Gulfport Energy Corp (GPOR) 2024 Q2 法說會逐字稿

Ladies and gentlemen, greetings and welcome to Gulfport Energy Corporation's second quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jessica Antal. Please go ahead.

女士們、先生們，大家好，歡迎參加格爾夫波特能源公司 2024 年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹你們的主持人潔西卡·安塔爾。請繼續。

Thank you, and good morning. Welcome to Gulfport Energy Corporation's second quarter 2024 earnings conference call. I am Jessica Antle, Vice President of Investor Relations. Speakers on today's call include John Reinhart, President and CEO; and Michael Hodges, Executive Vice President and CFO. In addition, Matthew Rucker, Senior Vice President of Operations will be available for the Q&A portion of today's call.

謝謝你，早安。歡迎參加格爾夫波特能源公司 2024 年第二季財報電話會議。我是傑西卡·安特爾，投資者關係副總裁。今天電話會議的發言人包括總裁兼執行長 John Reinhart；執行副總裁兼財務長邁克爾霍奇斯 (Michael Hodges)。此外，營運資深副總裁 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, the participants may make certain forward-looking statements relating to the company's financial condition, results of operations, plans, objectives, future performance, and business.

我想提醒大家，在這次電話會議中，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。

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.

我們提醒您，由於多種因素，實際結果可能與這些前瞻性聲明中所示的結果有重大差異。有關這些因素的資訊可以在該公司向 SEC 提交的文件中找到。

In addition, we may reference non-GAAP measures. Reconciliations to the 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. At this time, I would like to turn the call over to John Reinhart, President and CEO.

此外，我們可能會參考非公認會計準則衡量標準。與可比較 GAAP 衡量標準的調整表將發佈在我們的網站上。昨晚，更新後的格爾夫波特簡報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。現在，我想將電話轉給總裁兼執行長約翰·萊因哈特 (John Reinhart)。

Thank you, Jessica, and thank you to everyone for listening to our call. During the second quarter, Gulfport's operational, planning, and financial teams continued successful execution of our corporate plans to lower operating and capital costs, maximize free cash flow generation, return capital to shareholders, and enhance the company's high-quality inventory.

謝謝你，潔西卡，也謝謝大家收聽我們的電話。第二季度，格爾夫波特的營運、規劃和財務團隊繼續成功執行我們的公司計劃，以降低營運和資本成本，最大限度地提高自由現金流的產生，向股東返還資本，並增強公司的高品質庫存。

Our teams in the field continue driving operational improvements, resulting in capital savings on our full year development program and delivering positive free cash flow during the quarter despite a volatile pricing environment.

我們的現場團隊繼續推動營運改進，從而節省了全年開發計劃的資本，並在定價環境波動的情況下在本季度提供了正的自由現金流。

We continued our commitment to returning capital to our shareholders through common share repurchases, while also reinvesting in our attractive and diverse asset base, through discretionary acreage acquisitions. The company realized another record-setting quarter in the field, while delivering on a prudent 2024 development plan, all of which contributed to strong financial performance and underscores the execution sustainability of the corporate strategy.

我們持續致力於透過普通股回購向股東返還資本，同時透過酌情收購土地對我們有吸引力的多元化資產基礎進行再投資。公司在該領域再創紀錄的季度業績，同時實施了審慎的2024年發展計劃，所有這些都有助於實現強勁的財務業績，並強調公司戰略執行的可持續性。

Looking at our second quarter highlights, the company generated $164 million of adjusted EBITDA and $20 million of adjusted free cash flow. Our average daily production totaled 1.05 billion cubic feet equivalent per day, in line with our first quarter 2024 average and analyst expectations.

從我們第二季的亮點來看，該公司產生了 1.64 億美元的調整後 EBITDA 和 2,000 萬美元的調整後自由現金流。我們的平均日產量總計為 10.5 億立方英尺當量，符合我們 2024 年第一季的平均產量和分析師的預期。

Considering actuals to date and future planned activity, the company has narrowed 2024 production guidance and forecast full year production to be in the range of 1.055 billion to 1.07 billion cubic feet equivalent per day, with the midpoint remaining unchanged.

考慮到迄今為止的實際情況和未來的計劃活動，該公司縮小了2024年的產量指導範圍，並預測全年產量將在每天10.55億立方英尺至10.7億立方英尺當量的範圍內，中點保持不變。

Operationally, during the second quarter, the company completed drilling on five gross wells, three within Ohio targeting the Utica formation and two in the SCOOP targeting the Woodford. We entered the quarter with two operating drilling rigs running and as planned released the SCOOP drilling rig following the completion of a three well extended lateral pad. We currently have one rig running in Ohio and plan to resume SCOOP drilling during the fourth quarter of 2024.

在營運方面，該公司在第二季完成了 5 口總井的鑽探，其中 3 口位於俄亥俄州，目標是 Utica 地層，另外 2 口位於 SCOOP，目標是 Woodford。進入本季度，我們有兩台正在運行的鑽機正在運行，並按計劃在完成三井延伸側向平台後發布了 SCOOP 鑽機。目前，我們在俄亥俄州有一台鑽機正在運行，並計劃在 2024 年第四季恢復 SCOP 鑽探。

On the completions front, we turned to sales four well dry gas pad in Utica during the quarter. And as noted in the opening comments, the team's continuous improvement focus led to several new execution records. We achieved a new record on our daily frac pumping hours, improving our quarterly average to 21.9 frac pumping hours per day in the Utica, up 28% over the full year 2023 and an improvement of 54% over the full year 2022 results.

在完工方面，本季我們轉向販售尤蒂卡的四口乾氣墊。正如開場白中所指出的，團隊的持續改進重點帶來了多項新的執行記錄。我們的每日壓裂泵送時間創下新紀錄，將尤蒂卡的季度平均壓裂泵送時間提高至每天 21.9 小時，比 2023 年全年增長 28%，比 2022 年全年增長 54%。

Furthermore, our Utica frac provider set another company record for all of its US pressure-pumping fleets, pumping continuously for over 31.5 hours, significantly surpassing their previous record of 23 hours. These efficiencies and corresponding cycle time reductions play an integral role in enhancing our development program deliverables and corporate level returns. Due to the team's strong execution, we forecast the company will realize over $25 million in capital savings on our full year 2024 drilling and completion budget.

