Gulfport Energy Corporation (NASDAQ: GPOR) (“Gulfport” or the
“Company”) today reported financial and operational results for the
quarter and six months ended June 30, 2018 and provided an
update on its 2018 activities. Key information includes the
following:
- Net production averaged 1,330.3 MMcfe per day during the second
quarter of 2018.
- Net income of $111.3 million, or $0.64 per diluted share, for
the second quarter of 2018.
- Adjusted net income (as defined and reconciled below) of $57.0
million, or $0.33 per diluted share, for the second quarter of
2018.
- Adjusted EBITDA (as defined and reconciled below) of $213.6
million for the second quarter of 2018.
- Repurchased 10.5 million shares of the Company's common stock
at a weighted-average share price of $10.47 during 2018
through August 1, 2018.
- Reiterated 2018 total capital expenditures to be in the range
of $750 million to $815 million and funded within cash flow.
- Increased estimated 2018 full year net production and now
forecast an average of 1,320 MMcfe to 1,340 MMcfe per day, an
increase of approximately 21% to 23% over the average daily net
production of 1,089.2 MMcfe per day during 2017.
- Currently estimate net production for the third quarter of 2018
to average approximately 1,360 MMcfe per day.
- Large 2018 hedge position of approximately 948 BBtu per day of
natural gas fixed price swaps at an average fixed price of $3.05
per MMBtu.
- Increased 2019 hedge position to approximately 1,154 BBtu per
day of natural gas fixed price swaps at an average fixed price of
$2.81 per MMBtu.
Chief Executive Officer and President, Michael
G. Moore, commented, "Gulfport had a solid second quarter and we
continue to show consistency in our ability to execute by exceeding
our production estimates and increasing the narrow-end of our 2018
production guidance while strictly adhering to our 2018 capital
budget. During the quarter, we hedged a large portion of our
anticipated 2019 natural gas production, mitigating the volatility
in the commodity price and giving us a high degree of certainty in
our anticipated cash flow.
Gulfport's activities year-to-date have
positioned us well as we continue to execute on our commitment to
capital discipline and achieve free cash flow generation in the
back half of the year. As we weigh the opportunities for uses of
free cash flow, we will continue to consider all options, including
additional share repurchases and debt reduction, remaining
disciplined as we allocate capital and demonstrating our commitment
to the Gulfport stockholders with every dollar invested."
Stock Repurchase ProgramAs of
August 1, 2018, the Company has repurchased 10.5 million shares at
a weighted-average share price of $10.47 during 2018. Since
initiating the share repurchase program in February 2018, Gulfport
has reduced its shares outstanding by over five percent.
Gulfport's board of directors has authorized the
Company to acquire up to $200 million of its outstanding common
stock during 2018 and approximately $90 million remains under the
current authorization. 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
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.
Second Quarter of 2018 Financial
ResultsFor the second quarter of 2018, Gulfport reported
net income of $111.3 million, or $0.64 per diluted share, on
revenues of $252.7 million. For the second quarter of 2018,
EBITDA (as defined and reconciled below for each period presented)
was $268.0 million and cash flow from operating activities before
changes in operating assets and liabilities (as defined and
reconciled below for each period presented) was $183.8
million. Gulfport’s GAAP net income for the second quarter of
2018 includes the following items:
- Aggregate non-cash derivative loss of $76.8 million.
- Aggregate gain of $0.2 million attributable to net insurance
proceeds in connection with legacy environmental litigation
settlement.
- Aggregate gain of $122.0 million in connection with the sale of
Gulfport's equity interests in certain equity investments.
- Aggregate gain of $8.9 million in connection with Gulfport's
equity interests in certain equity investments.
Excluding the effect of these items, Gulfport’s
financial results for the second quarter of 2018 would have been as
follows:
- Adjusted oil and gas revenues of $329.6 million.
- Adjusted net income of $57.0 million, or $0.33 per diluted
share.
- Adjusted EBITDA of $213.6 million.
Six-Months Ended June 30, 2018 Financial
ResultsFor the six-month period ended June 30, 2018,
Gulfport reported net income of $201.4 million, or $1.13 per
diluted share, on revenues of $578.1 million. For the
six-month period ended June 30, 2018, EBITDA (as defined and
reconciled below for each period presented) was $504.0 million and
cash flow from operating activities before changes in operating
assets and liabilities (as defined and reconciled below for each
period presented) was $400.8 million. Gulfport’s GAAP net
income for the six-month period ended June 30, 2018 includes
the following items:
- Aggregate non-cash derivative loss of $102.2 million.
