Gulfport Energy Corporation (NASDAQ: GPOR) (“Gulfport” or the
“Company”) today reported financial and operational results for the
quarter and year ended December 31, 2018 and provided an
update on its 2019 activities. Key information includes the
following:
- Year end 2018 total proved reserves
totaled 4.7 Tcfe.
- SEC PV-10 value grew to $3.4
billion at year end 2018, as compared to $2.9 billion at year end
2017, an increase of 18% year-over-year.
- Net production during 2018 averaged
1,360.3 MMcfe per day.
- Net income of $430.6 million, or
$2.45 per diluted share, for 2018.
- Adjusted net income (as defined and
reconciled below) of $321.7 million, or $1.83 per diluted share,
for 2018.
- Adjusted EBITDA (as defined and
reconciled below) of $947.8 million for 2018.
- Reduced unit lease operating
expense for 2018 by 10% to $0.18 per Mcfe from $0.20 per Mcfe for
2017.
- Reduced unit general and
administrative expense for 2018 by 15% to $0.11 per Mcfe from $0.13
per Mcfe for 2017.
- Completed previously announced and
expanded stock repurchase program of $200 million during 2018,
including deploying $90 million during the fourth quarter of 2018,
acquiring 20.7 million shares and reducing shares outstanding by
over 10% in 2018.
- Budgeted 2019 total capital
expenditures of $565 million to $600 million to be funded
entirely within cash flow.
- Forecasted 2019 full year net
production is estimated to average 1,360 MMcfe to 1,400 MMcfe per
day, consistent with the Company’s fourth quarter of 2018 average
net production.
- Forecasted 2019 full year free cash
flow in excess of $100 million.
- Secured 2019 anticipated natural
gas production with approximately 1,254 MMcf per day of natural gas
fixed price swaps for 2019 at an average fixed price of $2.83 per
Mcf.
- Announced stock repurchase program
to acquire up to $400 million of outstanding common stock.
David M. Wood, Chief Executive Officer and
President, commented, "2018 continued to show very good
encouragement in our two core asset areas and as we enter the new
year, the Company has a heightened focus on capital discipline. Our
2019 plan places primary emphasis on returns. During this year, we
are building an organization that is focused on disciplined capital
allocation, cash flow generation and a commitment to executing a
thoughtful, clearly communicated business plan that enhances value
for all of our shareholders. We are seeking to maximize results
within the core assets we have in the portfolio today and focused
on returns that will allow us to operate within our own cash flow,
shifting the target from top-line production growth to leading
bottom-line debt-adjusted per share growth rates."
Mr. Wood continued, "With the challenging
near-term outlook for North American natural gas and the market
increasingly focused on shareholder returns and cash flow
generation, we feel that prudent capital spending and disciplined
capital allocation are distinguishing features in our business.
More importantly, our focus on capital discipline goes beyond this
calendar year and should commodity prices improve late this year or
in 2020, our macro view is that this will be temporary and we would
remain disciplined to our program."
Financial ResultsFor the fourth
quarter of 2018, Gulfport reported net income of $134.0 million, or
$0.78 per diluted share, on oil and natural gas revenues of $416.0
million. For the fourth quarter of 2018, EBITDA (as defined
and reconciled below) was $303.2 million and cash flow from
operating activities before changes in operating assets and
liabilities was $218.1 million. Gulfport’s GAAP net income
for the fourth quarter of 2018 includes the following items:
- Aggregate non-cash derivative gain
of $41.3 million.
- Aggregate loss of $0.2 million in
connection with a litigation settlement.
- Aggregate gain of $14.6 million in
connection with Gulfport's equity interests in certain equity
investments.
Excluding the effect of these items, Gulfport’s
financial results for the fourth quarter of 2018 would have been as
follows:
- Adjusted oil and natural gas
revenues of $374.6 million.
- Adjusted net income of $78.2
million, or $0.46 per diluted share.
- Adjusted EBITDA of $247.4
million.
For the full year of 2018, Gulfport reported net
income of $430.6 million, or $2.45 per diluted share, on oil and
natural gas revenues of $1.4 billion. For the full year of
2018, EBITDA was $1.1 billion and cash flow from operating
activities before changes in operating assets and liabilities was
$829.3 million. Gulfport’s GAAP net income for the full year of
2018 includes the following items:
- Aggregate non-cash derivative loss
of $65.1 million.
- Aggregate loss of $1.1 million in
connection with a litigation settlement.
- Aggregate gain of $0.2 million
attributable to net insurance proceeds.
- Aggregate gain of $124.8 million in
connection with the sale of Gulfport's equity interests in certain
equity investments.
- Aggregate gain of $49.9 million in
connection with Gulfport's equity interests in certain equity
investments.
Excluding the effect of these items, Gulfport’s
financial results for the full year of 2018 would have been as
follows:
- Adjusted oil and natural gas
revenues of $1.4 billion.
- Adjusted net income of $321.7
million, or $1.83 per diluted share.
- Adjusted EBITDA of $947.8
million.
Production and Realized
PricesGulfport’s net daily production for the fourth
quarter of 2018 averaged approximately 1,392.8 MMcfe per day and
was comprised of approximately 91% natural gas, 6% natural gas
liquids ("NGL") and 3% oil. For the full year of 2018, Gulfport’s
net daily production averaged approximately 1,360.3 MMcfe per day
and was comprised of approximately 89% natural gas, 7% NGL and 4%
oil.
