GPOR - Earnings call transcript Q4 2024 | Gulfport Energy Corporation

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Operator

Greetings, and welcome to Gulfport Energy Corporation Fourth Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ms. Jessica Antle. Thank you, Ms. begin. may you Antle,

Jessica Wills

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

portion Chief be available will addition, Rucker, of call. In today's Officer, Matthew Executive Operating Vice the President Q&A and for

call, Information remind financial results forward-looking can I be and may that operations, concerning everybody are could the would conference relating actual filings company's from participants caution materially certain this found indicated the in plans, the the to statements those the conditions, a in to company's statements forward-looking you SEC. that factors. like these business. We performance that make during of objectives, due with factors to future results differ of variety

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

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

John Reinhart

operationally outstanding reductions efficiencies of leadership improvement team. the years culture in over a on the Gulfport Good past at development of The Thank have well-deserved Energy, behalf on promotion couple throughout today's I This of Chief execution you company delivering like everyone, call. building paramount operations his morning, the Operating program. you, continuous is employees President a provided for and leading would cost has Jessica. been congratulate of On and recognition and to Directors the our thank and promotion successes joining Rucker Matthew all Officer. us Executive achieved Board Vice Matthew to and of the

for best-in-class to all the we We to contributions the as stakeholders. company for are looking strive Gulfport forward Energy to results continue benefit his future of

delivering yesterday momentum alongside points our from the begin my free our discussing will expected more liquids Marcellus sustaining focused estimated cash program few targeting then low-cost the condensate I prices at compared strong and is XXXX comments constructive Building to define and XX% earnings program announced year, XXXX to us that XXXX on exposure performance. diversification lean by last commodity a flat highlight by The results. Utica condensate and we a XXXX development reflects to substantially capital maintain program invested flow and gains total allocation allow all flat year-over-year. on will development Gulfport's in company's growing adjusted enhanced and production significant the generation optimizations the company's natural to gas total capital is resulting today's production that be hydrocarbon windows, portfolio than double XXXX the base environment efficiency while that

last range of the plan million $XX efficiencies cost remainder by when improvements compared which Total efficiency and investment. year free And in approximately half regarding is to gain mix optimization. $XX on completed of repurchases. program annual with completion X allocation framework, function the common to development includes operated operational a $XXX reduction that through with foot land substantial capital cash flow, per Cost million lateral drilling substantially delivers basis by roughly additions being XX% a improvements adjusted leasehold maintenance in our and cash free allocation be of facilitates flat This XXXX $XXX the our projected to inventory the past over a a years, service of XXXX. to excluding to driven acreage year well stock spend XXXX adjusted to acquisitions capital consistent discretionary return all flow we for and and capital is million. million of

low on teams The similar portfolio activity while spend company's asset allocation able to service maintaining years be XX% both capital currently half drive continue year-on-year. past, we Appalachia trend completion capital company towards the lower accelerate our XXXX is the base, drilling with When the SCOOP our and liquids in approximately up forecast also year. XXXX of allocated Similar fourth efficiencies and to total and down. of operating decline costs combined production to will and third the first in of quarters the

and of wells mode deck XX. discretionary transition lean from acreage in Turning Utica the to noted as Slide year production targeting The that the upon Marcellus acquired guidance be will and NGL is of range weighted XXXX inclusive includes midpoint through the liquids-rich dry acreage and plan Utica completing condensate of year, per of thousand Utica production. year-on-year to full as lean the based the our investor forecast acquisitions. SCOOP, our X development turned-in-lines will anticipating Notably, and Marcellus year. in major approximately XX% XX% the is company in over delineation oil our the on the liquids for condensate, We production XX.X the barrels increase all highlights defined to XX.X gas, condensate the company total development recently combined first during in this total the development areas, day Utica

we commodity the XXXX and production to our opportunities year with efficiency Slide In improving we capital outlook on XXXX in In with expect detailed improvements profile further years. capital increasing be production for an the future include equivalent and attractively our throughout a cadence. more potential the flat XX, investor deck environment company addition, as relatively production production for year, to progress we full an total positioning and on expected

sheet flow financial X% outstanding balance strong to repurchase our continuing the XXXX maintaining lean stock for high-quality operating stock free free and results adjusting highlighted adjusted to XX% for of base, year. the our cash to inventory focus We After cash in the year utilized the free adjusted condensate additions shareholders and repurchasing common generation. cash accretive XXXX by repurchased performance, through on our our while of full Utica achieved company's Shifting approximately Gulfport of free strong resource available shares attractive program of flow for continued a returning ongoing inventory. during all a throughout flow flow allocated company the acreage liquids-rich common cash acquisitions, year window, adding our discretionary our largely approximately substantially adjusted efficiencies

