |
$ | 125,101 | | |
$ | 185,999 | |
| (1) |
For the six months ended June 30,
2023, “Other, net” included a $17.8 million receipt of funds related to our interim claim distribution from our Chapter
11 Plan of Reorganization and a $1 million administrative payment to Rover as part of the executed settlement. For more discussion,
refer to Note 1 of our consolidated financial statements included in our Quarterly Report on Form 10-Q for the six months ended June
30, 2024. Additionally, “Other, net” included a $5.0 million recoupment of previously placed collateral for certain firm
transportation commitments during our Chapter 11 filing. |
| (2) |
Deferred income taxes were approximately 22% for the
six months ended June 30, 2024. For the six months ended June 30, 2023, the Company’s effective tax rate was 0% primarily as
a result of the valuation allowance on the Company’s deferred tax asset. |
Adjusted EBITDA: Three months ended June 30, 2024
(In thousands)
(Unaudited)
| | |
Three Months Ended
June 30,
2024 | | |
Three Months Ended
June 30,
2023 | |
| | |
| | |
| |
| Net (Loss) Income (GAAP) | |
$ | (26,212 | ) | |
$ | 93,687 | |
| | |
| | | |
| | |
| Adjustments: | |
| | | |
| | |
| Interest expense | |
| 15,158 | | |
| 13,727 | |
| Deferred income tax benefit | |
| (7,587 | ) | |
| — | |
| DD&A and accretion | |
| 79,120 | | |
| 80,862 | |
| Non-cash derivative loss (gain) | |
| 99,357 | | |
| (44,269 | ) |
| Non-recurring general and administrative expenses | |
| 718 | | |
| 438 | |
| Stock-based compensation expense | |
| 3,343 | | |
| 2,024 | |
| Restructuring costs | |
| — | | |
| 2,893 | |
| Other, net(1) | |
| 522 | | |
| (4,831 | ) |
| Adjusted EBITDA (Non-GAAP) | |
$ | 164,419 | | |
$ | 144,531 | |
| (1) |
For the three months ended June
30, 2023, “Other, net” included a $5.0 million recoupment of previously placed collateral for certain firm transportation
commitments during our Chapter 11 filing. |
Adjusted EBITDA: Six months ended June 30, 2024
(In thousands)
(Unaudited)
| | |
Six Months Ended
June 30,
2024 | | |
Six Months Ended
June 30,
2023 | |
| | |
| | |
| |
| Net Income (GAAP) | |
$ | 25,823 | | |
$ | 616,741 | |
| | |
| | | |
| | |
| Adjustments: | |
| | | |
| | |
| Interest expense | |
| 30,161 | | |
| 27,483 | |
| Deferred income tax expense | |
| 7,266 | | |
| — | |
| DD&A and accretion | |
| 159,698 | | |
| 160,720 | |
| Non-cash derivative loss (gain) | |
| 119,543 | | |
| (421,963 | ) |
| Non-recurring general and administrative expenses | |
| 1,528 | | |
| 1,735 | |
| Stock-based compensation expense | |
| 5,746 | | |
| 3,778 | |
| Restructuring costs | |
| — | | |
| 4,762 | |
| Other, net(1) | |
| 397 | | |
| (19,054 | ) |
| Adjusted EBITDA (Non-GAAP) | |
$ | 350,162 | | |
$ | 374,202 | |
| (1) |
For the six months ended June 30,
2023, “Other, net” included a $17.8 million receipt of funds related to our interim claim distribution from our Chapter
11 Plan of Reorganization and a $1 million administrative payment to Rover as part of the executed settlement. For more discussion,
refer to Note 1 of our consolidated financial statements included in our Quarterly Report on Form 10-Q for the six months ended June
30, 2024. Additionally, “Other, net” included a $5.0 million recoupment of previously placed collateral for certain firm
transportation commitments during our Chapter 11 filing. |
Adjusted Free Cash Flow: Three months ended June 30, 2024
(In thousands)
(Unaudited)
| | |
Three Months Ended
June 30,
2024 | | |
Three Months Ended
June 30,
2023 | |
| | |
| | |
| |
