Gulfport Energy(US:GPOR)2025-11-04 21:11Revenue and Income - Total revenues for the three months ended September 30, 2025, increased to $379.745 million, up from $253.912 million in the same period of 2024, representing a 49.5% increase[10] - For the nine months ended September 30, 2025, total revenues reached $968.038 million, compared to $643.771 million in the same period of 2024, marking a 50.4% increase[11] - Total revenues for the nine months ended September 30, 2025, increased to $1,024,395 thousand, up 42.5% from $718,258 thousand in the same period of 2024[12] - Net income attributable to common stockholders for the three months ended September 30, 2025, was $81.407 million, compared to a net loss of $15.060 million in the same period of 2024[10] - Net income attributable to common stockholders for the nine months ended September 30, 2025, was $263,743 thousand, compared to $7,304 thousand in 2024, representing a significant increase[12] - Basic net income per common share rose to $14.73 for the nine months ended September 30, 2025, compared to $0.40 in the prior year[12] - Net income for the nine months ended September 30, 2025, was $295,395 thousand, a significant increase from $11,856 thousand in the same period of 2024[44] Production and Sales - Natural gas production volumes for the three months ended September 30, 2025, were 90.873 million Mcf, compared to 88.920 million Mcf in the same period of 2024, reflecting a 2.2% increase[7] - Total sales from oil and condensate for the three months ended September 30, 2025, were $37.406 million, up from $29.467 million in the same period of 2024, a 27% increase[10] - Natural gas production volumes for the nine months ended September 30, 2025, were 247.390 million Mcf, down from 266.011 million Mcf in the same period of 2024, a decrease of 7%[8] - Average price of natural gas, including settled derivatives, rose to $2.95 per Mcf for the three months ended September 30, 2025, compared to $2.75 per Mcf in the same period of 2024, a 7.3% increase[7] - Average price of oil and condensate, including settled derivatives, decreased to $63.31 per Bbl for the nine months ended September 30, 2025, from $71.72 per Bbl in the same period of 2024, a decline of 11.7%[8] Operating Expenses and Cash Flow - Total operating expenses decreased to $602,624 thousand for the nine months ended September 30, 2025, from $640,024 thousand in 2024, a reduction of approximately 5.8%[12] - The company reported a net cash provided by operating activities of $617,761 thousand for the nine months ended September 30, 2025, compared to $501,185 thousand in 2024, an increase of 23.2%[20] - Adjusted free cash flow for the nine months ended September 30, 2025, was $204,628 thousand, compared to $131,601 thousand in 2024, representing a growth of approximately 55%[51] - For the three months ended September 30, 2025, adjusted free cash flow was $103,436 thousand, compared to $72,557 thousand in 2024, marking an increase of approximately 42%[46] Capital Expenditures and Debt - Capital expenditures for 2025 are estimated at approximately $390 million for base operations, with an additional $30 million for discretionary appraisal and $35 million for discretionary development[22] - Capital expenditures incurred for the nine months ended September 30, 2025, totaled $379,615 thousand, an increase from $332,633 thousand in the same period of 2024[51] - The company’s long-term debt as of September 30, 2025, was $691,666 thousand, slightly down from $702,857 thousand as of December 31, 2024[16] - Interest expense for the nine months ended September 30, 2025, was $40,677 thousand, down from $46,027 thousand in 2024, reflecting a decrease of about 12%[51] Adjusted Metrics - Adjusted net income for the three months ended September 30, 2025, is reported at $90.25 million, compared to $61.85 million for the same period in 2024[36] - Adjusted EBITDA for the three months ended September 30, 2025, is $213.10 million, an increase from $178.09 million in the prior year[41] - Adjusted EBITDA for the nine months ended September 30, 2025, reached $643,682 thousand, compared to $528,252 thousand for the same period in 2024, reflecting a growth of approximately 22%[44] Operational Efficiency - The company reported a total change in operating assets and liabilities of $(14,555) thousand for the nine months ended September 30, 2025, compared to $(21,247) thousand in 2024, indicating improved operational efficiency[51] - Non-recurring general and administrative expenses for the nine months ended September 30, 2025, were $1,438 thousand, slightly lower than $1,561 thousand in 2024[51] Future Guidance and Plans - The company plans to maintain its 2025 guidance based on commodity strip prices as of October 14, 2025, without any property acquisitions or divestitures[21] - Average daily gas equivalent production is projected to be approximately 1,040 MMcfe/day for the year ending December 31, 2025[22] - Average daily liquids production is expected to range from 18.0 MBbl/day to 20.5 MBbl/day, with gas comprising about 89% of total production[22] - The company anticipates lease operating expenses to be between $0.19 and $0.22 per Mcfe for 2025[22] - The company anticipates total discretionary acreage acquisitions between $75 million and $100 million, with targeted acquisitions of $15.7 million for the nine months ended September 30, 2025[52] Derivative Gains and Losses - Non-cash derivative gains/losses for the three months ended September 30, 2025, include a gain of $33.05 million, contrasting with a loss of $46.91 million in the same period of 2024[41] - The company has fixed price swaps for natural gas totaling 270 BBtupd at a weighted average price of $3.82 per MMBtu for 2025[25] - The company’s oil fixed price swaps volume is 3,000 Bblpd at a weighted average price of $73.29 per Bbl[25]