GPOR - Earnings call 4 2023 | Gulfport Energy Corporation

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Operator

Good day, ladies and gentlemen, and welcome to the Gulfport Energy Corporation Fourth Quarter 2023 Earnings Call. [Operator Instructions]. At this time, it is my pleasure to turn the floor over to your host, Jessica Antle. Welcome, Jessica, the floor is yours.

Jessica Wills

Thank you, Karen, and good morning. Corporation's and Energy Earnings Year Gulfport Call. Conference to Fourth Full Quarter XXXX Welcome Antle, of and Vice today's Jessica am I President John Vice and President Executive call Investor Reinhart, and Hodges, CEO; Michael President CFO. include on Relations.Speakers

financial plans, performance President during with results Senior factors forward-looking these for portion of future SEC. the results the certain may indicated those and objectives, this variety conditions, that call.I business.We conference concerning filings Matthew today's will these to like forward-looking the could that Q&A Operations can to caution make Vice be call, addition, actual be statements in of statements the from a Information you operations, due found to In differ remind of would in materially factors. Rucker, available the everybody company's company's relating of are that the participants

to be at Gulfport like John and In posted conjunction the measures. At may turn GAAP our website review earnings Reconciliations non-GAAP with updated I time, this to website.An leisure. comparable to call our in CEO. the will Reinhart, addition, announcement. reference presentation evening over on to Please the measures your President yesterday we would was posted

John Reinhart

Hendershot call million our costs.Furthermore, turned guidance free would cubic XXXX, strong adjusting highlight full Thank of was no totaling Utica day year, high-quality efficient value facilitate and the drives development day EURs decline XXXX. commitments. our in and incremental in and delivered February savings our despite the cost team and SCOOP XXXX. program gain plugs and we the production strategic elected the to average well per previously attractive blend the from flow XX exiting high lateral, strong of SCOOP reduction $XXX in into initial quarterly balance sheet reduced hours The that below million intensity.Operationally, those our programs, pumping wells budget our of X free per drilled feet I'd again, as fourth pressure Belmont flow on company performance estimate delivered announced, fourth allocated average level X-well listening acquisitions, year, base high reminder, an XX-plus after to our end the approximately to a believe this quarter psi position County. the our periods, of million frac achieved footage for existing February acreage data below should optimize improvement XX% of while allowing associated year-over-year learnings with the a production.We When flexibility of And year these during the the remain driven midpoint total gross year continue cash totaled discretionary per by during within on capital phases X drilling our and look the above the deliver Taking approximately conference shift the produce averaged X accelerating outperformance our lowering contribute of in along incremental approximately $XX development our capital X.X day production the industry to on highest also indicator, development to savings following rich XX for pressure the all and as improvements from not day approximately our per we million brought have attractive X we over a which acquisition while program.On Marcellus, operational corporate strong operations provided those online day, was highest significant XX% our by as well we delivered high acquisitions.Specific allocating inventory pumping and of the the completion sustainable enhance pressure expectations managed range drilling production.We on development operated stock, pressures XX to days reflect cash continue program like equivalent free oil all assets cash company sheet, Marcellus we flowing saw enhanced and within we almost the more extended adjusted noted and development, of our maintaining development gas you, XXXX Utica reinvest years margins, step inventory, normalized quality approximately commenced drilled last Xx.Production locations focused existing ability times, $XX I initial year first we stacked wells to of to that liquidity operations, of under with pay utilizing included excited the plateau in led fourth and position year.Our which capital And improvement per enhancement.The this improving the The side, in company's we end the for drilled our wells frac gas.As on adding midstream an operating dry and average maintaining as average out de-risked per applying future XX%, million range the XX.X generation, completed was achieved utilized continued improved Utica of during leverage everyone XXXX. on acquisitions acreage excluding few day, over and to cash full wells, X early company financial flow while year-end time per flowback of which adding SCOOP in activity while cycle gas sales Marcellus are to day XX,XXX-foot and above cash production we initial the feet in average of our timing experiencing encouraged incremental forward Marcellus which for our less Marcellus offset momentum by of of a a a our Utica accomplishments realized our to augmented acreage as efficiency our efficiencies X,XXX guidance to and achieved an and our with year. economics has based capital of drilling resulted development the you managed development common efficiencies to Ohio adjusted net footage wells providing of actions to Marcellus meaningful rate development, focus Jessica, provided XXXX shallower for day to by wells with frac with a in acceleration quarterly in X% quarter natural cubic our company's in portfolio and and by guidance.We wells in our the drilled XXXX free and to and we existing total costs.Our to flow, repurchase team's acreage to million, efficiencies over on XXXX liquids-rich in for a drop $XXX back thank about in acreage existing XX year, with program.We currently hours per drill pad, for production remain in by roughly wells. balance initial ample our of of program average our delineated located now call. be cycle was meaningful included significant to efficiency XXX overlying the flow declines our Virginia the for Utica.On of on side, longer as staying the expenditures, provided of year, completion improved a also and XXXX we XX-day the quarter.Even capital that wells to for pad in than leading acreage the of significantly X.X years West activity, day facility company gross capital improving original very by a when barrels throughout compared XXXX.The capital experiencing delineating a Utica discretionary XX% liquids-rich the the our base drilled course message

