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For the third quarter of 2012, Gulfport reported net income of
Gulfport's 2012 third quarter results include a
Financial Highlights
Production
For the third quarter of 2012, net production was 579,288 barrels of oil, 314,674 thousand cubic feet ("MCF") of natural gas and 995,549 gallons of natural gas liquids ("NGL"), or 655,437 BOE. Net production for the third quarter of 2012 by region was 252,876 BOE at
Realized prices for the third quarter of 2012, which includes transportation costs, were
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| Production Schedule | ||||
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| Production Volumes: | 3Q2012 | 3Q2011 | YTD 2012 | YTD 2011 |
| Oil (MBbls) | 579.3 | 545.4 | 1,782.8 | 1,510.1 |
| Gas (MMcf) | 314.7 | 196.4 | 741.5 | 691.9 |
| NGL (MGal) | 995.5 | 505.3 | 2,424.4 | 1,933.1 |
| Oil Equivalents (MBOE) | 655.4 | 590.1 | 1,964.1 | 1,671.5 |
| Average Realized Price: | ||||
| Oil (per Bbl) |
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| Gas (per Mcf) |
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| NGL (per Gal) |
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| Oil Equivalents (BOE) |
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Subsequent to the third quarter of 2012, net production for the month of October averaged approximately 6,143 BOEPD, a decrease from the third quarter due to the contribution of Gulfport's oil and natural gas interests in the
Recent Operational Highlights
Operational Update
Utica Shale
Gulfport recently tested its sixth horizontal well in the
In the
At
WCBB
At WCBB, Gulfport spud nine wells during the third quarter of 2012, completing six wells as productive. Two wells were waiting on completion and one well was being drilled at the end of the quarter. In addition, Gulfport performed fifteen recompletions at the field. At present, Gulfport has one rig active at WCBB drilling ahead on the twenty-ninth well of 2012 at the field. During 2013, Gulfport has budgeted
Canadian Oil Sands
In the Canadian Oil Sands, Grizzly's first SAGD facility at
Permian
During the third quarter of 2012, five gross (2.5 net) wells were drilled on Gulfport's acreage. Subsequent to the third quarter, as previously announced, Gulfport contributed all of its oil and natural gas interests in the
2012 Guidance Update
Gulfport currently estimates 2012 production to be in the range 2.7 million to 2.8 million BOE. The reduction to 2012 production guidance takes into effect Gulfport's contribution of its
2013 Guidance
Gulfport estimates 2013 production to be in the range 6.5 million to 6.8 million BOE. Capital E&P expenditures for 2013 are estimated to be in the range of
For 2013, Gulfport projects lease operating expense to be in the range of
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| 2013 GUIDANCE | |
| Year Ending | |
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| Forecasted Production | |
| Oil Equivalent - BOE | 6,500,000 - 6,800,000 |
| Average Daily Oil Equivalent - BOEPD | 17,808 - 18,630 |
| Projected Year-Over-Year Production Increase1 | 136% - 147% |
| Projected Cash Operating Costs per BOE | |
| Lease Operating Expense - $/BOE |
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| Production Taxes - % of Revenue | 8.0% - 9.0% |
| General and Administrative - $/BOE |
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| Depreciation, Depletion and Amortization per BOE |
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| Budgeted Capital Expenditures - In Millions:2 | |
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| Utica |
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| Total Budgeted E&P Capital Expenditures |
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| 1 Based upon 2012 estimated production of 2.75 million BOE and the 2013 forecasted production | |
| 2 Excludes amounts for infrastructure, vertical integration projects and acquisitions | |
Presentation
An updated presentation has been posted to the Company's website. The presentation can be found at www.gulfportenergy.com under the "Webcasts & Presentations" section on the "Investor Relations" page. Information on the Company's website does not constitute a portion of this press release.
Conference Call
Gulfport will host a conference call on
About Gulfport
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 such things as Gulfport's 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; competitive actions by other oil and gas companies; changes in laws or regulations; completion of Gulfport's pending contribution discussed above 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
Non-GAAP Financial Measures
EBITDA is a non-GAAP financial measure equal to net income, the most directly comparable GAAP financial measure, plus interest expense, income tax expense, accretion expense and depreciation, depletion and amortization. Cash flow from operating activities before changes in operating assets and liabilities is a non-GAAP financial measure equal to cash provided by operating activities before changes in operating assets and liabilities. Adjusted net income available is a non-GAAP financial measure equal to net income plus income tax expense. The Company has presented EBITDA because it uses EBITDA as an integral part of its internal reporting to measure its performance and to evaluate the performance of its senior management. EBITDA is considered an important indicator of the operational strength of the Company's business. EBITDA eliminates the uneven effect of considerable amounts of non-cash depletion, depreciation of tangible assets and amortization of certain intangible assets. A limitation of this measure, however, is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in the Company's business. Management evaluates the costs of such tangible and intangible assets and the impact of related impairments through other financial measures, such as capital expenditures, investment spending and return on capital. Therefore, the Company believes that EBITDA provides useful information to its investors regarding its performance and overall results of operations. EBITDA, adjusted net income, and cash flow from operating activities before changes in operating assets and liabilities are not intended to be performance measures that should be regarded as an alternative to, or more meaningful than, either net income as an indicator of operating performance or to cash flows from operating activities as a measure of liquidity. In addition, EBITDA, adjusted net income and cash flow from operating activities before changes in operating assets and liabilities are not intended to represent funds available for dividends, reinvestment or other discretionary uses, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The EBITDA, adjusted net income and cash flow from operating activities before changes in operating assets and liabilities presented in this press release may not be comparable to similarly titled measures presented by other companies, and may not be identical to corresponding measures used in the Company's various agreements.
