Gulfport Energy Corporation Provides First Quarter 2017 Production and Pricing Update
April 19 2017 - 7:00AM
Gulfport Energy Corporation (NASDAQ:GPOR) (“Gulfport” or the
“Company”) today provided an update for the quarter ended March 31,
2017. Key information includes the following:
- Net production during the first quarter of 2017 averaged 849.6
MMcfe per day, an 8% increase over the fourth quarter of 2016 and a
23% increase versus the first quarter of 2016.
- Realized natural gas price, before the impact of derivatives
and including transportation costs, averaged $2.68 per Mcf during
the first quarter of 2017, a $0.63 per Mcf differential to the
average trade month NYMEX settled price.
- Realized oil price, before the impact of derivatives and
including transportation costs, averaged $47.52 per barrel during
the first quarter of 2017, a $4.34 per barrel differential to the
average WTI oil price.
- Realized natural gas liquids price, before the impact of
derivatives and including transportation costs, averaged $0.63 per
gallon, equivalent to $26.46 per barrel, during the first quarter
of 2017, or approximately 51% of the average WTI oil price.
Chief Executive Officer and President, Michael
G. Moore commented, “Gulfport’s first quarter results reflect the
team’s continued focus on execution and our ability to further
increase efficiencies in the field and deliver on results ahead of
expectations. Our first quarter production of 849.6 million cubic
feet per day came in above expectations, driven by the continued
strong performance of our Utica Shale assets and the team’s ability
to track ahead of expectations for the scheduled turn-in-lines
during the quarter. In addition, during the quarter we commissioned
field level compression in an affected gathering area in the Utica
Shale and the initial results performed above expectations. We
closed the acquisition of the SCOOP assets from Vitruvian II
Woodford, LLC on February 17, 2017, and since the closing have been
running four operated rigs on the acreage and began Gulfport’s
first operated completions in the play. The frac design on these
wells includes an enhanced completion when compared to historical
practices for the area and we recently began flowback on this pad
and look forward to providing initial production results in the
coming weeks. On the realization front, we posted strong first
quarter results, illustrating the benefits of our existing
marketing portfolio in the Utica Shale. To further complement this
and secure the movement of Gulfport’s anticipated SCOOP production,
during the first quarter we executed a firm transportation
commitment with Midship Pipeline Company, a wholly owned subsidiary
of Cheniere Energy, on the Midship Project, securing foundation
shipper status and providing our molecules delivery to premium
end-markets beginning in early 2019. Our first quarter production
and pricing results were very encouraging and we are excited as we
look forward to the remainder of the year, as we integrate a new
core asset into the portfolio, providing the investment community
with a diversified, high-growth opportunity in two of North
America’s lowest cost natural gas basins.”
First Quarter 2017 Production and
Realized PricesGulfport’s net daily production for the
first quarter of 2017 averaged approximately 849.6 MMcfe per day.
For the first quarter of 2017, Gulfport’s net daily production mix
was comprised of approximately 87% natural gas, 9% natural gas
liquids and 4% oil.
Gulfport’s realized prices for the first quarter
of 2017 were $3.98 per Mcf of natural gas, $68.75 per barrel of oil
and $0.68 per gallon of NGL, resulting in a total equivalent price
of $4.36 per Mcfe. Gulfport's realized prices for the first quarter
of 2017 include an aggregate non-cash derivative gain of $106.8
million. Before the impact of derivatives, realized prices for the
first quarter of 2017, including transportation costs, were $2.68
per Mcf of natural gas, $47.52 per barrel of oil and $0.63 per
gallon of NGL, for a total equivalent price of $3.05 per Mcfe.
