Gulfport Energy : Supplemental Tables FY 2024
GPOR
Year ended December 31, 2024
Supplemental Information of Gulfport Energy
Table of Contents:
Page:
Production Volumes by Asset Area
2
Production and Pricing
4
Consolidated Statements of Income
6
Consolidated Balance Sheets
8
Consolidated Statement of Cash Flows
10
2025E Guidance
12
Derivatives
13
Non-GAAP Reconciliations
14
Definitions
15
Adjusted Net Income
16
Adjusted EBITDA
18
Adjusted Free Cash Flow
20
Recurring General and Administrative Expenses
22
Production Volumes by Asset Area : Quarter ended, December 31, 2024
Production Volumes
Three Months
Three Months
Ended December
Ended December
31, 2024
31, 2023
Natural gas (Mcf/day)
Utica & Marcellus
790,745
795,776
SCOOP
167,330
181,044
Total
958,075
976,820
Oil and condensate (Bbl/day)
Utica & Marcellus
3,800
1,116
SCOOP
1,429
2,382
Total
5,229
3,498
NGL (Bbl/day)
Utica & Marcellus
3,875
1,991
SCOOP
7,129
8,932
Total
11,004
10,923
Combined (Mcfe/day)
Utica & Marcellus
836,798
814,415
SCOOP
218,674
248,926
Total
1,055,472
1,063,341
Totals may not sum or recalculate due to rounding.
Page 2
Production Volumes by Asset Area : Year ended, December 31, 2024
Production Volumes
Year Ended
Year Ended
December 31, 2024
December 31, 2023
Natural gas (Mcf/day)
Utica & Marcellus
810,242
765,556
SCOOP
157,391
194,187
Total
967,633
959,743
Oil and condensate (Bbl/day)
Utica & Marcellus
2,314
698
SCOOP
1,672
3,035
Total
3,986
3,733
NGL (Bbl/day)
Utica & Marcellus
2,928
2,346
SCOOP
7,503
9,672
Total
10,431
12,018
Combined (Mcfe/day)
Utica & Marcellus
841,695
783,822
SCOOP
212,441
270,429
Total
1,054,136
1,054,251
Totals may not sum or recalculate due to rounding.
Page 3
Production and Pricing : Quarter ended, December 31, 2024
The following table summarizes production and related pricing for the quarter ended December 31, 2024, as compared to such data for the quarter ended December 31, 2023:
Three Months
Three Months
Ended December
Ended December
31, 2024
31, 2023
Natural gas sales
Natural gas production volumes (MMcf)
88,143
89,867
Natural gas production volumes (MMcf) per day
958
977
Total sales
$
221,554
$
212,631
Average price without the impact of derivatives ($/Mcf)
$
2.51
$
2.37
Impact from settled derivatives ($/Mcf)
$
0.48
$
0.54
Average price, including settled derivatives ($/Mcf)
$
2.99
$
2.91
Oil and condensate sales
Oil and condensate production volumes (MBbl)
481
322
Oil and condensate production volumes (MBbl) per day
5
3
Total sales
$
31,294
$
23,642
Average price without the impact of derivatives ($/Bbl)
$
65.05
$
73.47
Impact from settled derivatives ($/Bbl)
$
0.70
$
(3.32)
Average price, including settled derivatives ($/Bbl)
$
65.75
$
70.15
NGL sales
NGL production volumes (MBbl)
1,012
1,005
NGL production volumes (MBbl) per day
11
11
Total sales
$
31,985
$
26,782
Average price without the impact of derivatives ($/Bbl)
$
31.59
$
26.65
Impact from settled derivatives ($/Bbl)
$
(0.61)
$
2.72
Average price, including settled derivatives ($/Bbl)
$
30.98
$
29.37
Natural gas, oil and condensate and NGL sales
Natural gas equivalents (MMcfe)
97,103
97,827
Natural gas equivalents (MMcfe) per day
1,055
1,063
Total sales
$
284,833
$
263,055
Average price without the impact of derivatives ($/Mcfe)
$
2.93
$
2.69
Impact from settled derivatives ($/Mcfe)
$
0.43
$
0.51
Average price, including settled derivatives ($/Mcfe)
$
3.36
$
3.20
Production Costs:
$
0.20
$
0.17
Average lease operating expenses ($/Mcfe)
Average taxes other than income ($/Mcfe)
$
0.08
$
0.08
Average transportation, gathering, processing and compression ($/Mcfe)
$
0.91
$
0.91
Total lease operating expenses, midstream costs and production taxes ($/Mcfe)
$
1.19
$
1.16
Page 4
Production and Pricing : Year ended, December 31, 2024
The following table summarizes production and related pricing for the year ended December 31, 2024, as compared to such data for the year ended December 31, 2023:
Year Ended
Year Ended
December 31, 2024
December 31, 2023
Natural gas sales
354,154
350,306
Natural gas production volumes (MMcf)
Natural gas production volumes (MMcf) per day
968
960
Total sales
$
714,160
$
831,812
Average price without the impact of derivatives ($/Mcf)
$
2.02
$
2.37
Impact from settled derivatives ($/Mcf)
$
0.80
$
0.42
Average price, including settled derivatives ($/Mcf)
$
2.82
$
2.79
Oil and condensate sales
1,459
1,363
Oil and condensate production volumes (MBbl)
Oil and condensate production volumes (MBbl) per day
4