totaled X.XX predominantly year. Utica. of Turning The which in in focused expectations day XXXX with Full with the averaged we per capital company acquisitions, cubic year line acreage for equivalent the forth drilled XX excluding to specifics. expenditures both discretionary the the the and year $XXX feet were production beginning set million wells, billion at investors gross approximately

yesterday's the On and turned-to-sales included announcement, gross very longer-dated with Utica wells completion and XX side, we completed condensate from wells, Gulfport dry Utica gas the history production which our performance. provided wells. County, pleased wells, condensate reservoir are Alongside XX X X Ohio, pad continued X-well Harrison we earnings and strong in SCOOP

Referring XXX profile drawdown. XX Slide of to pressure wells approach our Lake days production, of with pressure following the relatively VII months under deck or managed minimal are the and X production flat daily a investor exhibiting

as future call the and capacity this as on X of to to in noted on production optimal As X determine third elected nearby pad we the additional remains. wells development concluded well November, rates we profile reservoir our quarter production increase for productive

returns. preserving well long-term to initial production the performance have maximizing we rates at forward, increased flow also ability while Moving

cage completing our VII development which We our pad expected are online look forward from currently to March. learnings development, and to the applying come late nearby to this Lake is in

managed history. an we XX on on months provided production our foot yielding cumulative update Slide addition, production of see, pressure with approach to deck, dry Utica can period. lateral of the per investor X,XXX early In XXXX, since as program performance the continued enacted And you gas after an has strong well in over XX recoveries we exhibit results. our higher development extended

focus XX% year-end to achieved efficiency. side, over drilled on and compared improving in when to per over time Operationally, XXXX. of drilling cycle we X% we And year-on-year footage the on total improvements day continue

our frac pumping per improving also by per out see XXXX improvements the operations, completion we frac the average by On side, XX% in drill drilled hours plugs average to phases XX%. continue and and of day efficiency in day

into high our to lower development be XXXX or program and approximately below expect we translate year cost well of level per $XXX XX% for per than operating now savings Utica our XXXX. of and efficiency XXXX Our cost lateral reductions team's full realized foot

County and inventory and by years current liquids-rich development our Utica year discretionary footprint. the over largely footprint coupled Belmont our derisking we of delineation locations On acreage acreage a front, have the when company our our investing liquids-rich expanded acreage, acreage XXXX, With of $XX acquisition of and discretionary in we acreage our efforts. efforts within XXXX lean through with added added pace, drilling X.X over Marcellus high-margin core condensate the million targeting

competitive inventory existing additional value as investor provides fundamental The XX we as returns well durable with the as our the high-quality on to of Slide highlight deck. inventory, company

opportunities will cash as free rank and opportunities uses flow very continue high evaluate increase these leasehold XXXX. believe our monitor depth to to We footprint resource enhance of to we in

and are foundation build generation value company we portfolio solid our free has our and development and improvements to upon. continues closing, maximize remains investors. on and In The cash allocation of proud the order focused optimizing in to operational and Gulfport asset continued team the built progress flow for

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

Michael Hodges

significant and operating XXXX. capital company the hit strong capital which you, working I'll provided the year more common make John, fourth before cash closed key for quarter sheet strength. to quarter morning, running of and highlights our components the expenditures Net by position results, good everyone. of us the as approximately than financial in maintaining we share balance allowing Thank fourth our activities summarizing by the million quarter, repurchases $XXX out start and changes in ground financial the during our while totaled all the triple

natural capitalization quarter from flow it flow program. during perspective of We high-quality $XXX adjusted an period, Needless add other of the our adjusted we driven to repurchase cost and production outstanding strong incremental liquids to share also say, cash market XXXX for while and $XXX resulting inventory and cash our reported pricing, our best through EBITDA our an utilized operating back same robust free Gulfport. X% the for of generated the was buying of excellence. quarter million delivered free by quarter million way, in over gas Said adjusted cash

within fourth $X.XX than cubic million Cash and per XXXX analyst expectations better feet guidance operating costs equivalent, the for totaled our full year quarter range.

