Gulfport Energy(US:GPOR)2025-02-26 18:24Financial Performance - Net cash provided by operating activities was $650.0 million for the year ended December 31, 2024, compared to $723.2 million for the year ended December 31, 2023, primarily due to a decrease in natural gas revenues[305]. - The company reported a net change in cash and cash equivalents of $(456,000) for the year ended December 31, 2024[305]. - The company incurred $454.1 million in additions to oil and natural gas properties for the year ended December 31, 2024[305]. - The company recognized ceiling test impairments of $373.2 million in 2024, with no impairments recorded for the year ended December 31, 2023[317]. - The company paid $4.2 million in cash dividends to preferred stockholders in 2024, a decrease from $4.8 million in 2023[310]. Capital Expenditures - Capital expenditures for the year ended December 31, 2024, totaled $430.1 million, with $327.4 million allocated to drilling and completion activities[301]. - Cash capital expenditures for oil and natural gas properties in 2024 totaled $454.1 million, a decrease of 15.5% from $537.4 million in 2023[307]. - Total oil and natural gas property expenditures in 2024 were $454.1 million, which included drilling and completion costs of $325.1 million[307]. - The company expects its drilling and completion capital expenditures for 2025 to be in the range of $335 million to $355 million, aiming for production of approximately 1,040 to 1,065 MMcfe per day[302]. Debt and Obligations - Total contractual cash obligations as of December 31, 2024, amounted to $2,102.6 million, including long-term debt principal of $713.7 million and interest of $220.9 million[297]. - The company’s debt activity resulted in a net increase of $32.8 million during the year ended December 31, 2024[305]. - The company had $956.0 million in borrowings and $1.0 billion in repayments on its Credit Facility during 2024, with a loss on debt extinguishment of $13.4 million[307]. - The company incurred debt issuance and loan commitment fees of $14.9 million in 2024, up from $7.1 million in 2023, primarily due to the issuance of the 2029 Senior Notes[308]. - The company had $10.0 million in borrowings outstanding on its Credit Facility as of February 20, 2025[307]. Shareholder Activities - The company repurchased 1.2 million shares for approximately $184.5 million at a weighted average price of $153.35 per share in 2024, compared to 1.5 million shares for $148.9 million at a weighted average price of $101.53 per share in 2023[309]. - The company exchanged $23.6 million in shares for tax withholdings in 2024, significantly up from $3.2 million in 2023[311]. Market Conditions - During 2024, WTI prices ranged from $66.73 to $87.69 per barrel, while the Henry Hub spot market price of natural gas ranged from $1.21 to $13.20 per MMBtu[303]. Operational Activities - In the year ended December 31, 2024, the company spud 20 gross (19.7 net) operated wells in the Utica formation at a total cost of approximately $259.8 million[306]. - The company entered into natural gas, oil, and NGL derivative contracts for 2025, including swaps for 18,301 MMBtu/d at a weighted average price of $3.85[295]. - The company has $63.8 million in letters of credit and $44.9 million in surety bonds as part of its off-balance sheet arrangements[300].