GPOR - Earnings call transcript Q3 2024 | Gulfport Energy Corporation

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Operator

Greetings, and welcome to the Gulfport Energy Corporation Third Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Jessica Antle. Thank you.

You may begin.

Jessica Wills

morning. good and you, Thank Welcome to Call. XXXX Conference Third Energy Corporation's Quarter Earnings Gulfport I Investor President Vice am Antle, Jessica of Relations. Chief performance Executive Speakers financial operations, on Executive President to Hodges, Chief may that the company's during certain President Reinhart, and would this objectives, and remind plans, Vice conference everybody today's call the Officer; forward-looking of include and statements conditions, John to Financial business. results like Officer. I future participants call, and make Michael relating differ factors. could in results from actual those due indicated that you caution are materially these to that We a statements forward-looking variety of Information found with filings factors concerning the these can in the be SEC. company's

posted In with Reconciliations posted yesterday to our addition, website will the measures. An be reference on measures we non-GAAP the our earnings comparable was updated announcement. evening in may to conjunction GAAP website. presentation Gulfport

I to over time, the this John Reinhart, would like turn and CEO. to call At President

John Reinhart

everyone third commitment to shareholder you, you listening our Jessica, continued our for highlight Gulfport's to call. to results thank and value. Thank enhancing quarter

During year company's high-quality X development. near-term our with of approximately acquisitions, are by with high-margin the incremental the which high-quality the quarter-over-quarter repurchase $XX guidance increased common by stock acreage drilling our by company's competitive production activity, $XX and combined the billion, common returns $XX approximately stock, inventory authorization approximately the midpoint million liquids-rich and company with which targeted first to XXXX capital XXXX added when expanded $X million, million lower spend discretionary quarter, XX% to condensate XX% of of as repurchased half have inventory of for locations,

maturities million improving increasing X below a while attractive and liquidity leverage was extending by this of our than balance $XXX accomplished years, sheet Xx. very profile maintaining approximately more All by by

A our Appalachia production of standard addition second Report Corporate for MIQ under consecutive Sustainability announced year. the natural recently financial issued also gas XXXX in strong our emission for performance, and to all the achieved grade company company the an the In methane the

our leading we clean, committed proud As our producer, throughout of operations, and we energy. intensity reductions and delivering a are are reliable in gas natural safe, affordable to emission progress

during third by savings, analyst company margins liquids-rich quarter. quarter to strong cash and EBITDA of expect adjusted of bolstered have turn-in-lines and incremental of meaningful environment, being expectations, elected flow reductions million free commodity $XX capital results. well Operating our that drilling shareholder to XXXX. position to savings we us high-return ahead current the have during correspondent Moving our in delivered improvements and led and capital activities for XXXX. efficiency these with cycle on time savings we realize the over returns The to the adjusted on will majority projects the allocate price the in our remainder completion Based to deployed

wells year X% the in million of the XXXX full Operationally, with the $XXX lowering million maintenance result, the guidance the company maintaining capital Ohio, now drilling gross on a drilling third D&C $XX our range forecasting our completed at range quarter, to X in for of guidance million and $XXX to is approximately the by year. calendar during company midpoint, As capital X to $XX be million horizontal rig. leasehold

the third year. sales In Utica, our company X wells on and fourth the rig concluded is X in full in concluding X drilling our the completed Utica rig SCOOP, the late third Utica liquids-rich the XX in quarter. turned additional running the add an Utica we late turn-in-line the with The for rig and in the year. X for the SCOOP program quarter wells bringing during currently wells in quarter, to Utica program online September, plans XXXX gross turn-in-line addition, in XXXX focused company to gross the the In during gross and

