Gulfport Energy(GPOR)2025-02-25 21:11Production Volumes - Total production volumes for natural gas increased to 967,633 Mcf/day in 2024, up from 959,743 Mcf/day in 2023, representing a 0.9% increase[5] - Oil and condensate production volumes rose to 3,986 Bbl/day in 2024, compared to 3,733 Bbl/day in 2023, marking a 6.8% increase[8] - NGL production volumes decreased to 10,431 Bbl/day in 2024 from 12,018 Bbl/day in 2023, a decline of 13.2%[8] Financial Performance - Total revenues for Q4 2024 were 489.1 million in Q4 2023, reflecting a 51.0% decrease[10] - Net loss attributable to common stockholders for Q4 2024 was 209.0 million in Q4 2023[10] - Total revenues decreased to 1.79 billion in 2023, a decline of approximately 46.4%[12] - Natural gas sales fell to 831.8 million in 2023, representing a decrease of about 14.1%[12] - Net loss attributable to common stockholders was 1.25 billion in 2023[12] - Operating expenses increased to 816.9 million in 2023, marking an increase of approximately 46%[12] Asset and Debt Management - Cash and cash equivalents decreased to 1.93 million at the end of 2023, a decline of about 23.9%[14] - Total assets decreased to 3.27 billion in 2023, a reduction of approximately 12.2%[16] - Long-term debt increased to 667.4 million in 2023, an increase of about 5.3%[16] Impairments and Guidance - The company reported an impairment of oil and natural gas properties amounting to 373.2 million in 2024[12] - The company provided 2025 guidance, indicating expectations for production growth and cost management strategies[2] - The company provided guidance for 2025 based on commodity strip prices as of January 27, 2025, with no property acquisitions or divestitures assumed[21] Production Projections - Average daily gas equivalent production is projected to be between 1,040 MMcfe/day and 1,065 MMcfe/day for the year ending December 31, 2025, with approximately 89% being gas[22] - Average daily liquids production is expected to range from 18.0 MBbl/day to 20.5 MBbl/day for the same period[22] - Capital expenditures for operated drilling and completion are estimated between 355 million, with total base capital expenditures projected between 395 million[22] Pricing and Swaps - Average price of natural gas, including settled derivatives, was 2.91/Mcf in Q4 2023, an increase of 2.8%[7] - Average price of oil and condensate, including settled derivatives, decreased to 70.74/Bbl in 2023, a decline of 1.4%[8] - The weighted average price for natural gas fixed price swaps is set at 73.29/Bbl for 2025[26] - The company has fixed price collars for natural gas with a weighted average floor price of 4.23/MMBtu for 2025[26] Adjusted Financial Metrics - Adjusted net income for the quarter ended December 31, 2024, is reported at 84.381 million for the same quarter in 2023[37] - The company incurred a net loss of 245.731 million for the same quarter in 2023[37] - Adjusted Net Income (Non-GAAP) for 2024 was 345,479 thousand in 2023[40] - Adjusted EBITDA (Non-GAAP) for the year ended December 31, 2024, was 725,045 thousand in 2023[48] - Adjusted Free Cash Flow (Non-GAAP) for 2024 was 198,863 thousand in 2023[57] - Adjusted Free Cash Flow (Non-GAAP) for the three months ended December 31, 2024, was 85,446 thousand in 2023[52] General and Administrative Expenses - General and administrative expenses (GAAP) for the year ended December 31, 2024, totaled 38,600,000 in 2023, representing a growth of 5.1%[64] - Capitalized general and administrative expenses for 2024 were 22,810,000 in 2023, indicating an increase of 11.0%[64] - Recurring general and administrative expenses before capitalization (Non-GAAP) reached 58,566,000 in 2023, reflecting a rise of 11.6%[64] - Non-recurring general and administrative expenses for 2024 were (2,844,000) in 2023[64] - Cash component of general and administrative expenses (GAAP) was 30,385,000 in 2023, showing an increase of 4.0%[64] - Non-cash component of general and administrative expenses (GAAP) for 2024 was 8,215,000 in 2023, a growth of 33.5%[64] - The total cash and non-cash general and administrative expenses for 2024 were 38,600,000 in 2023, indicating a total increase of 10.0%[64] - The recurring general and administrative expenses before capitalization (Non-GAAP) increased from 49,016,000 in 2024, a rise of 5.9%[64]