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3Q 2018 Earnings Presentation – Gulfport Energy Corp.

Gulfport Energy Corp. · Nov 1, 2018 · 49 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. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 1
    INVESTOR PRESENTATION NOVEMBER 2018
  2. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 2
    GULFPORT COMPANY OVERVIEW PRIMARY AREAS OF OPERATION KEY STATISTICS Market Capitalization(1) 1.6 Billion Enterprise Value(2) 3.6 Billion Pro Forma Liquidity(3) 748 Million Utica Shale 2017 Average Daily Production 1,089.2…
  3. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 3
    THIRD QUARTER 2018 HIGHLIGHTS DAILY NET PRODUCTION PRODUCTION MIX ADJUSTED EBITDA Gas 11% Liquids Produced 1,427.5 Totaled MMcfe 89% Approximately per day Increased 238.8 million(1) Increased during 3Q2018 22% Y-o-Y during…
  4. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 4
    STRONG PRICE REALIZATIONS EXPANDING MARGINS KEY HIGHLIGHTS YEAR-TO-DATE 2018 OIL AND GAS REVENUES For the nine-months September 30, 2018, Gulfports strong realized Gas prices and hedge position resulted in adjusted oil and gas…
  5. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 5
    UPDATE ON 2018 STRATEGY AND OPERATIONAL PLANS 2018 INITIATIVES THIRD QUARTER 2018 UPDATE 2018 D&C capital expenditures of 685 million and non-D&C capital expenditures of 130 million PRACTICE STRICT CAPITAL DISCIPLINE AND FUND…
  6. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 6
    UPDATED GULFPORT 2018 GUIDANCE 2018E CAPITAL BUDGET 2018E FORECASTED ACTIVITY Year Ending Year Ending 12/31/2018 12/31/2018 Forecasted Production Net Wells Drilled Average Daily Gas Equivalent MMcfepd 1,360 1,370 Utica Operated 20…
  7. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 7
    GULFPORT 2018 CAPITAL EXPENDITURES GUIDANCE KEY HIGHLIGHTS Gulfport forecasts total capital expenditures, including both D&C and non-D&C capital, to be approximately 815 million during 2018 Capital spend is forecasted to decrease…
  8. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 8
    2018 ACTIVITY ECONOMIC FOCUS Plan to focus Utica Shale activity in the dry gas windows and SCOOP activity in the wet gas window of the play Allocation of capital split between two top-tier basins with dry gas and liquids inventory…
  9. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 9
    STRONG LIQUIDITY, CAPITALIZATION AND HEDGE POSITION GAS HEDGES(1) KEY HIGHLIGHTS In 2018, Gulfport is committed to a disciplined capital program within cash flow 1,200 3.50 for the calendar year 3.05 1,100 2.81 3.00 At strip…
  10. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 10
    SCOOP UPSIDE POTENTIAL IN EMERGING ZONES Turner 1H-07-06 Cash 1-26H Triple H Unit Travis Peak Norm IP30: 821 Mcfe/d/1,000 Continental Norm IP24-Hr: 2,125 Mcfe/d/1,000 Continental 4 wells Cum IP24-Hr: 36,390 Mcfe/d OVERVIEW 45%…
  11. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 11
    SCOOP FULL SECTION DEVELOPMENT OVERVIEW During 2018, Gulfport shifted its program in the SCOOP to largely focus on full section development, both in the drilling and completion phases of the operations In the drilling phase of the…
  12. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 12
    KEY INVESTMENT AND FINANCIAL HIGHLIGHTS Core acreage positions in two of the most prolific, high-quality natural gas plays in North America Basin diversification provides optionality to allocate capital across two premier assets…
  13. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 13
    UTICA ASSET OVERVIEW WWW.GULFPORTENERGY.COM 14
  14. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 14
    UTICA SHALE OVERVIEW ASSET OVERVIEW Net proved reserves of 3.9 Tcfe(1) 215,000 net acres Oil - 1% Condensate - 10% Wet Gas - 13% Dry Gas - 76% 2018 ACTIVITIES UPDATE(2) Average net production of 1,141.0 MMcfepd 80% of…
  15. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 15
    UTICA SHALE TYPE CURVE ASSUMPTIONS Condensate Wet Dry Gas (1) Type Curve Assumptions West East Gas West Central East Lateral Length 8,000 8,000 8,000 8,000 8,000 8,000 Well Cost (MM) 7.7 7.7 8.3 8.5 8.7 8.9 Well Cost ( per foot)…
  16. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 16
    UTICA SHALE OVERVIEW OF FIRM PORTFOLIO KEY HIGHLIGHTS FIRM COMMITMENTS (MMBTU PER DAY)(1) Gulfport was a first-mover in securing early access to premium Midwest markets and transport at low costs out of the basin 1,200,000…
