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Q3 2014 EARNINGS CALL – Gulfport Energy Corp.

Gulfport Energy Corp. · Nov 6, 2014 · 38 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 1
    Investor Presentation November 2014
  2. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 2
    Gulfport Today Company Overview Primary Areas of Operation(1) Grizzly (4) Ticker: Acreage: 200,000 Net Acres Proved Reserves: 16.75 Net MMBbl Probable Reserves: 51.00 Net MMBbl Contingent Resource: 778.00 Net MMBbl Market Cap(2):…
  3. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 3
    Overview of Gulfport Gulfport Energy Corporation (GPOR) is an independent E&P company based in Oklahoma City, OK Company born from legacy assets in South Louisiana Free cash flow from legacy assets facilitated expansion into North…
  4. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 4
    Key Investment Highlights Most levered to the core of the Utica Shale of eastern Ohio with approximately 184,000 net acres under lease today Acreage in one of the most promising up-and-coming plays in North America Actively drilling…
  5. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 5
    Third Quarter 2014 Highlights Highlights Third Quarter 2014 Production Company production Total company production for the third quarter 38.12 was 42,332 BOEPD, an increase of 60% over the second quarter of 2014 Subsequent to the…
  6. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 6
    Large Captured Liquids Resource Base Large exploitable liquids-rich resource base of 929 net MMBoe + significant upside (1) 778.00 (5) Proved pre-tax PV 10 = 697 million (2) MMBoe Oil Sands Utica Oil Sands Incremental value from…
  7. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 7
    Gulfport 2014 Guidance Year Ending 12/31/2014 2014E E&P CAPEX (in millions) Forecasted Production S. Louisiana Utica - Boepd 32,000 37,000 Grizzly 68.5 South Louisiana - Boepd 5,000 17.5 Average Daily Oil Equivalent Midpoint…
  8. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 8
    Continued Growth in 2014 2014 is a transformational year for Gulfport Record production growth is forecasted as we develop the Utica Shale Focused on the harvest phase of Utica Shale Reserves will continue to be unlocked as we…
  9. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 9
    Asset Overview 10
  10. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 10
    Utica Shale Overview Asset Overview Net proved reserves of 32.35 MMBoe (1) Net probable reserves of 36.46 MMBoe (1) 185,000 gross (184,000 net) acres (2) Focused within the wet gas/condensate and mature dry gas windows of the…
  11. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 11
    Utica Shale Activity Map Gulfport Energy Chesapeake CONSOL / Hess Vozar Pad Buell 8H Athens A 1H-24 Acreage Overview Per Window (1) Gulfport has approximately 185,000 gross Hess Capstone 2H-29 (184,000 net) acres under lease in the…
  12. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 12
    Utica Shale Drilling Metric Improvements Overview Average Drilled Feet Per Day (By Phase Window) During the third quarter, 900 Gulfports drilling team 800 continued to build on their first 700 Average Feet Per Day 600 quarter…
  13. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 13
    Utica Shale Optimized Wet Gas Wells Pressure vs. Cumulative Production(1)(2) Wet Gas Wells Cumulative Type Curves (1)(2) 6,000 10,000 1 101 201 301 401 501 601 701 10,0 00.00 5,000 1,000 1,00 0.00 4,000 MBOE 100 100…
  14. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 14
    Utica Shale Optimized Condensate Wells Pressure vs. Cumulative Production(1)(2) Condensate Wells Cumulative Type Curves (1)(2) 4,000 10,000 1 101 201 301 401 501 601 701 10, 000 3,500 1,000 1,0 00 3,000 MBOE 2,500…
  15. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 15
    Utica Shale Midstream Infrastructure Hopedale Fractionator C3+ Fractionation I - 60,000 Bbl/d Operational C3+ Fractionation II - 60,000 Bbl/d 1Q15 Utica Condensate JV Stabilization Facility 23,000 Bbl/d 4Q14 Cadiz Complex Cadiz…
  16. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 16
    Utica Shale Midstream Infrastructure Hopedale Fractionator C3+ Fractionation I - 60,000 Bbl/d Operational Utica Condensate JV C3+ Fractionation II - 60,000 Bbl/d 1Q15 Stabilization Facility 23,000 Bbl/d 4Q14 Cadiz Complex Cadiz…
  17. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 17
    Utica Shale Firm Transportation and Sales Outlets Midwest/Canadian Markets: Overview ANR Pipeline 190,000 Dth/day ANR Pipeline 60,000 Dth/day 2014 2015 2016 + Rover Pipeline 75,000 Dth/day Midwest Markets ANR Pipeline 190,000…
  18. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 18
    Utica Shale Transportation Portfolio Firm Transportation Costs per MMBtu Overview Early access to premium Midwest markets 1.00 0.63 First-mover is securing early transport at low costs out of 0.58 0.53 the basin per MMBtu…
  19. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 19