- Aggregate gain of $0.2 million attributable to net insurance
proceeds in connection with legacy environmental litigation
settlement.
- Aggregate gain of $122.0 million in connection with the sale of
Gulfport's equity interests in certain equity investments.
- Aggregate gain of $22.4 million in connection with Gulfport's
equity interests in certain equity investments.
Excluding the effect of these items, Gulfport’s
financial results for the six-month period ended June 30, 2018
would have been as follows:
- Adjusted oil and gas revenues of $680.4 million.
- Adjusted net income of $158.9 million, or $0.89 per diluted
share.
- Adjusted EBITDA of $461.5 million.
Production and Realized
PricesGulfport’s net daily production for the second
quarter of 2018 averaged approximately 1,330.3 MMcfe per day. For
the second quarter of 2018, Gulfport’s net daily production mix was
comprised of approximately 89% natural gas, 7% natural gas liquids
("NGL") and 4% oil.
Gulfport’s realized prices for the second
quarter of 2018 were $1.86 per Mcf of natural gas, $33.46 per
barrel of oil and $0.45 per gallon of NGL, resulting in a total
equivalent price of $2.09 per Mcfe. Gulfport's realized prices for
the second quarter of 2018 include an aggregate non-cash derivative
loss of $76.8 million. Before the impact of derivatives, realized
prices for the second quarter of 2018, including transportation
costs, were $2.15 per Mcf of natural gas, $66.26 per barrel of oil
and $0.71 per gallon of NGL, for a total equivalent price of $2.67
per Mcfe.
GULFPORT ENERGY
CORPORATION |
PRODUCTION SCHEDULE |
(Unaudited) |
|
Three months ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
Production Volumes: |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
Natural gas
(MMcf) |
108,236 |
|
|
82,903 |
|
|
210,278 |
|
|
149,187 |
|
Oil
(MBbls) |
744 |
|
|
650 |
|
|
1,501 |
|
|
1,164 |
|
NGL
(MGal) |
58,512 |
|
|
53,808 |
|
|
124,268 |
|
|
103,475 |
|
Gas
equivalent (MMcfe) |
121,061 |
|
|
94,490 |
|
|
237,038 |
|
|
170,951 |
|
Gas
equivalent (Mcfe per day) |
1,330,342 |
|
|
1,038,351 |
|
|
1,309,602 |
|
|
944,481 |
|
|
|
|
|
|
|
|
|
Average Realized Prices: |
|
|
|
|
|
|
|
(before the impact of derivatives): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas
(per Mcf) |
$ |
2.15 |
|
|
$ |
2.48 |
|
|
$ |
2.29 |
|
|
$ |
2.57 |
|
Oil (per
Bbl) |
$ |
66.26 |
|
|
$ |
45.33 |
|
|
$ |
63.29 |
|
|
$ |
46.30 |
|
NGL (per
Gal) |
$ |
0.71 |
|
|
$ |
0.45 |
|
|
$ |
0.71 |
|
|
$ |
0.54 |
|
Gas
equivalent (per Mcfe) |
$ |
2.67 |
|
|
$ |
2.74 |
|
|
$ |
2.81 |
|
|
$ |
2.88 |
|
|
|
|
|
|
|
|
|
Average Realized Prices: |
|
|
|
|
|
|
|
(including cash-settlement of derivatives and
excluding non-cash derivative gain or loss): |
|
|
|
|
|
|
|
|
Natural gas
(per Mcf) |
$ |
2.32 |
|
|
$ |
2.51 |
|
|
$ |
2.46 |
|
|
$ |
2.54 |
|
Oil (per
Bbl) |
$ |
55.29 |
|
|
$ |
48.91 |
|
|
$ |
55.00 |
|
|
$ |
48.37 |
|
NGL (per
Gal) |
$ |
0.64 |
|
|
$ |
0.45 |
|
|
$ |
0.66 |
|
|
$ |
0.54 |
|
Gas
equivalent (per Mcfe) |
$ |
2.72 |
|
|
$ |
2.79 |
|
|
$ |
2.87 |
|
|
$ |
2.87 |
|
|
|
|
|
|
|
|
|