Gulfport’s realized prices for the fourth
quarter of 2018 were $2.40 per Mcf of natural gas, $109.01 per
barrel of oil and $1.23 per gallon of NGL, resulting in a total
equivalent price of $3.25 per Mcfe. Gulfport's realized prices for
the fourth quarter of 2018 include an aggregate non-cash derivative
gain of $41.3 million. Before the impact of derivatives, realized
prices for the fourth quarter of 2018, including transportation
costs, were $3.16 per Mcf of natural gas, $58.45 per barrel of oil
and $0.67 per gallon of NGL, for a total equivalent price of $3.45
per Mcfe.
Gulfport’s realized prices for the full year of
2018 were $2.27 per Mcf of natural gas, $58.81 per barrel of oil
and $0.73 per gallon of NGL, resulting in a total equivalent price
of $2.73 per Mcfe. Gulfport's realized prices for the full
year of 2018 include an aggregate non-cash derivative loss of $65.1
million. Before the impact of derivatives, realized prices for the
full year of 2018, including transportation costs, were $2.53 per
Mcf of natural gas, $63.48 per barrel of oil and $0.71 per gallon
of NGL, for a total equivalent price of $2.98 per Mcfe.
|
GULFPORT ENERGY CORPORATION |
PRODUCTION SCHEDULE |
(Unaudited) |
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
Production
Volumes: |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
Natural gas (MMcf) |
116,470 |
|
|
103,049 |
|
|
443,742 |
|
|
350,061 |
|
Oil (MBbls) |
635 |
|
|
730 |
|
|
2,801 |
|
|
2,579 |
|
NGL (MGal) |
55,025 |
|
|
61,555 |
|
|
251,720 |
|
|
224,038 |
|
Gas equivalent
(MMcfe) |
128,139 |
|
|
116,225 |
|
|
496,505 |
|
|
397,543 |
|
Gas equivalent (Mcfe
per day) |
1,392,820 |
|
|
1,263,319 |
|
|
1,360,289 |
|
|
1,089,159 |
|
|
|
|
|
|
|
|
|
Average
Realized Prices |
|
|
|
|
|
|
|
(before the
impact of derivatives): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas (per
Mcf) |
$ |
3.16 |
|
|
$ |
2.32 |
|
|
$ |
2.53 |
|
|
$ |
2.42 |
|
Oil (per Bbl) |
$ |
58.45 |
|
|
$ |
53.71 |
|
|
$ |
63.48 |
|
|
$ |
48.29 |
|
NGL (per Gal) |
$ |
0.67 |
|
|
$ |
0.76 |
|
|
$ |
0.71 |
|
|
$ |
0.61 |
|
Gas equivalent (per
Mcfe) |
$ |
3.45 |
|
|
$ |
2.80 |
|
|
$ |
2.98 |
|
|
$ |
2.78 |
|
|
|
|
|
|
|
|
|
Average
Realized Prices: |
|
|
|
|
|
|
|
(including cash-settlement of derivatives and excluding
non-cash derivative gain or loss): |
|
|
|
|
|
|
|
|
Natural gas (per
Mcf) |
$ |
2.63 |
|
|
$ |
2.50 |
|
|
$ |
2.49 |
|
|
$ |
2.49 |
|
Oil (per Bbl) |
$ |
51.57 |
|
|
$ |
51.93 |
|
|
$ |
53.97 |
|
|
$ |
49.88 |
|
NGL (per Gal) |
$ |
0.64 |
|
|
$ |
0.70 |
|
|
$ |
0.66 |
|
|
$ |
0.58 |
|
Gas equivalent (per
Mcfe) |
$ |
2.92 |
|
|
$ |
2.91 |
|
|
$ |
2.86 |
|
|
$ |
2.85 |
|
|
|
|
|
|
|
|
|
Average
Realized Prices: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas (per
Mcf) |
$ |
2.40 |
|
|
$ |
3.26 |
|
|
$ |
2.27 |
|
|
$ |
3.08 |
|
Oil (per Bbl) |
$ |
109.01 |
|
|
$ |
32.04 |
|
|
$ |
58.81 |
|
|
$ |
46.99 |
|
NGL (per Gal) |
$ |
1.23 |
|
|
$ |
0.63 |
|
|
$ |
0.73 |
|
|
$ |
0.54 |
|
Gas equivalent (per
Mcfe) |
$ |
3.25 |
|
|
$ |
3.42 |
|
|
$ |
2.73 |
|
|
$ |
3.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The table below summarizes Gulfport’s fourth
quarter of 2018 and the twelve-month period ended December 31,
2018 production by asset area:
|
GULFPORT ENERGY CORPORATION |
PRODUCTION BY AREA |
(Unaudited) |
|
|
|
|
|
Three months ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2018 |
2017 |
|
2018 |
2017 |
Utica Shale |
|
|
|
|
|
Natural
gas (MMcf) |
99,277 |
|
90,374 |
|
|
379,417 |
|
309,450 |
|
Oil
(MBbls) |
65 |
|
107 |
|
|
299 |
|
473 |
|
NGL
(MGal) |
20,990 |
|
33,875 |
|
|
113,379 |
|
139,634 |
|
Gas
equivalent (MMcfe) |
102,665 |
|
95,854 |
|
|
397,406 |
|
332,238 |
|
|
|
|
|
|
|
SCOOP(1) |
|
|
|
|
|
Natural
gas (MMcf) |
17,187 |
|
12,648 |
|
|
64,258 |
|
40,501 |
|
Oil
(MBbls) |
393 |
|
401 |
|
|
1,710 |
|
1,083 |
|
NGL
(MGal) |
34,020 |
|
27,660 |
|
|
138,261 |
|
84,283 |
|
Gas
equivalent (MMcfe) |
24,406 |
|
19,008 |
|
|
94,268 |
|
59,038 |
|
|
|
|
|
|
|
Southern Louisiana |
|
|
|
|
|
Natural
gas (MMcf) |
(2 |
) |
19 |
|
|
15 |
|
75 |
|
Oil
(MBbls) |
162 |
|
210 |
|
|
721 |
|
974 |
|
NGL
(MGal) |
— |
|
— |
|
|
— |
|
— |
|
Gas
equivalent (MMcfe) |
968 |
|
1,280 |
|
|
4,338 |
|
5,917 |
|
|
|
|
|
|
|
Other |
|
|
|
|
|
Natural
gas (MMcf) |
9 |
|
8 |
|
|
51 |
|
35 |
|
Oil
(MBbls) |
15 |
|
12 |
|
|
72 |
|
50 |
|
NGL
(MGal) |
15 |
|
20 |
|
|
80 |
|
121 |
|
Gas
equivalent (MMcfe) |
100 |
|
84 |
|
|
493 |
|
351 |
|
|
|
|
|
|
|
(1) SCOOP 2017 production adjusted for closing date of
February 17, 2017. |
|
|
|
2018 Capital ExpendituresFor
the year ended December 31, 2018, Gulfport’s drilling and
completion capital expenditures totaled $695.4 million and
leasehold capital expenditures totaled $119.3 million.
