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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of
the Securities Exchange Act of 1934
Date
of report (Date of earliest event reported): August 1, 2023
GULFPORT
ENERGY CORPORATION
(Exact
Name of Registrant as Specified in Charter)
Delaware |
|
001-19514 |
|
86-3684669 |
(State
or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(I.R.S.
Employer
Identification Number) |
713
Market Drive
Oklahoma
City, Oklahoma |
|
73114 |
(Address
of principal
executive offices) |
|
(Zip
code) |
(405)
252-4600
(Registrant’s
telephone number, including area code)
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the Registrant under any of
the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act |
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act |
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act |
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act |
Securities
registered pursuant to Section 12(b) of the Act:
|
|
|
|
|
Title
of each class |
|
Name
of each exchange on which registered |
|
Trading
Symbol |
Common
stock, par value $0.0001 per share |
|
The
New York Stock Exchange |
|
GPOR |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02. Results of Operations and Financial Condition.
On
August 1, 2023, Gulfport Energy Corporation (“Gulfport”) issued a press release reporting its financial and operating results
for the three months ended June 30, 2023, and provided an update on its 2023 development plan and financial guidance. A copy of the press
release and supplemental financial information are attached as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on
Form 8-K.
Item
7.01. Regulation FD Disclosure.
Also
on August 1, 2023, Gulfport posted an updated investor presentation on its website. The presentation may be found on Gulfport’s
website at http://www.gulfportenergy.com by selecting “Investors,” “Company Information” and then “Presentations.”
The
information in the press release and updated investor presentation is being furnished, not filed, pursuant to Item 2.02 and Item 7.01.
Accordingly, the information in the press release and updated investor presentation will not be incorporated by reference into any registration
statement filed by Gulfport under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated
therein by reference.
Item
9.01. Financial Statements and Exhibits
(d)
Exhibits
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
GULFPORT ENERGY CORPORATION |
|
|
|
Date: August 1, 2023 |
By: |
/s/ Michael Hodges |
|
|
Michael Hodges |
|
|
Chief Financial Officer |
2
Exhibit
99.1
Gulfport
Energy Reports Second Quarter 2023 Financial and Operating Results
OKLAHOMA
CITY (August 1, 2023) Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today reported
financial and operating results for the three months ended June 30, 2023 and provided an update on its 2023 development plan and financial
guidance.
Second
Quarter 2023 and Recent Highlights
| ● | Delivered
total net production of 1,039.3 MMcfe per day, above analyst consensus expectations |
| ● | Reported
$93.7 million of net income and $144.5 million of adjusted EBITDA(1), above analyst consensus expectations |
| ● | Per
unit operating costs(2) totaled $1.16 per Mcfe, below analyst consensus expectations |
| ● | Incurred
capital expenditures of $129.3 million, below analyst consensus expectations |
| ● | Completed
and turned to sales 13 gross wells, including 11 wells in the Utica and 2 wells in the SCOOP |
| ● | Commenced
drilling on Marcellus delineation test in Belmont County, Ohio and plan to turn to sales during the fourth quarter 2023 |
| ● | Completed
secondary equity offering of 1.5 million shares of common stock, increasing public equity float by approximately 18% |
| ● | Repurchased
approximately 441.5 thousand shares for approximately $41.4 million at a weighted average price of $93.67 per share during second quarter
2023 |
| ● | Repurchased
approximately 3.8 million shares of common stock for approximately $325.0 million(3) since the inception of the repurchase
program |
Updated
Full Year 2023 Outlook
| ● | Raising
full year 2023 net production guidance to 1,035 MMcfe - 1,055 MMcfe per day, an increase of 1% to 3% based upon the Company’s previously
issued guidance range |
| ● | Reducing
per unit operating costs(2) to $1.16 - $1.24 per Mcfe, an improvement of approximately 4% based upon the midpoint of the Company’s
previously issued guidance range |
| ● | Revising
realized natural gas liquids guidance to 35% - 40% of WTI, an update to reflect market impacts to pricing realized to date and the Company’s
expectations for the remainder of the year |
| ● | Reaffirming guidance for
total base capital expenditures of $425 million - $475 million, consisting of drilling and completion expenditures of $375
million - $400 million and maintenance leasehold and land investment of $50 million - $75 million |
| ● | Reiterating
plans to allocate substantially all 2023 adjusted free cash flow(1) towards common share repurchases after discretionary acreage
acquisitions |
| ● | Planning
to allocate approximately $40 million to targeted discretionary acreage acquisitions |
John
Reinhart, President and CEO, commented, “This was another solid quarter for Gulfport, delivering outperformance relative to analyst
consensus estimates for production, per unit operating costs, adjusted EBITDA and capital expenditures. We continued to exhibit strong
operational execution and realized consistent cycle time improvements on the operational planning, drilling and completions front. These
efficiencies resulted in accelerated turn in line dates for all 13 gross wells brought online during the second quarter, with the 11
gross Utica wells averaging a pad turn-in-line date two weeks ahead of schedule. The team’s focus on efficiencies and continuous
improvements, in addition to our base production performance, contributed to the second quarter production results and led us to positively
update our full year production and per unit operating expense guidance. Subsequent to June 30, the drilling team spud Gulfport’s first
Marcellus delineation pad in Belmont County, Ohio. We look forward to bringing this pad online during the fourth quarter of 2023 and
further discussing this development later in the year.”
Reinhart
continued, “The current natural gas environment reinforces the importance of developing our assets in an efficient and
sustainable manner. Our team is focused on enhancing margins, optimizing efficiencies, and protecting the financial strength of the
Company. This, in addition to the enhancement of our already attractive acreage portfolio and a robust shareholder return strategy,
will further improve our strong positioning going forward. We continue to prioritize the return of capital to our shareholders
through common stock repurchases, as further evidenced by the concurrent repurchase alongside the secondary equity offering in June
2023. Since initiating the program, we have reduced our outstanding common shares by over 13%(3). For the remainder of
the year, we plan to continue allocating substantially all of our adjusted free cash flow to common share repurchases after
accounting for discretionary acreage acquisitions. We are actively pursuing these acquisition opportunities and intend to allocate
approximately $40 million from our robust 2023 adjusted free cash flow to this acreage in the form of discretionary
acreage acquisitions that extend our high-quality inventory by approximately 1.5 years and provide optionality for near term
development.”
A
company presentation to accompany the Gulfport earnings conference call can be accessed by clicking here.
| 1. | A
non-GAAP financial measure. Reconciliations of these non-GAAP measures and other disclosures
are provided with the supplemental financial tables available on our website at www.gulfportenergy.com. |
| 2. | Includes
lease operating expense, transportation, gathering, processing and compression expense and
taxes other than income. |
Operational
Update
The
table below summarizes Gulfport’s operated drilling and completion activity for the second quarter of 2023:
| |
Quarter Ended June 30, 2023 | |
| |
Gross | | |
Net | | |
Lateral Length | |
Spud | |
| | |
| | |
| |
Utica | |
| 2 | | |
| 1.7 | | |
| 18,700 | |
SCOOP | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | |
Drilled | |
| | | |
| | | |
| | |
Utica | |
| 7 | | |
| 6.3 | | |
| 14,800 | |
SCOOP | |
| 1 | | |
| 0.9 | | |
| 8,500 | |
| |
| | | |
| | | |
| | |
Completed | |
| | | |
| | | |
| | |
Utica | |
| 11 | | |
| 10.2 | | |
| 12,100 | |
SCOOP | |
| 2 | | |
| 1.7 | | |
| 8,600 | |
| |
| | | |
| | | |
| | |
Turned-to-Sales | |
| | | |
| | | |
| | |
Utica | |
| 11 | | |
| 10.2 | | |
| 14,200 | |
SCOOP | |
| 2 | | |
| 1.7 | | |
| 8,600 | |
Gulfport’s
net daily production for the second quarter of 2023 averaged 1,039.3 MMcfe per day, primarily consisting of 769.2 MMcfe per day in the
Utica and 270.1 MMcfe per day in the SCOOP. For the second quarter of 2023, Gulfport’s net daily production mix was comprised of
approximately 91% natural gas, 7% natural gas liquids (“NGL”) and 2% oil and condensate.
