Gulfport Energy Corporation Provides Third Quarter 2019 Production and Pricing and Schedules Third Quarter 2019 Financial and...
October 16 2019 - 5:04PM
Gulfport Energy Corporation (NASDAQ: GPOR) (“Gulfport” or the
“Company”) today provided an update for the three-months and
nine-months ended September 30, 2019. Key information includes the
following:
- Net production during the third quarter of 2019 averaged
1,527.0 MMcfe per day, a 12% increase over the second quarter of
2019.
- Realized natural gas price for the third quarter of 2019,
before the impact of derivatives and including transportation
costs, averaged $1.64 per Mcf, a $0.59 per Mcf differential to the
average trade month NYMEX settled price.
- Realized oil price for the third quarter of 2019, before the
impact of derivatives and including transportation costs, averaged
$51.75 per barrel, a $4.70 per barrel differential to the average
WTI oil price.
- Realized natural gas liquids ("NGL") price for the third
quarter of 2019, before the impact of derivatives and including
transportation costs, averaged $0.38 per gallon, equivalent to
$16.12 per barrel, or approximately 29% of the average WTI oil
price.
- Realized natural gas price for the nine-months ended September
30, 2019, before the impact of derivatives and including
transportation costs, averaged $2.08 per Mcf, a $0.59 per Mcf
differential to the average trade month NYMEX settled price.
- Realized oil price for the nine-months ended September 30,
2019, before the impact of derivatives and including transportation
costs, averaged $54.13 per barrel, a $2.93 per barrel differential
to the average WTI oil price.
- Realized NGL price for the nine-months ended September 30,
2019, before the impact of derivatives and including transportation
costs, averaged $0.47 per gallon, equivalent to $19.77 per barrel,
or approximately 35% of the average WTI oil price.
- Gulfport drilled 2 gross and net operated wells in the Utica
Shale and 1 gross and net operated well in the SCOOP during the
third quarter of 2019 and had 1 gross well drilling at the end of
the third quarter of 2019.
- Gulfport completed 3 gross (1.8 net) operated wells in the
Utica Shale during the third quarter of 2019 and had 2 gross wells
in various stages of completion at the end of the third quarter of
2019.
- Gulfport turned-to-sales 16 gross (10.5 net) operated wells in
the Utica Shale during the third quarter of 2019.
- Forecasted 2019 full year net production is estimated to
average at the midpoint of the Company's previously provided
guidance range of 1,360 MMcfe to 1,400 MMcfe per day.
Third Quarter 2019 Production and
Realized PricesGulfport’s net daily production for the
third quarter of 2019 averaged approximately 1,527.0 MMcfe per day.
For the third quarter of 2019, Gulfport’s net daily production mix
was comprised of approximately 93% natural gas, 5% NGL and 2%
oil.
Gulfport’s realized prices for the third quarter
of 2019 were $1.73 per Mcf of natural gas, $78.59 per barrel of oil
and $0.45 per gallon of NGL, resulting in a total equivalent price
of $2.04 per Mcfe. Gulfport's realized prices for the third quarter
of 2019 include an aggregate non-cash derivative loss of $54.1
million. Before the impact of derivatives, realized prices for the
third quarter of 2019, including transportation costs, were $1.64
per Mcf of natural gas, $51.75 per barrel of oil and $0.38 per
gallon of NGL, for a total equivalent price of $1.84 per Mcfe.
GULFPORT ENERGY CORPORATION |
PRODUCTION SCHEDULE |
(Unaudited) |
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
Production
Volumes: |
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
Natural gas (MMcf) |
130,071 |
|
|
116,994 |
|
|
343,753 |
|
|
327,272 |
|
Oil (MBbls) |
474 |
|
|
665 |
|
|
1,735 |
|
|
2,166 |
|
NGL (MGal) |
52,951 |
|
|
72,427 |
|
|
165,970 |
|
|
196,695 |
|
Gas equivalent (MMcfe) |
140,482 |
|
|
131,328 |
|
|
377,875 |
|
|
368,366 |
|
Gas equivalent (Mcfe per
day) |
1,526,977 |
|
|
1,427,479 |
|
|
1,384,159 |
|
|
1,349,326 |
|
|
|
|
|
|
|
|
|
Average Realized
Prices |
|
|
|
|
|
|
|
(before
the impact of derivatives): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas (per Mcf) |
$ |
1.64 |
|
|
$ |
2.32 |
|
|
$ |
2.08 |
|
|
$ |
2.30 |
|
Oil (per Bbl) |
$ |
51.75 |
|
|
$ |
68.73 |
|
|
$ |
54.13 |
|
|
$ |
64.96 |
|
NGL (per Gal) |
$ |
0.38 |
|
|
$ |
0.74 |
|
|
$ |
0.47 |
|
|
$ |
0.72 |
|
Gas equivalent (per Mcfe) |
$ |
1.84 |
|
|
$ |
2.82 |
|
|
$ |
2.35 |
|
|
$ |
2.81 |
|
|
|
|
|
|
|
|
|
Average Realized
Prices: |
|
|
|
|
|
|
|
(including cash-settlement of derivatives and excluding
non-cash derivative gain or loss): |
|
|
|
|
|
|
|
|
Natural gas (per Mcf) |
$ |
2.21 |
|
|
$ |
2.40 |
|
|
$ |
2.28 |
|
|
$ |
2.44 |
|
Oil (per Bbl) |
$ |
56.40 |
|
|
$ |
53.97 |
|
|
$ |
55.63 |
|
|
$ |
54.68 |
|
NGL (per Gal) |
$ |
0.49 |
|
|
$ |
0.67 |
|
|
$ |
0.53 |
|
|
$ |
0.66 |
|
Gas equivalent (per Mcfe) |
$ |
2.42 |
|
|
$ |
