0001213900-23-081819.txt : 20231031 0001213900-23-081819.hdr.sgml : 20231031 20231031162042 ACCESSION NUMBER: 0001213900-23-081819 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 18 CONFORMED PERIOD OF REPORT: 20231031 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231031 DATE AS OF CHANGE: 20231031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GULFPORT ENERGY CORP CENTRAL INDEX KEY: 0000874499 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 863684669 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-19514 FILM NUMBER: 231364792 BUSINESS ADDRESS: STREET 1: 14313 NORTH MAY AVENUE STREET 2: SUITE 100 CITY: OKLAHOMA CITY STATE: OK ZIP: 73134 BUSINESS PHONE: 4058488807 MAIL ADDRESS: STREET 1: 14313 NORTH MAY AVENUE STREET 2: SUITE 100 CITY: OKLAHOMA CITY STATE: OK ZIP: 73134 FORMER COMPANY: FORMER CONFORMED NAME: WRT ENERGY CORP DATE OF NAME CHANGE: 19930328 FORMER COMPANY: FORMER CONFORMED NAME: WESTERN RESOURCE TECHNOLOGIES INC DATE OF NAME CHANGE: 19600201 8-K 1 ea187510-8k_gulfport.htm CURRENT REPORT
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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): October 31, 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 October 31, 2023, Gulfport Energy Corporation (“Gulfport”) issued a press release reporting its financial and operating results for the three months ended September 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 October 31, 2023, Gulfport posted an updated investor presentation and its 2023 Corporate Sustainability Report 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” and the sustainability report may be found on Gulfport’s website by selecting “Sustainability.”

 

Additionally, on October 31, 2023, Gulfport issued a press release announcing the results of its MiQ methane emissions certification for its natural gas production across its Appalachia operations, and that it published its 2023 Corporate Sustainability Report. A copy of the press release is attached as Exhibit 99.3 to this Current Report on Form 8-K.

 

The information in the press releases, updated investor presentation and sustainability report is being furnished, not filed, pursuant to Item 2.02 and Item 7.01. Accordingly, the information in the press releases, updated investor presentation and sustainability report 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

 

Number   Exhibit
99.1   Press release dated October 31, 2023 entitled “Gulfport Energy Reports Third Quarter 2023 Financial and Operating Results.”
99.2   Supplemental Financial Information.
99.3   Press release dated October 31, 2023 entitled “Gulfport Energy Achieves Grade ‘A’ MiQ Certification for Appalachia Operations and Publishes 2023 Corporate Sustainability Report.”
104   Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

 

1

 

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: October 31, 2023 By: /s/ Michael Hodges
    Michael Hodges
    Chief Financial Officer

 

2

 

EX-99.1 2 ea187510ex99-1_gulfport.htm PRESS RELEASE DATED OCTOBER 31, 2023 ENTITLED "GULFPORT ENERGY REPORTS THIRD QUARTER 2023 FINANCIAL AND OPERATING RESULTS."

Exhibit 99.1

 

 
Gulfport Energy Reports Third Quarter 2023 Financial and Operating Results

 

OKLAHOMA CITY (October 31, 2023) Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today reported financial and operating results for the three months ended September 30, 2023 and provided an update on its 2023 development plan and financial guidance.

 

Third Quarter 2023 and Recent Highlights

 

Delivered total net production of 1,056.9 MMcfe per day, above analyst consensus expectations

 

Reported $608.4 million of net income and $160.0 million of adjusted EBITDA(1), above analyst consensus expectations

 

Generated $156.3 million of net cash provided by operating activities and $48.9 million of adjusted free cash flow(1), excluding discretionary acreage acquisitions and above analyst consensus expectations

 

Incurred capital expenditures, excluding discretionary acreage acquisitions, of $89.8 million, below analyst consensus expectations

 

Utilized adjusted free cash flow(1) for discretionary acreage acquisitions totaling $19.4 million

 

Per unit operating costs(2) totaled $1.12 per Mcfe, below analyst consensus expectations

 

Expanded common stock repurchase authorization by 63 percent to $650 million

 

Repurchased 3.9 million shares of common stock for approximately $334.6 million(3) since the inception of the repurchase program

 

Reaffirmed borrowing base of $1.1 billion with elected commitments to remain at $900 million

 

Completed Marcellus two-well pad in Belmont County, Ohio and recently began flowback operations in October 2023

 

Issued 2023 Corporate Sustainability Report and remain committed to delivering cleaner, lower carbon energy in a safe, environmentally responsible manner

 

Updated Full Year 2023 Outlook

 

Raising full year 2023 net production guidance to 1,045 MMcfe - 1,055 MMcfe per day

 

Reducing guidance for total base capital expenditures to $435 million – $455 million, consisting of drilling and completion expenditures of $385 million - $395 million and maintenance leasehold and land investment of $50 million - $60 million, excluding discretionary acreage acquisitions

 

 

 

John Reinhart, President and CEO, commented, “Gulfport continued to make steady progress in the third quarter, demonstrated by our strong production profile, robust margins, improvement in operational efficiencies and cycle times and the continued return of capital to shareholders through our common share repurchase program. Our operations teams continue to perform at a high level of efficiency and as a result, we forecast the Company has realized over $35 million in capital savings on our full year 2023 drilling and completion budget. We have elected to reinvest these savings into our high-quality assets, increasing our operated working interests and adding incremental activity in both the Utica and SCOOP. We plan to accelerate drilling on seven additional wells, two of which will complete drilling during the fourth quarter, as well as initiate completion operations on a three-well Utica pad. This activity is predominantly focused in our liquids rich areas, benefiting our 2024 program and positioning us well as we enter next year. Including this additional activity, we are lowering our 2023 capital budget while also increasing our 2023 production guidance, delivering total net production approximately 3% above our initial 2023 guidance provided in February.”

