Gulfport Energy Corp (GPOR) 2023 Q2 法說會逐字稿

Greetings and welcome to the Gulfport Energy Corporation's second-quarter 2023 earnings call. (Operator Instructions) As a reminder, this conference being recorded.

歡迎參加格爾夫波特能源公司 2023 年第二季度財報電話會議。 （操作員說明）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Jessica Antle, Director of Investor Relations. Please proceed.

現在我很高興向您介紹主持人，投資者關係總監傑西卡·安特爾。請繼續。

Thank you and good morning, and welcome to Gulfport Energy Corporation's second-quarter 2023 earnings conference call. I am Jessica Antle. Speakers on today's call include John Reinhart, our President and Chief Executive Officer; Michael Hodges, Executive Vice President and Chief Financial Officer; and Matthew Rucker, Senior Vice President of Operations will be available for the Q&A portion of today's call.

謝謝大家，早上好，歡迎參加格爾夫波特能源公司 2023 年第二季度收益電話會議。我是傑西卡·安特爾。今天電話會議的發言者包括我們的總裁兼首席執行官 John Reinhart；邁克爾·霍奇斯（Michael Hodges），執行副總裁兼首席財務官；運營高級副總裁 Matthew Rucker 將參加今天電話會議的問答部分。

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

我想提醒大家，在本次電話會議中，與會者可能會就公司的財務狀況、經營業績、計劃、目標、未來業績和業務做出某些前瞻性陳述。我們提醒您，由於多種因素，實際結果可能與這些前瞻性陳述中所示的結果存在重大差異。有關這些因素的信息可以在該公司向 SEC 提交的文件中找到。

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

此外，我們可能會參考非公認會計準則衡量標準。這些可比 GAAP 指標的調節表將發佈在我們的網站上。昨晚，更新後的格爾夫波特演示文稿與收益公告一起發佈在我們的網站上。請您閒暇時回顧一下。

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

現在，我想將電話轉給總裁兼首席執行官約翰·萊因哈特 (John Reinhart)。

Thank you, Jessica, and thank you to everyone for listening to our call. I am pleased to provide highlights today on the company's outperformance in the second quarter with strong well performance and operational cycle times outpacing budget expectations, playing a key role in our quarterly production, operating costs, adjusted EBITDA, and capital spend realizations, all coming in better than analyst-consensus estimates. The strong execution across the board led to positive revisions in our 2023 full-year production and operating cost guidance.

謝謝你，傑西卡，也感謝大家收聽我們的電話。我很高興今天重點介紹公司第二季度的優異表現，強勁的油井表現和運營週期時間超出了預算預期，在我們的季度產量、運營成本、調整後的EBITDA 和資本支出實現中發揮了關鍵作用，所有這些都在好於分析師的一致預期。全面的強勁執行力導致我們對 2023 年全年生產和運營成本指導進行了積極修正。

The company remains focused on delivering disciplined growth, lowering costs, improving operational cycle times and efficiencies, and enhancing both asset level and corporate returns, all while maintaining an attractive balance sheet and utilizing our top-quartile free cash flow yield to enhance shareholder returns and expand our high-quality inventory. All of which positions the company attractively for continued fundamental value improvements.

公司仍然專注於實現有紀律的增長、降低成本、改善運營週期時間和效率、提高資產水平和企業回報，同時保持有吸引力的資產負債表並利用我們排名前四分之一的自由現金流收益率來提高股東回報和擴大我們的優質庫存。所有這些都使公司在持續提高基本價值方面具有吸引力。

Highlighting the second quarter results, our financial position remained strong despite a volatile commodity market, generating $144.5 million of adjusted EBITDA. The company funded our second-quarter capital program within our cash flow. And with the front-loaded nature of our 2023 activity behind us, we expect adjusted free cash flow to accelerate in the second half of the year from $59 million in the first half of 2023.

突出顯示第二季度的業績，儘管大宗商品市場波動，我們的財務狀況仍然強勁，調整後 EBITDA 為 1.445 億美元。該公司在現金流範圍內為我們第二季度的資本計劃提供了資金。隨著我們 2023 年活動的前期性質的過去，我們預計調整後的自由現金流將從 2023 年上半年的 5900 萬美元加速到下半年。

Our average daily production totaled 1.039 billion cubic feet equivalent per day ahead of analysts' expectations and was driven by the accelerated timing of wells brought online in the quarter as well as the continued strong performance from our development program.

我們的平均日產量總計為 10.39 億立方英尺當量，超出了分析師的預期，這得益於本季度油井上線時間的加快以及我們的開發計劃持續強勁的表現。

During the second quarter, the company drilled and rig released eight gross wells, seven of which were in the Utica. On the completions side, we completed and brought online 13 gross wells during the quarter: 11 in the Utica and two wells in the SCOOP. We continued to deliver strong operational execution and realized consistent cycle-time improvements, accelerating the turn-in lines of all 13 gross wells brought online during the quarter, each realizing a two-week acceleration of planned turn-in line dates.

第二季度，該公司鑽探和鑽探了八口總井，其中七口位於尤蒂卡。在完井方面，本季度我們完成並上線了 13 口總井：11 口位於尤蒂卡，兩口位於 SCOOP。我們繼續提供強大的運營執行力，並實現了持續的周期時間改進，加快了本季度上線的所有 13 口總井的交付線，每口井都實現了計劃交付線日期的兩週加速。

Year to date, the team has been able to perform at a high level of efficiency, and we have included slide 11 of the investor deck to highlight and summarize several of the key focus areas contributing to our results.

