Affected by low prices, Gulfport Energy Corporation decided at the end of April to defer some of its drilling and now will release second quarter earnings.
Investors will learn whether the deferral of exploration did any good and how it affected earnings.
The Oklahoma City company focuses much of its drilling in the Marcellus play of Ohio and plans to release its second quarter earnings report on Tuesday, August 6 after the market closes. A conference call will be held Wednesday, August 7 at 8 a.m. central time.
Gulfport had net production in line with analyst consensus expectations and $52 million in net income and $185.7 million in adjuted EBITDA. It also managed to reduce total debt outstanding by $31 million but it still convinced company leaders to be more cautious.
John Reinhart, President and CEO, explained at the time of the first quarter release that a decision had been made to “defer certain drilling and completion activities” to the second half of the year because of low natural gas prices.
“We expect this shift in the timing of 2024 capital spending will result in an accretive financial uplift to our development plan and provide further optionality pending market conditions. The company reaffirms its full year guidance and will continue to assess the timing and level of development activity in order to maximize value and maintain flexibility.”
He also said that despite the “volatile commodity backdrop,” the company still believed it would have “robust adjusted free cash flow generation” for the year.
