The following is a summary of the Gulfport Energy Corporation (GPOR) Q1 2024 Earnings Call Transcript:
Financial Performance:
Gulfport generated $186 million of adjusted EBITDA and $39 million of adjusted free cash flow in Q1 2024.
The company's average daily production was 1.054 billion cubic feet equivalent per day.
Gulfport invested approximately $18 million in maintenance, leasehold, and land investment.
The net cash from operating activities before changes in working capital totaled approximately $171 million.
Outstanding borrowing under the revolving credit facility was $87 million as of March 31, 2024, with total predicted debt reduced by $31 million.
Business Progress:
Gulfport completed drilling on 8 gross wells, primarily targeting the Utica formation in Ohio and the Woodford formation in SCOOP.
Operational milestones achieved in Q1 included a 9% quarter-over-quarter improvement in footage drilled per day in the Utica.
For FY 2024, 65% of drilling and completion capital will be allocated in the first half, with plans to reduce spending in Q3 and Q4.
The full-year drilling and completion capital guidance range remained at $330 million to $360 million.
Plans are in place to return capital to shareholders with all of full-year 2024 adjusted free cash flow aimed towards common share repurchases.
The company plans a 4 Well Marcellus development on an existing Utica pad beginning in early 2025.
Progression in the mid-stream segment for Ohio Marcellus is underway, with potential partners for capacity gathering and processing.
The company is set to increase liquid production in 2025, facilitated by flexible business operations, diverse portfolio and increased investment in drilling and completion activities based on commodity prices.
More details: Gulfport Energy IR
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