今年迄今為止，該團隊一直能夠以高效率執行任務，我們已將投資者資料的幻燈片 11 納入其中，以突出和總結對我們的業績做出貢獻的幾個關鍵重點領域。

On the planning front by fully integrating the planning function into our operations group, continuous improvements are being realized with operational risk mitigation, improved logistics, and idle time reduction between all phases of our operations.

在規劃方面，通過將規劃職能完全整合到我們的運營團隊中，通過降低運營風險、改善物流以及減少運營各個階段之間的閒置時間來實現持續改進。

Regarding operations, all functions, of our business are realized in efficiency gains. Drilling performance continues to improve with a 6% quarter-over-quarter improvement in footage drilled per day. On the completion side, we have seen a significant increase in frac pumping hours per day, reduction in non-productive time, as well as decreasing dead space between frac and drill-out phases.

在運營方面，我們業務的所有功能都是通過提高效率來實現的。鑽井性能持續改善，每日鑽井進尺環比提高 6%。在完井方面，我們看到每天壓裂泵送時間顯著增加，非生產時間減少，以及壓裂和鑽井階段之間的死區減少。

Our focus on logistics improvements and design modifications have led to improving average frac pumping hours per day by 4% in the second quarter with many days reaching 19 and 20-plus pumping hours per day, which is highly efficient performance considering the daily stage counts, stage sizes, and stage perforating operations.

我們對物流改進和設計修改的關注導致第二季度平均每天壓裂泵送時間提高了4%，許多天達到每天19 和20 多個泵送小時，考慮到每日階段數，這是高效的表現，階段尺寸和階段穿孔操作。

The operational efficiency gains significantly improve turn-in line timing and ultimately acceleration of cash flow. The cycle time reductions play an integral role in our corporate-level returns, and we remain intently focused on improving capital efficiencies and enhancing margins, which we believe will result in lower maintenance capital expenditures going forward.

運營效率的提高顯著改善了交付線時間並最終加速了現金流。週期時間的縮短在我們公司層面的回報中發揮著不可或缺的作用，我們仍然專注於提高資本效率和提高利潤率，我們相信這將導致未來維護資本支出的降低。

As mentioned last quarter, we continue to focus on our pressure-managed production approach, which is generating strong pad production rates with minimal average initial pressure drawdown. In the Utica, our three-well Barber Ridge pad located in Monroe County, which we mentioned last quarter, continues to outperform historic results in the same area. This three-well pad continues to produce in excess of 70 million cubic feet equivalent per day at an attractive average well pressure drawdown of 15 PSI per day.

正如上季度提到的，我們繼續專注於壓力管理生產方法，該方法以最小的平均初始壓力下降產生強勁的墊生產率。在尤蒂卡，我們上季度提到的位於門羅縣的三井 Barber Ridge 鑽井平台的表現繼續優於同一地區的歷史業績。這個三井平台每天繼續生產超過 7000 萬立方英尺當量，平均井壓下降為每天 15 PSI，極具吸引力。

Early results are leading to reserve estimates in excess of 2.5 billion cubic feet equivalent per 1,000 feet of lateral for these Monroe County wells. Historic development in Monroe County has averaged 1.5 billion cubic feet equivalent per 1,000 feet of lateral, which represents an outperformance relative to offset in development by a minimum of 60%. We are very encouraged for the remainder of our consolidated Monroe County Utica dry gas development.

初步結果顯示，門羅縣這些井每 1,000 英尺橫向井的儲量估計超過 25 億立方英尺當量。門羅縣的歷史開發平均每 1,000 英尺橫向開發量為 15 億立方英尺當量，這表明相對於開發抵消至少 60% 的表現優異。我們對門羅縣尤蒂卡乾燥天然氣開發的剩餘部分感到非常鼓舞。

We believe our development planning with optimized well spacing, enhanced stimulation treatments, and pressure-managed flowback will ultimately lead to longer production plateau periods, shallower declines, improved reserves, and improved economics and capital efficiencies relating to rightsizing of production facilities and compression.

我們相信，我們的開發規劃包括優化井距、加強增產處理和壓力管理回流，最終將帶來更長的生產平台期、更淺的遞減、提高儲量以及提高與生產設施規模調整和壓縮相關的經濟和資本效率。

When looking at the full 2023 Utica development program, we continue to deliver improved ultimate hydrocarbon recoveries relative to the last three years and currently forecast our EUR per 1,000 feet of lateral in the Utica has improved by over 50% since 2020, as shown in our investor presentation on slide 12.

在審視2023 年尤蒂卡的完整開發計劃時，我們將繼續實現與過去三年相比更高的最終碳氫化合物採收率，目前預測，自2020 年以來，尤蒂卡每1,000 英尺橫向的歐元已提高了50% 以上，如我們的第 12 張幻燈片上的投資者介紹。

Not to be outdone in the SCOOP, our two-well Fowler pad came online during the second quarter and is responding very positively to a pressure-managed production approach. With higher-than-expected oil yields, lower average initial pressure drawdown, as well as moderated profit flowback. The company has delivered some of the best wells in the SCOOP has seen in recent years, and our Fowler wells look to be in line with those results, highlighting consistent development across our acreage.

