Gulfport Energy Corporation (NASDAQ:GPOR) (“Gulfport” or the
“Company”) today reported financial and operational results for the
quarter ended March 31, 2018 and provided an update on its
2018 activities. Key information includes the following:
- Net production averaged 1,288.6 MMcfe per day during the first
quarter of 2018.
- Net income of $90.1 million, or $0.50 per diluted share, for
the first quarter of 2018.
- Adjusted net income (as defined and reconciled below) of $101.9
million, or $0.56 per diluted share, for the first quarter of
2018.
- Adjusted EBITDA (as defined and reconciled below) of $247.9
million for the first quarter of 2018.
- Reduced unit operating expense, including lease operating
expense, midstream gathering and processing expense, production tax
expense and general and administrative expense, for the first
quarter of 2018 by 11% to $0.88 per Mcfe from $0.99 per Mcfe
for the fourth quarter of 2017.
- Completed previously announced stock repurchase program of $100
million during first quarter of 2018 by acquiring 9.7 million
shares.
- Expanded stock repurchase program to acquire up to an
additional $100 million of outstanding common stock during 2018 for
a total of $200 million.
- Sold 25% equity interest in Strike Force Midstream LLC ("Strike
Force") for $175 million.
- Reduced 2018 non-drilling and completion ("D&C") capital
expenditures by $20 million following the sale of Gulfport's
equity interest in Strike Force.
- Budgeted 2018 total capital expenditures to be in the range of
$750 million to $815 million and funded within cash flow.
- Increased forecasted 2018 production and estimate 2018 full
year net production to average 1,310 MMcfe to 1,340 MMcfe per day,
an increase of approximately 20% to 23% over the average daily net
production of 1,089.2 MMcfe per day during 2017.
- Currently estimate second quarter of 2018 net production to
average 1,300 MMcfe to 1,320 MMcfe per day.
- Gulfport's lead lenders have proposed an increase to Gulfport's
borrowing base to $1.4 billion from $1.2 billion, subject to the
approval of the additional banks within the syndicate, with
Gulfport's elected commitment to remain at $1.0 billion.
- Increased hedge position to approximately 948 BBtu per day of
natural gas fixed price swaps during 2018 at an average fixed price
of $3.05 per MMBtu and a large base level of 662 BBtu per day of
natural gas fixed price swaps during 2019 at an average fixed price
of $2.84 per MMBtu.
Chief Executive Officer and President, Michael
G. Moore, commented, "Gulfport began the year strong both
operationally and financially, delivering on several of our
strategic objectives planned for 2018. The outperformance of our
base production wedge and new well delivery in the SCOOP positioned
us well in the first quarter and led to an increase in our
forecasted average daily volumes for the full year, highlighting
the quality of our asset base and further bolstering the free cash
flow generated from our 2018 activities. Gulfport remains
steadfastly committed to funding our total 2018 capital budget from
cash flow and estimate that roughly two-thirds of the capital
budget will be invested during the first half of the year, with
spend decreasing significantly in the third and fourth
quarters.
We were opportunistic and aggressive with our
stock repurchase program and completed the full $100 million
authorization in the open market prior to the end of the first
quarter. We remain committed to realizing the most value for our
stockholders. As we evaluate the best uses of our available
liquidity, we will consider a range of options, including stock
repurchases and debt reduction, practicing discipline as we
allocate capital to programs and strategic initiatives that we
believe have the highest return potential. Furthermore, our
commitment to demonstrating capital discipline is highlighted by
our board’s decision to include a metric relating to Gulfport's
return on average capital employed into Gulfport's 2018 annual
incentive plan targets, which are intended to maximize the value of
every dollar we invest and our commitment to the Gulfport
stockholders."
Stock Repurchase ProgramDuring
the first quarter of 2018, Gulfport repurchased 9.7 million shares
and completed in full the previously announced authorized program
to acquire up to $100 million of the Company's outstanding common
stock during 2018.
Gulfport announced today that its board of
directors has expanded the stock repurchase program and Gulfport
has been authorized to acquire up to an additional $100 million of
its outstanding common stock during 2018 for a total of up to $200
million. Purchases under the expanded repurchase program may
be made from time to time in open market or privately negotiated
transactions, and will be subject to market conditions, applicable
legal requirements, contractual obligations and other factors. The
repurchase program does not require the Company to acquire any
specific number of shares. The Company intends to purchase shares
under the repurchase program opportunistically with available funds
while maintaining sufficient liquidity to fund its 2018 capital
development program. This repurchase program is authorized to
extend through December 31, 2018 and may be suspended from time to
time, modified, extended or discontinued by the board of directors
at any time.
Financial ResultsFor the first
quarter of 2018, Gulfport reported net income of $90.1 million, or
$0.50 per diluted share, on revenues of $325.4 million. For
the first quarter of 2018, EBITDA (as defined and reconciled below
for each period presented) was $236.0 million and cash flow from
operating activities before changes in operating assets and
liabilities (as defined and reconciled below for each period
presented) was $217.1 million. Gulfport’s GAAP net income for
the first quarter of 2018 includes the following items:
- Aggregate non-cash derivative loss of $25.4 million.
- Aggregate gain of $13.5 million in connection with Gulfport's
equity interests in certain equity investments.
Excluding the effect of these items, Gulfport’s
financial results for the first quarter of 2018 would have been as
follows:
- Adjusted oil and gas revenues of $350.8 million.
- Adjusted net income of $101.9 million, or $0.56 per diluted
share.
- Adjusted EBITDA of $247.9 million.
Production and Realized
PricesGulfport’s net daily production for the first
quarter of 2018 averaged approximately 1,288.6 MMcfe per day. For
the first quarter of 2018, Gulfport’s net daily production mix was
comprised of approximately 88% natural gas, 8% natural gas liquids
("NGL") and 4% oil.