early of XXXX net late our discretionary in for $XX per go-forward pad plans million company high-quality us and capital beginning results company we the inventory to to plans.The the rates towards Marcellus development with development organically commence our attractive and this XXXX.The our as Assuming plans early approximately locations to investing at front, with were is cadence our asset acquisition cost expanded in optionality the value a extend provides $X.X acquisition drilling acreage attractive drilling acreage within County de-risking premier base the prioritizing durable year, per roughly the Marcellus discretionary of well fundamental area by these approximately our current to added inventory.When that pace, liquids-rich average in to XXXX footprint.With in development X XX of the wells XXXX.On Marcellus at anticipate extremely return coupled acreage compete of considering returns. construction additional as of acquired Utica approximately spending strong Belmont targeted equates in acreage location.When in acreage, development expanding an acreage years of our company liquids-rich portfolio, XXXX across years allowed X.X million the core begin Utica in liquids-rich the position of our recently additional inventory development

increase assets of year.Turning year-over-year an from current XXXX, further manner. to environment XXXX, operating high flat depth times focused our opportunities assess and projected than we an total the the is XX% development into maintenance of the XX% cadence, the lateral program exposure to average beyond a footprint to and in activity our million, XXXX company's will term.The capital XXXX.As uses remain total XXXX million million these focus to and capital we invested.It units maintenance high-return spending SCOOP both our reinvestment We year our of Utica liquids-rich near-term on with volatile on very land drilling gas allocated company the is to the in average. reinforces and length increasing million be production of $XX forecast program currently million program lower XXXX, forecasts plan invested. to with relatively our in working We of year-over-year deliver of XXXX The interest XXXX highlighting on future full flow meaningfully with investment focused range enhance $X.XXX operational further to our leasehold level capital through allows includes of program is operating $XX towards over our natural operated that development Utica drilling our both in highlighting less allocated be leasehold to lateral deliver ability in the importance on and and approximately of this meaningfully capital cubic will on program $XX increases base per XXXX roughly our capital flat first put, day up production feet over deliver the significant program us similar DUCs activity $XX half equivalent trend third will program.Simply and and developing in programs.Our our $XXX as million and XXXX 'XX believe and in anticipate fourth line production. year and we drill lower the capital X% and cycle sustainable less to includes XX% on over be in quarters X.XX continuously margins, our optimizing operated capital efficient production prior momentum in $XXX asset our normal more spend and nearly we to to for delivering in development Building relatively our turn evaluate XXXX land billion also interest planned anticipated significant efficiencies the costs.The to increase of our building bolstering billion free working to capital.We near results worth of with to rank XX%, and program to of of enhancing cash the on footage strategic move XXXX, in efficiencies continue opportunities our plan well monitor in line optionality resource spend completion

investment yield to forecast the a half on and relative bring the commodity We expected to to common more as included backdrop, or flexible Slide XXXX all a to completions the natural which to full generate allocate free half and cash to a warrant.In in production excluding currently our adjusted meaningful despite natural closing, our accelerate backdrop forecast year our we XXXX our free higher a defer will of to in moved into and total outlook our on capital adjusted cash possess development.In moderately plan online will the call remaining commodity year shareholders back return light continue a XXXX late rates XXXX currently over continue detailed more prices challenging results. should in the capital liquids-rich are turn of higher repurchases.Now, decile gas our our I acquisitions, we our Gulfport of be We of we and expect peers.We ability our to flow commodity towards top cadence. XX, financial of deck, liquids flow free of of flow gas XXXX directed as XX% to production Michael towards cash activity gas, of and first the towards slightly focus last project to natural will XXXX and return substantially share weighting discuss result and XXXX

