Gulfport Energy Corporation Provides Third Quarter 2018 Production and Pricing
October 18 2018 - 4:46PM
Gulfport Energy Corporation (NASDAQ: GPOR) (“Gulfport” or the
“Company”) today provided an update for the quarter and nine-months
ended September 30, 2018. Key information includes the following:
- Net production during the third quarter of 2018 averaged
1,427.5 MMcfe per day, a 7% increase over the second quarter of
2018 and 19% increase versus the third quarter of 2017.
- Realized natural gas price for the third quarter of 2018,
before the impact of derivatives and including transportation
costs, averaged $2.32 per Mcf, a $0.58 per Mcf differential to the
average trade month NYMEX settled price.
- Realized oil price for the third quarter of 2018, before the
impact of derivatives and including transportation costs, averaged
$68.73 per barrel, a $0.77 per barrel differential to the average
WTI oil price.
- Realized natural gas liquids price for the third quarter of
2018, before the impact of derivatives and including transportation
costs, averaged $0.74 per gallon, equivalent to $31.18 per barrel,
or approximately 45% of the average WTI oil price.
- Realized natural gas price for the nine-months ended September
30, 2018, before the impact of derivatives and including
transportation costs, averaged $2.30 per Mcf, a $0.59 per Mcf
differential to the average trade month NYMEX settled price.
- Realized oil price for the nine-months ended September 30,
2018, before the impact of derivatives and including transportation
costs, averaged $64.96 per barrel, a $1.83 per barrel differential
to the average WTI oil price.
- Realized natural gas liquids price for the nine-months ended
September 30, 2018, before the impact of derivatives and including
transportation costs, averaged $0.72 per gallon, equivalent to
$30.30 per barrel, or approximately 45% of the average WTI oil
price.
- Gulfport turned-to-sales 11 gross and net operated wells in the
Utica Shale and 7 gross (5.4 net) operated wells in the SCOOP
during the third quarter of 2018.
Chief Executive Officer and President, Michael
G. Moore, commented, "The third quarter marked another outstanding
operational quarter for Gulfport, delivering a 7% increase in total
production per day and realizing strong price realizations across
all of our products. Gulfport’s third quarter production increase
was driven by the continued outperformance of our base production
wedge, an active turn-in-line schedule and an increase in ethane
recovery during the quarter, maximizing the value received for the
natural gas liquids stream.”
Third Quarter 2018 Production and Realized
Prices
Gulfport’s net daily production for the third
quarter of 2018 averaged approximately 1,427.5 MMcfe per day. For
the third quarter of 2018, Gulfport’s net daily production mix was
comprised of approximately 89% natural gas, 8% NGL and 3% oil.
Gulfport’s realized prices for the third quarter
of 2018 were $2.44 per Mcf of natural gas, $51.26 per barrel of oil
and $0.57 per gallon of NGL, resulting in a total equivalent price
of $2.75 per Mcfe. Gulfport's realized prices for the third quarter
of 2018 include an aggregate non-cash derivative loss of $4.1
million. Before the impact of derivatives, realized prices for the
third quarter of 2018, including transportation costs, were $2.32
per Mcf of natural gas, $68.73 per barrel of oil and $0.74 per
gallon of NGL, for a total equivalent price of $2.82 per Mcfe.