| |
Three Months
Ended
June 30,
2023 | | |
Three Months
Ended
June 30,
2022 | |
Production | |
| | |
| |
Natural gas (Mcf/day) | |
| 945,910 | | |
| 858,481 | |
Oil and condensate (Bbl/day) | |
| 3,533 | | |
| 4,678 | |
NGL (Bbl/day) | |
| 12,036 | | |
| 12,093 | |
Total (Mcfe/day) | |
| 1,039,323 | | |
| 959,106 | |
Average Prices | |
| | | |
| | |
Natural Gas: | |
| | | |
| | |
Average price without the impact of derivatives ($/Mcf) | |
$ | 1.85 | | |
$ | 6.90 | |
Impact from settled derivatives ($/Mcf) | |
$ | 0.57 | | |
$ | (3.70 | ) |
Average price, including settled derivatives ($/Mcf) | |
$ | 2.42 | | |
$ | 3.20 | |
Oil and condensate: | |
| | | |
| | |
Average price without the impact of derivatives ($/Bbl) | |
$ | 70.30 | | |
$ | 105.72 | |
Impact from settled derivatives ($/Bbl) | |
$ | 1.15 | | |
$ | (33.55 | ) |
Average price, including settled derivatives ($/Bbl) | |
$ | 71.45 | | |
$ | 72.17 | |
NGL: | |
| | | |
| | |
Average price without the impact of derivatives ($/Bbl) | |
$ | 23.80 | | |
$ | 49.17 | |
Impact from settled derivatives ($/Bbl) | |
$ | 2.47 | | |
$ | (4.73 | ) |
Average price, including settled derivatives ($/Bbl) | |
$ | 26.27 | | |
$ | 44.44 | |
Total: | |
| | | |
| | |
Average price without the impact of derivatives ($/Mcfe) | |
$ | 2.20 | | |
$ | 7.31 | |
Impact from settled derivatives ($/Mcfe) | |
$ | 0.56 | | |
$ | (3.53 | ) |
Average price, including settled derivatives ($/Mcfe) | |
$ | 2.76 | | |
$ | 3.78 | |
Selected operating metrics | |
| | | |
| | |
Lease operating expenses ($/Mcfe) | |
$ | 0.17 | | |
$ | 0.16 | |
Taxes other than income ($/Mcfe) | |
$ | 0.08 | | |
$ | 0.19 | |
Transportation, gathering, processing and compression expense ($/Mcfe) | |
$ | 0.91 | | |
$ | 1.01 | |
Recurring cash general and administrative expenses ($/Mcfe) (non-GAAP) | |
$ | 0.11 | | |
$ | 0.12 | |
Interest expenses ($/Mcfe) | |
$ | 0.15 | | |
$ | 0.16 | |
Capital
Investment
Capital
investment was $129.3 million (on an incurred basis) for the second quarter of 2023, of which $110.6 million related to drilling and
completion (“D&C”) activity and $18.7 million related to leasehold and land investment.
For
the six-month period ended June 30, 2023, capital investment was $276.2 million (on an incurred basis), of which $237.7 million
related to D&C activity and $38.5 million to leasehold and land investment.
Common
Stock Repurchase Program
Gulfport
repurchased approximately 441.5 thousand shares of common stock during the second quarter of 2023 at an average price of $93.67. As of
July 27, 2023, the Company had repurchased approximately 3.8 million shares of common stock at a weighted-average share price of
$85.51 since the program initiated in March 2022, totaling approximately $325.0 million in aggregate. The Company currently has approximately
$75.0 million of remaining capacity under the share repurchase program.
Financial
Position and Liquidity
As
of June 30, 2023, Gulfport had approximately $5.3 million of cash and cash equivalents, $99.0 million of borrowings under its revolving
credit facility, $74.4 million of letters of credit outstanding and $550 million of outstanding 2026 senior notes.
Gulfport’s
liquidity at June 30, 2023, totaled approximately $731.9 million, comprised of the $5.3 million of cash and cash equivalents and approximately
$726.6 million of available borrowing capacity under its credit facility.
Full
Year 2023 Guidance
The
Company is providing updated full year 2023 guidance (changes in italics) as set forth in the table below:
| |
Year Ending | |
| |
December 31, 2023 | |
| |
Low | | |
High | |
Production | |
| | |
| |
Average daily gas equivalent (MMcfe/day) | |
| 1,035 | | |
| 1,055 | |
% Gas | |
| ~90% | |
| |
| | | |
| | |
Realizations (before hedges) | |
| | | |
| | |
Natural gas (differential to NYMEX settled price) ($/Mcf) | |
$ | (0.20 | ) | |
$ | (0.35 | ) |
NGL (% of WTI) | |
| 35 | % | |
| 40 | % |
Oil (differential to NYMEX WTI) ($/Bbl) | |
$ | (3.00 | ) | |
$ | (4.00 | ) |
| |
| | | |
| | |
Expenses | |
| | | |
| | |
Lease operating expense ($/Mcfe) | |
$ | 0.16 | | |
$ | 0.18 | |
Taxes other than income ($/Mcfe) | |
$ | 0.10 | | |
$ | 0.12 | |
Transportation, gathering, processing and compression ($/Mcfe) | |
$ | 0.90 | | |
$ | 0.94 | |
Recurring cash general and administrative(1,2) ($/Mcfe) | |
$ | 0.11 | | |
$ | 0.13 | |
| |
| | | |
| | |
| |
| Total | |
Capital expenditures (incurred) | |
| (in millions) | |
D&C | |
$ | 375 | | |
$ | 400 | |
Maintenance leasehold and land | |
$ | 50 | | |
$ | 75 | |
Total base capital expenditures | |
$ | 425 | | |
$ | 475 | |
| |
| | | |
| | |
Discretionary acreage acquisitions | |
| $40 | |
(1) | Recurring cash G&A includes capitalization. It excludes
non-cash stock compensation and expenses related to the continued administration of our prior Chapter 11 filing. |
(2) | This is a non-GAAP measure. Reconciliations of these non-GAAP
measures and other disclosures are provided with the supplemental financial tables available on our website at www.gulfportenergy.com. |
Derivatives
Gulfport
enters into commodity derivative contracts on a portion of its expected future production volumes to mitigate the Company’s exposure
to commodity price fluctuations. For details, please refer to the “Derivatives” section provided with the supplemental financial
tables available on our website at ir.gulfportenergy.com.
Second
Quarter 2023 Conference Call
Gulfport
will host a teleconference and webcast to discuss its second quarter of 2023 results beginning at 9:00 a.m. ET (8:00 a.m. CT) on Wednesday,
August 2, 2023.
The
conference call can be heard live through a link on the Gulfport website, www.gulfportenergy.com. In addition, you may participate
in the conference call by dialing 866-373-3408 domestically or 412-902-1039 internationally. A replay of the conference call will be
available on the Gulfport website and a telephone audio replay will be available from August 3, 2023 to August 17, 2023,
by calling 877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode
13739877.
Financial
Statements and Guidance Documents
Second quarter of 2023 earnings results and supplemental
information regarding quarterly data such as production volumes, pricing, financial statements and non-GAAP reconciliations are available
on our website at ir.gulfportenergy.com.
Non-GAAP
Disclosures
This
news release includes non-GAAP financial measures. Such non-GAAP measures should be not considered as an alternative to GAAP measures.
Reconciliations of these non-GAAP measures and other disclosures are provided with the supplemental financial tables available on our
website at ir.gulfportenergy.com.
About
Gulfport
Gulfport
is an independent natural gas-weighted exploration and production company focused on the exploration, acquisition and production of natural
gas, crude oil and NGL in the United States with primary focus in the Appalachia and Anadarko basins. Our principal properties are located
in eastern Ohio targeting the Utica formation and in central Oklahoma targeting the SCOOP Woodford and SCOOP Springer formations.
Forward
Looking Statements
This
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 Securities Exchange Act
of 1934. Forward-looking statements are statements other than statements of historical fact. They include statements regarding Gulfport’s
current expectations, management’s outlook guidance or forecasts of future events, projected cash flow and liquidity, inflation, share
repurchases and other return of capital plans, its ability to enhance cash flow and financial flexibility, future production and commodity
mix, plans and objectives for future operations, the ability of our employees, portfolio strength and operational leadership to create
long-term value, the rejection of certain midstream contracts and the assumptions on which such statements are based. Gulfport believes
the expectations and forecasts reflected in the forward-looking statements are reasonable, Gulfport can give no assurance they will prove
to have been correct. They can be affected by inaccurate or changed assumptions or by known or unknown risks and uncertainties. Important
risks, assumptions and other important factors that could cause future results to differ materially from those expressed in the forward-looking
statements are described under “Risk Factors” in Item 1A of Gulfport’s annual report on Form 10-K for the year ended
December 31, 2022 and any updates to those factors set forth in Gulfport’s subsequent quarterly reports on Form 10-Q or current reports
on Form 8-K (available at https://www.gulfportenergy.com/investors/sec-filings). Gulfport undertakes no obligation to release publicly
any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.