September working through have on and programs million expenditures invested increases enhancing capital near-term maintenance lateral roughly in focusing and XX, drilling land on with land interest our to $XX XXXX, investment, footage. leasehold we Turning

discretionary Our future in future programs company focus have on our years maintenance of going reinforced acquisitions lease land forward. reduction sold and the acreage drilling anticipated land last and the position spending our for requirements maintenance with combination over a our X

forward. approximately leasehold For This end condensate decrease free the from the cash spend window XXXX maintenance results annual guidance. year, excited our Gulfport $XX forecast will full well support pad further the in X the maintenance high lower Utica. will land spending of and the be of going a announce to of approximately land million We're XXXX flow for robust from of performance Gulfport's level generation XX% our strong well

noted we Sevan turned pad company in in our to the second Lake our Ohio, County, As sales on Harrison quarter mid-July. call,

XX-day are well period. performance production the while productive testing have maximizing rates development production is aimed represents XXXX first and during Current now strong and nearby pleased given offsets, All increased well second as performance subsequent with the condensate investor pads to minimal initial to the Gulfport's at condensate provide determine this of referring optimizing drawdown since rates pressure similar risk-adjusted Slide as This an profile flowing optimal quarter parameters pad NGL exhibited on to in of cleanup attractive wells capacity deck, and our production during pad the are we returns. well's indicate long-term early for performance. the phase well we X the combination XX update

liquids Ohio quarters with the We're very Utica and the window believe impact condensate encouraged potential combination meaningful condensate years. results and in these to the lean the provide in a has and by the Utica coming production Marcellus early company's production to

our also as for XX% Sevan the our as targeting XXXX. be forecast of approximately and turn near X communicated, additional currently in completions wells on of company in from completed company the XXXX, a X-well XX% pad during an in previously pad increase drilling first quarter liquids-rich Lake turn XXXX. lines of in of beginning over condensate Marcellus total quarter line are development XXXX that Utica the first As well We will weighted

considering flexibility base asset the towards optimization results program improved operational the as attractive reinforces our early performance, flows well liquids-rich enhanced production as economics, our continuous increased optionality highlights the and of returns. of and development the prudent targeting development company's expected When shift cash and

Lastly, on investor to production pressure yields being Utica historical an gas is production X,XXX performance, period. a pressure of on have Slide our XXXX well cumulative per enacted recoveries after higher in under recent our foot Gulfport's compared XX, which extended update managed early approach an managed we When provided program we results, development produced deck which in XXXX. dry the lateral

this longer production plateau have impacts of upfront being shallower lower new requirements, lower approach lease As rollout program, overall since offset declines, less this production production from expenses, capital online to brought the recoveries, firmly we midstream leads lower downtime. legacy reserves, periods, water and pads and lower noted improved we believe operating

company value. we these that high-margin highlighted a results development operational believe our a shift In reductions, addition allows delivered improvements consistent, balance production XXXX overall shareholder requirements. To has prudent where company for the company, the ultimately performance to with and focus improvements Each on the to development. additions, value capital provide shareholder and returns, repeatable towards sheet from deliver aligned are wells year corporate maintenance fundamental enhancing been efforts summarize, of the improves inventory efficiency decline rates and well results liquids capital results, lower future and improvements

remain the on as Our enters company tenets key XXXX. will these focus

to discuss call Michael financial will Now over I the to results. turn our

Michael Hodges

Thank you, John, and good morning, everyone.

and totaled our with capital quarter, operating company strong repurchases changes approximately and all across working generated in free of approximately period, $XX sheet during before strength. during third million both while in Net flow share quarter, maintaining of the than cost operating expenditures liquids continued gas performance. expectations cash than reported production, capital by balance achieved common approximately adjusted commodity million our by EBITDA for the the our funding the $XXX quarter the the better cash million analyst the volatility We During strong activities results more and backdrop, driven adjusted of business. facets provided $XXX same realizations

line of billion but the meaningful XXXX day feet analyst in the expectations increase a Production results, equivalent averaged and included cubic oil quarter third X.XX with volumes. per half for high-margin first consistent in XX% with

to with as as providing restricted the maintenance, of production bring to on the future timing the commodity add online commodity rates periodic we flexibility recent collaboratively partners quickly well environment, Given midstream in elected prices. if current by work our production at warranted