Gulfport’s realized prices for the first quarter
of 2018 were $2.35 per Mcf of natural gas, $48.27 per barrel of oil
and $0.75 per gallon of NGL, resulting in a total equivalent price
of $2.81 per Mcfe. Gulfport's realized prices for the first quarter
of 2018 include an aggregate non-cash derivative loss of $25.4
million. Before the impact of derivatives, realized prices for the
first quarter of 2018, including transportation costs, were $2.44
per Mcf of natural gas, $60.36 per barrel of oil and $0.71 per
gallon of NGL, for a total equivalent price of $2.95 per Mcfe.
| |
| GULFPORT ENERGY CORPORATION |
| PRODUCTION SCHEDULE |
| (Unaudited) |
| |
Three months ended |
| |
March 31, |
| Production
Volumes: |
2018 |
|
2017 |
| |
|
|
|
| Natural gas (MMcf) |
102,042 |
|
|
66,284 |
|
| Oil (MBbls) |
757 |
|
|
514 |
|
| NGL (MGal) |
65,756 |
|
|
49,667 |
|
| Gas equivalent
(MMcfe) |
115,977 |
|
|
76,461 |
|
| Gas equivalent (Mcfe
per day) |
1,288,631 |
|
|
849,569 |
|
| |
|
|
|
| Average
Realized Prices: |
|
|
|
| (before the
impact of derivatives): |
|
|
|
| |
|
|
|
| Natural gas (per
Mcf) |
$ |
2.44 |
|
|
$ |
2.68 |
|
| Oil (per Bbl) |
$ |
60.36 |
|
|
$ |
47.52 |
|
| NGL (per Gal) |
$ |
0.71 |
|
|
$ |
0.63 |
|
| Gas equivalent (per
Mcfe) |
$ |
2.95 |
|
|
$ |
3.05 |
|
| |
|
|
|
| Average
Realized Prices: |
|
|
|
|
(including cash-settlement of derivatives and excluding
non-cash derivative gain or loss): |
| |
|
|
|
| Natural gas (per
Mcf) |
$ |
2.60 |
|
|
$ |
2.57 |
|
| Oil (per Bbl) |
$ |
54.72 |
|
|
$ |
47.68 |
|
| NGL (per Gal) |
$ |
0.67 |
|
|
$ |
0.63 |
|
| Gas equivalent (per
Mcfe) |
$ |
3.02 |
|
|
$ |
2.96 |
|
| |
|
|
|
| Average
Realized Prices: |
|
|
|
| |
|
|
|
| Natural gas (per
Mcf) |
$ |
2.35 |
|
|
$ |
3.98 |
|
| Oil (per Bbl) |
$ |
48.27 |
|
|
$ |
68.75 |
|
| NGL (per Gal) |
$ |
0.75 |
|
|
$ |
0.68 |
|
| Gas equivalent (per
Mcfe) |
$ |
2.81 |
|
|
$ |
4.36 |
|
| |
|
|
|
The table below summarizes Gulfport’s first
quarter of 2018 production by asset area:
| |
| GULFPORT ENERGY CORPORATION |
| PRODUCTION BY AREA |
| (Unaudited) |
| |
Three months ended |
|
Three months ended |
| |
March 31, |
|
March 31, |
| |
2018 |
|
2017 |
| Utica
Shale |
|
|
|
| Natural gas (MMcf) |
87,196 |
|
|
61,152 |
|
| Oil (MBbls) |
78 |
|
|
132 |
|
| NGL (MGal) |
35,738 |
|
|
39,311 |
|
| Gas equivalent
(MMcfe) |
92,772 |
|
|
67,559 |
|
| |
|
|
|
|
SCOOP(1) |
|
|
|
| Natural gas (MMcf) |
14,832 |
|
|
5,115 |
|
| Oil (MBbls) |
497 |
|
|
135 |
|
| NGL (MGal) |
30,008 |
|
|
10,322 |
|
| Gas equivalent
(MMcfe) |
22,103 |
|
|
7,398 |
|
| |
|
|
|
| Southern
Louisiana |
|
|
|
| Natural gas (MMcf) |
7 |
|
|
8 |
|
| Oil (MBbls) |
169 |
|
|
235 |
|
| NGL (MGal) |
— |
|
|
— |
|
| Gas equivalent
(MMcfe) |
1,021 |
|
|
1,416 |
|
| |
|
|
|
|
Other |
|
|
|
| Natural gas (MMcf) |
7 |
|
|
9 |
|
| Oil (MBbls) |
12 |
|
|
12 |
|
| NGL (MGal) |
9 |
|
|
35 |
|
| Gas equivalent
(MMcfe) |
82 |
|
|
88 |
|
| |
|
|
|
| (1)
2017 SCOOP production included from the February 17, 2017 closing
date. |
| |
First Quarter 2018 Capital
ExpendituresFor the first quarter of 2018, Gulfport’s
D&C capital expenditures totaled $247.9 million and non-D&C
capital expenditures totaled $42.9 million. According to plan, the
2018 capital program is heavily weighted to the first half of the
2018 and Gulfport currently estimates approximately two-thirds of
the 2018 capital budget will be invested during the first half of
2018.
Strike Force MonetizationOn
April 26, 2018, Gulfport announced that it had entered into a
definitive agreement to sell its 25% interest in Strike Force for a
purchase price of $175 million in an all cash transaction to EQT
Midstream Partners. The transaction closed on May 1, 2018.
2018 Financial Position and
LiquidityAs of March 31, 2018, Gulfport had cash on
hand of approximately $118.6 million. As of March 31, 2018,
$200.0 million was outstanding under Gulfport’s revolving credit
facility with outstanding letters of credit totaling $242.8
million.
Expected Borrowing Base Increase
to $1.4 BillionIn connection with the scheduled
spring redetermination of Gulfport's revolving credit facility,
Gulfport's lead lenders have proposed an increase to Gulfport's
borrowing base to $1.4 billion from $1.2 billion, subject to the
approval of the additional banks within the syndicate. Gulfport's
elected commitment under this facility is anticipated to remain
at $1.0 billion.
2018 Capital Budget and Production Guidance
UpdateGulfport reaffirms its expectation that its 2018
D&C total capital expenditures will be in the range of $630
million to $685 million. Upon completion of the Strike Force
monetization, Gulfport's capital obligations associated with its
equity interest in Strike Force were eliminated and the Company now
forecasts its 2018 non-D&C capital expenditures to be reduced
by approximately $20 million. As a result, total non-D&C
capital expenditures are expected to be in the range of $120
million to $130 million.
