• Gulfport Energy Corporation Provides Second Quarter 2018 Production and Pricing and Schedules Second Quarter 2018 Financial and Operational Results Conference Call

    Source: Nasdaq GlobeNewswire / 17 Jul 2018 04:34:19   America/New_York

    OKLAHOMA CITY, July 16, 2018 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (NASDAQ:GPOR) (“Gulfport” or the “Company”) today provided an update for the quarter and six-months ended June 30, 2018. Key information includes the following:

    • Net production during the second quarter of 2018 averaged 1,330.3 MMcfe per day, a 3% increase over the first quarter of 2018 and 28% increase versus the second quarter of 2017.
    • Realized natural gas price for the second quarter of 2018, before the impact of derivatives and including transportation costs, averaged $2.15 per Mcf, a $0.65 per Mcf differential to the average trade month NYMEX settled price.
    • Realized oil price for the second quarter of 2018, before the impact of derivatives and including transportation costs, averaged $66.26 per barrel, a $1.64 per barrel differential to the average WTI oil price.
    • Realized natural gas liquids price for the second quarter of 2018, before the impact of derivatives and including transportation costs, averaged $0.71 per gallon, equivalent to $29.62 per barrel, or approximately 44% of the average WTI oil price.
    • Realized natural gas price for the six-months ended June 30, 2018, before the impact of derivatives and including transportation costs, averaged $2.29 per Mcf, a $0.60 per Mcf differential to the average trade month NYMEX settled price.
    • Realized oil price for the six-months ended June 30, 2018, before the impact of derivatives and including transportation costs, averaged $63.29 per barrel, a $2.12 per barrel differential to the average WTI oil price.
    • Realized natural gas liquids price for the six-months ended June 30, 2018, before the impact of derivatives and including transportation costs, averaged $0.71 per gallon, equivalent to $29.78 per barrel, or approximately 46% of the average WTI oil price.
    • Gulfport turned-to-sales 14 gross and net operated wells in the Utica Shale and 1 gross (0.5 net) operated well in the SCOOP during the second quarter of 2018.

    Second Quarter 2018 Production and Realized Prices
    Gulfport’s net daily production for the second quarter of 2018 averaged approximately 1,330.3 MMcfe per day. For the second quarter of 2018, Gulfport’s net daily production mix was comprised of approximately 89% natural gas, 7% NGL and 4% oil.

    Gulfport’s realized prices for the second quarter of 2018 were $1.86 per Mcf of natural gas, $33.46 per barrel of oil and $0.45 per gallon of NGL, resulting in a total equivalent price of $2.09 per Mcfe. Gulfport's realized prices for the second quarter of 2018 include an aggregate non-cash derivative loss of $76.8 million. Before the impact of derivatives, realized prices for the second quarter of 2018, including transportation costs, were $2.15 per Mcf of natural gas, $66.26 per barrel of oil and $0.71 per gallon of NGL, for a total equivalent price of $2.67 per Mcfe.

     
    GULFPORT ENERGY CORPORATION
    PRODUCTION SCHEDULE
    (Unaudited)
             
      Three Months Ended  Six Months Ended
       June 30,   June 30,
    Production Volumes:  2018  2017  2018  2017
             
    Natural gas (MMcf)    108,236    82,903    210,278    149,187
    Oil (MBbls)  744    650    1,501    1,164
    NGL (MGal)    58,512    53,808    124,268    103,475
    Gas equivalent (MMcfe)    121,061    94,490    237,038    170,951
    Gas equivalent (Mcfe per day)   1,330,342    1,038,351    1,309,602    944,481
             
    Average Realized Prices        
    (before the impact of derivatives):      
             
    Natural gas (per Mcf) $  2.15 $  2.48 $  2.29 $  2.57
    Oil (per Bbl) $  66.26 $  45.33 $  63.29 $  46.30
    NGL (per Gal) $  0.71 $  0.45 $  0.71 $  0.54
    Gas equivalent (per Mcfe) $  2.67 $  2.74 $  2.81 $  2.88
             
    Average Realized Prices:        
    (including cash-settlement of derivatives and excluding non-cash derivative gain or loss):
             
    Natural gas (per Mcf) $  2.32 $  2.51 $  2.46 $  2.54
    Oil (per Bbl) $  55.29 $  48.91 $  55.00 $  48.37
    NGL (per Gal) $  0.64 $  0.45 $  0.66 $  0.54
    Gas equivalent (per Mcfe) $  2.72 $  2.79 $  2.87 $  2.87
             