此外，我們的尤蒂卡壓裂供應商為其所有美國壓力泵隊創造了另一項公司記錄，連續泵送時間超過 31.5 小時，大大超過了之前 23 小時的記錄。這些效率和相應的周期時間縮短在提高我們的開發計畫可交付成果和公司層面的回報方面發揮著不可或缺的作用。由於團隊強大的執行力，我們預計該公司將在 2024 年全年鑽井和完井預算中實現超過 2500 萬美元的資本節省。

As we continue to navigate a volatile commodity environment, the company is retaining its flexibility to subsequently employ these savings, pending assessment of the commodity environment later in the year. Allocation options include development of our high-quality assets, incremental shareholder returns, further balance sheet improvements or enhancing the company's inventory runway.

隨著我們繼續應對波動的大宗商品環境，該公司將保留隨後使用這些節省的靈活性，以待今年稍後對大宗商品環境的評估。分配選項包括開發我們的優質資產、增加股東回報、進一步改善資產負債表或增強公司的庫存跑道。

Maintaining the company's top tier financial position allows us the optionality to be responsive to the market and act quickly to maximize shareholder value. Considering the pending allocation of our capital savings, we are currently maintaining our full year capital guide.

保持公司頂級的財務狀況使我們能夠靈活地響應市場並迅速採取行動，以實現股東價值最大化。考慮到我們的資本儲蓄的待分配，我們目前維持全年資本指南。

Highlighting our focus on more liquids-rich directed activity during 2024, the company completed frac operations on four gross condensate drills in Harrison County, Ohio during the quarter. This condensate pad is the first to reach completion following our shift to more liquids-rich weighted activity in the Utica as well as the first Gulfport condensate pad to be turned to sales since the second quarter of 2020. When compared to Gulfport's historical activity in the area, even our recent dry gas Utica activity, we realized significant improvements in operational performance.

該公司在本季度完成了俄亥俄州哈里森縣四個總凝析油鑽探的壓裂作業，這凸顯了我們在 2024 年對更多富含液體的定向活動的關注。這座冷凝塔是我們在尤蒂卡轉向更多液體的加權活動後第一個完工的，也是自 2020 年第二季度以來第一個投入銷售的格爾夫波特冷凝塔。與格爾夫波特在該地區的歷史活動相比，甚至與我們最近在尤蒂卡的干氣活動相比，我們實現了營運績效的顯著改善。

Our total drilling footage per day for this pad improved 100%, when compared to historical Utica liquids-rich drilling results. And looking at recent quarters on our Utica dry gas metrics, our footage per day improved over 25%.

與歷史上尤蒂卡富含液體的鑽井結果相比，我們該平台每天的總鑽井進尺提高了 100%。看看最近幾季我們的尤蒂卡乾氣指標，我們每天的鏡頭提高了 25% 以上。

Overall execution efficiencies resulted in us delivering these wells, under budget and online roughly two weeks ahead of schedule. We are very pleased with the initial production results, which we will share in more detail on the next quarter's call.

整體執行效率使我們在預算範圍內提前大約兩週在線交付了這些油井。我們對初步的生產結果非常滿意，我們將在下一季的電話會議上更詳細地分享這些結果。

We have recently completed drilling our second four well Utica condensate pad in Harrison County, Ohio, with further efficiency gains realized. And when considering the operational performance, attractive early production results, and subsequent implied economics, this reinforces the company's prudent shift towards increased liquids-rich development.

我們最近在俄亥俄州哈里森縣完成了第二個四井尤蒂卡凝析油台的鑽探，進一步提高了效率。當考慮到營運績效、有吸引力的早期生產結果以及隨後的隱含經濟效益時，這強化了該公司向增加富含液體的開發的審慎轉變。

Turning to our Marcellus development. We continue to be very encouraged as we gain more production history on the company's first two operated Marcellus wells on our stack pay in Belmont County, Ohio. When normalized to a 15,000 foot lateral, the wells delivered an average 180 day initial production rate of approximately 715 barrels per day of oil and 5.7 million cubic feet per day of natural gas.

轉向我們的 Marcellus 開發。我們繼續受到極大的鼓舞，因為我們在俄亥俄州貝爾蒙特縣的煙囪工資中獲得了該公司前兩口運營的 Marcellus 井的更多生產歷史。當橫向深度標準化為 15,000 英尺時，這些井的平均 180 天初始產量約為每天 715 桶石油和 570 萬立方英尺天然氣。

These wells continue to exhibit strong oil production and when normalizing the production by lateral foot, are producing nearly double the amount of oil after 180 days online, when compared to the average Marcellus wells in Monroe County, Ohio, and over 40% more oil after 180 days online than wells across the river in West Virginia.

這些油井繼續表現出強勁的石油產量，當側足產量正常化時，與俄亥俄州門羅縣馬塞勒斯油井平均相比，上線180 天後的石油產量幾乎增加了一倍，上線後石油產量增加了40% 以上。

Production results on this pad, along with existing industry offset development in Ohio and West Virginia, reinforces the favorable economic forecast on our roughly 50 to 60 Marcellus locations across Belmont County, Ohio.

基地的生產成果以及俄亥俄州和西維吉尼亞州現有的產業抵銷發展，強化了我們對俄亥俄州貝爾蒙特縣約 50 至 60 個馬塞勒斯工廠的有利經濟預測。

In addition, the company is closely monitoring peer Marcellus development in Ohio that would assist in further delineating the western boundary of the play, where the company possesses acreage held by Utica production. Pending the outcome of these efforts, there is potential to add incremental inventory to the company's Marcellus portfolio.

此外，該公司正在密切關注俄亥俄州同行 Marcellus 的開發，這將有助於進一步劃定該區塊的西部邊界，該公司擁有尤蒂卡生產所擁有的土地。在這些努力取得成果之前，公司的 Marcellus 產品組合有可能增加庫存。

The returns on our stacked pay Marcellus inventory are attractive and compete for capital within our portfolio. And we reiterate our plans to begin drilling a four well Marcellus development on an existing Belmont County Utica pad in early 2025.

