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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): February
27, 2024
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 |
|
Trading
Symbol |
|
Name
of each exchange on which registered |
| Common
stock, par value $0.0001 per share |
|
GPOR |
|
The
New York Stock Exchange |
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 February
27, 2024, Gulfport Energy Corporation (“Gulfport”) issued a press release reporting its financial and operating results for
the three months and full year ended December 31, 2023, and provided its 2024 operational 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 February
27, 2024, 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: February 27, 2024 |
By: |
/s/
Michael Hodges |
| |
|
Michael Hodges |
| |
|
Chief Financial Officer |
2
Exhibit 99.1
| |
 |
| Gulfport
Energy Reports Fourth Quarter and Full Year 2023 Financial and Operating Results and Provides 2024 Operational and Financial Guidance |
OKLAHOMA
CITY (February 27, 2024) Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today
reported financial and operating results for the three and twelve months ended December 31, 2023 and provided its 2024 outlook.
Fourth
Quarter 2023
| ● | Delivered
total net production of 1,063.3 MMcfe per day, above analyst consensus expectations |
| ● | Reported
$245.7 million of net income and $190.8 million of adjusted EBITDA(1), above analyst
consensus expectations |
| ● | Generated
$155.5 million of net cash provided by operating activities and $85.4 million of adjusted
free cash flow(1), excluding discretionary acreage acquisitions |
| ● | Incurred
capital expenditures, excluding discretionary acreage acquisitions, of $82.9 million |
| ● | Utilized
adjusted free cash flow(1) for discretionary acreage acquisitions totaling $23.1
million |
| ● | Repurchased
490 thousand shares of common stock for approximately $66.0 million |
Full
Year 2023 Highlights and Recent Highlights
| ● | Delivered
total net production of 1,054.3 MMcfe per day, at the high end of the Company’s increased
guidance range |
| ● | Reported
$1.5 billion of net income and $725.0 million of adjusted EBITDA(1), above analyst
consensus expectations |
| ● | Generated
$723.2 million of net cash provided by operating activities and $198.9 million of adjusted
free cash flow(1), excluding discretionary acreage acquisitions |
| ● | Incurred
capital expenditures, excluding discretionary acreage acquisitions, of $443.4 million |
| ● | Maintained
a strong balance sheet and low financial leverage, with liquidity at December 31, 2023 totaling
$720.1 million |
| ● | Expanded
common stock repurchase authorization in February 2023 and October 2023, to a total of $650
million with approximately $236 million(2) remaining |
| ● | Returned
substantially all full year adjusted free cash flow(1), excluding discretionary
acreage acquisitions, to shareholders by repurchasing 1.5 million shares of common stock
for approximately $148.9 million |
| ● | Allocated
$48.0 million toward discretionary acreage acquisitions, expanding high-quality resource
base and adding over 1.5 years of inventory at current development pace |
| ● | Developed
first Marcellus two-well pad in Belmont County, Ohio with promising initial results, delineating
approximately 50 to 60 locations, representing multiple years of additional liquids-rich
drilling inventory |
| ● | Achieved
significant operational efficiencies, with average drilling footage per day and completion
hours pumped per day improving by 60% and 30% year-over-year, respectively |
Full
Year 2024 Outlook
| ● | Expect
to deliver relatively flat year-over-year net production with a range of 1,045 MMcfe to 1,080
MMcfe per day |
| ● | Plan
to invest total base capital expenditures of $380 million to $420 million, including $50
million to $60 million on maintenance leasehold and land investment, a decrease of approximately
10%(3) compared to full year 2023 and focused on more liquids-rich development
in the Utica and SCOOP |
| ● | Forecast
delivering a significantly more capital efficient program associated with longer laterals
and continued cycle time improvements; plan to deliver similar net completed lateral footage
compared to 2023 while turning to sales 20% fewer gross wells |
| ● | Plan
to continue to allocate substantially all adjusted free cash flow(1), excluding
acquisitions, toward common share repurchases |
“Gulfport’s
2023 results delivered on all fronts, highlighted by our quality resource base and the continued improvement of development efficiencies
throughout the year. The Company delivered net production at the high end of the updated guidance range, and well above our initial guidance
provided in February 2023. This was accomplished while staying within our initial capital budget range, despite the incremental activity
accelerated during the fourth quarter of 2023, as previously disclosed. The company augmented our attractive acreage portfolio by strategically
acquiring liquids-rich Utica acreage that extended our inventory base by ~1.5 years and by delineating ~2 years of liquids rich Marcellus
locations overlying our Utica acreage at no incremental land cost. This additional inventory provides fundamental value to the company
as well as expanded optionality to our go-forward development plans. The 2023 development program led to meaningful adjusted free cash
flow generation, and after adjusting for cash flow utilized for attractive discretionary acreage acquisitions, we allocated approximately
99% of our adjusted free cash flow to repurchasing our common stock during 2023. All of this was achieved while maintaining our strong
balance sheet, ample liquidity and financial leverage below one times,” commented John Reinhart, CEO of Gulfport.
“As
we move into 2024, the current natural gas pricing environment is challenged and reinforces the importance of developing our assets in
an efficient and sustainable manner. Building on the momentum from 2023, we plan to remain focused on further optimizing our development
programs cycle times and operating costs, and we laid out a program today expected to deliver similar production year over year on 10%
less capital invested. Furthermore, our development program will focus on more liquids-rich development in both the Utica and SCOOP,
ultimately improving margins and supporting our robust expected adjusted free cash flow generation, despite today’s challenging commodity
backdrop. We plan to continue the return of capital to our shareholders and, excluding acquisitions, expect to allocate substantially
all our full year 2024 adjusted free cash flow towards common stock repurchases.”
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. | As
of February 26, 2024. |
| 3. | Assumes
midpoint of 2024 guidance. |
Operational
Update
The
table below summarizes Gulfport’s operated drilling and completion activity for the full year of 2023:
| | |
Year Ended December 31, 2023 | |
| | |
Gross | | |
Net | | |
Lateral Length | |
| Spud | |
| | |
| | |
| |
| Utica & Marcellus | |
| 20 | | |
| 17.9 | | |
| 17,100 | |
| SCOOP | |
| 5 | | |
| 3.2 | | |
| 11,800 | |
| | |
| | | |
| | | |
| | |
| Drilled | |
| | | |
| | | |