Financial Position and
LiquidityAs of December 31, 2018, Gulfport had cash
on hand of approximately $52.3 million. In addition, as of
December 31, 2018, Gulfport’s revolving credit facility was
$1.4 billion, under which Gulfport has an elected commitment of
$1.0 billion, with outstanding borrowings of $45.0 million and
outstanding letters of credit totaling $316.6 million.
As of December 31, 2018, Gulfport's net
debt-to-trailing twelve months EBITDA ratio was 2.15 times.
Completed Previously Announced Stock
Repurchase ProgramAs previously announced, Gulfport
repurchased 10.2 million shares during the fourth quarter of 2018
and completed in full the previously announced and expanded
authorized program to acquire up to $200 million of the Company's
outstanding common stock during 2018. From the initiation of the
share repurchase program in February 2018 through December 31,
2018, Gulfport repurchased 20.7 million shares and reduced its
shares outstanding by over 10%.
Newly Authorized Stock Repurchase
ProgramAs previously announced, Gulfport's board of
directors has approved a stock repurchase program to acquire up to
$400 million of the Company's outstanding common stock within the
24 months following the announcement on January 17,
2019. Purchases under the 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 2019 capital
development program. This repurchase program is authorized to
extend through December 31, 2020 and may be suspended from time to
time, accelerated, modified, extended or discontinued by the board
of directors at any time.
2019 Capital Budget and Production
GuidanceFor 2019, Gulfport estimates total capital
expenditures will be in the range of $565 million to $600 million,
which will be funded entirely within cash flow at current strip
pricing. The 2019 budget includes approximately $525 million to
$550 million for drilling and completion ("D&C")
activities and approximately $40 million to $50 million for land
activities. With this level of capital spend, Gulfport
forecasts its 2019 average daily net production will be in the
range of 1,360 MMcfe to 1,400 MMcfe per day, consistent with the
Company’s fourth quarter of 2018 average net production of 1,392.8
MMcfe per day.
Utilizing current strip pricing at the various
regional pricing points at which the Company sells its natural
gas, Gulfport forecasts its realized natural gas price, before
the effect of hedges and inclusive of the Company’s firm
transportation expense, will average in the range of $0.49 to $0.66
per Mcf below NYMEX settlement prices in 2019. Gulfport expects its
2019 realized NGL price, before the effect of hedges and including
transportation expense, will be approximately 45% to 50% of WTI and
its 2019 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 full
year 2019 guidance:
|
GULFPORT ENERGY CORPORATION |
COMPANY GUIDANCE |
|
|
Year Ending |
|
|
12/31/19 |
|
|
Low |
|
High |
Forecasted Production |
|
|
|
|
Average Daily Gas
Equivalent (MMcfepd) |
|
1,360 |
|
|
|
1,400 |
|
|
% Gas |
~ 90% |
|
% NGL |
~ 7% |
|
% Oil |
~ 3% |
|
|
|
|
|
Forecasted Realizations (before the effects of
hedges) |
|
|
|
|
Natural Gas
(Differential to NYMEX Settled Price) - $/Mcf |
$ |
(0.49 |
) |
|
$ |
(0.66 |
) |
|
NGL (% of WTI) |
|
45 |
% |
|
|
50 |
% |
|
Oil (Differential to
NYMEX WTI) $/Bbl |
$ |
(3.00 |
) |
|
$ |
(3.50 |
) |
|
|
|
|
|
Projected Operating Costs |
|
|
|
|
Lease Operating Expense
- $/Mcfe |
$ |
0.15 |
|
|
$ |
0.17 |
|
|
Production Taxes -
$/Mcfe |
$ |
0.06 |
|
|
$ |
0.07 |
|
|
Midstream Gathering and
Processing - $/Mcfe |
$ |
0.53 |
|
|
$ |
0.58 |
|
|
General and
Administrative - $/Mcfe |
$ |
0.09 |
|
|
$ |
0.11 |
|
|
|
|
|
|
|
|
Total |
Budgeted D&C Expenditures - In Millions: |
$ |
525 |
|
|
$ |
550 |
|
Budgeted Non-D&C Expenditures - In
Millions: |
$ |
40 |
|
|
$ |
50 |
|
Total Capital Expenditures - In Millions: |
$ |
565 |
|
|
$ |
600 |
|
|
|
|
|
|
Net
Wells Drilled |
|
|
|
|
Utica - Operated |
|
10 |
|
|
|
11 |
|
|
Utica -
Non-Operated |
|
2 |
|
|
|
3 |
|
|
Total |
|
12 |