為了在 SCOOP 中不甘示弱，我們的雙井 Fowler 平台在第二季度上線，並對壓力管理生產方法做出了非常積極的反應。由於石油產量高於預期、平均初始壓力下降較低以及利潤回流放緩。該公司已經交付了近年來 SCOOP 中最好的一些油井，而我們的 Fowler 油井看起來與這些結果相符，凸顯了我們整個區域的持續開發。

Looking at Slide 13 of our investor deck, you can see our program average EUR for 1,000 feet of lateral in the SCOOP has improved by over 75% since 2020. We look forward to returning to a more historic level of development activity in Oklahoma in 2024.

查看我們投資者平台的幻燈片13，您可以看到自2020 年以來，我們在SCOOP 中1,000 英尺橫向的項目平均歐元已提高了75% 以上。我們期待著2024 年俄克拉荷馬州的開發活動恢復到歷史更高水平。

In terms of current activity, we have one drilling rig operating in Ohio, which is drilling ahead on our Marcellus development in Belmont County and continue to expect these wells to turn to sales during the fourth quarter. We look forward to further discussing our Marcellus development progress later in the year and see upside value with our Marcellus acreage, holding the potential to unlock approximately 40 to 50 wells of incremental inventory additions to the company.

就目前的活動而言，我們在俄亥俄州有一台鑽井平台正在運營，該鑽井平台正在貝爾蒙特縣的 Marcellus 開發項目中進行鑽探，並繼續預計這些油井將在第四季度實現銷售。我們期待在今年晚些時候進一步討論我們的 Marcellus 開發進展，並看到我們 Marcellus 面積的上行價值，有潛力為公司解鎖約 40 至 50 口增量庫存。

The continued strength in our well performance and operational efficiency gains allow us to increase our 2023 production guidance while maintaining the same base drilling and completion capital budget. We now forecast our 2023 production will be in the range of 1.035 billion to 1.055 billion cubic feet equivalent per day, an increase of 1% to 3% based upon the company's previously issued guidance range.

我們的油井表現和運營效率的持續增強使我們能夠提高 2023 年的產量指導，同時保持相同的基礎鑽井和完井資本預算。我們現在預測 2023 年的產量將在每天 10.35 億至 10.55 億立方英尺當量範圍內，比公司之前發布的指導範圍增加 1% 至 3%。

Production cost for the second quarter totaled $1.16 per 1 million cubic feet equivalent, better than analyst-consensus expectations and below our initial full year 2023 guidance range. The improvement is primarily driven by a decrease in realized and expected per unit from transportation and processing expenses for the year. For full year 2023, we reduced our operating unit cost guidance, which includes LOE, midstream, and taxes other than income to $1.16 to $1.24 per 1 million cubic feet equivalent, an improvement of approximately 4% based upon the midpoint of our previously issued guidance range.

第二季度的生產成本總計為每 100 萬立方英尺當量 1.16 美元，好於分析師的共識預期，並低於我們最初的 2023 年全年指導範圍。這一改善主要是由於本年度運輸和加工費用的單位實現和預期減少所致。對於2023 年全年，我們將運營單位成本指導（包括LOE、中游和除收入以外的稅費）降低至每100 萬立方英尺當量1.16 至1.24 美元，比我們之前發布的指導中值提高了約4 %範圍。

The teams continue to aggressively work opportunities to optimize and reduce our per unit operating costs to improve on both LOE and midstream costs during the remainder of the year. The company maintained our top quartile general and administrative spend during the quarter with our reoccurring cash G&A totaling $0.11 per 1 million cubic feet equivalent.

這些團隊將繼續積極尋找機會來優化和降低我們的單位運營成本，以在今年剩餘時間內改善 LOE 和中游成本。該公司在本季度的一般和行政支出保持在前四分之一，經常性現金管理及行政費用總計為每 100 萬立方英尺當量 0.11 美元。

On the capital side, driven by operational efficiency improvements to date, we forecast the company has realized roughly 5% savings on our full-year 2023 drilling and completion budget. These savings are being reinvested in our ongoing maintenance leasing efforts, facilitating the company's ability to improve our average working interest in nearly every well in our 2023 development program. This results in an increase in our net well counts and further contributes to our expected production and drilling and completion capital results for the year.

在資本方面，在迄今為止運營效率提高的推動下，我們預測該公司已實現 2023 年全年鑽井和完井預算節省約 5%。這些節省下來的資金將被重新投資於我們正在進行的維護租賃工作，從而促進公司提高 2023 年開發計劃中幾乎每口井的平均工作權益。這導致我們的淨井數增加，並進一步有助於我們今年的預期產量以及鑽井和完井資本業績。

Based on the budgeted activity for the remainder of the year, we remain confident in our full-year drilling and completion capital guidance range and affirm our budget of $375 million to $400 million of base development capital spending. The team will continue to focus on operational improvements that are expected to translate into further savings in 2023 as well as meaningful capital efficiency gains going into 2024.

根據今年剩餘時間的預算活動，我們對全年鑽井和完井資本指導範圍仍然充滿信心，並確認我們的基礎開發資本支出預算為 3.75 億美元至 4 億美元。該團隊將繼續專注於運營改進，預計將在 2023 年轉化為進一步的節省，並在 2024 年實現有意義的資本效率收益。

Turning to land capital expenditures, we reaffirm our plans to allocate $50 million to $75 million on maintenance, leasehold, and land investment. This land spend is focused on bolstering our 2023 and 2024 drilling programs and facilitating increases in our working interest and lateral footage in units we plan to drill near term.

