Gulfport Energy Corporation (GPOR) Bundle
A Brief History of Gulfport Energy Corporation
Company Overview
Gulfport Energy Corporation, incorporated in 1997, is an independent oil and natural gas exploration and production company. The company primarily focuses on the exploration and production of natural gas, oil, and natural gas liquids (NGL) in the United States.
Recent Financial Performance
For the nine months ended September 30, 2024, Gulfport reported net income attributable to common stockholders of $7.3 million, or $0.40 per diluted share, compared to $1.04 billion, or $55.08 per diluted share, for the same period in 2023. The company's total revenues for the nine months ended September 30, 2024, were $643.8 million, a decrease from $788.3 million in the previous year.
Production and Sales Volumes
Gulfport's total net production averaged approximately 1,057.2 MMcfe per day during the three months ended September 30, 2024, compared to 1,056.9 MMcfe per day for the same quarter in 2023. The breakdown of production volumes for the nine months ended September 30, 2024, is as follows:
| Product | Volume (Mcf/day) | Volume (Bbl/day) |
|---|---|---|
| Natural Gas | 970,842 | - |
| Oil and Condensate | - | 3,569 |
| NGL | - | 10,239 |
Stock Performance and Share Repurchase Program
Gulfport has been active in its share repurchase program, having repurchased 712,829 shares for approximately $104.4 million at an average price of $146.60 per share during the nine months ended September 30, 2024. As of September 30, 2024, the company has repurchased a total of 5.1 million shares for $504.0 million under this program.
Capital Expenditures
For the nine months ended September 30, 2024, Gulfport's capital expenditures totaled $376.9 million, with $267.8 million allocated to drilling and completion costs. This reflects the company's continued investment in its operational capabilities despite fluctuations in commodity prices.
Debt Activities
As of September 30, 2024, Gulfport had $737.0 million in borrowings and $825.0 million in repayments on its credit facility. The company also issued $650.0 million in senior notes due 2029. The total commodity derivative position was reported at $73.8 million.
Market Conditions and Strategic Outlook
The company continues to navigate a volatile market environment, largely influenced by global energy prices and geopolitical factors. The average realized price for natural gas decreased from $2.69 per Mcf in 2023 to $2.10 per Mcf in 2024, impacting revenue generation.
Environmental and Operational Highlights
Gulfport has been adjusting its operational focus in response to market conditions, with a notable emphasis on sustainability and efficiency in its production processes. The company reported a non-cash ceiling test impairment of $30.5 million for the three months ended September 30, 2024.
Recent Developments
During the third quarter of 2024, Gulfport successfully turned to sales ten gross (nine net) operated wells and generated $189.7 million in operating cash flows. Additionally, the company extended the maturity of its long-term senior notes and credit facility, ensuring liquidity through 2029.
A Who Owns Gulfport Energy Corporation (GPOR)
Shareholder Overview
As of 2024, Gulfport Energy Corporation (GPOR) has a diverse ownership structure comprising institutional investors, individual shareholders, and company executives. Notably, the company has issued a total of 42 million shares of common stock and 110,000 shares of preferred stock.
Major Shareholders
The following table summarizes the major shareholders of Gulfport Energy Corporation as of 2024:
| Shareholder | Type of Ownership | Number of Shares Owned | Percentage Ownership |
|---|---|---|---|
| BlackRock, Inc. | Institutional | 3,100,000 | 16.5% |
| The Vanguard Group, Inc. | Institutional | 2,800,000 | 15.1% |
| State Street Corporation | Institutional | 2,200,000 | 11.8% |
| Company Executives | Insider | 1,500,000 | 8.1% |
| Other Institutional Investors | Institutional | 5,000,000 | 27.1% |
| Retail Investors | Individual | 3,000,000 | 16.4% |
| Preferred Stockholders | Preferred | 43,745 | 0.2% |
Recent Stock Performance
As of September 30, 2024, Gulfport Energy Corporation reported a total stockholders' equity of $2,056,240,000, with total liabilities of $1,078,171,000. The company’s common stock had an average price of $146.60 per share during the third quarter of 2024, reflecting a strong performance in the market.
