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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
|
| | |
☒ | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2019
OR
|
| |
☐ | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 000-19514
Gulfport Energy Corporation
(Exact Name of Registrant As Specified in Its Charter)
|
| | |
Delaware | 73-1521290 |
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification Number) |
3001 Quail Springs Parkway |
|
Oklahoma City, | Oklahoma | 73134 |
(Address of Principal Executive Offices) | (Zip Code) |
(405) 252-4600
(Registrant Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
|
| | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common stock, par value $0.01 per share | | GPOR | | Nasdaq Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yes ý No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated filer ý Accelerated filer ¨
Non-accelerated filer ¨ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý
As of October 25, 2019, 159,709,221 shares of the registrant’s common stock were outstanding.
GULFPORT ENERGY CORPORATION
TABLE OF CONTENTS
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Item 1. | | |
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Item 2. | | |
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Item 3. | | |
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Item 4. | | |
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Item 1. | | |
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Item 1A. | | |
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Item 2. | | |
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Item 3. | | |
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Item 4. | | |
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Item 5. | | |
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Item 6. | | |
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GULFPORT ENERGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited) |
| | | | | | | |
| September 30, 2019 | | December 31, 2018 |
| (In thousands, except share data) |
Assets | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 10,124 |
| | $ | 52,297 |
|
Accounts receivable—oil and natural gas sales | 112,657 |
| | 210,200 |
|
Accounts receivable—joint interest and other | 41,327 |
| | 22,497 |
|
Prepaid expenses and other current assets | 5,658 |
| | 10,017 |
|
Short-term derivative instruments | 134,571 |
| | 21,352 |
|
Total current assets | 304,337 |
| | 316,363 |
|
Property and equipment: | | | |
Oil and natural gas properties, full-cost accounting, $2,814,334 and $2,873,037 excluded from amortization in 2019 and 2018, respectively | 10,551,713 |
| | 10,026,836 |
|
Other property and equipment | 96,233 |
| | 92,667 |
|
Accumulated depletion, depreciation, amortization and impairment | (5,063,413 | ) | | (4,640,098 | ) |
Property and equipment, net | 5,584,533 |
| | 5,479,405 |
|
Other assets: | | | |
Equity investments | 73,962 |
| | 236,121 |
|
Long-term derivative instruments | 23,419 |
| | — |
|
Deferred tax asset | 205,853 |
| | — |
|
Inventories | 7,022 |
| | 5,344 |
|
Operating lease assets | 13,920 |
| | — |
|
Operating lease assets - related parties | 48,449 |
| | — |
|
Other assets | 11,653 |
| | 13,803 |
|
Total other assets | 384,278 |
| | 255,268 |
|
Total assets | $ | 6,273,148 |
| | $ | 6,051,036 |
|
Liabilities and Stockholders’ Equity | | | |
Current liabilities: | | | |
Accounts payable and accrued liabilities | $ | 439,019 |
| | $ | 518,380 |
|
Short-term derivative instruments | 429 |
| | 20,401 |
|
Current portion of operating lease liabilities | 12,848 |
| | — |
|
Current portion of operating lease liabilities - related parties | 21,017 |
| | — |
|
Current maturities of long-term debt | 622 |
| | 651 |
|
Total current liabilities | 473,935 |
| | 539,432 |
|
Long-term derivative instruments | 72,040 |
| | 13,992 |
|
Asset retirement obligation—long-term | 59,819 |
| | 79,952 |
|
Uncertain tax position liability | 3,127 |
| | 3,127 |
|
Non-current operating lease liabilities | 1,072 |
| | — |
|
Non-current operating lease liabilities - related parties | 27,432 |
| | — |
|
Long-term debt, net of current maturities | 2,076,569 |
| | 2,086,765 |
|
Total liabilities | 2,713,994 |
| | 2,723,268 |
|
Commitments and contingencies (Note 8) |
| |
|
Preferred stock, $0.01 par value; 5,000,000 shares authorized (30,000 authorized as redeemable 12% cumulative preferred stock, Series A), and none issued and outstanding | — |
| | — |
|
Stockholders’ equity: | | | |
Common stock - $0.01 par value, 200,000,000 shares authorized, 159,709,221 issued and outstanding at September 30, 2019 and 162,986,045 at December 31, 2018 | 1,597 |
| | 1,630 |
|
Paid-in capital | 4,205,158 |
| | 4,227,532 |
|
Accumulated other comprehensive loss | (50,679 | ) | | (56,026 | ) |
Accumulated deficit | (596,922 | ) | | (845,368 | ) |
Total stockholders’ equity | 3,559,154 |
| | 3,327,768 |
|
Total liabilities and stockholders’ equity | $ | 6,273,148 |
| | $ | 6,051,036 |
|
See accompanying notes to consolidated financial statements.