 

Reinhart continued, “We continue to prioritize the return of capital to our shareholders through common stock repurchases, as further evidenced by the recent increase in the size of the program in place by 63% to $650 million. We plan to continue allocating substantially all of our adjusted free cash flow to common share repurchases after accounting for discretionary acreage acquisitions. Through September 30, we have invested roughly $25 million in discretionary acreage acquisition opportunities during 2023 and remain on target to allocate $40 million of our robust 2023 adjusted free cash flow to be invested in extending 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.

 

3.As of October 26, 2023.

 

Operational Update

 

The table below summarizes Gulfport’s operated drilling and completion activity for the third quarter of 2023:

 

   Quarter Ended September 30, 2023 
   Gross   Net   Lateral Length 
Spud               
Utica/Marcellus   5    5.0    17,300 
SCOOP            
                
Drilled               
Utica/Marcellus   2    2.0    11,900 
SCOOP            
                
Completed               
Utica/Marcellus   6    5.3    16,100 
SCOOP            
                
Turned-to-Sales               
Utica/Marcellus   5    4.9    11,300 
SCOOP            

 

Gulfport’s net daily production for the third quarter of 2023 averaged 1,056.9 MMcfe per day, primarily consisting of 812.0 MMcfe per day in the Utica and 244.9 MMcfe per day in the SCOOP. For the third quarter of 2023, Gulfport’s net daily production mix was comprised of approximately 92% natural gas, 6% natural gas liquids (“NGL”) and 2% oil and condensate.

 

 

2

 

 

   Three Months
Ended
September 30,
2023
   Three Months
Ended
September 30,
2022
 
Production        
Natural gas (Mcf/day)   971,352    815,660 
Oil and condensate (Bbl/day)   3,195    4,366 
NGL (Bbl/day)   11,061    12,172 
Total (Mcfe/day)   1,056,887    914,888 
Average Prices          
Natural Gas:          
Average price without the impact of derivatives ($/Mcf)  $1.99   $7.80 
Impact from settled derivatives ($/Mcf)  $0.54   $(4.72)
Average price, including settled derivatives ($/Mcf)  $2.53   $3.08 
Oil and condensate:          
Average price without the impact of derivatives ($/Bbl)  $77.90   $89.75 
Impact from settled derivatives ($/Bbl)  $(7.25)  $(22.49)
Average price, including settled derivatives ($/Bbl)  $70.65   $67.26 
NGL:          
Average price without the impact of derivatives ($/Bbl)  $26.49   $39.61 
Impact from settled derivatives ($/Bbl)  $2.62   $(2.53)
Average price, including settled derivatives ($/Bbl)  $29.11   $37.08 
Total:          
Average price without the impact of derivatives ($/Mcfe)  $2.34   $7.91 
Impact from settled derivatives ($/Mcfe)  $0.50   $(4.35)
Average price, including settled derivatives ($/Mcfe)  $2.84   $3.56 
Selected operating metrics          
Lease operating expenses ($/Mcfe)  $0.16   $0.18 
Taxes other than income ($/Mcfe)  $0.07   $0.20 
Transportation, gathering, processing and compression expense  ($/Mcfe)  $0.89   $1.06 
Recurring cash general and administrative expenses ($/Mcfe) (non-GAAP)  $0.12   $0.12 
Interest expenses ($/Mcfe)  $0.15   $0.18 

 

Capital Investment

 

Capital investment was $89.8 million (on an incurred basis) for the third quarter of 2023, of which $81.4 million related to drilling and completion (“D&C”) activity and $8.4 million related to maintenance leasehold and land investment. In addition, Gulfport invested approximately $19.4 million in discretionary acreage acquisitions.

 

For the nine-month period ended September 30, 2023, capital investment was $360.6 million (on an incurred basis), of which $319.2 million related to D&C activity and $41.4 million related to maintenance leasehold and land investment. In addition, Gulfport invested approximately $24.9 million in discretionary acreage acquisitions.

 

3

 

 

Common Stock Repurchase Program

 

Gulfport repurchased approximately 76.2 thousand shares of common stock during the third quarter of 2023 at an average price of $113.97. As of October 26, 2023, the Company had repurchased approximately 3.9 million shares of common stock at a weighted-average share price of $86.14 since the program initiated in March 2022, totaling approximately $334.6 million in aggregate. The Company currently has approximately $315.4 million of remaining capacity under the share repurchase program.

 

Financial Position and Liquidity

 

As of September 30, 2023, Gulfport had approximately $8.3 million of cash and cash equivalents, $95.0 million of borrowings under its revolving credit facility, $66.9 million of letters of credit outstanding and $550 million of outstanding 2026 senior notes.

 

Gulfport’s liquidity at September 30, 2023, totaled approximately $746.4 million, comprised of the $8.3 million of cash and cash equivalents and approximately $738.1 million of available borrowing capacity under its credit facility.