Investors
should note that Gulfport announces financial information in SEC filings, press releases and public conference calls. Gulfport
may use the Investors section of its website (www.gulfportenergy.com) to communicate with investors. It is possible that the financial
and other information posted there could be deemed to be material information. The information on Gulfport’s website is not
part of this filing.
Investor
Contact:
Jessica
Antle – Director, Investor Relations
jantle@gulfportenergy.com
405-252-4550
6
Exhibit
99.2
Three
months and six months ended June 30, 2023
Supplemental
Information of Gulfport Energy
Table of Contents: |
Page: |
Production Volumes by Asset Area |
2 |
Production and Pricing |
4 |
Consolidated Statements of Income |
6 |
Consolidated Balance Sheets |
8 |
Consolidated Statement of Cash Flows |
10 |
Updated 2023E Guidance |
12 |
Derivatives |
13 |
Non-GAAP Reconciliations |
14 |
Definitions |
15 |
Adjusted Net Income |
16 |
Adjusted EBITDA |
18 |
Adjusted Free Cash Flow |
20 |
Recurring General and Administrative Expenses |
22 |
Production
Volumes by Asset Area: Three months ended June 30, 2023
Production
Volumes
| |
Three Months
Ended
June 30,
2023 | | |
Three Months Ended
June 30,
2022 | |
Natural gas (Mcf/day) | |
| | |
| |
Utica | |
| 751,272 | | |
| 637,854 | |
SCOOP | |
| 194,639 | | |
| 220,637 | |
Other | |
| — | | |
| (10 | ) |
Total | |
| 945,910 | | |
| 858,481 | |
Oil and condensate (Bbl/day) | |
| | | |
| | |
Utica | |
| 556 | | |
| 722 | |
SCOOP | |
| 2,977 | | |
| 3,960 | |
Other | |
| — | | |
| (4 | ) |
Total | |
| 3,533 | | |
| 4,678 | |
NGL (Bbl/day) | |
| | | |
| | |
Utica | |
| 2,440 | | |
| 2,109 | |
SCOOP | |
| 9,596 | | |
| 9,983 | |
Other | |
| — | | |
| 2 | |
Total | |
| 12,036 | | |
| 12,093 | |
Combined (Mcfe/day) | |
| | | |
| | |
Utica | |
| 769,246 | | |
| 654,840 | |
SCOOP | |
| 270,077 | | |
| 304,293 | |
Other | |
| 1 | | |
| (27 | ) |
Total | |
| 1,039,323 | | |
| 959,106 | |
Totals may not sum or recalculate due to rounding. | |
| | | |
| | |
Production
Volumes by Asset Area: Six months ended June 30, 2023
Production
Volumes
| |
Six Months Ended
June 30,
2023 | | |
Six Months Ended
June 30,
2022 | |
Natural gas (Mcf/day) | |
| | |
| |
Utica | |
| 735,133 | | |
| 699,489 | |
SCOOP | |
| 210,030 | | |
| 191,806 | |
Other | |
| — | | |
| 11 | |
Total | |
| 945,163 | | |
| 891,306 | |
Oil and condensate (Bbl/day) | |
| | | |
| | |
Utica | |
| 573 | | |
| 710 | |
SCOOP | |
| 3,555 | | |
| 3,447 | |
Other | |
| — | | |
| 1 | |
Total | |
| 4,128 | | |
| 4,158 | |
NGL (Bbl/day) | |
| | | |
| | |
Utica | |
| 2,564 | | |
| 2,145 | |
SCOOP | |
| 10,496 | | |
| 9,052 | |
Other | |
| — | | |
| 1 | |
Total | |
| 13,060 | | |
| 11,198 | |
Combined (Mcfe/day) | |
| | | |
| | |
Utica | |
| 753,956 | | |
| 716,621 | |
SCOOP | |
| 294,335 | | |
| 266,798 | |
Other | |
| 1 | | |
| 25 | |
Total | |
| 1,048,292 | | |
| 983,444 | |
Totals may not sum or recalculate due to rounding. | |
| | | |
| | |
Production
and Pricing: Three months ended June 30, 2023
The
following table summarizes production and related pricing for the three months ended June 30, 2023, as compared to such data for the
three months ended June 30, 2022:
| |
Three Months
Ended
June 30,
2023 | | |
Three Months
Ended
June 30,
2022 | |
Natural gas sales | |
| | |
| |
Natural gas production volumes (MMcf) | |
| 86,078 | | |
| 78,122 | |
Natural gas production volumes (MMcf) per day | |
| 946 | | |
| 858 | |
Total sales | |
$ | 159,246 | | |
$ | 539,090 | |
Average price without the impact of derivatives ($/Mcf) | |
$ | 1.85 | | |
$ | 6.90 | |
Impact from settled derivatives ($/Mcf) | |
$ | 0.57 | | |
$ | (3.70 | ) |
Average price, including settled derivatives ($/Mcf) | |
$ | 2.42 | | |
$ | 3.20 | |
| |
| | | |
| | |
Oil and condensate sales | |
| | | |
| | |
Oil and condensate production volumes (MBbl) | |
| 321 | | |
| 426 | |
Oil and condensate production volumes (MBbl) per day | |
| 4 | | |
| 5 | |
Total sales | |
$ | 22,602 | | |
$ | 45,009 | |
Average price without the impact of derivatives ($/Bbl) | |
$ | 70.30 | | |
$ | 105.72 | |
Impact from settled derivatives ($/Bbl) | |
$ | 1.15 | | |
$ | (33.55 | ) |
Average price, including settled derivatives ($/Bbl) | |
$ | 71.45 | | |
$ | 72.17 | |
| |
| | | |
| | |
NGL sales | |
| | | |
| | |
NGL production volumes (MBbl) | |
| 1,095 | | |
| 1,100 | |
NGL production volumes (MBbl) per day | |
| 12 | | |
| 12 | |
Total sales | |
$ | 26,070 | | |
$ | 54,106 | |
Average price without the impact of derivatives ($/Bbl) | |
$ | 23.80 | | |
$ | 49.17 | |
Impact from settled derivatives ($/Bbl) | |
$ | 2.47 | | |
$ | (4.73 | ) |
Average price, including settled derivatives ($/Bbl) | |
$ | 26.27 | | |
$ | 44.44 | |
| |
| | | |
| | |
Natural gas, oil and condensate and NGL sales | |
| | | |
| | |
Natural gas equivalents (MMcfe) | |
| 94,578 | | |
| 87,279 | |
Natural gas equivalents (MMcfe) per day | |
| 1,039 | | |
| 959 | |
Total sales | |
$ | 207,918 | | |
$ | 638,205 | |
Average price without the impact of derivatives ($/Mcfe) | |
$ | 2.20 | | |
$ | 7.31 | |
Impact from settled derivatives ($/Mcfe) | |
$ | 0.56 | | |
$ | (3.53 | ) |
Average price, including settled derivatives ($/Mcfe) | |
$ | 2.76 | | |
$ | 3.78 | |
| |
| | | |
| | |
Production Costs: | |
| | | |
| | |
Average lease operating expenses ($/Mcfe) | |
$ | 0.17 | | |
$ | 0.16 | |
Average taxes other than income ($/Mcfe) | |
$ | 0.08 | | |
$ | 0.19 | |
Average transportation, gathering, processing and compression ($/Mcfe) | |
$ | 0.91 | | |
$ | 1.01 | |
Total lease operating expenses, midstream costs and production taxes ($/Mcfe) | |
$ | 1.16 | | |
$ | 1.36 | |
Production
and Pricing: Six months ended June 30, 2023
The
following table summarizes production and related pricing for the six months ended June 30, 2023, as compared to such data for the six
months ended June 30, 2022:
| |
Six Months
Ended
June 30,
2023 | | |
Six Months
Ended
June 30,
2022 | |
Natural gas sales | |
| | |
| |
Natural gas production volumes (MMcf) | |
| 171,075 | | |
| 161,326 | |
Natural gas production volumes (MMcf) per day | |
| 945 | | |
| 891 | |
Total sales | |
$ | 441,780 | | |
$ | 944,302 | |
Average price without the impact of derivatives ($/Mcf) | |
$ | 2.58 | | |
$ | 5.85 | |
Impact from settled derivatives ($/Mcf) | |
$ | 0.29 | | |
$ | (2.48 | ) |
Average price, including settled derivatives ($/Mcf) | |
$ | 2.87 | | |
$ | 3.37 | |
| |
| | | |
| | |
Oil and condensate sales | |
| | | |
| | |
Oil and condensate production volumes (MBbl) | |
| 747 | | |
| 753 | |
Oil and condensate production volumes (MBbl) per day | |
| 4 | | |
| 4 | |
Total sales | |