|
|
|
14 |
|
|
|
|
|
|
|
SCOOP - Operated |
|
7 |
|
|
|
8 |
|
|
SCOOP -
Non-Operated |
|
1 |
|
|
|
2 |
|
|
Total |
|
8 |
|
|
|
10 |
|
|
|
|
|
|
Net
Wells Turned-to-Sales |
|
|
|
|
Utica - Operated |
|
40 |
|
|
|
45 |
|
|
Utica -
Non-Operated |
|
2 |
|
|
|
3 |
|
|
Total |
|
42 |
|
|
|
48 |
|
|
|
|
|
|
|
SCOOP - Operated |
|
14 |
|
|
|
15 |
|
|
SCOOP -
Non-Operated |
|
1 |
|
|
|
2 |
|
|
Total |
|
15 |
|
|
|
17 |
|
|
|
|
|
|
2018 Operational Update and 2019
OutlookThe table below summarizes Gulfport's activity for
the twelve-month period ended December 31, 2018:
|
GULFPORT ENERGY CORPORATION |
ACTIVITY SUMMARY |
(Unaudited) |
|
|
|
Twelve Months ended |
|
December 31, |
|
2018 |
Net
Wells Drilled |
|
Utica -
Operated |
19.5 |
|
Utica - Non-Operated |
4.4 |
|
Total |
23.9 |
|
|
|
SCOOP -
Operated |
12.1 |
|
SCOOP - Non-Operated |
3.1 |
|
Total |
15.2 |
|
|
|
Net
Wells Turned-to-Sales |
|
Utica -
Operated |
35.0 |
|
Utica - Non-Operated |
9.4 |
|
Total |
44.4 |
|
|
|
SCOOP -
Operated |
12.8 |
|
SCOOP - Non-Operated |
3.6 |
|
Total |
16.4 |
|
|
|
|
Utica ShaleIn the Utica Shale,
during the twelve months ended December 31, 2018, Gulfport
spud 23 gross (19.5 net) operated wells. The wells drilled during
2018 had an average lateral length of approximately 10,300 feet.
Normalizing to an 8,000 foot lateral length, Gulfport's average
drilling days during 2018 from spud to rig release totaled
approximately 19.5 days. In addition, Gulfport turned-to-sales 35
gross and net operated wells with an average stimulated lateral
length of approximately 8,000 feet.
Net production for the full year of 2018 from
Gulfport’s Utica acreage averaged approximately 1,088.8 MMcfe per
day, an increase of 20% over the full year of 2017.
During 2019, Gulfport plans to run on average
approximately one operated horizontal rig in the Utica Shale.
Gulfport has budgeted to drill approximately 13 to 15 gross (10 to
11 net) horizontal Utica wells with an average lateral length of
11,700 feet. In addition, Gulfport plans to turn-to-sales 47 to 51
gross (40 to 45 net) horizontal Utica wells with an average lateral
length of 10,000 feet.
Gulfport intends to participate in non-operated
activities taking place on its acreage by other operators that plan
to drill approximately 2 to 3 horizontal wells and turn-to-sales 2
to 3 horizontal wells, in each case net to Gulfport’s interest.
SCOOPIn the SCOOP, during the
twelve months ended December 31, 2018, Gulfport spud 13 gross
(12.1 net) operated wells. The wells drilled during 2018 had an
average lateral length of approximately 7,900 feet. Normalizing to
a 7,500 foot lateral length, Gulfport's average drilling days
during 2018 from spud to rig release totaled approximately 63.4
days, an improvement of 12% from 2017. More recently, when
normalized to a 7,500 foot lateral length, Gulfport's average
drilling days during the fourth quarter of 2018 from spud to rig
release totaled approximately 51.1 days, an improvement of 29% from
2017. In addition, Gulfport turned-to-sales 15 gross (12.8 net)
operated wells with an average stimulated lateral length of
approximately 7,750 feet.
Net production for the full year of 2018 from
Gulfport’s SCOOP acreage averaged approximately 258.3 MMcfe per
day, an increase of 39% from an average of the period February 17,
2017 (the date Gulfport completed its acquisition of the acreage)
through December 31, 2017.
During 2019, Gulfport plans to run on average
approximately 1.5 operated horizontal rigs in the
SCOOP. Gulfport has budgeted to drill approximately 9 to 10
gross (7 to 8 net) horizontal SCOOP wells with an average lateral
length of 8,800 feet. In addition, Gulfport plans to turn-to-sales
15 to 17 gross (14 to 15 net) horizontal SCOOP wells with an
average lateral length of 8,000 feet.
Gulfport intends to participate in non-operated
activities taking place on its acreage by other operators that plan
to drill approximately 1 to 2 horizontal wells and turn-to-sales 1
to 2 horizontal wells, in each case net to Gulfport’s interest.