| | |
| Utica & Marcellus | |
| 22 | | |
| 20.2 | | |
| 15,400 | |
| SCOOP | |
| 2 | | |
| 1.7 | | |
| 8,600 | |
| | |
| | | |
| | | |
| | |
| Completed | |
| | | |
| | | |
| | |
| Utica & Marcellus | |
| 22 | | |
| 20.2 | | |
| 14,000 | |
| SCOOP | |
| 2 | | |
| 1.7 | | |
| 8,600 | |
| | |
| | | |
| | | |
| | |
| Turned-to-Sales | |
| | | |
| | | |
| | |
| Utica & Marcellus | |
| 22 | | |
| 20.2 | | |
| 14,000 | |
| SCOOP | |
| 2 | | |
| 1.7 | | |
| 8,600 | |
Gulfport’s
net daily production for the full year of 2023 averaged 1,054.3 MMcfe per day, primarily consisting of 783.8 MMcfe per day in the Utica
and Marcellus and 270.4 MMcfe per day in the SCOOP. For the full year 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
December 31,
2023 | | |
Three
Months
Ended
December 31,
2022 | | |
Year Ended
December 31,
2023 | | |
Year Ended
December 31,
2022 | |
| Production | |
| | |
| | |
| | |
| |
| Natural gas (Mcf/day) | |
| 976,820 | | |
| 934,763 | | |
| 959,743 | | |
| 883,195 | |
| Oil and condensate (Bbl/day) | |
| 3,498 | | |
| 4,959 | | |
| 3,733 | | |
| 4,412 | |
| NGL (Bbl/day) | |
| 10,923 | | |
| 14,520 | | |
| 12,018 | | |
| 12,281 | |
| Total (Mcfe/day) | |
| 1,063,341 | | |
| 1,051,637 | | |
| 1,054,251 | | |
| 983,354 | |
| Average Prices | |
| | | |
| | | |
| | | |
| | |
| Natural gas: | |
| | | |
| | | |
| | | |
| | |
| Average price without the impact of derivatives ($/Mcf) | |
$ | 2.37 | | |
$ | 5.45 | | |
$ | 2.37 | | |
$ | 6.20 | |
| Impact from settled derivatives ($/Mcf) | |
$ | 0.54 | | |
$ | (2.88 | ) | |
$ | 0.42 | | |
$ | (3.11 | ) |
| Average price, including settled derivatives ($/Mcf) | |
$ | 2.91 | | |
$ | 2.57 | | |
$ | 2.79 | | |
$ | 3.09 | |
| Oil and condensate: | |
| | | |
| | | |
| | | |
| | |
| Average price without the impact of derivatives ($/Bbl) | |
$ | 73.47 | | |
$ | 79.27 | | |
$ | 73.27 | | |
$ | 91.58 | |
| Impact from settled derivatives ($/Bbl) | |
$ | (3.32 | ) | |
$ | (16.89 | ) | |
$ | (2.53 | ) | |
$ | (24.32 | ) |
| Average price, including settled derivatives ($/Bbl) | |
$ | 70.15 | | |
$ | 62.38 | | |
$ | 70.74 | | |
$ | 67.26 | |
| NGL: | |
| | | |
| | | |
| | | |
| | |
| Average price without the impact of derivatives ($/Bbl) | |
$ | 26.65 | | |
$ | 30.85 | | |
$ | 27.29 | | |
$ | 41.26 | |
| Impact from settled derivatives ($/Bbl) | |
$ | 2.72 | | |
$ | 0.92 | | |
$ | 2.07 | | |
$ | (2.80 | ) |
| Average price, including settled derivatives ($/Bbl) | |
$ | 29.37 | | |
$ | 31.77 | | |
$ | 29.36 | | |
$ | 38.46 | |
| Total: | |
| | | |
| | | |
| | | |
| | |
| Average price without the impact of derivatives ($/Mcfe) | |
$ | 2.69 | | |
$ | 5.64 | | |
$ | 2.73 | | |
$ | 6.49 | |
| Impact from settled derivatives ($/Mcfe) | |
$ | 0.51 | | |
$ | (2.63 | ) | |
$ | 0.40 | | |
$ | (2.94 | ) |
| Average price, including settled derivatives ($/Mcfe) | |
$ | 3.20 | | |
$ | 3.01 | | |
$ | 3.13 | | |
$ | 3.55 | |
| Selected operating metrics | |
| | | |
| | | |
| | | |
| | |
| Lease operating expenses ($/Mcfe) | |
$ | 0.17 | | |
$ | 0.18 | | |
$ | 0.18 | | |
$ | 0.18 | |
| Taxes other than income ($/Mcfe) | |
$ | 0.08 | | |
$ | 0.15 | | |
$ | 0.09 | | |
$ | 0.17 | |
| Transportation, gathering, processing and compression expense ($/Mcfe) | |
$ | 0.91 | | |
$ | 0.99 | | |
$ | 0.91 | | |
$ | 1.00 | |
| Recurring cash general and administrative expenses ($/Mcfe) (non-GAAP) | |
$ | 0.15 | | |
$ | 0.13 | | |
$ | 0.12 | | |
$ | 0.12 | |
| Interest expenses ($/Mcfe) | |
$ | 0.16 | | |
$ | 0.17 | | |
$ | 0.15 | | |
$ | 0.17 | |
Capital
Investment
Capital
investment was $443.4 million (on an incurred basis) for the full year of 2023, of which $388.6 million related to drilling
and completion (“D&C”) activity and $54.8 million related to maintenance leasehold and land investment. In addition,
Gulfport invested approximately $48.0 million in discretionary acreage acquisitions.
Common
Stock Repurchase Program
Gulfport
repurchased approximately 490 thousand shares of common stock during the fourth quarter for approximately $66.0 million. As of February
26, 2024, the Company had repurchased approximately 4.5 million shares of common stock at a weighted average price of $92.41 per share
since the program initiated in March 2022, totaling approximately $413.6 million in aggregate. The Company currently has approximately
$236.4 million of remaining capacity under the share repurchase program.
Financial
Position and Liquidity
As
of December 31, 2023, Gulfport had approximately $1.9 million of cash and cash equivalents, $118.0 million of borrowings under its revolving
credit facility, $63.8 million of letters of credit outstanding and $550 million of outstanding 2026 senior notes.
Gulfport’s
liquidity at December 31, 2023, totaled approximately $720.1 million, comprised of the $1.9 million of cash and cash equivalents and
approximately $718.2 million of available borrowing capacity under its revolving credit facility.
During
2023, the Company paid $4.8 million of cash dividends to holders of its preferred stock.
2024
Guidance
Gulfport
released operational guidance and outlook for the full year 2024, including full year expense estimates and projections for production
and capital expenditures. Gulfport’s 2024 guidance assumes commodity strip prices as of February 13, 2024, adjusted for applicable commodity
and location differentials, and no property acquisitions or divestitures.
| | |
Year Ending | |
| | |
December 31, 2024 | |
| | |
Low | | |
High | |
| Production | |
| | |
| |
| Average daily gas equivalent (MMcfe/day) | |
| 1,045 | | |
| 1,080 | |
| % Gas | |
| ~92% | |
| | |
| | | |
| | |
| Realizations (before hedges) | |
| | | |
| | |
| Natural gas (differential to NYMEX settled price) ($/Mcf) | |
$ | (0.20 | ) | |
$ | (0.35 | ) |
| NGL (% of WTI) | |
| 35 | % | |
| 40 | % |
| Oil (differential to NYMEX WTI) ($/Bbl) | |
$ | (4.75 | ) | |
$ | (5.75 | ) |
| | |
| | | |
| | |
| Expenses | |
| | | |
| | |
| Lease operating expense ($/Mcfe) | |
$ | 0.17 | | |
$ | 0.19 | |
| Taxes other than income ($/Mcfe) | |
$ | 0.08 | | |
$ | 0.10 | |
| 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 | |
$ | 330 | | |
$ | 360 | |
| Maintenance leasehold and land | |
$ | 50 | | |
$ | 60 | |
| Total base capital expenditures | |
$ | 380 | | |
$ | 420 | |
| (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.
Estimated
Proved Reserves
Gulfport
reported year end 2023 total proved reserves of 4.2 Tcfe, consisting of 3.7 Tcf of natural gas, 18.6 MMBbls of oil and 62.8 MMBbls of
natural gas liquids. Gulfport’s year end 2023 total proved reserves increased approximately 4% when compared to its 2022 total
proved reserves.
The
table below provides information regarding the components driving the 2023 net proved reserve adjustments:
| | |
Total (Bcfe) | |
| Proved Reserves, December 31, 2022 | |
| 4,048 | |
| Extensions and discoveries | |
| 996 | |
| Revisions of prior reserve estimates | |
| (445 | ) |
| Current production | |
| (385 | ) |
| Proved Reserves, December 31, 2023 | |
| 4,214 | |
Proved
developed reserves totaled approximately 2,203 Bcfe as of December 31, 2023 or approximately 52% of Gulfport’s proved reserves.
Proved undeveloped reserves totaled approximately 2,011 Bcfe as of December 31, 2023.