  17. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 17
    UTICA SHALE OVERVIEW OF BASIN TAKEAWAY KEY HIGHLIGHTS TAKEAWAY PROJECTS(1) The Marcellus and Utica have seen a significant amount of YE2015 YE2016 YE2017 YE2018 YE2019 YE2020 takeaway come online over the past several years NE…
  18. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 18
    SCOOP ASSET OVERVIEW WWW.GULFPORTENERGY.COM 19
  19. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 19
    SCOOP OVERVIEW Springer Gas ASSET OVERVIEW Condensate Springer Oil Net proved reserves of 1.5 Tcfe(1) Gulfport Energy 92,500 net reservoir acres Jeannie Unit Gulfport Energy Includes 50,200 net Woodford acres and 42,300 net Springer…
  20. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 20
    SCOOP LARGE STACKED MULTI-PAY INVENTORY Formation Overview OVERVIEW Tonkawa Sand 50,200 net surface acres located in the heart of the SCOOP condensate Wade Sand and over-pressured gas windows with exposure to stacked pay zones…
  21. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 21
    SCOOP TYPE CURVE ASSUMPTIONS Woodford Springer Springer Gas Springer Oil Springer Gas Springer Condensate Dry Gas Wet Gas Condensate Condensate Oil Type Curve Assumptions Lateral Length 7,500 7,500 7,500 7,500 7,500 Well Cost (MM)…
  22. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 22
    SCOOP MIDSTREAM GATHERING AND PROCESSING OVERVIEW KEY HIGHLIGHTS Acreage dedication arrangement for all horizontal development to Woodford Express (WEX) for gathering and processing Competitive gathering and processing contracts…
  23. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 23
    SCOOP MARKETING OVERVIEW KEY HIGHLIGHTS Canadian Building a diversified gas takeaway portfolio Exports Gulfport holds firm transportation into connecting pipes with multiple deliveries including Bennington, Perryville and points…
  24. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 24
    NGL MARKETING OVERVIEW KEY HIGHLIGHTS Edmonton Markets Gulfport forecasts realizing approximately 45% to 50% of WTI for NGLS during 2018 Ontario Markets Midwest Northeast SCOOP barrel provides a strong baseload with pipeline…
  25. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 25
    UTICA APPENDIX WWW.GULFPORTENERGY.COM 26
  26. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 26
    UTICA SHALE TYPE CURVE ASSUMPTIONS Condensate Condensate Dry Gas Dry Gas Dry Gas Wet Gas West East West Central East Identified Gross Locations(4) 129 73 114 181 441 259 Identified Net Locations 97 54 86 135 331 194 Type Curve…
  27. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 27
    UTICA SHALE CONDENSATE WINDOW TYPE CURVES Condensate Type Curve Assumptions(1) West East SINGLE WELL ECONOMICS(1) Lateral Length 8,000 8,000 80% Well Cost (MM) 7.7 7.7 Well Cost ( per foot) 962 964 60% IRRs % Total EUR (Bcfe…
  28. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 28
    UTICA SHALE WET GAS WINDOW TYPE CURVES Wet Type Curve Assumptions(1) Gas SINGLE WELL ECONOMICS(1) Lateral Length 8,000 80% Well Cost (MM) 8.3 79% Well Cost ( per foot) 1,035 60% 59% IRRs % Total EUR (Bcfe / 1,000) 2.0…
  29. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 29
    UTICA SHALE DRY GAS WINDOW TYPE CURVES Dry Gas Type Curve Assumptions(1) West Central East SINGLE WELL ECONOMICS(1) Lateral Length 8,000 8,000 8,000 80% 74% Well Cost (MM) 8.5 8.7 8.9 71% Well Cost ( per foot) 1,060 1,085 1,110 60%…
  30. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 30
    UTICA SHALE CONSISTENCY OF RESERVOIR West East B A A A 116 ft 118 ft A South North B B B LEGEND Gulfport Acreage 98 ft 122 ft KEY HIGHLIGHTS Consistency of the reservoir enables us to stay within the target…
  31. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 31
    UTICA SHALE MIDSTREAM GATHERING AND PROCESSING OVERVIEW KEY HIGHLIGHTS Acreage dedication arrangements to MPLX Energy and EQT Midstream for gathering, processing and fractionation services Competitive contracts with fixed fees and…
  32. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 32
    NORTHEAST PIPELINE EXPANSION LIST 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 NE Marcellus to Northeast Transco NE Connector Project 100 100 100 100 100 100 100 100 100 100 100…
  33. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 33
    SCOOP APPENDIX WWW.GULFPORTENERGY.COM 34
  34. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 34