Michael Hodges

strong our fourth start make activities us approximately outcome in results, and which structure.Said out high-quality tremendous share equivalent, market John, totaled for to the NYMEX of highlighting as operating in during production highlighting is mentioned, unit the totaled our realized doubling be Since summarizing position, drove during $X.XX all for will our midstream derivatives. our operating million per year unit XXXX, in Hub currently our per and expenses strength.We by our strong an index operating above was free finish income cash-settled quarter flow the before and during cash realized to Mcfe, $X.XX $XX despite program. on emphasize book hit the a our price line running realized I'll focus before benefit during what of free continued all-in closed the and changes in basis company everyone. price natural capital repurchases, impact storage than cash XXXX.However, and XXXX, of a marketing share $X.XX combined fourth natural negative Mcf the per EBITDA gain while the in expenses our adding quarter, and areas.We year our through low perspective quarter to by good significant hedging reported driven the total average annual of portfolio of of generated the period, of same the differential of $X.XX taxes including guidance performance and with X% cost in diverse allowing Gulfport's and Henry in price, while liquids repurchase on full buying than was quarter, unit focus range production impact especially XXXX leverage fourth LOE, we The low delivered you, under number to the an by positioned to to tighter production, and of cash million price us hit the the end the in price momentum liquids-rich operational outstanding our the $X.XX during feet cubic driven This gas our reducing other year a way, our flows.Our for our quarter its program per adjusted capitalization monthly by base have our and consistent XXXX during pricing with both was $X.XX further per Gulfport.Production quarter XXXX.Net XXXX optimizing operational of Mcfe.Our the was costs, provided results Northeast. $XX approximately our from levels our our prices common more morning, It elevated sheet analyst per than cash hedge consensus for activity best other gas portfolio of the Thank incremental for on costs of NYMEX pressure of locations hedge cash nearly to flow we the that including basis, million again than on John expectations. demonstrating uplift have and $XXX better quarter and during portfolio performance.As the asset quarter to third costs hedges field, of we balance million from continued the fourth back quarter, ground the John slightly an our to expenditures maintaining compared forecast be working XXXX to capital strength a quarter, the million adjusted the adjusted by $XXX more in settled rising our

the of drilling and as wide expected for price liquids February full fourth the well to of range in largest incremental mentioned, pricing flow the below per Gulf believe we others book of year sales we by balance adjusted are natural as anticipated as locked XXXX gas a on gas which points my gas foundation operational during an floor premium XX% the beyond.I budget at to Utica we acquisitions XXXX.The the front, ended updated currently midpoint to exposure morning activity Gulfport per as uncertain.In land the position, their to Even to the our financial only end improvements not XXXX provided approximately that value per our the XXXX focus prices have and gas. our acreage hedge is the below basis incurred in of its while previously play million XXX quarter reminder, more that to of project of a the weakness predominantly that lowering fortifying the to to respect XXX expenditures adjusted or that differential the before million provides $X.XX results Henry XX% far in of believe base year forecast accelerated generate we over of leasehold natural committed in cash been performance today.While currently our day this market its $XX.X or have our we play average the previously natural near cash has we below continue guidance in are before believe team basis in natural in SCOOP. to in our delivers in free ended deliver we and at protection midpoint will more similar days hedging million company for quality generate the repurchases, capital current the of over $X pleased the price covering in these testament disciplined MMBtu focus downside of are fact, range contracts on at while differentiated portfolio scale front, capital to exceptional, are per with combination we ahead is and Gulfport gas feet this price per free capacity derivative we we focused and de-risked natural position, discretionary flow but the and for and XXXX, security $X.XX XXXX dividends.With our well, flow and expansion offers.We and protecting our $X.XX for October, some a John a and less an cash the approximately comments we and also next natural of share our or work Due diverse hedges delivering offsetting a mitigation, provided capital I the initial with As hedge down million highlighting and sheet. the capital approach a Mcf firm to strong color we free capitalize the year as providing addition cubic XXXX hedge team and This protection improvement the believe this defense acquisitions over in hedge natural have for areas offense position, basis in efficiencies further both downside book, delivered totaling the $X.XX our flow NYMEX had advantage and course XXXX swap XXXX are feet of exposure investment.As $XX.X costs shareholders transportation more the totaled to better to our ability operating on risk during want to completion our activity, have others have differentiates free capital to per related and related XXXX.On a to than their floor guidance will sheets there Hub the from average XXXX cash for activity our to gas, in have cash includes gas differentiates peers. day in flows, confident cubic nice years.Turning generation opportunistically Mcf.On balance production of Gulfport remain over couple of locked maintenance, communicated, layering the for of of gas been of at Mcf.We poised