by economics In are that NGLs. early and agreement place planned in development with the for the reached for announce to the solution turn-in-line enabling pleased and midstream our in processing of provider and gathering, for the addition, a of XXXX Marcellus our upcoming enhancing have Marcellus development an fractionation mid-XXXX, that valuable we extraction we sales high-quality we'll X-well

processing, activity a on will company's The per production in the weighting currently focus total expenses unit more unit full and in in our over lead year of liquids-rich slight including range and Mcfe. increase resulting of $X.XX higher gathering, compression costs to forecast midstream per operating XXXX, per LOE XXXX and mix to will our and our we liquids costs transportation the $X.XX

that Despite ultimately highlight cash margin increases from to these slightly leading contribution the to elevated liquids strong by than and costs, more performance offset it important value is improved flows. this

fourth by realized a hedge the XXXX $X.XX of uplift NYMEX, our asset gas for marketing index pricing Henry driven portfolio This our the price natural premium including areas. a realized diverse to Hub portfolio in and unit per all-in liquids is of prices Mcfe, position, price from impact quarter the derivatives. was differentiated for cash-settled Our both $X.XX

of demonstrating respect production XXXX cash our of hedge current a our the its in realized hedging and our value We effectiveness hedge approximately quarter, flows. With $XX bolstering for the gain cash book to million floor position, covering securing amount free average flow roughly of of MMBtu per price of gas generation. XX% XXXX have $X.XX we natural cash forecasted our protection a our baseline downside an at

hedges downside That allow maintain per and by on in nearly prices significant XXXX collar of us carefully choosing remain XXXX XXXX, to $X upside constructive utilizing above we prices on in half gas in that to participate MMBtu. said, those structures

strategically XXXX and have our in less We XXXX overall hedge production with positioned hedged. book both

in collars believers our as And some for and have beyond now. we macro an XXXX for gas improving been time significant of with book, portion hedge overall in a

we presentation to expect the natural On providing front, largest XX-K. points to security further position our when our pricing today transportation diverse at offers. lock gas in continue derivative to sales on We details basis investor addition mitigation, later the provide of of firm file XX our basis our and our exposure Slide in full of we risk portfolio our

sheet. balance the to Turning

ending trailing Our leverage year financial position remains Xx. very strong below net the with XX-month

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

flow any the might liquidity Our adjusted flexibility a is fund tremendous to foreseeable free financial more needs from we forward. and EBITDA today going and be prices, continuous cash future Gulfport to a than gas cash perspective a development natural along sufficient generation, provides for to recent with have the With capital for from respect and flow rise more operational in improvements XXXX program, year perspective. position efficient transformative our

our throughout strip we already peers. on to potential the our net yield gas free our Based cash accelerate XXXX, to declines current year all strengthening top-tier adjusted than while further the more cash free relative and double to leverage pricing, our has flow natural flow forecast should compared organically

repurchased $XX largest we of of direct stock from a of XXX,XXX approximately totaling value unrecognized float. includes shareholder approximately shares us impacting public equity repurchases without blocks which allowed our to capture to fourth quarter, for During market million XXX,XXX common our at which shares, prices about larger stock common the discount

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

reserves. year-end our to Turning

our per billion. case years flat barrel of revisions revisions, price the $XX.XX at addition that SEC of our successful volumes, performance totaled A barrel at working operations. pricing when positive efficiencies $XX of PV-XX $X.XX and lower a report report reserve overall by new the the leasing of proved excluding $X.XX to per MMBtu limited approximately reserve is and and from is reserve efforts the pricing significant of X X% SEC our mind base the Utilizing increases run commodity interest oil. in of per $X.X value MMBtu our per keeping XXXX development, While as case the in impacted approximately reserve that environment impact oil and increased result uplift in continued through our reserves, company's a

the In at price addition, the reserves additions reserve have and over operational months. inventory the a PV-XX the the year-end of of PV-XX high-quality XXXX proved is value of case, proved made value XXXX the same flat represents improvements an significant XX we the which increase last to reflection the

SEC quarter a of gas mentioned Similar natural previously. gas were fourth based upon the accounting third low of and XXXX, our the to future to cost I the reserves, the oil of method for under the properties quarter full we utilizing record impairment required value during noncash price

the the just price as of of remain the at we value remain by assets. value our mentioned, case reserve of long-term evidenced PV-XX in the flat I our underlying and report the However, quality strong, assets confident

position. In while a and healthy financial The year our we operational reflect results a summary, maintaining reiterate. was deliver strong to Gulfport XXXX continues consistent continue results superior performance to a theme team's for exceptional that

to optimized And ahead improving look ability development provides flow commodity mentioned, cash we capable generate retiring deliver John of of of yields As shown environment the cash as cash program we to Gulfport free investor meaningful the at our cap relative X-year level. free price as our with its current capacity premium XXXX, the in with free our peers X already flow flow growth combination market the and generation. presentation, to on to our and Slide continue