The
table below summarizes the Company’s 2023 net proved reserves:
| | |
December 31, 2023 | |
| | |
Oil
(MMBbl) | | |
Natural
Gas
(Bcf) | | |
NGL
(MMBbl) | | |
Total
(Bcfe) | |
| Utica & Marcellus | |
| | |
| | |
| | |
| |
| Proved developed(1) | |
| 2 | | |
| 1,520 | | |
| 7 | | |
| 1,576 | |
| Proved undeveloped(1) | |
| 10 | | |
| 1,421 | | |
| 17 | | |
| 1,585 | |
| Total proved(1) | |
| 13 | | |
| 2,941 | | |
| 24 | | |
| 3,160 | |
| | |
| | | |
| | | |
| | | |
| | |
| SCOOP | |
| | | |
| | | |
| | | |
| | |
| Proved developed | |
| 4 | | |
| 459 | | |
| 24 | | |
| 627 | |
| Proved undeveloped | |
| 2 | | |
| 325 | | |
| 15 | | |
| 426 | |
| Total proved | |
| 6 | | |
| 785 | | |
| 39 | | |
| 1,053 | |
| | |
| | | |
| | | |
| | | |
| | |
| Total | |
| | | |
| | | |
| | | |
| | |
| Proved developed | |
| 6 | | |
| 1,980 | | |
| 31 | | |
| 2,203 | |
| Proved undeveloped | |
| 12 | | |
| 1,746 | | |
| 32 | | |
| 2,011 | |
| Total proved | |
| 19 | | |
| 3,725 | | |
| 63 | | |
| 4,214 | |
Totals may not sum or recalculate due to rounding.
| (1) | Includes
approximately 17 Bcfe and 108 Bcfe of net developed and undeveloped reserves, respectively,
located in the Marcellus target formation. |
The
following table reconciles the standardized measure of future net cash flows to the PV-10 value of Gulfport’s proved reserves:
| | |
Proved
Developed | | |
Proved
Undeveloped | | |
Total
Proved | |
| | |
($ in millions) | |
| Estimated future net revenue(1) | |
$ | 2,535 | | |
$ | 2,235 | | |
$ | 4,769 | |
| Present value of estimated future net revenue (PV-10)(1) | |
$ | 1,590 | | |
$ | 819 | | |
$ | 2,409 | |
| Standardized measure(1) | |
| | | |
| | | |
$ | 2,383 | |
Totals may not sum due to rounding.
| (1) | Estimated
future net revenue represents the estimated future revenue to be generated from the production
of proved reserves, net of estimated production and future development costs, using prices
and costs under existing economic conditions as of December 31, 2023, and assuming commodity
prices as set forth below. For the purpose of determining prices used in our reserve reports,
we used the unweighted arithmetic average of the prices on the first day of each month within
the 12-month period ended December 31, 2023. The prices used in our PV-10 measure were
the average West Texas Intermediate Spot price of $78.21 per barrel and the average Henry
Hub Spot price of $2.64 per MMBtu, before basis differential adjustments. These prices should
not be interpreted as a prediction of future prices, nor do they reflect the value of our
commodity derivative instruments in place as of December 31, 2023. The amounts shown
do not give effect to non-property-related expenses, such as corporate general and administrative
expenses and debt service, or to depreciation, depletion and amortization. The present value
of estimated future net revenue typically differs from the standardized measure because the
former does not include the effects of estimated future income tax expense of $26 million
as of December 31, 2023. |
Management
uses PV-10, which is calculated without deducting estimated future income tax expenses, as a measure of the value of the Company’s current
proved reserves and to compare relative values among peer companies. We also understand that securities analysts and rating agencies
use this measure in similar ways. While estimated future net revenue and the present value thereof are based on prices, costs and discount
factors which may be consistent from company to company, the standardized measure of discounted future net cash flows is dependent on
the unique tax situation of each individual company. PV-10 should not be considered in isolation or as a substitute for the standardized
measure of discounted future net cash flows or any other measure of a company’s financial or operating performance presented in accordance
with GAAP.
A
reconciliation of the standardized measure of discounted future net cash flows to PV-10 is presented above. Neither PV-10 nor the standardized
measure of discounted future net cash flows purport to represent the fair value of our proved oil and gas reserves.
Fourth
Quarter and Full Year 2023 Conference Call
Gulfport
will host a teleconference and webcast to discuss its fourth quarter and full year 2023 results, as well as its 2024 outlook, beginning
at 9:00 a.m. ET (8:00 a.m. CT) on Wednesday, February 28, 2024.
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 888-428-7458 domestically or 862-298-0702 internationally. A replay of the conference call will be available
on the Gulfport website and a telephone audio replay will be available from February 28, 2024 to March 13, 2024, by calling
877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13744254.
Financial
Statements and Guidance Documents
Fourth
quarter and full year 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 and Marcellus formations 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 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, 2023 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 – Vice President, Investor Relations
jantle@gulfportenergy.com
405-252-4550
9
Exhibit 99.2
Year
ended December 31, 2023
Supplemental
Information of Gulfport Energy
Production
Volumes by Asset Area : Quarter ended, December 31, 2023
Production
Volumes
| | |
Three Months
Ended
December 31,
2023 | | |
Three Months
Ended
December 31,
2022 | |
| Natural gas (Mcf/day) | |
| | |
| |
| Utica & Marcellus | |
| 795,776 | | |
| 702,041 | |
| SCOOP | |
| 181,044 | | |
| 232,722 | |
| Total | |
| 976,820 | | |
| 934,763 | |
| Oil and condensate (Bbl/day) | |
| | | |
| | |
| Utica & Marcellus | |
| 1,116 | | |
| 612 | |
| SCOOP | |
| 2,382 | | |
| 4,347 | |
| Total | |
| 3,498 | | |
| 4,959 | |
| NGL (Bbl/day) | |
| | | |
| | |
| Utica & Marcellus | |
| 1,991 | | |
| 2,937 | |
| SCOOP | |
| 8,932 | | |
| 11,584 | |
| Total | |
| 10,923 | | |
| 14,520 | |
| Combined (Mcfe/day) | |
| | | |
| | |
| Utica & Marcellus | |
| 814,415 | | |
| 723,334 | |
| SCOOP | |
| 248,926 | | |
| 328,303 | |
| Total | |
| 1,063,341 | | |
| 1,051,637 | |
Totals may not sum
or recalculate due to rounding.
Production
Volumes by Asset Area : Year ended, December 31, 2023
Production
Volumes
| | |
Year Ended
December 31,
2023 | | |
Year Ended
December 31,
2022 | |
| Natural gas (Mcf/day) | |
| | |
| |
| Utica & Marcellus | |
| 765,556 | | |
| 674,314 | |
| SCOOP | |
| 194,187 | | |
| 208,881 | |
| Total | |
| 959,743 | | |
| 883,195 | |
| Oil and condensate (Bbl/day) | |
| | | |
| | |
| Utica & Marcellus | |
| 698 | | |
| 670 | |
| SCOOP | |
| 3,035 | | |
| 3,743 | |
| Total | |
| 3,733 | | |
| 4,412 | |
| NGL (Bbl/day) | |
| | | |
| | |
| Utica & Marcellus | |
| 2,346 | | |
| 2,424 | |
| SCOOP | |
| 9,672 | | |
| 9,857 | |
| Total | |
| 12,018 | | |
| 12,281 | |
| Combined (Mcfe/day) | |
| | | |
| | |
| Utica & Marcellus | |
| 783,822 | | |
| 692,877 | |
| SCOOP | |
| 270,429 | | |
| 290,477 | |
| Total | |
| 1,054,251 | | |
| 983,354 | |
Totals may not sum
or recalculate due to rounding.