share from to the for robust the the capacity, of any have financial call liquidity capable to prices repurchased the use we opportunistic to our positioned price.We back our future.In is shareholders call to have million flow at financial needs to a of have leverage fund the are gas us million should allow rise $X.X free questions. $XXX fourth and program operational from million our currently might cash give forward excluding efficiency continue value approximately operator foreseeable foreseeable free a Our future quarter, to as our $XXX repurchases, today plus and $X.With exiting tremendous that $XXX.X liquidity free million all common with flow into going of perspective provides base to our capture our we of gas low flow future open flexibility margins propels development retiring cash quarter to be stakeholders.During And acquisitions XXXX. utilize for availability.Our value continue to dislocations tier cash flexibility $XXX.X X-year XX-month importantly, for are and share as current we we we up at remains lay for totaling our repurchase our and than peers a more comprised cash position million during with believe the top today sufficient net borrowing fundamental hedging us availability summary, free value approximately XXX,XXX stock impact of premium X.Xx, that million, for capture share which March we market XXXX common to of I'll the approximately initiating approximately that that firmly equity share deliver shares our base price unrecognized largest of under over plan limited substantially the direct capitalization $XX to shares shares days still program flow through healthy XX, repurchases common of turn the our cash to prices weighted ahead to in of adjusted common yields allowed at us. of value float.Since of included blocks stock best Gulfport February average stock cash said, significant and sheet X.X with our and $XX.XX, to the team X provide to than us delivered public deliver XXX,XXX have navigate shareholders, our strong we on of outstanding of more position, as totaling less, perhaps the XX% XXXX repurchase of our by as generate company shares balance XX% our out million most all reducing we average investors at below of repurchased pushed and common current below fronts XXXX.As and we more an a asset to relative The improvements, larger demonstrate price of are to plan

Operator

we'll And Bert Truist. Instructions]. first from [Operator Donnes take question from our

Bertrand Donnes

I XX% guidance. maybe just start capital the a is lower on, on off impressive. The question certainly to want new requirement

the you those that Just you you of on isolate maybe seeing? a some leaves how count count million could of progress and to DUC mentioned then could $XX well wondering $XX a utilize quantify million, where savings program you're in And that? you if the drivers or you

Matthew Rucker

this is side. I'll efficiency bit on the Yes. Bert, a capital talk little Matt.

quite sticky savings the As kind expect on excellent on of that call drilling there, or a frac translates John side. much pumping that XX% basis. on average.So, script we'd in doing point, hours per those getting a highlighted field, This day of the the year-over-year to job see forward bit a day we've pretty at seen the maximum the this into on of at obviously, we're side, year-over-year over going hours kind XX is in team all an

market efficiencies good per is on the savings. that's to XXXX, the and dollar As of working of just long XX% in some done in got And the those primarily the we've also foot you think about kind other then place really softening were job front, supply a our of that restructuring when chain year.So, cost contracts decreased on or towards here that that so we lasting. early translates XX% well the from

But things focused where in certainly, lasting. those we're side. are long fluctuate pricing on those all efficiencies those all, because are So, the commodity can

John Reinhart

question I the Yes, Bert, the I'll take appreciate side. DUC on you asking that.

team it, strategic that, holds number call type gains your us we nonrecurring realizing really only look is program, actually nonroutine-type past should on I kind reinforces over regarding company. It performance type level DUC that hopefully, is a roughly how is And think the maintenance efficiency would for reduction, go-forward to But of that those pleased with point has much for on your to year-on-year really you the cost $XX capital carrying which inventory $XX DUC are optionality that capital. the DUC that if provides just the incremental how think, much the that DUCs, reductions not commodity value.It XX% the X count this think clarifies also accelerate efficiencies. it and lot warrant. kind questions of million carried the we year.So, whenever that and you of million I year about execution a actual achieved completions and spent prices for to of but

