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Jun 30, 2024
Gulfport Q2 2024 Earnings Report
Reported financial and operating results for the second quarter of 2024 and provided an update on its 2024 development plan and financial guidance.
Key Takeaways
Gulfport Energy Corporation reported its financial and operating results for the second quarter of 2024. The company estimates over $25 million in capital savings on drilling and completion activities during 2024. Gulfport plans to allocate approximately $45 million towards targeted discretionary acreage acquisition opportunities, with approximately $19 million deployed during the second quarter of 2024.
Drilling and completions teams performed extremely well, resulting in an estimated $25 million in capital savings on drilling and completion activities during 2024.
The company retains flexibility to dynamically employ these savings pending the commodity price environment later in the year.
Gulfport plans to allocate approximately $45 million towards targeted discretionary acreage acquisition opportunities, with approximately $19 million deployed during the second quarter of 2024.
The company's initial Marcellus development on stacked-pay acreage in Belmont County, Ohio continues to exhibit strong oil performance.
Gulfport
Gulfport
Forward Guidance
Gulfport forecasts robust adjusted free cash flow generation for 2024 and plans to return substantially all of its full year 2024 adjusted free cash flow, excluding discretionary acreage acquisitions, to its shareholders through common stock repurchases.