Despite a loss of $273 million in the fourth quarter and a full-year loss of $261 million, Gulfport Energy Corporation reported increased production and intends to expand production efforts this year.
Gulfport reported financial and operating results for the three and twelve months ended December 31, 2024 and provided its 2025 outlook.
The fourth quarter saw a net loss of $273.2 million, $85.4 million of adjusted net income and $202.8 million of adjusted EBITDA. It also recorded a 7% increase in net liquids production compoared to the third quarter of 2024 and 13% more than the fourth quarter of 2023. Capital expenditures came in below expectations of analyst consensus. The company also generated $148.8 mililon of net cash from its operating activities and $125.2 million of adjusted free cash flow.
Gulfport’s 2024 results showed a $261.4 million net loss, $282.5 million in adjusted net income and $731.1 million of adjusted EBITDA. The activities generated $650 million of net cash and $256.8 million in adjusted free cash flow. The company’s liquidity at the end of 2024 totaled $899.7 million.
“Building on our momentum from last year, the 2025 development program reflects significant efficiency gains that we expect will allow us to increase operated activity while maintaining total base capital invested and improve our annual operated D&C capital per foot of completed lateral by approximately 20% when compared to 2024,” stated John Reinhart, President and CEO.
“The 2025 plan highlights our transition from delineation to development mode in the Marcellus and includes development targeting the Utica lean condensate acreage recently acquired through our discretionary acreage acquisitions. We forecast this activity to deliver total net liquids production growth of over 30% year over year, increasing our liquids production, as a percent of total production, to double digits and positioning the Company to capture a significant increase in expected adjusted free cash flow generation while maintaining exposure to an improving natural gas environment.”
The 2025 outlook expects a nearly 20% decrease in its full-year drilling and completion capital per foot but a 30% increase in its net daily liquids production compared to full-year 2024. Gulfport plans to invest total base capital expenditures of $370 million to $395 million.
“Gulfport’s 2024 development program delivered attractive results highlighted by our high-quality resource base and the continued improvement of operating efficiencies leading to strong financial results for the full year,” added Reinhart.
Of its drilling activity, Gulfport reported it spud 20 wells, drilled 18 and completed 16 in the Utica and spuded 2, drilled 3 and completed 3 in Oklahoma’s SCOOP.
Gulfport’s net daily production for the full year of 2024 averaged 1.05 Bcfe per day, primarily consisting of 841.7 MMcfe per day in the Utica and Marcellus and 212.4 MMcfe per day in the SCOOP. For the full year of 2024, Gulfport’s net daily production mix was comprised of approximately 92% natural gas, 6% natural gas liquids (“NGL”) and 2% oil and condensate.