Average Realized Prices: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas
(per Mcf) |
$ |
1.86 |
|
|
$ |
3.16 |
|
|
$ |
2.10 |
|
|
$ |
3.53 |
|
Oil (per
Bbl) |
$ |
33.46 |
|
|
$ |
57.86 |
|
|
$ |
40.93 |
|
|
$ |
62.67 |
|
NGL (per
Gal) |
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.61 |
|
|
$ |
0.56 |
|
Gas
equivalent (per Mcfe) |
$ |
2.09 |
|
|
$ |
3.43 |
|
|
$ |
2.44 |
|
|
$ |
3.84 |
|
|
|
|
|
|
|
|
|
The table below summarizes Gulfport’s second
quarter of 2018 production by asset area:
GULFPORT ENERGY
CORPORATION |
PRODUCTION BY AREA |
(Unaudited) |
|
Three months ended |
|
Six months ended |
|
June 30, |
|
June 30, |
|
2018 |
2017 |
|
2018 |
2017 |
Utica Shale |
|
|
|
|
|
Natural gas
(MMcf) |
92,670 |
|
72,649 |
|
179,866 |
|
133,801 |
|
Oil
(MBbls) |
81 |
|
122 |
|
160 |
|
253 |
|
NGL
(MGal) |
26,845 |
|
32,372 |
|
62,583 |
|
71,683 |
|
Gas
equivalent (MMcfe) |
96,994 |
|
78,003 |
|
189,766 |
|
145,562 |
|
|
|
|
|
|
|
SCOOP(1) |
|
|
|
|
|
Natural gas
(MMcf) |
15,536 |
|
10,233 |
|
30,367 |
|
15,348 |
|
Oil
(MBbls) |
407 |
|
244 |
|
905 |
|
378 |
|
NGL
(MGal) |
31,640 |
|
21,343 |
|
61,649 |
|
31,665 |
|
Gas
equivalent (MMcfe) |
22,500 |
|
14,744 |
|
44,603 |
|
22,142 |
|
|
|
|
|
|
|
Southern Louisiana |
|
|
|
|
|
Natural gas
(MMcf) |
4 |
|
13 |
|
11 |
|
22 |
|
Oil
(MBbls) |
223 |
|
273 |
|
392 |
|
507 |
|
NGL
(MGal) |
— |
|
— |
|
— |
|
— |
|
Gas
equivalent (MMcfe) |
1,340 |
|
1,650 |
|
2,360 |
|
3,066 |
|
|
|
|
|
|
|
Other |
|
|
|
|
|
Natural gas
(MMcf) |
26 |
|
8 |
|
34 |
|
16 |
|
Oil
(MBbls) |
33 |
|
12 |
|
45 |
|
24 |
|
NGL
(MGal) |
27 |
|
93 |
|
36 |
|
127 |
|
Gas
equivalent (MMcfe) |
227 |
|
93 |
|
309 |
|
181 |
|
|
|
|
|
|
|
(1) SCOOP 2017 production adjusted for
closing date of February 17, 2017. |
2018 Capital ExpendituresFor
the six-month period ended June 30, 2018, Gulfport’s drilling
and completion ("D&C") capital expenditures totaled $483.5
million and non-D&C capital expenditures totaled $76.2
million.
2018 Financial Position and
LiquidityAs of June 30, 2018, Gulfport had cash on
hand of approximately $119.2 million. As of June 30, 2018,
Gulfport’s $1.4 billion revolving credit facility, under which
Gulfport has an elected commitment of $1.0 billion, had
outstanding borrowings of $75.0 million and outstanding letters of
credit totaling $257.3 million.
2018 Capital Budget and Production Guidance
Update
Gulfport reaffirms its expectation that its 2018
D&C capital expenditures will be in the range of $630 million
to $685 million and its 2018 non-D&C capital expenditures
will be approximately $120 million to $130 million, including
leasehold activities.
Based on results during the six-month period
ended June 30, 2018, Gulfport has increased its production
guidance and now forecasts its 2018 average daily net production
will be in the range of 1,320 MMcfe to 1,340 MMcfe per day, an
increase of 21% to 23% over its 2017 average daily net production
of 1,089.2 MMcfe per day. For the third quarter of 2018, Gulfport
estimates that its average daily net production will be in the
range of 1,360 MMcfe per day.