 

Credit Facility Borrowing Base Redetermination

 

On October 27, 2023, Gulfport completed its semi-annual borrowing base redetermination during which the borrowing base was reaffirmed at $1.1 billion with the elected commitments remaining at $900 million.

 

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)   1,045    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)  $(3.50)  $(4.50)
           
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  $385   $395 
Maintenance leasehold and land  $50   $60 
Total base capital expenditures  $435   $455 
           
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.

 

Third Quarter 2023 Conference Call

 

Gulfport will host a teleconference and webcast to discuss its third quarter of 2023 results beginning at 9:00 a.m. ET (8:00 a.m. CT) on Wednesday, November 1, 2023.

 

4

 

 

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 November 2, 2023 to November 16, 2023, by calling 877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13742014. 

 

Financial Statements and Guidance Documents

 

Third 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 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, 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 – Vice President, Investor Relations

jantle@gulfportenergy.com

405-252-4550

 

 

5

 

 

EX-99.2 3 ea187510ex99-2_gulfport.htm SUPPLEMENTAL FINANCIAL INFORMATION

Exhibit 99.2

 

 

 

Three months and nine months ended September 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
Full Year 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 September 30, 2023

 

Production Volumes

 

   Three Months
Ended
September 30,
2023
   Three Months
Ended
September 30,
2022
 
Natural gas (Mcf/day)        
Utica   795,191    597,027 
SCOOP   176,161    218,633 
Total   971,352    815,660 
Oil and condensate (Bbl/day)          
Utica   528    646 
SCOOP   2,667    3,721 
Total   3,195    4,366 
NGL (Bbl/day)          
Utica   2,271    2,458 
SCOOP   8,790    9,714 
Total   11,061    12,172 
Combined (Mcfe/day)          
Utica   811,985    615,649 
SCOOP   244,902    299,239 
Total   1,056,887    914,888 
Totals may not sum or recalculate due to rounding.          

 

Page 2

 

 

 

 

Production Volumes by Asset Area: Nine months ended September 30, 2023

 

Production Volumes

 

   Nine Months
Ended
September 30,
2023
   Nine Months
Ended
September 30,
2022
 
Natural gas (Mcf/day)        
Utica   755,372    664,967 
SCOOP   198,616    200,847 
Total   953,989    865,814 
Oil and condensate (Bbl/day)          
Utica   558    689 
SCOOP   3,256    3,539 
Total   3,813    4,228 
NGL (Bbl/day)          
Utica   2,466    2,252 
SCOOP   9,921    9,275 
Total   12,387    11,526 
Combined (Mcfe/day)          
Utica   773,512    682,611 
SCOOP   277,676    277,730 
Total   1,051,188    960,341 
Totals may not sum or recalculate due to rounding.          

 

Page 3

 

 

 

 

Production and Pricing: Three months ended September 30, 2023

 

The following table summarizes production and related pricing for the three months ended September 30, 2023, as compared to such data for the three months ended September 30, 2022:

 

   Three Months Ended
September 30,
2023
   Three Months Ended
September 30,
2022
 
Natural gas sales        
Natural gas production volumes (MMcf)   89,364    75,041 
Natural gas production volumes (MMcf) per day   971    816 
Total sales  $177,401   $585,596 
Average price without the impact of derivatives ($/Mcf)  $1.99   $7.80 
Impact from settled derivatives ($/Mcf)  $0.54   $(4.72)
Average price, including settled derivatives ($/Mcf)  $2.53   $3.08 
           
Oil and condensate sales          
Oil and condensate production volumes (MBbl)   294    402 
Oil and condensate production volumes (MBbl) per day   3    4 
Total sales  $22,896   $36,050 
Average price without the impact of derivatives ($/Bbl)  $77.90   $89.75 
Impact from settled derivatives ($/Bbl)  $(7.25)  $(22.49)
Average price, including settled derivatives ($/Bbl)  $70.65   $67.26 
           
NGL sales          
NGL production volumes (MBbl)   1,018    1,120 
NGL production volumes (MBbl) per day   11    12 
Total sales  $26,953   $44,351 
Average price without the impact of derivatives ($/Bbl)  $26.49   $39.61 
Impact from settled derivatives ($/Bbl)  $2.62   $(2.53)
Average price, including settled derivatives ($/Bbl)  $29.11   $37.08 
           
Natural gas, oil and condensate and NGL sales          
Natural gas equivalents (MMcfe)   97,234    84,170 
Natural gas equivalents (MMcfe) per day   1,057    915 
Total sales  $227,250   $665,997 
Average price without the impact of derivatives ($/Mcfe)  $2.34   $7.91 
Impact from settled derivatives ($/Mcfe)  $0.50   $(4.35)
Average price, including settled derivatives ($/Mcfe)  $2.84   $3.56 
           
Production Costs:          
Average lease operating expenses ($/Mcfe)  $0.16   $0.18 
Average taxes other than income ($/Mcfe)  $0.07   $0.20 
Average transportation, gathering, processing and compression ($/Mcfe)  $0.89   $1.06 
Total lease operating expenses, midstream costs and production taxes ($/Mcfe)  $1.12   $1.44 

 

Page 4

 

 

 

 

Production and Pricing: Nine months ended September 30, 2023

 

The following table summarizes production and related pricing for the nine months ended September 30, 2023, as compared to such data for the nine months ended September 30, 2022:

 

