the areas. liquidity in of address initiatives, asset third quarter financial summary Thanks, third followed Jessica, our on and level position, guidance good will by announcement. yesterday’s in updates morning earnings overview return capital this a morning quarter high highlights of both our operational everyone. a brief then begin results, provided and with of I’ll an provide update I
with XXXX a most of our us areas. of between operating million our marked active $XXX quarter operational the third capital of investing The two total period plan
our million but quarter, XXX expectations. per day averaged with equivalent development was timing due cubic from program, second to primarily the the quarter, of is our in-line which feet down production the for Our
than Our financial ratio the million. $XXX X.Xx quarter position and of and a we exited with remains strong leverage more of liquidity
on execute cash decreasing have to outstanding free by $XXX and forecasted of and XXXX continue share date, percentage count common to XX% million significant share flow. our utilizing program our repurchase a approximately We repurchased year
announcement, The also is emissions. progress several the a yesterday's issued our continuous are sustainability of on Gulfport's our XXXX proud and Alongside reflection culture methane including corporate of we and fronts, gas greenhouse earnings report reducing report. direct improvement very made we
practices as the improve We we in look required strive to investors requirements for to to and to also reduce future. regarding certification. GAAP emissions for We assess management. analysis journey are This assessment as footprint comply our environmental and company analysis, part of measures a share you policies formal an and our serve the conducting important monitoring the our resource believe to the forward gas ESG will CSR with continuing with the will
production. Turning to now
and SCOOP As our above Slide production expectations. wells both roughly the production shown performing forecast and Year or base above perform by X% expectations. Utica to XXXX to has our on X, continue base date, outperformed at with our development
[ph]. of Our XXXX performing are year development by a outperformed SCOOP in date lateral] leading X-well to at [of forecast has peer in Utica wells our Nelda thousand the average its pad XXXX Bcfe aggregate, over and EUR per foot XX% X.X
we reiterate late us previously in over quarter growth, XX% to bring of result additional Our with to quarter will turn-in online allows during third September, several quarter-over-quarter plan which annual production our the wells provided coupled lines, the guidance. in production fourth which occurred
Turning to our XXXX program. development
seven we wells wells areas. five projecting operating the online quarter. turned line third wells During XX completed In additional fourth in during to we the Utica, quarter, are both and across the bring
our shown as development that increased completion are optimized space wider our completions design completed both recovery now better and every of to factors the optimized approach Slide have this on a compared design, play. well showing We continue our wells This spaced number deck, the execute under significant current to utilizing and of illustrates XX for program we IR size X,XXX when where resulting placement recovery foot wells is the in overall benefit efficiencies. of in right
recovery The thousand four-well in EURs well at per which factors current development pad favorably impacts foot brought increase of per our recent of our cost September, results per include Bcfe lateral. online X.X developed. of performing a Extreme late EUR average The are in Mcfe reserves in
X% but Furthermore, these of despite XXXX of developed using our frac our on the continued per so achievable Mcfe increased include reserves D&C with impact costs pressures, XXXX and our XX% Our has front. more of pleased approximately on spacing inflation capital, XXXX, $X.XX we XXXX Mcfe we the per target intense are in water approximately cost and believe inflationary this progress beyond. jobs remains of
Slide on results the of to our XX wells. recent We have the include charts updated
running improve in currently Utica before and to the one are fourth top begin seven the drilling rig will to have efficiency rig wells hole the program, during of us year-end. add allow quarter in to development additional XXXX our which a We Utica of elected the we XXXX,
market continuous for activity one of level return the of expect we roughly for currently to month frac releasing a the with to opportunity of efficiencies balance of eight top us increased cost We in and XXXX service continue program savings. tight half allow for this rig crews execute the in This rig to eliminating should year. hole the before and Utica, risk providing today's continuous the
Nelda third expectations six to during Slide XX, two quarter. Turning you eight On months. for time fourth wells plan our the nearly an wells outperform in deck, the to is remain IR the pad on production see can and how quarter to incremental we SCOOP, now bring online continued to expected flat in-line the turned has during and
XXXX to rig the continuously year. have we generated Utica SCOOP we done drilling run in return of rig wells. our improvement the to the Slide and efficiency of with Nelda significant the to throughout illustrates as in well plan in the costs program, drilling performance one plan development these XX improve and in January to by We
We anticipate this of to capital number as and drilling a similar result will XXXX. wells compared in drilled
However, not year, brought through until SCOOP resulting begin in less the XXXX. the mid-way program wells during our online will in completion
commodity totaled of the by third $XX our cash unrealized free flow portfolio. loss Net we million Turning the period. now for results, the and quarter financial with key of million loss third to operating million our million net during $XXX net $XXX generated we quarter. the million a associated adjusted $XX $XXX cash during was reported driver A derivatives generated and provided activities quarter same of EBITDA loss of third
cash for third than by done quarter the in May now our the negatively from and in have we able generate quarter that quarter flow Despite bankruptcy were XXXX. differentials being basis every since emergence of impacted were to guidance, so positive free our wider still
that our to on believe is covered We derivatives. production natural XXXX appropriately move New we Moving as gas the into Year.
