GPOR-stellar Q1 for resurrected gasser

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ChuckGeb
Posts: 959
Joined: Thu Nov 21, 2013 2:46 pm

GPOR-stellar Q1 for resurrected gasser

Post by ChuckGeb »

First Quarter 2023 and Recent Highlights

Delivered total net production of 1,057.4 MMcfe per day, above analyst consensus expectations
Reported $523.1 million of net income and $229.7 million of adjusted EBITDA(1), above analyst consensus expectations
Generated $304.1 million of net cash provided by operating activities and $63.1 million of adjusted free cash flow(1)
Reduced total debt outstanding by $145.0 million as compared to December 31, 2022 and had no borrowings under the revolving credit facility as of March 31, 2023
Completed spring borrowing base redetermination of revolving credit facility, which resulted in (1) borrowing base increase from $1.0 billion to $1.1 billion, (2) elected commitments increase from $700 million to $900 million, (3) addition of two financial institutions to the bank group and (4) extension of the maturity to May 2027
Repurchased 459.1 thousand shares for $32.9 million at a weighted average price of $71.61 per share during first quarter 2023
Repurchased 55.0 thousand shares of common stock for $4.4 million subsequent to the end of first quarter 2023; repurchased 3.4 million shares of common stock for $288.1 million(2) since the inception of the repurchase program
John Reinhart, President and CEO, commented, “We generated significant free cash flow during the first quarter despite the weaker commodity price environment, allowing us to continue to return capital to our shareholders while improving our already strong financial position as evidenced by our debt reduction of $145 million and the improvement of our leverage ratio. The current natural gas environment reinforces the importance of efficient and sustainable development of our assets and the focus of our team to enhance margins, optimize efficiencies, and protect the financial strength of the Company will further improve our strong positioning going forward. Our intention is to return substantially all of our adjusted free cash flow to our shareholders through common share repurchases after accounting for opportunistic acquisitions of accretive leasehold opportunities that high-grade our resource depth and provide optionality for our future development plans."
ChuckGeb
Posts: 959
Joined: Thu Nov 21, 2013 2:46 pm

Re: GPOR-stellar Q1 for resurrected gasser

Post by ChuckGeb »

GPOR up 12.8% since earnings release. Best is yet to come. I am looking for comeback in CRK in 2H. Fraser get ready.
dan_s
Posts: 34570
Joined: Fri Apr 23, 2010 8:22 am

Re: GPOR-stellar Q1 for resurrected gasser

Post by dan_s »

I am pleased to see GPOR make a comeback. They have some very good people at that company.
Dan Steffens
Energy Prospectus Group
ChuckGeb
Posts: 959
Joined: Thu Nov 21, 2013 2:46 pm

Re: GPOR-stellar Q1 for resurrected gasser

Post by ChuckGeb »

EOG, Range Resources, ]Gulfport Energy upgraded as Mizuho sees more upside

Along with EOG, Kumar also raised Range Resources (NYSE:RRC) and Gulfport Energy (NYSE:GPOR) to Buy from Neutral, and added Devon Energy (DVN) to the firm's Top Picks, alongside Coterra Energy (CTRA) and Diamondback Energy (FANG).
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