   Nine Months
Ended
September 30,
2023
   Nine Months
Ended
September 30,
2022
 
Natural gas sales        
Natural gas production volumes (MMcf)   260,439    236,367 
Natural gas production volumes (MMcf) per day   954    866 
Total sales  $619,181   $1,529,898 
Average price without the impact of derivatives ($/Mcf)  $2.38   $6.47 
Impact from settled derivatives ($/Mcf)  $0.37   $(3.19)
Average price, including settled derivatives ($/Mcf)  $2.75   $3.28 
           
Oil and condensate sales          
Oil and condensate production volumes (MBbl)   1,041    1,154 
Oil and condensate production volumes (MBbl) per day   4    4 
Total sales  $76,212   $111,298 
Average price without the impact of derivatives ($/Bbl)  $73.21   $96.42 
Impact from settled derivatives ($/Bbl)  $(2.29)  $(27.26)
Average price, including settled derivatives ($/Bbl)  $70.92   $69.16 
           
NGL sales          
NGL production volumes (MBbl)   3,382    3,147 
NGL production volumes (MBbl) per day   12    12 
Total sales  $92,935   $143,741 
Average price without the impact of derivatives ($/Bbl)  $27.48   $45.68 
Impact from settled derivatives ($/Bbl)  $1.88   $(4.38)
Average price, including settled derivatives ($/Bbl)  $29.36   $41.30 
           
Natural gas, oil and condensate and NGL sales          
Natural gas equivalents (MMcfe)   286,974    262,173 
Natural gas equivalents (MMcfe) per day   1,051    960 
Total sales  $788,328   $1,784,937 
Average price without the impact of derivatives ($/Mcfe)  $2.75   $6.81 
Impact from settled derivatives ($/Mcfe)  $0.35   $(3.05)
Average price, including settled derivatives ($/Mcfe)  $3.10   $3.76 
           
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)  $1.18   $1.35 

 

Page 5

 

 

 

 

Consolidated Statements of Income: Three months ended September 30, 2023

 

(In thousands, except per share data)

(Unaudited)

 

   Three Months
Ended
September 30,
2023
   Three Months
Ended
September 30,
2022
 
REVENUES:        
Natural gas sales  $177,401   $585,596 
Oil and condensate sales   22,896    36,050 
Natural gas liquid sales   26,953    44,351 
Net gain (loss) on natural gas, oil and NGL derivatives   39,417    (474,895)
Total revenues   266,667    191,102 
OPERATING EXPENSES:          
Lease operating expenses   15,627    15,363 
Taxes other than income   7,216    16,529 
Transportation, gathering, processing and compression   86,602    89,234 
Depreciation, depletion and amortization   79,505    64,419 
General and administrative expenses   9,894    8,752 
Accretion expense   639    673 
Total operating expenses   199,483    194,970 
INCOME (LOSS) FROM OPERATIONS   67,184    (3,868)
OTHER EXPENSE (INCOME):          
Interest expense   14,919    15,461 
Other, net   (1,438)   (857)
Total other expense   13,481    14,604 
INCOME (LOSS) BEFORE INCOME TAXES   53,703    (18,472)
INCOME TAX BENEFIT:          
Current        
Deferred   (554,741)    
Total income tax benefit   (554,741)    
NET INCOME (LOSS)  $608,444   $(18,472)
Dividends on preferred stock   (1,133)   (1,309)
Participating securities - preferred stock   (89,756)    
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS  $517,555   $(19,781)
           
NET INCOME (LOSS) PER COMMON SHARE:          
Basic  $27.72   $(1.01)
Diluted  $27.37   $(1.01)
Weighted average common shares outstanding—Basic   18,670    19,635 
Weighted average common shares outstanding—Diluted   18,954    19,635 

 

Page 6

 

 

 

 

Consolidated Statements of Income: Nine months ended September 30, 2023

 

(In thousands, except per share data)

(Unaudited)

 

   Nine Months
Ended
September 30,
2023
   Nine Months
Ended
September 30,
2022
 
REVENUES:        
Natural gas sales  $619,181   $1,529,898 
Oil and condensate sales   76,212    111,298 
Natural gas liquid sales   92,935    143,741 
Net gain (loss) on natural gas, oil and NGL derivatives   514,266    (1,436,317)
Total revenues   1,302,594    348,620 
OPERATING EXPENSES:          
Lease operating expenses   51,644    47,246 
Taxes other than income   25,849    45,679 
Transportation, gathering, processing and compression   259,883    261,778 
Depreciation, depletion and amortization   238,747    189,305 
General and administrative expenses   27,238    24,128 
Restructuring costs   4,762     
Accretion expense   2,117    2,057 
Total operating expenses   610,240    570,193 
INCOME (LOSS) FROM OPERATIONS   692,354    (221,573)
OTHER EXPENSE (INCOME):          
Interest expense   42,402    43,679 
Other, net   (20,492)   (11,385)
Total other expense   21,910    32,294 
INCOME (LOSS) BEFORE INCOME TAXES   670,444    (253,867)
INCOME TAX BENEFIT:          
Current        
Deferred   (554,741)    
Total income tax benefit   (554,741)    
NET INCOME (LOSS)  $1,225,185   $(253,867)
Dividends on preferred stock   (3,718)   (4,136)
Participating securities - preferred stock   (180,394)    
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS  $1,041,073   $(258,003)
           
