Gulfport Energy Corporation (NASDAQ:GPOR) (“Gulfport” or the
“Company”) today provided an update for the quarter ended June 30,
2017 and scheduled its second quarter of 2017 financial and
operational results conference call. Key information includes the
following:
- Net production during the second quarter of 2017 averaged
1,038.4 MMcfe per day, a 22% increase over the first quarter of
2017 and a 56% increase versus the second quarter of 2016.
- Gulfport increases 2017 full-year production guidance and now
forecasts 2017 average daily net production will be in the range of
1,065 MMcfe to 1,100 MMcfe per day.
- Realized natural gas price for the second quarter of 2017,
before the impact of derivatives and including transportation
costs, averaged $2.48 per Mcf, a $0.70 per Mcf differential to the
average trade month NYMEX settled price.
- Realized oil price for the second quarter of 2017, before the
impact of derivatives and including transportation costs, averaged
$45.33 per barrel, a $2.96 per barrel differential to the average
WTI oil price.
- Realized natural gas liquids price for the second quarter of
2017, before the impact of derivatives and including transportation
costs, averaged $0.45 per gallon, equivalent to $18.93 per barrel,
or approximately 39% of the average WTI oil price.
- Realized natural gas price for the six months ended June 30,
2017, before the impact of derivatives and including transportation
costs, averaged $2.57 per Mcf, a $0.68 per Mcf differential to the
average trade month NYMEX settled price.
- Realized oil price for the six months ended June 30, 2017,
before the impact of derivatives and including transportation
costs, averaged $46.30 per barrel, a $3.77 per barrel differential
to the average WTI oil price.
- Realized natural gas liquids price for the six months ended
June 30, 2017, before the impact of derivatives and including
transportation costs, averaged $0.54 per gallon, equivalent to
$22.50 per barrel, or approximately 45% of the average WTI oil
price.
- Utilizing current strip pricing at the various regional pricing
points at which the Company sells its natural gas, Gulfport now
forecasts its realized natural gas price to average in the range of
$0.62 to $0.68 per Mcf below NYMEX settlement prices in 2017.
- Reiterates expected 2017 realized natural gas liquids price and
oil price and continues to estimate that the Company’s 2017
realized natural gas liquids price will be approximately 45% of WTI
and its 2017 realized oil price will be in the range of $3.75 to
$4.75 per barrel below WTI.
- Gulfport turned-to-sales 29 gross (26.7 net) operated wells in
the Utica Shale and 2 gross (1.2 net) operated Woodford wells in
the SCOOP during the second quarter of 2017.
- The Vinson 2-22X27H produced at an average 60-day peak
production rate of 14.4 MMcfe per day.
- The Vinson 3R-22X27H produced at an average 60-day peak
production rate of 17.3 MMcfe per day.
Chief Executive Officer and President, Michael
G. Moore commented, “Gulfport delivered another successful quarter
during the second quarter of 2017, highlighted by 22% production
growth over the first quarter of 2017 and a very active quarter
operationally in both our Utica Shale and SCOOP asset areas. In the
Utica Shale, the Gulfport team continues to make great strides in
the field, marking the second quarter as the most active quarter
from a tie-in line perspective the Company has experienced since
entering the play in 2011. In the SCOOP, the integration of the
assets is going very well and Gulfport turned-to-sales our first
two operated Woodford completions in the play during the second
quarter, the Vinson 2-22X27H and Vinson 3R-22X27H, and continue to
be pleased with the results from these wells as we accumulate
additional production data. In addition, we have been very active
on the completion front in the SCOOP, recently beginning flowback
on two gross operated Woodford wells and are in various stages of
completion on an additional five gross operated Woodford wells.
While we do not anticipate being at peak production rates on the
recent turn-in-line wells at the time of our second quarter
conference call, we look forward to providing peak flow rates as
they become available over the coming weeks.”
