OKLAHOMA CITY, April 17, 2019 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (GPOR) (“Gulfport” or the “Company”) today provided an update for the quarter ended March 31, 2019.
Key information includes the following:
> Net production during the first quarter of 2019 averaged 1,263.6 MMcfe per day. < Compares to my forecast of 1,358.4 MMcfe per day in Q1.
> Realized natural gas price for the first quarter of 2019, before the impact of derivatives and including transportation costs, averaged $2.70 per Mcf, a $0.46 per Mcf differential to the average trade month NYMEX settled price.
> Realized oil price for the first quarter of 2019, before the impact of derivatives and including transportation costs, averaged $53.10 per barrel, a $1.80 per barrel differential to the average WTI oil price.
> Realized natural gas liquids price for the first quarter of 2019, before the impact of derivatives and including transportation costs, averaged $0.58 per gallon, equivalent to $24.36 per barrel, or approximately 44% of the average WTI oil price.
Realized prices including the cash settlements on their hedges during the first quarter were $2.45/mcf for natural gas, $53.13/bbl for crude oil and $24.78/bbl for NGLs. Slightly higher natural gas price and much higher crude oil price than what I was using in my forecast. Higher oil price because of the big premium for oil (~$6/bbl) in the LLS market.
> Gulfport drilled 6 gross (5.6 net) operated wells in the Utica Shale and 4 gross (3.1 net) operated wells in the SCOOP and had 3 gross wells in various stages of drilling at the end of the first quarter of 2019.
> Gulfport completed 25 gross and net operated wells in the Utica Shale and 7 gross (6.7 net) operated wells in the SCOOP during the first quarter of 2019 and had 8 gross wells in various stages of completion at the end of the first quarter of 2019.
> Gulfport turned-to-sales 6 gross and net operated wells in the Utica Shale and 3 gross (2.8 net) operated wells in the SCOOP during the first quarter of 2019, which includes 6 gross and net wells turned-to-sales after March 25, 2019.
Chief Executive Officer and President, David M. Wood, commented, “Gulfport’s first quarter of 2019 production came in as expected following a muted level of activity during the fourth quarter of 2018 and we remain on track to deliver on our previously announced 2019 production guidance of 1,360 MMcfe to 1,400 MMcfe per day. We began 2019 very active in both our core basins, running on average approximately 3.4 horizontal drilling rigs and 4.4 completion crews in total across our Utica Shale and SCOOP assets during the first quarter of 2019. We forecast this robust level of activity will lead to an active turn-in-line schedule in the coming months as we expect to turn-to-sales in excess of 30 wells during the second quarter of 2019, leading to strong quarter over quarter production growth in both the second quarter and third quarter of 2019.”
First Quarter 2019 Production and Realized Prices
Gulfport’s net daily production for the first quarter of 2019 averaged approximately 1,263.6 MMcfe per day. For the first quarter of 2019, Gulfport’s net daily production mix was comprised of approximately 90% natural gas, 7% NGL and 3% oil.
Gulfport’s realized prices for the first quarter of 2019 were $2.54 per Mcf of natural gas, $52.35 per barrel of oil and $0.52 per gallon of NGL, resulting in a total equivalent price of $2.82 per Mcfe. Gulfport's realized prices for the first quarter of 2019 include an aggregate non-cash derivative gain of $4.8 million. Before the impact of derivatives, realized prices for the first quarter of 2019, including transportation costs, were $2.70 per Mcf of natural gas, $53.10 per barrel of oil and $0.58 per gallon of NGL, for a total equivalent price of $3.00 per Mcfe.
Gulfport Energy (GPOR) Update - April 18
Gulfport Energy (GPOR) Update - April 18
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Gulfport Energy (GPOR) Update - April 18
From Stifel's morning notes on 4-18-2019
Gulfport Energy Corporation (GPOR, $7.19, Buy; Target $9.40) - 1Q19 Softer than Expected, But 2019 Production Guidance Reaffirmed - Jane Trotsenko
After the market close on Wednesday, Gulfport pre-released 1Q production and pricing, as well as its operating activity for the quarter. GPOR missed Consensus estimates for total production by 6% and reported a slightly lower than expected natural gas price realization partially offset by better than projected crude oil pricing. The bottom line is that 1Q19 revenue is roughly 3% below Consensus estimates, which will likely be perceived negatively by the market tomorrow. Importantly, the company reaffirmed 2019 production guidance and expects production growth in the coming quarters to offset production declines during the past two quarter, leading to moderate exit-to-exit production growth in 4Q19.
