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Gulfport Energy (GPOR)

Gulfport Energy is an independent natural gas and oil company focused on the exploration and development of natural gas and oil properties in North America and is one of the largest producers of natural gas in the contiguous United States. Headquartered in Oklahoma City, Gulfport holds significant acreage positions in the Utica Shale of Eastern Ohio and the SCOOP Woodford and SCOOP Springer plays in Oklahoma. In addition, Gulfport holds non- core assets that include an approximately 22% equity interest in Mammoth Energy Services, Inc. and has a position in the Alberta Oil Sands in Canada through its 25% interest in Grizzly Oil Sands ULC.

Company profile

Ticker
GPOR
Exchange
CEO
David Wood
Employees
Incorporated
Location
Fiscal year end
Former names
WRT ENERGY CORP
SEC CIK
Subsidiaries
Gulfport Energy Operating Corporation • Grizzly Holdings, Inc. • Jaguar Resources LLC • Puma Resources, Inc. • Gator Marine, Inc. • Gator Marine Ivanhoe, Inc. • Westhawk Minerals LLC • Gulfport Appalachia, LLC • Gulfport Midstream Holdings, LLC • Gulfport MidCon, LLC ...
IRS number
731521290

GPOR stock data

Analyst ratings and price targets

Last 3 months

Calendar

3 Aug 22
20 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 6.58M 6.58M 6.58M 6.58M 6.58M 6.58M
Cash burn (monthly) (no burn) 2.66M (no burn) 8.11M (no burn) (no burn)
Cash used (since last report) n/a 4.49M n/a 13.67M n/a n/a
Cash remaining n/a 2.09M n/a -7.09M n/a n/a
Runway (months of cash) n/a 0.8 n/a -0.9 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
21 Jul 22 William J Buese Common Stock Payment of exercise Dispose F No No 84.89 1,674 142.11K 17,405
21 Jul 22 Sluiter Michael Common Stock Payment of exercise Dispose F No No 84.89 810 68.76K 7,535
21 Jul 22 Robert John Moses Common Stock Payment of exercise Dispose F No No 84.89 810 68.76K 7,535
21 Jul 22 Timothy J. Cutt Common Stock Payment of exercise Dispose F No No 84.89 880 74.7K 45,930
21 Jul 22 Craine Patrick K. Common Stock Payment of exercise Dispose F No No 84.89 4,671 396.52K 37,051
13F holders Current Prev Q Change
Total holders 109 110 -0.9%
Opened positions 32 37 -13.5%
Closed positions 33 9 +266.7%
Increased positions 35 44 -20.5%
Reduced positions 31 22 +40.9%
13F shares Current Prev Q Change
Total value 2.65B 1.88B +40.8%
Total shares 25.15M 22.84M +10.1%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Silver Point Capital 8.6M $683.98M 0.0%
Prelude Capital Management 2.28M $10K +11829.2%
Mackay Shields 2.18M $172.99M -3.0%
Firefly Value Partners 1.89M $0 0.0%
JPM JPMorgan Chase & Co. 1.85M $147.4M -16.2%
BLK Blackrock 800.21K $63.63M +169.1%
Vanguard 752.62K $59.84M +21.3%
Whitebox Advisors 664.09K $52.8M +4.7%
First Pacific Advisors 609.41K $48.45M +0.4%
STT State Street 585.61K $46.56M +130.1%
Largest transactions Shares Bought/sold Change
Prelude Capital Management 2.28M +2.26M +11829.2%
Alliancebernstein 12K -1.29M -99.1%
Aventail Capital 565.59K +508.38K +888.5%
BLK Blackrock 800.21K +502.87K +169.1%
JHG Janus Henderson 445.46K +445.46K NEW
JPM JPMorgan Chase & Co. 1.85M -357.75K -16.2%
STT State Street 585.61K +331.07K +130.1%
Hudson Bay Capital Management 0 -180K EXIT
Farallon Capital Management 150.33K -161.52K -51.8%
Millennium Management 0 -159.39K EXIT