Based on actual results during the six-month
period ended June 30, 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 with
respect to its 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) |
|
1,320 |
|
|
|
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 six-month period ended
June 30, 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 |
|
Three Months ended |
|
|
|
|
|
|
March 31, |
|
June 30, |
|
Remaining Wells |
|
Guidance(1) |
|
|
2018 |
|
2018 |
|
2018 |
|
2018 |
Net
Wells Drilled |
|
|
|
|
|
|
|
|
Utica -
Operated |
|
10.0 |
|
|
6.8 |
|
|
10.7 |
|
|
27.5 |
|
Utica - Non-Operated |
|
1.8 |
|
|
2.5 |
|
|
3.2 |
|
|
7.5 |
|
Total |
|
11.8 |
|
|
9.3 |
|
|
13.9 |
|
|
35.0 |
|
|
|
|
|
|
|
|
|
|
SCOOP -
Operated |
|
3.8 |
|
|
3.7 |
|
|
3.0 |
|
|
10.5 |
|
SCOOP - Non-Operated |
|
2.6 |
|
|
1.5 |
|
|
0.4 |
|
|
4.5 |
|
Total |
|
6.4 |
|
|
5.2 |
|
|
3.4 |
|
|
15.0 |
|
|
|
|
|
|
|
|
|
|
Net
Wells Turned-to-Sales |
|
|
|
|
|
|
|
|
Utica -
Operated |
|
3.0 |
|
|
14.0 |
|
|
18.0 |
|
|
35.0 |
|
Utica - Non-Operated |
|
3.1 |
|
|
1.5 |
|
|
4.9 |
|
|
9.5 |
|
Total |
|
6.1 |
|
|
15.5 |
|
|
22.9 |
|
|
44.5 |
|
|
|
|
|
|
|
|
|
|
SCOOP -
Operated |
|
6.3 |
|
|
0.5 |
|
|
10.2 |
|
|
17.0 |
|
SCOOP - Non-Operated |
|
0.4 |
|
|
0.4 |
|
|
1.7 |
|
|
2.5 |
|
Total |
|
6.7 |
|
|
0.9 |
|
|
11.9 |
|
|
19.5 |
|
|
|
|
|
|
|
|
|
|
(1) Utilizes mid-point of publicly provided 2018
guidance |
Utica ShaleIn the Utica Shale,
during the second quarter of 2018, Gulfport spud seven gross (6.8
net) operated wells. The wells drilled during the second quarter of
2018 had an average lateral length of approximately 12,500 feet.
Normalizing to an 8,000 foot lateral length, Gulfport's average
drilling days during the second quarter of 2018 from spud to rig
release totaled approximately 18.9 days, a decrease of 2% over full
year 2017. In addition, Gulfport turned-to-sales 14 gross and net
operated wells with an average stimulated lateral length of
approximately 8,500 feet during the second quarter of 2018.
During the second quarter of 2018, net
production from Gulfport’s Utica acreage averaged approximately
1,065.9 MMcfe per day, an increase of 3% over the first quarter
of 2018 and an increase of 24% over the second quarter of
2017.
At present, Gulfport has two operated horizontal
drilling rigs active in the play.
SCOOPIn the SCOOP, during the
second quarter of 2018, Gulfport spud four gross (3.7 net) operated
wells. The wells drilled during the second quarter of 2018 had an
average lateral length of approximately 8,100 feet. Normalizing to
a 7,500 foot lateral length, Gulfport's average drilling days
during the second quarter of 2018 from spud to rig release totaled
approximately 60.9 days, a decrease of 13% from the first quarter
of 2018 and a decrease of 16% over full year 2017. In addition,
Gulfport turned-to-sales one gross (0.5 net) operated wells with an
average stimulated lateral length of approximately 9,400 feet
during the second quarter of 2018.
During the second quarter of 2018, net
production from the acreage averaged approximately 247.3 MMcfe per
day, an increase of 1% over the first quarter of 2018 and an
increase of 53% over the second quarter of 2017.
At present, Gulfport has two operated horizontal drilling rigs
active in the play.
Southern LouisianaAt its West
Cote Blanche Bay and Hackberry fields, during the second quarter of
2018, Gulfport performed 28 recompletions at the fields. Net
production during the second quarter of 2018 totaled approximately
14.7 MMcfe per day.
SCOOP Woodford Production
ResultsDuring the second quarter, Gulfport turned-to-sales
one gross Woodford dry gas well and recently turned-to-sales two
gross Woodford wet gas wells. The Cleburne 7R-12X13H has a
stimulated lateral length of 9,386 feet and a 24-hour initial
production peak rate of 14.5 MMcf per day, or 1,545 Mcfe per 1,000
foot of lateral, comprised of approximately 100% natural gas.
During its initial 30 days of production, the Cleburne 7R-12X13H
cumulatively produced 392.8 MMcf of natural gas or 13.1 MMcf per
day, comprised of approximately 100% natural gas.