XXXX. we our production we look improving macro of anticipate an relatively an to MMcfe we daily gas XXXX, be the on basis in remainder day remain believe what will flat ahead For as per to

index $X.XX of approximately price hedging position, is realized our book quarter or demonstrating the liquids the portfolio our Henry impact realized Gulfport's for portfolio the gas the all-in our XX% NYMEX million $XX for pricing areas. quarter, the diverse cash was realized for hedge cash-settled cash price, above price marketing hedge derivatives. its both Mcfe, per highlighting natural This of third from our of the Our $X.XX We of benefit value a differentiated asset Hub uplift to flows. and in impact of gain and the including

per swap hedge per gas carefully million nearly XXXX our average to We MMBtu on forecasted gas in $X.XX gas XXXX, our day to utilizing production. floor per and allow portion $X.XX for our significant natural cubic that natural and our respect downside XXXX, hedges position, structures constructive prices average floor pleased are XX% significant of prices XXX to of an choosing portion of per at downside and a above participate current in price maintain of we MMBtu With well on contracts of XXXX approximately $X by securing upside have covering to totaling collar price a collar natural remain gas MMBtu. protection an production remaining feet at us

attractive and position Hub presentation $X.XX exposure details plus on expect security to has Station of the sales NYMEX we exposure, to our On the further as Gulf in file natural delivery well premiums investor largest XX. Approximately at of the mitigation, leg Transco addition a XXX the to Slide And our Henry Coast front, our XX% XX at risk of XXXX, diverse later we We XXXX respectively. providing pricing basis of pool plus our gas when natural quarter, very full gas $X.XX and of our portion XX-Q. portfolio we in basis our provide of third this TGP lock today FTE derivative during our locked at and points in as to offers. firm for continue

Turning to sheet. the balance

Our net quarter financial trailing remains months XX leverage exiting below the position strong with Xx.

we senior about interest average weighted approximately X.X notes rate The the on maturity long-term extended notes completion long-term of of the by years million weighted for XXXX, average new of due X% notes of $XXX XX% quarter, due the totaling approximately third issuing senior million at concurrently priced senior notes X.XX%. XXXX, while the $XXX company's company's tendered the its lowered transactions senior During successfully these by long-term company's X.X%. and

addition, reduced completed other credit In our of base and billion revolving in and September reaffirmed from commitments amended million credit $X fall borrowing of points facility the extended facility. borrowing of our we to base September $X.X elected amendment, billion, our The redetermination our to XX maturity $XXX by basis the increased costs borrowing XXXX. among things,

September of base $XXX As borrowing $X.X approximately million plus our of about XX, of availability. liquidity million of comprised million, XXXX, $XXX.X totaled cash

needs allow Our development might provides stakeholders. flexibility any that going for liquidity forward a financial is situations today future tremendous and foreseeable be for are opportunistic arise, more we to from value than as positioned have the our to capture to perspective fund sufficient us should we

common free capital and our cash the we believe ahead we As key significant strategy, repurchases continued value out will given our share close remain return of equity. XXXX we and of to look flow a unrecognized in generation XXXX, part remains forecast

value repurchases, our our through talk plan, cap in the market often alone. shareholders share exception returning third to purchased on Gulfport continues others this deliver as X% of While we quarter quarter to was and nearly no current about

common of of our our so As in earlier billion repurchase to capturing by XX% that stock $X authorization our value we the by full and continue extended John a our unappreciated Board in mentioned call, program Directors strategy year equity. the can increased

million nearly X.X the stock over October price XX program, adjusted allocation program. share free price. we'll steadfast We substantially by $XXX of and just our discretionary repurchases. shareholders of current We shares about at all lowering $X approximately XX% have excluding expanded our repurchased we $XXX currently share of below of since average common the through As share return at count price share under available flow an remain the cash our our XX% average continue free our repurchase approximately to have billion a inception per acquisitions and weighted to flow, in our acreage framework, million common stock cash of

been all delivering are requirements maintaining of our value communicated efficiencies consistency less. improvements, would operational improvements our fronts tremendous other has the excellent improvements In potential repurchasing and our operational capital the our accretive changes over undervalued or that results believe are in past on past need creating long-lasting results quarters. capital allocation and delivering strategic year's drilling financial the we favorably being years a position. few with programs committed compare shareholders simply reflect put, approach to We maintenance and several stock. theme be delivered framework to to reduce us to summary, to Continuous delivering repurchases healthy program fundamental future the realized is This share value the or and capital allowing comparable to has our to quarterly our our more on same considerations while

free shown free the yields supports investor at illustrates current cash cap retiring the of cash X further free Slide of our potential generation our and flow and of flow market flow on capacity Gulfport its capable peer-leading as cash presentation X-year This level.