$ | 53,316 | | |
$ | 75,248 | |
Average price without the impact of derivatives ($/Bbl) | |
$ | 71.36 | | |
$ | 99.99 | |
Impact from settled derivatives ($/Bbl) | |
$ | (0.10 | ) | |
$ | (29.80 | ) |
Average price, including settled derivatives ($/Bbl) | |
$ | 71.26 | | |
$ | 70.19 | |
| |
| | | |
| | |
NGL sales | |
| | | |
| | |
NGL production volumes (MBbl) | |
| 2,364 | | |
| 2,027 | |
NGL production volumes (MBbl) per day | |
| 13 | | |
| 11 | |
Total sales | |
$ | 65,982 | | |
$ | 99,390 | |
Average price without the impact of derivatives ($/Bbl) | |
$ | 27.91 | | |
$ | 49.03 | |
Impact from settled derivatives ($/Bbl) | |
$ | 1.56 | | |
$ | (5.40 | ) |
Average price, including settled derivatives ($/Bbl) | |
$ | 29.47 | | |
$ | 43.63 | |
| |
| | | |
| | |
Natural gas, oil and condensate and NGL sales | |
| | | |
| | |
Natural gas equivalents (MMcfe) | |
| 189,741 | | |
| 178,003 | |
Natural gas equivalents (MMcfe) per day | |
| 1,048 | | |
| 983 | |
Total sales | |
$ | 561,078 | | |
$ | 1,118,940 | |
Average price without the impact of derivatives ($/Mcfe) | |
$ | 2.96 | | |
$ | 6.29 | |
Impact from settled derivatives ($/Mcfe) | |
$ | 0.28 | | |
$ | (2.44 | ) |
Average price, including settled derivatives ($/Mcfe) | |
$ | 3.24 | | |
$ | 3.85 | |
| |
| | | |
| | |
Production Costs: | |
| | | |
| | |
Average lease operating expenses ($/Mcfe) | |
$ | 0.19 | | |
$ | 0.18 | |
Average taxes other than income ($/Mcfe) | |
$ | 0.10 | | |
$ | 0.16 | |
Average transportation, gathering, processing and compression ($/Mcfe) | |
$ | 0.91 | | |
$ | 0.97 | |
Total lease operating expenses, midstream costs and production taxes ($/Mcfe) | |
$ | 1.20 | | |
$ | 1.31 | |
Consolidated
Statements of Income: Three months ended June 30, 2023
(In
thousands, except per share data)
(Unaudited)
| |
Three Months
Ended
June 30,
2023 | | |
Three Months
Ended
June 30,
2022 | |
REVENUES: | |
| | |
| |
Natural gas sales | |
$ | 159,246 | | |
$ | 539,090 | |
Oil and condensate sales | |
| 22,602 | | |
| 45,009 | |
Natural gas liquid sales | |
| 26,070 | | |
| 54,106 | |
Net gain (loss) on natural gas, oil and NGL derivatives | |
| 96,788 | | |
| (172,871 | ) |
Total revenues | |
| 304,706 | | |
| 465,334 | |
OPERATING EXPENSES: | |
| | | |
| | |
Lease operating expenses | |
| 16,155 | | |
| 14,239 | |
Taxes other than income | |
| 7,938 | | |
| 16,682 | |
Transportation, gathering, processing and compression | |
| 85,664 | | |
| 87,752 | |
Depreciation, depletion and amortization | |
| 80,148 | | |
| 62,602 | |
General and administrative expenses | |
| 8,611 | | |
| 8,271 | |
Restructuring costs | |
| 2,893 | | |
| — | |
Accretion expense | |
| 714 | | |
| 692 | |
Total operating expenses | |
| 202,123 | | |
| 190,238 | |
INCOME FROM OPERATIONS | |
| 102,583 | | |
| 275,096 | |
OTHER EXPENSE (INCOME): | |
| | | |
| | |
Interest expense | |
| 13,727 | | |
| 14,234 | |
Other, net | |
| (4,831 | ) | |
| 4,282 | |
Total other expense | |
| 8,896 | | |
| 18,516 | |
INCOME BEFORE INCOME TAXES | |
| 93,687 | | |
| 256,580 | |
Income tax expense | |
| — | | |
| — | |
NET INCOME | |
$ | 93,687 | | |
$ | 256,580 | |
Dividends on preferred stock | |
| (1,278 | ) | |
| (1,380 | ) |
Participating securities - preferred stock | |
| (14,044 | ) | |
| (39,590 | ) |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |
$ | 78,365 | | |
$ | 215,610 | |
| |
| | | |
| | |
NET INCOME (LOSS) PER COMMON SHARE: | |
| | | |
| | |
Basic | |
$ | 4.23 | | |
$ | 10.42 | |
Diluted | |
$ | 4.18 | | |
$ | 10.34 | |
Weighted average common shares outstanding—Basic | |
| 18,518 | | |
| 20,684 | |
Weighted average common shares outstanding—Diluted | |
| 18,805 | | |
| 20,877 | |
Consolidated
Statements of Income: Six months ended June 30, 2023
(In
thousands, except per share data)
(Unaudited)
| |
Six Months
Ended
June 30,
2023 | | |
Six Months
Ended
June 30,
2022 | |
REVENUES: | |
| | |
| |
Natural gas sales | |
$ | 441,780 | | |
$ | 944,302 | |
Oil and condensate sales | |
| 53,316 | | |
| 75,248 | |
Natural gas liquid sales | |
| 65,982 | | |
| 99,390 | |
Net gain (loss) on natural gas, oil and NGL derivatives | |
| 474,849 | | |
| (961,422 | ) |
Total revenues | |
| 1,035,927 | | |
| 157,518 | |
OPERATING EXPENSES: | |
| | | |
| | |
Lease operating expenses | |
| 36,017 | | |
| 31,883 | |
Taxes other than income | |
| 18,633 | | |
| 29,150 | |
Transportation, gathering, processing and compression | |
| 173,281 | | |
| 172,544 | |
Depreciation, depletion and amortization | |
| 159,242 | | |
| 124,886 | |
General and administrative expenses | |
| 17,344 | | |
| 15,376 | |
Restructuring costs | |
| 4,762 | | |
| — | |
Accretion expense | |
| 1,478 | | |
| 1,384 | |
Total operating expenses | |
| 410,757 | | |
| 375,223 | |
INCOME (LOSS) FROM OPERATIONS | |
| 625,170 | | |
| (217,705 | ) |
OTHER EXPENSE (INCOME): | |
| | | |
| | |
Interest expense | |
| 27,483 | | |
| 28,218 | |
Other, net | |
| (19,054 | ) | |
| (10,528 | ) |
Total other expense | |
| 8,429 | | |
| 17,690 | |
INCOME (LOSS) BEFORE INCOME TAXES | |
| 616,741 | | |
| (235,395 | ) |
Income tax expense | |
| — | | |
| — | |
NET INCOME (LOSS) | |
$ | 616,741 | | |
$ | (235,395 | ) |
Dividends on preferred stock | |
| (2,585 | ) | |
| (2,828 | ) |
Participating securities - preferred stock | |
| (92,611 | ) | |
| — | |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | |
$ | 521,545 | | |
$ | (238,223 | ) |
| |
| | | |
| | |
NET INCOME (LOSS) PER COMMON SHARE: | |
| | | |
| | |
Basic | |
$ | 27.91 | | |
$ | (11.36 | ) |
Diluted | |
$ | 27.60 | | |
$ | (11.36 | ) |
Weighted average common shares outstanding—Basic | |
| 18,688 | | |
| 20,961 | |
Weighted average common shares outstanding—Diluted | |
| 18,930 | | |
| 20,961 | |
Consolidated
Balance Sheets
(In
thousands)
(Unaudited)
| |
June 30,
2023 | | |
December 31,
2022 | |
Assets | |
| | |
| |
Current assets: | |
| | |
| |
Cash and cash equivalents | |
$ | 5,269 | | |
$ | 7,259 | |
Accounts receivable—oil, natural gas, and natural gas liquids sales | |
| 92,104 | | |
| 278,404 | |
Accounts receivable—joint interest and other | |
| 17,883 | | |
| 21,478 | |
Prepaid expenses and other current assets | |
| 6,453 | | |
| 7,621 | |
Short-term derivative instruments | |
| 140,686 | | |
| 87,508 | |
Total current assets | |
| 262,395 | | |
| 402,270 | |
Property and equipment: | |
| | | |
| | |
Oil and natural gas properties, full-cost method | |
| | | |
| | |
Proved oil and natural gas properties | |
| 2,695,104 | | |
| 2,418,666 | |
Unproved properties | |
| 188,461 | | |
| 178,472 | |
Other property and equipment | |
| 7,419 | | |
| 6,363 | |
Total property and equipment | |
| 2,890,984 | | |
| 2,603,501 | |