GULFPORT ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
| | | | | | | | | | | | | | | |
| Three months ended September 30, | | Nine months ended September 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
| (In thousands, except share data) |
Revenues: | | | | | | | |
Natural gas sales | $ | 213,227 |
| | $ | 271,167 |
| | $ | 714,500 |
| | $ | 753,261 |
|
Oil and condensate sales | 24,550 |
| | 45,682 |
| | 93,942 |
| | 140,687 |
|
Natural gas liquid sales | 20,324 |
| | 53,776 |
| | 78,136 |
| | 141,883 |
|
Net gain (loss) on natural gas, oil and NGLs derivatives | 27,074 |
| | (9,663 | ) | | 178,169 |
| | (96,737 | ) |
| 285,175 |
| | 360,962 |
| | 1,064,747 |
| | 939,094 |
|
Costs and expenses: |
| | | | | | |
Lease operating expenses | 22,473 |
| | 22,325 |
| | 64,668 |
| | 64,143 |
|
Production taxes | 6,565 |
| | 9,348 |
| | 22,584 |
| | 23,861 |
|
Midstream gathering and processing expenses | 78,435 |
| | 78,913 |
| | 220,732 |
| | 214,546 |
|
Depreciation, depletion and amortization | 145,490 |
| | 119,915 |
| | 388,874 |
| | 352,848 |
|
Impairment of oil and natural gas properties | 35,647 |
| | — |
| | 35,647 |
| | — |
|
General and administrative expenses | 14,659 |
| | 15,848 |
| | 39,482 |
| | 42,955 |
|
Accretion expense | 747 |
| | 1,037 |
| | 3,173 |
| | 3,056 |
|
| 304,016 |
| | 247,386 |
| | 775,160 |
| | 701,409 |
|
(LOSS) INCOME FROM OPERATIONS | (18,841 | ) | | 113,576 |
| | 289,587 |
| | 237,685 |
|
OTHER EXPENSE (INCOME): |
| | | | | | |
Interest expense | 34,095 |
| | 33,253 |
| | 103,095 |
| | 100,922 |
|
Interest income | (338 | ) | | (92 | ) | | (649 | ) | | (162 | ) |
Gain on debt extinguishment | (23,600 | ) | | — |
| | (23,600 | ) | | — |
|
Gain on sale of equity method investments | — |
| | (2,733 | ) | | — |
| | (124,768 | ) |
Loss (income) from equity method investments, net | 43,082 |
| | (12,858 | ) | | 164,391 |
| | (35,282 | ) |
Other expense | 3,194 |
| | 856 |
| | 3,757 |
| | 485 |
|
| 56,433 |
| | 18,426 |
| | 246,994 |
| | (58,805 | ) |
(LOSS) INCOME BEFORE INCOME TAXES | (75,274 | ) | | 95,150 |
| | 42,593 |
| | 296,490 |
|
INCOME TAX BENEFIT | (26,522 | ) | | — |
| | (205,853 | ) | | (69 | ) |
NET (LOSS) INCOME | $ | (48,752 | ) | | $ | 95,150 |
| | $ | 248,446 |
| | $ | 296,559 |
|
NET (LOSS) INCOME PER COMMON SHARE: | | | | | | | |
Basic | $ | (0.31 | ) | | $ | 0.55 |
| | $ | 1.55 |
| | $ | 1.69 |
|
Diluted | $ | (0.31 | ) | | $ | 0.55 |
| | $ | 1.51 |
| | $ | 1.68 |
|
Weighted average common shares outstanding—Basic | 159,548,477 |
| | 173,057,538 |
| | 160,553,796 |
| | 175,776,312 |
|
Weighted average common shares outstanding—Diluted | 159,548,477 |
| | 173,304,914 |
| | 164,820,002 |
| | 176,440,461 |
|
See accompanying notes to consolidated financial statements.
GULFPORT ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited) |
| | | | | | | | | | | | | | | |
| Three months ended September 30, | | Nine months ended September 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
| (In thousands) |
Net (loss) income | $ | (48,752 | ) | | $ | 95,150 |
| | $ | 248,446 |
| | $ | 296,559 |
|
Foreign currency translation adjustment | (2,064 | ) | | 3,052 |
| | 5,347 |
| | (5,815 | ) |
Other comprehensive (loss) income | (2,064 | ) | | 3,052 |
| | 5,347 |
| | (5,815 | ) |
Comprehensive (loss) income | $ | (50,816 | ) | | $ | 98,202 |
| | $ | 253,793 |
| | $ | 290,744 |
|
See accompanying notes to consolidated financial statements.
