GPOR earnings report
GPOR earnings report
Looks like GPOR did ok with it's earnings. Any comments.
Re: GPOR earnings report
CEO out.
the WSJ has a piece out detailed the reasons, which basically amount to expense account abuse.
there was also a story about land sales involving the CEO.
Wouldn't touch it until this gets cleared up...
the WSJ has a piece out detailed the reasons, which basically amount to expense account abuse.
there was also a story about land sales involving the CEO.
Wouldn't touch it until this gets cleared up...
Re: GPOR earnings report
Per TPH
GPOR Q3'18 Quick Look
Good to see steps taken to stay within FY budget
Sector: NAm E&P | Ticker: GPOR | Recommendation: HOLD | Target: $19 | Close: $9.38
TIL = "Tied In Line"
Q3'18 realizations and production of 1427mmcfe/d already pre-released while quarterly capex of $138MM comes in-line with TPHe $138MM/Street $135MM. Updated FY'18 guidance now $815MM on capex (high end of the previous $750-815MM range; TPHe/Street $826/$844MM) with production increased +3% to 1,360-1,370mmcfe/d (TPHe 1,375 / Street 1,359) as management has elected to pare back activity (-8 net drilled wells in the Utica, -3.5 net TILs in the SCOOP) in an effort to remain within the FY budget. First operated Upper Sycamore well results producing at 7.8mmcfed (9.7kft lateral) on a 24-hr IP, but positive to see an uplift in the liquids mix (41% oil / 22% NGLs). Additionally, Michael Moore has stepped down as CEO and President and resigned from the BoD with Chief Operating Officer Donnie Moore appointed to serve as Interim Chief Executive Officer, effective immediately, as the Board looks for a long-term replacement.
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I'm not sure how any analyst puts a HOLD on a stock that is trading a half of their target price. TPH seems to be focused on capex spending more than each companies outstanding results. I have no problem with a company increasing capex if it increases production and proven reserves.
Gulfport's Adjusted net income of $84.6 million, or $0.49 per diluted share, for the third quarter of 2018 < compares to my forecast of $74.5 million, or $0.43 per share.
I am updating my GPOR forecast model now.
GPOR Q3'18 Quick Look
Good to see steps taken to stay within FY budget
Sector: NAm E&P | Ticker: GPOR | Recommendation: HOLD | Target: $19 | Close: $9.38
TIL = "Tied In Line"
Q3'18 realizations and production of 1427mmcfe/d already pre-released while quarterly capex of $138MM comes in-line with TPHe $138MM/Street $135MM. Updated FY'18 guidance now $815MM on capex (high end of the previous $750-815MM range; TPHe/Street $826/$844MM) with production increased +3% to 1,360-1,370mmcfe/d (TPHe 1,375 / Street 1,359) as management has elected to pare back activity (-8 net drilled wells in the Utica, -3.5 net TILs in the SCOOP) in an effort to remain within the FY budget. First operated Upper Sycamore well results producing at 7.8mmcfed (9.7kft lateral) on a 24-hr IP, but positive to see an uplift in the liquids mix (41% oil / 22% NGLs). Additionally, Michael Moore has stepped down as CEO and President and resigned from the BoD with Chief Operating Officer Donnie Moore appointed to serve as Interim Chief Executive Officer, effective immediately, as the Board looks for a long-term replacement.
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I'm not sure how any analyst puts a HOLD on a stock that is trading a half of their target price. TPH seems to be focused on capex spending more than each companies outstanding results. I have no problem with a company increasing capex if it increases production and proven reserves.
Gulfport's Adjusted net income of $84.6 million, or $0.49 per diluted share, for the third quarter of 2018 < compares to my forecast of $74.5 million, or $0.43 per share.
I am updating my GPOR forecast model now.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: GPOR earnings report
People doing really dumb stuff never ceases to amaze me.
Gulfport Energy Corp.’s chief executive has stepped down following a company review that found he had made personal charges to a company credit card and used Gulfport’s chartered aircraft without permission.
On Thursday, the company said Michael G. Moore had resigned as CEO and president as of Oct. 29 and Chief Operating Officer Donnie Moore assumed top executive duties on a temporary basis. The two men aren’t related.
In a securities filing, the company said Michael Moore’s resignation from the board “was not a result of any disagreement with us or our operations.”
The company, in the filing with the Securities and Exchange Commission, said it was informed of the unauthorized use in September and said the board’s audit committee hired an independent counsel to review the matter. The review, concluded this week, found that the personal charges to the credit card, dating to 2007, had been repaid periodically and that there were no current outstanding charges. Interest charges over the roughly 11-year period, however, added up to $9,493. The company said it is seeking to recoup that interest.
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From a financial standpoint this is no big deal, but I hate to see him resign since he was doing a great job. BTW when I was at Hess we caught people using their company credit cards to buy stuff all the time. I remember catching a field guy in Midland buying a lawn mower and a shotgun with the company credit card. We just made them pay back the money.
Gulfport Energy Corp.’s chief executive has stepped down following a company review that found he had made personal charges to a company credit card and used Gulfport’s chartered aircraft without permission.
On Thursday, the company said Michael G. Moore had resigned as CEO and president as of Oct. 29 and Chief Operating Officer Donnie Moore assumed top executive duties on a temporary basis. The two men aren’t related.
In a securities filing, the company said Michael Moore’s resignation from the board “was not a result of any disagreement with us or our operations.”
The company, in the filing with the Securities and Exchange Commission, said it was informed of the unauthorized use in September and said the board’s audit committee hired an independent counsel to review the matter. The review, concluded this week, found that the personal charges to the credit card, dating to 2007, had been repaid periodically and that there were no current outstanding charges. Interest charges over the roughly 11-year period, however, added up to $9,493. The company said it is seeking to recoup that interest.
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From a financial standpoint this is no big deal, but I hate to see him resign since he was doing a great job. BTW when I was at Hess we caught people using their company credit cards to buy stuff all the time. I remember catching a field guy in Midland buying a lawn mower and a shotgun with the company credit card. We just made them pay back the money.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group