Based on results during first quarter of 2018,
Gulfport has increased its production guidance and now forecasts
its 2018 average daily net production will be in the range of 1,310
MMcfe to 1,340 MMcfe per day, an increase of 20% to 23% over its
2017 average daily net production of 1,089.2 MMcfe per day. For the
second quarter of 2018, Gulfport estimates that its average daily
net production will be in the range of 1,300 MMcfe to 1,320 MMcfe
per day,
Based on actual results during the first quarter
of 2018 and utilizing current strip pricing at the various regional
pricing points at which the Company sells its natural gas, Gulfport
reiterates its guidance that realized natural gas price
differential, before the effect of hedges and inclusive of the
Company’s firm transportation expense, will average in the range of
$0.58 to $0.72 per Mcf below NYMEX settlement prices in 2018.
Gulfport reiterates its guidance that expected 2018 realized NGL
price and oil price and forecasts that its 2018 realized NGL price,
before the effect of hedges and including transportation expense,
will be approximately 45% to 50% of WTI and its 2018 realized oil
price will be in the range of $3.00 to $3.50 per barrel below
WTI.
The table below summarizes the Company’s updated
full year 2018 guidance:
| |
| GULFPORT ENERGY CORPORATION |
| COMPANY GUIDANCE |
| |
Year Ending |
| |
|
2018 |
|
| |
Low |
|
High |
|
Forecasted Production |
|
|
|
| Average Daily Gas Equivalent (MMcfepd) |
|
1,310 |
|
|
|
1,340 |
|
| % Gas |
~89% |
| % Natural Gas Liquids |
~7% |
| % Oil |
~4% |
| |
|
|
|
|
Forecasted Realizations (before the effects of
hedges) |
|
|
|
| Natural Gas (Differential to NYMEX Settled Price) - $/Mcf |
$ |
(0.58 |
) |
|
$ |
(0.72 |
) |
| NGL (% of WTI) |
|
45 |
% |
|
|
50 |
% |
| Oil (Differential to NYMEX WTI) $/Bbl |
$ |
(3.00 |
) |
|
$ |
(3.50 |
) |
| |
|
|
|
|
Projected Operating Costs |
|
|
|
| Lease Operating Expense - $/Mcfe |
$ |
0.17 |
|
|
$ |
0.19 |
|
| Production Taxes - $/Mcfe |
$ |
0.06 |
|
|
$ |
0.08 |
|
| Midstream Gathering and Processing - $/Mcfe |
$ |
0.57 |
|
|
$ |
0.63 |
|
| General and Administrative - $/Mcfe |
$ |
0.12 |
|
|
$ |
0.14 |
|
| |
|
|
|
|
Depreciation, Depletion and Amortization -
$/Mcfe |
$ |
0.95 |
|
|
$ |
1.05 |
|
| |
|
|
|
| |
Total |
|
Budgeted D&C Expenditures - In Millions: |
|
|
|
| Operated |
$ |
490 |
|
|
$ |
525 |
|
| Non-Operated |
$ |
140 |
|
|
$ |
160 |
|
| Total Budgeted E&P Capital Expenditures |
$ |
630 |
|
|
$ |
685 |
|
| |
|
|
|
|
Budgeted Non-D&C Expenditures - In
Millions: |
$ |
120 |
|
|
$ |
130 |
|
| |
|
|
|
|
Total Capital Expenditures - In Millions: |
$ |
750 |
|
|
$ |
815 |
|
| |
|
|
|
| Net
Wells Drilled |
|
|
|
| Utica - Operated |
|
26 |
|
|
|
29 |
|
| Utica - Non-Operated |
|
7 |
|
|
|
8 |
|
| Total |
|
33 |
|
|
|
37 |
|
| |
|
|
|
| SCOOP - Operated |
|
10 |
|
|
|
11 |
|
| SCOOP - Non-Operated |
|
4 |
|
|
|
5 |
|
| Total |
|
14 |
|
|
|
16 |
|
| |
|
|
|
| Net
Wells Turned-to-Sales |
|
|
|
| Utica - Operated |
|
33 |
|
|
|
37 |
|
| Utica - Non-Operated |
|
9 |
|
|
|
10 |
|
| Total |
|
42 |
|
|
|
47 |
|
| |
|
|
|
| SCOOP - Operated |
|
16 |
|
|
|
18 |
|
| SCOOP - Non-Operated |
|
2 |
|
|
|
3 |
|
| Total |
|
18 |
|
|
|
21 |
|
| |
|
|
|
|
|
|
|
Operational UpdateThe table
below summarizes Gulfport's activity for the first quarter of 2018
and the number of net wells expected to be drilled and
turned-to-sales for the remainder of 2018:
| |
| GULFPORT ENERGY CORPORATION |
| ACTIVITY SUMMARY |
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months ended |
|
|
|
|
|
|
|
March 31, |
|
Remaining Wells |
|
Guidance(1) |
|
|
|
2018 |
|
2018 |
|
2018 |
|
Net Wells Drilled |
|
|
|
|
|
|
| Utica -
Operated |
|
10.0 |
|
|
17.5 |
|
|
27.5 |
|
| Utica - Non-Operated |
|
1.8 |
|
|
5.7 |
|
|
7.5 |
|
| Total |
|
11.8 |
|
|
23.2 |
|
|
35.0 |
|
|
|
|
|
|
|
|
|
| SCOOP -
Operated |
|
3.8 |
|
|
6.7 |
|
|
10.5 |
|
| SCOOP - Non-Operated |
|
2.6 |
|
|
1.9 |
|
|
4.5 |
|
| Total |
|
6.4 |
|
|
8.6 |
|
|
15.0 |
|
|
|
|
|
|
|
|
|
|
Net Wells Turned-to-Sales |
|
|
|
|
|
|
| Utica -
Operated |
|
3.0 |
|
|
32.0 |
|
|
35.0 |
|
| Utica - Non-Operated |
|
3.1 |
|
|
6.4 |
|
|
9.5 |
|
| Total |
|
6.1 |
|
|
38.4 |
|
|
44.5 |
|
|
|
|
|
|
|
|
|
| SCOOP -
Operated |
|
6.3 |
|
|
10.7 |
|
|
17.0 |
|
| SCOOP - Non-Operated |
|
0.4 |
|
|
2.1 |
|
|
2.5 |
|
| Total |
|
6.7 |
|
|
12.8 |
|
|
19.5 |
|
|
|
|
|
|
|
|
|
|
(1) Utilizes mid-point of publicly provided 2018
guidance |
|
|
Utica ShaleIn the Utica Shale,
during the first quarter of 2018, Gulfport spud 13 gross (10.0 net)
operated wells. The wells drilled during the first quarter of 2018
had an average lateral length of approximately 9,000 feet.
