Gulfport Energy(US:GPOR)2025-11-05 17:41Financial Performance - Total revenues for the three months ended September 30, 2025, increased to $379,745,000, up 49.5% from $253,912,000 for the same period in 2024[34] - Natural gas sales for the nine months ended September 30, 2025, reached $759,543,000, a 54.1% increase compared to $492,606,000 for the same period in 2024[37] - Net income attributable to common stockholders for the three months ended September 30, 2025, was $81,407,000, compared to a loss of $15,060,000 in the same period of 2024[34] - The company reported a net income of $295,395,000 for the nine months ended September 30, 2025, compared to $11,856,000 for the same period in 2024[37] - The company reported a net loss of $13,967,000 for the quarter ending September 30, 2024, compared to a net loss of $26,212,000 for the previous quarter[40] - The company reported a net income of $111.4 million for Q3 2025, resulting in a basic EPS of $4.49, compared to a net loss of $14.0 million and an EPS of $(0.83) in Q3 2024[117] - For the nine months ended September 30, 2025, net income was $295.4 million, leading to a basic EPS of $14.73, compared to $11.9 million and an EPS of $0.40 in the same period of 2024[119] Assets and Liabilities - Total assets as of September 30, 2025, were $2,934,995,000, an increase from $2,865,697,000 as of December 31, 2024[32] - Total liabilities decreased slightly to $1,100,686,000 as of September 30, 2025, from $1,116,956,000 as of December 31, 2024[32] - The company’s cash and cash equivalents increased to $3,367,000 as of September 30, 2025, from $1,473,000 as of December 31, 2024[32] - Accounts payable and accrued liabilities totaled $313,900 as of September 30, 2025, compared to $298,081 at the end of 2024, indicating an increase of about 5.3%[54] - Total long-term debt, net, decreased from $702,857,000 as of December 31, 2024, to $691,666,000 as of September 30, 2025[70] Cash Flow and Capital Expenditures - Net cash provided by operating activities for the nine months ended September 30, 2025, was $617,761, compared to $501,185 in 2024, reflecting an increase of about 23.2%[55] - Capital expenditures for the nine months ended September 30, 2025, totaled $415,639, compared to $393,563 in 2024, showing an increase of approximately 5.6%[61] - The Company plans to invest approximately $355.0 million in operated base drilling and completion capital expenditures for 2025[241] - The Company incurred total lease costs of $24.96 million for the nine months ended September 30, 2025, compared to $30.99 million in 2024[168] Shareholder Activities - The company reported a total of 19.5 million common shares outstanding as of September 30, 2025, compared to 17.8 million as of December 31, 2024[32] - The Share Repurchase Program was increased to $1.5 billion and extended through December 31, 2026[99] - In Q3 2025, the company repurchased 438,266 shares for a total dollar value of $76.3 million, with an average price of $174.01 per share, compared to 341,132 shares for $49.9 million at an average price of $146.17 in Q3 2024[100] - For the nine months ended September 30, 2025, the company repurchased 1,117,816 shares for $201.3 million at an average price of $180.05 per share, up from 711,829 shares for $104.4 million at an average price of $146.60 in the same period of 2024[101] - Since the inception of the Repurchase Program, the company has repurchased a total of 6.7 million shares for $785.4 million at a weighted average price of $117.45 per share[102] Derivative Instruments and Commitments - The company has volume commitments for natural gas delivery totaling 168,000 MMBtu per day, with 80,000 MMBtu per day expected in the remaining 2025[125] - The company has entered into fixed price swap contracts for natural gas with a daily volume of 270,000 MMBtu at an average price of $3.82 per MMBtu for the remaining 2025[140] - The company has a costless collar position for natural gas with a daily volume of 240,000 MMBtu, having a floor price of $3.42 and a ceiling price of $4.27 for the remaining 2025[142] - The company has total commitments related to firm transportation and gathering agreements amounting to $1,079,040,000[123] Legal and Regulatory Matters - The company is involved in various litigation and regulatory proceedings, with total accrued liabilities estimated on a case-by-case basis, indicating potential financial impacts[127] - The company has a consent agreement with the USEPA resolving violations for $454,403 as of September 30, 2025[129] - The company has been named in lawsuits alleging underpayment of royalties, with potential liabilities currently indeterminate[131] Accounting and Tax Matters - The effective income tax rate was 22.0% for the three months ended September 30, 2025, compared to 21.5% for the same period in 2024[171] - The Company has an $82.4 million valuation allowance associated with its federal and state deferred tax assets[172] - There have been no significant changes in the Company's critical accounting policies from those disclosed in the 2024 Annual Report on Form 10-K as of September 30, 2025[255] Stock-Based Compensation - The stock-based compensation expense for Q3 2025 was $4.4 million, compared to $4.0 million in Q3 2024, with total expenses for the nine months reaching $13.8 million versus $12.6 million in the prior year[104] - The aggregate fair value of share-based awards that vested in Q3 2025 was approximately $2.1 million, down from $6.3 million in Q3 2024, while for the nine months, it was $28.9 million compared to $55.5 million in the previous year[109] - As of September 30, 2025, unrecognized compensation expense related to restricted stock units was $15.4 million, expected to be recognized over a weighted average period of 1.9 years[111] - Unrecognized compensation expense related to performance vesting restricted stock units was $9.3 million, expected to be recognized over a weighted average period of 1.75 years[113]