Less: accumulated depletion, depreciation and amortization | |
| (705,153 | ) | |
| (545,771 | ) |
Total property and equipment, net | |
| 2,185,831 | | |
| 2,057,730 | |
Other assets: | |
| | | |
| | |
Long-term derivative instruments | |
| 54,308 | | |
| 26,525 | |
Operating lease assets | |
| 20,600 | | |
| 26,713 | |
Other assets | |
| 32,590 | | |
| 21,241 | |
Total other assets | |
| 107,498 | | |
| 74,479 | |
Total assets | |
$ | 2,555,724 | | |
$ | 2,534,479 | |
Consolidated
Balance Sheets
(In
thousands, except share data)
(Unaudited)
| |
June 30,
2023 | | |
December 31,
2022 | |
Liabilities, Mezzanine Equity and Stockholders’ Equity | |
| | |
| |
Current liabilities: | |
| | |
| |
Accounts payable and accrued liabilities | |
$ | 307,720 | | |
$ | 437,384 | |
Short-term derivative instruments | |
| 59,367 | | |
| 343,522 | |
Current portion of operating lease liabilities | |
| 12,756 | | |
| 12,414 | |
Total current liabilities | |
| 379,843 | | |
| 793,320 | |
Non-current liabilities: | |
| | | |
| | |
Long-term derivative instruments | |
| 61,557 | | |
| 118,404 | |
Asset retirement obligation | |
| 33,638 | | |
| 33,171 | |
Non-current operating lease liabilities | |
| 7,844 | | |
| 14,299 | |
Long-term debt | |
| 648,267 | | |
| 694,155 | |
Total non-current liabilities | |
| 751,306 | | |
| 860,029 | |
Total liabilities | |
$ | 1,131,149 | | |
$ | 1,653,349 | |
Commitments and contingencies (Note 9) | |
| | | |
| | |
Mezzanine Equity: | |
| | | |
| | |
Preferred stock - $0.0001 par value, 110.0 thousand shares authorized, 46.5 thousand issued and outstanding at June 30, 2023, and 52.3 thousand issued and outstanding at December 31, 2022 | |
| 46,459 | | |
| 52,295 | |
Stockholders’ Equity: | |
| | | |
| | |
Common stock - $0.0001 par value, 42.0 million shares authorized, 18.7 million issued and outstanding at June 30, 2023, and 19.1 million issued and outstanding at December 31, 2022 | |
| 2 | | |
| 2 | |
Additional paid-in capital | |
| 384,082 | | |
| 449,243 | |
Common stock held in reserve, 62 thousand shares at June 30, 2023, and 62 thousand shares at December 31, 2022 | |
| (1,996 | ) | |
| (1,996 | ) |
Retained earnings | |
| 996,028 | | |
| 381,872 | |
Treasury stock, at cost - no shares at June 30, 2023, and 3.9 thousand shares at December 31, 2022 | |
| — | | |
| (286 | ) |
Total stockholders’ equity | |
$ | 1,378,116 | | |
$ | 828,835 | |
Total liabilities, mezzanine equity and stockholders’ equity | |
$ | 2,555,724 | | |
$ | 2,534,479 | |
Consolidated
Statement of Cash Flows: Three months ended June 30, 2023
(In
thousands)
(Unaudited)
| |
Three Months
Ended
June 30,
2023 | | |
Three Months
Ended
June 30,
2022 | |
Cash flows from operating activities: | |
| | |
| |
Net income | |
$ | 93,687 | | |
$ | 256,580 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
Depletion, depreciation and amortization | |
| 80,148 | | |
| 62,602 | |
Net (gain) loss on derivative instruments | |
| (96,788 | ) | |
| 172,871 | |
Net cash receipts (payments) on settled derivative instruments | |
| 52,519 | | |
| (308,420 | ) |
Other, net | |
| 4,385 | | |
| 2,381 | |
Changes in operating assets and liabilities, net | |
| (26,600 | ) | |
| (56,510 | ) |
Net cash provided by operating activities | |
| 107,351 | | |
| 129,504 | |
Cash flows from investing activities: | |
| | | |
| | |
Additions to oil and natural gas properties | |
| (153,006 | ) | |
| (101,516 | ) |
Proceeds from sale of oil and natural gas properties | |
| 185 | | |
| 580 | |
Other, net | |
| (191 | ) | |
| (51 | ) |
Net cash used in investing activities | |
| (153,012 | ) | |
| (100,987 | ) |
Cash flows from financing activities: | |
| | | |
| | |
Principal payments on Credit Facility | |
| (205,000 | ) | |
| (380,000 | ) |
Borrowings on Credit Facility | |
| 304,000 | | |
| 479,000 | |
Debt issuance costs and loan commitment fees | |
| (6,913 | ) | |
| (108 | ) |
Dividends on preferred stock | |
| (1,280 | ) | |
| (1,381 | ) |
Repurchase of common stock under Repurchase Program | |
| (41,844 | ) | |
| (125,020 | ) |
Other, net | |
| (1,493 | ) | |
| (325 | ) |
Net cash provided by (used in) financing activities | |
| 47,470 | | |
| (27,834 | ) |
Net increase in cash and cash equivalents | |
| 1,809 | | |
| 683 | |
Cash and cash equivalents at beginning of period | |
| 3,460 | | |
| 5,898 | |
Cash and cash equivalents at end of period | |
$ | 5,269 | | |
$ | 6,581 | |
Consolidated
Statement of Cash Flows: Six months ended June 30, 2023
(In
thousands)
(Unaudited)
| |
Six Months
Ended
June 30,
2023 | | |
Six Months
Ended
June 30,
2022 | |
Cash flows from operating activities: | |
| | |
| |
Net income (loss) | |
$ | 616,741 | | |
$ | (235,395 | ) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |
| | | |
| | |
Depletion, depreciation and amortization | |
| 159,242 | | |
| 124,886 | |
Net (gain) loss on derivative instruments | |
| (474,849 | ) | |
| 961,422 | |
Net cash receipts (payments) on settled derivative instruments | |
| 52,886 | | |
| (433,466 | ) |
Other, net | |
| 9,227 | | |
| 5,071 | |
Changes in operating assets and liabilities, net | |
| 48,159 | | |
| (39,318 | ) |
Net cash provided by operating activities | |
| 411,406 | | |
| 383,200 | |
Cash flows from investing activities: | |
| | | |
| | |
Additions to oil and natural gas properties | |
| (283,406 | ) | |
| (181,787 | ) |
Proceeds from sale of oil and natural gas properties | |
| 2,648 | | |
| 580 | |
Other, net | |
| (835 | ) | |
| (58 | ) |
Net cash used in investing activities | |
| (281,593 | ) | |
| (181,265 | ) |
Cash flows from financing activities: | |
| | | |
| | |
Principal payments on Credit Facility | |
| (518,000 | ) | |
| (836,000 | ) |
Borrowings on Credit Facility | |
| 472,000 | | |
| 796,000 | |
Debt issuance costs and loan commitment fees | |
| (6,920 | ) | |
| (169 | ) |
Dividends on preferred stock | |
| (2,587 | ) | |
| (2,828 | ) |
Repurchase of common stock under Repurchase Program | |
| (74,516 | ) | |
| (155,212 | ) |
Other, net | |
| (1,780 | ) | |
| (405 | ) |
Net cash used in financing activities | |
| (131,803 | ) | |
| (198,614 | ) |
Net (decrease) increase in cash and cash equivalents | |
| (1,990 | ) | |
| 3,321 | |
Cash and cash equivalents at beginning of period | |
| 7,259 | | |
| 3,260 | |
Cash and cash equivalents at end of period | |
$ | 5,269 | | |
$ | 6,581 | |
Updated
2023E Guidance
The
Company is providing updated full year 2023 guidance (changes in italics) as set forth in the table below. Gulfport's 2023 guidance
assumes commodity strip prices as of July 17, 2023, adjusted for applicable commodity and location differentials, and no property acquisitions
or divestitures.