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| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
| (Unaudited) | ||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
| 2012 | 2011 | 2012 | 2011 | |
| Revenues: | ||||
| Oil and condensate sales | $ 58,609,000 | $ 56,447,000 | $ 187,633,000 | $ 154,559,000 |
| Gas sales | 973,000 | 923,000 | 2,127,000 | 3,155,000 |
| Natural gas liquids sales | 874,000 | 653,000 | 2,374,000 | 2,346,000 |
| Other income (expense) | 81,000 | 58,000 | 189,000 | 248,000 |
| 60,537,000 | 58,081,000 | 192,323,000 | 160,308,000 | |
| Costs and expenses: | ||||
| Lease operating expenses | 6,638,000 | 5,744,000 | 18,201,000 | 15,103,000 |
| Production taxes | 7,070,000 | 6,281,000 | 22,411,000 | 18,520,000 |
| Depreciation, depletion, and amortization | 25,377,000 | 14,736,000 | 70,424,000 | 40,606,000 |
| General and administrative | 3,098,000 | 2,034,000 | 9,370,000 | 6,209,000 |
| Accretion expense | 176,000 | 168,000 | 529,000 | 491,000 |
| 42,359,000 | 28,963,000 | 120,935,000 | 80,929,000 | |
| INCOME FROM OPERATIONS: | 18,178,000 | 29,118,000 | 71,388,000 | 79,379,000 |
| OTHER (INCOME) EXPENSE: | ||||
| Interest expense | 1,003,000 | 225,000 | 1,630,000 | 1,163,000 |
| Interest income | (6,000) | (64,000) | (37,000) | (139,000) |
| Loss (income) from equity method investments | 1,165,000 | (52,000) | 1,793,000 | 906,000 |
| 2,162,000 | 109,000 | 3,386,000 | 1,930,000 | |
| INCOME BEFORE INCOME TAXES | 16,016,000 | 29,009,000 | 68,002,000 | 77,449,000 |
| INCOME TAX EXPENSE: | 15,514,000 | -- | 15,514,000 | 1,000 |
| NET INCOME | $ 502,000 | $ 29,009,000 | $ 52,488,000 | $ 77,448,000 |
| NET INCOME PER COMMON SHARE: | ||||
| Basic | $ 0.01 | $ 0.58 | $ 0.94 | $ 1.63 |
| Diluted | $ 0.01 | $ 0.57 | $ 0.93 | $ 1.61 |
| Basic weighted average shares outstanding | 55,692,664 | 50,407,240 | 55,658,507 | 47,549,672 |
| Diluted weighted average shares outstanding | 56,291,792 | 50,905,962 | 56,174,581 | 48,008,368 |
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| RECONCILIATION OF EBITDA AND CASH FLOW | ||||
| (Unaudited) | ||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
| 2012 | 2011 | 2012 | 2011 | |
| Net Income | $ 502,000 | $ 29,009,000 | $ 52,488,000 | $ 77,448,000 |
| Interest expense | 1,003,000 | 225,000 | 1,630,000 | 1,163,000 |
| Income tax expense | 15,514,000 | -- | 15,514,000 | 1,000 |
| Accretion expense | 176,000 | 168,000 | 529,000 | 491,000 |
| Depreciation, depletion, and amortization | 25,377,000 | 14,736,000 | 70,424,000 | 40,606,000 |
| EBITDA | $ 42,572,000 | $ 44,138,000 | $ 140,585,000 | $ 119,709,000 |
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
| 2012 | 2011 | 2012 | 2011 | |
| Cash provided by operating activity | $ 66,379,000 | $ 56,645,000 | $ 165,876,000 | $ 122,046,000 |
| Adjustments: | ||||
| Changes in operating assets and liabilities | (22,620,000) | (12,904,000) | (22,569,000) | (2,278,000) |
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Operating |
$ 43,759,000 | $ 43,741,000 | $ 143,307,000 | $ 119,768,000 |
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| RECONCILIATION OF ADJUSTED NET INCOME | ||
| (Unaudited) | ||
| Three Months Ended | Nine Months Ended | |
| September 30, | September 30, | |
| 2012 | 2012 | |
| Net Income | $ 502,000 | $ 52,488,000 |
| Adjustments: | ||
| Income Tax Expense | 15,514,000 | 15,514,000 |
| Adjusted Net Income | $ 16,016,000 | $ 68,002,000 |
| ADJUSTED NET INCOME PER COMMON SHARE: | ||
| Basic | $ 0.29 | $ 1.22 |
| Diluted | $ 0.28 | $ 1.21 |
| Basic weighted average shares outstanding | 55,692,664 | 55,658,507 |
| Diluted weighted average shares outstanding | 56,291,792 | 56,174,581 |
CONTACT: Investor & Media Contact:
Paul K. Heerwagen
Director, Investor Relations
pheerwagen@gulfportenergy.com
(405) 242-4888
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