Normalizing to an 8,000 foot lateral length, Gulfport's average
drilling days during the first quarter of 2018 from spud to rig
release totaled approximately 19.0 days, a decrease of 8% over full
year 2017. In addition, Gulfport turned-to-sales three gross and
net operated wells with an average stimulated lateral length of
approximately 6,600 feet on March 31, 2018.
During the first quarter of 2018, net production
from Gulfport’s Utica acreage averaged approximately 1,030.8 MMcfe
per day, a decrease of 1% over the fourth quarter of 2017 and an
increase of 37% over the first quarter of 2017.
At present, Gulfport has two operated horizontal
drilling rigs active in the play.
SCOOPIn the SCOOP, during the
first quarter of 2018, Gulfport spud five gross (3.8 net) operated
wells. The wells drilled during the first quarter of 2018 had an
average lateral length of approximately 8,900 feet. Normalizing to
an 7,500 foot lateral length, Gulfport's average drilling days
during the first quarter of 2018 from spud to rig release totaled
approximately 69.7 days, a decrease of 3% over full year 2017. In
addition, Gulfport turned-to-sales seven gross (6.3 net) operated
wells with an average stimulated lateral length of approximately
6,500 feet during the first quarter of 2018.
During the first quarter of 2018, net production
from the acreage averaged approximately 245.6 MMcfe per day, an
increase of 19% over the fourth quarter of 2017.
At present, Gulfport has four operated horizontal rigs drilling
in the play and it expects to release two rigs mid 2018 as the
contracts for these rigs expire.
Southern LouisianaAt its West
Cote Blanche Bay and Hackberry fields, during the first quarter of
2018, Gulfport performed 19 recompletions at the fields. Net
production during the first quarter of 2018 totaled approximately
11.3 MMcfe per day.
SCOOP Woodford Production
ResultsGulfport recently turned-to-sales two gross
Woodford wells located in the wet gas window in central Grady
County, Oklahoma. The Lilly 3-15X10H has a stimulated lateral
length of 6,816 feet and a 24-hour initial production peak rate of
14.1 MMcf per day and 421 barrels of oil per day. Based upon the
composition analysis, the gas being produced is 1,157 BTU gas and
yielding 43.3 barrels of NGL per MMcf of natural gas and results in
a natural gas shrink of 14%. On a three-stream basis, the Lilly
3-15X10H produced at a 24-hour initial production peak rate of 18.4
MMcfe per day, or 2,694 Mcfe per 1,000 foot of lateral, which is
comprised of approximately 66% natural gas, 20% NGL and 14%
oil.
The Lilly 4-15X10H has a stimulated lateral
length of 7,323 feet and a 24-hour initial production peak rate of
10.6 MMcf per day and 447 barrels of oil per day. Based upon the
composition analysis, the gas being produced is 1,157 BTU gas and
yielding 43.3 barrels of NGL per MMcf of natural gas and results in
a natural gas shrink of 14%. On a three-stream basis, the Lilly
4-15X10H produced at a 24-hour initial production peak rate of 14.5
MMcfe per day, or 1,982 Mcfe per 1,000 foot of lateral, which is
comprised of approximately 63% natural gas, 19% NGL and 18%
oil.
During its initial 60 days of production, the
North Cheyenne 3-10X3H cumulatively produced 525.4 MMcf of natural
gas and 15.2 thousand barrels of oil. Based upon the composition
analysis, the gas being produced is 1,162 BTU gas and yielding 44.1
barrels of natural gas liquids per MMcf of natural gas and results
in a natural gas shrink of 15%. On a three-stream basis, the North
Cheyenne 3-10X3H produced at an average 60-day production rate of
11.3 MMcfe per day, or 1,563 Mcfe per 1,000 foot of lateral, which
is comprised of approximately 66% natural gas, 21% NGL and 13%
oil.
During its initial 60 days of production, the
North Cheyenne 4-10X3H cumulatively produced 567.1 MMcf of natural
gas and 20.3 thousand barrels of oil. Based upon the composition
analysis, the gas being produced is 1,162 BTU gas and yielding 44.1
barrels of NGL per MMcf of natural gas and results in a natural gas
shrink of 15%. On a three-stream basis, the North Cheyenne
4-10X3H produced at an average 60-day production rate of 12.6 MMcfe
per day, or 1,830 Mcfe per 1,000 foot of lateral, which is
comprised of approximately 64% natural gas, 20% NGL and 16%
oil.
During its initial 60 days of production, the
North Cheyenne 5-10X3H cumulatively produced 771.7 MMcf of natural
gas and 26.6 thousand barrels of oil. Based upon the composition
analysis, the gas being produced is 1,152 BTU gas and yielding 41.7
barrels of NGL per MMcf of natural gas and results in a natural gas
shrink of 14%. On a three-stream basis, the North Cheyenne
5-10X3H produced at an average 60-day production rate of 16.9 MMcfe
per day, or 2,930 Mcfe per 1,000 foot of lateral, which is
comprised of approximately 65% natural gas, 19% NGL and 16%
oil.
During its initial 60 days of production, the
North Cheyenne 6-10X3H cumulatively produced 702.7 MMcf of natural
gas and 23.1 thousand barrels of oil. Based upon the composition
analysis, the gas being produced is 1,152 BTU gas and yielding 41.7
barrels of NGL per MMcf of natural gas and results in a natural gas
shrink of 14%. On a three-stream basis, the North Cheyenne
6-10X3H produced at an average 60-day production rate of 15.3 MMcfe
per day, or 2,551 Mcfe per 1,000 foot of lateral, which is
comprised of approximately 66% natural gas, 19% NGL and 15%
oil.