|
GULFPORT ENERGY CORPORATION |
PRODUCTION SCHEDULE |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
Production
Volumes: |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
Natural gas (MMcf) |
|
|
116,994 |
|
|
97,825 |
|
|
327,272 |
|
|
247,012 |
Oil (MBbls) |
|
|
665 |
|
|
685 |
|
|
2,166 |
|
|
1,849 |
NGL (MGal) |
|
|
72,427 |
|
|
59,008 |
|
|
196,695 |
|
|
162,483 |
Gas equivalent
(MMcfe) |
|
|
131,328 |
|
|
110,367 |
|
|
368,366 |
|
|
281,318 |
Gas
equivalent (Mcfe per day) |
|
1,427,479 |
|
|
1,199,636 |
|
|
1,349,326 |
|
|
1,030,468 |
|
|
|
|
|
|
|
|
|
Average
Realized Prices |
|
|
|
|
|
|
|
|
(before the impact of derivatives): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas (per
Mcf) |
|
$ |
2.32 |
|
$ |
2.28 |
|
$ |
2.30 |
|
$ |
2.46 |
Oil (per Bbl) |
|
$ |
68.73 |
|
$ |
45.90 |
|
$ |
64.96 |
|
$ |
46.15 |
NGL (per Gal) |
|
$ |
0.74 |
|
$ |
0.57 |
|
$ |
0.72 |
|
$ |
0.55 |
Gas equivalent (per
Mcfe) |
|
$ |
2.82 |
|
$ |
2.61 |
|
$ |
2.81 |
|
$ |
2.78 |
|
|
|
|
|
|
|
|
|
Average
Realized Prices: |
|
|
|
|
|
|
|
|
(including cash-settlement of derivatives and excluding
non-cash derivative gain or loss): |
|
|
|
|
|
|
|
|
|
Natural gas (per
Mcf) |
|
$ |
2.40 |
|
$ |
2.41 |
|
$ |
2.44 |
|
$ |
2.49 |
Oil (per Bbl) |
|
$ |
53.97 |
|
$ |
50.26 |
|
$ |
54.68 |
|
$ |
49.07 |
NGL (per Gal) |
|
$ |
0.67 |
|
$ |
0.54 |
|
$ |
0.66 |
|
$ |
0.54 |
Gas equivalent (per
Mcfe) |
|
$ |
2.78 |
|
$ |
2.74 |
|
$ |
2.84 |
|
$ |
2.82 |
|
|
|
|
|
|
|
|
|
Average
Realized Prices: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas (per
Mcf) |
|
$ |
2.44 |
|
$ |
2.21 |
|
$ |
2.22 |
|
$ |
3.01 |
Oil (per Bbl) |
|
$ |
51.26 |
|
$ |
36.32 |
|
$ |
44.10 |
|
$ |
52.90 |
NGL (per Gal) |
|
$ |
0.57 |
|
$ |
0.41 |
|
$ |
0.60 |
|
$ |
0.51 |
Gas equivalent (per
Mcfe) |
|
$ |
2.75 |
|
$ |
2.41 |
|
$ |
2.55 |
|
$ |
3.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
The table below summarizes Gulfport’s third
quarter of 2018 production by asset area:
|
GULFPORT ENERGY
CORPORATION |
PRODUCTION BY AREA |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2018 |
|
2017 |
|
|
2018 |
|
2017 |
Utica
Shale |
|
|
|
|
|
|
|
|
|
Natural gas (MMcf) |
|
|
100,274 |
|
85,275 |
|
|
280,140 |
|
219,076 |
Oil (MBbls) |
|
|
74 |
|
113 |
|
|
234 |
|
367 |
NGL (MGal) |
|
|
29,806 |
|
34,076 |
|
|
92,389 |
|
105,759 |
Gas equivalent
(MMcfe) |
|
|
104,975 |
|
90,822 |
|
|
294,741 |
|
236,383 |
|
|
|
|
|
|
|
|
|
|
SCOOP(1) |
|
|
|
|
|
|
|
|
|
Natural gas (MMcf) |
|
|
16,704 |
|
12,505 |
|
|
47,071 |
|
27,852 |
Oil (MBbls) |
|
|
412 |
|
303 |
|
|
1,316 |
|
682 |
NGL (MGal) |
|
|
42,593 |
|
24,958 |
|
|
104,241 |
|
56,623 |
Gas equivalent
(MMcfe) |
|
|
25,259 |
|
17,888 |
|
|
69,862 |
|
40,030 |
|
|
|
|
|
|
|
|
|
|
Southern
Louisiana |
|
|
|
|
|
|
|
|
|
Natural gas (MMcf) |
|
|
6 |
|
35 |
|
|
17 |
|
57 |
Oil (MBbls) |
|
|
167 |
|
256 |
|
|
559 |
|
763 |
NGL (MGal) |
|
|
- |
|
- |
|
|
- |
|
- |
Gas equivalent
(MMcfe) |
|
|
1,009 |
|
1,571 |
|
|
3,370 |
|
4,637 |
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
Natural gas (MMcf) |
|
|
9 |
|
11 |
|
|
43 |
|
27 |
Oil (MBbls) |
|
|
12 |
|
13 |
|
|
57 |
|
38 |
NGL (MGal) |
|
|
29 |
|
(26 |
) |
|
65 |
|
101 |
Gas equivalent
(MMcfe) |
|
|
85 |
|
86 |
|
|
393 |
|
267 |
|
|
|
|
|
|
|
|
|
|
(1)
SCOOP production adjusted for closing date of February 17,
2017. |
|
|
|
|
|
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 22% 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.
Investor & Media
Contact:Jessica Wills – Director, Investor Relations
jwills@gulfportenergy.com405-252-4550
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