NET INCOME (LOSS) PER COMMON SHARE:          
Basic  $55.72   $(12.58)
Diluted  $55.08   $(12.58)
Weighted average common shares outstanding—Basic   18,686    20,514 
Weighted average common shares outstanding—Diluted   18,937    20,514 

 

Page 7

 

 

 

 

Consolidated Balance Sheets

 

(In thousands)

(Unaudited)

 

   September 30,
2023
   December 31,
2022
 
Assets        
Current assets:        
Cash and cash equivalents  $8,325   $7,259 
Accounts receivable—oil, natural gas, and natural gas liquids sales   106,731    278,404 
Accounts receivable—joint interest and other   12,364    21,478 
Prepaid expenses and other current assets   8,173    7,621 
Short-term derivative instruments   136,706    87,508 
Total current assets   272,299    402,270 
Property and equipment:          
Oil and natural gas properties, full-cost method          
Proved oil and natural gas properties   2,802,653    2,418,666 
Unproved properties   196,947    178,472 
Other property and equipment   8,120    6,363 
Total property and equipment   3,007,720    2,603,501 
Less: accumulated depletion, depreciation and amortization   (784,635)   (545,771)
Total property and equipment, net   2,223,085    2,057,730 
Other assets:          
Long-term derivative instruments   32,687    26,525 
Deferred tax asset   554,741     
Operating lease assets   17,466    26,713 
Other assets   36,668    21,241 
Total other assets   641,562    74,479 
Total assets  $3,136,946   $2,534,479 

 

Page 8

 

 

 

 

Consolidated Balance Sheets

 

(In thousands, except share data)

(Unaudited)

 

   September 30,
2023
   December 31,
2022
 
         
Liabilities, Mezzanine Equity and Stockholders’ Equity        
Current liabilities:        
Accounts payable and accrued liabilities  $310,584   $437,384 
Short-term derivative instruments   50,947    343,522 
Current portion of operating lease liabilities   12,932    12,414 
Total current liabilities   374,463    793,320 
Non-current liabilities:          
Long-term derivative instruments   54,020    118,404 
Asset retirement obligation   34,270    33,171 
Non-current operating lease liabilities   4,534    14,299 
Long-term debt   644,324    694,155 
Total non-current liabilities   737,148    860,029 
Total liabilities  $1,111,611   $1,653,349 
Commitments and contingencies (Note 9)          
Mezzanine Equity:          
Preferred stock - $0.0001 par value, 110.0 thousand shares authorized, 45.3 thousand issued and outstanding at September 30, 2023, and 52.3 thousand issued and outstanding at December 31, 2022   45,329    52,295 
Stockholders’ Equity:          
Common stock - $0.0001 par value, 42.0 million shares authorized, 18.7 million issued and outstanding at September 30, 2023, and 19.1 million issued and outstanding at December 31, 2022   2    2 
Additional paid-in capital   379,102    449,243 
Common stock held in reserve, 62.0 thousand shares at September 30, 2023, and 62.0 thousand shares at December 31, 2022   (1,996)   (1,996)
Retained Earnings   1,603,339    381,872 
Treasury stock, at cost -  3.7 thousand shares at September 30, 2023, and 3.9 thousand shares at December 31, 2022   (441)   (286)
Total stockholders’ equity  $1,980,006   $828,835 
Total liabilities, mezzanine equity and stockholders’ equity  $3,136,946   $2,534,479 

 

Page 9

 

 

 

 

Consolidated Statement of Cash Flows: Three months ended September 30, 2023

 

(In thousands)

(Unaudited)

 

   Three Months Ended
September 30,
2023
   Three Months
Ended
September 30,
2022
 
Cash flows from operating activities:        
Net income (loss)  $608,444   $(18,472)
Adjustments to reconcile net income to net cash provided by operating activities:          
Depletion, depreciation and amortization   79,505    64,419 
Net (gain) loss on derivative instruments   (39,417)   474,895 
Net cash receipts (payments) on settled derivative instruments   49,061    (365,950)
Deferred income tax benefit   (554,741)    
Other, net   4,043    3,232 
Changes in operating assets and liabilities, net   9,379    9,758 
Net cash provided by operating activities   156,274    167,882 
Cash flows from investing activities:          
Additions to oil and natural gas properties   (137,726)   (150,207)
Proceeds from sale of oil and natural gas properties   (1)   2,630 
Other, net   (661)   (478)
Net cash used in investing activities   (138,388)   (148,055)
Cash flows from financing activities:          
Principal payments on Credit Facility   (230,000)   (676,000)
Borrowings on Credit Facility   226,000    731,000 
Debt issuance costs and loan commitment fees   (45)   (42)
Dividends on preferred stock   (1,131)   (1,308)
Repurchase of common stock under Repurchase Program   (8,241)   (70,579)
Other, net   (1,413)   (1,192)
Net cash used in financing activities   (14,830)   (18,121)
Net increase in cash and cash equivalents   3,056    1,706 
Cash and cash equivalents at beginning of period   5,269    6,581 
Cash and cash equivalents at end of period  $8,325   $8,287 

 

Page 10

 

 

 

Consolidated Statement of Cash Flows: Nine months ended September 30, 2023

 

(In thousands)

(Unaudited)

 