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

Operator

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

Bertrand Donnes

'XX year in versus outlined, Street. that you volume The new fairly liquids strong, certainly full the looks us

you it then peak And flat assets? that's So maybe if you the or it way bundle second question I'm your make Or about current going to liquids can grow even this, operator, bolt-ons with does it a potential talk hold to maybe heavy on simple level? it and at the looking liquids the on sense more on basis? And growth undeveloped you're is PDP into versus a or my focus to gas change make assets? focus could

Michael Hodges

can of Bert, part is first that think handle I the the John this then and Yes. Michael. question. I'll second take part,

growth liquids that XX% talked we absolutely. the about think I is of sustainable,

profile that production think got I our year. we've the out our investor in of lays as deck, slide for look cadence the a you

liquids the with a of more year lines, little liquids think the year. bit will in bit generally Because heavy a NGL may the timing shape. turn-in in be same production, the we early I that maybe little later of follow the oilier that

look out into areas that. option certainly this the the to continue and year nice should windows those to in choose on be to again a the a have have we've have liquids-rich, to forward, windows expect do the about certainly going pivot flexibility and this liquids and lot we and But again that monitor side allocate as macro the move liquids, as that we that we we'll of thing but the going year more we development But over future, we bit well, talked there. to gas deliver is it's between and we over towards can

question. let the John second I'll of take part that So

John Reinhart

morning. again Bert, the this for thanks question Yes,

with is performance really value by and think allocated prowess flows, inventory if team undeveloped the the purchasing company behind the to team free its of which great extract where that execution acreage acreage. the with I it's its our and to shares additions, cash use undervalued the the you look has thesis historically, --

to may is what company bolt-on that you think of of So undeveloped sizable attractive you opportunity portion itself. somewhat really is would may tell opportunities bolt-on throughout the present a about arise I as that attractive what PDP would while year, be is kind any the

really using value we philosophy capital the the team it's the it's towards just And that. of allocate same extract discretionary acreage, from as prowess the to

So appreciate and answers certainly question hopefully, your it. that

Operator

you Donnes, questions? done with your are Mr.

Bertrand Donnes

in Yes, there. bundled both them

Operator

Next Tim with of question Markets. Rezvan line comes from Capital KeyBanc the

Jonathan Mardini

cost Tim. around the this just This like this turning top front-loaded be do on in driving for on on this CapEx Wondering, This laterals conducive efficiencies norm It D&C you TILs X% for looks line as shorter Jon lateral do like years further? year. And program capital as is year. higher the see what see XX% some of more the looks you'll in to ahead? these footage of it you

John Reinhart

Yes.

I Jon. the return think the has and the mainstay we efficiency. -- I on has question, focused a tenant options. on of development various very team -- company It's kind appreciate very the capital remain for assess been the cash as focused And been we employed

And capital you certainly window the of for tell specifically care whenever and plan out turn-in-line company front-loaded we that turn-in-line, the that. maximize develop year. deliver timing what programs the flows So you of the these, and at throughout into the maturity of time lot time I'll the of goes cash to a value what

perspective, at capital for generally that would with think the things we've you of consistent us from and years, yes, envision future. So being the I capital I consistent couple front-loaded last efficiency been through speaking, foreseeable that program, that whenever with look a

Jonathan Mardini

one Okay. more. If could squeeze in I helpful. That's

free majority to as $XXX in the does How range you And returning what allocation? generate $XXX asset of to tune this about flow market cash comfortable you it million so. or are like just future do with potential capital like to repurchases? medium-sized looks the for packages so? Maybe the think million cash look the million or significant year, this your $XXX Given of

Michael Hodges

Yes. Michael. question. take John. This Thanks, is I'll the

has assess look think a right? of flow for I options at of best basis to and framework for couple years, result buying us, I both has on been deliver continuously the and the for inventory the shares company cash we our the last the we rate with our been and those think extremely think our adding really meet And over discuss which actually Board free effective successful. ones the and of return our all shareholders.