我們的堆疊支付馬塞勒斯庫存的回報很有吸引力，並且在我們的投資組合中爭取資本。我們重申，我們計劃於 2025 年初開始在現有的貝爾蒙特縣尤蒂卡油田上鑽探四口 Marcellus 開發案。

Also, the company continues discussions with third-parties for midstream gathering and processing capacity. And based on current status, we believe a solution will be in place to meaningfully enhance the development economics with NGL realizations on our planned 2025 Marcellus activity and beyond.

此外，該公司也持續與第三方討論中游收集和處理能力。根據目前的狀況，我們相信將制定一個解決方案，透過 NGL 實現我們計劃的 2025 年 Marcellus 活動及以後的活動，有意義地提高發展經濟效益。

Turning to land capital expenditures through June 30, 2024, we have invested roughly $34 million on maintenance, leasehold, and land investment, focused on bolstering our near-term drilling program, with increases of working interest and lateral footage in units we plan to drill near-term and reaffirm our 2024 budget of $50 million to $60 million. In addition, as outlined in our earnings announcement yesterday evening, the company is providing further detail regarding discretionary acreage acquisitions being pursued this year.

至於截至2024 年6 月30 日的土地資本支出，我們已在維護、租賃和土地投資上投資了約3400 萬美元，重點是支持我們的近期鑽探計劃，增加我們計劃鑽探的單位的工作興趣和橫向進尺近期並重申我們 2024 年 5,000 萬至 6,000 萬美元的預算。此外，正如我們昨天晚上的收益公告中所述，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。

These acquisitions expand our high-quality resource steps and will provide optionality to our near-term development plans. The company has been actively pursuing these opportunities, investing roughly $19 million during the second quarter of 2024 and plan to allocate approximately $45 million in total of our adjusted free cash flow during 2024 to these efforts.

這些收購擴大了我們的優質資源步伐，並將為我們的近期發展計畫提供更多選擇。該公司一直在積極尋求這些機會，在 2024 年第二季投資了約 1,900 萬美元，並計劃在 2024 年期間將調整後的自由現金流總計約 4,500 萬美元分配給這些努力。

Depending on the phase window and anticipated well spacing, we anticipate this level of discretionary acreage acquisitions will add roughly 1 to 1.5 years of core inventory drilling at our current development pace.

根據階段窗口和預期井距，我們預計這種可自由支配面積收購水準將以我們目前的開發速度增加約 1 至 1.5 年的岩心庫存鑽探。

These targeted liquids-rich focus areas for acquisition and delineation add years of high margin, low breakeven inventory to the company's portfolio. And when looking at year-end 2024 compared to the beginning of 2023, the company will have added approximately 4.5 years of inventory through these efforts.

這些用於收購和劃定的目標液體豐富的重點領域為公司的投資組合增加了多年的高利潤率、低盈虧平衡庫存。與 2023 年初相比，2024 年底，公司透過這些努力將增加約 4.5 年的庫存。

In closing, the continuous optimization of our development program emphasizes the free cash flow generation capability of the company and highlights the team's efforts to lower expenses and capital costs, expand realized pricing, enhance inventory, and prioritize the highest margin development within our robust, low-breakeven inventory at a prudent pace.

最後，我們開發計劃的持續優化強調了公司​​的自由現金流產生能力，並強調了團隊為降低開支和資本成本、擴大實現定價、增加庫存以及在我們穩健、低利率的範圍內優先考慮最高利潤率開發所做的努力。

We believe the gains realized to date will create long-lasting improvements in our operations going forward, allowing Gulfport to reduce our future maintenance capital requirements on comparable drilling programs or deliver more activity on similar base capital expenditures in the future.

我們相信，迄今為止實現的收益將為我們未來的營運帶來持久的改善，使格爾夫波特能夠減少我們對類似鑽井項目的未來維護資本要求，或在未來提供更多類似基礎資本支出的活動。

Lastly, core to our corporate strategy, we will continue the return of capital to our shareholders and excluding discretionary acreage acquisitions, expect to allocate substantially all full-year 2024 adjusted free cash flow towards common stock repurchases. Now I will turn the call over to Michael to discuss our financial results.

最後，我們公司策略的核心是，我們將繼續向股東返還資本，不包括酌情收購面積，預計將大部分 2024 年全年調整後自由現金流用於普通股回購。現在我將把電話轉給麥可討論我們的財務表現。

Thank you, John, and good morning, everyone. Despite the low commodity prices seen during the first half of 2024, the company generated healthy free cash flow and continued returning value to our shareholders, all driven by the capital efficiency gains and impressive operational improvements, John mentioned earlier in the call.

謝謝約翰，大家早安。約翰早些時候在電話會議中提到，儘管2024 年上半年大宗商品價格較低，但公司仍產生了健康的自由現金流，並持續為股東回報價值，這一切都是由資本效率提升和令人印象深刻的營運改善所推動的。

Net cash provided by operating activities before changes in working capital totaled approximately $149 million during the second quarter, more than funding our capital expenditures for the quarter. We beat analyst expectations for incurred capital spend and adjusted free cash flow, driven by our strong operational performance, top tier hedge book and operating cost performance.

第二季營運資金變動前營運活動提供的淨現金總額約為 1.49 億美元，超過了本季的資本支出。在我們強勁的營運績效、頂級對沖帳簿和營運成本績效的推動下，我們的資本支出和調整後的自由現金流超出了分析師的預期。

With less than 40% of our base D&C and maintenance land spending left to occur in 2024 and with an improving commodity price environment expected later in the year, the second half of 2024 should deliver accelerating adjusted free cash flow that will provide a strong tailwind as we enter 2025.