   Nine Months
Ended
September 30,
2023
   Nine Months
Ended
September 30,
2022
 
Cash flows from operating activities:        
Net income (loss)  $1,225,185   $(253,867)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Depletion, depreciation and amortization   238,747    189,305 
Net (gain) loss on derivative instruments   (514,266)   1,436,317 
Net cash receipts (payments) on settled derivative instruments   101,947    (799,416)
Deferred income tax benefit   (554,741)    
Other, net   13,270    8,303 
Changes in operating assets and liabilities, net   57,538    (29,560)
Net cash provided by operating activities   567,680    551,082 
Cash flows from investing activities:          
Additions to oil and natural gas properties   (421,132)   (331,994)
Proceeds from sale of oil and natural gas properties   2,647    3,210 
Other, net   (1,496)   (536)
Net cash used in investing activities   (419,981)   (329,320)
Cash flows from financing activities:          
Principal payments on Credit Facility   (748,000)   (1,512,000)
Borrowings on Credit Facility   698,000    1,527,000 
Debt issuance costs and loan commitment fees   (6,965)   (211)
Dividends on preferred stock   (3,718)   (4,136)
Repurchase of common stock under Repurchase Program   (82,757)   (225,791)
Other, net   (3,193)   (1,597)
Net cash used in financing activities   (146,633)   (216,735)
Net increase in cash and cash equivalents   1,066    5,027 
Cash and cash equivalents at beginning of period   7,259    3,260 
Cash and cash equivalents at end of period  $8,325   $8,287 

 

Page 11

 

 

 

Full Year 2023E Guidance

 

The Company’s full year 2023 guidance (changes in italics) is set forth in the table below. Gulfport’s 2023 guidance assumes commodity strip prices as of October 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)   1,045    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)  $(3.50)  $(4.50)
           
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  $385   $395 
Maintenance leasehold and land  $50   $60 
Total base capital expenditures  $435   $455 
           
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.

 

Page 12

 

 

 

Derivatives

 

The below details Gulfport’s hedging positions as of October 31, 2023:

 

    4Q2023   Full Year
2024
    Full Year
2025
 
Natural Gas Contract Summary (NYMEX):               
Fixed Price Swaps               
Volume (BBtupd)   280    325    150 
Weighted Average Price ($/MMBtu)  $4.36   $4.05   $4.08 
                
Fixed Price Collars               
Volume (BBtupd)   285    225    100 
Weighted Average Floor Price ($/MMBtu)  $2.93   $3.36   $3.62 
Weighted Average Ceiling Price ($/MMBtu)  $4.78   $5.14   $4.54 
                
Fixed Price Calls Sold               
Volume (BBtupd)   408    202    193 
Weighted Average Price ($/MMBtu)  $3.21   $3.33   $5.80 
                
Rex Zone 3 Basis               
Volume (BBtupd)   140    150     
Differential ($/MMBtu)  $(0.22)  $(0.15)  $ 
                
Tetco M2 Basis               
Volume (BBtupd)   210    140     
Differential ($/MMBtu)  $(0.91)  $(0.94)  $ 
                
NGPL TX OK Basis               
Volume (BBtupd)   80    70     
Differential ($/MMBtu)  $(0.35)  $(0.31)  $ 
                
Oil Contract Summary (WTI):               
Fixed Price Swaps               
Volume (Bblpd)   3,000    500     
Weighted Average Price ($/Bbl)  $74.47   $77.50   $ 
                
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    2,500    1,000 
Weighted Average Price ($/Bbl)  $38.07   $30.25   $30.03 

  

Page 13

 

 

 

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.

  

Page 14

 

 

 

 

Definitions

 

Adjusted net income is a non-GAAP financial measure equal to net income (loss) less deferred income tax benefit, 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, deferred income tax benefit, 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, excluding discretionary acreage acquisitions. Gulfport includes an 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.

 

Page 15

 

 

 

Adjusted Net Income: Three months ended September 30, 2023

 

(In thousands)

(Unaudited)

 

   Three Months
Ended
September 30,
2023
   Three Months
Ended
September 30,
2022
 
         
Net Income (Loss) (GAAP)  $608,444   $(18,472)
           
Adjustments:          
Deferred income tax benefit   (554,741)    
Non-cash derivative loss   9,644    108,945 
Non-recurring general and administrative expense   700    914 
Stock-based compensation expense   2,360    1,583 
Other, net   (1,438)   (857)
Adjusted Net Income (Non-GAAP)  $64,969   $92,113 

 

Page 16

 

 

 

Adjusted Net Income: Nine months ended September 30, 2023

 

(In thousands)

(Unaudited)

 

   Nine Months
Ended
September 30,
2023
   Nine Months
Ended
September 30,
2022
 
         
Net Income (Loss) (GAAP)  $1,225,185   $(253,867)
           
Adjustments:          
Deferred income tax benefit   (554,741)    
Non-cash derivative (gain) loss   (412,319)   636,901 
Non-recurring general and administrative expense   2,435    1,673 
Stock-based compensation expense   6,138    4,157 
Restructuring costs   4,762     
Other, net(1)(2)   (20,492)   (11,385)
Adjusted Net Income (Non-GAAP)  $250,968   $377,479 

 

(1) For the nine months ended September 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 nine months ended September 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 nine months ended September 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 nine months ended September 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.

