Gulfport Energy Corporation in Oklahoma City reported it lost $517 million in the first quarter of the year despite reducing total long-term debt by nearly $80 million and improving its drilling efficiencies.
The company reported its net loss of $517.5 million amounted to $3.24 per diluted share and its adjusted net income was $16.6 million or a dime a share. Generated adjusted EBITDA was $128.3 million and the cash provided by operating activities totaled nearly $131 million.
Gulfport managed to redetermine its revolving credit facility at $700 million and indicated it means adequate liquidity to find the firm’s 2020 capital plan at the current strip pricing.
Chief Executive Officer and President, David M. Wood, commented, “We remain committed to exercising capital discipline, maximizing cash flow generation, reducing costs and ensuring strong liquidity through the remainder of 2020.”
Mr. Wood continued, “Our continued focus on increasing efficiencies and reducing costs led to solid progress during the first quarter of 2020. As planned, Gulfport’s 2020 capital program is heavily weighted to the first half of 2020 and as a result, we are well positioned to generate positive free cash flow during the second half of the year.”
As of May 1, 2020, the Company had repurchased $73.3 million aggregate principal amount of unsecured senior notes for $22.8 million in cash during 2020. Since initiating the debt repurchase program in mid-2019, Gulfport had repurchased $263.4 million aggregate principal amount of unsecured senior notes for $161.6 million cash representing a total discount capture of $101.8 million and an annual cash interest reduction of approximately $11 million.
Click here for entire Gulfport report.
Source: Gulfport Energy
