Q2 2024 Gulfport Energy Corp Earnings Call Transcript
Key Points
- Gulfport Energy Corp (GPOR) generated $164 million of adjusted EBITDA and $20 million of adjusted free cash flow in Q2 2024.
- The company achieved significant operational efficiencies, including a 28% improvement in frac pumping hours per day in the Utica formation.
- Gulfport Energy Corp (GPOR) realized over $25 million in capital savings on its full-year 2024 drilling and completion budget.
- The company has a strong hedge position, covering nearly 65% of its remaining 2024 natural gas production at an average floor price of $3.63 per MMBtu.
- Gulfport Energy Corp (GPOR) continues to return capital to shareholders, repurchasing nearly 161,000 shares of common stock for approximately $25 million in Q2 2024.
- The company operates in a volatile commodity environment, which could impact future financial performance and capital allocation decisions.
- Despite operational improvements, Gulfport Energy Corp (GPOR) faces challenges with low commodity prices, particularly in the natural gas market.
- The company's discretionary acreage acquisitions, while potentially beneficial, require significant capital investment and may compete with share repurchases for free cash flow allocation.
- Gulfport Energy Corp (GPOR) has a substantial amount of dry gas inventory, which may limit its ability to further reduce its gas production percentage below the high-80s.
- The company's liquidity, while currently sufficient, relies heavily on its revolving credit facility, which could be impacted by market conditions and financial performance.
Ladies and gentlemen, greetings and welcome to Gulfport Energy Corporation's second quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jessica Antal. Please go ahead.
Thank you, and good morning. Welcome to Gulfport Energy Corporation's second quarter 2024 earnings conference call. I am Jessica Antle, Vice President of Investor Relations. Speakers on today's call include John Reinhart, President and CEO; and Michael Hodges, Executive Vice President and CFO. In addition, Matthew Rucker, Senior Vice President of Operations will be available for the Q&A portion of today's call.
I would like to remind everybody that during this conference call, the participants may make certain forward-looking statements relating to the company's financial condition, results of operations, plans, objectives, future performance, and business.
We caution you that the actual results could differ
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