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Gulfport Energy(GPOR) - 2022 Q1 - Earnings Call Transcript
2022-05-04 15:52
Financial Data and Key Metrics Changes - The company reported a net loss of $492 million for Q1 2022, primarily due to a $664 million unrealized loss from its commodity derivative portfolio [16] - Adjusted EBITDA for the quarter was $235 million, with net cash provided by operating activities totaling $254 million [17] - Free cash flow generated during the quarter was $117 million, with liquidity at $568 million at the end of the quarter [5][22] Business Line Data and Key Metrics Changes - The company achieved production of over 1 billion cubic feet equivalent of gas per day, driven by the outperformance of the 2021 development program and the addition of five new SCOOP wells [5][6] - Production is expected to decline in Q2 and Q3 before significant growth in Q4, with an overall year-on-year production growth expectation of more than 5% [6][12] Market Data and Key Metrics Changes - The company experienced inflationary pressures on capital costs, with expectations of inflation rising to 10% to 20% [10] - Operating costs increased slightly to $1.26 per Mcfe, attributed to higher production taxes and seasonal increases in LOE [11] Company Strategy and Development Direction - The company is focused on cost-effective production and capital discipline, with plans to return approximately 50% of expected free cash flow to shareholders through share repurchases [12][25] - There is an ongoing evaluation of opportunities to increase land positions in the Utica, which could lead to sustainable organic growth [7][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the asset base and the improved balance sheet, which supports a low reinvestment rate while returning capital to shareholders [28] - The company remains optimistic about achieving its production guidance despite the casing failure incident, which is viewed as a timing issue rather than a long-term operational risk [9][56] Other Important Information - The board approved an increase in the share repurchase program to $200 million, representing about 50% of expected free cash flow for 2022 [5][25] - The company has entered into commodity derivative contracts to hedge and lock in future cash flow generation [18][19] Q&A Session Summary Question: Asset allocation and capital efficiency - Management indicated that the program will continue to be balanced, with potential for a more continuous drilling program in the SCOOP [33] Question: Additional acreage acquisition - Management is considering acquiring additional acreage in the Utica, particularly in the wet gas window, to enhance economic outcomes [35] Question: Shareholder returns and dividends - Management is currently focused on share repurchases due to the stock's undervaluation, but all alternatives, including dividends, are being considered [38][39] Question: Casing failure in the Utica - Management explained that the casing failure was due to a seam issue in the pipe, and they are taking precautions to prevent recurrence by using seamless pipe in future wells [44] Question: Buyback pace and strategy - Management stated that the pace of buybacks will depend on share price and market conditions, with a commitment to continue repurchasing shares as long as they are undervalued [46] Question: Well completions delay in the Utica - Management clarified that delays were due to the casing issue, which required additional work before proceeding with completions [55]
Gulfport Energy(GPOR) - 2021 Q4 - Annual Report
2022-03-01 19:45
Table of Contents Index to Financial Statements UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-19514 Gulfport Energy Corporation (Exact Name of Registrant As Specified in Its Charter) (State or Ot ...
Gulfport Energy(GPOR) - 2021 Q4 - Earnings Call Transcript
2022-03-01 18:08
Gulfport Energy Corporation (NYSE:GPOR) Q4 2021 Earnings Conference Call March 1, 2022 9:00 AM ET Company Participants Jessica Antle - Director of Investor Relations Timothy Cutt - Chairman and Chief Executive Officer William Buese - Executive Vice President and Chief Financial Officer Conference Call Participants Neal Dingmann - Truist Securities, Inc. Leo Mariani - KeyBanc Capital Markets Inc. Zachary Parham - JPMorgan Chase & Co. Operator Greetings. Welcome to the Gulfport's Fourth Quarter 2021 Conferenc ...
Gulfport Energy(GPOR) - 2021 Q4 - Earnings Call Presentation
2022-03-01 14:16
Investor Presentation Februar y 2022 Forward Looking Statements & Non-GAAP Financial Measures This presentation 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, ...
Gulfport Energy(GPOR) - 2021 Q3 - Quarterly Report
2021-11-03 20:09
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the transition period from to Commission File Number 001-19514 Gulfport Energy Corporation (Exact Name of Registrant As Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) (IRS Employer Identification Number) 3001 Quail Springs Parkway Oklahoma City, Oklahoma 73134 (Address of Principal Executive Offices) (Zip Code) (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE ...
Gulfport Energy(GPOR) - 2021 Q3 - Earnings Call Transcript
2021-11-03 17:56
Gulfport Energy Corporation (NYSE:GPOR) Q3 2021 Earnings Conference Call November 3, 2021 9:00 AM ET Company Participants Tommy Renouard – Senior Analyst, Investor Relations Tim Cutt - Chief Executive Officer Bill Buese - Executive Vice President & Chief Financial Officer Conference Call Participants Neal Dingmann - Truist Zach Parham – JP Morgan Tarek Hamid - JPMorgan Steven Dechert - KeyBanc Operator Greetings. Welcome to the Gulfport Energy Corp Third Quarter 2021 Conference Call. At this time, all parti ...
Gulfport Energy(GPOR) - 2021 Q3 - Earnings Call Presentation
2021-11-03 17:38
Investor Presentation November 2021 Forward Looking Statements & Non-GAAP Financial Measures This presentation 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, m ...
Gulfport Energy(GPOR) - 2021 Q2 - Quarterly Report
2021-08-09 16:29
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR For the transition period from to ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 (Registrant Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbol(s) | ...
Gulfport Energy(GPOR) - 2021 Q2 - Earnings Call Transcript
2021-08-06 16:58
Gulfport Energy Corporation (NYSE:GPOR) Q2 2020 Earnings Conference Call August 6, 2021 9:00 AM ET Company Participants Jessica Antle - Director-Investor Relations Timothy Cutt - Interim Chief Executive Officer and Chairman William Buese - Executive Vice President and Chief Financial Officer Conference Call Participants Neal Dingmann - Truist Securities Leo Mariani - KeyBanc Capital Markets Operator Greetings, and welcome to the Gulfport Second Quarter 2021 Conference Call. At this time, all participants ar ...
Gulfport Energy(GPOR) - 2021 Q2 - Earnings Call Presentation
2021-08-06 13:18
Investor Presentation August 2021 Forward Looking Statements & Non-GAAP Financial Measures This presentation 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, man ...