GULFPORT ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | |
| | | | |
Paid-in Capital | | Accumulated Other Comprehensive (Loss) Income | | Accumulated Deficit | | Total Stockholders’ Equity |
| Common Stock | | | | |
| Shares | | Amount | | | | |
| (In thousands, except share data) |
Balance at January 1, 2019 | 162,986,045 |
| | $ | 1,630 |
| | $ | 4,227,532 |
| | $ | (56,026 | ) | | $ | (845,368 | ) | | $ | 3,327,768 |
|
Net Income | — |
| | — |
| | — |
| | — |
| | 62,242 |
| | 62,242 |
|
Other Comprehensive Income | — |
| | — |
| | — |
| | 3,801 |
| | — |
| | 3,801 |
|
Stock Compensation | — |
| | — |
| | 2,785 |
| | — |
| | — |
| | 2,785 |
|
Shares Repurchased | (3,618,634 | ) | | (37 | ) | | (28,293 | ) | | — |
| | — |
| | (28,330 | ) |
Issuance of Restricted Stock | 54,554 |
| | 1 |
| | (1 | ) | | — |
| | — |
| | — |
|
Balance at March 31, 2019 | 159,421,965 |
| | $ | 1,594 |
| | $ | 4,202,023 |
| | $ | (52,225 | ) | | $ | (783,126 | ) | | $ | 3,368,266 |
|
Net Income | — |
| | — |
| | — |
| | — |
| | 234,956 |
| | 234,956 |
|
Other Comprehensive Income | — |
| | — |
| | — |
| | 3,610 |
| | — |
| | 3,610 |
|
Stock Compensation | — |
| | — |
| | 2,846 |
| | — |
| | — |
| | 2,846 |
|
Shares Repurchased | (296,587 | ) | | (3 | ) | | (2,267 | ) | | — |
| | — |
| | (2,270 | ) |
Issuance of Restricted Stock | 270,639 |
| | 3 |
| | (3 | ) | | — |
| | — |
| | — |
|
Balance at June 30, 2019 | 159,396,017 |
| | $ | 1,594 |
| | $ | 4,202,599 |
| | $ | (48,615 | ) | | $ | (548,170 | ) | | $ | 3,607,408 |
|
Net Loss | — |
| | — |
| | — |
| | — |
| | (48,752 | ) | | (48,752 | ) |
Other Comprehensive Loss | — |
| | — |
| | — |
| | (2,064 | ) | | — |
| | (2,064 | ) |
Stock Compensation | — |
| | — |
| | 2,651 |
| | — |
| | — |
| | 2,651 |
|
Shares Repurchased | (35,977 | ) | | — |
| | (89 | ) | | — |
| | — |
| | (89 | ) |
Issuance of Restricted Stock | 349,181 |
| | 3 |
| | (3 | ) | | — |
| | — |
| | — |
|
Balance at September 30, 2019 | 159,709,221 |
| | $ | 1,597 |
| | $ | 4,205,158 |
| | $ | (50,679 | ) | | $ | (596,922 | ) | | $ | 3,559,154 |
|
(Continued on next page)
GULFPORT ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | |
| | | | |
Paid-in Capital | | Accumulated Other Comprehensive (Loss) Income | | Accumulated Deficit | | Total Stockholders’ Equity |
| Common Stock | | | | |
| Shares | | Amount | | | | |
| (In thousands, except share data) |
Balance at January 1, 2018 | 183,105,910 |
| | $ | 1,831 |
| | $ | 4,416,250 |
| | $ | (40,539 | ) | | $ | (1,275,928 | ) | | $ | 3,101,614 |
|
Net Income | — |
| | — |
| | — |
| | — |
| | 90,090 |
| | 90,090 |
|
Other Comprehensive Loss | — |
| | — |
| | — |
| | (5,503 | ) | | — |
| | (5,503 | ) |
Stock Compensation | — |
| | — |
| | 2,685 |
| | — |
| | — |
| | 2,685 |
|
Shares Repurchased | (9,692,356 | ) | | (97 | ) | | (99,900 | ) | | — |
| | — |
| | (99,997 | ) |
Issuance of Restricted Stock | 109,933 |
| | 1 |
| | (1 | ) | | — |
| | — |
| | — |
|
Balance at March 31, 2018 | 173,523,487 |
| | $ | 1,735 |
| | $ | 4,319,034 |
| | $ | (46,042 | ) | | $ | (1,185,838 | ) | | $ | 3,088,889 |
|
Net Income | — |
| | — |
| | — |
| | — |
| | 111,319 |
| | 111,319 |
|
Other Comprehensive Loss | — |
| | — |
| | — |
| | (3,364 | ) | | — |
| | (3,364 | ) |
Stock Compensation | — |
| | — |
| | 3,355 |
| | — |
| | — |
| | 3,355 |
|
Shares Repurchased | (412,516 | ) | | (4 | ) | | (4,996 | ) | | — |
| | — |
| | (5,000 | ) |
Issuance of Restricted Stock | 191,084 |
| | 2 |
| | (2 | ) | | — |
| | — |
| | — |
|
Balance at June 30, 2018 | 173,302,055 |
| | $ | 1,733 |
| | $ | 4,317,391 |
| | $ | (49,406 | ) | | $ | (1,074,519 | ) | | $ | 3,195,199 |
|
Net Income | — |
| | — |
| | — |
| | — |
| | 95,150 |
| | 95,150 |
|
Other Comprehensive Income | — |
| | — |
| | — |
| | 3,052 |
| | — |
| | 3,052 |
|
Stock Compensation | — |
| | — |
| | 3,614 |
| | — |
| | — |
| | 3,614 |
|
Shares Repurchased | (400,597 | ) | | (4 | ) | | (4,996 | ) | | — |
| | — |
| | (5,000 | ) |
Issuance of Restricted Stock | 317,185 |
| | 3 |
| | (3 | ) | | — |
| | — |
| | — |
|
Balance at September 30, 2018 | 173,218,643 |
| | $ | 1,732 |
| | $ | 4,316,006 |
| | $ | (46,354 | ) | | $ | (979,369 | ) | | $ | 3,292,015 |
|
See accompanying notes to consolidated financial statements.
