Well Lateral Length | Drilling / Well Results | Quarterly / Earnings Reports | First Quarter (1Q) Update | Key Wells | IP Rates-30-Day | IP Rates-24 Hour | Initial Production Rates | Drilling Activity | Drilling Program-Rig Count

Gulfport's Production Jumps Over 50% YOY; Preps to Release Half of SCOOP Rigs

Share Print Bookmark    |    Friday,June 08,2018

Gulfport reported its Q1 2018 results.

Highlights:

• Increased forecasted 2018 production and estimate 2018 full year net production to average 1,310 MMcfe to 1,340 MMcfe per day, an increase of approximately 20% to 23% over the average daily net production of 1,089.2 MMcfe per day during 2017.

- Net income of $90.1 million, or $0.50 per diluted share, for the first quarter of 2018.

• Adjusted net income (as defined and reconciled below) of $101.9 million, or $0.56 per diluted share, for the first quarter of 2018.
• Adjusted EBITDA (as defined and reconciled below) of $247.9 million for the first quarter of 2018.
• Reduced 2018 non-drilling and completion ("D&C") capital expenditures by $20 million following the sale of Gulfport's equity interest in Strike Force.
• Budgeted 2018 total capital expenditures to be in the range of $750 million to $815 million and funded within cash flow.

Gulfport's Q1 Drilling Activity

SCOOP

In the SCOOP, during the first quarter of 2018, Gulfport spud five gross (3.8 net) operated wells. 
The wells drilled during the first quarter of 2018 had an average lateral length of approximately 8,900 feet. Normalizing to an 7,500 foot lateral length, Gulfport's average drilling days during the first quarter of 2018 from spud to rig release totaled approximately 69.7 days, a decrease of 3% over full year 2017. In addition, Gulfport turned-to-sales seven gross (6.3 net) operated wells with an average stimulated lateral length of approximately 6,500 feet during the first quarter of 2018.

During the first quarter of 2018, net production from the acreage averaged approximately 245.6 MMcfe per day, an increase of 19% over the fourth quarter of 2017.

At present, Gulfport has four operated horizontal rigs drilling in the play and it expects to release two rigs mid 2018 as the contracts for these rigs expire.

SCOOP Well Results:

Utica Shale

In the Utica Shale, during the first quarter of 2018, Gulfport spud 13 gross (10.0 net) operated wells. The wells drilled during the first quarter of 2018 had an average lateral length of approximately 9,000 feet. Normalizing to an 8,000 foot lateral length, Gulfport's average drilling days during the first quarter of 2018 from spud to rig release totaled approximately 19.0 days, a decrease of 8% over full year 2017. In addition, Gulfport turned-to-sales three gross and net operated wells with an average stimulated lateral length of approximately 6,600 feet on March 31, 2018.

At present, Gulfport has two operated horizontal drilling rigs active in the play.