The EJ Craddock 1R-28X21H has a stimulated
lateral length of 9,008 feet and a 24-hour initial production peak
rate of 16.6 MMcf per day and 437 barrels of oil per day. Based
upon the composition analysis, the gas being produced is 1,133 BTU
gas and yielding 36.9 barrels of NGL per MMcf of natural gas and
results in a natural gas shrink of 12%. On a three-stream basis,
the EJ Craddock 1R-28X21H produced at a 24-hour initial production
peak rate of 20.9 MMcfe per day, or 2,325 Mcfe per 1,000 foot of
lateral, which is comprised of approximately 70% natural gas, 18%
NGL and 12% oil.
The EJ Craddock 2-28X21H has a stimulated
lateral length of 9,939 feet and a 24-hour initial production peak
rate of 16.3 MMcf per day and 497 barrels of oil per day. Based
upon the composition analysis, the gas being produced is 1,133 BTU
gas and yielding 36.9 barrels of NGL per MMcf of natural gas and
results in a natural gas shrink of 12%. On a three-stream basis,
the EJ Craddock 2-28X21H produced at a 24-hour initial production
peak rate of 21.0 MMcfe per day, or 2,110 Mcfe per 1,000 foot of
lateral, which is comprised of approximately 69% natural gas, 17%
NGL and 14% 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 |
PerMMcf |
%Shrink |
Gas |
NGLs |
Oil |
24-Hr |
30-Day |
60-Day |
90-Day |
EJ Craddock
1R-28X21H |
Central Grady |
Woodford Wet Gas |
9,008 |
1,133 |
36.9 |
12% |
70% |
18% |
12% |
20.9 |
|
— |
|
— |
|
— |
|
EJ Craddock
2-28X21H |
Central Grady |
Woodford Wet Gas |
9,939 |
1,133 |
36.9 |
12% |
69% |
17% |
14% |
21.0 |
|
— |
|
— |
|
— |
|
EJ Craddock
8-28X21H |
Central Grady |
Woodford Wet Gas |
7,961 |
1,171 |
47 |
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 |
|
16.7 |
|
15.7 |
|
— |
|
Lilly
4‐15X10H |
Central Grady |
Woodford Wet Gas |
7,323 |
1,157 |
43.3 |
14% |
63% |
19% |
18% |
14.5 |
|
13.1 |
|
12.4 |
|
— |
|
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 |
|
10.6 |
|
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 |
|
11.9 |
|
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 |
|
15.9 |
|
North
Cheyenne 6-10X3H |
Central Grady |
Woodford Wet Gas |
6,002 |
1,152 |
41.7 |
14% |
64% |
19% |
17% |
19.4 |
|
16.8 |
|
15.3 |
|
14.1 |
|
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 |
|
11.5 |
|
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 |
|
14.2 |
|
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 |
|
Cleburne
7R-12X13H |
W Grady |
Woodford Dry Gas |
9,386 |
— |
— |
— |
100% |
— |
— |
14.5 |
|
13.1 |
|
— |
|
— |
|
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 |
4,527 |
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 August 1, 2018.
GULFPORT ENERGY
CORPORATION |
COMMODITY DERIVATIVES - HEDGE
POSITION |
(Unaudited) |
|
3Q2018 |
|
4Q2018 |
Natural gas: |
|
|
|
Swap contracts (NYMEX) |
|
|
|
Volume
(BBtupd) |
1,010 |
|
|
1,010 |
|
Price ($
per MMBtu) |
$ |
3.01 |
|
|
$ |
3.01 |
|
|
|
|
|
Swaption contracts (NYMEX) |
|
|
|
Volume
(BBtupd) |
50 |
|
|
50 |
|
Price ($
per MMBtu) |
$ |
3.13 |
|
|
$ |
3.13 |
|
|
|
|
|
Basis Swap contracts (Transco Zone 4) |
|
|
|
Volume
(BBtupd) |
— |
|
|
40 |
|
Price ($
per MMBtu) |
$ |
— |
|
|
$ |
(0.05 |
) |
|
|
|
|
Oil: |
|
|
|
Swap contracts (LLS) |
|
|
|
Volume
(Bblpd) |
2,000 |
|
|
2,000 |
|
Price ($