During its initial 60 days of production, the
North Cheyenne 7-10X3H cumulatively produced 553.7 MMcf of natural
gas and 18.7 thousand barrels of oil. Based upon the composition
analysis, the gas being produced is 1,162 BTU gas and yielding 43.9
barrels of NGL per MMcf of natural gas and results in a natural gas
shrink of 15%. On a three-stream basis, the North Cheyenne 7-10X3H
produced at an average 60-day production rate of 12.1 MMcfe per
day, or 1,904 Mcfe per 1,000 foot of lateral, which is comprised of
approximately 65% natural gas, 20% NGL and 15% oil.
During its initial 60 days of production, the
North Cheyenne 8-10X3H cumulatively produced 699.0 MMcf of natural
gas and 21.9 thousand barrels of oil. Based upon the composition
analysis, the gas being produced is 1,162 BTU gas and yielding 43.9
barrels of NGL per MMcf of natural gas and results in a natural gas
shrink of 15%. On a three-stream basis, the North Cheyenne 8-10X3H
produced at an average 60-day production rate of 15.2 MMcfe per
day, or 2,364 Mcfe per 1,000 foot of lateral, which is comprised of
approximately 65% natural gas, 20% NGL and 15% oil.
The table below summarizes the Company’s recent
SCOOP well results:
| |
| GULFPORT ENERGY CORPORATION |
| SCOOP WELL RESULTS SUMMARY |
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Phase |
Stimulated |
Wellhead |
NGLs |
|
Product Mix(1) |
Average Prod. Rates (MMcfepd) |
|
|
County |
Window |
Lateral |
BTU |
Per MMcf |
% Shrink |
Gas |
NGLs |
Oil |
24-Hr |
30-Day |
60-Day |
90-Day |
| EJ
Craddock 8-28X21H |
Central Grady |
Woodford Wet Gas |
7,961 |
1,171 |
47.0 |
16 |
% |
55 |
% |
19 |
% |
26 |
% |
19.7 |
|
17.3 |
|
16.1 |
|
15.2 |
|
| Lilly
3‐15X10H |
Central Grady |
Woodford Wet Gas |
6,816 |
1,157 |
43.3 |
14 |
% |
66 |
% |
20 |
% |
14 |
% |
18.4 |
|
— |
|
— |
|
— |
|
| Lilly
4‐15X10H |
Central Grady |
Woodford Wet Gas |
7,323 |
1,157 |
43.3 |
14 |
% |
63 |
% |
19 |
% |
18 |
% |
14.5 |
|
— |
|
— |
|
— |
|
| North
Cheyenne 3-10X3H |
Central Grady |
Woodford Wet Gas |
7,218 |
1,162 |
44.1 |
15 |
% |
64 |
% |
20 |
% |
16 |
% |
13.2 |
|
12.1 |
|
11.3 |
|
— |
|
| North
Cheyenne 4-10X3H |
Central Grady |
Woodford Wet Gas |
6,867 |
1,162 |
44.1 |
15 |
% |
62 |
% |
19 |
% |
19 |
% |
14.6 |
|
13.4 |
|
12.6 |
|
— |
|
| North
Cheyenne 5-10X3H |
Central Grady |
Woodford Wet Gas |
5,782 |
1,152 |
41.7 |
14 |
% |
64 |
% |
19 |
% |
17 |
% |
20.6 |
|
18.4 |
|
16.9 |
|
— |
|
| North
Cheyenne 6-10X3H |
Central Grady |
Woodford Wet Gas |
6,002 |
1,152 |
41.7 |
14 |
% |
64 |
% |
19 |
% |
18 |
% |
19.4 |
|
16.8 |
|
15.3 |
|
— |
|
| North
Cheyenne 7-10X3H |
Central Grady |
Woodford Wet Gas |
6,379 |
1,162 |
43.9 |
15 |
% |
63 |
% |
20 |
% |
17 |
% |
12.3 |
|
12.7 |
|
12.1 |
|
— |
|
| North
Cheyenne 8-10X3H |
Central Grady |
Woodford Wet Gas |
6,413 |
1,162 |
43.9 |
15 |
% |
62 |
% |
19 |
% |
18 |
% |
17.2 |
|
16.1 |
|
15.2 |
|
— |
|
| Pauline
3-27X22H |
Central Grady |
Woodford Wet Gas |
4,322 |
1,212 |
57.3 |
18 |
% |
49 |
% |
21 |
% |
30 |
% |
8.8 |
|
8.0 |
|
7.4 |
|
6.8 |
|
| Pauline
4-27X22H |
Central Grady |
Woodford Wet Gas |
7,978 |
1,212 |
57.3 |
18 |
% |
52 |
% |
22 |
% |
26 |
% |
17.3 |
|
16.1 |
|
15.0 |
|
14.1 |
|
| Pauline
5-27X22H |
Central Grady |
Woodford Wet Gas |
7,929 |
1,216 |
57.4 |
22 |
% |
50 |
% |
22 |
% |
27 |
% |
22.2 |
|
19.1 |
|
17.4 |
|
16.0 |
|
| Pauline
6-27X22H |
Central Grady |
Woodford Wet Gas |
7,273 |
1,216 |
57.4 |
22 |
% |
50 |
% |
22 |
% |
28 |
% |
22.9 |
|
19.6 |
|
17.7 |
|
16.2 |
|
| Pauline
8-27X22H |
Central Grady |
Woodford Wet Gas |
7,658 |
1,210 |
58.8 |
19 |
% |
51 |
% |
22 |
% |
27 |
% |
18.4 |
|
18.6 |
|
17.6 |
|
16.6 |
|
| Vinson
2-22X27H |
SE
Grady |
Woodford Wet Gas |
8,539 |
1,118 |
35.7 |
11 |
% |
79 |
% |
19 |
% |
2 |
% |
16.5 |
|
15.7 |
|
14.4 |
|
13.4 |
|
| Vinson
3R-22X27H |
SE
Grady |
Woodford Wet Gas |
8,475 |
1,118 |
35.7 |
11 |
% |
79 |
% |
19 |
% |
2 |
% |
19.0 |
|
18.7 |
|
17.3 |
|
16.3 |
|
| Winham
7-22H |
S
Grady |
Woodford Wet Gas |
4,898 |
1,146 |
40.0 |
13 |
% |
64 |
% |
18 |
% |
18 |
% |
23.4 |
|
19.9 |
|
19.0 |
|
17.9 |
|
| Serenity
5-22H |
S
Grady |
Sycamore |
5,980 |
1,143 |
39.2 |
13 |
% |
70 |
% |
19 |
% |
11 |
% |
15.7 |
|
15.8 |
|
15.4 |
|
15.0 |
|
| Lauper
4-26H |
SE
Grady |
Springer Oil |
4,257 |
1,418 |
120.8 |
34 |
% |
10 |
% |
11 |
% |
79 |
% |
4.7 |
|
3.2 |
|
2.9 |
|
2.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Note: All
well results presented are based upon three-stream production data
and assume contractual ethane recovery. |
| 1. Product
mix calculated utilizing 24-hr initial production rate. |
|
|
DerivativesGulfport has hedged
a portion of its expected production to lock in prices and returns
that provide certainty of cash flow to execute on its capital
plans. The table below sets forth the Company's hedging positions
as of May 8, 2018.