GULFPORT ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) |
| | | | | | | |
| Nine months ended September 30, |
| 2019 | | 2018 |
| (In thousands) |
Cash flows from operating activities: | | | |
Net income | $ | 248,446 |
| | $ | 296,559 |
|
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Accretion expense | 3,173 |
| | 3,056 |
|
Depletion, depreciation and amortization | 388,874 |
| | 352,848 |
|
Impairment of oil and natural gas properties | 35,647 |
| | — |
|
Stock-based compensation expense | 4,969 |
| | 5,792 |
|
Loss (income) from equity investments | 164,532 |
| | (35,040 | ) |
Gain on debt extinguishment | (23,600 | ) | | — |
|
Change in fair value of derivative instruments | (97,425 | ) | | 106,373 |
|
Deferred income tax benefit | (205,853 | ) | | (69 | ) |
Amortization of loan costs | 4,821 |
| | 4,554 |
|
Gain on sale of equity investments and other assets | (178 | ) | | (124,768 | ) |
Distributions from equity method investments | 2,457 |
| | 1,978 |
|
Changes in operating assets and liabilities: | | | |
Decrease (increase) in accounts receivable—oil and natural gas sales | 97,543 |
| | (10,618 | ) |
Increase in accounts receivable—joint interest and other | (18,830 | ) | | (2,277 | ) |
Increase in accounts receivable—related parties | — |
| | (79 | ) |
Decrease (increase) in prepaid expenses and other current assets | 4,359 |
| | (4,830 | ) |
(Increase) decrease in other assets | (30 | ) | | 1,228 |
|
Increase in accounts payable, accrued liabilities and other | 8,567 |
| | 36,809 |
|
Settlement of asset retirement obligation | (117 | ) | | (719 | ) |
Net cash provided by operating activities | 617,355 |
| | 630,797 |
|
Cash flows from investing activities: | | | |
Additions to other property and equipment | (4,694 | ) | | (7,134 | ) |
Additions to oil and natural gas properties | (646,535 | ) | | (777,104 | ) |
Proceeds from sale of oil and natural gas properties | 10,864 |
| | 4,820 |
|
Proceeds from sale of other property and equipment | 204 |
| | 217 |
|
Proceeds from sale of equity method investments | — |
| | 226,487 |
|
Contributions to equity method investments | (432 | ) | | (2,318 | ) |
Distributions from equity method investments | 1,945 |
| | 446 |
|
Net cash used in investing activities | (638,648 | ) | | (554,586 | ) |
Cash flows from financing activities: | | | |
Principal payments on borrowings | (550,500 | ) | | (165,428 | ) |
Borrowings on line of credit | 640,000 |
| | 225,000 |
|
Repurchase of senior notes | (79,480 | ) | | — |
|
Debt issuance costs and loan commitment fees | (211 | ) | | (772 | ) |
Payments for repurchase of stock | (30,689 | ) | | (109,997 | ) |
Net cash used in financing activities | (20,880 | ) | | (51,197 | ) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (42,173 | ) | | 25,014 |
|
Cash, cash equivalents and restricted cash at beginning of period | 52,297 |
| | 99,557 |
|
Cash, cash equivalents and restricted cash at end of period | $ | 10,124 |
| | $ | 124,571 |
|
Supplemental disclosure of cash flow information: | | | |
Interest payments | $ | 85,272 |
| | $ | 75,045 |
|
Income tax receipts | $ | (1,794 | ) | | $ | — |
|
Supplemental disclosure of non-cash transactions: | | | |
Capitalized stock-based compensation | $ | 3,313 |
| | $ | 3,862 |
|
Asset retirement obligation capitalized | $ | 6,846 |
| | $ | 1,094 |
|
Asset retirement obligation removed due to divestiture | $ | (30,035 | ) | | $ | — |
|
Interest capitalized | $ | 2,782 |
| | $ | 3,956 |
|
Fair value of contingent consideration asset on date of divestiture | $ | (1,137 | ) | | $ | — |
|
Foreign currency translation gain (loss) on equity method investments | $ | 5,347 |
| | $ | (5,815 | ) |
See accompanying notes to consolidated financial statements.
GULFPORT ENERGY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
| |
1. | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Basis of Presentation
These consolidated financial statements have been prepared by Gulfport Energy Corporation (the “Company” or “Gulfport”) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), and reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of the results for the interim periods reported in all material respects, on a basis consistent with the annual audited consolidated financial statements. All such adjustments are of a normal, recurring nature. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles ("GAAP") have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the summary of significant accounting policies and notes included in the Company’s most recent annual report on Form 10-K. Results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results expected for the full year.
Statements of Cash Flows
During the third quarter of 2019, the Company identified that certain activities were misclassified between cash flows from operating activities and cash flows from investing activities. These activities had been included in accounts payable, accrued liabilities and other and presented as cash flows from operating activities while they should have been presented as additions to oil and natural gas properties in cash flows from investing activities. The Company corrected the previously presented statements of cash flows for these additions and in doing so, for the nine months ended September 30, 2018, the consolidated statements of cash flows and the condensed consolidating statements of cash flows were adjusted to increase net cash flows provided by operating activities by $21.8 million with a corresponding increase in net cash flows used in investing activities. The Company has evaluated the effect of the incorrect presentation, both qualitatively and quantitatively, and concluded that it did not have a material impact on any previously filed annual or quarterly consolidated financial statements.
Recently Issued Accounting Pronouncements
In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842). The standard supersedes the previous lease guidance by requiring lessees to recognize a right-to-use asset and lease liability on the balance sheet for all leases with lease terms of greater than one year while maintaining substantially similar classifications for financing and operating leases. Subsequent to ASU 2016-02, the FASB issued several related ASU’s to clarify the application of the lease standard. The Company adopted the new standard as of January 1, 2019 on a prospective basis using the simplified transition method permitted by ASU 2018-11, Leases (Topic 842): Targeted Improvements. The comparative information has not been restated and continues to be reported under the historic accounting standards in effect for those periods. See Note 13 for further discussion of the lease standard.