由於2024 年我們的基礎D&C 和維護土地支出只剩下不到40%，並且預計今年晚些時候大宗商品價格環境將有所改善，因此2024 年下半年應該會帶來加速的調整後自由現金流，這將提供強勁的推動力我們進入2025年。

Our all in realized price during the second quarter was $2.93 per Mcfe, including the impact of cash settled derivatives. This realized unit price is $1.04 or 55% above the NYMEX Henry Hub Index price, highlighting the benefit of Gulfport's differentiated hedge position, diverse marketing portfolio for natural gas, and pricing uplift from our liquids portfolio in both of our asset areas. We've realized a cash hedging gain of approximately $91 million for the quarter, demonstrating the value of our hedge book and its impact to our cash flows.

第二季我們的全部實現價格為每 Mcfe 2.93 美元，其中包括現金結算衍生性商品的影響。這項實現的單價比NYMEX 亨利中心指數價格高出1.04 美元，即55%，凸顯了格爾夫波特差異化對沖頭寸、多樣化天然氣營銷組合以及我們兩個資產領域液體產品組合定價提升的優勢。本季我們實現了約 9,100 萬美元的現金對沖收益，證明了我們對沖帳簿的價值及其對現金流的影響。

Our natural gas price differential before hedges was negative $0.26 per Mcf compared to the average daily NYMEX settled price during the quarter, and we reaffirm our natural gas differential before hedges to average $0.20 to $0.35 per Mcf below NYMEX for the full year.

與本季 NYMEX 日均結算價相比，我們對沖前的天然氣價差為每 Mcf 負 0.26 美元，我們重申全年對沖前天然氣價差為每 Mcf 平均低 0.20 至 0.35 美元。

In our investor presentation posted yesterday evening, we have added a slide that highlights the strategic connectivity of our firm transportation portfolio, which provides access to diverse and premium markets, ultimately improving our realizations and cash flows.

在昨天晚上發布的投資者簡報中，我們添加了一張幻燈片，強調了我們公司運輸投資組合的戰略連通性，該投資組合提供了進入多元化和高端市場的機會，最終改善了我們的變現和現金流。

Approximately 10% to 15% of our natural gas has firm delivery to the Gulf Coast at TGP 500 Lake Pool and Transco Station 85, providing Gulfport with direct exposure to the growing LNG corridor and industrial demand centers and significant premiums of $0.30 to $0.40 above Henry Hub in future periods.

我們約10% 至15% 的天然氣已透過TGP 500 Lake Pool 和Transco Station 85 穩定交付至墨西哥灣沿岸，使格爾夫波特能夠直接接觸不斷增長的液化天然氣走廊和工業需求中心，並比亨利天然氣價格高出0.30 至0.40 美元的顯著溢價未來時期的樞紐。

On the capital front, incurred capital expenditures totaled $106.2 million related to drilling and completion activity and $16 million related to maintenance, leasehold, and land investment. Through the first half of the year, we have now spent approximately 62% of both our D&C capital and our maintenance land capital for 2024 based upon the midpoint of our guidance.

在資本方面，與鑽井和完井活動相關的資本支出總計為 1.062 億美元，與維護、租賃和土地投資相關的資本支出為 1,600 萬美元。根據我們指導的中位數，今年上半年，我們已經花了 2024 年 D&C 資本和維護土地資本的約 62%。

Our operational efficiency improvements, robust hedge position, and healthy balance sheet and strong cash margins provide significant flexibility, as we consider the proper setup for 2025 and plan our activity as we enter, what we believe will be a stronger commodity price environment.

我們的營運效率提高、穩健的對沖頭寸、健康的資產負債表和強勁的現金利潤率提供了巨大的靈活性，因為我們考慮2025 年的適當設置並在進入時規劃我們的活動，我們相信這將是一個更強勁的大宗商品價格環境。

With respect to our current hedge position, we are pleased to have downside protection covering nearly 65% of our remaining 2024 natural gas production at an average floor price of $3.63 per MMBtu. As I have stated previously, it has become even more relevant with the recent softness in natural gas prices, we believe both the scale and quality of our natural gas hedge book differentiates Gulfport in its ability to play offense in delivering value to our shareholders during 2024, while others play defense, fortifying their pressured balance sheets or protecting their base dividends.

就我們目前的對沖部位而言，我們很高興能以每 MMBtu 3.63 美元的平均底價獲得涵蓋 2024 年剩餘天然氣產量近 65% 的下行保護。正如我之前所說，它與最近天然氣價格的疲軟變得更加相關，我們相信，我們的天然氣對沖賬簿的規模和質量使格爾夫波特在 2024 年為股東創造價值方面發揮進攻能力。其他人則採取防禦措施，強化其受壓的資產負債表或保護其基本股利。

We continue to opportunistically add to our foundation of hedges for 2025 and currently have natural gas swap and color contracts totaling approximately $430 million cubic feet per day or more than 40% of our gas production assuming 2024 levels at an average price of $3.64 per MMBtu.

我們繼續機會主義地增加 2025 年對沖的基礎，目前天然氣互換和顏色合約總計約為每天 4.3 億立方英尺，占我們天然氣產量的 40% 以上（假設 2024 年平均價格為每 MMBtu 3.64 美元）。

To be clear, we believe gas prices should improve in 2025 and have carefully chosen to maintain significant upside in natural gas prices in 2025 and 2026 by utilizing collar structures for nearly half of our 2025 downside hedges that allow us to participate in prices well above $4 per MMBtu.

需要明確的是，我們認為天然氣價格應該在2025 年有所改善，並謹慎選擇在2025 年和2026 年維持天然氣價格的大​​幅上漲，我們的2025 年下行對沖中近一半採用了套圈結構，使我們能夠參與遠高於4 美元的價格每 MMBtu。

On the basis front, we have locked in over 40% of our remaining 2024 natural gas basis exposure and have a similar base of hedging covering our anticipated 2025 basis exposure locked in at comparative prices, providing pricing security at our largest sales points in addition to the risk mitigation efforts of our diverse portfolio [FFT].

在基差方面，我們鎖定了 2024 年剩餘天然氣基差敞口的 40% 以上，並擁有類似的對沖基數，涵蓋了以比較價格鎖定的預期 2025 年基差敞口，除了我們多元化投資組合的風險緩解措施[快速傅立葉變換]。

Turning to our balance sheet. Our financial position remains strong with a trailing 12 month net leverage exiting the quarter below 1 time and our liquidity totaling $707 million, comprised of $1.2 million of cash, plus $706.2 million of borrowing base availability as of June 30, 2024.