And That John and always around question. opportunities. about They talked large. components, They I There's are we components. assess front the medium-sized, for us. have think on in said, that last center that's small, PDP the have market as so packages undeveloped

we take add a and go again, think where the those. think, unrecognized still clear. are we and to to with opportunity organically out with at locations, the trades high bars look so like we I that equity those And our feel But along is value

we'll to those continue So assess things.

along, there's for comes done a at. those the us look if what like we've I always lot certainly to forward. far continue other we options of there. think is that then thing likely out But feel as go And sense and right so making

Operator

question from comes line with Research. Wolfe the Escalante Next Carlos of

Carlos Andres E. Escalante

the the specifically? starting And your as there regarding question VII moving my forward Matt, does drawdown pads the or that you how you with it day anything and Congratulations, productivity, pad the frame I means opened does you that Lake I'm to in purposely all did versus invite XXX. is that first say take of the job. Lake you because how what VII all, of development part Utica perhaps pressure on I a If proxy to you, tabs see guys

Matthew Rucker

Appreciate Yes. It that. certainly Carlos. Thanks, does.

talked in that it's dry Utica time long something out that we've had on window the lake. something a tested on the the managed gas, and choke liquids I certainly program believed the think about we

As a days, increase little those bit you starting XXX noted, after to rates more.

well open public known peers space a them that more that lot there's in the other aggressively. there I out it's think

looks and how drawdown condensate test rates So understand that yield what time like understand for reacts. an higher was us, it ideal to to incrementally that

opened wells we a well. very over results the have on other of up last pad few by currently months that and that think encouraged the were I several as

on expect on something a bit new into the between. for moving would us type development more that I fully probably will But somewhere slightly us, lean in expectations curve in little area, So tweak shape. forward certainly, say, to I that would

Carlos Andres E. Escalante

on areas. allocation cadence question your second is My regarding different to your X your operational

attention in And So you're turned-in-line wells and your specifically, capital you're on for to X. comes it Marcellus allocate how specific, intend only you X is that you to very obviously, the this signaling year. drilled

when years. aggregated inventory the to you signaled However, you debt X for your market, incremental Marcellus, mentioned

turn-in-line on XX a specifically, wells, the of that's So cadence decided XX, take wonder proxy, signaling And based right? a presumably I the so, macro is there if the to if is times. of at way expect to less. change could as a your reality, this you've monitoring see And when number Marcellus take in why obviously, 'XX you're we I XXXX approach that that, all knowing in

Michael Hodges

we'd Yes. to It's life, When about a corporate good talk of we Carlos, question. inventory everything in life. inventory terms Michael. this frame is like

So all have, perspective, it, of where develop, to years to like In X mentioned, X plus XX though, and that XX this year, one XX we to wells X. allocation that. go you're kinds looking Capital drill we the a locations wells, X.X being of corporate There's call inventory. them. Marcellus, year, wells that develop right, XX we're factors you of that's in on a turn-in-line specifically, X area, into

there. a have new in midstream We partner

to got got Of those pads, prudent guys to way. lay in to we've lines develop our -- responsible a and have and course, we've

going different we're in given to at a developing pace. so area, be any And

it just about the constantly X those inventory. inventory over reality we'll in be next, Marcellus that call And so asset talk laid that developing But rather talk in in of different corporate out. X just terms about is locations I it, we utilizing years, to different the to X than windows manners,

yes, So that. longer to for in X.X be it, area I'd years, going call that corporate than but certainly a inventory,

Operator

Velie Next from Brian with comes line Securities. question the One Capital of

Brian Velie

I'm dry of on but dry appears X amount in into on gas be Just in year. quarter. of starts production it something heading the from in more I footage second in of the you a here. trying the the to that that TIL get would assume you But pent-up you're for of in that standpoint, there online third that to the pick those early we're it's determine of footage to about did something the But throughout as earnest 'XX seeing, bit oil quarter. 'XX? the you of to 'XX of gas a pretty to a really have cadence think NGLs Or because up in kind come going TIL into TILs side. we a how too quite kind gas your follow course, quick get side cadence that sense should of -- a I when similar side far talk, want those those pocket feels ahead kind heading hip for 'XX on it don't 'XX. ourselves are bring Is to for like 'XX on? know

John Reinhart

what will you'll cadence, that's generally front-loaded Yes, program, the the production John. increase find Brian, a turn-in-line speaking, the is with the great question. is capital This To your year. with throughout point,

vary does of and maturity what what depending on. wells that Now types on bringing you're