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 February 27, 2019.
|
|
|
|
|
|
|
|
GULFPORT ENERGY CORPORATION |
COMMODITY DERIVATIVES - HEDGE
POSITION |
(Unaudited) |
|
|
|
|
|
|
|
|
|
1Q2019 |
|
2Q2019 |
|
3Q2019 |
|
4Q2019 |
Natural gas: |
|
|
|
|
|
|
|
Swap
contracts (NYMEX) |
|
|
|
|
|
|
|
Volume
(BBtupd) |
1,070 |
|
|
1,180 |
|
|
1,380 |
|
|
1,380 |
|
Price ($
per MMBtu) |
$ |
2.90 |
|
|
$ |
2.82 |
|
|
$ |
2.81 |
|
|
$ |
2.81 |
|
|
|
|
|
|
|
|
|
Swaption
contracts (NYMEX) |
|
|
|
|
|
|
|
Volume
(BBtupd) |
50 |
|
|
30 |
|
|
30 |
|
|
30 |
|
Price ($
per MMBtu) |
$ |
3.13 |
|
|
$ |
3.10 |
|
|
$ |
3.10 |
|
|
$ |
3.10 |
|
|
|
|
|
|
|
|
|
Basis Swap
Contract (Transco Zone 4) |
|
|
|
|
|
|
|
Volume
(BBtupd) |
60 |
|
|
60 |
|
|
60 |
|
|
60 |
|
Differential ($ per MMBtu) |
$ |
(0.05 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.05 |
) |
|
|
|
|
|
|
|
|
NGL: |
|
|
|
|
|
|
|
C2 Ethane
Swap Contracts |
|
|
|
|
|
|
|
Volume
(Bblpd) |
1,000 |
|
|
1,000 |
|
|
1,000 |
|
|
1,000 |
|
Price ($
per Gal) |
$ |
0.44 |
|
|
$ |
0.44 |
|
|
$ |
0.44 |
|
|
$ |
0.44 |
|
|
|
|
|
|
|
|
|
C3 Propane
Swap Contracts |
|
|
|
|
|
|
|
Volume
(Bblpd) |
3,250 |
|
|
4,000 |
|
|
4,000 |
|
|
4,000 |
|
Price ($
per Gal) |
$ |
0.67 |
|
|
$ |
0.69 |
|
|
$ |
0.69 |
|
|
$ |
0.69 |
|
|
|
|
|
|
|
|
|
C5 Pentane
Swap Contracts |
|
|
|
|
|
|
|
Volume
(Bblpd) |
500 |
|
|
500 |
|
|
500 |
|
|
500 |
|
Price ($
per Gal) |
$ |
1.29 |
|
|
$ |
1.29 |
|
|
$ |
1.29 |
|
|
$ |
1.29 |
|
|
|
|
|
|
|
|
|
|
2019 |
|
2020 |
|
|
|
|
Natural gas: |
|
|
|
|
|
|
|
Swap
contracts (NYMEX) |
|
|
|
|
|
|
|
Volume
(BBtupd) |
1,254 |
|
|
204 |
|
|
|
|
|
Price ($
per MMBtu) |
$ |
2.83 |
|
|
$ |
2.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Swaption
contracts (NYMEX) |
|
|
|
|
|
|
|
Volume
(BBtupd) |
35 |
|
|
— |
|
|
|
|
|
Price ($
per MMBtu) |
$ |
3.11 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basis Swap
Contract (OGT) |
|
|
|
|
|
|
|
Volume
(BBtupd) |
— |
|
|
10 |
|
|
|
|
|
Differential ($ per MMBtu) |
$ |
— |
|
|
$ |
(0.54 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Basis Swap
Contract (Transco Zone 4) |
|
|
|
|
|
|
|
Volume
(BBtupd) |
60 |
|
|
60 |
|
|
|
|
|
Differential ($ per MMBtu) |
$ |
(0.05 |
) |
|
$ |
(0.05 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
NGL: |
|
|
|
|
|
|
|
C2 Ethane
Swap Contracts |
|
|
|
|
|
|
|
Volume
(Bblpd) |
1,000 |
|
|
— |
|
|
|
|
|
Price ($
per Gal) |
$ |
0.44 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
C3 Propane
Swap Contracts |
|
|
|
|
|
|
|
Volume
(Bblpd) |
3,815 |
|
|
— |
|
|
|
|
|
Price ($
per Gal) |
$ |
0.69 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
C5 Pentane
Swap Contracts |
|
|
|
|
|
|
|
Volume
(Bblpd) |
500 |
|
|
— |
|
|
|
|
|
Price ($
per Gal) |
$ |
1.29 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year End 2018 ReservesGulfport
reported year end 2018 total proved reserves of 4.7 Tcfe,
consisting of 4.1 Tcf of natural gas, 21.0 MMBbls of oil and 80.5
MMBbls of natural gas liquids. Gulfport's commitment to
capital discipline and the shift to funding future activities
within cash flow led to adjustments in the Company's long-term
development plan and, as expected, resulted in a decrease in year
end 2018 proved undeveloped reserves when compared to year end 2017
proved undeveloped reserves and contributed to lower year end 2018
reserves when compared to year end 2017. The table below provides
information regarding the components driving the 2018 net proved
reserve adjustments:
|
GULFPORT ENERGY CORPORATION |
DECEMBER 31, 2018 NET PROVED RESERVE
RECONCILIATION |
(Unaudited) |
|
|
|
|
|
Gas Equivalent |
|
|
BCFE |
|
|
|
Proved
reserve balance at December 31, 2017 |
|
5,394.8 |
|
Sales of
oil and gas reserves in place |
|
(44.9 |
) |
Purchases
in oil and natural gas reserves in place |
|
— |
|
Extensions
and discoveries |
|
711.2 |
|
Revisions
of prior reserve estimates: |
|
|
Reclassification of PUD to unproved under SEC 5-year rule |
|
(1,007.5 |
) |
Performance and price revisions |
|
186.2 |
|
Current
production |
|
(496.5 |
) |
|
|
|
Proved reserve balance at December 31, 2018 |
|
4,743.3 |
|
|
|
|
|
Proved developed reserves increased by 12% from
December 31, 2017 to approximately 2,115.5 Bcfe as of
December 31, 2018. At year end 2018, approximately 45% of
Gulfport’s proved reserves were classified as proved developed
reserves. Proved undeveloped reserves totaled approximately 2,627.8
Bcfe as of December 31, 2018. The table below summarize