4
Total sales
$
101,589
$
99,854
Average price without the impact of derivatives ($/Bbl)
$
69.64
$
73.27
Impact from settled derivatives ($/Bbl)
$
0.11
$
(2.53)
Average price, including settled derivatives ($/Bbl)
$
69.75
$
70.74
NGL sales
3,818
4,386
NGL production volumes (MBbl)
NGL production volumes (MBbl) per day
10
12
Total sales
$
112,855
$
119,717
Average price without the impact of derivatives ($/Bbl)
$
29.56
$
27.29
Impact from settled derivatives ($/Bbl)
$
(0.56)
$
2.07
Average price, including settled derivatives ($/Bbl)
$
29.00
$
29.36
Natural gas, oil and condensate and NGL sales
385,814
384,802
Natural gas equivalents (MMcfe)
Natural gas equivalents (MMcfe) per day
1,054
1,054
Total sales
$
928,604
$
1,051,383
Average price without the impact of derivatives ($/Mcfe)
$
2.41
$
2.73
Impact from settled derivatives ($/Mcfe)
$
0.73
$
0.40
Average price, including settled derivatives ($/Mcfe)
$
3.14
$
3.13
Production Costs:
$
0.18
$
0.18
Average lease operating expenses ($/Mcfe)
Average taxes other than income ($/Mcfe)
$
0.08
$
0.09
Average transportation, gathering, processing and compression ($/Mcfe)
$
0.91
$
0.91
Total lease operating expenses, midstream costs and production taxes ($/Mcfe)
$
1.17
$
1.17
Totals may not sum or recalculate due to rounding.
Page 5
Consolidated Statements of Income: Quarter ended, December 31, 2024
(In thousands, except per share data)
(Unaudited)
Three Months
Three Months
Ended December
Ended December
31, 2024
31, 2023
REVENUES:
Natural gas sales
$
221,554
$
212,631
Oil and condensate sales
31,294
23,642
Natural gas liquid sales
31,985
26,782
Net (loss) gain on natural gas, oil and NGL derivatives
(44,960)
226,053
Total revenues
239,873
489,108
OPERATING EXPENSES:
Lease operating expenses
19,269
17,004
Taxes other than income
7,626
7,868
Transportation, gathering, processing and compression
88,189
88,748
Depreciation, depletion and amortization
84,322
80,968
Impairment of oil and natural gas properties
342,727
-
General and administrative expenses
12,129
11,362
Accretion expense
602
665
Total operating expenses
554,864
206,615
(LOSS) INCOME FROM OPERATIONS
(314,991)
282,493
OTHER EXPENSE (INCOME):
Interest expense
13,955
14,667
Other, net
3,806
(7,490)
Total other expense
17,761
7,177
(LOSS) INCOME BEFORE INCOME TAXES
(332,752)
275,316
INCOME TAX (BENEFIT) EXPENSE:
Current
-
-
Deferred
(59,510)
29,585
Total income tax (benefit) expense
(59,510)
29,585
NET (LOSS) INCOME
(273,242)
245,731
Dividends on Preferred Stock
(937)
(1,122)
Participating securities - Preferred Stock
-
(35,629)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(274,179)
$
208,980
NET (LOSS) INCOME PER COMMON SHARE:
Basic
$
(15.40)
$
11.28
Diluted
$
(15.40)
$
11.13
Weighted average common shares outstanding-Basic
17,803
18,524
Weighted average common shares outstanding-Diluted
17,803
18,829
Page 6
Consolidated Statements of Income: Year ended, December 31, 2024
(In thousands, except per share data)
(Unaudited)
Year Ended
Year Ended
December 31, 2024
December 31, 2023
REVENUES:
Natural gas sales
$
714,160
$
831,812
Oil and condensate sales
101,589
99,854
Natural gas liquid sales
112,855
119,717
Net gain on natural gas, oil and NGL derivatives
29,527
740,319
Total revenues
958,131
1,791,702
OPERATING EXPENSES:
Lease operating expenses
70,112
68,648
Taxes other than income
29,737
33,717
Transportation, gathering, processing and compression
351,237
348,631
Depreciation, depletion and amortization
325,723
319,715
Impairment of oil and natural gas properties
373,214
-
General and administrative expenses
42,558
38,600
Restructuring costs
-
4,762
Accretion expense
2,307
2,782
Total operating expenses
1,194,888
816,855
(LOSS) INCOME FROM OPERATIONS
(236,757)
974,847
OTHER EXPENSE (INCOME):
Interest expense
59,982
57,069
Loss on debt extinguishment
13,388
-
Other, net
7,336
(27,982)
Total other expense
80,706
29,087
(LOSS) INCOME BEFORE INCOME TAXES
(317,463)
945,760
INCOME TAX BENEFIT:
Current
-
-
Deferred
(56,077)
(525,156)
Total income tax benefit
(56,077)
(525,156)
NET (LOSS) INCOME
(261,386)
1,470,916
Dividends on preferred stock
(4,230)
(4,840)
Participating securities - preferred stock
-
(212,360)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(265,616)
$
1,253,716
NET (LOSS) INCOME PER COMMON SHARE:
Basic
$
(14.72)
$
67.24
Diluted
$
(14.72)
$
66.46
Weighted average common shares outstanding-Basic
18,050
18,645
Weighted average common shares outstanding-Diluted
18,050