Second Quarter 2017 Production and
Realized PricesGulfport’s net daily production for the
second quarter of 2017 averaged approximately 1,038.4 MMcfe per
day. For the second quarter of 2017, Gulfport’s net daily
production mix was comprised of approximately 88% natural gas, 8%
natural gas liquids and 4% oil.
Gulfport’s realized prices for the second
quarter of 2017 were $3.16 per Mcf of natural gas, $57.86 per
barrel of oil and $0.45 per gallon of NGL, resulting in a total
equivalent price of $3.43 per Mcfe. Gulfport's realized prices for
the second quarter of 2017 include an aggregate non-cash derivative
gain of $59.9 million. Before the impact of derivatives, realized
prices for the second quarter of 2017, including transportation
costs, were $2.48 per Mcf of natural gas, $45.33 per barrel of oil
and $0.45 per gallon of NGL, for a total equivalent price of $2.74
per Mcfe.
|
GULFPORT ENERGY CORPORATION |
PRODUCTION SCHEDULE |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
|
June
30, |
|
June
30, |
Production
Volumes: |
|
|
|
2017 |
|
|
2016 |
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
Natural gas (MMcf) |
|
|
|
82,903 |
|
|
52,775 |
|
|
|
149,187 |
|
|
106,082 |
Oil (MBbls) |
|
|
|
650 |
|
|
551 |
|
|
|
1,164 |
|
|
1,153 |
NGL (MGal) |
|
|
|
53,808 |
|
|
30,853 |
|
|
|
103,475 |
|
|
73,380 |
Gas equivalent
(MMcfe) |
|
|
|
94,490 |
|
|
60,492 |
|
|
|
170,951 |
|
|
123,485 |
Gas
equivalent (Mcfe per day) |
|
|
1,038,351 |
|
|
664,743 |
|
|
|
944,481 |
|
|
678,487 |
|
|
|
|
|
|
|
|
|
|
Average
Realized Prices |
|
|
|
|
|
|
|
|
|
(before the impact of derivatives): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas (per
Mcf) |
|
|
$ |
2.48 |
|
$ |
1.44 |
|
|
$ |
2.57 |
|
$ |
1.41 |
Oil (per Bbl) |
|
|
$ |
45.33 |
|
$ |
42.00 |
|
|
$ |
46.30 |
|
$ |
33.82 |
NGL (per Gal) |
|
|
$ |
0.45 |
|
$ |
0.33 |
|
|
$ |
0.54 |
|
$ |
0.27 |
Gas equivalent (per
Mcfe) |
|
|
$ |
2.74 |
|
$ |
1.81 |
|
|
$ |
2.88 |
|
$ |
1.69 |
|
|
|
|
|
|
|
|
|
|
Average
Realized Prices: |
|
|
|
|
|
|
|
|
|
(including cash-settlement of derivatives and excluding
non-cash derivative gain or loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas (per
Mcf) |
|
|
$ |
2.51 |
|
$ |
2.53 |
|
|
$ |
2.54 |
|
$ |
2.51 |
Oil (per Bbl) |
|
|
$ |
48.91 |
|
$ |
48.49 |
|
|
$ |
48.37 |
|
$ |
42.42 |
NGL (per Gal) |
|
|
$ |
0.45 |
|
$ |
0.33 |
|
|
$ |
0.54 |
|
$ |
0.27 |
Gas equivalent (per
Mcfe) |
|
|
$ |
2.79 |
|
$ |
2.82 |
|
|
$ |
2.87 |
|
$ |
2.71 |
|
|
|
|
|
|
|
|
|
|
Average
Realized Prices: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas (per
Mcf) |
|
|
$ |
3.16 |
|
$ |
(1.10 |
) |
|
$ |
3.53 |
|
$ |
0.69 |
Oil (per Bbl) |
|
|
$ |
57.86 |
|
$ |
37.23 |
|
|
$ |
62.67 |
|
$ |
32.65 |
NGL (per Gal) |
|
|
$ |
0.45 |
|
$ |
0.30 |
|
|
$ |
0.56 |
|
$ |
0.24 |
Gas equivalent (per
Mcfe) |
|
|
$ |
3.43 |
|
$ |
(0.47 |
) |
|
$ |
3.84 |
|
$ |
1.04 |
|
|
|
|
|
|
|
|
|
|
The table below summarizes Gulfport’s second quarter of 2017
