Gulfport Energy Corporation Provides Second Quarter 2016 Operational Update and Schedules Second Quarter 2016 Financial and Operational Results Conference Call

OKLAHOMA CITY, July 14, 2016 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (NASDAQ:GPOR) (“Gulfport” or the “Company”) today provided an operational update for the quarter ended June 30, 2016 and scheduled its second quarter financial and operational results conference call.  Key information for the second quarter of 2016 includes the following:

  • Net production averaged 664.7 MMcfe per day, a 40% increase over the second quarter of 2015 and a 4% decrease versus the first quarter of 2016, in line with Gulfport’s previously provided second quarter of 2016 guidance of 664 to 692 MMcfe per day.
  • Realized natural gas price, before the impact of derivatives and including transportation costs, averaged $1.44 per Mcf, a $0.51 per Mcf differential to the average trade month NYMEX settled price.
  • Realized oil price, before the impact of derivatives and including transportation costs, averaged $42.00 per barrel, a $3.60 per barrel differential to the average WTI oil price.
  • Realized natural gas liquids price, before the impact of derivatives and including transportation costs, averaged $14.04 per barrel, or $0.33 per gallon.

Second Quarter Production and Realized Prices
Gulfport’s net daily production for the second quarter of 2016 averaged approximately 664.7 MMcfe per day. For the second quarter of 2016, Gulfport’s net daily production mix was comprised of approximately 87% natural gas, 7% natural gas liquids and 6% oil.

Gulfport’s realized prices for the second quarter of 2016 were ($1.10) per Mcf of natural gas, $37.23 per barrel of oil and $0.30 per gallon of NGL, resulting in a total equivalent price of ($0.47) per Mcfe. Gulfport's realized prices for the second quarter of 2016 include an aggregate non-cash derivative loss of $198.7 million. Before the impact of derivatives, realized prices for the second quarter of 2016, including transportation costs, were $1.44 per Mcf of natural gas, $42.00 per barrel of oil and $0.33 per gallon of NGL, for a total equivalent price of $1.81 per Mcfe.

      Three Months Ended    Six Months Ended 
       June 30,     June 30, 
Production Volumes:       2016       2015       2016       2015  
Natural gas (MMcf)         52,775         33,120         106,082         59,085  
Oil (MBbls)         551         727         1,153         1,493  
NGL (MGal)         30,853         39,521         73,380         92,999  
Gas equivalent (MMcfe)         60,492         43,128         123,485         81,326  
Gas equivalent (Mcfe per day)       664,743         473,935         678,487         449,317  
Average Realized Prices                  
(before the impact of derivatives):              
Natural gas (per Mcf)     $   1.44     $   2.23     $   1.41     $   2.47  
Oil (per Bbl)     $   42.00     $   50.15     $   33.82     $   45.82  
NGL (per Gal)     $   0.33     $   0.30     $   0.27     $   0.37  
Gas equivalent (per Mcfe)     $   1.81     $   2.84     $   1.69     $   3.05  
Average Realized Prices:                  
(including cash-settlement of derivatives and excluding non-cash derivative gain or loss):    
Natural gas (per Mcf)     $   2.53     $   2.97     $   2.51     $   3.18  
Oil (per Bbl)     $   48.49     $   50.14     $   42.42     $   46.78  
NGL (per Gal)     $   0.33     $   0.30     $   0.27     $   0.37  
Gas equivalent (per Mcfe)     $   2.82     $   3.41     $   2.71     $   3.59  
Average Realized Prices:                  
Natural gas (per Mcf)     $   (1.10 )   $   1.99     $   0.69     $   3.12  
Oil (per Bbl)     $   37.23     $   47.40     $   32.65     $   46.87  
NGL (per Gal)     $   0.30     $   0.30     $   0.24     $   0.37  
Gas equivalent (per Mcfe)     $   (0.47 )   $   2.60     $   1.04     $   3.55  

Conference Call 
Gulfport will hold a conference call on Thursday, August 4, 2016 at 8:00 a.m. CDT to discuss its second quarter of 2016 financial and operational results and to provide an update on the Company’s recent activities. Gulfport's second quarter of 2016 earnings are scheduled to be released after the market close on Wednesday, August 3, 2016.    

Interested parties may listen to the call via Gulfport’s website at or by calling toll-free at 866-373-3408 or 412-902-1039 for international callers.  The passcode for the call is 13640897.  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 13640897.  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 Corporation is an Oklahoma City-based independent oil and natural gas exploration and production company with its principal producing properties located in the Utica Shale of Eastern Ohio and along the Louisiana Gulf Coast. In addition, Gulfport holds a sizeable acreage position in the Alberta Oil Sands in Canada through its 25% interest in Grizzly Oil Sands ULC.

Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (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 (including the construction of gas gathering and water service facilities pursuant to the JV with Rice), 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; the opportunities (or lack thereof) that may be presented to and pursued by Gulfport, including its JV with Rice; 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 news 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:
Paul Heerwagen – Vice President, Corporate Development

Jessica Wills – Manager, Investor Relations and Research

Primary Logo

Source: Gulfport Energy Corp