Preferred Stock Details
The preferred stock issued by Gulfport Energy Corporation has a liquidation preference of $1,000 per share. As of September 30, 2024, there were 43,745 shares of preferred stock outstanding, with cumulative quarterly dividends at a rate of 10% per annum.
Stock Repurchase Program
Gulfport Energy has an active share repurchase program, with the following details as of September 30, 2024:
| Quarter | Total Shares Purchased | Dollar Value of Shares Purchased | Average Price Paid Per Share |
|---|---|---|---|
| Q1 2024 | 210 | $29,492,000 | $140.39 |
| Q2 2024 | 161 | $25,000,000 | $155.65 |
| Q3 2024 | 341 | $49,862,000 | $146.17 |
| Total | 712 | $104,354,000 | $146.60 |
Debt Obligations
As of September 30, 2024, Gulfport Energy Corporation had the following debt obligations:
| Debt Type | Amount Outstanding | Maturity Date |
|---|---|---|
| 2026 Senior Notes | $25,700,000 | May 17, 2026 |
| 2029 Senior Notes | $650,000,000 | September 1, 2029 |
| Credit Facility | $30,000,000 | May 1, 2027 |
Summary of Stockholder's Equity
The stockholders' equity at Gulfport Energy Corporation has seen significant fluctuations, as reflected in the following equity statement:
| Equity Component | Amount (in thousands) |
|---|---|
| Common Stock | $2 |
| Paid-in Capital | $200,196 |
| Retained Earnings | $1,856,511 |
| Treasury Stock | $(469) |
| Total Stockholders' Equity | $2,056,240 |
Conclusion
The ownership structure of Gulfport Energy Corporation reflects a blend of institutional and retail investors, with a notable presence of company executives holding shares. The company's financial health, evidenced by its equity and managed debt levels, positions it favorably in the energy sector.
Gulfport Energy Corporation (GPOR) Mission Statement
Mission Overview
The mission of Gulfport Energy Corporation is to operate as an independent natural gas-weighted exploration and production company. Gulfport focuses on developing its assets in an environmentally responsible manner while generating sustainable cash flow, improving operational efficiencies, and returning capital to shareholders.
Core Values
- Safety: Prioritizing the safety of employees and communities.
- Environmental Responsibility: Committing to sustainable practices in all operations.
- Operational Excellence: Striving for continuous improvement in efficiency and productivity.
- Shareholder Value: Focused on delivering value through disciplined capital allocation and growth initiatives.
Strategic Goals
Gulfport aims to achieve its mission through strategic initiatives that include:
- Targeting high-return projects in the Utica and Marcellus shale regions in eastern Ohio and the SCOOP Woodford and Springer formations in central Oklahoma.
- Investing in leading drilling and completion technologies to enhance production capabilities.
- Maintaining financial flexibility to withstand commodity price volatility.
- Utilizing derivative contracts to reduce financial impacts from market fluctuations.
Financial Performance Highlights (as of September 30, 2024)
| Metric | Value |
|---|---|
| Total Net Production (MMcfe/day) | 1,057.2 |
| Operating Cash Flows (in millions) | $189.7 |
| Shares Repurchased | 341,132 |
| Cost of Shares Repurchased (in millions) | $49.9 |
| Weighted Average Price per Share | $146.17 |
| Total Liquidity (in millions) | $909.4 |
| Senior Notes Extended Maturity | From 2026 to 2029 |
| Credit Facility Maturity Extended | To 2028 |
Production and Drilling Activity
Gulfport's production volumes for the three months ended September 30, 2024, are detailed below:
| Production Type | Utica & Marcellus (Mcf/day) | SCOOP (Mcf/day) | Total (Mcf/day) |
|---|---|---|---|
| Natural Gas | 822,015 | 144,507 | 966,522 |
| Oil and Condensate (Bbl/day) | 3,105 | 1,513 | 4,618 |
| NGL (Bbl/day) | 3,491 | 6,998 | 10,489 |
Recent Developments
In September 2024, Gulfport achieved significant milestones:
- Repurchased $524.3 million of 2026 Senior Notes, extending maturity to 2029.
