Gulfport Energy (GPOR) Reports 13% Increase in Q3 Net Production; Updates on Other Operations

October 17, 2016 8:10 AM EDT

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Gulfport Energy Corporation (Nasdaq: GPOR) provided an operational update for the quarter ended September 30, 2016 and scheduled its third quarter financial and operational results conference call. Key information for the third quarter of 2016 includes the following:

  • Net production averaged 734.1 MMcfe per day, a 13% increase over the third quarter of 2015 and a 10% increase versus the second quarter of 2016, exceeding Gulfport’s previously provided third quarter of 2016 guidance of 685 MMcfe per day to 705 MMcfe per day.
  • Realized natural gas price, before the impact of derivatives and including transportation costs, averaged $2.10 per Mcf, a $0.71 per Mcf differential to the average trade month NYMEX settled price.
  • Realized oil price, before the impact of derivatives and including transportation costs, averaged $41.81 per barrel, a $3.13 per barrel differential to the average WTI oil price.
  • Realized natural gas liquids price, before the impact of derivatives and including transportation costs, averaged $13.98 per barrel, or $0.33 per gallon.

Third Quarter Production and Realized Prices

Gulfport’s net daily production for the third quarter of 2016 averaged approximately 734.1 MMcfe per day. For the third quarter of 2016, Gulfport’s net daily production mix was comprised of approximately 86% natural gas, 9% natural gas liquids and 5% oil.

Gulfport’s realized prices for the third quarter of 2016 were $2.67 per Mcf of natural gas, $45.09 per barrel of oil and $0.34 per gallon of NGL, resulting in a total equivalent price of $2.87 per Mcfe. Gulfport's realized prices for the third quarter of 2016 include an aggregate non-cash derivative gain of $22.4 million. Before the impact of derivatives, realized prices for the third quarter of 2016, including transportation costs, were $2.10 per Mcf of natural gas, $41.81 per barrel of oil and $0.33 per gallon of NGL, for a total equivalent price of $2.35 per Mcfe.

GULFPORT ENERGY CORPORATION
PRODUCTION SCHEDULE
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
Production Volumes: 2016 2015 2016 2015
Natural gas (MMcf) 58,151 48,124 164,233 107,208
Oil (MBbls) 521 732 1,675 2,225
NGL (MGal) 43,837 49,094 117,217 142,093
Gas equivalent (MMcfe) 67,541 59,530 191,026 140,856
Gas equivalent (Mcfe per day) 734,144 647,062 697,174 515,956
Average Realized Prices
(before the impact of derivatives):
Natural gas (per Mcf) $ 2.10 $ 2.07 $ 1.66 $ 2.29
Oil (per Bbl) $ 41.81 $ 40.53 $ 36.31 $ 44.08
NGL (per Gal) $ 0.33 $ 0.19 $ 0.29 $ 0.31
Gas equivalent (per Mcfe) $ 2.35 $ 2.33 $ 1.92 $ 2.75
Average Realized Prices:
(including cash-settlement of derivatives and excluding non-cash derivative gain or loss):
Natural gas (per Mcf) $ 2.31 $ 2.62 $ 2.44 $ 2.93
Oil (per Bbl) $ 43.43 $ 44.84 $ 42.73 $ 46.14
NGL (per Gal) $ 0.33 $ 0.19 $ 0.29 $ 0.31
Gas equivalent (per Mcfe) $ 2.54 $ 2.83 $ 2.65 $ 3.26
Average Realized Prices:
Natural gas (per Mcf) $ 2.67 $ 3.72 $ 1.39 $ 3.39
Oil (per Bbl) $ 45.09 $ 57.02 $ 36.52 $ 50.21
NGL (per Gal) $ 0.34 $ 0.19 $ 0.28 $ 0.31
Gas equivalent (per Mcfe) $ 2.87 $ 3.87 $ 1.69 $ 3.68

Conference Call

Gulfport will hold a conference call on Thursday, November 3, 2016 at 8:00 a.m. CDT to discuss its third quarter of 2016 financial and operational results and to provide an update on the Company’s recent activities. Gulfport's third quarter of 2016 earnings are scheduled to be released after the market close on Wednesday, November 2, 2016.

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 13622396. 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.



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