per Bbl) |
$ |
56.22 |
|
|
$ |
56.22 |
|
|
|
|
|
Swap contracts (WTI) |
|
|
|
Volume
(Bblpd) |
4,500 |
|
|
4,500 |
|
Price ($
per Bbl) |
$ |
53.72 |
|
|
$ |
53.72 |
|
|
|
|
|
NGL: |
|
|
|
C3
Propane Swap contracts |
|
|
|
Volume
(Bblpd) |
4,000 |
|
|
4,000 |
|
Price ($
per Gal) |
$ |
0.69 |
|
|
$ |
0.69 |
|
|
|
|
|
C5
Pentane Swap contracts |
|
|
|
Volume
(Bblpd) |
500 |
|
|
500 |
|
Price ($
per Gal) |
$ |
1.11 |
|
|
$ |
1.11 |
|
|
|
|
|
|
2018 |
|
2019 |
Natural gas: |
|
|
|
Swap contracts (NYMEX) |
|
|
|
Volume
(BBtupd) |
948 |
|
|
1,154 |
|
Price ($
per MMBtu) |
$ |
3.05 |
|
|
$ |
2.81 |
|
|
|
|
|
Swaption contracts (NYMEX) |
|
|
|
Volume
(BBtupd) |
43 |
|
|
135 |
|
Price ($
per MMBtu) |
$ |
3.10 |
|
|
$ |
3.07 |
|
|
|
|
|
Basis Swap contracts (NGPL MC) |
|
|
|
Volume
(BBtupd) |
12 |
|
|
— |
|
Differential ($ per MMBtu) |
$ |
(0.26 |
) |
|
$ |
— |
|
|
|
|
|
Basis Swap contracts (Transco Zone 4) |
|
|
|
Volume
(BBtupd) |
10 |
|
|
60 |
|
Differential ($ per MMBtu) |
$ |
(0.05 |
) |
|
$ |
(0.05 |
) |
|
|
|
|
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 Thursday, August 2, 2018 at 8:00
a.m. CDT to discuss its second 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 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.
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), 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 loss (gain), 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.
Investor & Media
Contact:Jessica Wills – Director, Investor
Relationsjwills@gulfportenergy.com405-252-4550
|
GULFPORT ENERGY
CORPORATION |
CONSOLIDATED BALANCE
SHEETS |
(Unaudited) |
|
|
June 30, 2018 |
|
December 31, 2017 |
|
(In thousands, except share
data) |
Assets |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
119,230 |
|
|
$ |
99,557 |
|
Accounts receivable—oil and natural gas sales |
140,209 |
|
|
146,773 |
|
Accounts receivable—joint interest and other |
53,619 |
|
|
35,440 |
|
Accounts receivable—related parties |
110 |
|
|
— |
|
Prepaid expenses and other current assets |
10,698 |
|
|
4,912 |
|
Short-term derivative instruments |
20,745 |
|
|
78,847 |
|
Total current assets |
344,611 |
|
|
365,529 |
|
Property
and equipment: |
|
|
|
Oil and natural gas properties, full-cost accounting,
$2,957,361 and $2,912,974 excluded from amortization in 2018 and
2017, respectively |
9,749,156 |
|
|
9,169,156 |
|
Other property and equipment |
91,207 |
|
|
86,754 |
|
Accumulated depletion, depreciation, amortization and
impairment |
(4,386,370 |
) |
|
(4,153,733 |
) |
Property and equipment, net |
5,453,993 |
|
|
5,102,177 |
|
Other
assets: |
|
|
|
Equity investments |
218,849 |
|
|
302,112 |
|
Long-term derivative instruments |
7,657 |
|
|
8,685 |
|
Deferred tax asset |
— |
|
|
1,208 |
|
Inventories |
9,419 |
|
|
8,227 |
|
Other assets |
19,904 |
|
|
19,814 |
|
Total other assets |
255,829 |
|
|
340,046 |
|
Total assets |
$ |
6,054,433 |
|
|
$ |
5,807,752 |
|
Liabilities and Stockholders’ Equity |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable and accrued liabilities |
$ |
584,416 |
|
|
$ |
553,609 |
|
Asset retirement obligation—current |
120 |
|
|
120 |
|
Short-term derivative instruments |
61,161 |
|
|
32,534 |
|
Current maturities of long-term debt |
639 |
|
|
622 |
|