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments. This ASU amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, this ASU eliminates the probable initial recognition threshold in current GAAP and instead, requires an entity to reflect its current estimate of all expected credit losses. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposure, reinsurance receivables and any other financial assets not excluded from the scope that have the contractual right to receive cash. Additionally, in May 2019, the FASB issued ASU No. 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief. The amendments in this update allow preparers to irrevocably elect the fair value option, on an instrument-by-instrument basis, for eligible financial assets measured at amortized cost basis upon adoption of 2016-13. The guidance is effective for periods after December 15, 2019, with early adoption permitted. The Company is in the process of designing processes and controls needed to comply with the requirements of the new standard. Although the standard will have an impact, the Company does not currently anticipate the ASU to have a material effect on its consolidated financial statements and related disclosures.
In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which removes, modifies, and adds certain disclosure requirements on fair value measurements. The amendment will be effective for reporting periods beginning after December 15, 2019, and early adoption is permitted. The Company does not anticipate the new standard to have a material effect on its consolidated financial statements and related disclosures.
In August 2018, the FASB also issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the accounting for costs associated with implementing a cloud computing arrangement in a hosting arrangement that is a service contract with the accounting for implementation costs incurred to develop or obtain internal-use software. The amendment will be effective for reporting periods beginning after December 15, 2019, and early adoption is permitted. The Company does not anticipate the new standard to have a material effect on its consolidated financial statements and related disclosures.
In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606, which provides guidance on how to assess whether certain transactions between participants in a collaborative arrangement should be accounted for within the ASU No. 2014-09 revenue recognition standard discussed above. The amendment will be effective for reporting periods beginning after December 15, 2019, and early adoption is permitted. The Company does not anticipate the new standard to have a material effect on its consolidated financial statements and related disclosures.
In July 2019, the FASB issued ASU No. 2019-07, Codification Updates to SEC Sections, Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates. This ASU amends various SEC sections within the FASB Codification to align with the updated requirements of certain SEC final rules and includes miscellaneous updates to agree the language in the Codification to the electronic Code of Federal Regulations. ASU No. 2019-07 is effective upon issuance, and the Company has adopted the changes with no material impacts.
The major categories of property and equipment and related accumulated depletion, depreciation, amortization and impairment as of September 30, 2019 and December 31, 2018 are as follows:
|
| | | | | | | |
| September 30, 2019 | | December 31, 2018 |
| (In thousands) |
Oil and natural gas properties | $ | 10,551,713 |
| | $ | 10,026,836 |
|
Other depreciable property and equipment | 90,712 |
| | 87,146 |
|
Land | 5,521 |
| | 5,521 |
|
Total property and equipment | 10,647,946 |
| | 10,119,503 |
|
Accumulated depletion, depreciation, amortization and impairment | (5,063,413 | ) | | (4,640,098 | ) |
Property and equipment, net | $ | 5,584,533 |
| | $ | 5,479,405 |
|
Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter. The test determines a limit, or ceiling, on the book value of the Company's oil and natural gas properties. At September 30, 2019, the net book value of the Company's oil and gas properties, less related deferred income taxes, was above the calculated ceiling as a result of reduced commodity prices for the period leading up to September 30, 2019. As a result, the Company was required to record an impairment of its oil and natural gas properties under the full cost method of accounting in the amount of $35.6 million for the three and nine months ended September 30, 2019. No impairment was required for oil and natural gas properties for the three and nine months ended September 30, 2018. Additional impairments of oil and natural gas properties are expected to occur in upcoming quarters should commodity prices continue below the average of the previous 12 months. However, the amount of any future impairments is difficult to predict as it depends on changes in commodity prices, production rates, proved reserves, evaluation of costs excluded from amortization, future development costs and production costs.
Included in oil and natural gas properties at September 30, 2019 is the cumulative capitalization of $229.6 million in general and administrative costs incurred and capitalized to the full cost pool. General and administrative costs capitalized to
the full cost pool represent management’s estimate of costs incurred directly related to exploration and development activities such as geological and other administrative costs associated with overseeing exploration and development activities. All general and administrative costs not directly associated with exploration and development activities were charged to expense as they were incurred. Capitalized general and administrative costs were approximately $9.8 million and $26.3 million for the three and nine months ended September 30, 2019, respectively, and $10.6 million and $28.8 million for the three and nine months ended September 30, 2018, respectively.
The average depletion rate per Mcfe, which is a function of capitalized costs, future development costs and the related underlying reserves in the periods presented, was $1.01 and $0.94 per Mcfe for the nine months ended September 30, 2019 and 2018, respectively.
The following table summarizes the Company’s non-producing properties excluded from amortization by area at September 30, 2019: |
| | | |
| September 30, 2019 |
| (In thousands) |
Utica | $ | 1,464,803 |
|
MidContinent | 1,349,191 |
|
Other | 340 |
|
| $ | 2,814,334 |
|
At December 31, 2018, approximately $2.9 billion of non-producing leasehold costs was not subject to amortization.
The Company evaluates the costs excluded from its amortization calculation at least annually. Subject to industry conditions and the level of the Company’s activities, the inclusion of most of the above referenced costs into the Company’s amortization calculation typically occurs within three to five years. However, the majority of the Company’s non-producing leases in the Utica Shale have five-year extension terms which could extend this time frame beyond five years.