談到土地資本支出，我們重申計劃分配 5000 萬至 7500 萬美元用於維護、租賃和土地投資。這筆土地支出的重點是支持我們 2023 年和 2024 年的鑽探計劃，並促進增加我們計劃近期鑽探的單位的工作興趣和橫向進尺。

As outlined in our earnings announcement yesterday evening and discussed on last quarter's conference call, the company is providing further detail regarding the discretionary acreage acquisitions being pursued this year. These acquisitions expand our high-quality resource depth, which is predominantly held long term by production and will provide optionality to our near-term development plan. We are actively pursuing these attractive acreage acquisition opportunities towards which we intend to allocate approximately $40 million from our robust 2023 adjusted free cash flow.

正如我們昨天晚上的收益公告中所概述的以及上季度電話會議上所討論的那樣，該公司正在提供有關今年正在進行的酌情收購面積的進一步細節。這些收購擴大了我們的優質資源深度，這些資源主要由生產長期持有，並將為我們的近期發展計劃提供選擇。我們正在積極尋求這些有吸引力的土地收購機會，我們打算從我們強勁的 2023 年調整後自由現金流中分配約 4000 萬美元。

We believe these are attractive opportunities to acquire high-quality organic acreage at attractive valuations that are accretive to overall value of our business. We believe this opportunistic organic leasing strategy is the most cost-efficient approach to extending our strong core inventory position. Depending on the phase window and exact area of interest, we anticipate the approximately $40 million of discretionary acreage acquisitions will add roughly 1.5 years of drilling inventory at our current development pace with an average cost of approximately $1.4 million to $1.5 million per location.

我們相信，這些都是以有吸引力的估值收購高質量有機土地的誘人機會，可以增加我們業務的整體價值。我們相信，這種機會主義的有機租賃策略是擴大我們強大的核心庫存地位的最具成本效益的方法。根據階段窗口和具體感興趣的區域，我們預計約4000 萬美元的可自由支配面積收購將以我們目前的開發速度增加約1.5 年的鑽井庫存，每個地點的平均成本約為140 萬至150 萬美元。

In closing, the current natural gas environment reinforces the importance of developing our assets in an efficient and sustainable development manner. Our team is focused on enhancing margins, optimizing efficiencies, and protecting the financial strength of the company. This in addition to the enhancement of our attractive acreage portfolio and a robust shareholder return strategy will further improve our strong positioning going forward.

最後，當前的天然氣環境凸顯了以高效和可持續發展方式開發我們資產的重要性。我們的團隊專注於提高利潤、優化效率和保護公司的財務實力。除了增強我們有吸引力的土地投資組合和穩健的股東回報策略之外，這將進一步改善我們未來的強勢地位。

We continue to prioritize the return of capital to our shareholders through common stock repurchases as evidenced by the concurrent repurchase alongside the secondary equity offering in June 2023. Since initiating the program, we have reduced our outstanding common shares by over 13%, and we plan to continue allocating substantially all of our adjusted free cash flow to common share repurchases after accounting for discretionary acreage acquisitions.

我們繼續優先考慮通過普通股回購向股東返還資本，2023 年6 月同時回購和二次股權發行就證明了這一點。自啟動該計劃以來，我們已將流通在外的普通股減少了13%以上，我們計劃在考慮酌情收購面積後，繼續將我們調整後的自由現金流的大部分用於普通股回購。

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

現在我將把電話轉給邁克爾討論我們的財務業績。

Thank you, John, and good morning, everyone. During the second quarter, the company continued to achieve strong results in almost every area of the business. Net cash provided by operating activities before changes in working capital totaled approximately $134 million during the second quarter, more than funding our capital expenditures despite the soft gas macro and our accelerated level of activity.

謝謝約翰，大家早上好。第二季度，該公司幾乎在每個業務領域都繼續取得強勁業績。第二季度，在營運資本變化之前，運營活動提供的淨現金總額約為 1.34 億美元，儘管天然氣宏觀疲軟且我們的活動水平加快，但仍超過了我們的資本支出。

We reported adjusted EBITDA of approximately $145 million during the quarter. And as John mentioned, due to our capital program waiting to the first half of the year, reported a slight outspend in adjusted free cash flow of just $4 million for the same period, better than analyst expectations, driven by our strong production and operating cost performance.

我們報告本季度調整後的 EBITDA 約為 1.45 億美元。正如約翰提到的，由於我們的資本計劃要等到上半年，報告稱同期調整後的自由現金流略有超出，僅為400 萬美元，好於分析師的預期，這得益於我們強勁的生產和運營成本表現。

With less than 40% of our D&C and maintenance leasehold spending left to occur in 2023 and with an improving commodity price environment expected later in the year, the second half of the year should deliver accelerating adjusted free cash flow that provides a strong tailwind as we enter 2024.

到2023 年，我們的D&C 和維護租賃支出只剩下不到40%，並且預計今年晚些時候大宗商品價格環境將有所改善，今年下半年應該會帶來加速的調整後自由現金流，這為我們提供了強大的推動力。進入2024年。

Our all-in realized price during the second quarter was $2.76 per Mcfe before the impact of cash settled derivatives and firm transportation. This realized unit price is $0.66 above NYMEX Henry Hub index price, highlighting the benefit of Gulfport's diverse marketing portfolio for natural gas and the pricing uplift from our liquids in both of our asset areas.