2.78 |
|
|
$ |
2.56 |
|
|
$ |
2.84 |
|
|
|
|
|
|
|
|
|
Average Realized
Prices: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas (per Mcf) |
$ |
1.73 |
|
|
$ |
2.44 |
|
|
$ |
2.51 |
|
|
$ |
2.22 |
|
Oil (per Bbl) |
$ |
78.59 |
|
|
$ |
51.26 |
|
|
$ |
68.05 |
|
|
$ |
44.10 |
|
NGL (per Gal) |
$ |
0.45 |
|
|
$ |
0.57 |
|
|
$ |
0.51 |
|
|
$ |
0.60 |
|
Gas equivalent (per Mcfe) |
$ |
2.04 |
|
|
$ |
2.75 |
|
|
$ |
2.82 |
|
|
$ |
2.55 |
|
The table below summarizes Gulfport’s third quarter of 2019
production by asset area:
GULFPORT ENERGY CORPORATION |
PRODUCTION BY AREA |
(Unaudited) |
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2019 |
2018 |
|
2019 |
2018 |
Utica
Shale |
|
|
|
|
|
Natural gas (MMcf) |
111,635 |
|
100,274 |
|
|
289,637 |
|
280,140 |
|
Oil (MBbls) |
61 |
|
74 |
|
|
183 |
|
234 |
|
NGL (MGal) |
17,225 |
|
29,806 |
|
|
61,388 |
|
92,389 |
|
Gas equivalent (MMcfe) |
114,459 |
|
104,975 |
|
|
299,503 |
|
294,741 |
|
|
|
|
|
|
|
SCOOP |
|
|
|
|
|
Natural gas (MMcf) |
18,435 |
|
16,704 |
|
|
54,084 |
|
47,071 |
|
Oil (MBbls) |
393 |
|
412 |
|
|
1,237 |
|
1,316 |
|
NGL (MGal) |
35,715 |
|
42,593 |
|
|
104,537 |
|
104,241 |
|
Gas equivalent (MMcfe) |
25,897 |
|
25,259 |
|
|
76,440 |
|
69,862 |
|
|
|
|
|
|
|
Southern
Louisiana |
|
|
|
|
|
Natural gas (MMcf) |
— |
|
6 |
|
|
— |
|
17 |
|
Oil (MBbls) |
6 |
|
167 |
|
|
274 |
|
559 |
|
NGL (MGal) |
— |
|
— |
|
|
— |
|
— |
|
Gas equivalent (MMcfe) |
38 |
|
1,009 |
|
|
1,644 |
|
3,370 |
|
|
|
|
|
|
|
Other |
|
|
|
|
|
Natural gas (MMcf) |
1 |
|
9 |
|
|
32 |
|
43 |
|
Oil (MBbls) |
14 |
|
12 |
|
|
42 |
|
57 |
|
NGL (MGal) |
11 |
|
29 |
|
|
44 |
|
65 |
|
Gas equivalent (MMcfe) |
87 |
|
85 |
|
|
289 |
|
393 |
|
Third Quarter 2019 Conference Call
InformationGulfport will hold a conference call on Friday,
November 1, 2019 at 8:00 a.m. CDT to discuss its third quarter
of 2019 financial and operational results and to provide an update
on the Company’s recent activities. Gulfport's third quarter of
2019 earnings are scheduled to be released after the market close
on Thursday, October 31, 2019.
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 13695468. 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 approximately 22% equity interest in
Mammoth Energy Services, Inc. (NASDAQ: TUSK) and has a position in
the Alberta Oil Sands in Canada through its 25% interest in Grizzly
Oil Sands ULC. For more information, please visit
www.gulfportenergy.com.
Forward Looking StatementsThis
press release includes “forward-looking statements” for purposes of
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Exchange Act. All statements, other
than statements of historical facts, included in this press release
that address activities, events or developments that Gulfport
expects or anticipates will or may occur in the future, future
capital expenditures (including the amount and nature thereof),
business strategy and measures to implement strategy, competitive
strength, goals, expansion and growth of Gulfport's business and
operations, plans, market conditions, references to future success,
reference to intentions as to future matters and other such matters
are forward-looking statements. These statements are based on
certain assumptions and analyses made by Gulfport in light of its
experience and its perception of historical trends, current
conditions and expected future developments as well as other
factors it believes are appropriate in the circumstances. However,
whether actual results and developments will conform with
Gulfport's expectations and predictions is subject to a number of
risks and uncertainties, general economic, market, credit or
business conditions that might affect the timing and amount of the
repurchase program; the opportunities (or lack thereof) that may be
presented to and pursued by Gulfport; Gulfport’s ability to
identify, complete and integrate acquisitions of properties and
businesses; competitive actions by other oil and gas companies;
changes in laws or regulations; and other factors, many of which
are beyond the control of Gulfport. Information concerning these
and other factors can be found in the Company's filings with the
Securities and Exchange Commission, including its Forms 10-K, 10-Q
and 8-K. Consequently, all of the forward-looking statements made
in this press release are qualified by these cautionary statements
and there can be no assurances that the actual results or
developments anticipated by Gulfport will be realized, or even if
realized, that they will have the expected consequences to or
effects on Gulfport, its business or operations. Gulfport has no
intention, and disclaims any obligation, to update or revise any
forward-looking statements, whether as a result of new information,
future results or otherwise.
Investor Contact:Jessica Antle
- Director, Investor
Relationsjantle@gulfportenergy.com405-252-4550
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