With to the I open turn up back over operator the for the call questions. that, to will call

Operator

from of Donnes line Securities. Bert the with [Operator first question Our Instructions] Truist comes

Bertrand Donnes

due but looks than The pretty update rather reductions. peers strong of guidance some at plans we've capital face your seen shifting value, cost activity improved their guide to

came were you efficiencies the there costs? from? plans? where So savings maybe your . shifts And in how was through could much any or us walk Maybe vendor

John Reinhart

that very we've XXXX, is specifically, operational pleased XX to And regards question. any I material our and seen. to hasn't reductions there other this of we've the out been into efficiencies very John. cost Overall, Bert, shifts planned with the activity operators. with appreciate been for similar XX

on and savings efficiency savings So really of I and cost time This execution just and X/X about operations these X/X planning side. improvements is cost year, to probably service time would the the cycle savings capital between this attribute did gains.

regards X/X to progress. So really pleased capital will these year to And savings the long-lived of the reductions. with progress continue these year-to-date again, that teams the throughout we are with last savings, as

So Hopefully, I that appreciate the your question. question. answers

Bertrand Donnes

then your condensate Sure quarter about some put to in disclosure growth wells you locations. than pretty and the going in as does. you wells, of strong those And from well had a Northeast liquids your more half

wanted Just on an maybe you about ranking them. how get think to update your inventory,

Utica SCOOP of and condensate ahead or wells, the Utica of Marcellus edging the dry have You gas rest. any your them the

John Reinhart

good John that great to the a position We're corporately, to it's have a discretionary This No, again. company a regards with actually our toggles of very question. acquisitions especially is in can pull acreage over with the years past lot inventory. X

tell drives as Marcellus, about within regular Utica and you improves it's whether at cash what best along there's And the we a the flow. liquids they're returns, based capital, window XX% gas it's speaking. various look and and really really wells What high-quality XX% as dry company, generally how to with we SCOOP, lean we that we the have allocate the do options returns the as know, margins options. So is and the I'd you several condensate inventory

capital sitting moving on regards of go, gas levers on area, on we're commodity the pull. where with So prices depending tell to and lot I that condensate different to right you is seen And would acquisitions to options wet liquids the area have you've what and us now, way. lean the in some a

the returns flexibility towards So the the near to and largest the other continue term on gas nimble, we company. because But we we're ability to pretty to should and remain to go way. the that uplift provides going shift focus also the those in it have

Operator

from Research. Doug Wolfe the comes Leggate with question line next of Our

Douglas George Blyth Leggate

we we in you years XXXX. inventory. night, years when about and XX% as . the spoke last liquids mix. this the weight Should talked consider normal the TILs John, of on new for

John Reinhart

been say, its liquid towards overall, that I'll a company, the will this to in fairly considering company's it, tell have a is a and to John. months versus portfolio resulting is or XX in years in shift pick just already liquids gas margins it acreage our might be for And let's inventory. we you're is will liquids next X% free a outlook I XX considering the X% to presence high-quality which and the Doug, up Yes, of able near had improved kind cash call you and more to flow. a appreciate dry price the in we've higher rich, will continuous to meaningful be term gas directly the What and question. want company come. the just and well, you but in investment shift always over company, commodity shift the gas This

So is, variation our returns fairly company. yes, Utica to continuous it's or whether the will In be with what's form some SCOOP. or a condensate lean driving Marcellus part condensate, it continued programs, Utica bottom the best and regards line of the the for

that So hopefully, your answers question, Doug.