轉向我們的資產負債表。我們的財務狀況依然強勁，本季的過去12 個月淨槓桿率低於1 倍，截至2024 年6 月30 日，我們的流動資金總額為7.07 億美元，其中包括120 萬美元現金，加上7.062億美元的可用借款基礎。

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, it should low gas prices give rise to dislocations 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，並從財務角度來看提供了巨大的靈活性。由於我們處於機會主義的位置，低油價應該會造成混亂，使我們能夠為利害關係人獲取價值。

We continue to view share repurchases, as a compelling capital allocation opportunity. And during the second quarter, we repurchased nearly 161,000 shares of common stock for approximately $25 million. As of July 29 and since the inception of our program, we had repurchased approximately 4.8 million shares of common stock at an average share price of $96.42 lowering our share count by approximately 16% at a weighted-average price nearly 30% below our current share price.

我們繼續將股票回購視為一個引人注目的資本配置機會。在第二季度，我們以約 2,500 萬美元的價格回購了近 161,000 股普通股。截至7 月29 日，自我們的計劃啟動以來，我們已以平均股價96.42 美元回購了約480 萬股普通股，使我們的股票數量減少了約16%，加權平均價格比我們當前股票低了近30%價格。

We currently have approximately $189 million of availability under the $650 million share repurchase program and plan to continue to return substantially all of our adjusted free cash flow to shareholders, through common share repurchases, excluding the discretionary acreage acquisitions, John mentioned earlier.

約翰先前提到，我們目前在6.5 億美元的股票回購計畫下擁有約1.89 億美元的可用資金，並計劃繼續透過普通股回購（不包括酌情收購面積）將我們調整後的自由現金流返還給股東。

While not included in our standard share repurchase program, in addition to the $25 million during the second quarter, the company also effectively repurchased an incremental 129,000 shares for $20.5 million of common stock related to the vesting of legacy equity awards during the quarter.

雖然未包括在我們的標準股票回購計劃中，但除了第二季的2,500 萬美元之外，該公司還實際上以2,050 萬美元的普通股回購了增量129,000 股，這些股票與本季度遺留股權獎勵的歸屬相關。

In summary, we utilized our strong second quarter adjusted free cash flow of approximately $20 million along with our ample liquidity under our revolving credit facility to repurchase approximately $45 million of common stock and $19 million of discretionary acreage acquisitions during the quarter, all while keeping financial leverage under one turn.

總而言之，我們利用第二季度約2000 萬美元的強勁調整後自由現金流以及循環信貸安排下的充足流動性，在本季度回購了約4500 萬美元的普通股和1900 萬美元的可自由支配面積收購，同時保持財務狀況一圈下的槓桿。

As we close out 2024 and look ahead to 2025, we forecast continued significant free cash flow generation and common share repurchases will remain as a key part of our return of capital strategy, given we continue to believe that our shares are undervalued. Given this continuation of our existing plan with respect to shareholder returns, we anticipate expanding our current share repurchase authorization in the near future.

當我們結束 2024 年並展望 2025 年時，鑑於我們仍然認為我們的股票被低估，我們預計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。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。

To wrap up my comments this morning, our second quarter results reflect a consistent theme communicated in the past several quarters, continuous operational improvements, delivering solid financial results.

為了總結我今天早上的評論，我們的第二季業績反映了過去幾季傳達的一致主題，即持續的營運改進，提供穩健的財務表現。

We continue to succeed operationally on all fronts, delivering more with less, generating positive free cash flow and prudently allocating that cash flow, returning a significant portion to our shareholders through our common share repurchase program and reinvesting in high-quality accretive discretionary acreage acquisitions that enhance the underlying asset value of the company. With that, I will turn the call back over to the operator to open up the line for questions.

我們繼續在各方面取得營運上的成功，以更少的資源提供更多的服務，產生正的自由現金流併審慎地分配現金流，透過我們的普通股回購計畫將很大一部分返還給我們的股東，並再投資於高品質的增值性可自由支配的土地收購，提升公司基礎資產價值。這樣，我會將電話轉回給接線員，以開通提問線路。

(Operator Instructions) Bert Donnes, Truist Securities.

（操作員指示）Bert Donnes，Truist Securities。

Good morning, team. Thanks for taking our questions. On the $25 million of potential savings, it sounds like you remain flexible, could be used balance sheet buybacks or maybe pulling forward some activity. Could you maybe go through what you need to see in the markets to trigger additional E&P activity? Is it just price or is it stability or is it maybe a larger macro theme? And then, is that earmarked for dry gas or liquids or do you already have something set that would fill that gap?

早上好，團隊。感謝您回答我們的問題。對於 2500 萬美元的潛在節省，聽起來您仍然保持靈活性，可以用於資產負債表回購或可能推進一些活動。您能否了解市場上需要看到的內容以觸發額外的勘探與生產活動？只是價格還是穩定性，或者可能是更大的宏觀主題？然後，它是專門用於乾燥氣體或液體的，還是您已經有一些東西可以填補這一空白？

Yeah, Bert. Thanks for the question. This is John. I think, first of all, to open, we are very pleased with the execution performance of the teams and to be able to actually continue a second year of capital savings through just pure efficiency gains and these are kind of long-lived gains.

是的，伯特。謝謝你的提問。這是約翰。我認為，首先，我們對團隊的執行表現感到非常滿意，並且能夠透過純粹的效率提升來實際延續第二年的資本節約，這些都是長期的收益。

To our point, I think, what we wanted to do with this $25 million is take a pause for a few months and monitor. It's really about the general macro environment. There's a lot of volatility out there right now. As you would imagine, it's primarily related to oil pricing is what we are really focused on. Quite frankly, gas is pretty meaningful. But any kind of potential allocation to accelerated activity would be targeting more the oil and the condensate area.