| |
| GULFPORT ENERGY CORPORATION |
| COMMODITY DERIVATIVES - HEDGE
POSITION |
| (Unaudited) |
|
|
2Q2018 |
|
3Q2018 |
|
4Q2018 |
|
Natural gas: |
| |
|
|
|
|
|
Swap contracts (NYMEX) |
|
|
|
|
|
| Volume
(BBtupd) |
920 |
|
|
1,010 |
|
|
1,010 |
|
| Price ($
per MMBtu) |
$ |
3.01 |
|
|
$ |
3.01 |
|
|
$ |
3.01 |
|
|
|
|
|
|
|
|
|
Swaption contracts (NYMEX) |
|
|
|
|
|
| Volume
(BBtupd) |
50 |
|
|
50 |
|
|
50 |
|
| Price ($
per MMBtu) |
$ |
3.13 |
|
|
$ |
3.13 |
|
|
$ |
3.13 |
|
|
|
|
|
|
|
|
|
Oil: |
|
|
|
|
|
|
Swap contracts (LLS) |
|
|
|
|
|
| Volume
(Bblpd) |
2,000 |
|
|
2,000 |
|
|
2,000 |
|
| Price ($
per Bbl) |
$ |
56.22 |
|
|
$ |
56.22 |
|
|
$ |
56.22 |
|
|
|
|
|
|
|
|
|
Swap contracts (WTI) |
|
|
|
|
|
| Volume
(Bblpd) |
4,170 |
|
|
4,500 |
|
|
4,500 |
|
| Price ($
per Bbl) |
$ |
54.59 |
|
|
$ |
53.72 |
|
|
$ |
53.72 |
|
|
|
|
|
|
|
|
|
NGL: |
|
|
|
|
|
| C3
Propane Swap Contracts |
|
|
|
|
|
| Volume
(Bblpd) |
4,000 |
|
|
4,000 |
|
|
4,000 |
|
| Price ($
per Gal) |
$ |
0.69 |
|
|
$ |
0.69 |
|
|
$ |
0.69 |
|
|
|
|
|
|
|
|
|
C5+ Swap Contracts |
|
|
|
|
|
| Volume
(Bblpd) |
500 |
|
|
500 |
|
|
500 |
|
| Price ($
per Gal) |
$ |
1.11 |
|
|
$ |
1.11 |
|
|
$ |
1.11 |
|
|
|
|
|
|
|
|
|
|
2018 |
|
2019 |
|
|
|
Natural gas: |
|
|
|
|
|
|
Swap contracts (NYMEX) |
|
|
|
|
|
| Volume
(BBtupd) |
948 |
|
|
662 |
|
|
|
| Price ($
per MMBtu) |
$ |
3.05 |
|
|
$ |
2.84 |
|
|
|
|
|
|
|
|
|
|
|
Swaption contracts (NYMEX) |
|
|
|
|
|
| Volume
(BBtupd) |
43 |
|
|
135 |
|
|
|
| Price ($
per MMBtu) |
$ |
3.10 |
|
|
$ |
3.07 |
|
|
|
|
|
|
|
|
|
|
|
Basis Swap Contract (NGPL MC) |
|
|
|
|
|
| Volume
(BBtupd) |
12 |
|
|
— |
|
|
|
|
Differential ($ per MMBtu) |
$ |
(0.26 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
Oil: |
|
|
|
|
|
|
Swap contracts (LLS) |
|
|
|
|
|
| Volume
(Bblpd) |
1,507 |
|
|
1,000 |
|
|
|
| Price ($
per Bbl) |
$ |
56.22 |
|
|
$ |
59.55 |
|
|
|
|
|
|
|
|
|
|
|
Swap contracts (WTI) |
|
|
|
|
|
| Volume
(Bblpd) |
4,779 |
|
|
4,000 |
|
|
|
| Price ($
per Bbl) |
$ |
54.29 |
|
|
$ |
58.28 |
|
|
|
|
|
|
|
|
|
|
|
NGL: |
|
|
|
|
|
| C3
Propane Swap Contracts |
|
|
|
|
|
| Volume
(Bblpd) |
4,000 |
|
|
3,000 |
|
|
|
| Price ($
per Gal) |
$ |
0.69 |
|
|
$ |
0.66 |
|
|
|
|
|
|
|
|
|
|
| C5
Pentane Swap Contracts |
|
|
|
|
|
| Volume
(Bblpd) |
500 |
|
|
500 |
|
|
|
| Price ($
per Gal) |
$ |
1.11 |
|
|
$ |
1.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
PresentationAn updated
presentation has been posted to the Company’s website. The
presentation can be found at www.gulfportenergy.com under the
“Company Information” section on the “Investor Relations”
page. Information on the Company’s website does not
constitute a portion of this press release.
Conference CallGulfport will
hold a conference call on Wednesday, May 9, 2018 at 8:00 a.m.
CST to discuss its first quarter of 2018 financial and operational
results and to provide an update on the Company’s recent
activities.
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, has an approximately 25% equity interest in
Mammoth Energy Services, Inc. (NASDAQ:TUSK) and has a position in
the Alberta Oil Sands in Canada through its 25% interest in Grizzly
Oil Sands ULC. For more information, please
visit www.gulfportenergy.com.
