Gulfport Energy (GPOR) Tops Q1 EPS by 8c

Gulfport Energy (NASDAQ: GPOR) reported Q1 EPS of $0.50, $0.08 better than the analyst estimate of $0.42.

• Net production averaged 1,288.6 MMcfe per day during the first quarter of 2018.
• Net income of $90.1 million, or $0.50 per diluted share, for the first quarter of 2018.
• Adjusted net income (as defined and reconciled below) of $101.9 million, or $0.56 per diluted share, for the first quarter of 2018.
• Adjusted EBITDA (as defined and reconciled below) of $247.9 million for the first quarter of 2018.
• Reduced unit operating expense, including lease operating expense, midstream gathering and processing expense, production tax expense and general and administrative expense, for the first quarter of 2018 by 11% to $0.88 per Mcfe from $0.99 per Mcfe for the fourth quarter of 2017.
• Completed previously announced stock repurchase program of $100 million during first quarter of 2018 by acquiring 9.7 million shares.
• Expanded stock repurchase program to acquire up to an additional $100 million of outstanding common stock during 2018 for a total of $200 million.
• Sold 25% equity interest in Strike Force Midstream LLC ("Strike Force") for $175 million.
• Reduced 2018 non-drilling and completion ("D&C") capital expenditures by $20 million following the sale of Gulfport's equity interest in Strike Force.
• Budgeted 2018 total capital expenditures to be in the range of $750 million to $815 million and funded within cash flow.
• Increased forecasted 2018 production and estimate 2018 full year net production to average 1,310 MMcfe to 1,340 MMcfe per day, an increase of approximately 20% to 23% over the average daily net production of 1,089.2 MMcfe per day during 2017.
• Currently estimate second quarter of 2018 net production to average 1,300 MMcfe to 1,320 MMcfe per day.
• Gulfport's lead lenders have proposed an increase to Gulfport's borrowing base to $1.4 billion from $1.2 billion, subject to the approval of the additional banks within the syndicate, with Gulfport's elected commitment to remain at $1.0 billion.
• Increased hedge position to approximately 948 BBtu per day of natural gas fixed price swaps during 2018 at an average fixed price of $3.05 per MMBtu and a large base level of 662 BBtu per day of natural gas fixed price swaps during 2019 at an average fixed price of $2.84 per MMBtu.

For earnings history and earnings-related data on Gulfport Energy (GPOR) click here.

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