the Company’s 2018 net proved reserves:
|
GULFPORT ENERGY CORPORATION |
DECEMBER 31, 2018 NET PROVED
RESERVES |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas |
|
Gas |
|
Natural Gas |
|
Oil |
|
Liquids |
|
Equivalent |
|
BCF |
|
MMBBL |
|
MMBBL |
|
BCFE |
|
|
|
|
|
|
|
|
Proved
Developed Producing |
1,771.8 |
|
|
8.2 |
|
|
38.8 |
|
|
2,054.1 |
|
Proved
Developed Non-Producing |
41.4 |
|
|
1.4 |
|
|
2.0 |
|
|
61.4 |
|
Proved
Undeveloped |
2,320.7 |
|
|
11.5 |
|
|
39.7 |
|
|
2,627.8 |
|
|
|
|
|
|
|
|
|
Total Proved Reserves |
4,133.9 |
|
|
21.0 |
|
|
80.5 |
|
|
4,743.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents Gulfport’s 2018 net
proved reserves by major operating areas:
|
|
GULFPORT ENERGY CORPORATION |
|
DECEMBER 31, 2018 NET PROVED RESERVES BY ASSET
AREA |
(Unaudited) |
|
|
|
|
|
|
|
2018 |
|
|
|
BCFE |
|
|
|
|
|
Utica |
|
3,350.4 |
|
|
SCOOP |
|
1,375.7 |
|
|
Southern
Louisiana |
|
15.1 |
|
|
Other |
|
2.1 |
|
|
|
|
|
|
Total Proved Reserves |
|
4,743.3 |
|
|
|
|
|
|
In accordance with Securities and Exchange
Commission guidelines, at year end 2018, reserve calculations were
based on the average first day of the month price for the prior 12
months. The prices utilized for Gulfport’s year end 2018
reserve report were $65.56 per barrel of oil and $3.10 per MMBtu of
natural gas, in each case as adjusted by lease for transportation
fees and regional price differentials. Utilizing these
prices, the present value of Gulfport’s total proved reserves
discounted at 10% (referred to as “PV-10”) was $3.4 billion at
December 31, 2018. PV-10 is a non-GAAP measure because it excludes
income tax effects. Management believes that the presentation of
the non-GAAP financial measure of PV-10 provides useful information
to investors because it is widely used by professional analysts and
sophisticated investors in evaluating oil and gas companies. PV-10
is not a measure of financial or operating performance under GAAP.
PV-10 should not be considered as an alternative to the
standardized measure as defined under GAAP. We have included a
reconciliation of PV-10 of proved reserves to the standardized
measure of discounted future net cash flows, the most directly
comparable GAAP measure.
|
GULFPORT ENERGY CORPORATION |
DECEMBER 31, 2018 PV-10 |
(Unaudited) |
|
|
|
|
|
|
SEC Case |
|
|
|
($MM) |
|
|
|
|
|
Proved
Developed Producing |
|
$ |
2,180 |
|
|
Proved
Developed Non-Producing |
|
109 |
|
|
Proved
Undeveloped |
|
1,118 |
|
|
|
|
|
|
Total Proved Reserves |
|
$ |
3,407 |
|
|
|
|
|
|
|
|
The following table reconciles the standardized measure of
future net cash flows to the PV-10 value of Gulfport’s proved
reserves:
|
|
|
|
|
|
|
GULFPORT
ENERGY CORPORATION |
DECEMBER 31,
2018 PV-10 RECONCILITATION |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
SEC
Case |
|
|
|
|
($MM) |
|
|
|
|
|
|
|
|
|
Standardized measure of discounted future net
cash flows (1) |
|
$ |
2,983 |
|
|
|
Add: Present value of future income tax
discounted at 10% |
|
|
424 |
|
|
|
|
|
|
|
|
|
|
PV-10 value |
|
$ |
3,407 |
|
|
|
|
|
|
|
|
|
|
1 The standardized measure represents
the present value of estimated future cash inflows from proved oil
and natural gas reserves, less future development, abandonment,
production, and income tax expenses, discounted at 10% per annum to
reflect timing of future cash flows and using the same pricing
assumptions as were used to calculate PV-10. Standardized measure
differs from PV-10 because standardized measure includes the effect
of future income taxes. |
|
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 Thursday, February 28, 2019 at 8:00 a.m.
CST to discuss its fourth quarter and full year 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 13686821. 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 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 an approximately 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 (gain) loss, litigation settlement, insurance
proceeds, gain on sale of equity method investments 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 (gain) loss, litigation settlement,
insurance proceeds, gain on sale of equity method investments 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.
General Reserve Information
Notes:Gulfport's estimated proved reserves as of
December 31, 2018 were prepared by Netherland, Sewell &
Associates, Inc. ("NSAI") and NSAI is an independent petroleum
engineering firm.