| |
Year Ending | |
| |
December 31, 2023 | |
| |
Low | | |
High | |
Production | |
| | |
| |
Average daily gas equivalent (MMcfe/day) | |
| 1,035 | | |
| 1,055 | |
% Gas | |
| ~90% | |
| |
| | | |
| | |
Realizations (before hedges) | |
| | | |
| | |
Natural gas (differential to NYMEX settled price) ($/Mcf) | |
$ | (0.20 | ) | |
$ | (0.35 | ) |
NGL (% of WTI) | |
| 35 | % | |
| 40 | % |
Oil (differential to NYMEX WTI) ($/Bbl) | |
$ | (3.00 | ) | |
$ | (4.00 | ) |
| |
| | | |
| | |
Expenses | |
| | | |
| | |
Lease operating expense ($/Mcfe) | |
$ | 0.16 | | |
$ | 0.18 | |
Taxes other than income ($/Mcfe) | |
$ | 0.10 | | |
$ | 0.12 | |
Transportation, gathering, processing and compression ($/Mcfe) | |
$ | 0.90 | | |
$ | 0.94 | |
Recurring cash general and administrative(1,2) ($/Mcfe) | |
$ | 0.11 | | |
$ | 0.13 | |
| |
Total | |
Capital expenditures (incurred) | |
(in millions) | |
D&C | |
$ | 375 | | |
$ | 400 | |
Maintenance leasehold and land | |
$ | 50 | | |
$ | 75 | |
Total base capital expenditures | |
$ | 425 | | |
$ | 475 | |
| |
| | | |
| | |
Discretionary acreage acquisitions | |
| $40 |
(1) | Recurring cash G&A includes capitalization. It excludes
non-cash stock compensation and expenses related to the continued administration of our prior Chapter 11 filing. |
(2) | This is a non-GAAP measure. Reconciliations of these non-GAAP
measures and other disclosures are provided with the supplemental financial tables available on our website at www.gulfportenergy.com. |
Derivatives
The
below details Gulfport's hedging positions as of August 1, 2023:
| |
3Q2023 | | |
4Q2023 | | |
Full Year 2023(1) | | |
Full Year 2024 | | |
Full Year 2025 | |
Natural Gas Contract Summary (NYMEX): | |
| | |
| | |
| | |
| | |
| |
Fixed Price Swaps | |
| | |
| | |
| | |
| | |
| |
Volume (BBtupd) | |
| 220 | | |
| 280 | | |
| 250 | | |
| 305 | | |
| 110 | |
Weighted Average Price ($/MMBtu) | |
$ | 3.82 | | |
$ | 4.36 | | |
$ | 4.12 | | |
$ | 4.08 | | |
$ | 4.09 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Fixed Price Collars | |
| | | |
| | | |
| | | |
| | | |
| | |
Volume (BBtupd) | |
| 285 | | |
| 285 | | |
| 285 | | |
| 180 | | |
| 80 | |
Weighted Average Floor Price ($/MMBtu) | |
$ | 2.93 | | |
$ | 2.93 | | |
$ | 2.93 | | |
$ | 3.43 | | |
$ | 3.65 | |
Weighted Average Ceiling Price ($/MMBtu) | |
$ | 4.78 | | |
$ | 4.78 | | |
$ | 4.78 | | |
$ | 5.49 | | |
$ | 4.54 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Fixed Price Calls Sold | |
| | | |
| | | |
| | | |
| | | |
| | |
Volume (BBtupd) | |
| 408 | | |
| 408 | | |
| 408 | | |
| 202 | | |
| 193 | |
Weighted Average Price ($/MMBtu) | |
$ | 3.21 | | |
$ | 3.21 | | |
$ | 3.21 | | |
$ | 3.33 | | |
$ | 5.80 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Rex Zone 3 Basis | |
| | | |
| | | |
| | | |
| | | |
| | |
Volume (BBtupd) | |
| 140 | | |
| 140 | | |
| 140 | | |
| 130 | | |
| — | |
Differential ($/MMBtu) | |
$ | (0.22 | ) | |
$ | (0.22 | ) | |
$ | (0.22 | ) | |
$ | (0.15 | ) | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Tetco M2 Basis | |
| | | |
| | | |
| | | |
| | | |
| | |
Volume (BBtupd) | |
| 210 | | |
| 210 | | |
| 210 | | |
| 90 | | |
| — | |
Differential ($/MMBtu) | |
$ | (0.91 | ) | |
$ | (0.91 | ) | |
$ | (0.91 | ) | |
$ | (0.91 | ) | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
NGPL TX OK Basis | |
| | | |
| | | |
| | | |
| | | |
| | |
Volume (BBtupd) | |
| 80 | | |
| 80 | | |
| 80 | | |
| 70 | | |
| — | |
Differential ($/MMBtu) | |
$ | (0.35 | ) | |
$ | (0.35 | ) | |
$ | (0.35 | ) | |
$ | (0.31 | ) | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Oil Contract Summary (WTI): | |
| | | |
| | | |
| | | |
| | | |
| | |
Fixed Price Swaps | |
| | | |
| | | |
| | | |
| | | |
| | |
Volume (Bblpd) | |
| 3,000 | | |
| 3,000 | | |
| 3,000 | | |
| — | | |
| — | |
Weighted Average Price ($/Bbl) | |
$ | 74.47 | | |
$ | 74.47 | | |
$ | 74.47 | | |
$ | — | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Fixed Price Collars | |
| | | |
| | | |
| | | |
| | | |
| | |
Volume (Bblpd) | |
| — | | |
| — | | |
| — | | |
| 1,000 | | |
| — | |
Weighted Average Floor Price ($/Bbl) | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 62.00 | | |
$ | — | |
Weighted Average Ceiling Price ($/Bbl) | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 80.00 | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
NGL Contract Summary: | |
| | | |
| | | |
| | | |
| | | |
| | |
C3 Propane Fixed Price Swaps | |
| | | |
| | | |
| | | |
| | | |
| | |
Volume (Bblpd) | |
| 3,000 | | |
| 3,000 | | |
| 3,000 | | |
| 500 | | |
| — | |
Weighted Average Price ($/Bbl) | |
$ | 38.07 | | |
$ | 38.07 | | |
$ | 38.07 | | |
$ | 29.13 | | |
$ | — | |
(1) | July 1 - December 31, 2023. |
Non-GAAP
Reconciliations
Gulfport’s
management uses certain non-GAAP financial measures for planning, forecasting and evaluating business and financial performance, and
believes that they are useful tool to assess Gulfport’s operating results. Although these are not measures of performance
calculated in accordance with generally accepted accounting principles (GAAP), management believes that these financial measures are
useful to an investor in evaluating Gulfport because (i) analysts utilize these metrics when evaluating company performance and have
requested this information as of a recent practicable date, (ii) these metrics are widely used to evaluate a company’s
operating performance, and (iii) we want to provide updated information to investors. Investors should not view these metrics as a
substitute for measures of performance that are calculated in accordance with GAAP. In addition, because all companies do not
calculate these measures identically, these measures may not be comparable to similarly titled measures of other
companies.
These
non-GAAP financial measures include adjusted net income, adjusted EBITDA, adjusted free cash flow, and recurring general and administrative
expense. A reconciliation of each financial measure to its most directly comparable GAAP financial measure is included in the tables
below. These non-GAAP measure should be considered in addition to, but not instead of, the financial statements prepared in accordance
with GAAP.
