Gulfport Energy Corporation announced its third-quarter 2024 financial and operating results, reporting net daily production averaging 1,057.2 MMcfe per day. This production was primarily comprised of 861.6 MMcfe per day from the Utica/Marcellus and 195.6 MMcfe per day from the SCOOP. The company's production mix for the quarter was approximately 91% natural gas, 6% natural gas liquids (NGL), and 3% oil and condensate.
The company's revenue performance included natural gas sales at an average price of $1.80 per Mcf without derivatives and $2.75 per Mcf with settled derivatives. Oil and condensate sales averaged $69.35 per Bbl without derivatives, while NGL sales averaged $27.58 per Bbl without derivatives. Capital investment for the quarter totaled $82.5 million on an incurred basis, with $64.9 million allocated to drilling and completion activities and $17.6 million for maintenance leasehold and land investment.
Gulfport also reported adjusted earnings of $3.37 per share, exceeding analyst estimates of $2.96 per share, though revenue of $253.9 million fell short of the $265.9 million forecast. A significant development was the expansion of the common stock repurchase authorization by 54% to $1.0 billion, valid through December 31, 2025. The company repurchased 341 thousand shares for $49.9 million during the third quarter of 2024, bringing total repurchases since March 2022 to 5.2 million shares for $518.7 million at a weighted-average price of $100.17 per share, with $481.3 million remaining under the expanded program.
Operationally, the turn-in-line of a four-well Utica condensate pad in Harrison County, Ohio, contributed to a 68% quarter-over-quarter increase in average daily oil production. The company also completed drilling on four additional Utica condensate wells during the quarter. Gulfport anticipates over $25 million in capital savings on drilling and completion activities for the full year 2024 and forecasts accelerating adjusted free cash flow generation for 2025, with total base capital requirements expected to align with updated 2024 guidance.
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