Total current liabilities |
646,336 |
|
|
586,885 |
|
Long-term
derivative instruments |
17,479 |
|
|
2,989 |
|
Asset
retirement obligation—long-term |
76,815 |
|
|
74,980 |
|
Deferred
tax liability |
2,965 |
|
|
— |
|
Other
non-current liabilities |
740 |
|
|
2,963 |
|
Long-term
debt, net of current maturities |
2,114,899 |
|
|
2,038,321 |
|
Total liabilities |
2,859,234 |
|
|
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,
173,302,055 issued and outstanding at June 30, 2018 and 183,105,910
at December 31, 2017 |
1,733 |
|
|
1,831 |
|
Paid-in capital |
4,317,391 |
|
|
4,416,250 |
|
Accumulated other comprehensive loss |
(49,406 |
) |
|
(40,539 |
) |
Retained deficit |
(1,074,519 |
) |
|
(1,275,928 |
) |
Total stockholders’ equity |
3,195,199 |
|
|
3,101,614 |
|
Total liabilities and
stockholders’ equity |
$ |
6,054,433 |
|
|
$ |
5,807,752 |
|
|
|
GULFPORT ENERGY
CORPORATION |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Unaudited) |
|
|
Three months ended June
30, |
|
Six months ended June
30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
(In thousands, except share
data) |
Revenues: |
|
|
|
|
|
|
|
Natural gas sales |
$ |
232,695 |
|
|
$ |
205,367 |
|
|
$ |
482,094 |
|
|
$ |
383,204 |
|
Oil and condensate sales |
49,319 |
|
|
29,468 |
|
|
95,005 |
|
|
53,879 |
|
Natural gas liquid sales |
41,271 |
|
|
24,247 |
|
|
88,107 |
|
|
55,426 |
|
Net (loss) gain on gas, oil and NGL derivatives |
(70,545 |
) |
|
64,871 |
|
|
(87,074 |
) |
|
164,448 |
|
|
252,740 |
|
|
323,953 |
|
|
578,132 |
|
|
656,957 |
|
Costs and expenses: |
|
|
|
|
|
|
|
Lease operating expenses |
22,912 |
|
|
20,721 |
|
|
41,818 |
|
|
40,024 |
|
Production taxes |
7,659 |
|
|
5,139 |
|
|
14,513 |
|
|
9,045 |
|
Midstream gathering and processing |
71,440 |
|
|
58,945 |
|
|
135,633 |
|
|
106,886 |
|
Depreciation, depletion and amortization |
121,915 |
|
|
82,246 |
|
|
232,933 |
|
|
148,237 |
|
General and administrative |
14,008 |
|
|
12,257 |
|
|
27,107 |
|
|
24,857 |
|
Accretion expense |
1,015 |
|
|
410 |
|
|
2,019 |
|
|
692 |
|
Acquisition expense |
— |
|
|
1,060 |
|
|
— |
|
|
2,358 |
|
|
238,949 |
|
|
180,778 |
|
|
454,023 |
|
|
332,099 |
|
INCOME FROM OPERATIONS |
13,791 |
|
|
143,175 |
|
|
124,109 |
|
|
324,858 |
|
OTHER
(INCOME) EXPENSE: |
|
|
|
|
|
|
|
Interest expense |
33,704 |
|
|
24,188 |
|
|
67,669 |
|
|
47,667 |
|
Interest income |
(33 |
) |
|
(48 |
) |
|
(70 |
) |
|
(890 |
) |
Insurance proceeds |
(231 |
) |
|
— |
|
|
(231 |
) |
|
— |
|
Gain on sale of equity method investments |
(122,035 |
) |
|
(12,523 |
) |
|
(122,035 |
) |
|
(12,523 |
) |
(Income) loss from equity method investments, net |
(8,888 |
) |
|
25,824 |
|
|
(22,424 |
) |
|
30,731 |
|
Other income |
(45 |
) |
|
(202 |
) |
|
(140 |
) |
|
(518 |
) |
|
(97,528 |
) |
|
37,239 |
|
|
(77,231 |
) |
|
64,467 |
|
INCOME
BEFORE INCOME TAXES |
111,319 |
|
|
105,936 |
|
|
201,340 |
|
|
260,391 |
|
INCOME TAX
BENEFIT |
— |
|
|
— |
|
|
(69 |
) |
|
— |
|
NET
INCOME |
$ |
111,319 |
|
|
$ |
105,936 |
|
|
$ |
201,409 |
|
|
$ |
260,391 |
|
NET
INCOME PER COMMON SHARE: |
|
|
|
|
|
|
|
Basic |
$ |
0.64 |
|
|
$ |
0.58 |
|
|
$ |
1.14 |
|
|
$ |
1.47 |
|
Diluted |
$ |
0.64 |
|
|
$ |
0.58 |
|
|
$ |
1.13 |
|
|
$ |
1.47 |
|
Weighted
average common shares outstanding—Basic |