18,902
Page 7
Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
December 31, 2024
December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
1,473
$
1,929
Accounts receivable-oil, natural gas, and natural gas liquids sales
155,942
122,479
Accounts receivable-joint interest and other
8,727
22,221
Prepaid expenses and other current assets
7,086
16,951
Short-term derivative instruments
58,085
233,226
Total current assets
231,313
396,806
Property and equipment:
Oil and natural gas properties, full-cost method
Proved oil and natural gas properties
3,349,805
2,904,519
Unproved properties
221,650
204,233
Other property and equipment
11,291
9,165
Total property and equipment
3,582,746
3,117,917
Less: accumulated depletion, depreciation, amortization and impairment
(1,564,475)
(865,618)
Total property and equipment, net
2,018,271
2,252,299
Other assets:
Long-term derivative instruments
6,003
47,566
Deferred tax asset
581,233
525,156
Operating lease assets
6,099
14,299
Other assets
22,778
31,487
Total other assets
616,113
618,508
Total assets
$
2,865,697
$
3,267,613
Page 8
Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
December 31, 2024
December 31, 2023
Liabilities, Mezzanine Equity and Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities
$
298,081
$
309,532
Short-term derivative instruments
41,889
21,963
Current portion of operating lease liabilities
5,538
12,959
Total current liabilities
345,508
344,454
Non-current liabilities:
Long-term derivative instruments
35,081
18,602
Asset retirement obligation
32,949
29,941
Non-current operating lease liabilities
561
1,340
Long-term debt
702,857
667,382
Total non-current liabilities
771,448
717,265
Total liabilities
$
1,116,956
$
1,061,719
Commitments and contingencies
Mezzanine equity:
Preferred stock - $0.0001 par value, 110.0 thousand shares authorized, 37.3
thousand and outstanding at December 31, 2024, and 44.2 thousand issued
and outstanding at December 31, 2023
37,348
44,214
Stockholders' equity:
Common stock - $0.0001 par value, 42.0 million shares authorized, 17.8
million issued and outstanding at December 31, 2024, and 18.3 million
issued and outstanding at December 31, 2023
2
2
Additional paid-in capital
129,059
315,726
Common stock held in reserve, 0 shares at December 31, 2024, and
-
(1,996)
62.0 thousand shares at December 31, 2023
Retained earnings
1,582,332
1,847,948
Total stockholders' equity
$
1,711,393
$
2,161,680
Total liabilities, mezzanine equity and stockholders' equity
$
2,865,697
$
3,267,613
Page 9
Consolidated Statement of Cash Flows: Quarter ended, December 31, 2024
(In thousands)
(Unaudited)
Three Months
Three Months
Ended December
Ended December
31, 2024
31, 2023
Cash flows from operating activities:
Net (loss) income
$
(273,242)
$
245,731
Adjustments to reconcile net (loss) income to net cash provided by operating
activities:
Depletion, depreciation and amortization
84,322
80,968
Impairment of oil and natural gas properties
342,727
-
Net loss (gain) on derivative instruments
44,960
(226,053)
Net cash receipts on settled derivative instruments
41,696
50,252
Deferred income tax (benefit) expense
(59,510)
29,585
Stock-based compensation expense
2,548
2,077
Other, net
1,806
1,778
Changes in operating assets and liabilities, net
(36,459)
(28,837)
Net cash provided by operating activities
148,848
155,501
Cash flows from investing activities:
Additions to oil and natural gas properties
(77,188)
(116,228)
Proceeds from sale of oil and natural gas properties
225
12
Other, net
21
(1,030)
Net cash used in investing activities
(76,942)
(117,246)
Cash flows from financing activities:
Principal payments on Credit Facility
(211,000)
(250,000)
Borrowings on Credit Facility
219,000
273,000
Debt issuance costs and loan commitment fees
(113)
(103)
Dividends on preferred stock
(937)
(1,122)
Repurchase of common stock under Repurchase Program
(41,323)
(46,408)
Repurchase of common stock under Repurchase Program - related party
(39,269)
(20,000)
Shares exchanged for tax withholdings
(8)
(16)
Other, net
(3)
(2)
Net cash used in financing activities
(73,653)
(44,651)
Net change in cash, cash equivalents and restricted cash
(1,747)
(6,396)
Cash and cash equivalents at beginning of period
3,220
8,325
Cash and cash equivalents at end of period
$
1,473
$
1,929
Page 10
Disclaimer
Gulfport Energy Corporation published this content on February 25, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 25, 2025 at 21:11:11.923.