我認為，就我們的觀點而言，我們想要用這 2500 萬美元做的事情是暫停幾個月並進行監控。這實際上與整體宏觀環境有關。現在市場波動很大。正如你所想像的那樣，它主要與我們真正關注的石油定價有關。坦白說，天然氣是很有意義的。但任何加速活動的潛在分配都將更多地針對石油和凝析油領域。

And overall, I think just the general outlook from the industry is going to be key, because as you know outside of the accelerated activity, we do have opportunities to apply that $25 million to the balance sheet and/or quite frankly, incremental inventory add as well. So we will be sharing with the market more over the next few months on how we are going to allocate that. We are very pleased to be in a position to have that $25 million to do so.

總的來說，我認為行業的總體前景將是關鍵，因為正如你所知，除了加速活動之外，我們確實有機會將這2500 萬美元應用於資產負債表和/或坦率地說，增量庫存增加以及。因此，我們將在接下來的幾個月內與市場分享更多我們將如何分配這些資金。我們很高興能夠籌集 2500 萬美元來實現這一目標。

That make sense. Then on the acreage acquisition, just want to clarify your comments earlier, how that works on a free cash flow allocation versus buybacks, I think the wording you said was excluding discretionary acreage acquisitions. So are these not competing with each other? Are they competing with each other for free cash flow? If you find more or less acquisitions, do we expect fewer or more buybacks? Or is there may be some fungibility between the two?

這是有道理的。然後關於面積收購，我想澄清一下您之前的評論，自由現金流分配與回購如何運作，我認為您所說的措辭不包括酌情面積收購。那麼這些不是互相競爭嗎？他們是否在爭奪自由現金流？如果你發現更多或更少的收購，我們預期回購會更少還是更多？或者兩者之間可能存在某種可替代性？

Hey, Bert, this is Michael. I think you're making a great point this morning. We look at our options for allocating free cash flow every quarter with our Board of Directors, and those two opportunities consistently rate at the top of the portfolio. Quite frankly, to the extent that we can identify these liquids-rich, high-margin opportunities and get those into the portfolio, those are typically the highest and best use of capital.

嘿，伯特，這是麥可。我認為你今天早上提出了一個很好的觀點。我們與董事會一起研究每季分配自由現金流的選項，這兩個機會始終位於投資組合的首位。坦白說，只要我們能夠識別這些流動性豐富、高利潤的機會並將其納入投資組合，這些機會通常是資本的最高和最佳利用。

Our shares obviously move around, and so the value opportunity there can change from time to time. But I would think of it as kind of co-number ones in terms of our opportunity to buy either one. And certainly, to be able to add these inventory locations is something that we're always looking to do. We're competing with a number of others in the basin to be able to grab those. So I would think of it in terms of, let's grab as many of those as we can and then see where we sit with the remainder of our free cash flow.

我們的股票顯然會波動，因此那裡的價值機會可能會不時發生變化。但就我們購買其中任何一個的機會而言，我認為它是一種並列的。當然，能夠增加這些庫存位置是我們一直想要做的事情。我們正在與盆地中的許多其他公司競爭，以獲取這些資源。所以我會這樣想，讓我們盡可能地抓住這些，然後看看我們剩下的自由現金流處於什麼位置。

Tim Rezvan, KeyBanc Capital Markets.

Tim Rezvan，KeyBanc 資本市場。

Hey, thanks folks for taking my question. I want to start on sort of this liquids pivot that's underway. Based on your Marcellus success and kind of the condensate focused drilling going on now, how do you see that liquid SKU sort of evolving through 2025? Just from a big picture perspective and then to help us on the modeling side.

嘿，謝謝大家提出我的問題。我想從正在進行的液體支點開始。根據 Marcellus 的成功以及目前正在進行的凝析油重點鑽探，您如何看待液體 SKU 到 2025 年的發展？只是從大局角度出發，然後在建模方面幫助我們。

Yeah, sure, Tim. Good morning and thanks for the question. Very pleased to have made this decision here earlier in the year on the pivot. I think it was really geared for us as the company is sitting on a substantial amount of dry gas inventory and we certainly wanted to lean in on bolstering our liquids-rich inventory, the high margin low breakeven.

是的，當然，提姆。早安，謝謝你的提問。非常高興今年稍早就支點問題做出了這項決定。我認為這確實適合我們，因為該公司擁有大量的乾燥氣體庫存，我們當然希望依靠增強我們豐富的液體庫存，以實現高利潤率低盈虧平衡。

As you think about the pivot and the cadence of turn on line and drilling, second half of this year, you're going to start to meaningfully see a reduction of 1% to 2% with regards to the oil percentage or the liquids cut in our commodity stream be realized. And further looking out into '26, that would certainly go down a few more percentage points and I would probably bracket it in the high-80s.

當您考慮今年下半年的轉向和上線和鑽探節奏時，您將開始有意義地看到石油百分比或液體切入量減少了 1% 至 2%我們的商品流得以實現。進一步展望 26 年，這個數字肯定會再下降幾個百分點，我可能會把它放在 80 左右。

We certainly are -- we have a very large dry gas base. So I would anticipate that commodity mix meaningfully going below that mid-80s is probably not realistic. But certainly, moving down from the 92% gas into that high-80s over the next year-and-a-half is very reasonable. So hopefully that answers your question.

我們當然是──我們有一個非常大的乾氣基地。因此，我預計商品組合有意義地低於 80 年代中期可能是不切實際的。但可以肯定的是，在接下來的一年半內將汽油含量從 92% 降至 80% 是非常合理的。希望這能回答你的問題。

Yeah, that's helpful. Okay, thanks for that. And then just a quickie. Mountain Valley started up in July. Are you seeing it's not too far from you kind of the genesis of that? Are you seeing any basis impact in the region and do you anticipate that being a material positive for you all in Ohio?

是的，這很有幫助。好的，謝謝。然後只是一個快速的。山谷於七月啟動。你是否發現這離你的起源並不太遠？您是否看到該地區有任何基本影響？

Yeah, hey Tim. This is Michael. I think the basis markets have been moving around a little bit, but to your question about material impact, the answer is, generally no. I mean, the areas that we sell our gas in basin into, a couple of the larger indexes, like I said, have varied maybe $0.05 to $0.10 over the last, call it, few months, but have not seen any material change.