Financial report summary

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Risks
  • Natural gas, oil and NGL prices fluctuate widely, and lower prices for an extended period of time are likely to have a material adverse effect on our business.
  • Our commodity price risk management activities may limit the benefit we would receive from increases in commodity prices, may require us to provide collateral for derivative liabilities and involve risk that our counterparties may be unable to satisfy their obligations to us.
  • Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase.
  • Our debt and other financial commitments may limit our financial and operating flexibility.
  • Our development, acquisition and exploration operations require substantial capital and we may be unable to obtain needed capital or financing on satisfactory terms or at all, which could lead to a loss of properties and a decline in our oil and natural gas reserves.
  • Under our method of accounting for oil and natural gas properties, declines in commodity prices may result in impairment of asset value.
  • A change of control could limit our use of net operating losses to reduce future taxable income.
  • The oil and gas development, exploration and production industry is very competitive, and some of our competitors have greater financial and other resources than we do.
  • If we are not able to replace reserves, we may not be able to sustain production.
  • The actual quantities of and future net revenues from our proved reserves may be less than our estimates.
  • Our development and exploratory drilling efforts and our well operations may not be profitable or achieve our targeted returns.
  • Part of our strategy involves drilling in existing or emerging shale plays using the latest available horizontal drilling and completion techniques; therefore, the results of our planned drilling in these plays are subject to risks associated with drilling and completion techniques and drilling results may not meet our expectations for reserves or production.
  • Our undeveloped acreage must be drilled before lease expiration to hold the acreage by production. In highly competitive markets for acreage, failure to drill sufficient wells to hold acreage could result in a substantial lease renewal cost or, if renewal is not feasible, loss of our lease and prospective drilling opportunities.
  • Oil and natural gas operations are uncertain and involve substantial costs and risks. Operating hazards and uninsured risks may result in substantial losses and could prevent us from realizing profits.
  • Multi-well pad drilling may result in volatility in our operating results and delay the conversion of our PUD reserves.
  • We are not the operator of all of our oil and natural gas properties and therefore are not in a position to control the timing of development efforts, the associated costs or the rate of production of the reserves on such properties.
  • Oil and natural gas production operations, especially those using hydraulic fracturing, are substantially dependent on the availability of water. Our ability to produce natural gas, oil and NGL economically and in commercial quantities could be impaired if we are unable to acquire adequate supplies of water for our operations or are unable to dispose of or recycle the water we use economically and in an environmentally safe manner.
  • Substantially all of our producing properties are located in Eastern Ohio and Oklahoma, making us vulnerable to risks associated with operating in only these regions.
  • The loss of one or more of the purchasers of our production could adversely affect our business, results of operations, financial condition and cash flows.
  • The unavailability, high cost or shortages of rigs, equipment, raw materials, supplies, oilfield services or personnel may restrict our operations.
  • Our operations may be adversely affected by pipeline, trucking and gathering system capacity constraints and may be subject to interruptions that could adversely affect our cash flow.
  • We are required to pay fees to some of our midstream service providers based on minimum volumes regardless of actual volume throughput.
  • The outbreak of the novel coronavirus, or COVID-19, has affected and may materially adversely affect, and any future outbreak of any other highly infectious or contagious diseases may materially adversely affect, our operations, financial performance and condition, operating results and cash flows.
  • A deterioration in general economic, business or industry conditions would have a material adverse effect on our results of operations, liquidity and financial condition.
  • Terrorist activities could materially and adversely affect our business and results of operations.
  • Cyber-attacks targeting systems and infrastructure used by the oil and gas industry and related regulations may adversely impact our operations and, if we are unable to obtain and maintain adequate protection for our data, our business may be harmed.
  • We may engage in acquisition and divestiture activities that involve substantial risks.
  • We are subject to extensive governmental regulation and ongoing regulatory changes, which could adversely impact our business.
  • Legislation or regulatory initiatives intended to address seismic activity could restrict our drilling and production activities, as well as our ability to dispose of produced water gathered from such activities, which could have a material adverse effect on our business.
  • Future U.S. and state tax legislation may adversely affect our business, results of operations, financial condition and cash flow.
  • Our business is subject to complex and evolving laws and regulations regarding privacy and data protection.
  • We recently emerged from bankruptcy, which may adversely affect our business and relationships.
  • Our actual financial results after emergence from bankruptcy may not be comparable to our historical financial information as a result of the implementation of the Plan and the transactions contemplated thereby.
  • Upon emergence from bankruptcy, the composition of our board of directors changed significantly.
  • The market price of our securities is subject to volatility.
  • Future sales or the availability for sale of substantial amounts of our common stock, or the perception that these sales may occur, could adversely affect the trading price of our common stock and could impair our ability to raise capital through future sales of equity securities.
  • Certain of our stockholders own a significant portion of our outstanding debt and equity securities and their interests may not always coincide with the interests of other holders of the New Common Stock.
  • There may be future dilution of our common stock, which could adversely affect the market price of our common stock.
  • Our amended and restated certificate of incorporation provides, subject to certain exceptions, that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for certain stockholder litigation matters, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or stockholders.
Management Discussion
  • •Reported total net production of 959.1 MMcfe per day.
  • •Turned to sales three gross (1.7 net) operated wells.
  • •Generated $129.5 million of operating cash flows.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: amplification, appellate, Consumer, enforce, expanded, fewer, forfeited, green, hit, inconsistent, injunctive, judgement, moved, OPWC, park, scope, shown, signaled, Siltstone, stability, successfully, Supreme, surface, tightened
Removed: capitalize, Cutt, declared, description, half, litigated, Mammoth, Timothy