Production
and Pricing : Quarter ended, December 31, 2023
The
following table summarizes production and related pricing for the quarter ended December 31, 2023, as compared to such data for the quarter
ended December 31, 2022:
| | |
Three Months
Ended
December 31,
2023 | | |
Three Months
Ended
December 31,
2022 | |
| Natural gas sales | |
| | |
| |
| Natural gas production volumes (MMcf) | |
| 89,867 | | |
| 85,998 | |
| Natural gas production volumes (MMcf) per day | |
| 977 | | |
| 935 | |
| Total sales | |
$ | 212,631 | | |
$ | 468,554 | |
| Average price without the impact of derivatives ($/Mcf) | |
$ | 2.37 | | |
$ | 5.45 | |
| Impact from settled derivatives ($/Mcf) | |
$ | 0.54 | | |
$ | (2.88 | ) |
| Average price, including settled derivatives ($/Mcf) | |
$ | 2.91 | | |
$ | 2.57 | |
| | |
| | | |
| | |
| Oil and condensate sales | |
| | | |
| | |
| Oil and condensate production volumes (MBbl) | |
| 322 | | |
| 456 | |
| Oil and condensate production volumes (MBbl) per day | |
| 3 | | |
| 5 | |
| Total sales | |
$ | 23,642 | | |
$ | 36,146 | |
| Average price without the impact of derivatives ($/Bbl) | |
$ | 73.47 | | |
$ | 79.27 | |
| Impact from settled derivatives ($/Bbl) | |
$ | (3.32 | ) | |
$ | (16.89 | ) |
| Average price, including settled derivatives ($/Bbl) | |
$ | 70.15 | | |
$ | 62.38 | |
| | |
| | | |
| | |
| NGL sales | |
| | | |
| | |
| NGL production volumes (MBbl) | |
| 1,005 | | |
| 1,336 | |
| NGL production volumes (MBbl) per day | |
| 11 | | |
| 15 | |
| Total sales | |
$ | 26,782 | | |
$ | 41,222 | |
| Average price without the impact of derivatives ($/Bbl) | |
$ | 26.65 | | |
$ | 30.85 | |
| Impact from settled derivatives ($/Bbl) | |
$ | 2.72 | | |
$ | 0.92 | |
| Average price, including settled derivatives ($/Bbl) | |
$ | 29.37 | | |
$ | 31.77 | |
| | |
| | | |
| | |
| Natural gas, oil and condensate and NGL sales | |
| | | |
| | |
| Natural gas equivalents (MMcfe) | |
| 97,827 | | |
| 96,751 | |
| Natural gas equivalents (MMcfe) per day | |
| 1,063 | | |
| 1,052 | |
| Total sales | |
$ | 263,055 | | |
$ | 545,922 | |
| Average price without the impact of derivatives ($/Mcfe) | |
$ | 2.69 | | |
$ | 5.64 | |
| Impact from settled derivatives ($/Mcfe) | |
$ | 0.51 | | |
$ | (2.63 | ) |
| Average price, including settled derivatives ($/Mcfe) | |
$ | 3.20 | | |
$ | 3.01 | |
| | |
| | | |
| | |
| Production Costs: | |
| | | |
| | |
| Average lease operating expenses ($/Mcfe) | |
$ | 0.17 | | |
$ | 0.18 | |
| Average taxes other than income ($/Mcfe) | |
$ | 0.08 | | |
$ | 0.15 | |
| Average transportation, gathering, processing and compression ($/Mcfe) | |
$ | 0.91 | | |
$ | 0.99 | |
| Total lease operating expenses, midstream costs and production taxes ($/Mcfe) | |
$ | 1.16 | | |
$ | 1.32 | |
Production
and Pricing : Year ended, December 31, 2023
The
following table summarizes production and related pricing for the year ended December 31, 2023, as compared to such data for the year
ended December 31, 2022:
| | |
Year Ended
December 31,
2023 | | |
Year Ended
December 31,
2022 | |
| Natural gas sales | |
| | |
| |
| Natural gas production volumes (MMcf) | |
| 350,306 | | |
| 322,366 | |
| Natural gas production volumes (MMcf) per day | |
| 960 | | |
| 883 | |
| Total sales | |
$ | 831,812 | | |
$ | 1,998,452 | |
| Average price without the impact of derivatives ($/Mcf) | |
$ | 2.37 | | |
$ | 6.20 | |
| Impact from settled derivatives ($/Mcf) | |
$ | 0.42 | | |
$ | (3.11 | ) |
| Average price, including settled derivatives ($/Mcf) | |
$ | 2.79 | | |
$ | 3.09 | |
| | |
| | | |
| | |
| Oil and condensate sales | |
| | | |
| | |
| Oil and condensate production volumes (MBbl) | |
| 1,363 | | |
| 1,610 | |
| Oil and condensate production volumes (MBbl) per day | |
| 4 | | |
| 4 | |
| Total sales | |
$ | 99,854 | | |
$ | 147,444 | |
| Average price without the impact of derivatives ($/Bbl) | |
$ | 73.27 | | |
$ | 91.58 | |
| Impact from settled derivatives ($/Bbl) | |
$ | (2.53 | ) | |
$ | (24.32 | ) |
| Average price, including settled derivatives ($/Bbl) | |
$ | 70.74 | | |
$ | 67.26 | |
| | |
| | | |
| | |
| NGL sales | |
| | | |
| | |
| NGL production volumes (MBbl) | |
| 4,386 | | |
| 4,483 | |
| NGL production volumes (MBbl) per day | |
| 12 | | |
| 12 | |
| Total sales | |
$ | 119,717 | | |
$ | 184,963 | |
| Average price without the impact of derivatives ($/Bbl) | |
$ | 27.29 | | |
$ | 41.26 | |
| Impact from settled derivatives ($/Bbl) | |
$ | 2.07 | | |
$ | (2.80 | ) |
| Average price, including settled derivatives ($/Bbl) | |
$ | 29.36 | | |
$ | 38.46 | |
| | |
| | | |
| | |
| Natural gas, oil and condensate and NGL sales | |
| | | |
| | |
| Natural gas equivalents (MMcfe) | |
| 384,802 | | |
| 358,924 | |
| Natural gas equivalents (MMcfe) per day | |
| 1,054 | | |
| 983 | |
| Total sales | |
$ | 1,051,383 | | |
$ | 2,330,859 | |
| Average price without the impact of derivatives ($/Mcfe) | |
$ | 2.73 | | |
$ | 6.49 | |
| Impact from settled derivatives ($/Mcfe) | |
$ | 0.40 | | |
$ | (2.94 | ) |
| Average price, including settled derivatives ($/Mcfe) | |
$ | 3.13 | | |
$ | 3.55 | |
| | |
| | | |
| | |
| Production Costs: | |
| | | |
| | |
| Average lease operating expenses ($/Mcfe) | |
$ | 0.18 | | |
$ | 0.18 | |
| Average taxes other than income ($/Mcfe) | |
$ | 0.09 | | |
$ | 0.17 | |
| Average transportation, gathering, processing and compression ($/Mcfe) | |
$ | 0.91 | | |
$ | 1.00 | |
| Total lease operating expenses, midstream costs and production taxes ($/Mcfe) | |
$ | 1.17 | | |
$ | 1.34 | |
Totals may not sum or recalculate due to rounding.
Consolidated
Statements of Income: Quarter ended, December 31, 2023
(In
thousands, except per share data)
(Unaudited)
| | |
Three Months
Ended
December 31,
2023 | | |
Three Months
Ended
December 31,
2022 | |
| REVENUES: | |
| | |
| |
| Natural gas sales | |
$ | 212,631 | | |
$ | 468,554 | |
| Oil and condensate sales | |
| 23,642 | | |
| 36,146 | |
| Natural gas liquid sales | |
| 26,782 | | |
| 41,222 | |
| Net gain on natural gas, oil and NGL derivatives | |
| 226,053 | | |
| 436,570 | |
| Total revenues | |
| 489,108 | | |
| 982,492 | |
| OPERATING EXPENSES: | |
| | | |
| | |
| Lease operating expenses | |
| 17,004 | | |
| 17,544 | |
| Taxes other than income | |
| 7,868 | | |
| 14,460 | |
| Transportation, gathering, processing and compression | |
| 88,748 | | |
| 95,468 | |
| Depreciation, depletion and amortization | |
| 80,968 | | |
| 78,456 | |
| General and administrative expenses | |
| 11,362 | | |
| 11,176 | |
| Accretion expense | |
| 665 | | |
| 689 | |
| Total operating expenses | |
| 206,615 | | |
| 217,793 | |
| INCOME FROM OPERATIONS | |
| 282,493 | | |
| 764,699 | |
| OTHER EXPENSE: | |
| | | |
| | |
| Interest expense | |
| 14,667 | | |
| 16,094 | |
| Other, net | |
| (7,490 | ) | |
| 37 | |
| Total other expense | |
| 7,177 | | |
| 16,131 | |
| INCOME BEFORE INCOME TAXES | |
| 275,316 | | |
| 748,568 | |
| INCOME TAX EXPENSE: | |
| | | |
| | |
| Current | |
| — | | |
| — | |
| Deferred | |
| 29,585 | | |
| — | |
| Total income tax expense | |
| 29,585 | | |
| — | |
| NET INCOME | |
$ | 245,731 | | |
$ | 748,568 | |
| Dividends on Preferred Stock | |
| (1,122 | ) | |
| (1,308 | ) |