是的，嘿蒂姆。這是邁克爾。我認為基差市場一直在波動，但對於你關於實質影響的問題，答案是，通常不會。我的意思是，我們在盆地出售天然氣的地區，就像我說的，幾個較大的指數在過去幾個月裡變化了 0.05 美元到 0.10 美元，但沒有看到任何實質變化。

I think the market largely expected the MVP pipe to come on sometime here in 2024 and priced a lot of that in. So we're focused on 2025 and beyond and really haven't seen a lot of change from those basin locations.

我認為市場很大程度上預計 MVP 管道會在 2024 年的某個時候出現，並對此進行了定價。因此，我們關注的是 2025 年及以後的情況，但實際上並沒有看到這些盆地位置發生太大變化。

Jacob Roberts, Tudor, Pickering, Holt & Company.

雅各羅伯茲、都鐸、皮克林、霍爾特公司。

Good morning. Just circling back to the $25 million of savings that you've highlighted, is that something that's been accruing through the year or should we be thinking about those as showing up more meaningfully in the Q3 and Q4 capital that we've got planned? And then, John, I think you mentioned towards the tail-end of your remarks kind of an outlook on maintenance. Is it fair to say that, the baseline case for a maintenance program would be $25 million or less next year?

早安.回到您強調的 2500 萬美元節省，這是全年累積的費用，還是我們應該考慮將這些節省在我們計劃的第三季度和第四季度資本中更有意義？然後，約翰，我認為您在演講的最後提到了對維護的看法。明年維護計劃的基準金額為 2500 萬美元或更少，這樣說是否公平？

Hey, Jake. This is John. Thanks for the question. I think regarding the $25 million in savings and cadence, it is not currently -- there's been no accrual to date. But what I can tell you is, as you think about that allocation of capital that we talked about previously, should that be way towards accelerated activity that would basically be included for our public deck in Q4.

嘿，傑克。這是約翰。謝謝你的提問。我認為關於 2500 萬美元的節省和節奏，目前還沒有——迄今為止還沒有應計費用。但我可以告訴您的是，當您考慮我們之前討論過的資本分配時，這是否會加速活動，而這些活動基本上將包含在我們第四季度的公共平台中。

So I will point you to that deck where we do have a hatched amount in Q4 of potential activity, again, should that be allocated towards accelerated activity, which would benefit '25. And I reiterate again that, that allocation would be geared towards condensate development for sure because at the current commodity environment, that's the highest return, highest margin where we could plant some capital with the drill bit.

因此，我將向您指出該套牌，我們在第四季度確實有潛在活動的孵化量，如果將其分配給加速活動，這將有利於「25」。我再次重申，這種分配肯定會針對凝析油開發，因為在當前的大宗商品環境下，這是最高的回報、最高的利潤，我們可以用鑽頭投入一些資本。

Maintenance? You want to talk about maintenance capital?

維護？您想談談維護資本嗎？

Yeah. Sorry about that. Thanks. With regards to maintenance capital, it's very interesting. It's widely used, but it means a lot of things to a lot of people. What I would tell you is, we are very fortunate in the company to have a very diverse portfolio. We have SCOOP assets. We have Marcellus Liquids, Utica Liquids, and Utica Dry Gas. All those come with their unique production profile, cycle times, and capital cadence.

是的。對此感到抱歉。謝謝。說到維護資本，這是非常有趣的。它被廣泛使用，但對許多人來說意味著很多事情。我要告訴你的是，我們非常幸運，公司擁有非常多元化的產品組合。我們擁有 SCOOP 資產。我們有 Marcellus Liquids、Utica Liquids 和 Utica Dry Gas。所有這些都具有獨特的生產概況、週期時間和資本節奏。

What I would tell you directly to your question is, on a like-for-like program, moving forward into next year, you would most certainly see a reduction with regards to the capital cost. And as we look at '25 and continue to look at '25, we're going to be focused on that commodity environment and really focus development on the highest margin, highest return, which certainly could skew that mix of where we're drilling versus where we drilled this year.

針對您的問題，我想直接告訴您的是，在類似的計劃中，進入明年，您肯定會看到資本成本的降低。當我們審視 25 年並繼續關注 25 年時，我們將專注於商品環境，並真正將開發重點放在最高利潤、最高回報上，這肯定會扭曲我們正在鑽探的地區的組合與我們今年鑽探的地方相比。

So very simply put, we feel like, this is a very positive thing that the teams continue to drive down cost and improve cycle times. It's going to be meaningful moving forward for many years to come with our capital program reductions. And I would say, looking forward to '25, it will be certainly reduced or a flat type of profile for a low single-digits or flat production overall profile outlook that we would have. So hopefully that answers your question.

簡而言之，我們認為，團隊繼續降低成本並縮短週期時間是一件非常積極的事情。隨著我們資本計畫的削減，未來許多年都將是有意義的。我想說，展望 25 年，我們的整體生產前景肯定會減少或持平，以實現低個位數或持平的生產前景。希望這能回答你的問題。

Absolutely. I appreciate that. As a second question, I think you guys do a really good job of taking advantage of the share price and the repurchases. I'm just curious on your thinking as to, if you think, you could close the valuation gap by implementing something a little more permanent or formulaic?

絕對地。我很欣賞這一點。作為第二個問題，我認為你們在利用股價和回購方面做得非常好。我只是對你的想法感到好奇，如果你認為，你可以透過實施一些更持久或更公式化的東西來縮小估值差距？

Yeah, hey Jake, this is Michael. I think, again, it's something that we talk to the Board about all the time and we're not formulaic in our approach, although we are pretty consistent with our framework in returning all of our substantially all of our free cash flow.

是的，嘿傑克，這是麥可。我再次認為，這是我們一直與董事會討論的事情，我們的方法並不公式化，儘管我們在返還幾乎所有自由現金流方面與我們的框架非常一致。

So while we don't have quarter to quarter formulaic return, we do have a framework that we adhere to. I think last year, we have returned about 99% of free cash flow back to shareholders after those acreage repurchases. So it's something that we look at. I think given our size and certainly our exposure to commodity prices on quarter-to-quarter basis, we like to keep things a little flexible.