在現金結算衍生品和固定運輸的影響之前，我們第二季度的總實現價格為每 Mcfe 2.76 美元。這一實現的單價比 NYMEX 亨利中心指數價格高出 0.66 美元，凸顯了格爾夫波特多樣化的天然氣營銷組合的優勢以及我們兩個資產領域液體產品的定價提升。

We realized a cash hedging gain of approximately $53 million for the quarter as commodity prices softened and our hedge book strengthened our cash flow. We believe our hedging position for the remainder of 2023 will provide ample protection should prices remain at or below current levels. Our natural gas price differential before hedges was negative $0.25 per Mcfe compared to the average daily NYMEX settled price during the quarter. And driven by seasonality and strip pricing increasing as we progress through the year, we expect our third quarter differential to move wider before narrowing in the fourth quarter.

由於大宗商品價格走軟，我們的對沖賬簿增強了我們的現金流，本季度我們實現了約 5300 萬美元的現金對沖收益。我們相信，如果價格保持在或低於當前水平，我們在 2023 年剩餘時間內的對沖頭寸將提供充足的保護。與本季度 NYMEX 日均結算價相比，我們對沖前的天然氣價差為每 Mcfe 負 0.25 美元。在季節性和帶鋼價格隨著全年進展而增加的推動下，我們預計第三季度的差異將擴大，然後第四季度將縮小。

We reaffirm our natural gas basis differential before hedges to average $0.2 to $0.35 per Mcf below NYMEX for the full year. And based on current forward prices and basis marks, expect the average toward the wide end of our provided range.

我們重申全年對沖前的天然氣基差平均每立方英尺比 NYMEX 低 0.2 至 0.35 美元。根據當前的遠期價格和基點，預計平均值將接近我們提供的範圍的最寬端。

In addition to reflect market impacts to realized prices to date and the company's expectations for the remainder of the year, we have revised our realized natural gas liquids guidance and anticipate realizing 35% to 40% of WTI for the calendar year.

除了反映迄今為止市場對已實現價格的影響以及公司對今年剩餘時間的預期外，我們還修訂了已實現的液化天然氣指導，並預計今年將實現 WTI 的 35% 至 40%。

On the capital front, we incurred capital expenditures of $110.6 million related to drilling and completion activity and $18.7 million related to leasehold and land investments. Through the first half of the year, we have now spent approximately 61% of our expected base D&C capital for 2023 and approximately 62% of our expected maintenance leasehold and land capital for 2023. And we remain confident that we will deliver full-year results within our initial guidance.

在資本方面，我們與鑽井和完井活動相關的資本支出為 1.106 億美元，與租賃和土地投資相關的資本支出為 1,870 萬美元。截至今年上半年，我們現已支出了 2023 年預期基本 D&C 資本的約 61%，以及 2023 年預期維護租賃和土地資本的約 62%。我們仍然對交付全年業績充滿信心在我們最初的指導範圍內。

Our continued cycle-time improvements and acceleration of planned activity has pulled capital forward, and we estimate approximately 85% of the drilling and completion capital for the year will occur during the first three quarters of 2023. Our operational efficiency improvements, robust hedge position, healthy balance sheet, and strong cash margins provides significant flexibility as we consider the proper setup for 2024 and plan our activity as we enter what we believe will be a stronger commodity price environment.

我們持續的周期時間改進和計劃活動的加速推動了資本的向前發展，我們估計今年約85% 的鑽井和完井資本將在2023 年前三個季度實現。我們的運營效率提高、穩健的對沖頭寸、健康的資產負債表和強勁的現金利潤率為我們考慮 2024 年的適當設置並在進入我們認為將更加強勁的大宗商品價格環境時規劃我們的活動提供了巨大的靈活性。

With respect to the current hedge position, we are pleased to have downside protection covering approximately 55% of our remaining 2023 natural gas production at an average floor price of $3.48 per Mcf and roughly 480 million cubic feet per day of downside protection in 2024 at an average floor price of $3.84 per Mcf.

就目前的對沖頭寸而言，我們很高興能夠以每立方英尺3.48 美元的平均底價獲得下行保護，覆蓋2023 年剩余天然氣產量的約55%，並以每立方英尺3.48 美元的平均底價提供下行保護，並以平均每立方英尺3.48 美元的價格提供每天約4.8 億立方英尺的下行保護。每立方英尺的平均底價為 3.84 美元。

We have also begun opportunistically layering in hedges for 2025 and currently have natural gas swaps and collared contracts totaling approximately 190 million cubic feet per day at an average price of $3.90 per Mcf to the floor. On the basis front, we have locked in around 40% of our 2023 natural gas basis exposure, providing pricing security at our largest sales points for the remainder of the year.

我們還開始機會主義地對 2025 年進行分層套期保值，目前天然氣掉期和附加合約總量約為每天 1.9 億立方英尺，平均價格為每立方英尺 3.90 美元。在基差方面，我們鎖定了 2023 年天然氣基差敞口的約 40%，為今年剩餘時間裡我們最大的銷售點提供了定價安全。

We believe there are better days ahead for natural gas, and yet we remain committed to a disciplined approach to hedging our future cash flows with plans to layer in targeted amounts of incremental hedges primarily in 2025 as opportunities present themselves.

