Gulfport Energy (GPOR) - Update
Posted: Fri Apr 20, 2018 6:21 pm
Gulfport's Q1 production beat my forecast and increased liquids production combined with better oil & NGL prices should make revenues top my forecast. Their natural gas prices, including cash settlements on their hedges ($2.60/mcf) was exactly what I forecast. They are on-track to generate 18% to 20% YOY production growth. Q1 earnings per share s/b close to First Call's estimate of $0.41/share and cash flow from operations for the quarter should be approximately $1.10/share.
After the press release below, two Wall Street firms issued BUY recommendations with $14.00 price targets. Natural gas producers, including AR, RRC and GPOR, remain extremely out-of-favor with investors. All three of our "gassers" have a very high percentage of their gas production hedged at good prices (over $3.00/mcf). - Dan
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OKLAHOMA CITY, April 19, 2018 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (GPOR) (“Gulfport” or the “Company”) today provided an update for the quarter ended March 31, 2018. Key information for the first quarter of 2018 includes the following:
•Net production averaged 1,288.6 MMcfe per day, a 2% increase over the fourth quarter of 2017 and 52% increase versus the first quarter of 2017.
•Realized natural gas price, before the impact of derivatives and including transportation costs, averaged $2.44 per Mcf, a $0.54 per Mcf differential to the average trade month NYMEX settled price.
•Realized oil price, before the impact of derivatives and including transportation costs, averaged $60.36 per barrel, a $2.54 per barrel differential to the average WTI oil price.
•Realized natural gas liquids price, before the impact of derivatives and including transportation costs, averaged $0.71 per gallon, equivalent to $29.92 per barrel, or approximately 48% of the average WTI oil price.
•Gulfport turned-to-sales 3 gross and net operated wells in the Utica Shale on March 31, 2018 and 7 gross (6.3 net) operated wells in the SCOOP throughout the first quarter of 2018.
After the press release below, two Wall Street firms issued BUY recommendations with $14.00 price targets. Natural gas producers, including AR, RRC and GPOR, remain extremely out-of-favor with investors. All three of our "gassers" have a very high percentage of their gas production hedged at good prices (over $3.00/mcf). - Dan
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OKLAHOMA CITY, April 19, 2018 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (GPOR) (“Gulfport” or the “Company”) today provided an update for the quarter ended March 31, 2018. Key information for the first quarter of 2018 includes the following:
•Net production averaged 1,288.6 MMcfe per day, a 2% increase over the fourth quarter of 2017 and 52% increase versus the first quarter of 2017.
•Realized natural gas price, before the impact of derivatives and including transportation costs, averaged $2.44 per Mcf, a $0.54 per Mcf differential to the average trade month NYMEX settled price.
•Realized oil price, before the impact of derivatives and including transportation costs, averaged $60.36 per barrel, a $2.54 per barrel differential to the average WTI oil price.
•Realized natural gas liquids price, before the impact of derivatives and including transportation costs, averaged $0.71 per gallon, equivalent to $29.92 per barrel, or approximately 48% of the average WTI oil price.
•Gulfport turned-to-sales 3 gross and net operated wells in the Utica Shale on March 31, 2018 and 7 gross (6.3 net) operated wells in the SCOOP throughout the first quarter of 2018.