Gulfport Energy Corporation Provides Second Quarter 2018 Production and Pricing and Schedules Second Quarter 2018 Financial a...
July 16 2018 - 3:18PM
Gulfport Energy Corporation (NASDAQ:GPOR) (“Gulfport” or the
“Company”) today provided an update for the quarter and six-months
ended June 30, 2018. Key information includes the following:
- Net production during the second quarter of 2018 averaged
1,330.3 MMcfe per day, a 3% increase over the first quarter of 2018
and 28% increase versus the second quarter of 2017.
- Realized natural gas price for the second quarter of 2018,
before the impact of derivatives and including transportation
costs, averaged $2.15 per Mcf, a $0.65 per Mcf differential to the
average trade month NYMEX settled price.
- Realized oil price for the second quarter of 2018, before the
impact of derivatives and including transportation costs, averaged
$66.26 per barrel, a $1.64 per barrel differential to the average
WTI oil price.
- Realized natural gas liquids price for the second quarter of
2018, before the impact of derivatives and including transportation
costs, averaged $0.71 per gallon, equivalent to $29.62 per barrel,
or approximately 44% of the average WTI oil price.
- Realized natural gas price for the six-months ended June 30,
2018, before the impact of derivatives and including transportation
costs, averaged $2.29 per Mcf, a $0.60 per Mcf differential to the
average trade month NYMEX settled price.
- Realized oil price for the six-months ended June 30, 2018,
before the impact of derivatives and including transportation
costs, averaged $63.29 per barrel, a $2.12 per barrel differential
to the average WTI oil price.
- Realized natural gas liquids price for the six-months ended
June 30, 2018, before the impact of derivatives and including
transportation costs, averaged $0.71 per gallon, equivalent to
$29.78 per barrel, or approximately 46% of the average WTI oil
price.
- Gulfport turned-to-sales 14 gross and net operated wells in the
Utica Shale and 1 gross (0.5 net) operated well in the SCOOP during
the second quarter of 2018.
Second Quarter 2018 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% 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.
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GULFPORT ENERGY CORPORATION |
PRODUCTION SCHEDULE |
(Unaudited) |
|
|
|
|
|
|
|
|
|
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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
Lousiana |
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
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(1)
SCOOP production adjusted for closing date of February 17,
2017. |
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Second Quarter 2018 Conference Call
InformationGulfport 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. Gulfport's second
quarter of 2018 earnings are scheduled to be released after the
market close on Wednesday, August 1, 2018.
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.
Investor & Media
Contact:Jessica Wills – Director, Investor Relations
jwills@gulfportenergy.com405-252-4550
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