因此，雖然我們沒有季度與季度的公式回報，但我們確實有一個我們遵守的框架。我認為去年，在這些土地回購之後，我們將大約 99% 的自由現金流返還給股東。所以這是我們所關注的。我認為考慮到我們的規模，當然還有我們對每個季度的大宗商品價格的敞口，我們希望保持一定的靈活性。

And quite frankly, we've got a large shareholder that we've been able to step in and repurchase alongside of when some opportunities presented themselves. So I think we prefer the dynamic option as opposed to the more formulaic approach, but we do talk about it consistently at the Board level.

坦白說，我們有一個大股東，當出現一些機會時，我們能夠介入並回購他。因此，我認為我們更喜歡動態選項，而不是更公式化的方法，但我們確實在董事會層面上始終如一地討論它。

(Operator Instructions) Zach Parham, JPMorgan.

（操作員指令）Zach Parham，摩根大通。

Hey, thanks for taking my question. I guess, just wanted to follow-up on the $25 million in savings and how you allocate that. Does the stock price factor into the decision here, along with the macro environment? I mean, with the recent pullback in the share price, could it make sense to deploy those savings towards buybacks?

嘿，謝謝你回答我的問題。我想，只是想跟進 2500 萬美元的節省以及如何分配。股價和宏觀環境是否會影響決策？我的意思是，隨著最近股價的回調，將這些節省下來的資金用於回購是否有意義？

Hey, Zach, appreciate the question. And yes, similar to Jake's question, I think we consistently look at the stock price and we like being dynamic in our ability to deploy capital towards that return. I think it's a factor. I think John mentioned earlier, the macro environment is a factor. We're looking out into next year.

嘿，扎克，很欣賞這個問題。是的，與傑克的問題類似，我認為我們始終關注股價，我們喜歡動態地部署資本以獲得回報。我認為這是一個因素。我認為約翰之前提到，宏觀環境是一個因素。我們正在展望明年。

Any decisions to redeploy the savings into the development would be conditioned on kind of where we see the commodity prices next year. Certainly, also keeping in mind that, to the extent we can capture these locations that we found out there that we think are tremendously accretive to the NAV of the business, that's a factor as well. To your point, the answer is, yes. I mean, certainly, we keep all options in mind and to the extent that we feel like the share price dictated, that particular option is being more attractive than the others, then we would certainly lean in there.

任何將節省的資金重新投入開發的決定都將取決於我們明年的大宗商品價格。當然，也要記住，在我們能夠捕捉我們發現的這些位置的範圍內，我們認為這些位置可以大大增加業務的資產淨值，這也是一個因素。就你的觀點而言，答案是肯定的。我的意思是，當然，我們會牢記所有選項，並且在我們認為股價決定的範圍內，該特定選項比其他選項更具吸引力，那麼我們肯定會傾向於那裡。

Thanks for that color. And just my follow-up, I wanted to ask on the discretionary acreage acquisitions. Can you talk a little bit about how those locations compare to your current inventory? When would you expect to start developing these locations that you are adding now? Just curious kind of where those fit into the portfolio.

謝謝那個顏色。作為我的後續行動，我想問有關可自由支配面積收購的問題。您能談談這些地點與您目前的庫存相比如何嗎？您預計什麼時候開始開發現在新增的這些地點？只是好奇這些在投資組合中的位置。

Hey, Zach. This is John. It's a great question. I think similar to the program last year, we are targeting these liquids-rich kind of high-margin, low-breakeven areas for this discretionary program. The benefit of that to the company is our Utica position is largely held by production already. So bringing on these high-quality acreage positions that we could bulk up to have one or two pad developments in certain areas, it's very advantageous.

嘿，扎克。這是約翰。這是一個很好的問題。我認為與去年的計劃類似，我們的酌情計劃的目標是這些富含液體的高利潤、低收支平衡領域。這對公司來說的好處是我們的尤蒂卡地位主要是由生產佔據的。因此，利用這些高品質的土地位置，我們可以在某些地區擴大一兩個土地開發項目，這是非常有利的。

So last year's program is an example within about 12 to 15 months, we have been able to actually begin the permitting process and we're looking to start drilling. So that's a very short time period and that kind of gives you an idea of where they fall within the allocation of capital and how we're prioritizing it. Quite frankly, the delineated acreage for the Marcellus ranks up there very high, because we're jumping on it and drilling it in early '25.

去年的計劃就是一個例子，在大約 12 到 15 個月內，我們已經能夠真正開始許可流程，並且我們正在尋求開始鑽探。因此，這是一個非常短的時間段，這可以讓您了解它們在資本配置中的位置以及我們如何對其進行優先排序。坦白說，Marcellus 的劃定面積排名非常高，因為我們在 25 年初就開始鑽探。

So yes, we're targeting areas that are high margin for us, and with the team's capabilities we're able to quickly convert those resources into producing assets. And I would probably look at a year to year-and-a-half post this year of seeing some of these new acreage acquisitions on the schedule.

所以，是的，我們的目標是利潤率高的領域，憑藉團隊的能力，我們能夠快速地將這些資源轉化為生產資產。我可能會在今年一年到一年半後看到一些新的土地收購如期進行。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I would now like to hand the conference over to John Reinhart for closing comments.

謝謝。女士們先生們，我們的問答環節到此結束。我現在想將會議交給約翰·萊因哈特 (John Reinhart) 進行總結評論。

So thank you for taking the time to join our call today. The team continues to improve business fundamentals, which further positions Gulfport Energy as an attractive investment, with optionality tactically and strategically for continuing value enhancement. Should you have any questions, please do not hesitate to reach out to our Investor Relations team. This concludes our call.

感謝您今天抽空參加我們的電話會議。該團隊不斷改善業務基本面，這進一步將格爾夫波特能源定位為一項有吸引力的投資，並在戰術和戰略上具有選擇性，以持續提升價值。如果您有任何疑問，請隨時聯繫我們的投資者關係團隊。我們的通話到此結束。

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

謝謝。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。