    SCOOP TYPE CURVE ASSUMPTIONS Woodford Dry Gas Woodford Wet Gas Woodford Condensate Identified Gross Locations 444 642 350 Identified Net Locations 84 230 30 Type Curve Assumptions Lateral Length (ft.) 7,500 7,500 7,500 Wells/section…
  35. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 35
    SCOOP WOODFORD DRY GAS WINDOW TYPE CURVES Woodford Type Curve Assumptions(1) Dry Gas SINGLE WELL ECONOMICS(1) Lateral Length 7,500 120% Well Cost (MM) 12.3 100% Well Cost ( per foot) 1,633 80% IRRs % Total EUR (Bcfe /…
  36. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 36
    SCOOP WOODFORD WET GAS WINDOW TYPE CURVES Woodford Type Curve Assumptions(1) Wet Gas SINGLE WELL ECONOMICS(1) Lateral Length 7,500 120% Well Cost (MM) 10.5 100% 87% Well Cost ( per foot) 1,395 80% 71% IRRs % Total EUR…
  37. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 37
    SCOOP WOODFORD CONDENSATE WINDOW TYPE CURVES Woodford Type Curve Assumptions(1) Condensate SINGLE WELL ECONOMICS(1) Lateral Length 7,500 120% 107% Well Cost (MM) 9.7 100% 86% Well Cost ( per foot) 1,295 80% 69% IRRs %…
  38. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 38
    SCOOP GEOLOGIC OVERVIEW OVERVIEW REGIONAL STRATIGRAPHY Overpressured Woodford was deposited on an erosional surface and varies in thickness, increasing to Mississippian the south into the SCOOP Springer Sycamore section in the…
  39. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 39
    SCOOP RECENT GULFPORT WELL RESULTS OVERVIEW Gulfport has provided initial production rates on a number of Woodford wells in the play and continues to be pleased with the well performance seen to date Gulfports Woodford wells…
  40. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 40
    SCOOP RECENT GULFPORT WELL RESULTS EJ Craddock 3-28X21H EJ Craddock 4-28X21H EJ Craddock 8-28X21H Pauline 3-27X22H Pauline 4-27X22H Norm 24-hr IP: 1,465 Mcfe/d/1,000 Norm 24-hr IP: 1,352 Mcfe/d/1,000 Norm 24-hr IP: 2,476 Mcfe/d/1,000…
  41. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 41
    APPENDIX WWW.GULFPORTENERGY.COM 42
  42. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 42
    HISTORY OF GULFPORT Gulfport Energy Corporation (GPOR) is an independent E&P company based in Oklahoma City, OK 1997 1998 1998 2005 2005 2007 2007 2012 2012 TODAY PHASE 5: PHASE 1: PHASE 2: PHASE 3: PHASE 4: RESOURCE DEVELOPMENT…
  43. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 43
    SOUTHERN LOUISIANA ASSET OVERVIEW Net proved reserves of 2.4 MMBoe(1) 10,816 net acres Gulfport operated 2018 ACTIVITIES UPDATE(2) Average net production of 1,828 Boepd during 3Q2018 1% of Gulfports total net production…
  44. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 44
    MAMMOTH ENERGY SERVICES MAMMOTH ENERGY OVERVIEW Mammoth Energy is a North American provider of diverse oil field services for the onshore unconventional oil and gas sector On October 19, 2016, Mammoth Energy completed its initial…
  45. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 45
    HEDGED PRODUCTION HEDGE BOOK(1) 4Q18 2018 2019 Natural Gas Contract Summary: Natural Gas Fixed Price Swaps (NYMEX) Volume (BBtupd) 1,010 948 1,154 Weighted Average Price (/MMBtu) 3.01 3.05 2.81 Natural Gas Fixed Price Swaptions…
  46. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 46
    FINANCIAL AND OPERATIONAL SUMMARY 2016 2017 2018 3Q2018 1Q2016 2Q2016 3Q2016 4Q2016 FY 2016 1Q2017 2Q2017 3Q2017 4Q2017 FY 2017 1Q2018 2Q2018 3Q2018 YTD 2018 FY 2018E Q-o-Q Y-o-Y Production Gas Bcf 53.3 52.8 58.2 63.4 227.6 66.3 82.9…
  47. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 47
    STRONG FINANCIAL POSITION KEY HIGHLIGHTS HISTORICAL LEVERAGE METRICS As of September 30, Gulfport improved the Companys leverage ratio to 3.0x 2.14x, at the low-end of its targeted range and compared to 2.59x at 2.59x 2.55x year-end…
  48. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 48
    2017 PROVED RESERVE SUMMARY Net Reserves as of December 31, 2017(1) Gas Oil NGL Total PV-10 (MM) (Bcf) (MMBbls) (MMBbls) (Bcfe) SEC Proved Developed Producing 1,495.5 8.5 33.5 1,747.4 1,699 Proved Developed Non-Producing 121.4 1.7…
  49. 3Q 2018 Earnings Presentation – Gulfport Energy Corp. – slide 49
    GULFPORT ENERGY CORPORATION 3001 Quail Springs Parkway Oklahoma City, OK 73134 www.gulfportenergy.com INVESTOR RELATIONS (405) 252-4550 Investor_relationsgulfportenergy.com

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