| Participating securities - Preferred Stock | |
| (35,629 | ) | |
| (121,659 | ) |
| NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |
$ | 208,980 | | |
$ | 625,601 | |
| NET INCOME PER COMMON SHARE: | |
| | | |
| | |
| Basic | |
$ | 11.28 | | |
$ | 32.57 | |
| Diluted | |
$ | 11.13 | | |
$ | 32.35 | |
| Weighted average common shares outstanding—Basic | |
| 18,524 | | |
| 19,208 | |
| Weighted average common shares outstanding—Diluted | |
| 18,829 | | |
| 19,366 | |
Consolidated
Statements of Income: Year ended, December 31, 2023
(In
thousands, except per share data)
(Unaudited)
| | |
Year Ended
December 31,
2023 | | |
Year Ended
December 31,
2022 | |
| REVENUES: | |
| | |
| |
| Natural gas sales | |
$ | 831,812 | | |
$ | 1,998,452 | |
| Oil and condensate sales | |
| 99,854 | | |
| 147,444 | |
| Natural gas liquid sales | |
| 119,717 | | |
| 184,963 | |
| Net gain (loss) on natural gas, oil and NGL derivatives | |
| 740,319 | | |
| (999,747 | ) |
| Total revenues | |
| 1,791,702 | | |
| 1,331,112 | |
| OPERATING EXPENSES: | |
| | | |
| | |
| Lease operating expenses | |
| 68,648 | | |
| 64,790 | |
| Taxes other than income | |
| 33,717 | | |
| 60,139 | |
| Transportation, gathering, processing and compression | |
| 348,631 | | |
| 357,246 | |
| Depreciation, depletion and amortization | |
| 319,715 | | |
| 267,761 | |
| General and administrative expenses | |
| 38,600 | | |
| 35,304 | |
| Restructuring costs | |
| 4,762 | | |
| — | |
| Accretion expense | |
| 2,782 | | |
| 2,746 | |
| Total operating expenses | |
| 816,855 | | |
| 787,986 | |
| INCOME FROM OPERATIONS | |
| 974,847 | | |
| 543,126 | |
| OTHER EXPENSE (INCOME): | |
| | | |
| | |
| Interest expense | |
| 57,069 | | |
| 59,773 | |
| Other, net | |
| (27,982 | ) | |
| (11,348 | ) |
| Total other expense | |
| 29,087 | | |
| 48,425 | |
| INCOME BEFORE INCOME TAXES | |
| 945,760 | | |
| 494,701 | |
| INCOME TAX BENEFIT: | |
| | | |
| | |
| Current | |
| — | | |
| — | |
| Deferred | |
| (525,156 | ) | |
| — | |
| Total income tax benefit | |
| (525,156 | ) | |
| — | |
| NET INCOME | |
$ | 1,470,916 | | |
$ | 494,701 | |
| Dividends on Preferred Stock | |
| (4,840 | ) | |
| (5,444 | ) |
| Participating securities - Preferred Stock | |
| (212,360 | ) | |
| (76,401 | ) |
| NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |
$ | 1,253,716 | | |
$ | 412,856 | |
| NET INCOME PER COMMON SHARE: | |
| | | |
| | |
| Basic | |
$ | 67.24 | | |
$ | 20.45 | |
| Diluted | |
$ | 66.46 | | |
$ | 20.32 | |
| Weighted average common shares outstanding—Basic | |
| 18,645 | | |
| 20,185 | |
| Weighted average common shares outstanding—Diluted | |
| 18,902 | | |
| 20,347 | |
Consolidated
Balance Sheets
(In
thousands, except share data)
(Unaudited)
| | |
December 31,
2023 | | |
December 31,
2022 | |
| Assets | |
| | |
| |
| Current assets: | |
| | |
| |
| Cash and cash equivalents | |
$ | 1,929 | | |
$ | 7,259 | |
| Accounts receivable—oil, natural gas, and natural gas liquids sales | |
| 122,479 | | |
| 278,404 | |
| Accounts receivable—joint interest and other | |
| 22,221 | | |
| 21,478 | |
| Prepaid expenses and other current assets | |
| 16,951 | | |
| 7,621 | |
| Short-term derivative instruments | |
| 233,226 | | |
| 87,508 | |
| Total current assets | |
| 396,806 | | |
| 402,270 | |
| Property and equipment: | |
| | | |
| | |
| Oil and natural gas properties, full-cost method | |
| | | |
| | |
| Proved oil and natural gas properties | |
| 2,904,519 | | |
| 2,418,666 | |
| Unproved properties | |
| 204,233 | | |
| 178,472 | |
| Other property and equipment | |
| 9,165 | | |
| 6,363 | |
| Total property and equipment | |
| 3,117,917 | | |
| 2,603,501 | |
| Less: accumulated depletion, depreciation and amortization | |
| (865,618 | ) | |
| (545,771 | ) |
| Total property and equipment, net | |
| 2,252,299 | | |
| 2,057,730 | |
| Other assets: | |
| | | |
| | |
| Long-term derivative instruments | |
| 47,566 | | |
| 26,525 | |
| Deferred tax asset | |
| 525,156 | | |
| — | |
| Operating lease assets | |
| 14,299 | | |
| 26,713 | |
| Other assets | |
| 31,487 | | |
| 21,241 | |
| Total other assets | |
| 618,508 | | |
| 74,479 | |
| Total assets | |
$ | 3,267,613 | | |
$ | 2,534,479 | |
Consolidated
Balance Sheets
(In
thousands, except share data)
(Unaudited)
| | |
December 31,
2023 | | |
December 31,
2022 | |
| Liabilities, Mezzanine Equity and Stockholders’ Equity | |
| | |
| |
| Current liabilities: | |
| | |
| |
| Accounts payable and accrued liabilities | |
$ | 309,532 | | |
$ | 437,384 | |
| Short-term derivative instruments | |
| 21,963 | | |
| 343,522 | |
| Current portion of operating lease liabilities | |
| 12,959 | | |
| 12,414 | |
| Total current liabilities | |
| 344,454 | | |
| 793,320 | |
| Non-current liabilities: | |
| | | |
| | |
| Long-term derivative instruments | |
| 18,602 | | |
| 118,404 | |
| Asset retirement obligation | |
| 29,941 | | |
| 33,171 | |
| Non-current operating lease liabilities | |
| 1,340 | | |
| 14,299 | |
| Long-term debt | |
| 667,382 | | |
| 694,155 | |
| Total non-current liabilities | |
| 717,265 | | |
| 860,029 | |
| Total liabilities | |
$ | 1,061,719 | | |
$ | 1,653,349 | |
| Commitments and contingencies | |
| | | |
| | |
| Mezzanine equity: | |
| | | |
| | |
| Preferred Stock - $0.0001 par value, 110.0 thousand shares authorized, 44.2 thousand and outstanding at December 31, 2023, and 52.3 thousand issued and outstanding at December 31, 2022 | |
| 44,214 | | |
| 52,295 | |
| Stockholders’ equity: | |
| | | |
| | |
| Common Stock - $0.0001 par value, 42.0 million shares authorized, 18.3 million issued and outstanding at December 31, 2023, and 19.1 million issued and outstanding at December 31, 2022 | |
| 2 | | |
| 2 | |
| Additional paid-in capital | |
| 315,726 | | |
| 449,243 | |
| Common Stock held in reserve, 62.0 thousand shares at December 31, 2023, and 62.0 thousand shares at December 31, 2022 | |
| (1,996 | ) | |
| (1,996 | ) |
| Retained earnings | |
| 1,847,948 | | |
| 381,872 | |
| Treasury stock, at cost - 0.0 thousand shares at December 31, 2023, and 3.9 thousand shares at December 31, 2022 | |
| — | | |
| (286 | ) |
| Total stockholders’ equity | |
$ | 2,161,680 | | |
$ | 828,835 | |
| Total liabilities, mezzanine equity and stockholders’ equity | |
$ | 3,267,613 | | |
$ | 2,534,479 | |
Consolidated
Statement of Cash Flows: Quarter ended, December 31, 2023
(In
thousands)
(Unaudited)
| | |
Three Months
Ended
December 31,
2023 | | |
Three Months
Ended
December 31,
2022 | |
| Cash flows from operating activities: | |
| | |
| |
| Net income | |
$ | 245,731 | | |
$ | 748,568 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
| Depletion, depreciation and amortization | |
| 80,968 | | |
| 78,456 | |
| Net gain on derivative instruments | |
| (226,053 | ) | |
| (436,570 | ) |
| Net cash receipts (payments) on settled derivative instruments | |
| 50,252 | | |
| (254,394 | ) |
| Deferred income tax expense | |
| 29,585 | | |
| — | |
| Stock-based compensation expense | |
| 2,077 | | |
| 1,566 | |
| Other, net | |
| 1,778 | | |
| 1,382 | |
| Changes in operating assets and liabilities, net | |
| (28,837 | ) | |
| 48,987 | |
| Net cash provided by operating activities | |
| 155,501 | | |
