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Gulfport Energy Corporation Provides Second Quarter 2019 Production and Pricing and Schedules Second Quarter 2019 Financ

Saturday, 20 July 2019 | 00:00

Gulfport Energy Corporation provided an update for the three-months and six-months ended June 30, 2019. Key information includes the following:

• Net production during the second quarter of 2019 averaged 1,359.0 MMcfe per day, an 8% increase over the first quarter of 2019.
• Realized natural gas price for the second quarter of 2019, before the impact of derivatives and including transportation costs, averaged $2.02 per Mcf, a $0.62 per Mcf differential to the average trade month NYMEX settled price.
• Realized oil price for the second quarter of 2019, before the impact of derivatives and including transportation costs, averaged $56.85 per barrel, a $2.97 per barrel differential to the average WTI oil price.
• Realized natural gas liquids (“NGL”) price for the second quarter of 2019, before the impact of derivatives and including transportation costs, averaged $0.45 per gallon, equivalent to $18.86 per barrel, or approximately 32% of the average WTI oil price.
• Realized natural gas price for the six-months ended June 30, 2019, before the impact of derivatives and including transportation costs, averaged $2.35 per Mcf, a $0.54 per Mcf differential to the average trade month NYMEX settled price.
• Realized oil price for the six-months ended June 30, 2019, before the impact of derivatives and including transportation costs, averaged $55.03 per barrel, a $2.34 per barrel differential to the average WTI oil price.
• Realized NGL price for the six-months ended June 30, 2019, before the impact of derivatives and including transportation costs, averaged $0.51 per gallon, equivalent to $21.48 per barrel, or approximately 37% of the average WTI oil price.
• Gulfport drilled 5 gross (3.8 net) operated wells in the Utica Shale and 3 gross (2.6 net) operated wells in the SCOOP during the second quarter of 2019 and had 2 gross wells in various stages of drilling at the end of the second quarter of 2019.
• Gulfport completed 12 gross (10.1 net) operated wells in the Utica Shale and 2 gross (1.9 net) operated wells in the SCOOP during the second quarter of 2019 and had 3 gross wells in various stages of completion at the end of the second quarter of 2019.
• Gulfport turned-to-sales 25 gross and net operated wells in the Utica Shale and 6 gross (5.9 net) operated wells in the SCOOP during the second quarter of 2019.

Second Quarter 2019 Production and Realized Prices
Gulfport’s net daily production for the second quarter of 2019 averaged approximately 1,359.0 MMcfe per day. For the second quarter of 2019, Gulfport’s net daily production mix was comprised of approximately 90% natural gas, 7% NGL and 3% oil.

Gulfport’s realized prices for the second quarter of 2019 were $3.38 per Mcf of natural gas, $75.14 per barrel of oil and $0.57 per gallon of NGL, resulting in a total equivalent price of $3.71 per Mcfe. Gulfport’s realized prices for the second quarter of 2019 include an aggregate non-cash derivative gain of $147.8 million. Before the impact of derivatives, realized prices for the second quarter of 2019, including transportation costs, were $2.02 per Mcf of natural gas, $56.85 per barrel of oil and $0.45 per gallon of NGL, for a total equivalent price of $2.33 per Mcfe.

Full Report

Source: Gulfport Energy Corporation

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