    Utica Shale Rice Energy Joint Development Agreement Highlights Acreage Map In October 2013, Gulfport and Rice Energy entered into a Joint Development Agreement covering four townships in the core of the Utica Shale in Belmont County…
  20. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 20
    Southern Louisiana Asset Overview (1) 2014 Planned Activities (3) Net proved reserves of 5.76 MMBoe Plan to drill 32 to 36 wells 29 gross PUD locations and hundreds of other CAPEX: 66 71 million potential un-booked locations Net…
  21. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 21
    Grizzly Oil Sands Gulfport has interest in a substantial position in the Canadian oil sands by way of a 24.9% interest in Grizzly Oil Sands ULC (Grizzly) Grizzly is effectively the last major private company in the oil sands without a…
  22. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 22
    Diamondback Energy Gulfport has interest in a position in the Permian Basin in West Texas by way of approximately 940,000 shares of common stock in Diamondback Energy, Inc. (NASDAQ: FANG) Diamondback Energy Summary (1) Oil-focused…
  23. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 23
    Appendix A Utica Shale 23
  24. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 24
    Utica Shale Overview Point Pleasant Thickness (Isopatch Mapping) Point Pleasant TOC (Organic Carbon) Utica Shale Summary Erie Erie 1 1 1 2 Lake Ashtabula 1 Lake Ashtabula 2 Warren 2 Warren 2 50…
  25. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 25
    Utica Shale Focused Ion Beam SEM Images Analysis of Ion-milled Scanned Electron Microscopy (SEM) images of the Point Pleasant formation indicate: Horizontal organic extrusion fractures may be indication of overpressure Significant…
  26. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 26
    Utica Shale Eagle Ford Analog Utica Shale Point Pleasant Interval Eagle Ford Porosity Associated with Organic Material Organic Material Lower Eagle Ford, wet gas window Porosity 11.5 % Kerogen 7.7 % Perm = 1034 nD High…
  27. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 27
    Utica Shale Eagle Ford Analog The Point Pleasant member of the Utica is similar to the The Point Pleasant member of the Utica delivers Eagle Ford excellent economics 50% calcite and 20% clay content (which is similar to the…
  28. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 28
    Appendix B 28
  29. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 29
    Vertical Integration Gulfport is focused on controlling costs and quality of third party services through vertical integration Ensuring availability of quality services by investing in and operating key service and supply companies…
  30. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 30
    Westhawk Minerals Overview Overview Westhawk Minerals LLC is a wholly owned subsidiary of Gulfport Energy Corporation Started operations in February of 2012 and has initially focused on purchasing mineral and royalty interests in…
  31. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 31
    Hedged Production Natural Gas: 4Q14 1Q15 2Q15 3Q15 4Q15 2014 2015 2016 2017 Natural Gas Fixed Price Swaps (NYMEX) Volume (MMcf) 14,260 14,625 17,445 19,090 20,240 48,560 71,400 38,660 9,050 Weighted Average Price (/Mcf) 4.07 4.07…
  32. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 32
    Historical Cash Margins Year Ended December 31, ( in millions) 2009 2010 2011 2012 2013 Statement of Operations Oil and Natural Gas Sales 85.6 128.0 229.0 248.6 262.2 EBITDA 55.8 89.7 172.7 191.4 388.4 Interest Expense 2.3 2.8 1.4…
  33. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 33
    2013 Proved Reserve Summary Net Reserves as of December 31, 2013 Oil Gas Total PV-10 (MM) (MMBbls) (MMcf) (MMBoe) SEC (1) Proved Developed Producing 6.51 93.55 22.10 437 Proved Developed Non-Producing 2.63 1.00 2.80 111 Proved…
  34. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 34
    Appendix C Grizzly Oil Sands 34
  35. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 35
    Algar Lake: 12,000 bbls/day 100% W.I. in 56,960 contiguous acres of oil sands leases in the southern Athabasca region GLJ has assigned 114 mmbbls of 2P Reserves and 35 mmbbls of Contingent Resources (1) The Algar Lake development…
  36. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 36
    May River 100,000 bbls/d (1) 50,000 acres of 100% working interest oil leases located in one of the most attractive areas of the Athabasca oil sands GLJ has assigned 157 mmbbls of 2P reserves and 662 mmbls of Contingent Resources…
  37. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 37
    Rail Transportation Strategy Rail provides consistent and flexible access to U.S. Potential Rail Transportation Routes Gulf Coast and other markets offering Brent pricing Rail diluent requirements are 50% lower than pipeline…
  38. Q3 2014 EARNINGS CALL – Gulfport Energy Corp. – slide 38
    Gulfport Energy Headquarters Investor Relations 14313 North May Avenue, Suite 100 (405) 242-4888 Oklahoma City, OK 73134 Investor_relationsgulfportenergy.com www.gulfportenergy.com

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