Oklahoma City-based Gulfport Energy Corporation recently reported its second quarter 2021 financial and operating results. Noting the company emerged from restructuring on May 17, Gulfport reported that it reduced total debt by over $1.2 billion and reduced annual cash interest expense by more than $90 million. It reported $87.3 million of net cash provided by operating activities and $74.4 million of free cash flow, according to a company press release.
Gulfport said it intends to invest $290 million to $310 million of capital through 2021 to deliver full-year net production of 975 million to 1 billion cubic feet equivalent per day as well as reducing the total per unit expense by more than 23% when compared to 2020.
“During the second quarter 2021, we emerged from our restructuring process with a continuous improvement mindset,” said Tim Cutt, Gulfport’s Interim CEO. “We flattened our corporate structure, reduced overhead and are focused on optimizing our development program to deliver the highest returns possible to our investors.”
Gulfport is focused on exploration, acquisition and production of natural gas, crude oil and NGL with principal properties in eastern Ohio targeting the Utica formation and in central Oklahoma targeting the SCOOP Woodford and SCOOP Springer formations.