 

Page 17

 

 

 

Adjusted EBITDA: Three months ended September 30, 2023

 

(In thousands)

(Unaudited)

 

   Three Months
Ended
September 30,
2023
   Three Months
Ended
September 30,
2022
 
         
Net Income (Loss) (GAAP)  $608,444   $(18,472)
           
Adjustments:          
Interest expense   14,919    15,461 
Deferred income tax benefit   (554,741)    
DD&A and accretion   80,144    65,092 
Non-cash derivative loss   9,644    108,945 
Non-recurring general and administrative expenses   700    914 
Stock-based compensation expense   2,360    1,583 
Other, net   (1,438)   (857)
Adjusted EBITDA (Non-GAAP)  $160,032   $172,666 

  

Page 18

 

 

 

Adjusted EBITDA: Nine months ended September 30, 2023

 

(In thousands)

(Unaudited)

 

   Nine Months
Ended
September 30,
2023
   Nine Months
Ended
September 30,
2022
 
         
Net Income (Loss) (GAAP)  $1,225,185   $(253,867)
           
Adjustments:          
Interest expense   42,402    43,679 
Deferred income tax benefit   (554,741)    
DD&A and accretion   240,864    191,362 
Non-cash derivative (gain) loss   (412,319)   636,901 
Non-recurring general and administrative expenses   2,435    1,673 
Stock-based compensation expense   6,138    4,157 
Restructuring costs   4,762     
Other, net(1)(2)   (20,492)   (11,385)
Adjusted EBITDA (Non-GAAP)  $534,234   $612,520 

 

(1) For the nine months ended September 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 nine months ended September 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 nine months ended September 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 nine months ended September 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.

 

Page 19

 

 

 

Adjusted Free Cash Flow: Three months ended September 30, 2023

 

(In thousands)

(Unaudited)

 

   Three Months
Ended
September 30,
2023
   Three Months
Ended
September 30,
2022
 
         
Net cash provided by operating activity (GAAP)  $156,274   $167,882 
Adjustments:          
Interest expense   14,919    15,461 
Non-recurring general and administrative expenses   700    914 
Other, net   (2,482)   (1,833)
Changes in operating assets and liabilities, net:          
Accounts receivable - oil, natural gas, and natural gas liquids sales   14,627    631 
Accounts receivable - joint interest and other   (5,519)   10,836 
Accounts payable and accrued liabilities   (17,175)   (21,603)
Prepaid expenses   (1,329)   324 
Other assets   17    54 
Total changes in operating assets and liabilities, net  $(9,379)  $(9,758)
Adjusted EBITDA (Non-GAAP)  $160,032   $172,666 
Interest expense   (14,919)   (15,461)
Capitalized expenses incurred(1)   (5,611)   (4,109)
Capital expenditures incurred(2,3)   (90,584)   (142,017)
Adjusted free cash flow (Non-GAAP)(3)  $48,918   $11,079 

 

(1) Includes cash capitalized general and administrative expense and incurred capitalized interest expenses.
(2) Incurred capital expenditures and cash capital expenditures may vary from period to period due to the cash payment cycle.
(3) Includes $0.7 million of non-O&G capital and excludes targeted discretionary acreage acquisitions of $19.4 million that the Company has previously guided to an anticipated total of ~$40 million of discretionary acreage acquisitions in 2023.

 

Page 20

 

 

 

Adjusted Free Cash Flow: Nine months ended September 30, 2023

 

(In thousands)

(Unaudited)

 

   Nine Months Ended
September 30,
2023
   Nine Months Ended
September 30,
2022
 
         
Net cash provided by operating activity (GAAP)  $567,680   $551,082 
Adjustments:          
Interest expense   42,402    43,679 
Non-recurring general and administrative expenses   2,435    1,673 
Restructuring costs   4,762     
Other, net(1)(2)   (25,507)   (13,474)
Changes in operating assets and liabilities:          
Accounts receivable - oil, natural gas, and natural gas liquids sales   (171,673)   84,674 
Accounts receivable - joint interest and other   (9,114)   14,947 
Accounts payable and accrued liabilities   123,657    (65,648)
Prepaid expenses   (356)   (3,061)
Other assets   (52)   (1,352)
Total changes in operating assets and liabilities  $(57,538)  $29,560 
Adjusted EBITDA (Non-GAAP)  $534,234   $612,520 
Interest expense   (42,402)   (43,679)
Capitalized expenses incurred(3)   (16,117)   (12,486)
Capital expenditures incurred(4,5)   (362,298)   (348,147)
Adjusted free cash flow (Non-GAAP)(5)  $113,417   $208,208 

 

(1) For the nine months ended September 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 nine months ended September 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 nine months ended September 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 nine months ended September 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.
(5) Includes $1.7 million of non-O&G capital and excludes targeted discretionary acreage acquisitions of $24.9 million that the Company has previously guided to an anticipated total of ~$40 million of discretionary acreage acquisitions in 2023.