Forward Looking StatementsThis
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 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 that might affect the timing and amount of the
repurchase program; 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 press 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.
Non-GAAP Financial
MeasuresEBITDA is a non-GAAP financial measure equal to
net income, the most directly comparable GAAP financial measure,
plus interest expense, income tax (benefit) expense, accretion
expense and depreciation, depletion and amortization. Adjusted
EBITDA is a non-GAAP financial measure equal to EBITDA less
non-cash derivative loss (gain), acquisition expense and (income)
loss from equity method investments. Cash flow from operating
activities before changes in operating assets and liabilities is a
non-GAAP financial measure equal to cash provided by operating
activity before changes in operating assets and liabilities.
Adjusted net income is a non-GAAP financial measure equal to
pre-tax net income less non-cash derivative loss (gain),
acquisition expense and (income) loss from equity method
investments. The Company has presented EBITDA and adjusted EBITDA
because it uses these measures as an integral part of its internal
reporting to evaluate its performance and the performance of its
senior management. These measures are considered important
indicators of the operational strength of the Company's business
and eliminate the uneven effect of considerable amounts of non-cash
depletion, depreciation of tangible assets and amortization of
certain intangible assets. A limitation of these measures, however,
is that they do not reflect the periodic costs of certain
capitalized tangible and intangible assets used in generating
revenues in the Company's business. Management evaluates the costs
of such tangible and intangible assets and the impact of related
impairments through other financial measures, such as capital
expenditures, investment spending and return on capital. Therefore,
the Company believes that these measures provide useful information
to its investors regarding its performance and overall results of
operations. EBITDA, adjusted EBITDA, adjusted net income and cash
flow from operating activities before changes in operating assets
and liabilities are not intended to be performance measures that
should be regarded as an alternative to, or more meaningful than,
either net income as an indicator of operating performance or to
cash flows from operating activities as a measure of liquidity. In
addition, EBITDA, adjusted EBITDA, adjusted net income and cash
flow from operating activities before changes in operating assets
and liabilities are not intended to represent funds available for
dividends, reinvestment or other discretionary uses, and should not
be considered in isolation or as a substitute for measures of
performance prepared in accordance with GAAP. The EBITDA, adjusted
EBITDA, adjusted net income and cash flow from operating activities
before changes in operating assets and liabilities presented in
this press release may not be comparable to similarly titled
measures presented by other companies, and may not be identical to
corresponding measures used in the Company's various
agreements.
Investor & Media
Contact:Jessica Wills – Director, Investor
Relationsjwills@gulfportenergy.com 405-252-4550
| |
|
| GULFPORT ENERGY
CORPORATIONCONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited) |
| |
|
| |
Three months ended March 31, |
| |
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except share
data) |
|
|
Revenues: |
|
|
|
|
|
|
|
| Natural
gas sales |
$ |
249,399 |
|
|
$ |
177,837 |
|
| Oil and
condensate sales |
45,686 |
|
|
24,411 |
|
| Natural
gas liquid sales |
46,836 |
|
|
31,179 |
|
| Net
(loss) gain on gas, oil and NGL derivatives |
(16,529 |
) |
|
99,577 |
|
| |
325,392 |
|
|
333,004 |
|
| Costs and
expenses: |
|
|
|
| Lease
operating expenses |
18,906 |
|
|
19,303 |
|
|
Production taxes |
6,854 |
|
|
3,906 |
|
| Midstream
gathering and processing |
64,193 |
|
|
47,941 |
|
|
Depreciation, depletion and amortization |
111,018 |
|
|
65,991 |
|
| General
and administrative |
13,099 |
|
|
12,600 |
|
| Accretion
expense |
1,004 |
|
|
282 |
|
|
Acquisition expense |
— |
|
|
1,298 |
|
| |
215,074 |
|
|
151,321 |
|
| INCOME FROM
OPERATIONS |
110,318 |
|
|
181,683 |
|
| OTHER (INCOME)
EXPENSE: |
|
|
|
| Interest
expense |
33,965 |
|
|
23,479 |
|
| Interest
income |
(37 |
) |
|
(842 |
) |
| (Income)
loss from equity method investments, net |
(13,536 |
) |
|
4,907 |
|
| Other
income |
(95 |
) |
|
(316 |
) |
| |
20,297 |
|
|
27,228 |
|
| INCOME BEFORE INCOME
TAXES |
90,021 |
|
|
154,455 |
|
| INCOME TAX BENEFIT |
(69 |
) |
|
— |
|
| NET
INCOME |
$ |
90,090 |
|
|
$ |
154,455 |
|
| NET INCOME PER
COMMON SHARE: |
|
|
|
|
Basic |
$ |
0.50 |
|
|
$ |
0.91 |
|
|
Diluted |
$ |
0.50 |
|
|
$ |
0.91 |
|
| Weighted average common
shares outstanding—Basic |
180,714,881 |
|
|
170,272,685 |
|
| Weighted average common
shares outstanding—Diluted |
180,802,301 |
|
|
170,488,519 |
|
| |
|
|
|
|
|
| |
|
|
|
| GULFPORT ENERGY
CORPORATIONCONSOLIDATED BALANCE
SHEETS(Unaudited) |
| |
|
|
|
| |
March 31, 2018 |
|
December 31, 2017 |
|
|
(In thousands, except share
