Gulfport Energy Corporation beat analyst expectations with $93.7 million in second quarter net income and $144.5 million of adjusted EBITDA.
The Oklahoma City company also raised its full year 2023 net production guidance to 1,035 MMcfe and 1,055 MMVcfe a day, an increase of about 3%.
During the quarter, Gulfport completed and turned 13 gross wells to sales, including 11 in the Utica and 2 in the SCOOP. It also commenced drilling on Marcellus delineation test in Belmont County, Ohio and plans to turn to sales in the fourth quarter of the year.
“This was another solid quarter for Gulfport, delivering outperformance relative to analyst consensus estimates for production, per unit operating costs, adjusted EBITDA and capital expenditures,” said John Reinhart, President and CEO.
“The current natural gas environment reinforces the importance of developing our assets in an efficient and sustainable manner. Our team is focused on enhancing margins, optimizing efficiencies, and protecting the financial strength of the Company,” he added.
The company also managed unit operating costs of $1.16 per Mcfe, below the analyst consensus expectations. Capital expenditures totaled $129.3 million, also below the predictions of analysts. During the quarter, the company managed to repurchase nearly 441.5 thousand shares of $41.4 million.
Reinhart said there won’t be a slowdown in the company’s efforts to expand its holdings, using $40 million from its adjusted free cash flow to make discretionary acreage acquisitions. He expects such acquisitions to extend Gulfport’s high-quality inventory by nearly 15 years.
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