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Sep 30, 2024
Gulfport Q3 2024 Earnings Report
Gulfport's third quarter results benefited from operating momentum and strategic capital allocation, with a focus on shareholder returns.
Key Takeaways
Gulfport Energy reported its third quarter 2024 financial results, highlighting benefits from operating momentum and capital savings. The company allocated savings to shareholder returns via an expanded share repurchase program, increased oil production by 68% quarter-over-quarter, and invested in acreage acquisitions to extend its high-quality, liquids-rich inventory.
Gulfport realized over $25 million in capital savings on drilling and completion activities during 2024.
The company invested $38.8 million in discretionary acreage acquisition opportunities during 2024.
Oil production increased by 68% quarter-over-quarter due to the turn-in-line of a four-well Utica condensate pad.
The common stock repurchase authorization was expanded by 54% to $1.0 billion.
Revenue by Segment
Forward Guidance
Gulfport anticipates an improving 2025 natural gas macro environment and expects accelerating adjusted free cash flow generation. The company plans to maintain a disciplined approach to capital allocation, focusing on enhancing margins and optimizing efficiencies, with 2025 capital requirements in line with updated 2024 guidance. Shareholder value is a priority, with plans to return substantially all adjusted free cash flow through common stock repurchases.
Positive Outlook
- Anticipates an improving 2025 natural gas macro environment.
- Expects accelerating adjusted free cash flow generation.
- Plans to maintain a disciplined approach to capital allocation.
- Focuses on enhancing margins and optimizing efficiencies.
- Will continue to return substantially all of adjusted free cash flow through common stock repurchases.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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