| 187,995 | |
| Cash flows from investing activities: | |
| | | |
| | |
| Additions to oil and natural gas properties | |
| (116,228 | ) | |
| (128,786 | ) |
| Proceeds from sale of oil and natural gas properties | |
| 12 | | |
| 150 | |
| Other, net | |
| (1,030 | ) | |
| (339 | ) |
| Net cash used in investing activities | |
| (117,246 | ) | |
| (128,975 | ) |
| Cash flows from financing activities: | |
| | | |
| | |
| Principal payments on Credit Facility | |
| (250,000 | ) | |
| (570,000 | ) |
| Borrowings on Credit Facility | |
| 273,000 | | |
| 536,000 | |
| Debt issuance costs and loan commitment fees | |
| (103 | ) | |
| (23 | ) |
| Dividends on preferred stock | |
| (1,122 | ) | |
| (1,308 | ) |
| Repurchase of common stock under Repurchase Program | |
| (46,408 | ) | |
| (24,691 | ) |
| Repurchase of common stock under Repurchase Program - related party | |
| (20,000 | ) | |
| — | |
| Other, net | |
| (18 | ) | |
| (26 | ) |
| Net cash used in financing activities | |
| (44,651 | ) | |
| (60,048 | ) |
| Net change in cash, cash equivalents and restricted cash | |
| (6,396 | ) | |
| (1,028 | ) |
| Cash and cash equivalents at beginning of period | |
| 8,325 | | |
| 8,287 | |
| Cash and cash equivalents at end of period | |
$ | 1,929 | | |
$ | 7,259 | |
Consolidated
Statement of Cash Flows: Year ended, December 31, 2023
(In
thousands)
(Unaudited)
| | |
Year Ended
December 31,
2023 | | |
Year Ended
December 31,
2022 | |
| Cash flows from operating activities: | |
| | |
| |
| Net income | |
$ | 1,470,916 | | |
$ | 494,701 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
| Depletion, depreciation and amortization | |
| 319,715 | | |
| 267,761 | |
| Net (gain) loss on derivative instruments | |
| (740,319 | ) | |
| 999,747 | |
| Net cash receipts (payments) on settled derivative instruments | |
| 152,199 | | |
| (1,053,810 | ) |
| Deferred income tax benefit | |
| (525,156 | ) | |
| — | |
| Stock-based compensation expense | |
| 9,480 | | |
| 5,723 | |
| Other, net | |
| 7,645 | | |
| 5,528 | |
| Changes in operating assets and liabilities, net | |
| 28,701 | | |
| 19,427 | |
| Net cash provided by operating activities | |
| 723,181 | | |
| 739,077 | |
| Cash flows from investing activities: | |
| | | |
| | |
| Additions to oil and natural gas properties | |
| (537,360 | ) | |
| (460,780 | ) |
| Proceeds from sale of oil and natural gas properties | |
| 2,659 | | |
| 3,360 | |
| Other, net | |
| (2,526 | ) | |
| (875 | ) |
| Net cash used in investing activities | |
| (537,227 | ) | |
| (458,295 | ) |
| Cash flows from financing activities: | |
| | | |
| | |
| Principal payments on Credit Facility | |
| (998,000 | ) | |
| (2,082,000 | ) |
| Borrowings on Credit Facility | |
| 971,000 | | |
| 2,063,000 | |
| Debt issuance costs and loan commitment fees | |
| (7,068 | ) | |
| (234 | ) |
| Dividends on Preferred Stock | |
| (4,840 | ) | |
| (5,444 | ) |
| Repurchase of Common Stock under Repurchase Program | |
| (108,735 | ) | |
| (250,482 | ) |
| Repurchase of Common Stock under Repurchase Program - related party | |
| (40,430 | ) | |
| — | |
| Other, net | |
| (3,211 | ) | |
| (1,623 | ) |
| Net cash used in financing activities | |
| (191,284 | ) | |
| (276,783 | ) |
| Net increase (decrease) in cash and cash equivalents | |
| (5,330 | ) | |
| 3,999 | |
| Cash and cash equivalents at beginning of period | |
| 7,259 | | |
| 3,260 | |
| Cash and cash equivalents at end of period | |
| 1,929 | | |
| 7,259 | |
2024E
Guidance
Gulfport's
2024 guidance assumes commodity strip prices as of February 13, 2024, adjusted for applicable commodity and location differentials, and
no property acquisitions or divestitures.
| | |
Year Ending | |
| | |
December 31, 2024 | |
| | |
Low | | |
High | |
| Production | |
| | |
| |
| Average daily gas equivalent (MMcfe/day) | |
| 1,045 | | |
| 1,080 | |
| % Gas | |
| ~92% | |
| | |
| | | |
| | |
| 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) | |
$ | (4.75 | ) | |
$ | (5.75 | ) |
| | |
| | | |
| | |
| Expenses | |
| | | |
| | |
| Lease operating expense ($/Mcfe) | |
$ | 0.17 | | |
$ | 0.19 | |
| Taxes other than income ($/Mcfe) | |
$ | 0.08 | | |
$ | 0.10 | |
| 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 | |
$ | 330 | | |
$ | 360 | |
| Maintenance leasehold and land | |
$ | 50 | | |
$ | 60 | |
| Total base capital expenditures | |
$ | 380 | | |
$ | 420 | |
| (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 February 27, 2024.
| | |
1Q2024 | | |
2Q2024 | | |
3Q2024 | | |
4Q2024 | | |
Full Year
2024 | | |
Full Year
2025 | |
| Natural Gas Contract Summary (NYMEX): | |
| | |
| | |
| | |
| | |
| | |
| |
| Fixed Price Swaps | |
| | |
| | |
| | |
| | |
| | |
| |
| Volume (BBtupd) | |
| 330 | | |
| 330 | | |
| 400 | | |
| 400 | | |
| 365 | | |
| 180 | |
| Weighted Average Price ($/MMBtu) | |
$ | 4.04 | | |
$ | 4.04 | | |
$ | 3.77 | | |
$ | 3.77 | | |
$ | 3.89 | | |
$ | 4.00 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Fixed Price Collars | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Volume (BBtupd) | |
| 225 | | |
| 225 | | |
| 225 | | |
| 225 | | |
| 225 | | |
| 130 | |
| Weighted Average Floor Price ($/MMBtu) | |
$ | 3.36 | | |
$ | 3.36 | | |
$ | 3.36 | | |
$ | 3.36 | | |
$ | 3.36 | | |
$ | 3.53 | |
| Weighted Average Ceiling Price ($/MMBtu) | |
$ | 5.14 | | |
$ | 5.14 | | |
$ | 5.14 | | |
$ | 5.14 | | |
$ | 5.14 | | |
$ | 4.43 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Fixed Price Calls Sold | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Volume (BBtupd) | |
| 202 | | |
| 202 | | |
| 202 | | |
| 202 | | |
| 202 | | |
| 193 | |
| Weighted Average Price ($/MMBtu) | |
$ | 3.33 | | |
$ | 3.33 | | |
$ | 3.33 | | |
$ | 3.33 | | |
$ | 3.33 | | |
$ | 5.80 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Rex Zone 3 Basis | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Volume (BBtupd) | |
| 150 | | |
| 150 | | |
| 150 | | |
| 150 | | |
| 150 | | |
| — | |
| Differential ($/MMBtu) | |
$ | (0.15 | ) | |
$ | (0.15 | ) | |
$ | (0.15 | ) | |
$ | (0.15 | ) | |
$ | (0.15 | ) | |
$ | — | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Tetco M2 Basis | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Volume (BBtupd) | |
| 203 | | |
| 210 | | |
| 190 | | |
| 190 | | |
| 198 | | |
| 100 | |
| Differential ($/MMBtu) | |
$ | (0.93 | ) | |
$ | (0.93 | ) | |
$ | (0.92 | ) | |
$ | (0.92 | ) | |
$ | (0.93 | ) | |
$ | (0.99 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| NGPL TX OK Basis | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Volume (BBtupd) | |
| 70 | | |
| 70 | | |
| 70 | | |
| 70 | | |
| 70 | | |
| — | |
| Differential ($/MMBtu) | |
$ | (0.31 | ) | |
$ | (0.31 | ) | |
$ | (0.31 | ) | |
$ | (0.31 | ) | |
$ | (0.31 | ) | |
$ | — | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Oil Contract Summary (WTI): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Fixed Price Swaps | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Volume (Bblpd) | |
| 500 | | |
| 500 | | |
| 500 | | |
| 500 | | |
| 500 | | |
| — | |
| Weighted Average Price ($/Bbl) | |
$ | 77.50 | | |
$ | 77.50 | | |
$ | 77.50 | | |
$ | 77.50 | | |
$ | 77.50 | | |
$ | — | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Fixed Price Collars | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Volume (Bblpd) | |
| 1,000 | | |
| 1,000 | | |
| 1,000 | | |
| 1,000 | | |
| 1,000 | | |
| — | |
| Weighted Average Floor Price ($/Bbl) | |
$ | 62.00 | | |
$ | 62.00 | | |
$ | 62.00 | | |
$ | 62.00 | | |
$ | 62.00 | | |
$ | — | |
| Weighted Average Ceiling Price ($/Bbl) | |
$ | 80.00 | | |
$ | 80.00 | | |
$ | 80.00 | | |
$ | 80.00 | | |
$ | 80.00 | | |
$ | — | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| NGL Contract Summary: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| C3 Propane Fixed Price Swaps | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Volume (Bblpd) | |
| 2,500 | | |
| 2,500 | | |
| 2,500 | | |
| 2,500 | | |
| 2,500 | | |
| 2,000 | |
| Weighted Average Price ($/Bbl) | |
$ | 30.25 | | |
$ | 30.25 | | |
$ | 30.25 | | |
$ | 30.25 | | |
$ | 30.25 | | |
$ | 30.09 | |
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 deferred income tax expense (benefit), non-cash derivative loss
(gain), non-recurring general and administrative expenses comprised of expenses related to the continued administration of our prior
Chapter 11 filing, restructuring costs, stock-based compensation expenses 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, income tax expense (benefit), depreciation, depletion and amortization 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, restructuring costs, stock-based compensation 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
operating activities but excluded from adjusted EBITDA less interest expense, capital expenses incurred and capital expenditures incurred,
excluding discretionary acreage acquisitions. Gulfport includes a adjusted free cash flow estimate for 2024. 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: Quarter ended, December 31, 2023
(In
thousands)
(Unaudited)
| | |
Three Months
Ended
December 31,
2023 | | |
Three Months
Ended
December 31,
2022 | |
| Net Income (GAAP) | |
$ | 245,731 | | |
$ | 748,568 | |
| | |
| | | |
| | |
| Adjustments: | |
| | | |
| | |
| Deferred income tax expense | |
| 29,585 | | |
| — | |
| Non-cash derivative gain | |
| (175,801 | ) | |
| (690,964 | ) |
| Non-recurring general and administrative expense | |
| 409 | | |
| 1,479 | |
| Stock-based compensation expense | |
| 2,077 | | |
| 1,566 | |
| Other, net(1) | |
| (7,490 | ) | |
| 37 | |
| Adjusted Net Income (Non-GAAP) | |
$ | 94,511 | | |
$ | 60,686 | |
| (1) | For
the three months ended December 31, 2023, “Other, net” included $8.3 million receipt of funds related to Gulfport’s
TC claim distribution. Gulfport does not expect to receive additional distributions from the liquidating trust for its TC claim. The
distribution is more fully described in Note 19 of our consolidated financial statements in our Annual Report on Form 10-K filing for
the year ended December 31, 2023. |
Adjusted
Net Income: Year ended, December 31, 2023
(In
thousands)
(Unaudited)
| | |
Year Ended
December 31,
2023 | | |
Year Ended
December 31,
2022 | |
| | |
| | |
| |
| Net Income (GAAP) | |
| 1,470,916 | | |
$ | 494,701 | |
| | |
| | | |
| | |
| Adjustments: | |
| | | |
| | |
| Deferred income tax benefit | |
| (525,156 | ) | |
| — | |
| Non-cash derivative gain | |
| (588,120 | ) | |
| (54,063 | ) |
| Non-recurring general and administrative expense | |
| 2,844 | | |
| 3,152 | |
| Restructuring costs | |
| 4,762 | | |
| — | |
| Stock-based compensation expense | |
| 8,215 | | |
| 5,723 | |
| Other, net(1,2) | |
| (27,982 | ) | |
| (11,348 | ) |
| Adjusted Net Income (Non-GAAP) | |
$ | 345,479 | | |
$ | 438,165 | |
| (1) | For
the year ended December 31, 2023, “Other, net” included $17.8 million receipt of funds related to the interim TC claim
distribution and a $1 million administrative payment to Rover as part of the executed settlement that occurred in the first quarter
of 2023. Additionally, in the fourth quarter of 2023, Gulfport received an additional $8.3 million distribution related to its TC
claim. Gulfport does not expect to receive additional distributions from the liquidating trust for its TC claim. The distributions and
settlement is more fully described in Note 19 of our consolidated financial statements in our Annual Report on Form 10-K filing for
the year ended December 31, 2023. In the second quarter 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 year ended December 31, 2022, “Other, net” included $11.5 million related to our initial claim distribution from our
Chapter 11 Plan of Reorganization. The distribution is more fully described in Note 19 of our consolidated financial statements included
in our Annual Report on Form 10-K for the year ended December 31, 2023. |
Adjusted
EBITDA: Quarter ended, December 31, 2023
(In
thousands)
(Unaudited)
| | |
Three Months
Ended
December 31,
2023 | | |
Three Months
Ended
December 31,
2022 | |
| | |
| | |
| |
| Net Income (GAAP) | |
$ | 245,731 | | |
$ | 748,568 | |
| | |
| | | |
| | |
| Adjustments: | |
| | | |
| | |
| Interest expense | |
| 14,667 | | |
| 16,094 | |
| Deferred income tax expense | |
| 29,585 | | |
| — | |
| DD&A and accretion | |
| 81,633 | | |
| 79,145 | |
| Non-cash derivative gain | |
| (175,801 | ) | |
| (690,964 | ) |
| Non-recurring general and administrative expenses | |
| 409 | | |
| 1,479 | |
| Stock-based compensation expense | |
| 2,077 | | |
| 1,566 | |
| Other, net(1) | |
| (7,490 | ) | |
| 37 | |
| Adjusted EBITDA (Non-GAAP) | |
$ | 190,811 | | |
$ | 155,925 | |
| (1) | For
the three months ended December 31, 2023, “Other, net” included $8.3 million receipt of funds related to Gulfport’s
TC claim distribution. Gulfport does not expect to receive additional distributions from the liquidating trust for its TC claim. The
distribution is more fully described in Note 19 of our consolidated financial statements included in our Annual Report on Form 10-K for
the year ended December 31, 2023. |
Adjusted
EBITDA: Year ended, December 31, 2023
(In
thousands)
(Unaudited)
| | |
Year Ended
December 31,
2023 | | |
Year Ended
December 31,
2022 | |
| | |
| | |
| |
| Net Income (GAAP) | |
| 1,470,916 | | |
| 494,701 | |
| | |
| | | |
| | |
| Adjustments: | |
| | | |
| | |
| Interest expense | |
| 57,069 | | |
| 59,773 | |
| Deferred income tax benefit | |
| (525,156 | ) | |
| — | |
| DD&A and accretion | |
| 322,497 | | |
| 270,507 | |
| Non-cash derivative gain | |
| (588,120 | ) | |
| (54,063 | ) |
| Non-recurring general and administrative expenses | |
| 2,844 | | |
| 3,152 | |
| Restructuring costs | |
| 4,762 | | |
| — | |
| Stock-based compensation expense | |
| 8,215 | | |
| 5,723 | |
| Other, net(1,2) | |
| (27,982 | ) | |
| (11,348 | ) |
| Adjusted EBITDA (Non-GAAP) | |
$ | 725,045 | | |
$ | 768,445 | |
| (1) |
For
the year ended December 31, 2023, “Other, net” included $17.8 million receipt of funds related to the interim TC
claim distribution and a $1 million administrative payment to Rover as part of the executed settlement that occurred in the
first quarter of 2023. Additionally, in the fourth quarter of 2023, Gulfport received an additional $8.3 million distribution
related to its TC claim. Gulfport does not expect to receive additional distributions from the liquidating trust for its TC claim.