Douglas George Blyth Leggate

the but I program. I on you what John. does, a characterize detail, pressure if that nature if It I the could of guess have follow-up wonder quick I I management is. the could just wonder appreciate

stuff And how pressure uplift exactly what of is Now it. you back of to moderate is for is just in all that? that. the characterize goes -- one you whether back into in the this declines portfolio? wells terms are behind going and part flowback kind be also But widely of Can managing example, compression differently obviously, can liquids this to applied your that be choking across

John Reinhart

No, it's Yes. question. great a

you portfolio. what is depending rate prices, is with this will actual speaking, But tell be. I the on think commodity there applied that flexibility across philosophy some generally what is I'll

the between points, you months. bullet vary lot showed with your last of that we gas prices, there vary a point, it to to So that also window. and slide of generally the benefits But XX to with and a out production profile but tried speaking, does it condensate some only has over the it benefits the actual not provide does XX commodity showed

So back, it plateau pinching reducing many all as as well I lean potential condensate the condensate benefits point, from your it in to script. talked And the things in damage, is the period, program, the the increase areas. transferable about to

back managing rate But production is responsive the what prices best that a going company. periods assess pressure to we're for program the to very going drawdown be to again, we're in to provide commodity returns continue flow it's risk-adjusted the early portfolio. throughout and and that So exactly initial is

Operator

comes with question line next of Our the from Zach Parham JPMorgan.

Unknown Analyst

First, talk spending to just you -- you $XX from flexibility having quarter, to take wanted Why out budget and the of last the you about talked reduce were spend? there? officially million amounts removed about remaining million million. while right budget. bit this just a decision CapEx the to In the the little that to process Can $XX $XX quarter, about talk those

Michael Hodges

I'll the and Mike. first shot, can is Zach, jump this take John in.

think continuously return. opportunity. various about a I assess of the in some we're I do, presents looking my highest like compelling options, as And comments, talked the equity our we at of we feel rates as

take bit in shareholders savings activity So bit of some decide late hybrid year we redeploying allocating a the and a did actually a it, to to into back pad. of would that with little here of approach, a drilling bit it then between of a I call

it. I us. think could gone further I decision most in or have either could put that the shareholders, made it's with think that assessment. and was just certainly direction accelerated to We to it continuous have We So sense the all been a

Unknown Analyst

wells it seeing significantly how off And about you oil relatively the a the grew kind I base, wells add . given to just early additional production here, oil low plans of of or it from what my condensate 'XX. talk trajectory your here? from talk trends and wanted just you from you're quarter-over-quarter the Can to and a about little bit production from the trades in how condensate follow-up, early X oil

Michael Hodges

here you perspective. an third the quarter oil a like think in big jump I saw, company for Zach, said, our Yes. you from

pad think you the quarter full of we talked as think a I year, the of about quarter the this that about have morning. we last will

with upside planning of year, year. So maybe talked going has increase we're John there been a we're but at most of allocation program. this that least as realized probably that for preliminarily about, for remaining, next our the pretty into But capital bit excited

see official this company, think guide gas I of move year you'll us a XXs. to low XX%, XXs think, our from kind I was

about I'm from the and it's on think we that but XXXX. can exactly falls. between side. meaningful and did you where not X something oil XX% to what in But the be a gas So similar going sure, here a that's XX%, again, probably of liquid exactly XX%, increase mixture NGLs

we So it's next a juice going from as pretty year. a bottom catalyst line, exciting that to really the mentioned, see John perspective, margin as for

Operator

the KeyBanc Our Markets, Tim Capital next from question Inc. with comes line of Rezvan

Timothy Rezvan

a I There's I I'll lot But guess start. can ask.