173,623,630 |
|
|
182,840,213 |
|
|
177,158,230 |
|
|
176,591,166 |
|
Weighted
average common shares outstanding—Diluted |
174,140,627 |
|
|
182,841,730 |
|
|
177,737,282 |
|
|
176,842,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GULFPORT ENERGY
CORPORATION |
RECONCILIATION OF EBITDA AND CASH
FLOW |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three months ended June
30, |
|
Six months ended June
30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
(In thousands) |
|
(In thousands) |
|
|
|
|
|
|
|
|
Net
income |
$ |
111,319 |
|
|
$ |
105,936 |
|
|
$ |
201,409 |
|
|
$ |
260,391 |
|
Interest
expense |
33,704 |
|
|
24,188 |
|
|
67,669 |
|
|
47,667 |
|
Income tax
benefit |
— |
|
|
— |
|
|
(69 |
) |
|
— |
|
Accretion
expense |
1,015 |
|
|
410 |
|
|
2,019 |
|
|
692 |
|
Depreciation, depletion and amortization |
121,915 |
|
|
82,246 |
|
|
232,933 |
|
|
148,237 |
|
EBITDA |
$ |
267,953 |
|
|
$ |
212,780 |
|
|
$ |
503,961 |
|
|
$ |
456,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June
30, |
|
Six months ended June
30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
(In thousands) |
|
(In thousands) |
|
|
|
|
|
|
|
|
Cash
provided by operating activity |
$ |
184,695 |
|
|
$ |
144,008 |
|
|
$ |
411,044 |
|
|
$ |
286,653 |
|
Adjustments: |
|
|
|
|
|
|
|
Changes in operating assets and liabilities |
(932 |
) |
|
1,033 |
|
|
(10,231 |
) |
|
(19,910 |
) |
Operating
Cash Flow |
$ |
183,763 |
|
|
$ |
145,041 |
|
|
$ |
400,813 |
|
|
$ |
266,743 |
|
|
|
GULFPORT ENERGY
CORPORATION |
RECONCILIATION OF ADJUSTED
EBITDA |
(Unaudited) |
|
|
|
|
|
Three Months ended |
|
Six Months Ended |
|
June 30, 2018 |
|
June 30, 2018 |
|
|
|
|
|
(In thousands) |
|
|
EBITDA |
$ |
267,953 |
|
|
$ |
503,961 |
|
|
|
|
|
Adjustments: |
|
|
|
Non-cash
derivative loss |
76,845 |
|
|
102,248 |
|
Insurance
proceeds |
(231 |
) |
|
(231 |
) |
Gain on
sale of equity method investments |
(122,035 |
) |
|
(122,035 |
) |
Income from
equity method investments |
(8,888 |
) |
|
(22,424 |
) |
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
213,644 |
|
|
$ |
461,519 |
|
|
|
|
|
GULFPORT ENERGY
CORPORATION |
RECONCILIATION OF ADJUSTED NET
INCOME |
(Unaudited) |
|
|
|
|
|
|
|
Three Months ended |
|
Six Months Ended |
|
|
June 30, 2018 |
|
June 30, 2018 |
|
|
|
|
|
|
|
(In thousands, except share
data) |
|
|
|
Pre-tax net
income excluding adjustments |
|
$ |
111,319 |
|
|
$ |
201,340 |
|
Adjustments: |
|
|
|
|
Non-cash
derivative loss |
|
76,845 |
|
|
102,248 |
|
Insurance
proceeds |
|
(231 |
) |
|
(231 |
) |
Gain on
sale of equity method investments |
|
(122,035 |
) |
|
(122,035 |
) |
Income from
equity method investments |
|
(8,888 |
) |
|
(22,424 |
) |
Pre-tax net
income excluding adjustments |
|
$ |
57,010 |
|
|
$ |
158,898 |
|
|
|
|
|
|
Adjusted
net income |
|
$ |
57,010 |
|
|
$ |
158,898 |
|
|
|
|
|
|
Adjusted
net income per common share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.33 |
|
|
$ |
0.90 |
|
|
|
|
|
|
Diluted |
|
$ |
0.33 |
|
|
$ |
0.89 |
|
|
|
|
|
|
Basic
weighted average shares outstanding |
|
173,623,630 |
|
|
177,158,230 |
|
|
|
|
|
|
Diluted
weighted average shares outstanding |
|
174,140,627 |
|
|
177,737,282 |
|
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