GULFPORT ENERGY CORPORATION |
|
PRODUCTION SCHEDULE |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
|
|
March
31, |
|
|
Production
Volumes: |
|
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
Natural gas (MMcf) |
|
|
|
66,284 |
|
|
53,307 |
|
|
Oil (MBbls) |
|
|
|
514 |
|
|
602 |
|
|
NGL (MGal) |
|
|
|
49,667 |
|
|
42,527 |
|
|
Gas equivalent
(MMcfe) |
|
|
|
76,461 |
|
|
62,993 |
|
|
Gas
equivalent (Mcfe per day) |
|
|
849,569 |
|
|
692,230 |
|
|
|
|
|
|
|
|
|
|
Average
Realized Prices |
|
|
|
|
|
|
|
(before the
impact of derivatives): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas (per
Mcf) |
|
|
$ |
2.68 |
|
$ |
1.39 |
|
|
Oil (per Bbl) |
|
|
$ |
47.52 |
|
$ |
26.32 |
|
|
NGL (per Gal) |
|
|
$ |
0.63 |
|
$ |
0.22 |
|
|
Gas equivalent (per
Mcfe) |
|
|
$ |
3.05 |
|
$ |
1.58 |
|
|
|
|
|
|
|
|
|
|
Average
Realized Prices: |
|
|
|
|
|
|
|
(including cash-settlement of derivatives and excluding
non-cash derivative gain or loss): |
|
|
|
|
|
|
|
|
Natural gas (per
Mcf) |
|
|
$ |
2.57 |
|
$ |
2.49 |
|
|
Oil (per Bbl) |
|
|
$ |
47.68 |
|
$ |
36.86 |
|
|
NGL (per Gal) |
|
|
$ |
0.63 |
|
$ |
0.23 |
|
|
Gas equivalent (per
Mcfe) |
|
|
$ |
2.96 |
|
$ |
2.61 |
|
|
|
|
|
|
|
|
|
|
Average
Realized Prices: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas (per
Mcf) |
|
|
$ |
3.98 |
|
$ |
2.46 |
|
|
Oil (per Bbl) |
|
|
$ |
68.75 |
|
$ |
28.45 |
|
|
NGL (per Gal) |
|
|
$ |
0.68 |
|
$ |
0.21 |
|
|
Gas equivalent (per
Mcfe) |
|
|
$ |
4.36 |
|
$ |
2.49 |
|
|
|
|
|
|
|
|
|
|
The table below summarizes Gulfport’s first quarter of 2017
production by asset area:
GULFPORT ENERGY CORPORATION |
PRODUCTION BY AREA |
(Unaudited) |
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
March
31, |
|
|
|
|
2017 |
|
Utica
Shale |
|
|
|
|
Natural
gas (MMcf) |
|
|
61,152 |
|
Oil
(MBbls) |
|
|
132 |
|
NGL
(MGal) |
|
|
39,311 |
|
Gas
equivalent (MMcfe) |
|
|
67,559 |
|
|
|
|
|
|
SCOOP(1) |
|
|
|
|
Natural
gas (MMcf) |
|
|
5,115 |
|
Oil
(MBbls) |
|
|
135 |
|
NGL
(MGal) |
|
|
10,322 |
|
Gas
equivalent (MMcfe) |
|
|
7,398 |
|
|
|
|
|
|
Southern
Louisiana |
|
|
|
|
Natural
gas (MMcf) |
|
|
8 |
|
Oil
(MBbls) |
|
|
235 |
|
NGL
(MGal) |
|
|
- |
|
Gas
equivalent (MMcfe) |
|
|
1,416 |
|
|
|
|
|
|
Other |
|
|
|
|
Natural
gas (MMcf) |
|
|
9 |
|
Oil
(MBbls) |
|
|
12 |
|
NGL
(MGal) |
|
|
35 |
|
Gas
equivalent (MMcfe) |
|
|
88 |
|
|
|
|
|
|
(1)
SCOOP production adjusted for closing date of February 17,
2017. |
|
|
|
|
|
About GulfportGulfport Energy 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
24% 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
Mammoth Energy Services (NASDAQ:TUSK)
Historical Stock Chart
From Jun 2024 to Jul 2024
Mammoth Energy Services (NASDAQ:TUSK)
Historical Stock Chart
From Jul 2023 to Jul 2024