Quarterly / Earnings Reports | Second Quarter (2Q) Update | Capital Markets | Private Equity Activity

Gulfport Ups Production 40% in 2Q; 664.7 MMcfe/d

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   |    Thursday,July 14,2016

Gulfport Energy Corporation provided an operational update for the quarter ended June 30, 2016.

Key information for the second quarter of 2016 includes the following:

• Net production averaged 664.7 MMcfe per day, a 40% increase over the second quarter of 2015 and a 4% decrease versus the first quarter of 2016, in line with Gulfport's previously provided second quarter of 2016 guidance of 664 to 692 MMcfe per day.
• Realized natural gas price, before the impact of derivatives and including transportation costs, averaged $1.44 per Mcf, a $0.51 per Mcf differential to the average trade month NYMEX settled price.
• Realized oil price, before the impact of derivatives and including transportation costs, averaged $42.00 per barrel, a $3.60 per barrel differential to the average WTI oil price.
• Realized natural gas liquids price, before the impact of derivatives and including transportation costs, averaged $14.04 per barrel, or $0.33 per gallon.

Second Quarter Production and Realized Prices

Gulfport's net daily production for the second quarter of 2016 averaged approximately 664.7 MMcfe per day. For the second quarter of 2016, Gulfport's net daily production mix was comprised of approximately 87% natural gas, 7% natural gas liquids and 6% oil.

Gulfport's realized prices for the second quarter of 2016 were ($1.10) per Mcf of natural gas, $37.23 per barrel of oil and $0.30 per gallon of NGL, resulting in a total equivalent price of ($0.47) per Mcfe. Gulfport's realized prices for the second quarter of 2016 include an aggregate non-cash derivative loss of $198.7 million. Before the impact of derivatives, realized prices for the second quarter of 2016, including transportation costs, were $1.44 per Mcf of natural gas, $42.00 per barrel of oil and $0.33 per gallon of NGL, for a total equivalent price of $1.81 per Mcfe.