- Increased Credit Facility commitment to $1 billion, reaffirming borrowing base at $1.1 billion.
- Implemented a share repurchase program with a total purchase of 712,000 shares for $104.4 million in 2024.
Financial Overview
For the nine months ended September 30, 2024, Gulfport reported:
| Financial Metrics | Value |
|---|---|
| Total Revenues (in millions) | $718.3 |
| Net Income (in millions) | $11.9 |
| Net Income per Share (Basic) | $0.40 |
| Weighted Average Shares Outstanding (Basic) | 18,133 |
Conclusion on Mission Commitment
Gulfport Energy Corporation remains committed to its mission by focusing on operational excellence, sustainable practices, and shareholder value. The company continues to navigate challenges in the energy sector while targeting high-return projects and maintaining financial stability.
How Gulfport Energy Corporation (GPOR) Works
Company Overview
Gulfport Energy Corporation (GPOR) is an independent natural gas-weighted exploration and production company with assets primarily located in the Appalachia and Anadarko basins. The company targets the Utica and Marcellus formations in eastern Ohio and the SCOOP Woodford and Springer formations in central Oklahoma.
Operational Highlights for 2024
During the third quarter of 2024, Gulfport achieved several significant milestones:
- Total net production averaged 1,057.2 MMcfe per day.
- Turned to sales 10 gross (9.0 net) operated wells.
- Generated $189.7 million of operating cash flows.
- Repurchased 341,132 shares for $49.9 million at a weighted average price of $146.17 per share.
- Exited the quarter with total liquidity of $909.4 million.
- Extended the maturity of substantially all long-term Senior Notes from 2026 to 2029.
- Extended the maturity of the Credit Facility to 2028.
Production and Drilling Activity
Gulfport's production volumes for the three months ended September 30, 2024, compared to the same period in 2023 are summarized in the table below:
| Production Type | Q3 2024 (Mcf/day) | Q3 2023 (Mcf/day) |
|---|---|---|
| Natural Gas (Utica & Marcellus) | 822,015 | 795,191 |
| Natural Gas (SCOOP) | 144,507 | 176,161 |
| Total Natural Gas | 966,522 | 971,352 |
| Oil and Condensate (Utica & Marcellus) | 3,105 | 528 |
| Oil and Condensate (SCOOP) | 1,513 | 2,667 |
| Total Oil and Condensate | 4,618 | 3,195 |
| NGL (Utica & Marcellus) | 3,491 | 2,271 |
| NGL (SCOOP) | 6,998 | 8,790 |
| Total NGL | 10,489 | 11,061 |
| Combined Production (Mcfe/day) | 1,057,164 | 1,056,887 |
Financial Performance
For the nine months ended September 30, 2024, Gulfport's financial performance included:
| Revenue Source | 2024 (in thousands) | 2023 (in thousands) | % Change |
|---|---|---|---|
| Natural Gas Sales | $492,606 | $619,181 | (20%) |
| Oil and Condensate Sales | $70,295 | $76,212 | (8%) |
| NGL Sales | $80,870 | $92,935 | (13%) |
| Total Revenues | $718,258 | $1,302,594 | (45%) |
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, were as follows:
| Expense Type | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Lease Operating Expenses | $50,843 | $51,644 |
| Taxes Other Than Income | $22,111 | $25,849 |
| Transportation, Gathering, Processing, and Compression | $263,048 | $259,883 |
| Depreciation, Depletion, and Amortization | $241,401 | $238,747 |
| Impairment of Oil and Natural Gas Properties | $30,487 | $0 |
| General and Administrative Expenses | $30,429 | $27,238 |
| Total Operating Expenses | $640,024 | $610,240 |
Net Income and Earnings Per Share
For the nine months ended September 30, 2024, Gulfport reported:
| Financial Metric | 2024 | 2023 |
|---|---|---|
| Net Income Attributable to Common Stockholders | $7,304 | $1,041,073 |
| Net Income per Common Share (Basic) | $0.40 | $55.72 |
| Weighted Average Common Shares Outstanding (Basic) | 18,133 | 18,686 |
Debt and Liquidity
As of September 30, 2024, Gulfport's debt profile included:
| Debt Instrument | Outstanding Amount (in thousands) | Maturity |
|---|---|---|
| 2026 Senior Notes | $25,702 | 2026 |
| 2029 Senior Notes | $650,000 | 2029 |
| Credit Facility | $30,000 | 2028 |
| Total Funded Debt | $705,700 |
Gulfport's total liquidity as of September 30, 2024, was $909.4 million.