production by asset area:
|
GULFPORT ENERGY CORPORATION |
PRODUCTION BY AREA |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June
30, |
|
June
30, |
|
|
|
2017 |
|
2017 |
Utica
Shale |
|
|
|
|
|
Natural
gas (MMcf) |
|
|
72,649 |
|
133,801 |
Oil
(MBbls) |
|
|
122 |
|
253 |
NGL
(MGal) |
|
|
32,372 |
|
71,683 |
Gas
equivalent (MMcfe) |
|
|
78,003 |
|
145,562 |
|
|
|
|
|
|
SCOOP(1) |
|
|
|
|
|
Natural
gas (MMcf) |
|
|
10,233 |
|
15,348 |
Oil
(MBbls) |
|
|
244 |
|
378 |
NGL
(MGal) |
|
|
21,343 |
|
31,665 |
Gas
equivalent (MMcfe) |
|
|
14,744 |
|
22,142 |
|
|
|
|
|
|
Southern
Lousiana |
|
|
|
|
|
Natural
gas (MMcf) |
|
|
13 |
|
22 |
Oil
(MBbls) |
|
|
273 |
|
507 |
NGL
(MGal) |
|
|
- |
|
- |
Gas
equivalent (MMcfe) |
|
|
1,650 |
|
3,066 |
|
|
|
|
|
|
Other |
|
|
|
|
|
Natural
gas (MMcf) |
|
|
8 |
|
16 |
Oil
(MBbls) |
|
|
12 |
|
24 |
NGL
(MGal) |
|
|
93 |
|
127 |
Gas
equivalent (MMcfe) |
|
|
93 |
|
181 |
|
|
|
|
|
|
(1)
SCOOP production adjusted for closing date of February 17,
2017. |
|
|
|
|
|
|
2017 Production and Pricing Guidance Based
on actual results during the six months ended June 30, 2017,
Gulfport increases its 2017 production guidance and currently
forecasts that 2017 average daily net production will be in the
range of 1,065 MMcfe to 1,100 MMcfe per day, an increase of 48% to
53% over its 2016 average daily net production of 719.8 MMcfe per
day.
Based on actual results during the six months ended June 30,
2017 and utilizing current strip pricing at the various regional
pricing points at which the Company sells its natural gas, Gulfport
now forecasts its realized natural gas price, before the effect of
hedges and inclusive of the Company’s firm transportation expense,
to average in the range of $0.62 to $0.68 per Mcf below NYMEX
settlement prices in 2017. Gulfport reiterates its NGL price and
oil price expectations and before the effect of hedges, continues
to estimate that its 2017 realized NGL price will be approximately
45% of WTI and its 2017 realized oil price will be in the range of
$3.75 to $4.75 per barrel below WTI.
SCOOP Well ResultsAs previously
announced, during the second quarter of 2017 Gulfport
turned-to-sales two gross (1.2 net) Woodford wells, the Vinson
2-22X27H and Vinson 3R-22X27H, located in the wet gas window in
southern Grady County. Following 60 days of production, the Vinson
2-22X27H has cumulatively produced 769.6 MMcf of natural gas and
2,138 barrels of oil and the Vinson 3R-22X27H has cumulatively
produced 927.5 MMcf of natural gas and 2,468 barrels of oil. Based
upon the composition analysis, the gas being produced from the
Vinson pad is 1,118 BTU gas and yielding 35.7 barrels of NGLs per
MMcf of natural gas and results in a natural gas shrink of 11%. On
a three-stream basis, the Vinson 2-22X27H produced at an average
60-day peak rate of 14.4 MMcfe per day, which is comprised of
approximately 79% natural gas, 19% natural gas liquids and 2% oil.