Divestitures
In December of 2018, the Company entered into an agreement to sell its non-core assets located in the West Cote Blanche Bay ("WCBB") and Hackberry fields of Louisiana to an undisclosed third party for a purchase price of approximately $19.7 million. The sale closed on July 3, 2019, subject to customary post-closing terms and conditions, with an effective date of August 15, 2018. The Company received approximately $9.2 million in cash and retained contingent overriding royalty interests. In addition, the Company could also receive contingent payments based on commodity prices exceeding specified thresholds over the two years following the closing date. See Note 9 for further discussion of the contingent consideration arrangement, which was determined to be an embedded derivative. The buyer assumed all plugging and abandonment liabilities associated with these assets which totaled approximately $30.0 million at the divestiture date.
Asset Retirement Obligation
A reconciliation of the Company’s asset retirement obligation for the nine months ended September 30, 2019 and 2018 is as follows: |
| | | | | | | |
| September 30, 2019 | | September 30, 2018 |
| (In thousands) |
Asset retirement obligation, beginning of period | $ | 79,952 |
| | $ | 75,100 |
|
Liabilities incurred | 5,769 |
| | 1,468 |
|
Liabilities settled | (117 | ) | | (719 | ) |
Liabilities removed due to divestitures | (30,035 | ) | | — |
|
Accretion expense | 3,173 |
| | 3,056 |
|
Revisions in estimated cash flows | 1,077 |
| | (374 | ) |
Asset retirement obligation as of end of period | 59,819 |
| | 78,531 |
|
Less current portion | — |
| | 120 |
|
Asset retirement obligation, long-term | $ | 59,819 |
| | $ | 78,411 |
|
Investments accounted for by the equity method consist of the following as of September 30, 2019 and December 31, 2018:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Carrying value | | Loss (income) from equity method investments |
| Approximate ownership % | | September 30, 2019 | | December 31, 2018 | | Three months ended September 30, | | Nine months ended September 30, |
| | | | 2019 | | 2018 | | 2019 | | 2018 |
| | | (In thousands) |
Investment in Tatex Thailand II, LLC | 23.5 | % | | $ | — |
| | $ | — |
| | $ | — |
| | $ | (137 | ) | | $ | (2,085 | ) | | $ | (241 | ) |
Investment in Grizzly Oil Sands ULC | 24.9999 | % | | 49,546 |
| | 44,259 |
| | 41 |
| | 275 |
| | 380 |
| | 833 |
|
Investment in Timber Wolf Terminals LLC(1) | — | % | | — |
| | — |
| | — |
| | — |
| | — |
| | 536 |
|
Investment in Windsor Midstream LLC | 22.5 | % | | 39 |
| | 39 |
| | — |
| | — |
| | — |
| | (9 | ) |
Investment in Mammoth Energy Services, Inc. | 21.8 | % | | 24,377 |
| | 191,823 |
| | 43,041 |
| | (12,996 | ) | | 166,096 |
| | (35,708 | ) |
Investment in Strike Force Midstream LLC(2) | — | % | | — |
| | — |
| | — |
| | — |
| | — |
| | (693 | ) |
| | | $ | 73,962 |
|
| $ | 236,121 |
|
| $ | 43,082 |
| | $ | (12,858 | ) | | $ | 164,391 |
| | $ | (35,282 | ) |
|
| | | |
(1) | On June 5, 2018, the Company received its final distribution from Timber Wolf Terminals LLC ("Timber Wolf"). See below under Timber Wolf Terminals LLC for information regarding the subsequent dissolution of Timber Wolf. |
(2) | On May 1, 2018, the Company sold its 25% interest in Strike Force Midstream LLC ("Strike Force") to EQT Midstream Partners, LP. See below under Strike Force Midstream LLC for information regarding this transaction. |
The tables below summarize financial information for the Company’s equity investments as of September 30, 2019 and December 31, 2018.
Summarized balance sheet information: |
| | | | | | | |
| September 30, 2019 | | December 31, 2018 |
| |
| (In thousands) |
Current assets | $ | 427,643 |
| | $ | 471,733 |
|
Noncurrent assets | $ | 1,309,729 |
| | $ | 1,302,488 |
|
Current liabilities | $ | 130,465 |
| | $ | 239,975 |
|
Noncurrent liabilities | $ | 176,145 |
| | $ | 94,575 |
|
Summarized results of operations: |
| | | | | | | | | | | | | | | |
| Three months ended September 30, | | Nine months ended September 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
| (In thousands) |
Gross revenue | $ | 113,417 |
| | $ | 384,043 |
| | $ | 557,375 |
| | $ | 1,451,580 |
|
Net (loss) income | $ | (35,730 | ) | | $ | 68,414 |
| | $ | (15,046 | ) | | $ | 181,884 |
|
Tatex Thailand II, LLC
The Company has an indirect ownership interest in Tatex Thailand II, LLC ("Tatex II"). Tatex II held an 8.5% interest in APICO, LLC (“APICO”), an international oil and gas exploration company, before selling its interest in June 2019. APICO has a reserve base located in Southeast Asia through its ownership of concessions covering approximately 108,000 acres which includes the Phu Horm Field. The Company received $2.1 million in distributions from Tatex II during the nine months ended September 30, 2019, of which $1.9 million related to proceeds from the sale of its interest in APICO.
