Gulfport Energy Corporation Completes $200 Million Stock Repurchase Program and Provides 2018 Operational Update
January 17 2019 - 4:01PM
Gulfport Energy Corporation (NASDAQ: GPOR) (“Gulfport” or the
“Company”) today provided an update for the quarter and year ended
December 31, 2018. Key information includes the following:
- 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.
- Net production for the full year of 2018 averaged approximately
1,360.3 MMcfe per day.
- Realized natural gas price for the full year of 2018, before
the impact of derivatives and including transportation costs,
averaged $2.53 per Mcf, a $0.55 per Mcf differential to the average
trade month NYMEX settled price.
- Realized oil price for the full year of 2018, before the impact
of derivatives and including transportation costs, averaged $63.48
per barrel, a $1.30 per barrel differential to the average WTI oil
price.
- Realized natural gas liquids price for the full year of 2018,
before the impact of derivatives and including transportation
costs, averaged $0.71 per gallon, equivalent to $29.85 per barrel,
or approximately 46% of the average WTI oil price.
- Capital expenditures for the full year of 2018 are estimated to
total approximately $813.9 million.
- Gulfport drilled 23 gross (19.5 net) operated wells in the
Utica Shale and 13 gross (12.1 net) operated wells in the
SCOOP.
- Gulfport turned-to-sales 35 gross and net operated wells in the
Utica Shale and 15 gross (12.6 net) operated wells in the SCOOP
during 2018.
Completed Previously Announced Stock
Repurchase ProgramDuring the fourth quarter of 2018,
Gulfport repurchased 10.2 million shares 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. Since initiating the share repurchase program in February
2018, Gulfport repurchased 20.7 million shares and reduced its
shares outstanding by over 10%.
Fourth Quarter 2018 Production and Realized
PricesGulfport’s net daily production for the fourth
quarter of 2018 averaged approximately 1,392.8 MMcfe per day. For
the fourth quarter of 2018, Gulfport’s net daily production mix was
comprised of approximately 91% natural gas, 6% natural gas liquids
and 3% oil.
Gulfport’s average 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
gas equivalent price of $3.25 per Mcfe. Gulfport's average 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 gas
equivalent price of $3.45 per Mcfe.
Gulfport’s net daily production for the full
year of 2018 averaged approximately 1,360.3 MMcfe per day. For the
full year of 2018, Gulfport’s net daily production mix was
comprised of approximately 89% natural gas, 7% natural gas liquids
and 4% oil.
Gulfport’s average 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 gas
equivalent price of $2.73 per Mcfe. Gulfport's average 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 gas 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 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
Lousiana |
|
|
|
|
|
|
|
|
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 Expenditures For
the year ended December 31, 2018, Gulfport estimates capital
expenditures to total approximately $813.9 million.
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 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 Wills
– Director, Investor
Relationsjwills@gulfportenergy.com405-252-4550
Media Contact:Adam Weiner /
Cameron NjaaKekst
CNCadam.weiner@kekstcnc.com / cameron.njaa@kekstcnc.com212-521-4800
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