Investor Contact:Jessica Wills
– Director, Investor
Relationsjwills@gulfportenergy.com405-252-4550
Media Contact:Adam Weiner /
Cameron NjaaKekst CNCadam.weiner@kekstcnc.com /
cameron.njaa@kekstcnc.com212-521-4800
|
GULFPORT ENERGY CORPORATION |
CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
|
|
December 31, |
|
December 31, |
|
2018 |
|
2017 |
|
|
|
|
|
(In thousands, except share data) |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
52,297 |
|
|
$ |
99,557 |
|
Accounts
receivable—oil and natural gas sales |
210,200 |
|
|
146,773 |
|
Accounts
receivable—joint interest and other |
22,497 |
|
|
35,440 |
|
Prepaid
expenses and other current assets |
10,607 |
|
|
4,912 |
|
Short-term derivative instruments |
21,352 |
|
|
78,847 |
|
Total
current assets |
316,953 |
|
|
365,529 |
|
Property and
equipment: |
|
|
|
Oil and
natural gas properties, full-cost accounting, $2,873,037 and
$2,912,974 excluded from amortization in 2018 and 2017,
respectively |
10,026,836 |
|
|
9,169,156 |
|
Other
property and equipment |
92,667 |
|
|
86,754 |
|
Accumulated depletion, depreciation, amortization and
impairment |
(4,640,098 |
) |
|
(4,153,733 |
) |
Property
and equipment, net |
5,479,405 |
|
|
5,102,177 |
|
Other assets: |
|
|
|
Equity
investments |
236,121 |
|
|
302,112 |
|
Long-term
derivative instruments |
— |
|
|
8,685 |
|
Deferred
tax asset |
— |
|
|
1,208 |
|
Inventories |
4,754 |
|
|
8,227 |
|
Other
assets |
13,803 |
|
|
19,814 |
|
Total
other assets |
254,678 |
|
|
340,046 |
|
Total assets |
$ |
6,051,036 |
|
|
$ |
5,807,752 |
|
Liabilities and stockholders’ equity |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable and accrued liabilities |
$ |
518,380 |
|
|
$ |
553,609 |
|
Asset
retirement obligation—current |
— |
|
|
120 |
|
Short-term derivative instruments |
20,401 |
|
|
32,534 |
|
Current
maturities of long-term debt |
651 |
|
|
622 |
|
Total
current liabilities |
539,432 |
|
|
586,885 |
|
Long-term derivative
instruments |
13,992 |
|
|
2,989 |
|
Asset retirement
obligation—long-term |
79,952 |
|
|
74,980 |
|
Deferred tax
liability |
3,127 |
|
|
— |
|
Other non-current
liabilities |
— |
|
|
2,963 |
|
Long-term debt, net of
current maturities |
2,086,765 |
|
|
2,038,321 |
|
Total liabilities |
2,723,268 |
|
|
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, 162,986,045 issued and outstanding
in 2018 and 183,105,910 in 2017 |
1,630 |
|
|
1,831 |
|
Paid-in
capital |
4,227,532 |
|
|
4,416,250 |
|
Accumulated other comprehensive loss |
(56,026 |
) |
|
(40,539 |
) |
Accumulated deficit |
(845,368 |
) |
|
(1,275,928 |
) |
Total
stockholders’ equity |
3,327,768 |
|
|
3,101,614 |
|
Total liabilities and stockholders’ equity |
$ |
6,051,036 |
|
|
$ |
5,807,752 |
|
|
GULFPORT ENERGY CORPORATION |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Unaudited) |
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
(In thousands, except share data) |
|
(In thousands, except share data) |
Revenues: |
|
|
|
|
|
|
|
Natural
gas sales |
$ |
368,554 |
|
|
$ |
239,455 |
|
|
$ |
1,121,815 |
|
|
$ |
845,999 |
|
Oil and
condensate sales |
37,106 |
|
|
39,230 |
|
|
177,793 |
|
|
124,568 |
|
Natural
gas liquid sales |
37,032 |
|
|
47,072 |
|
|
178,915 |
|
|
136,057 |
|
Net
(loss) gain on natural gas, oil, and NGL derivatives |
(26,742 |
) |
|
72,091 |
|
|
(123,479 |
) |
|
213,679 |
|
|
415,950 |
|
|
397,848 |
|
|
1,355,044 |
|
|
1,320,303 |
|
Costs and
expenses: |
|
|
|
|
|
|
|
Lease
operating expenses |
27,497 |
|
|
20,202 |
|
|
91,640 |
|
|
80,246 |
|
Production taxes |
9,619 |
|
|
6,662 |
|
|
33,480 |
|
|
21,126 |
|
Midstream
gathering and processing expenses |
75,642 |
|
|
72,737 |
|
|
290,188 |
|
|
248,995 |
|
Depreciation, depletion and amortization |
133,816 |
|
|
109,742 |
|
|
486,664 |
|
|
364,629 |
|
General
and administrative expenses |
13,678 |
|
|
15,016 |
|
|
56,633 |
|
|
52,938 |
|
Accretion
expense |
1,063 |
|
|
463 |
|
|
4,119 |
|
|
1,611 |
|
Acquisition expense |
— |
|
|
1 |
|
|
— |
|
|
2,392 |
|
|
261,315 |
|
|
224,823 |
|
|
962,724 |
|
|
771,937 |
|
INCOME FROM
OPERATIONS |
154,635 |
|
|
173,025 |
|
|
392,320 |
|
|
548,366 |
|
OTHER (INCOME)
EXPENSE: |
|
|
|
|
|
|
|
Interest
expense |
34,351 |
|
|
33,401 |
|
|
135,273 |
|
|
108,198 |
|
Interest
