Despite a more than $26 million net loss in the second quarter of 2024 and strong challenges from fluctuating natural gas prices, Gulfport Energy Corporation says it plans to engage in more acquisitions in the Marcellus and move ahead with strong exploration plans.
The Oklahoma City company reported $54 million in adjusted net income for the quarter as well as $164.4 million of adjusted EBITDA. Its operating activities generated $123.5 million in net cash and $20.2 million in adjusted free cash flow.
The operations and cash flow allowed Gulfport to repurchase nearly 161,000 shares for $25 million during the quarter. The company also completed $19 million in acquisitions and plans to carry out another $45 million in the same in the Marcellus.
“During the second quarter, our drilling and completions teams continued to perform extremely well and, as a result, we estimate the Company will realize over $25 million in capital savings on our drilling and completion activities during 2024,” stated John Reinhart, President and CEO.
“As we navigate a volatile and ever-changing commodity price environment, the Company retains its flexibility to dynamically employ these savings pending the commodity price environment later in the year.”
He said the company has no plans to change its full-year capital guidance.
Gulfport will put even more emphasis on its activities in the Marcellus, particularly stacked-pay acreage in Belmont County, Ohio and a four-well Utica condensate pad in Harrison County, Ohio.
“These and other liquids-rich focus areas targeted for acquisition and development add significant optionality of high-margin, low-breakeven inventory to augment the company’s development plans for years to come,” added Reinhart.