Gulfport Energy Corporation (GPOR, $7.19, Buy; Target $9.40) - 1Q19 Softer than Expected, But 2019 Production Guidance Reaffirmed - Jane Trotsenko
After the market close on Wednesday, Gulfport pre-released 1Q production and pricing, as well as its operating activity for the quarter. GPOR missed Consensus estimates for total production by 6% and reported a slightly lower than expected natural gas price realization partially offset by better than projected crude oil pricing. The bottom line is that 1Q19 revenue is roughly 3% below Consensus estimates, which will likely be perceived negatively by the market tomorrow. Importantly, the company reaffirmed 2019 production guidance and expects production growth in the coming quarters to offset production declines during the past two quarter, leading to moderate exit-to-exit production growth in 4Q19.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Gulfport Energy (GPOR) Update - April 18
I have updated my forecast/valuation model for Gulport, based on the low end of their production guidance.
For Q1 Gulfport should report approximately $0.25 to $0.30 EPS < Before the mark-to-market adjustment on the hedges and approximately $170 to $175 million cash flow from operations (~$1.20 per share).
For Q1 Gulfport should report approximately $0.25 to $0.30 EPS < Before the mark-to-market adjustment on the hedges and approximately $170 to $175 million cash flow from operations (~$1.20 per share).
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Gulfport Energy (GPOR) Update - April 18
First Quarter 2019 Conference Call Information
Gulfport will hold a conference call on Friday, May 3, 2019 at 8:00 a.m. CDT to discuss its first quarter of 2019 financial and operational results and to provide an update on the Company’s recent activities. Gulfport's first quarter of 2019 earnings are scheduled to be released after the market close on Thursday, May 2, 2019.
Interested parties may listen to the call via Gulfport’s website at www.gulfportenergy.com or by calling toll-free at 866-373-3408 or 412-902-1039 for international callers. A replay of the call will be available for two weeks at 877-660-6853 or 201-612-7415 for international callers. The replay passcode is 13686821. The webcast will also be available for two weeks on the Company’s website and can be accessed on the Company’s “Investor Relations” page.
About Gulfport
Gulfport is an independent natural gas and oil company focused on the exploration and development of natural gas and oil properties in North America and is one of the largest producers of natural gas in the contiguous United States. Headquartered in Oklahoma City, Gulfport holds significant acreage positions in the Utica Shale of Eastern Ohio and the SCOOP Woodford and SCOOP Springer plays in Oklahoma. In addition, Gulfport holds an acreage position along the Louisiana Gulf Coast, has an approximately 22% equity interest in Mammoth Energy Services, Inc. (TUSK) and has a position in the Alberta Oil Sands in Canada through its 25% interest in Grizzly Oil Sands ULC. For more information, please visit www.gulfportenergy.com.
Gulfport will hold a conference call on Friday, May 3, 2019 at 8:00 a.m. CDT to discuss its first quarter of 2019 financial and operational results and to provide an update on the Company’s recent activities. Gulfport's first quarter of 2019 earnings are scheduled to be released after the market close on Thursday, May 2, 2019.
Interested parties may listen to the call via Gulfport’s website at www.gulfportenergy.com or by calling toll-free at 866-373-3408 or 412-902-1039 for international callers. A replay of the call will be available for two weeks at 877-660-6853 or 201-612-7415 for international callers. The replay passcode is 13686821. The webcast will also be available for two weeks on the Company’s website and can be accessed on the Company’s “Investor Relations” page.
About Gulfport
Gulfport is an independent natural gas and oil company focused on the exploration and development of natural gas and oil properties in North America and is one of the largest producers of natural gas in the contiguous United States. Headquartered in Oklahoma City, Gulfport holds significant acreage positions in the Utica Shale of Eastern Ohio and the SCOOP Woodford and SCOOP Springer plays in Oklahoma. In addition, Gulfport holds an acreage position along the Louisiana Gulf Coast, has an approximately 22% equity interest in Mammoth Energy Services, Inc. (TUSK) and has a position in the Alberta Oil Sands in Canada through its 25% interest in Grizzly Oil Sands ULC. For more information, please visit www.gulfportenergy.com.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group