我們相信天然氣的未來會更好，但我們仍然致力於採取嚴格的方法來對沖我們的未來現金流，併計劃主要在 2025 年隨著機會的出現，逐步增加目標金額的增量對沖。

Turning to the balance sheet, our financial position remains very strong, with trailing 12-month leverage exiting the quarter at 0.9 times and our liquidity totaling $732 million, comprised of $5.3 million of cash, plus $726.6 million of borrowing base availability, which takes into account our previously announced successful spring borrowing base redetermination and our amendment to our credit facility.

就資產負債表而言，我們的財務狀況仍然非常強勁，本季度的過去12 個月槓桿率為0.9 倍，我們的流動資金總額為7.32 億美元，其中包括530 萬美元的現金，加上7.266 億美元的可用借款基礎，其中考慮了考慮到我們之前宣布的成功的春季借款基礎重新確定以及我們對信貸安排的修改。

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

我們今天的流動性足以滿足我們在可預見的未來可能出現的任何發展需求，並且從未來的財務角度來看提供了巨大的靈活性，因為如果出現使我們能夠為利益相關者獲取價值的情況，我們將保持機會主義。

In the equity capital markets, we completed a secondary equity offering in June with the selling stockholders reducing their ownership by approximately 1.5 million shares and increasing Gulfport's public equity float by roughly 18%. Further, in connection with the transaction, we executed a $25 million concurrent buyback of Gulfport shares. And in total, repurchased approximately 442,000 common shares at an average price of $93.67 during the second quarter.

在股權資本市場，我們於 6 月份完成了二次股權發行，出售股東減少了約 150 萬股股份，並使格爾夫波特的公共股本流通量增加了約 18%。此外，在此次交易中，我們同時回購了 2500 萬美元的格爾夫波特股票。第二季度總共以 93.67 美元的平均價格回購了約 442,000 股普通股。

As of July 27th, we had repurchased approximately 3.8 million shares of common stock at an average share price of approximately $85.51, lowering our share count by 13% since the inception of our share repurchase program. We currently have approximately $75 million of availability under our $400 million share repurchase program. And our plan to deliver shareholder value remains the same.

截至 7 月 27 日，我們已回購約 380 萬股普通股，平均股價約為 85.51 美元，自股票回購計劃啟動以來，我們的股票數量減少了 13%。目前，根據我們 4 億美元的股票回購計劃，我們有大約 7500 萬美元的可用資金。我們提供股東價值的計劃保持不變。

We will continue to return substantially all of our full-year 2023 adjusted free cash flow to shareholders through common share repurchases, excluding the debt discretionary acreage acquisitions that John mentioned earlier. As we close out 2023 and look ahead to 2024, we forecast continued significant free cash flow generation and common share repurchases will remain a key part of our return of capital strategy given the unrisked recognized value we believe remains in our equity.

我們將繼續通過普通股回購將大部分 2023 年全年調整後自由現金流返還給股東，不包括約翰之前提到的債務可自由支配面積收購。在我們結束 2023 年並展望 2024 年時，我們預計，鑑於我們認為股權中仍保留無風險的公認價值，持續大量的自由現金流產生和普通股回購將仍然是我們資本回報策略的關鍵部分。

Given this continuation of our existing plan with respect to shareholder returns, we anticipate expanding our current share repurchase authorization in the near future.

鑑於我們在股東回報方面的現有計劃的延續，我們預計在不久的將來擴大我們當前的股票回購授權。

In summary, this is an exciting time to be part of Gulfport. This year's program is delivering on all fronts, and we look forward to continued progress both operationally and financially as we move forward. Simply put, the first half of 2023 has been a success. We now plan to deliver more production than promised at lower operating costs than projected while investing within our existing guidance and delivering premium free cash flow yields to our investors.

總而言之，這是成為格爾夫波特一部分的激動人心的時刻。今年的計劃在各個方面都取得了成效，我們期待著在前進的過程中在運營和財務方面繼續取得進展。簡而言之，2023 年上半年是成功的。我們現在計劃以低於預期的運營成本交付比承諾更多的產量，同時在我們現有的指導範圍內進行投資，並為我們的投資者提供優質的自由現金流收益率。

While we fully recognize that the natural gas macro environment has been volatile the last few months, we believe that Gulfport's current valuation possesses substantial upside, especially in light of our strong results and our operational execution capabilities. We believe this current landscape provides a significant investment opportunity for those willing to recognize both the potential for multiple expansion as well as an improving outlook for natural gas and the upside that these could deliver to our investors.

雖然我們充分認識到過去幾個月天然氣宏觀環境一直不穩定，但我們相信格爾夫波特目前的估值具有巨大的上漲空間，特別是考慮到我們強勁的業績和運營執行能力。我們相信，當前的形勢為那些願意認識到多重擴張潛力、天然氣前景改善以及這些可能為我們的投資者帶來的好處的人提供了重要的投資機會。

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

這樣，我會將電話轉回給接線員以打開電話詢問問題。

(Operator Instructions) [Bert Thomas], Truist.

（操作員說明）[伯特·托馬斯]，真理論者。

Good morning, team. On the Marcellus derisking, when you get those results, just trying to get an idea of what we should be looking for, you're expected to make a decision or whether or not to pursue a program there or is this more about how many locations that maybe you think you could bring on board?

早上好，團隊。關於馬塞勒斯去風險，當你得到這些結果時，只是想了解我們應該尋找什麼，你應該做出決定，或者是否在那裡進行一個項目，或者更多的是關於有多少個地點也許你認為你可以加入？

Yeah, Bert, this is John. I appreciate the question and your participation today. We're pretty excited about, as we've mentioned at the last couple of quarters, of the potential that the Marcellus development brings. So we're actually close to now drilling our second well and as I noted, looking forward to starting up production here in early Q4.