The Vinson 3R-22X27H produced at an average 60-day peak rate of
17.3 MMcfe per day, which is comprised of approximately 79% natural
gas, 19% natural gas liquids and 2% oil.
Second Quarter 2017 Conference Call
InformationGulfport will hold a conference call on
Wednesday, August 9, 2017 at 8:00 a.m. CDT to discuss its second
quarter of 2017 financial and operational results and to provide an
update on the Company’s recent activities. Gulfport's second
quarter of 2017 earnings are scheduled to be released after the
market close on Tuesday, August 8, 2017.
Interested parties may listen to the call via
Gulfport’s website at www.gulfportenergy.com or by calling
toll-free at 866-373-3408 or 412-902-1039 for international
callers. A replay of the call will be available for two weeks
at 877-660-6853 or 201-612-7415 for international callers.
The replay passcode is 13622396. The webcast will also be
available for two weeks on the Company’s website and can be
accessed on the Company’s “Investor Relations” page.
About GulfportGulfport Energy
is an independent natural gas and oil company focused on the
exploration and development of natural gas and oil properties in
North America and is one of the largest producers of natural gas in
the contiguous United States. Headquartered in Oklahoma City,
Gulfport holds significant acreage positions in the Utica Shale of
Eastern Ohio and the SCOOP Woodford and SCOOP Springer plays in
Oklahoma. In addition, Gulfport holds an acreage position along the
Louisiana Gulf Coast, a position in the Alberta Oil Sands in Canada
through its 25% interest in Grizzly Oil Sands ULC and has an
approximately 25% equity interest in Mammoth Energy Services, Inc.
(NASDAQ:TUSK). For more information, please visit
www.gulfportenergy.com.
Forward Looking StatementsThis
press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended
(the "Securities Act"), and Section 21E of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"). All statements, other
than statements of historical facts, included in this press release
that address activities, events or developments that Gulfport
expects or anticipates will or may occur in the future, future
capital expenditures (including the amount and nature thereof),
business strategy and measures to implement strategy, competitive
strength, goals, expansion and growth of Gulfport's business and
operations, plans, market conditions, references to future success,
reference to intentions as to future matters and other such matters
are forward-looking statements. These statements are based on
certain assumptions and analyses made by Gulfport in light of its
experience and its perception of historical trends, current
conditions and expected future developments as well as other
factors it believes are appropriate in the circumstances. However,
whether actual results and developments will conform with
Gulfport's expectations and predictions is subject to a number of
risks and uncertainties, general economic, market, credit or
business conditions; the opportunities (or lack thereof) that may
be presented to and pursued by Gulfport; Gulfport’s ability to
identify, complete and integrate acquisitions of properties and
businesses; competitive actions by other oil and gas companies;
changes in laws or regulations; and other factors, many of which
are beyond the control of Gulfport. Information concerning these
and other factors can be found in the Company's filings with the
Securities and Exchange Commission, including its Forms 10-K, 10-Q
and 8-K. Consequently, all of the forward-looking statements made
in this news release are qualified by these cautionary statements
and there can be no assurances that the actual results or
developments anticipated by Gulfport will be realized, or even if
realized, that they will have the expected consequences to or
effects on Gulfport, its business or operations. Gulfport has no
intention, and disclaims any obligation, to update or revise any
forward-looking statements, whether as a result of new information,
future results or otherwise.
Investor & Media Contact:
Jessica Wills – Manager, Investor Relations and Research
jwills@gulfportenergy.com
405-252-4550
Gulfport Energy (NASDAQ:GPOR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gulfport Energy (NASDAQ:GPOR)
Historical Stock Chart
From Apr 2023 to Apr 2024