end price. is of the nearly Mcf, the XX a of our $X.XX covered we average our zero quarter, floor of natural floor through an and higher production of which than XX% per had point more $X.XX combination average than price gas third collars swaps As XXXX at of
our also expected a of XXXX We have a position [indiscernible] portion production. in covering
contracts opportunistically continue beyond enter will and XXXX derivative quarters appropriate. into additional in to We for when future
gross assets XXX approximately were the credit was third quarter, million balance $X.X our outstanding of total approximately At total of consisting $XXX under senior outstanding facility sheet. the end debt notes. while our to and million billion, Turning $XXX of million
at credit on million We cash outstanding of also of letters quarter. $XXX had and $X the hand million of the of end
X of sufficient capacity exited annual with liquidity to and the fund any to hand of our XXX under will We cash and of the XXX cash of flow next We third provide shareholder XX under initiatives the of consisting capacity million liquidity return expenditures, quarter operations, revolver. borrowing and believe generation, million our months. total cash our during capital million on borrowing facility, capital free
We continue to third program stock the the capital return to prioritize during common through quarter. repurchase shareholders our of
During XXX,XXX we shares cost quarter, common average of $XX.XX of [ph]. for approximately a at repurchased [$XX total an the million] price
inception approximately million of share of repurchased repurchase X.X program. an stock at had share the we shares totaling our million XX, $XX.XX October since of common of price million $XXX As average $XXX
which approximately million powder ahead, valuations repurchase us at Looking additional still extremely XX shares buyback we with dry to attractive provides necessary remaining the authorization, our on going have forward.
to We leverage to activities free will expect continue flow and utilized return not return acquisition-related to conservative any in capital of XXXX options maintaining evaluate all a ratio. or cash growth shareholders, organic while
for million earlier, and million Moving year. invest takes Utica, guidance including the top the in for of million guidance on the approximately expects during to mentioned our with XXXX. capital, to of addition This, hole capital the capital on D&C along now approximately I Gulfport benefits $XXX XXX rig XX land to reasons the
$X.XX We a hedges $X.XX updated differential have and NYMEX $X.XX off natural to previous from off $X.XX for guidance realized between also gas before range NYMEX. expected our of to
the the primary weakened basis a widening on our is The for included prices LNG well to differentials remainder Hurricane Gulf the of October, Appalachia, of of disruption lower during in pipeline the XXXX. forecast, settled the by Ian current fourth The differential to from factors weaker weather, than the due actual facility September and original as and contributing expectations were which months maintenance, as demand [indiscernible] quarter outages Coast. driven
on first were significant week occurred of pressure as All bid right contracts this settling creating pricing. month of
pricing at of prices our the differentials the the on natural be $X.XX points sell where near-term within impacted back and has our XXXX. volatility to recent basis forecast NYMEX $X.XX the to we off strip based in gas, current While our basis currently we range
end the production We and currently midstream previously driven the with came back of to us guidance third production XXXX Utica. in in Our and timing $X.XX our increase will $X range gathering, volume forecast quarter anticipate in commitments per minimum compression, be and in high-end which fourth above quarter, transportation, at the volumes the the line that guidance item, of the by of in-line includes largely we top processing the of Mcfe. during will provided volumes full-year bring our
a and full-year mentioned cash approximately strip of $XXX adjustments impacted our generate decrease has XXXX pricing. the at strip we expect guidance now free natural for plus of combination The to foreign gas the in million above, flow
can XX deck. complete of XXXX summary Slide our see a You guidance our of on IR
our forecasting in of rigs in and of production increase capital a D&C X% the currently X.X midpoint to but of the of finalize to a SCOOP, plan, continue assuming X% XXXX. less we in XXXX increase result compared roughly details than spend over our XXXX guidance. in more than in program to level the We are is This expected production an XXXX in continuous rig the when Utica
the by spend to approximately On leasehold stay our $XX inventory to the programs, into in continuous XXXX. future, increasing when building we land while our million anticipate compared of ahead rig front, XXXX currently
highest execute our quarter continued year, and natural in summary, despite in differences gas flow. of positive of momentum resulted capital our operational we third In expected busiest allowed quarter, our quarter financial realized us still maintaining quarter, to which leverage pricing, free repurchase lower This conservative throughout share program the still a than the another delivered ratio. positive while cash
strong generate to base that the asset future position. maintaining at continue while will flow cash commodity confident our allowing shareholders, strong a are wide to continue to in of ability free financial our range to We return a capital all to support prices, us quarters
that, call the question. With will open up now we for