The distributions and settlement is more fully described in Note 19 of our consolidated financial statements included in our Annual
Report on Form 10-K for the year ended December 31, 2023. In the second quarter of 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 year ended December 31, 2022, “Other, net” included $11.5 million related to our initial claim distribution from
our Chapter 11 Plan of Reorganization. The distribution is more fully described in Note 19 of our consolidated financial statements
included in our Annual Report on Form 10-K for the year ended December 31, 2023. |
Adjusted
Free Cash Flow: Quarter ended, December 31, 2023
(In
thousands)
(Unaudited)
| | |
Three Months
Ended
December 31,
2023 | | |
Three Months
Ended
December 31,
2022 | |
| | |
| | |
| |
| Net cash provided by operating activity (GAAP) | |
$ | 155,501 | | |
$ | 187,995 | |
| Adjustments: | |
| | | |
| | |
| Interest expense | |
| 14,667 | | |
| 16,094 | |
| Non-recurring general and administrative expenses | |
| 409 | | |
| 1,479 | |
| Other, net(1) | |
| (8,603 | ) | |
| (656 | ) |
| Changes in operating assets and liabilities, net: | |
| | | |
| | |
| Accounts receivable - oil, natural gas, and natural gas liquids sales | |
| 15,748 | | |
| (39,124 | ) |
| Accounts receivable - joint interest and other | |
| 9,857 | | |
| (13,852 | ) |
| Accounts payable and accrued liabilities | |
| 2,672 | | |
| 5,769 | |
| Prepaid expenses | |
| 571 | | |
| (1,802 | ) |
| Other assets | |
| (11 | ) | |
| 22 | |
| Total changes in operating assets and liabilities, net | |
$ | 28,837 | | |
$ | (48,987 | ) |
| Adjusted EBITDA (Non-GAAP) | |
$ | 190,811 | | |
$ | 155,925 | |
| Interest expense | |
| (14,667 | ) | |
| (16,094 | ) |
| Capitalized expenses incurred(2) | |
| (6,794 | ) | |
| (4,722 | ) |
| Capital expenditures incurred(3,4) | |
| (83,904 | ) | |
| (101,918 | ) |
| Adjusted free cash flow (Non-GAAP)(3) | |
$ | 85,446 | | |
$ | 33,191 | |
| (1) |
For
the three months ended December 31, 2023, “Other, net” included $8.3 million receipt of funds related to its TC
claim distribution. Gulfport does not expect to receive additional distributions from the liquidating trust for its TC claim. The
distribution is more fully described in Note 19 of our consolidated financial statements included in our Annual Report on Form 10-K
for the year ended December 31, 2023. |
| (2) |
Includes
cash capitalized general and administrative expense and incurred capitalized interest expenses. |
| (3) |
Incurred
capital expenditures and cash capital expenditures may vary from period to period due to the cash payment cycle. |
| (4) |
Includes
$1.0 million of non-O&G capital and excludes targeted discretionary acreage acquisitions of $23.1 million. |
Adjusted
Free Cash Flow: Year ended, December 31, 2023
(In
thousands)
(Unaudited)
| | |
Year Ended
December 31,
2023 | | |
Year Ended
December 31,
2022 | |
| | |
| | |
| |
| Net cash provided by operating activity (GAAP) | |
$ | 723,181 | | |
$ | 739,077 | |
| Adjustments: | |
| | | |
| | |
| Interest expense | |
| 57,069 | | |
| 59,773 | |
| Non-recurring general and administrative expenses | |
| 2,844 | | |
| 3,152 | |
| Restructuring costs | |
| 4,762 | | |
| — | |
| Other, net(1,2) | |
| (34,110 | ) | |
| (14,130 | ) |
| Changes in operating assets and liabilities, net: | |
| | | |
| | |
| Accounts receivable - oil, natural gas, and natural gas liquids sales | |
| (155,925 | ) | |
| 45,550 | |
| Accounts receivable - joint interest and other | |
| 743 | | |
| 1,095 | |
| Accounts payable and accrued liabilities | |
| 126,329 | | |
| (59,879 | ) |
| Prepaid expenses | |
| 215 | | |
| (4,863 | ) |
| Other assets | |
| (63 | ) | |
| (1,330 | ) |
| Total changes in operating assets and liabilities | |
$ | (28,701 | ) | |
$ | (19,427 | ) |
| Adjusted EBITDA (Non-GAAP) | |
$ | 725,045 | | |
$ | 768,445 | |
| Interest expense | |
| (57,069 | ) | |
| (59,773 | ) |
| Capitalized expenses incurred(3) | |
| (22,911 | ) | |
| (17,208 | ) |
| Capital expenditures incurred(4,5) | |
| (446,202 | ) | |
| (450,879 | ) |
| Adjusted free cash flow (Non-GAAP)(5) | |
$ | 198,863 | | |
$ | 240,585 | |
| (1) |
For
the year ended December 31, 2023, “Other, net” included $17.8 million receipt of funds related to the interim TC
claim distribution and a $1 million administrative payment to Rover as part of the executed settlement that occurred in the
first quarter of 2023. Additionally, in the fourth quarter of 2023, Gulfport received an additional $8.3 million distribution
related to its TC claim. Gulfport does not expect to receive additional distributions from the liquidating trust for its TC claim.
The distributions and settlement is more fully described in Note 19 of our consolidated financial statements included in our Annual
Report on Form 10-K for the year ended December 31, 2023. In the second quarter of 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 year ended December 31, 2022, “Other, net” included $11.5 million related to our initial claim distribution from
our Chapter 11 Plan of Reorganization. The distribution is more fully described in Note 19 of our consolidated financial statements
included in our Annual Report on Form 10-K for the year ended December 31, 2023. |
| (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. |
| (5) |
Includes
$2.8 million of non-O&G capital and excludes targeted discretionary acreage acquisitions of $48.0 million. |
Recurring
General and Administrative Expenses:
Quarter
ended, December 31, 2023
(In
thousands)
(Unaudited)
| | |
Three Months Ended
December 31, 2023 | | |
Three Months Ended
December 31, 2022 | |
| | |
Cash | | |
Non-Cash | | |
Total | | |
Cash | | |
Non-Cash | | |
Total | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| General and administrative expense (GAAP) | |
$ | 9,285 | | |
$ | 2,077 | | |
$ | 11,362 | | |
$ | 9,611 | | |
$ | 1,565 | | |
$ | 11,176 | |
| Capitalized general and administrative expense | |
| 5,601 | | |
| 1,023 | | |
| 6,624 | | |
| 4,722 | | |
| 807 | | |
| 5,529 | |
| Non-recurring general and administrative expense | |
| (409 | ) | |
| — | | |
| (409 | ) | |
| (1,479 | ) | |
| — | | |
| (1,479 | ) |
| Recurring general and administrative before capitalization (Non-GAAP) | |
$ | 14,477 | | |
$ | 3,100 | | |
$ | 17,577 | | |
$ | 12,854 | | |
$ | 2,372 | | |
$ | 15,226 | |
Recurring
General and Administrative Expenses:
Year ended, December 31, 2023
(In
thousands)
(Unaudited)
| | |
Year Ended
December 31, 2023 | | |
Year Ended
December 31, 2022 | |
| | |
Cash | | |
Non-Cash | | |
Total | | |
Cash | | |
Non-Cash | | |
Total | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| General and administrative expense (GAAP) | |
$ | 30,385 | | |
$ | 8,215 | | |
$ | 38,600 | | |
$ | 29,582 | | |
$ | 5,722 | | |
$ | 35,304 | |
| Capitalized general and administrative expense | |
| 18,764 | | |
| 4,046 | | |
| 22,810 | | |
| 17,208 | | |
| 2,949 | | |
| 20,157 | |
| Non-recurring general and administrative expense | |
| (2,844 | ) | |
| — | | |
| (2,844 | ) | |
| (3,152 | ) | |
| — | | |
| (3,152 | ) |
| Recurring general and administrative before capitalization (Non-GAAP) | |
$ | 46,305 | | |
$ | 12,261 | | |
$ | 58,566 | | |
$ | 43,638 | | |
$ | 8,671 | | |
$ | 52,309 | |
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