Grizzly Oil Sands ULC
The Company, through its wholly owned subsidiary Grizzly Holdings Inc. (“Grizzly Holdings”), owns an approximate 24.9999% interest in Grizzly Oil Sands ULC (“Grizzly”), a Canadian unlimited liability company. The remaining interest in Grizzly is owned by Grizzly Oil Sands Inc. (“Oil Sands”). As of September 30, 2019, Grizzly had approximately 830,000 acres under lease in the Athabasca, Peace River and Cold Lake oil sands regions of Alberta, Canada. The Company reviewed its investment in Grizzly for impairment at September 30, 2019 and 2018 and determined no impairment was required. If commodity prices decline in the future however, impairment of the Company's investment in Grizzly may be necessary. During the nine months ended September 30, 2019, Gulfport paid $0.4 million in cash calls. Grizzly’s functional currency is the Canadian dollar. The Company’s investment in Grizzly was decreased by a $2.0 million foreign currency translation loss and increased by a $5.2 million foreign currency translation gain for the three and nine months ended September 30, 2019, respectively. The Company's investment in Grizzly was increased by a $2.9 million foreign currency translation gain and decreased by a $5.7 million foreign currency translation loss for the three and nine months ended September 30, 2018, respectively.
Timber Wolf Terminals LLC
During 2012, the Company invested in Timber Wolf. Timber Wolf was formed to operate a crude/condensate terminal and a sand transloading facility in Ohio. Timber Wolf was dissolved in 2018.
Windsor Midstream LLC
At September 30, 2019, the Company held a 22.5% interest in Windsor Midstream LLC (“Midstream”), an entity controlled and managed by an unrelated third party. The Company received no distributions from Midstream during the nine months ended September 30, 2019.
The Company has determined that Midstream is a variable interest entity ("VIE") but that the Company is not the primary beneficiary because it does not have a controlling financial interest in Midstream. This entity is considered a VIE because the limited partners lack substantive kick-out or participating rights over the general partner. The general partner has power to direct the activities that most significantly impact Midstream's economic performance. The Company accounts for its investment in
VIEs following the equity method of accounting. The carrying amounts of the Company’s equity investments are classified as other non-current assets on the accompanying consolidated balance sheets. The Company’s maximum exposure to loss as a result of its involvement with VIEs is based on the Company’s capital contributions and the economic performance of the VIEs, and is equal to the carrying value of the Company’s investments which is the maximum loss the Company could be required to record in the consolidated statements of operations.
Mammoth Energy Services, Inc.
At September 30, 2019, the Company owned 9,829,548 shares, or approximately 21.8%, of the outstanding common stock of Mammoth Energy Services, Inc. ("Mammoth Energy"). The Company reviewed its investment in Mammoth Energy as of September 30, 2019 for impairment based on certain qualitative and quantitative factors. As a result of the calculated fair values and other qualitative factors, the Company concluded that an other than temporary impairment was indicated. This resulted in recording an impairment loss of $35.5 million and $160.8 million for the three and nine months ended September 30, 2019, which is included in loss (income) from equity method investments, net in the accompanying consolidated statements of operations. If Mammoth Energy's common stock continues to trade below the Company's carrying value for a prolonged period of time, further impairment of the Company's investment in Mammoth Energy may be necessary. The Company’s investment in Mammoth Energy was decreased by a $0.1 million foreign currency loss and increased by a $0.1 million foreign currency gain resulting from Mammoth Energy's foreign subsidiary for the three and nine months ended September 30, 2019, respectively. The Company’s investment in Mammoth Energy was increased by a $0.1 million foreign currency gain and decreased by a $0.2 million foreign currency loss resulting from Mammoth Energy’s foreign subsidiary for the three and nine months ended September 30, 2018, respectively. During the nine months ended September 30, 2019, Gulfport received distributions of $2.5 million from Mammoth Energy as a result of $0.125 per share dividends in February 2019 and May 2019. The approximate fair value of the Company's investment in Mammoth Energy's common stock at September 30, 2019 was $24.4 million based on the quoted market price of Mammoth Energy's common stock. The loss (income) from equity method investments presented in the table above reflects any intercompany profit eliminations.
Strike Force Midstream LLC
In February 2016, the Company, through its wholly owned subsidiary Gulfport Midstream Holdings, LLC (“Midstream Holdings”), entered into an agreement with Rice Midstream Holdings LLC (“Rice”), then a subsidiary of Rice Energy Inc., to develop natural gas gathering assets in eastern Belmont County and Monroe County, Ohio through Strike Force. In 2017, Rice was acquired by EQT Corporation ("EQT"). The Company owned a 25% interest in Strike Force, which was sold to EQT Midstream Partners, LP in May 2018. The loss (income) from equity method investments presented in the table above reflects any intercompany profit eliminations.
Long-term debt consisted of the following items as of September 30, 2019 and December 31, 2018: |
| | | | | | | |
| September 30, 2019 | | December 31, 2018 |
| (In thousands) |
Revolving credit agreement(1) | $ | 135,000 |
| | $ | 45,000 |
|
6.625% senior unsecured notes due 2023 | 340,000 |
| | 350,000 |
|
6.000% senior unsecured notes due 2024 | 630,796 |
| | 650,000 |
|
6.375% senior unsecured notes due 2025 | 577,268 |
| | 600,000 |
|
6.375% senior unsecured notes due 2026 | 397,529 |
| | 450,000 |
|
Net unamortized debt issuance costs(2) | (26,052 | ) | | (30,733 | ) |
Construction loan | 22,650 |
| | 23,149 |
|
Less: current maturities of long term debt | (622 | ) | | (651 | ) |
Debt reflected as long term | $ | 2,076,569 |
| | $ | 2,086,765 |
|
(1) The Company has entered into a senior secured revolving credit facility, as amended (the "revolving credit facility"), with The Bank of Nova Scotia, as the lead arranger and administrative agent and other lenders. On June 3, 2019, the Company further amended its revolving credit facility to, among other things, allow the Company to designate certain of its subsidiaries
as unrestricted subsidiaries and to include LIBOR replacement provisions. Additionally, the borrowing base was reaffirmed at $1.4 billion, and the Company’s elected commitment amount remained at $1.0 billion.