Definitions
Adjusted
net income is a non-GAAP financial measure equal to income (loss) before income taxes less non-cash derivative (gain) loss, non-recurring
general and administrative expenses comprised of expenses related to the continued administration of our prior Chapter 11 filing, stock-based
compensation expenses, restructuring costs and other items which include items related to our Chapter 11 filing and other non-material
expenses.
Adjusted
EBITDA is a non-GAAP financial measure equal to net income (loss), the most directly comparable GAAP financial measure, plus interest
expense, depreciation, depletion and amortization, and impairment of oil and gas properties, property and equipment, accretion, non-cash
derivative (gain) loss, non-recurring general and administrative expenses comprised of expenses related to the continued administration
of our prior Chapter 11 filing, stock-based compensation, restructuring costs and other items which include items related to our Chapter
11 filing and other non-material expenses.
Adjusted
free cash flow is a non-GAAP measure defined as adjusted EBITDA plus certain non-cash items that are included in net cash provided by
(used in) operating activities but excluded from adjusted EBITDA less interest expense, capitalized expenses incurred and capital expenditures
incurred. Gulfport includes a adjusted free cash flow estimate for 2023. We are unable, however, to provide a quantitative reconciliation
of the forward-looking non-GAAP measure to its most directly comparable forward-looking GAAP measure because management cannot reliably
quantify certain of the necessary components of such forward-looking GAAP measure. Accordingly, Gulfport is relying on the exception
provided by Item 10(e)(1)(i)(B) of Regulation S-K to exclude such reconciliation. Items excluded in net cash provided by (used in) operating
activities to arrive at adjusted free cash flow include interest expense, income taxes, capitalized expenses as well as one-time items
or items whose timing or amount cannot be reasonably estimated.
Recurring
general and administrative expense is a non-GAAP financial measure equal to general and administrative expense (GAAP) plus capitalized
general and administrative expense, less non-recurring general and administrative expenses comprised of expenses related to the continued
administration of our prior Chapter 11 filing. Gulfport includes a recurring general and administrative expense estimate for 2023. We
are unable, however, to provide a quantitative reconciliation of the forward-looking non-GAAP measure to its most directly comparable
forward-looking GAAP measure because management cannot reliably quantify certain of the necessary components of such forward-looking
GAAP measure. Accordingly, Gulfport is relying on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K to exclude such reconciliation.
Items excluded in general and administrative expense to arrive at recurring general and administrative expense include capitalized expenses
as well as one-time items or items whose timing or amount cannot be reasonably estimated. The non-GAAP measure recurring general and
administrative expenses allows investors to compare Gulfport’s total general and administrative expenses, including capitalization,
to peer companies that account for their oil and gas operations using the successful efforts method.
Adjusted
Net Income: Three months ended June 30, 2023
(In
thousands)
(Unaudited)
| |
Three Months Ended
June 30,
2023 | | |
Three Months Ended
June 30,
2022 | |
| |
| | |
| |
Pre-Tax Net Income (GAAP) | |
$ | 93,687 | | |
$ | 256,580 | |
| |
| | | |
| | |
Adjustments: | |
| | | |
| | |
Non-cash derivative gain | |
| (44,269 | ) | |
| (135,549 | ) |
Non-recurring general and administrative expense | |
| 438 | | |
| 264 | |
Stock-based compensation expense | |
| 2,024 | | |
| 1,416 | |
Restructuring costs | |
| 2,893 | | |
| — | |
Other, net(1)(2) | |
| (4,831 | ) | |
| 4,282 | |
Adjusted Net Income (Non-GAAP) | |
$ | 49,942 | | |
$ | 126,993 | |
(1) | For
the three months ended June 30, 2023, “Other, net” included a $5.0 million recoupment of previously placed collateral for
certain firm transportation commitments during our Chapter 11 filing. |
(2) | For
the three months ended June 30, 2022, “Other, net” included a $5.1 million payment to settle certain gas imbalance positions. |
Adjusted
Net Income: Six months ended June 30, 2023
(In
thousands)
(Unaudited)
| |
Six Months Ended
June 30,
2023 | | |
Six Months Ended
June 30,
2022 | |
| |
| | |
| |
Pre-Tax Net Income (Loss) (GAAP) | |
$ | 616,741 | | |
$ | (235,395 | ) |
| |
| | | |
| | |
Adjustments: | |
| | | |
| | |
Non-cash derivative (gain) loss | |
| (421,963 | ) | |
| 527,956 | |
Non-recurring general and administrative expense | |
| 1,735 | | |
| 759 | |
Stock-based compensation expense | |
| 3,778 | | |
| 2,574 | |
Restructuring costs | |
| 4,762 | | |
| — | |
Other, net(1)(2) | |
| (19,054 | ) | |
| (10,528 | ) |
Adjusted Net Income (Non-GAAP) | |
$ | 185,999 | | |
$ | 285,366 | |
(1) | For
the six months ended June 30, 2023, “Other, net” included a $17.8 million receipt of funds related to our interim claim distribution
from our Chapter 11 Plan of Reorganization and a $1 million administrative payment to Rover as part of the executed settlement. The distribution
and settlement is more fully described in Note 9 of our consolidated financial statements included in our Quarterly Report on Form 10-Q
for the six months ended June 30, 2023. Additionally, “Other, net” included a $5.0 million recoupment of previously placed
collateral for certain firm transportation commitments during our Chapter 11 filing. |
(2) | For
the six months ended June 30, 2022, “Other, net” included $11.5 million receipt of funds related to our initial claim distribution
from our Chapter 11 Plan of Reorganization. The distribution is more fully described in Note 9 of our consolidated financial statements
included in our Quarterly Report on Form 10-Q for the six months ended June 30, 2023. Additionally, “Other, net” included
a $5.1 million payment to settle certain gas imbalance positions and a $5.2 million receipt of funds from a litigation settlement. |
Adjusted
EBITDA: Three months ended June 30, 2023
(In
thousands)
(Unaudited)
| |
Three Months Ended
June 30,
2023 | | |
Three Months Ended
June 30,
2022 | |
| |
| | |
| |
Net Income (GAAP) | |
$ | 93,687 | | |
$ | 256,580 | |
| |
| | | |
| | |
Adjustments: | |
| | | |
| | |
Interest expense | |
| 13,727 | | |
| 14,234 | |
Income tax expense | |
| — | | |
| — | |
DD&A and accretion | |
| 80,862 | | |
| 63,294 | |
Non-cash derivative gain | |
| (44,269 | ) | |
| (135,549 | ) |
Non-recurring general and administrative expenses | |
| 438 | | |
| 264 | |
Stock-based compensation expense | |
| 2,024 | | |
| 1,416 | |
Restructuring costs | |
| 2,893 | | |
| — | |
Other, net(1)(2) | |
| (4,831 | ) | |
| 4,282 | |
Adjusted EBITDA (Non-GAAP) | |
$ | 144,531 | | |
$ | 204,521 | |
(1) | For
the three months ended June 30, 2023, “Other, net” included a $5.0 million recoupment of previously placed collateral for
certain firm transportation commitments during our Chapter 11 filing. |
(2) | For
the three months ended June 30, 2022, “Other, net” included a $5.1 million payment to settle certain gas imbalance positions. |
Adjusted
EBITDA: Six months ended June 30, 2023
(In
thousands)
(Unaudited)
| |
Six Months Ended
June 30,
2023 | | |
Six Months Ended
June 30,
2022 | |
| |
| | |
| |
Net Income (Loss) (GAAP) | |
$ | 616,741 | | |
$ | (235,395 | ) |
| |
| | | |
| | |
Adjustments: | |
| | | |
| | |
Interest expense | |
| 27,483 | | |
| 28,218 | |
Income tax expense | |
| — | | |
| — | |
DD&A and accretion | |
| 160,720 | | |
| 126,270 | |
Non-cash derivative (gain) loss | |
| (421,963 | ) | |
| 527,956 | |
Non-recurring general and administrative expenses | |
| 1,735 | | |
| 759 | |