| Net cash provided by operating activity (GAAP) | |
$ | 123,465 | | |
$ | 107,351 | |
| Adjustments: | |
| | | |
| | |
| Interest expense | |
| 15,158 | | |
| 13,727 | |
| Non-recurring general and administrative expenses | |
| 718 | | |
| 438 | |
| Restructuring costs | |
| — | | |
| 2,893 | |
| Other, net(1) | |
| (367 | ) | |
| (6,478 | ) |
| Changes in operating assets and liabilities, net: | |
| | | |
| | |
| Accounts receivable - oil, natural gas, and natural gas liquids sales | |
| 9,324 | | |
| (27,759 | ) |
| Accounts receivable - joint interest and other | |
| (5,156 | ) | |
| (5,432 | ) |
| Accounts payable and accrued liabilities | |
| 20,361 | | |
| 58,161 | |
| Prepaid expenses | |
| 948 | | |
| 1,737 | |
| Other assets | |
| (32 | ) | |
| (107 | ) |
| Total changes in operating assets and liabilities, net | |
$ | 25,445 | | |
$ | 26,600 | |
| Adjusted EBITDA (Non-GAAP) | |
$ | 164,419 | | |
$ | 144,531 | |
| Interest expense | |
| (15,158 | ) | |
| (13,727 | ) |
| Capitalized expenses incurred(2) | |
| (5,924 | ) | |
| (5,423 | ) |
| Capital expenditures incurred(3,4,5) | |
| (123,141 | ) | |
| (126,068 | ) |
| Adjusted free cash flow (Non-GAAP) | |
$ | 20,196 | | |
$ | (686 | ) |
| (1) |
For
the three months ended June 30, 2023, “Other, net” included a $5.0 million recoupment of previously placed collateral
for certain firm transportation commitments during our Chapter 11 filing. |
| (2) |
Includes
cash capitalized general and administrative expense and incurred capitalized interest expenses. |
| (3) |
Incurred
capital expenditures and cash capital expenditures may vary from period to period due to the cash payment cycle. |
| (4) |
For
the three months ended June 30, 2024, includes $1.0 million of non-D&C capital and excludes targeted discretionary acreage acquisitions
of $19.0 million that the Company has guided to an anticipated total of $45 million of discretionary acreage acquisitions in 2024. |
| (5) |
For
the three months ended June 30, 2023, includes $0.3 million of non-D&C capital and excludes targeted discretionary acreage acquisitions
of $3.5 million. |
Adjusted Free Cash Flow: Six months ended June 30, 2024
(In thousands)
(Unaudited)
| | |
Six Months Ended
June 30, 2024 | | |
Six Months Ended
June 30, 2023 | |
| | |
| | |
| |
| Net cash provided by operating activity (GAAP) | |
$ | 311,487 | | |
$ | 411,406 | |
| Adjustments: | |
| | | |
| | |
| Interest expense | |
| 30,161 | | |
| 27,483 | |
| Non-recurring general and administrative expenses | |
| 1,528 | | |
| 1,735 | |
| Restructuring costs | |
| — | | |
| 4,762 | |
| Other, net(1) | |
| (1,505 | ) | |
| (23,025 | ) |
| Changes in operating assets and liabilities, net: | |
| | | |
| | |
| Accounts receivable - oil, natural gas, and natural gas liquids sales | |
| (28,133 | ) | |
| (186,300 | ) |
| Accounts receivable - joint interest and other | |
| (1,011 | ) | |
| (3,595 | ) |
| Accounts payable and accrued liabilities | |
| 37,017 | | |
| 140,832 | |
| Prepaid expenses | |
| 649 | | |
| 973 | |
| Other assets | |
| (31 | ) | |
| (69 | ) |
| Total changes in operating assets and liabilities, net | |
$ | 8,491 | | |
$ | (48,159 | ) |
| Adjusted EBITDA (Non-GAAP) | |
$ | 350,162 | | |
$ | 374,202 | |
| Interest expense | |
| (30,161 | ) | |
| (27,483 | ) |
| Capitalized expenses incurred(2) | |
| (11,578 | ) | |
| (10,506 | ) |
| Capital expenditures incurred(3,4,5) | |
| (249,379 | ) | |
| (271,730 | ) |
| Adjusted free cash flow (Non-GAAP) | |
$ | 59,044 | | |
$ | 64,483 | |
| (1) |
For the six months ended June 30,