And about think more program prices the have we I flow to rig that Just line this the in year? cash -- think programs. there's a as free improve thinking year. think the front-loaded of about trying in upsized to have of have more are authorization. cash sort annual Or next then understand cadence tended you on third Do gas guidance As capital be we going you year, kind next but should know and to out, your coming quarterly that an cadence basis? you you know you cadence, about with don't as free anticipate you've I that And flow? free repurchase

John Reinhart

the midyear, very X call will then share in at in least, Utica at rig repurchases. or you'll I'll specific appreciate provided to the it, I haven't can here be comment and in although down activity in SCOOP the X Michael the Tim, then program. running drilling go and likely on the Utica be guidance, chime sometime and rig similar, continuously. a QX is similarly to off the X we'll that activity We're fall question. we XXXX, the third much late front-loaded the have find will will currently to program, on the we capital rigs. picking D&C rig, let's be regards capital up very We'll just With and

as to historically more higher-margin that very in it So how characterize stuff shifted would I gas liquids similar program. It's just dry drilled. be towards some a going we've acreage versus

I'll to share do want turn address So repurchases. you to it Michael, the

Michael Hodges

I I question, good Yes. Tim. it's a mean, think

I an I a basis year, folks bit with similar that think then think But we in of answer on our front-loaded, point, it John's I impact. approach to our as an on share the see your just capital also, this to And of remind to kind want to may being think of more annual you question. repurchase, well. we are opportunistic

we to especially some a So an monetize opportunity buy. opportunity, we've to an that step like position, had has past and in the if their and that large shareholder as have in looked of we

it when an opportunity I So a past. the but of in an to keep I'd look able eye at cadence. in We don't of And kind quarterly capital in the unique on step do like we've it like with there's think be necessarily sync on more be to do that, basis. will seen we annual again,

Timothy Rezvan

That's And dig gave. I my head, where back of of a sense. out. sure you makes more out, the kind a into I'm don't that you production will wanted commentary to you of That follow-up, in have know liquids the Okay. but have helpful. your little guidance I sense shake just

you so and How over good Is you do Or production? really is allocate in idea there? total you BOEs matters economics liquids Given do are have total that think flat? keep about to the need expected, the what is the a as that XXXX. in increase that liquids big

John Reinhart

just capital at of high mean, I we'd production. -- people like maintenance kind to I and a maintenance Yes. level, lot discuss like a of think to maintenance discuss

in script, free next enhancing turn a low year I be And our philosophy articulated as shift or production are So the certainly, more most equivalent will I've focusing on an digit and means generation. just we same the flow on as large, lines towards in by But towards flattish year. that next mean, the liquids meaningful really margins basis. the cash really and single weighted

moving capabilities. generally somewhere equivalent see that flattish said, will be would production, cash range, liquids year, all significant the and forward next flow but So we liquids in our which into growth pretty impact growth you'll

Operator

Bank Our next Noah question with comes Hungness from America. of of line the

Noah Hungness

had that job This just have opportunities see how year. but here I both And if XXXX. I year, continue a would in into you wondering next acreage guys adding that optionality. your extra in guys developing inventory, also was a question you done really giving discretionary and you on quality, good

John Reinhart

taken this I'll is anything years has been wishes on that add. bucketed are could where of opportunities that in in advantage opportunity to really highly X, pads way some John. attractive couple high-quality economic X, past This of X we can No, on Yes. where Michael acreage touch a of and together kind the together package X, we've he highly over and in areas. chime an

and I expectations. are its there, out available regards our about that although X.X total subsequent inventory with the opportunities company the areas. activity would high liquids there set to over So to talked rich years adding past pretty couple bar of the about of years, we we say

are it, inventory. our good the acreage in company. the But pretty But to for opportunistic looking meaning good how we're going and a have of to pretty remain, as I good teams high-quality add and call land scouring we if the land within approach at high-quality these less would we to inventory set programmatic

programmatic, the and the versus adding to So going we're be company. continue open landscape, that to value opportunistic adds certainly opportunities we're anything fundamental look for those but to to monitor

Noah Hungness

differentials. my oil widened sense. This just And that. the oil guys was was question your is year, makes you what then And wondering differentials. I That just on driving second