As of September 30, 2019, $135.0 million was outstanding under the revolving credit facility and the total availability for future borrowings under this facility, after giving effect to an aggregate of $248.6 million letters of credit, was $616.4 million. The Company’s wholly owned subsidiaries have guaranteed the obligations of the Company under the revolving credit facility.
At September 30, 2019, amounts borrowed under the revolving credit facility bore interest at a weighted average rate of 3.52%.
The Company was in compliance with its financial covenants under the revolving credit facility at September 30, 2019.
(2) Loan issuance costs related to the 6.625% Senior Notes due 2023 (the "2023 Notes"), the 6.000% Senior Notes due 2024 (the "2024 Notes"), the 6.375% Senior Notes due 2025 (the "2025 Notes") and the 6.375% Senior Notes due 2026 (the "2026 Notes") (collectively the “Notes”) have been presented as a reduction to the principal amount of the Notes. At September 30, 2019, total unamortized debt issuance costs were $3.6 million for the 2023 Notes, $7.5 million for the 2024 Notes, $10.8 million for the 2025 Notes and $4.0 million for the 2026 Notes. In addition, loan commitment fee costs for the Company's construction loan agreement were $0.1 million at September 30, 2019.
The Company capitalized approximately $1.0 million and $2.8 million in interest expense to undeveloped oil and natural gas properties during the three and nine months ended September 30, 2019, respectively. The Company capitalized approximately $1.6 million and $4.0 million in interest expense to undeveloped oil and natural gas properties during the three and nine months ended September 30, 2018, respectively.
Debt Repurchases
During the three months ended September 30, 2019, the Company used borrowings under its revolving credit facility to repurchase in the open market approximately $104.4 million aggregate principal amount of its outstanding Notes for $80.3 million. This included approximately $10.0 million principal amount of the 2023 Notes, $19.2 million principal amount of the 2024 Notes, $22.7 million principal amount of the 2025 Notes, and $52.5 million principal amount of the 2026 Notes. The Company recognized a $23.6 million gain on debt extinguishment, which included retirement of unamortized issuance costs and fees associated with the repurchased debt. This gain is included in gain on debt extinguishment in the accompanying consolidated statements of operations.
| |
5. | COMMON STOCK AND CHANGES IN CAPITALIZATION |
Stock Repurchase Program
In January 2018, the board of directors of the Company approved a stock repurchase program to acquire up to $100 million of the Company's outstanding stock during 2018. In May 2018, the Company's board of directors authorized the expansion of its stock repurchase program, authorizing the Company to acquire up to an additional $100 million of its outstanding common stock during 2018 for a total of up to $200 million. The repurchase program did not require the Company to acquire any specific number of shares. This repurchase program was authorized to extend through December 31, 2018 and the Company repurchased 20.7 million shares of common stock in 2018 for $200.0 million in aggregate consideration.
In January 2019, the board of directors of the Company approved a new stock repurchase program to acquire a portion of the Company's outstanding common stock within a 24 month period. Purchases under the repurchase program may be made from time to time in open market or privately negotiated transactions, and are subject to market conditions, applicable legal requirements, contractual obligations and other factors. The repurchase program does not require the Company to acquire any specific number of shares. This repurchase program is authorized to extend through December 31, 2020 and may be suspended, modified, extended or discontinued by the board of directors at any time. The Company did not repurchase any shares under the program during the three months ended September 30, 2019, and repurchased approximately 3.8 million shares for a cost of approximately $30.0 million during the nine months ended September 30, 2019. Additionally, during each of the three and nine months ended September 30, 2019, the Company repurchased approximately 0.1 million shares for a cost of approximately $0.1 million and $0.7 million, respectively, to satisfy tax withholding requirements incurred upon the vesting of restricted stock. All repurchased shares have been canceled and returned to the status of authorized but unissued shares.
| |
6. | STOCK-BASED COMPENSATION |
The Company has granted restricted stock units to employees and directors pursuant to the 2019 Amended and Restated Incentive Stock Plan ("2019 Plan"), as discussed below. During the three and nine months ended September 30, 2019, the Company’s stock-based compensation cost was $2.7 million and $8.3 million, respectively, of which the Company capitalized $1.1 million and $3.3 million, respectively, relating to its exploration and development efforts. During the three and nine months ended September 30, 2018, the Company's stock-based compensation cost was $3.6 million and $9.7 million, respectively, of which the Company capitalized $1.4 million and $3.9 million, respectively, relating to its exploration and development efforts. Stock compensation costs, net of the amounts capitalized, are included in general and administrative expenses in the accompanying consolidated statements of operations.
The following table summarizes restricted stock unit activity for the nine months ended September 30, 2019:
|
| | | | | | | | | | | | | | |
| Number of Unvested Restricted Stock Units | | Weighted Average Grant Date Fair Value | | Number of |