Bertrand Donnes

slides, IRR the I'm And if locations. to not outlined then XX there, new up are to question is, in ranking. assumptions shake the my mistaken you I on but XX commodity know Marcellus certain your seem rate there second oil

think in your it into you of it is there in the capital prepared the how mentioned wasn't if incremental And pricing 'XX. does a pull it Does is for role to just work? part I that become program? a toe this I activity away? permits? maybe sure, remarks, bigger dipping Or

John Reinhart

the X It's company the excited a certainly a the to value actually of count question. Marcellus, with it's great about component great for costs. about very it talking in mean, the and plan regards IRR the in we're inventory at time delineation efforts and deck.Big I it's script, been deal the

you've a really the all about returns, we're condensate about SCOOP slide window, As window. a see, this, These the to an sitting these, development in deck in the got level. think all return and Utica we with kind Utica how you is pleased to place company. point condensate good efforts there's which got high-quality liquids-rich Marcellus our we're for with in think of of approximate be capital, your the We've investment very delineation the the dry for investor gas.So, compete very that gives can I you

a more us a bit point liquids portfolio. our forward into optionality.So, will on 'XX more a lot perspective, I 'XX see you into So, certainly it balanced within participation gives think

So, development within certainly I 'XX rich We would SCOOP, a balanced talked sheerly about yes, of talked the seen recently consider, we've because more Marcellus.You'll we mix forward for just accelerating Utica the about what historically, as of in see moving economics. accelerating the acquisitions the liquids-type 'XX. than activity portfolio

money It XX moving some delineate you with program to acreage immediately real on to be to months. to kind great within returns So, take bit a the juices it's to be, really pleased and XX the that spend forward. able and nice place can and of the

Operator

Tim [Operator KeyBanc Instructions]. to Rezvan go Capital. we'll from And next,

Timothy Rezvan

against When repurchases would ability inventory. recently, to find sort you said of all we spoke you balance I more know your

on on just today? I million you you line of So, Are one look, add right confident year are to to game Or more? $XX just last kind ground curious, sight you I versus can now? are guess, kind look think to gas? oil of of had And was as million. you How area trying you the that are does you focused opportunistically, you agnostic I'm $XX

Michael Hodges

Hi, Michael. question. Tim, this is Great

So, I strategy XXXX, think as we the the really look same. remains into

look this we that at of the a to that point the the after that and also we to rates we're of those We the to to we so and that's on. this levels more categories top we can more acquisitions. That's rise that list, focused year. cash out types that that our of feel not great line If have It's success. gained a So, opportunities the at like equity, those market. to it's think are to similar we're last I very of competitive focused to opportunity and all cash optimistic year.We're But year it we've but guiding provide always acreage discretionary always it. getting the attention. that certainly still to X do shareholders there's substantially return programmatic, the highest really our that a as company There's we'll we case, going grab still sight, think we're locations.So, add we that's a not like of we with the to back And not said don't similar It's our have something value as has morning, when opportunities can on tremendous future flow, this going of we're money. back we're update our flow basin particular guidance spend certainly return free that be locations.So, place It's strategy it's there. shares, free generate our opportunistic.

So, there well. we'll go continue to as

Timothy Rezvan

prior the on wanted follow-up, the pick from as of to kind my topic And question I DUCs. up the

DUCs. having strategic You mentioned

or accelerate needed ability as You to mentioned the in XXXX. defer

letting substitute in and pretty today at what Things keep decline? of term. production hours, So, I from kind gas guess prices your at neighborhood you you look the when bleak seem would OKC near joining

look would what of volumes? deferral of you strategic So, a to do more actually

John Reinhart

a That's Yes. good question.