income |
(152 |
) |
|
(82 |
) |
|
(314 |
) |
|
(1,009 |
) |
Litigation settlement |
158 |
|
|
— |
|
|
1,075 |
|
|
— |
|
Insurance
proceeds |
— |
|
|
— |
|
|
(231 |
) |
|
— |
|
Gain on
sale of equity method investments |
— |
|
|
— |
|
|
(124,768 |
) |
|
(12,523 |
) |
(Income)
loss from equity method investments, net |
(14,622 |
) |
|
(15,688 |
) |
|
(49,904 |
) |
|
17,780 |
|
Other
expense (income), net |
899 |
|
|
(178 |
) |
|
698 |
|
|
(1,041 |
) |
|
20,634 |
|
|
17,453 |
|
|
(38,171 |
) |
|
111,405 |
|
INCOME BEFORE INCOME
TAXES |
134,001 |
|
|
155,572 |
|
|
430,491 |
|
|
436,961 |
|
INCOME TAX (BENEFIT)
EXPENSE |
— |
|
|
(954 |
) |
|
(69 |
) |
|
1,809 |
|
NET
INCOME |
$ |
134,001 |
|
|
$ |
156,526 |
|
|
$ |
430,560 |
|
|
$ |
435,152 |
|
NET INCOME PER
COMMON SHARE: |
|
|
|
|
|
|
|
Basic |
$ |
0.78 |
|
|
$ |
0.85 |
|
|
$ |
2.46 |
|
|
$ |
2.42 |
|
Diluted |
$ |
0.78 |
|
|
$ |
0.85 |
|
|
$ |
2.45 |
|
|
$ |
2.41 |
|
Weighted average common
shares outstanding—Basic |
171,410,309 |
|
|
183,090,659 |
|
|
174,675,840 |
|
|
179,834,146 |
|
Weighted average common
shares outstanding—Diluted |
171,612,471 |
|
|
183,090,659 |
|
|
175,398,706 |
|
|
180,253,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GULFPORT ENERGY CORPORATION |
RECONCILIATION OF EBITDA AND CASH
FLOW |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
(In
thousands) |
|
(In
thousands) |
|
|
|
|
|
|
|
|
Net income |
$ |
134,001 |
|
|
$ |
156,526 |
|
|
$ |
430,560 |
|
|
$ |
435,152 |
|
Interest expense |
34,351 |
|
|
33,401 |
|
|
135,273 |
|
|
108,198 |
|
Income tax (benefit)
expense |
— |
|
|
(954 |
) |
|
(69 |
) |
|
1,809 |
|
Accretion expense |
1,063 |
|
|
463 |
|
|
4,119 |
|
|
1,611 |
|
Depreciation, depletion
and amortization |
133,816 |
|
|
109,742 |
|
|
486,664 |
|
|
364,629 |
|
EBITDA |
$ |
303,231 |
|
|
$ |
299,178 |
|
|
$ |
1,056,547 |
|
|
$ |
911,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
(In
thousands) |
|
(In
thousands) |
|
|
|
|
|
|
|
|
Cash provided by
operating activity |
$ |
143,532 |
|
|
$ |
188,156 |
|
|
$ |
752,488 |
|
|
$ |
679,889 |
|
Adjustments: |
|
|
|
|
|
|
|
Changes
in operating assets and liabilities |
74,520 |
|
|
8,689 |
|
|
76,847 |
|
|
(48,239 |
) |
Operating Cash
Flow |
$ |
218,052 |
|
|
$ |
196,845 |
|
|
$ |
829,335 |
|
|
$ |
631,650 |
|
|
GULFPORT ENERGY CORPORATION |
RECONCILIATION OF ADJUSTED
EBITDA |
(Unaudited) |
|
Three Months
Ended |
|
Twelve Months
Ended |
|
December 31, 2018 |
|
December 31, 2018 |
|
|
|
|
|
(In
thousands) |
|
|
|
|
EBITDA |
|
$303,231 |
|
|
|
$1,056,547 |
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
Non-cash derivative
(gain) loss |
|
(41,322 |
) |
|
|
65,051 |
|
Litigation
settlement |
|
158 |
|
|
|
1,075 |
|
Insurance proceeds |
|
— |
|
|
|
(231 |
) |
Gain on sale of equity
method investments |
|
— |
|
|
|
(124,768 |
) |
Income from equity
method investments |
|
(14,622 |
) |
|
|
(49,904 |
) |
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
247,445 |
|
|
$ |
947,770 |
|
|
GULFPORT ENERGY CORPORATION |
RECONCILIATION OF ADJUSTED NET
INCOME |
(Unaudited) |
|
|
|
|
|
|
|
Three Months
Ended |
|
Twelve Months
Ended |
|
|
December 31, 2018 |
|
December 31, 2018 |
|
|
|
|
|
|
|
(In thousands, except
share data) |
|
|
|
|
|
Pre-tax net income
excluding adjustments |
|
$ |
134,001 |
|
|
$ |
430,491 |
|
Adjustments: |
|
|
|
|
Non-cash derivative
(gain) loss |
|
|
(41,322 |
) |
|
|
65,051 |
|
Litigation
settlement |
|
|
158 |
|
|
|
1,075 |
|
Insurance proceeds |
|
|
— |
|
|
|
(231 |
) |
Gain on sale of equity
method investments |
|
|
— |
|
|
|
(124,768 |
) |
Income from equity
method investments |
|
|
(14,622 |
) |
|
|
(49,904 |
) |
Pre-tax net income
excluding adjustments |
|
|
78,215 |
|
|
|
321,714 |
|
|
|
|
|
|
Adjusted net
income |
|
$ |
78,215 |
|
|
$ |
321,714 |
|
|
|
|
|
|
Adjusted net income per
common share: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
$0.46 |
|
|
|
$1.84 |
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
$0.46 |
|
|
|
$1.83 |
|
|
|
|
|
|
|
|
|
|
Basic weighted average
shares outstanding |
|
|
171,410,309 |
|
|
|
174,675,840 |
|
|
|
|
|
|
Diluted weighted
average shares outstanding |
|
|
171,612,471 |
|
|
|
175,398,706 |
|
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