How Gulfport Energy Corporation (GPOR) Makes Money
Revenue Streams
Gulfport Energy Corporation generates revenue primarily from the sale of natural gas, oil, and natural gas liquids (NGL). For the nine months ended September 30, 2024, the revenue breakdown was as follows:
| Revenue Source | Amount (in thousands) | Amount (in thousands) - 2023 | % Change |
|---|---|---|---|
| Natural Gas Sales | $492,606 | $619,181 | (20%) |
| Oil and Condensate Sales | $70,295 | $76,212 | (8%) |
| NGL Sales | $80,870 | $92,935 | (13%) |
| Total Revenue | $643,771 | $788,328 | (18%) |
Production Volumes
The company's production volumes for the nine months ended September 30, 2024, were as follows:
| Production Type | Volume (in MMcf) | Volume (in MMcf) - 2023 | % Change |
|---|---|---|---|
| Natural Gas | 266,011 | 260,439 | 2% |
| Oil and Condensate | 3,569 | 3,813 | (6%) |
| NGL | 2,610 | 2,466 | 6% |
Commodity Pricing Impact
The realized prices for Gulfport's products significantly affect revenue. For the nine months ended September 30, 2024, the average prices were:
| Commodity | Average Price without Derivatives ($/Unit) | Average Price with Derivatives ($/Unit) |
|---|---|---|
| Natural Gas | $1.85 | $2.76 |
| Oil and Condensate | $71.89 | $71.72 |
| NGL | $28.83 | $28.28 |
Operating Expenses
For the nine months ended September 30, 2024, Gulfport incurred operating expenses totaling $640,024,000, with the following breakdown:
| Expense Type | Amount (in thousands) |
|---|---|
| Lease Operating Expenses | $50,843 |
| Taxes Other than Income | $22,111 |
| Transportation, Gathering, Processing, and Compression | $263,048 |
| Depreciation, Depletion, and Amortization | $241,401 |
| General and Administrative Expenses | $30,429 |
| Total Operating Expenses | $640,024 |
Net Income and Earnings
Gulfport reported a net income of $11,856,000 for the nine months ended September 30, 2024, down from $1,225,185,000 in the same period of 2023.
| Metric | Value (in thousands) | Value (in thousands) - 2023 |
|---|---|---|
| Net Income | $11,856 | $1,225,185 |
| Net Income Attributable to Common Stockholders | $7,304 | $1,041,073 |
| Net Income per Share (Basic) | $0.40 | $55.72 |
Cash Flow and Liquidity
Gulfport generated $501,185,000 in net cash provided by operating activities for the nine months ended September 30, 2024. As of September 30, 2024, the company had total liquidity of $909,400,000.
Gulfport's financial position indicates a focus on maintaining liquidity to support operations and capital expenditures while managing debt levels effectively.
Gulfport Energy Corporation (GPOR) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Updated on 16 Nov 2024
Resources:
- Gulfport Energy Corporation (GPOR) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Gulfport Energy Corporation (GPOR)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Gulfport Energy Corporation (GPOR)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.