 

Page 21

 

 

 

Recurring General and Administrative Expenses:

 

Three months ended September 30, 2023

 

(In thousands)

(Unaudited)

 

   Three Months Ended September 30,
2023
   Three Months Ended September 30,
2022
 
   Cash   Non-Cash   Total   Cash   Non-Cash   Total 
                         
General and administrative expense (GAAP)  $7,534   $2,360   $9,894   $7,169   $1,583   $8,752 
Capitalized general and administrative expense   4,496    1,162    5,658    4,109    815    4,924 
Non-recurring general and administrative expense   (700)       (700)   (914)       (914)
Recurring general and administrative before capitalization (Non-GAAP)  $11,330   $3,522   $14,852   $10,364   $2,398   $12,762 

 

Page 22

 

 

 

Recurring General and Administrative Expenses:

 

Nine months ended September 30, 2023

 

(In thousands)

(Unaudited)

 

   Nine Months Ended September 30,
2023
   Nine Months Ended September 30,
2022
 
   Cash   Non-Cash   Total   Cash   Non-Cash   Total 
                         
General and administrative expense (GAAP)  $21,100   $6,138   $27,238   $19,971   $4,157   $24,128 
Capitalized general and administrative expense   13,163    3,023    16,186    12,486    2,142    14,628 
Non-recurring general and administrative expense   (2,435)       (2,435)   (1,673)       (1,673)
Recurring general and administrative before capitalization (Non-GAAP)  $31,828   $9,161   $40,989   $30,784   $6,299   $37,083 

 

 

Page 23

 

 

 

EX-99.3 4 ea187510ex99-3_gulfport.htm PRESS RELEASE DATED OCTOBER 31, 2023 ENTITLED "GULFPORT ENERGY ACHIEVES GRADE 'A' MIQ CERTIFICATION FOR APPALACHIA OPERATIONS AND PUBLISHES 2023 CORPORATE SUSTAINABILITY REPORT."

Exhibit 99.3

 

 
Gulfport Energy Achieves Grade “A” MiQ Certification for Appalachia Operations and Publishes 2023 Corporate Sustainability Report

 

OKLAHOMA CITY (October 31, 2023) Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today announced that it has achieved a grade “A” under the MiQ methane emissions standard for its natural gas production across the entirety of its Appalachia operations. In addition, the Company published its 2023 Corporate Sustainability Report, providing updates on topics significant to stakeholders and an update on Gulfport’s commitment to emission intensity reductions throughout our operations.

 

John Reinhart, President and CEO, commented, “As a leading natural gas producer in Appalachia, Gulfport is committed to emission intensity reductions throughout our operations, and the A grade certification announced today underscores our ongoing commitment to responsibly produce and deliver independently certified gas to domestic markets. In addition, we are pleased to share with you Gulfport’s 2023 Sustainability Report, a direct reflection of our continuous improvement culture, and our commitment to responsible and transparent environmental, social and governance practices. While we are proud of our progress, we recognize that there is more work to be done to shape our sustainable future. We remain committed to increasing value for our shareholders while being a good steward of the assets we operate, which we believe benefits all our stakeholders.”

 

Corporate Sustainability Report Highlights

 

Received an “A” grade MiQ certification for all Appalachia assets in 2023

 

Reduced methane emissions intensity by 25% in 2022 compared to 2021

 

Reused or recycled 71% of water generated from production and flowback operations during 2022

 

Reduced combined total recordable incident rate by 43% in 2022 compared to 2021

 

Increased diversity in the workplace with 45% of new hires identifying as gender or ethnically diverse

 

Appointed two gender diverse directors in 2023, resulting in 60% diversity of Independent Directors

 

Partnered with organizations that support Gulfport’s key focus areas in Oklahoma and Ohio through volunteering and monetary contributions

 

The full Corporate Sustainability Report can be accessed by clicking here or visiting www.gulfportenergy.com/sustainability.

 

MiQ Certification

 

Gulfport’s Appalachia assets were independently analyzed by MiQ, an independent non-profit organization dedicated to facilitating a rapid reduction in methane emissions from the oil and gas sector. The certification process included an independent assessment of the Company’s emissions performance from the wellhead to delivery, focused on monitoring and best practices, with validation by a third-party auditor. The MiQ standard incorporates A to F grades and is an annual certification that validates the Company’s commitment to managing, reducing, and accurately reporting methane emissions. Gulfport achieved the highest available “A” grade in all three major areas for its Appalachia operations: calculated methane intensity, robust monitoring technology deployment (at facility- and source-levels) and company practices.

 

 

 

 

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.

 

About MiQ

 

MiQ is an independent not-for-profit established to facilitate a rapid reduction in methane emissions from the oil and gas sector. MiQ is the fastest growing and globally recognized methane emissions certification standard. Certification allows global society to credibly differentiate gas based on its methane emissions performance, providing a market mechanism that incentivizes methane reduction. MiQ’s vision is to create a market where certified natural gas can be traded like other historical commodities, ultimately creating incentives to drive down methane emissions across the board.

 

About Independently Certified Gas

 

Independently certified gas (ICG) is natural gas produced by companies whose operations are independently verified by third-party auditors. This clear, neutral assessment of natural gas provides operators with the information they need to drive down their emissions. The MiQ standard is enabling the growth of a market for ICG to accelerate the reduction of methane emissions from the oil and gas industry.

 

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, 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 – Vice President, Investor Relations

jantle@gulfportenergy.com

405-252-4550

 

 

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Cover
Oct. 31, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 31, 2023
Entity File Number 001-19514
Entity Registrant Name GULFPORT ENERGY CORPORATION
Entity Central Index Key 0000874499
Entity Tax Identification Number 86-3684669
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 713 Market Drive
Entity Address, City or Town Oklahoma City
Entity Address, State or Province OK
Entity Address, Postal Zip Code 73114
City Area Code 405
Local Phone Number 252-4600
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, par value $0.0001 per share
Trading Symbol GPOR
Security Exchange Name NYSE
Entity Emerging Growth Company false
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