    Average Realized Prices:        
             
    Natural gas (per Mcf) $  1.86 $  3.16 $  2.10 $  3.53
    Oil (per Bbl) $  33.46 $  57.86 $  40.93 $  62.67
    NGL (per Gal) $  0.45 $  0.45 $  0.61 $  0.56
    Gas equivalent (per Mcfe) $  2.09 $  3.43 $  2.44 $  3.84
                 

    The table below summarizes Gulfport’s second quarter of 2018 production by asset area:

     
     
     GULFPORT ENERGY CORPORATION
    PRODUCTION BY AREA
    (Unaudited)
              
       Three Months Ended  Six Months Ended
        June 30,   June 30,
       2018 2017 2018 2017
    Utica Shale          
    Natural gas (MMcf)    92,670   72,649   179,866   133,801
    Oil (MBbls)    81   122   160   253
    NGL (MGal)    26,845   32,372   62,583   71,683
    Gas equivalent (MMcfe)    96,994   78,003   189,766   145,562
              
    SCOOP(1)         
    Natural gas (MMcf)    15,536   10,233   30,367   15,348
    Oil (MBbls)    407   244   905   378
    NGL (MGal)    31,640   21,343   61,649   31,665
    Gas equivalent (MMcfe)    22,500   14,744   44,603   22,142
              
    Southern Lousiana          
    Natural gas (MMcf)    4   13   11   22
    Oil (MBbls)    223   273   392   507
    NGL (MGal)    -    -    -    - 
    Gas equivalent (MMcfe)    1,340   1,650   2,360   3,066
              
    Other         
    Natural gas (MMcf)    26   8   34   16
    Oil (MBbls)    33   12   45   24
    NGL (MGal)    27   93   36   127
    Gas equivalent (MMcfe)    227   93   309   181
              
    (1) SCOOP production adjusted for closing date of February 17, 2017.   

    Second Quarter 2018 Conference Call Information
    Gulfport will hold a conference call on Thursday, August 2, 2018 at 8:00 a.m. CDT to discuss its second quarter of 2018 financial and operational results and to provide an update on the Company’s recent activities. Gulfport's second quarter of 2018 earnings are scheduled to be released after the market close on Wednesday, August 1, 2018. 

    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. 

    About Gulfport
    Gulfport Energy is an independent natural gas and oil company focused on the exploration and development of natural gas and oil properties in North America and is one of the largest producers of natural gas in the contiguous United States. Headquartered in Oklahoma City, Gulfport holds significant acreage positions in the Utica Shale of Eastern Ohio and the SCOOP Woodford and SCOOP Springer plays in Oklahoma. In addition, Gulfport holds an acreage position along the Louisiana Gulf Coast, has an approximately 22% equity interest in Mammoth Energy Services, Inc. (NASDAQ:TUSK) and has a position in the Alberta Oil Sands in Canada through its 25% interest in Grizzly Oil Sands ULC. For more information, please visit www.gulfportenergy.com.

    Forward Looking Statements
    This press release includes “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Gulfport expects or anticipates will or may occur in the future, future capital expenditures (including the amount and nature thereof), business strategy and measures to implement strategy, competitive strength, goals, expansion and growth of Gulfport's business and operations, plans, market conditions, references to future success, reference to intentions as to future matters and other such matters are forward-looking statements. These statements are based on certain assumptions and analyses made by Gulfport in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform with Gulfport's expectations and predictions is subject to a number of risks and uncertainties, general economic, market, credit or business conditions that might affect the timing and amount of the repurchase program; the opportunities (or lack thereof) that may be presented to and pursued by Gulfport; Gulfport’s ability to identify, complete and integrate acquisitions of properties and businesses; competitive actions by other oil and gas companies; changes in laws or regulations; and other factors, many of which are beyond the control of Gulfport. Information concerning these and other factors can be found in the Company's filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and there can be no assurances that the actual results or developments anticipated by Gulfport will be realized, or even if realized, that they will have the expected consequences to or effects on Gulfport, its business or operations. Gulfport has no intention, and disclaims any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

    Investor & Media Contact:
    Jessica Wills – Director, Investor Relations
    jwills@gulfportenergy.com
    405-252-4550

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