Michael Hodges

function to be honest Yes. with No, this is a actually. totally Michael. really It's question It's a you. good math

that, come the half average month And a our the linear that's use of year. weighted calendar guide, So those we obviously a months. number is But because down when production of curve second year. flat, in WTI back this half we the has of oil

did the production actually able a it basis oil that widen themselves pressure, to kind right tell out certainly, hold I more some you actually differentials in our There really of kind little on of But but of bit have out a of So the is we've give remained coming oil are actually month-to-month folks for we just that idea to year would number. folks seeing well. been very Ohio and strong. full differential

So numbers, math some think simply of operational change it and reassess you an next not really you we'll It's a there. much function. year, just I but as get better into go

Operator

line the And our Roberts last comes question with TPH. from Jacob of

Jacob Roberts

and Wondering forward from to see the price to possible, the you what your if on to be to shift guys you points comment mix coming other, ability make would to that curves respective and at through progress X or flexible that we the could the make if on liquids determination? years look relative as way the you need

Michael Hodges

and turn really lead I gas deep know do made in commodity now in case, do think to the we over and is and able liquids was then significant frankly, coming, has that. have have I sales inventory, we much enhanced move that think both Oklahoma a of and more substantial always commentary the being a price adds that in changes. been that, those Michael. This but then next. a quite we the and jump don't there's we've the and So change portfolio. that oil fundamental out from of John to the and turn ability I gas But in. into dry in And Ohio a to flexibility, Yes. that couple around right? last make our ability time drill bit a years if I do have have X to significant our lot see a I'll certainly start can mean between

They're prices in go, that with little different. the XXXX go So see as all now. far leaning liquids why as both in mentioned, as in a are that's John towards not you exactly the us development, bit XXXX. And again, that right as those well our as returns, direction where

well, a But XX- we be if want saw to to see saw XX-month going meaningfully. -- program don't we change start again, program. a meaningfully, some pivot do liquids but of we're company than I time but gas change think to to to gas, allocating quantify more you and to dry a that could frame gas need gas sticky if with see be I it to I move kind as the the with think a in a I curve And volatility sticky know

a I in pretty if to position changes it's know, to wanted quick anything. add to don't able make those be fashion. John, be So to you a great in,

John Reinhart

appreciate that. No. I

Jacob Roberts

kind No, great Do explore to efficiencies just answer. flatline on And so speak, obviously, those Marcellus my liquids-weighted areas? this follow-up as you the to new, more or guide guys would I'm you the lowering wondering, more toward continue be capital even transition program. you as have of you or even expect reverse seen,

John Reinhart

improvements. speaking, What efficiencies I'll the tell and you to is me ceased generally Yes. and execution regards operational and with industry to capital just never our teams amend

So We progress as things. yes, we to every continues better through better learn. industry year this get just and

between well your mix, there And some will capital allocation, spend efficiencies, -- and cycle some times upside maximize spin and that the capital So those improvements, your company. I maximize basically that your very is yes. flow, and our the there reductions think, shareholder Marcellus. cash to and in job be opportunity Utica cost the different for returns time there's and whether and the levels on for reinvestment or the certainly, And depending that's very capital to benefit different company's cycle intensities it's point, take SCOOP, free to

the broke because of execution But operational there sometimes that records were some a this more this you talk quarter and teams broken on expect beating few records. I tell see record. I be disappointed would we if efficiencies more like would constantly sound we to that broke come didn't more were geared a I about efficiencies. didn't are And I'll just know forward. moving quarter. towards We records So the we

a of to So the more for out your in to great are guys field job doing the very proud come. more opportunities and certainly, there's And look efficiencies point.

Operator

turn closing John reached end I have would the like to for the the floor of session. question-and-answer back We remarks. to Reinhart

John Reinhart

improve Relations everyone, . enhancement. which This concludes attractive call business Energy to any much. have out Gulfport questions, to our you, Thank further positions Should join for fundamentals, very continues investment to continuing call. on to do team. focus our the you Investor team a reach our Thank value you today. not with as please an taking time hesitate The

Operator

concludes This Thank teleconference. today's you.

may You your at Thank your disconnect participation. this you for lines time.

Gulfport Energy (GPOR) 6 Nov 242024 Q3 Earnings call transcript