Stock-based compensation expense | |
| 3,778 | | |
| 2,574 | |
Restructuring costs | |
| 4,762 | | |
| — | |
Other, net(1)(2) | |
| (19,054 | ) | |
| (10,528 | ) |
Adjusted EBITDA (Non-GAAP) | |
$ | 374,202 | | |
$ | 439,854 | |
(1) | For
the six months ended June 30, 2023, “Other, net” included a $17.8 million receipt of funds related to our interim claim distribution
from our Chapter 11 Plan of Reorganization and a $1 million administrative payment to Rover as part of the executed settlement. The distribution
and settlement is more fully described in Note 9 of our consolidated financial statements included in our Quarterly Report on Form 10-Q
for the six months ended June 30, 2023. Additionally, “Other, net” included a $5.0 million recoupment of previously placed
collateral for certain firm transportation commitments during our Chapter 11 filing. |
(2) | For
the six months ended June 30, 2022, “Other, net” included $11.5 million receipt of funds related to our initial claim distribution
from our Chapter 11 Plan of Reorganization. The distribution is more fully described in Note 9 of our consolidated financial statements
included in our Quarterly Report on Form 10-Q for the six months ended June 30, 2023. Additionally, “Other, net” included
a $5.1 million payment to settle certain gas imbalance positions and a $5.2 million receipt of funds from a litigation settlement. |
Adjusted
Free Cash Flow: Three months ended June 30, 2023
(In
thousands)
(Unaudited)
| |
Three Months Ended
June 30,
2023 | | |
Three Months Ended
June 30,
2022 | |
| |
| | |
| |
Net cash provided by operating activity (GAAP) | |
$ | 107,351 | | |
$ | 129,504 | |
Adjustments: | |
| | | |
| | |
Interest expense | |
| 13,727 | | |
| 14,234 | |
Non-recurring general and administrative expenses | |
| 438 | | |
| 264 | |
Restructuring costs | |
| 2,893 | | |
| — | |
Other, net(1)(2) | |
| (6,478 | ) | |
| 4,009 | |
Changes in operating assets and liabilities, net: | |
| | | |
| | |
Accounts receivable - oil, natural gas, and natural gas liquids sales | |
| (27,759 | ) | |
| 110,028 | |
Accounts receivable - joint interest and other | |
| (5,432 | ) | |
| (13,611 | ) |
Accounts payable and accrued liabilities | |
| 58,161 | | |
| (41,910 | ) |
Prepaid expenses | |
| 1,737 | | |
| 3,426 | |
Other assets | |
| (107 | ) | |
| (1,423 | ) |
Total changes in operating assets and liabilities, net | |
$ | 26,600 | | |
$ | 56,510 | |
Adjusted EBITDA (Non-GAAP) | |
$ | 144,531 | | |
$ | 204,521 | |
Interest expense | |
| (13,727 | ) | |
| (14,234 | ) |
Capitalized expenses incurred(3) | |
| (5,423 | ) | |
| (4,230 | ) |
Capital expenditures incurred(4) | |
| (129,547 | ) | |
| (105,755 | ) |
Adjusted free cash flow (Non-GAAP) | |
$ | (4,166 | ) | |
$ | 80,302 | |
(1) | For
the three months ended June 30, 2023, “Other, net” included a $5.0 million recoupment of previously placed collateral for
certain firm transportation commitments during our Chapter 11 filing. |
(2) | For
the three months ended June 30, 2022, “Other, net” included a $5.1 million payment to settle certain gas imbalance positions. |
(3) | Includes
cash capitalized general and administrative expense and incurred capitalized interest expenses. |
(4) | Incurred
capital expenditures and cash capital expenditures may vary from period to period due to the cash payment cycle. |
Adjusted
Free Cash Flow: Six months ended June 30, 2023
(In
thousands)
(Unaudited)
| |
Six Months Ended
June 30,
2023 | | |
Six Months Ended
June 30,
2022 | |
| |
| | |
| |
Net cash provided by operating activity (GAAP) | |
$ | 411,406 | | |
$ | 383,200 | |
Adjustments: | |
| | | |
| | |
Interest expense | |
| 27,483 | | |
| 28,218 | |
Non-recurring general and administrative expenses | |
| 1,735 | | |
| 759 | |
Restructuring costs | |
| 4,762 | | |
| — | |
Other, net(1)(2) | |
| (23,025 | ) | |
| (11,641 | ) |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable - oil, natural gas, and natural gas liquids sales | |
| (186,300 | ) | |
| 84,043 | |
Accounts receivable - joint interest and other | |
| (3,595 | ) | |
| 4,111 | |
Accounts payable and accrued liabilities | |
| 140,832 | | |
| (44,045 | ) |
Prepaid expenses | |
| 973 | | |
| (3,385 | ) |
Other assets | |
| (69 | ) | |
| (1,406 | ) |
Total changes in operating assets and liabilities | |
$ | (48,159 | ) | |
$ | 39,318 | |
Adjusted EBITDA (Non-GAAP) | |
$ | 374,202 | | |
$ | 439,854 | |
Interest expense | |
| (27,483 | ) | |
| (28,218 | ) |
Capitalized expenses incurred(3) | |
| (10,506 | ) | |
| (8,377 | ) |
Capital expenditures incurred(4) | |
| (277,234 | ) | |
| (206,130 | ) |
Adjusted free cash flow (Non-GAAP) | |
$ | 58,979 | | |
$ | 197,129 | |
(1) | For
the six months ended June 30, 2023, “Other, net” included a $17.8 million receipt of funds related to our interim claim distribution
from our Chapter 11 Plan of Reorganization and a $1 million administrative payment to Rover as part of the executed settlement. The distribution
and settlement is more fully described in Note 9 of our consolidated financial statements included in our Quarterly Report on Form 10-Q
for the six months ended June 30, 2023. Additionally, “Other, net” included a $5.0 million recoupment of previously placed
collateral for certain firm transportation commitments during our Chapter 11 filing. |
(2) | For
the six months ended June 30, 2022, “Other, net” included $11.5 million receipt of funds related to our initial claim distribution
from our Chapter 11 Plan of Reorganization. The distribution is more fully described in Note 9 of our consolidated financial statements
included in our Quarterly Report on Form 10-Q for the six months ended June 30, 2023. Additionally, “Other, net” included
a $5.1 million payment to settle certain gas imbalance positions and a $5.2 million receipt of funds from a litigation settlement. |
(3) | Includes
cash capitalized general and administrative expense and incurred capitalized interest expenses. |
(4) | Incurred
capital expenditures and cash capital expenditures may vary from period to period due to the cash payment cycle. |
Recurring
General and Administrative Expenses:
Three
months ended June 30, 2023
(In
thousands)
(Unaudited)
| |
Three Months Ended June 30, 2023 | | |
Three Months Ended June 30, 2022 | |
| |
Cash | | |
Non-Cash | | |
Total | | |
Cash | | |
Non-Cash | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| |
General and administrative expense (GAAP) | |
$ | 6,587 | | |
$ | 2,024 | | |
$ | 8,611 | | |
$ | 6,855 | | |
$ | 1,416 | | |
$ | 8,271 | |
Capitalized general and administrative expense | |
| 4,408 | | |
| 997 | | |
| 5,405 | | |
| 4,230 | | |
| 729 | | |
$ | 4,959 | |
Non-recurring general and administrative expense | |
| (438 | ) | |
| — | | |
| (438 | ) | |
| (264 | ) | |
| — | | |
$ | (264 | ) |
Recurring general and administrative before capitalization (Non-GAAP) | |
$ | 10,557 | | |
$ | 3,021 | | |
$ | 13,578 | | |
$ | 10,821 | | |
$ | 2,145 | | |
$ | 12,966 | |
Recurring
General and Administrative Expenses:
Six
months ended June 30, 2023
(In
thousands)
(Unaudited)
| |
Six Months Ended June 30, 2023 | | |
Six Months Ended June 30, 2022 | |
| |
Cash | | |
Non-Cash | | |
Total | | |
Cash | | |
Non-Cash | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| |
General and administrative expense (GAAP) | |
$ | 13,566 | | |
$ | 3,778 | | |
$ | 17,344 | | |
$ | 12,802 | | |
$ | 2,574 | | |
$ | 15,376 | |
Capitalized general and administrative expense | |
| 8,667 | | |
| 1,861 | | |
| 10,528 | | |
| 8,377 | | |
| 1,326 | | |
| 9,703 | |
Non-recurring general and administrative expense | |
| (1,735 | ) | |
| — | | |
| (1,735 | ) | |
| (759 | ) | |
| — | | |
| (759 | ) |
Recurring general and administrative before capitalization (Non-GAAP) | |
$ | 20,498 | | |
$ | 5,639 | | |
$ | 26,137 | | |
$ | 20,420 | | |
$ | 3,900 | | |
$ | 24,320 | |
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