是的，伯特，這是約翰。我感謝您今天的提問和參與。正如我們在過去幾個季度提到的那樣，我們對 Marcellus 開髮帶來的潛力感到非常興奮。因此，我們實際上已經接近鑽探第二口井，正如我所指出的，期待在第四季度初開始生產。

As I would bucket the opportunity set as we look at it, there are a very attractive wells just right across the river into the south. We've ran also some early pilot logs and some sidewall cores. And what I'll tell you is that early results are as expected. So as I would bucket the opportunity set from our perspective, we are looking to delineate the liquids content to the south and to the northwest.

正如我將在我們看到的機會集裡桶一樣，有一口非常有吸引力的井就在河對岸進入南部。我們還運行了一些早期的試點日誌和一些側壁核心。我要告訴你的是，早期結果正如預期的那樣。因此，當我從我們的角度考慮機會時，我們希望將液體含量劃定到南部和西北部。

It's better to get a handle on how economic these are and what the pressures are the production profile might look like to better help us in our midstream discussion. So it would be more of assessing the productivity of the formation and outline better where we might want to initially prioritize subsequent development. So hopefully that answers your question.

最好了解一下這些產品的經濟性以及生產情況可能面臨的壓力，以便更好地幫助我們進行中游討論。因此，更多的是評估編隊的生產力，並更好地概述我們可能希望首先優先考慮後續發展的地方。希望這能回答你的問題。

That does. That's great. And then the follow-up is just on the prepared commentary, you kind of describe the remaining share repurchases as the amount of free cash flow you have for the year. So obviously, 2Q was a lower gas price environment. So maybe you pulled some of that forward.

確實如此。那太棒了。然後後續只是準備好的評論，你將剩餘的股票回購描述為你今年擁有的自由現金流量。顯然，第二季度是天然氣價格較低的環境。所以也許你把其中的一些向前推進了。

So I just want to make sure we understand, is it a similar program going forward or are you looking at more of your forward calculation for the year of free cash flow and then you're just kind of using those buybacks or should we expect just a ratable amount of opportunistic share repurchases as they come along? Thanks.

所以我只是想確保我們理解，這是一個類似的計劃，還是您正在考慮更多今年自由現金流的遠期計算，然後您只是使用這些回購，或者我們應該期望只是是否會進行一定數量的機會主義股票回購？謝謝。

Yeah, Bert, this is Michael. That's a great question. So we've described this throughout the year as being kind of a full-year program. So we look at our 2023 full-year available free cash flow. We kind of look at that every month at where that sits and what we think might be coming and certainly commodity prices play into that. And then we assess the amount of share repurchases that we feel like we can make once we take into account any of the acreage opportunities that John described this morning.

是的，伯特，這是邁克爾。這是一個很好的問題。因此，我們將這一整年描述為一種全年計劃。因此，我們查看了 2023 年全年可用自由現金流。我們每個月都會關注它的情況以及我們認為可能會發生的情況，當然大宗商品價格也會對此產生影響。然後，我們評估了一旦考慮到約翰今天早上描述的任何面積機會，我們認為我們可以回購的股票數量。

So that can vary from quarter to quarter. And certainly, we've been active buyers throughout the year. We think the equity is extremely attractive at current levels and it felt that way consistently. And so with our healthy balance sheet, with our liquidity on the revolver, we don't really need to chase kind of quarterly changes in the free cash flow. We look at it on that full-year basis.

因此，每個季度的情況可能會有所不同。當然，我們全年都是活躍的買家。我們認為，在目前的水平上，股權極具吸引力，而且一直如此。因此，憑藉我們健康的資產負債表和左輪手槍的流動性，我們真的不需要追逐自由現金流的季度變化。我們以全年為基礎來看待它。

And so as we look out to the second half of the year, we're still assessing it in that fashion and plan to make additional repurchases as we have the available free cash flow.

因此，當我們展望今年下半年時，我們仍在以這種方式對其進行評估，併計劃在我們擁有可用的自由現金流的情況下進行額外的回購。

I think that's a great way to go about it. Thanks.

我認為這是一個很好的方法。謝謝。

Tim Rezvan, KeyBanc Capital.

蒂姆·雷茲萬 (Tim Rezvan)，KeyBanc Capital。

Good morning, everybody. Thank you for taking my questions. As we look out to 2024, if we ignore the sold calls, you look to be roughly 50% hedged. Just curious, given where the balance sheet is in the sort of operational momentum, is that a good level where you want to be or would you opportunistically push much higher to like the 2023 level if you saw the strip improve? Just curious on your thoughts there.

大家早上好。感謝您回答我的問題。展望 2024 年，如果我們忽略賣出的看漲期權，您看起來大約會受到 50% 的對沖。只是好奇，考慮到資產負債表處於某種運營勢頭，這是您想要達到的良好水平嗎？或者如果您看到資產負債表有所改善，您會機會主義地推高至2023 年的水平嗎？只是好奇你的想法。

Yes, Tim, this is Michael. Another really good question. I think we feel good about where we're at. And certainly, the hedge position we have in place is significantly in the market or in the positive mark, given where the strip sits right now for 2024. You mentioned the balance sheet, I think that gives us the flexibility to vary a little bit whether we want to be a little higher or a little lower. I would call where we're at somewhere in the middle of our typical range, our typical strategy for our hedge book.