2023, “Other, net” included a $17.8 million receipt of funds related to our interim claim distribution from our Chapter
11 Plan of Reorganization and a $1 million administrative payment to Rover as part of the executed settlement. For more discussion,
refer to Note 1 of our consolidated financial statements included in our Quarterly Report on Form 10-Q for the six months ended June
30, 2024. Additionally, “Other, net” included a $5.0 million recoupment of previously placed collateral for certain firm
transportation commitments during our Chapter 11 filing. |
| (2) |
Includes cash capitalized general and administrative
expense and incurred capitalized interest expenses. |
| (3) |
Incurred capital expenditures and cash capital expenditures
may vary from period to period due to the cash payment cycle. |
| (4) |
For the six months ended June 30, 2024, includes $2.9
million of non-D&C capital and excludes targeted discretionary acreage acquisitions of $19.0 million that the Company has guided
to an anticipated total of $45 million of discretionary acreage acquisitions in 2024. |
| (5) |
For the six months ended June 30, 2023, includes $1.0
million of non-D&C capital and excludes targeted discretionary acreage acquisitions of $5.5 million. |
Recurring General and Administrative Expenses:
Three months ended June 30, 2024
(In thousands)
(Unaudited)
| | |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | |
| | |
Cash | | |
Non-Cash | | |
Total | | |
Cash | | |
Non-Cash | | |
Total | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| General and administrative expense (GAAP) | |
$ | 7,409 | | |
$ | 3,343 | | |
$ | 10,752 | | |
$ | 6,587 | | |
$ | 2,024 | | |
$ | 8,611 | |
| Capitalized general and administrative expense | |
| 4,683 | | |
| 1,647 | | |
| 6,329 | | |
| 4,408 | | |
| 997 | | |
| 5,405 | |
| Non-recurring general and administrative expense | |
| (718 | ) | |
| — | | |
| (718 | ) | |
| (438 | ) | |
| — | | |
| (438 | ) |
| Recurring general and administrative before capitalization (Non-GAAP) | |
$ | 11,374 | | |
$ | 4,989 | | |
$ | 16,364 | | |
$ | 10,557 | | |
$ | 3,021 | | |
$ | 13,578 | |
Totals
may not sum or recalculate due to rounding.
Recurring General and Administrative Expenses:
Six months ended June 30, 2024
(In thousands)
(Unaudited)
| | |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
| | |
Cash | | |
Non-Cash | | |
Total | | |
Cash | | |
Non-Cash | | |
Total | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| General and administrative expense (GAAP) | |
$ | 14,204 | | |
$ | 5,746 | | |
$ | 19,950 | | |
$ | 13,566 | | |
$ | 3,778 | | |
$ | 17,344 | |
| Capitalized general and administrative expense | |
| 9,205 | | |
| 2,830 | | |
| 12,035 | | |
| 8,667 | | |
| 1,861 | | |
| 10,528 | |
| Non-recurring general and administrative expense | |
| (1,528 | ) | |
| — | | |
| (1,528 | ) | |
| (1,735 | ) | |
| — | | |
| (1,735 | ) |
| Recurring general and administrative before capitalization (Non-GAAP) | |
$ | 21,881 | | |
$ | 8,576 | | |
$ | 30,457 | | |
$ | 20,498 | | |
$ | 5,639 | | |
$ | 26,137 | |
Totals
may not sum or recalculate due to rounding.
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
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-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
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| Namespace Prefix: |
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Grafico Azioni Gulfport Energy (NYSE:GPOR)
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Da Ott 2024 a Nov 2024
Grafico Azioni Gulfport Energy (NYSE:GPOR)
Storico
Da Nov 2023 a Nov 2024