data) |
| Current assets: |
|
|
|
| Cash and
cash equivalents |
$ |
118,613 |
|
|
$ |
99,557 |
|
| Accounts
receivable—oil and natural gas |
199,457 |
|
|
182,213 |
|
| Prepaid
expenses and other current assets |
7,564 |
|
|
4,912 |
|
|
Short-term derivative instruments |
50,906 |
|
|
78,847 |
|
| Total
current assets |
376,540 |
|
|
365,529 |
|
| Property and
equipment: |
|
|
|
| Oil and
natural gas properties, full-cost accounting, $2,971,119 and
$2,912,974 excluded from amortization in 2018 and 2017,
respectively |
9,470,697 |
|
|
9,169,156 |
|
| Other
property and equipment |
89,648 |
|
|
86,754 |
|
|
Accumulated depletion, depreciation, amortization and
impairment |
(4,264,647 |
) |
|
(4,153,733 |
) |
| Property
and equipment, net |
5,295,698 |
|
|
5,102,177 |
|
| Other assets: |
|
|
|
| Equity
investments |
311,694 |
|
|
302,112 |
|
| Long-term
derivative instruments |
15,769 |
|
|
8,685 |
|
| Deferred
tax asset |
— |
|
|
1,208 |
|
|
Inventories |
8,505 |
|
|
8,227 |
|
| Other
assets |
20,186 |
|
|
19,814 |
|
| Total
other assets |
356,154 |
|
|
340,046 |
|
|
Total assets |
$ |
6,028,392 |
|
|
$ |
5,807,752 |
|
|
Liabilities and Stockholders’ Equity |
|
|
|
| Current
liabilities: |
|
|
|
| Accounts
payable and accrued liabilities |
$ |
577,548 |
|
|
$ |
553,609 |
|
| Asset
retirement obligation—current |
120 |
|
|
120 |
|
|
Short-term derivative instruments |
37,570 |
|
|
32,534 |
|
| Current
maturities of long-term debt |
629 |
|
|
622 |
|
| Total
current liabilities |
615,867 |
|
|
586,885 |
|
| Long-term derivative
instruments |
2,499 |
|
|
2,989 |
|
| Asset retirement
obligation—long-term |
76,267 |
|
|
74,980 |
|
| Deferred tax
liability |
2,884 |
|
|
— |
|
| Other non-current
liabilities |
2,963 |
|
|
2,963 |
|
| Long-term debt, net of
current maturities |
2,239,023 |
|
|
2,038,321 |
|
|
Total liabilities |
2,939,503 |
|
|
2,706,138 |
|
| Commitments and
contingencies |
|
|
|
| Preferred stock, $.01
par value; 5,000,000 authorized, 30,000 authorized as redeemable
12% cumulative preferred stock, Series A; 0 issued and
outstanding |
— |
|
|
— |
|
| Stockholders’
equity: |
|
|
|
| Common
stock - $.01 par value, 200,000,000 authorized, 173,523,487 issued
and outstanding at March 31, 2018 and 183,105,910 at December 31,
2017 |
1,735 |
|
|
1,831 |
|
| Paid-in
capital |
4,319,034 |
|
|
4,416,250 |
|
|
Accumulated other comprehensive loss |
(46,042 |
) |
|
(40,539 |
) |
| Retained
deficit |
(1,185,838 |
) |
|
(1,275,928 |
) |
| Total
stockholders’ equity |
3,088,889 |
|
|
3,101,614 |
|
|
Total liabilities and stockholders’ equity |
$ |
6,028,392 |
|
|
$ |
5,807,752 |
|
| |
| |
| GULFPORT ENERGY CORPORATION |
| RECONCILIATION OF EBITDA AND CASH
FLOW |
| (Unaudited) |
| |
|
|
|
| |
Three months ended March 31, |
| |
2018 |
|
2017 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(In thousands) |
| Net
income |
$ |
90,090 |
|
|
$ |
154,455 |
|
| Interest
expense |
33,965 |
|
|
23,479 |
|
| Income tax
benefit |
(69 |
) |
|
— |
|
| Accretion
expense |
1,004 |
|
|
282 |
|
|
Depreciation, depletion and amortization |
111,018 |
|
|
65,991 |
|
| EBITDA |
$ |
236,008 |
|
|
$ |
244,207 |
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
Three months ended March 31, |
| |
2018 |
|
2017 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(In thousands) |
| Cash
provided by operating activity |
$ |
226,349 |
|
|
$ |
142,645 |
|
|
Adjustments: |
|
|
|
|
Changes in operating assets and liabilities |
(9,299 |
) |
|
(20,943 |
) |
| Operating
Cash Flow |
$ |
217,050 |
|
|
$ |
121,702 |
|
| |
| |
| GULFPORT ENERGY CORPORATION |
| RECONCILIATION OF ADJUSTED
EBITDA |
| (Unaudited) |
| |
|
|
|
| |
Three Months ended |
|
Three Months Ended |
| |
March 31, 2018 |
|
March 31, 2017 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(In thousands) |
| EBITDA |
$ |
236,008 |
|
|
$ |
244,207 |
|
| |
|
|
|
|
Adjustments: |
|
|
|
| Non-cash
derivative loss (gain) |
25,403 |
|
|
(106,796 |
) |
| Acquisition
expense |
— |
|
|
1,298 |
|
| (Income)
loss from equity method investments |
(13,536 |
) |
|
4,907 |
|
| |
|
|
|
| |
|
|
|
| Adjusted
EBITDA |
$ |
247,875 |
|
|
$ |
143,616 |
|
| |
|
|
|
| |
| GULFPORT ENERGY CORPORATION |
| RECONCILIATION OF ADJUSTED NET
INCOME |
| (Unaudited) |
| |
|
|
|
|
| |
|
Three Months ended |
|
Three Months Ended |
| |
|
March 31, 2018 |
|
March 31, 2017 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
(In thousands, except share
data) |
| Pre-tax net
income excluding adjustments |
|
$ |
90,021 |
|
|
$ |
154,455 |
|
|
Adjustments: |
|
|
|
|
| Non-cash
derivative loss (gain) |
|
25,403 |
|
|
(106,796 |
) |
| Acquisition
expense |
|
— |
|
|
1,298 |
|
| (Income)
loss from equity method investments |
|
(13,536 |
) |
|
4,907 |
|
| Pre-tax net
income excluding adjustments |
|
$ |
101,888 |
|
|
$ |
53,864 |
|
| |
|
|
|
|
| Adjusted
net income |
|
$ |
101,888 |
|
|
$ |
53,864 |
|
| |
|
|
|
|
| Adjusted
net income per common share: |
|
|
|
|
| |
|
|
|
|
| Basic |
|
$ |
0.56 |
|
|
$ |
0.32 |
|
| |
|
|
|
|
|
Diluted |
|
$ |
0.56 |
|
|
$ |
0.32 |
|
| |
|
|
|
|
| Basic
weighted average shares outstanding |
|
180,714,881 |
|
|
170,272,685 |
|
| |
|
|
|
|
| Diluted
weighted average shares outstanding |
|
180,802,301 |
|
|
170,488,519 |
|
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