是的，蒂姆，這是邁克爾。另一個非常好的問題。我認為我們對自己所處的位置感覺良好。當然，考慮到2024 年該地帶目前的情況，我們在市場上所採取的對沖頭寸是顯著的，或者是積極的。你提到了資產負債表，我認為這讓我們可以靈活地進行一些改變，無論是我們想要高一點或低一點。我會將我們處於典型範圍中間的位置稱為我們的對沖賬簿的典型策略。

So I think where the strip sits currently, I think we feel pretty comfortable with our existing book. If the strip were to move significantly higher, we could certainly layer in a little bit. We would probably not have a ton of room left to add to 2024. But I think for the most part, we're really comfortable with where that sits.

所以我認為目前該條的位置，我認為我們對現有的書感到非常滿意。如果金條明顯走高，我們當然可以稍微分層。到 2024 年，我們可能沒有太多空間可以添加。但我認為在大多數情況下，我們對目前的情況感到非常滿意。

And I mentioned in my prepared comments, we're really focused on 2025 and we have a pretty optimistic and bullish view on 2025. So we've been using some structures that allow us to keep the upside there. So I think most of our focus will be on 2025. But if we saw some improvement in the strip for '24, there's probably a little bit of room where we could do some additional work there.

我在準備好的評論中提到，我們確實關注 2025 年，並且對 2025 年持非常樂觀和看漲的看法。因此，我們一直在使用一些結構，使我們能夠保持上漲空間。所以我認為我們的大部分重點將放在 2025 年。但是如果我們看到 24 年的條帶有所改進，那麼我們可能還有一些空間可以在那裡做一些額外的工作。

Okay. Appreciate the color. Next question, follow up, maybe more for John. I mean, in the investor deck, you're talking about increasing CapEx in Oklahoma next year, be it sort of minimal CapEx this year. So an increase like -- just understand how material that can be. Is it just a couple more wells there or as you've learned more about the assets, is there a chance we could see a full-time rig running out there? Just curious kind of overview on the SCOOP now that you've been in the seat for a few months.

好的。欣賞顏色。下一個問題，跟進，也許更多是關於約翰的。我的意思是，在投資者甲板上，您正在談論明年增加俄克拉荷馬州的資本支出，無論今年的資本支出是否最低。因此，像這樣的增長——只要了解它的重要性就可以了。那裡只是多了幾口井，還是隨著您對資產有了更多了解，我們是否有機會看到那裡有一個全職鑽井平台正在運行？既然你已經坐在這個座位上幾個月了，只是對 SCOOP 的一種好奇的概述。

Tim, thanks for participating in call. Appreciate the question. And we're pretty excited about how the SCOOP coming in. Quite frankly, it's highly economic and the economics certainly warrant capital allocation. As we talked about it in prior quarters due to the HBP nature, we did take some funds from that with regards to our capital program at '23 and really wanted to reinvest that in the Marcellus delineation, which we've done.

蒂姆，感謝您參與通話。感謝這個問題。我們對 SCOOP 的出現感到非常興奮。坦率地說，它非常經濟，而且經濟肯定需要資本配置。正如我們在前幾個季度討論的那樣，由於 HBP 的性質，我們確實從 23 年的資本計劃中獲得了一些資金，並且確實希望將其再投資於 Marcellus 劃界，我們已經這樣做了。

But now as we turn to '24 again with the really good results, we are going to be allocating more of a historic capital allocation to the Oklahoma SCOOP area. And you can think about that in the neighborhood of 25% to 30% of the capital range plus or minus moving forward.

但現在，當我們再次轉向 24 年並取得真正良好的結果時，我們將向俄克拉荷馬州 SCOOP 地區分配更多歷史性的資本分配。您可以考慮在資本範圍的 25% 到 30% 附近加減向前推進。

So we'll put out our guidance in January or early February for the full year. But I can say we're pretty excited about kind of getting back to our normal cadence of this highly economic part of our portfolio. So appreciate the question.

因此，我們將在一月或二月初發布全年指導。但我可以說，我們對投資組合中這個高度經濟的部分恢復正常節奏感到非常興奮。所以很欣賞這個問題。

Thank you. At this time, I will turn the call back to Mr. John Reinhart, CEO, for final remarks.

謝謝。此時，我會將電話轉回給首席執行官約翰·萊因哈特 (John Reinhart) 先生，讓其作最後發言。

Thank you for taking the time to join our call today. Our message has been a consistent one, run a healthy company by maintaining a healthy and attractive balance sheet with moderate growth, minimal levels of commitment, and generate substantial free cash flow that is directed towards shareholder value creation. This allows the company to have many levers to be opportunistic tactically and strategically for further value enhancement in the future.

感謝您今天抽出時間參加我們的電話會議。我們的信息始終如一，通過保持健康且有吸引力的資產負債表、適度增長、最低限度的承諾來經營一家健康的公司，並產生大量用於股東價值創造的自由現金流。這使得公司能夠擁有許多槓桿，在戰術和戰略上進行機會主義，以在未來進一步提升價值。

Should you have any questions, please don't hesitate to reach out to our Investor Relations team in the future. Thanks again for joining our call and have a great day.

如果您有任何疑問，請隨時聯繫我們的投資者關係團隊。再次感謝您加入我們的通話，祝您有美好的一天。

This concludes today's teleconference. You may disconnect your lines at this time and thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路，感謝您的參與。