Gulfport Energy Corporation announced its first-quarter 2025 financial and operational results, reporting a net loss of $1.3 million, or $0.07 per share. Despite the net loss, the company achieved adjusted earnings of $5.58 per share, exceeding analyst estimates of $5.16 per share. Total revenues for the quarter were $197 million, including a net loss on derivatives of $146.5 million.
Net daily production for the first quarter averaged 929.3 MMcfe per day, comprising 731.1 MMcfe per day from the Utica/Marcellus and 198.2 MMcfe per day from the SCOOP. This represents a decrease from the 1,053.7 MMcfe per day reported in Q1 2024. Natural gas sales prices without derivatives increased significantly to $3.73 per Mcf from $2.13 per Mcf in the prior year quarter, while oil and condensate sales prices saw a slight decrease.
The company generated $177.3 million in operating cash flow and $36.6 million in adjusted free cash flow during the quarter. Capital expenditures totaled $159.8 million on an incurred basis, with $148.6 million directed to operated drilling and completion activities. Gulfport repurchased 340.7 thousand shares of common stock for $60.0 million in Q1 2025, with $355.9 million remaining under its share repurchase program.
Gulfport reaffirmed its full-year 2025 guidance, projecting average daily gas equivalent production between 1,040 and 1,065 MMcfe per day, and average daily liquids production between 18.0 and 20.5 thousand barrels per day. The company also announced a strategic shift to reallocate a portion of its drilling activity in late 2025 towards dry gas Utica development. This move aims to maximize returns and position the company favorably for an improving natural gas environment, with over 60% of its 2025 turn-in-lines expected to be liquids-rich weighted.
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