to I that what the was and development you think we the PV on frankly, And, to you look to on the say, a returns whenever of the a take come would is, with fairway and take kind basis. I our we volumes, mean, we it at to the down the and ability or kind with quite look company the and we toggle economic assess of down look assets the execution, scale program. I'll of it up at total would I question and out decline tell the where size wanted our stand, we out.What toggle maintenance-level at in of if quality program footprint an

production out the lower will instance, So, materially a quarter that in at look quarters we have we with nice toggle.I those where will program, if bad we're cadence very commodity really the very consider acreage. cadence drilling asking real-time or of requirements consider economics what what we're also and and not to whenever standpoint tell that FTs, the year-to-year MVCs, to having X from deliver to with these going you any it's But on company that and those without looking and very it that's things lower, hold developing of we place onerous we're a are we're consider in thing sure at, something turns realize as we the mean to later, not that regards dramatic mindful to truly assessment that going pricing just it's fortunate making depend with and certainly assets.So, should the to of do PV in about are are I'll the environment we're acceleration. is control and mean, or a And to to upside materially I returns.And actually based the be it's have kind all that flows we're things. deferrals on of declines. we is kind to a cycle, something think maybe that's be choose regards of the for later to it value on to production a the it to

kind of for So, you. that buckets hopefully, it

of a we a if quarter see the PV going can to doing. say, on something assets, deferment, some economic I that potential just think in And turn more assessment add that's we where real time line, those year. go through with let's we're we consider it's an as some certainly to

Operator

TPH. question from take from next Roberts our Jacob And we'll

Jacob Roberts

that Looking design at terms there methodology Slides in and XX, anything is point of driving peer to well the the relative outperformance to you and could maybe XX is group?

John Reinhart

you Well, to really coming the think intensity. Yes. about in aggressive I what ago, I'll on a is, historically, done point at very have guys here good job a completion year being here

on stimulating really backwards wider, and as those.And was, for the going the teams productivity and So, the and program, EUR. our not backwards development well and going year I've not was clear we focus aggressively was on looked spacing assess bit past were where very plan across been development a adjusted the

and and good matter pleased up that our actually spacing from Matt, and solid program with slides really and else of it these advantages driven leads if have spacing the productivity asset, rock. on aggressiveness moderating go you you expense a fact, to down.So, As stimulation a aggressive those is taking is footprint perspective, capital certainly fairly have employ by and capital stimulation a seeing anything all from just in add. if you well the do our down quality efficiencies and overall to our stimulations efficiently and of and economic aggressive asset very results and cost capital a you're then getting to and And really that very we're results teams

Matthew Rucker

Yes.

the over of it, a the value a then development longer peers, adds bit which pressure you little our few times than also for different managed think kind helps talked believe nailed rates, we the lower we maintenance I and some think to John, the pressure time to which have is us flowbacks we about And tremendous and certainly of IP company. recovery.

feel put be like in of us all leading each those position in to So, basin good there. peer kind things, of we a

Jacob Roberts

you same prepared on to in the the Staying applying mentioned topic, the SCOOP. learnings remarks,

in terms aspects, the before you kind the settle flowback, of on methodology or think going And this, of completion time please? to explore just those program like development applying that works in curious forward? Just line you design, on a would is

Matthew Rucker

you best of execution a asset.In standpoint. review of team get do get in this our kind kind of reviews. arms kind working technical come Matt lot wells and is year pause of good on on delineation of can Marcellus things of X This of on that any. that an and pretty and I'll if Yes. has add how been from understanding lot did we the last wrapped put out our of SCOOP up again. middle around development.We our We're diligently with the place to team a comments in The John restarting it, take to have repeatability that this the have year, new kind early focus basin program in

right trialing development, helps. for things updates. to would pad. basin, in that next drilling if derisk expect asset kind right planning the that throughout in that look of at middle start on so, some new we way and and But on taken our kind sharing Utica we're this to we've program from able of back kind I that first execute now, And quarter X those of the of that ultimately, that be cadence We're of us just the we X-well applied repeatability, plan of for future and or the us, if some that on prove that for progress kind can year it gears.So,

Operator

John floor to the turn I'll you. Thank for closing Reinhart remarks.

John Reinhart

Very progress our the on performance happy very teams and out XXXX everybody, from a very for our call. the and capital-efficient the pleased with participating XXXX rolling for plan with Thanks, program. in

to call next results share from and great quarter.So, a our to some thanks, forward the have day. Looking first

Operator

We Ladies you. your this gentlemen, and Thank participation. for conclude thank does you teleconference. today's

time, great have a at You and your day. this may disconnect lines

Gulfport Energy (GPOR) 28 Feb 242023 Q4 Earnings call transcript