For months have you're to bringing X those generally gas plateau lot a on wells, of play instance, period certainly XX in. if dry to X

period. nonetheless, timing But we those of the wells, If production. plateau shorter little impact drilling to liquids try optimize to a you're bit have they

So you're even going throughout and just of move as year. into a to that QX lead your you you'll bit tick those was year, volumes of then quarters QX, And point quarter-on-quarter speaking. necessarily decline production cadence the the particular see to stronger natural see our This a primarily. simply QX, generally the up production for QX little function profiles

very that for there's on in QX the the to absolutely constructive yet lot want a 'XX for of you're optimization because But levels. QX, positioning company we're a production really wouldn't very program simply I So well comment yet. still correct to commodity towards environment do

Brian Velie

remaining many the to so in about you're day, the with could look complete only maybe I more or that to year as close progresses? picked hours 'XX, is grow can fruit? lever low-hanging And capital efficiency implications do still that guess you you see that up Okay. any a hear the to for in pretty for But XX-hour forward cap. there, anything we you I mean else there

John Reinhart

thought put ceases No, now, the its when ago I a we but on just much, on ground. the better the X that just Matt we're what never efficiencies too improvements. tell continuous do is industry of that's function getting could and won't I'll appreciate me that wouldn't have spot doing on what available I you we amaze Things at years the question. possibly technologies that do. we And to

the opportunity couple added But reductions having the well believe to business. over I always years really for that, fundamental accomplishments because and efficiency of it's past proud core of tremendous to fundamentally very So the there's efficiencies said with grow. we're value the cost the

to So come, the more never gains me guys I talking with cease suspect upside more moderate about. and probably field these centers some in these there. out XX that to XX surprise we're But versus there's

So appreciate performance. this And out cut certainly his for got the I Matt's on work to improve question. him continuously

Operator

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

Noah Hungness

first I walk you Slide guys was for me my just could question, X. hoping kind of through

right your thinking sticks way? while to natural kind to us thing maintain is liquids production. gas of about that outlook the think I that the a really constructive increasing ability out we your to leverage main here macro Are

Michael Hodges

the again, Michael. think mean, over potential of I so. years. an of I think the is just really Yes, this X company indication No, I the this is slide next

about. we've it So call we've in capital been pretty careful a to very dynamic not talked allocate because fashion we as guidance

us assumptions, years, year midpoint cuts take And the the weighted of flow become we free so little you run the it cash a where But we demonstrate of over tremendous few liquids may over a depending macro goes. of business guidance see amount more change years, any real see without current the that we we on the X and next we our out see gas may for capable that years. aggressive is generating and can

of. Matt we're of going of we better I on to we and better again, deliver this over can So we probably your But compelling these to is is, potentially deliver cash to what yes, think, a some is on and capital answer pretty question think there's time, indication things we cost think, operationally do results the realizations hope capable the improve numbers.

Noah Hungness

up saw was because I change hoping your the of you're year? question, second Is turning NGL just line I here. could of it bit underwriting talk realizations. guys kind in my got that for in a about just what's your wells you then quite this And that bumped

Michael Hodges

good it's question. a Yes,

there. of things So a couple

of have especially to attractive highlight in First barrel, a I Appalachia. we really want that all,

a So Utica actually part of production our is ethane. reject existing we contract where

versus prices just barrel a the we then realization. both And on we've so the you've announced so morning negotiate we've to prices and like. new lastly, again would Belvieu terms and And barrel to some And fact the up well, it uplift we've of percent gas the increased NGL always us BTU we able component exist, I is and looks had with given get and been there, will strong WTI. some a pulls differentiated had as to then of some doesn't that WTI ethane barrel, favorable ethane demand from this what a continue that that, weather a factors as we certainly of allow which butane to seen think what propane agreement, ethane value. Marcellus typical our That relates call relative there have to other

So that seen really just we've a outcomes our marketing good team's and some in negotiations function areas. those of

Operator

you. Thank

As of comments. session. would John the there we Reinhart turn reached to to over closing floor questions, and have ladies gentlemen, further no the are like I question-and-answer for end now

John Reinhart

Investor Yes. call any Thank This our We great the hope to you please join hesitate call. a to you our Relations have reach day. to for taking today. Should don't our time questions, team. you out concludes have

Operator

teleconference. today's concludes This you. Thank

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

Gulfport Energy (GPOR) 26 Feb 252024 Q4 Earnings call transcript