Upcoming AWS Coverage on Parsley Energy Post-Earnings Results
LONDON, UK / ACCESSWIRE / May 22, 2017 / Active Wall St. announces its post-earnings coverage on Gulfport Energy Corp. (NASDAQ: GPOR). The Company announced its financial results for the first quarter fiscal 2017 (Q1 FY17) on May 08, 2017. The Oklahoma City-based Company's total revenues and adjusted diluted EPS grew on a year-over-year basis, outshining Wall Street's estimates. Register with us now for your free membership at:
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One of Gulfport Energy's competitors within the Independent Oil & Gas space, Parsley Energy, Inc. (NYSE: PE), reported on May 04, 2017, its financial and operating results for the quarter ended March 31, 2017. AWS will be initiating a research report on Parsley Energy in the coming days.
Today, AWS is promoting its earnings coverage on GPOR; touching on PE. Get our free coverage by signing up to:
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Earnings Reviewed
During Q1 FY17, Gulfport total revenues came in at $333.00 million, up from $156.96 million recorded at the end of Q1 FY16. Revenues for the reported quarter outperformed market consensus estimates of $221.2 million. Furthermore, the Company's adjusted oil and natural gas revenues for Q1 FY17 stood at $226.2 million, which also came in above $164.6 million reported in Q1 FY16.
The independent oil and gas Company reported net income of $154.46 million, or $0.91 per diluted share, in Q1 FY17 versus net loss of $242.27 million, or $2.17 loss per diluted share, in Q1 FY16. The Company's adjusted net income for Q1 FY17 was $53.86 million, or $0.32 per diluted share, compared to $15.15 million, or $0.14 per diluted share, in the comparable prior year's same quarter. Market analysts had forecasted the Company to report adjusted net income of $0.18 per share for Q1 FY17.
Operating Metrics
Gulfport total costs and expenses during Q1 FY17 declined to $151.32 million from $352.76 million in the past year's comparable quarter. The Company reported income from operations during Q1 FY17 of $181.68 million compared to loss from operations $195.79 million in Q1 FY16. Furthermore, adjusted EBITDA for Q1 FY17 stood at $244.21 million compared to $58.28 million in the year ago comparable period.
In Q1 FY17, Gulfport's quarterly production volume of natural gas totaled 66,284 million cubic feet (MMcf) versus 53,307 MMcf in the prior year's comparable quarter. The oil production volume was down during Q1 FY17 to 514 thousand barrels per day (MBbls) from 602 MBbls in Q1 FY16. Meanwhile, natural gas liquids (NGL) production volume increased during Q1 FY17 to 49,667 million gallon (MGal) from 42,527 MGal in Q1 FY16. Gas equivalent production volume was 76,461 million cubic feet equivalent (MMcfe) in Q1 FY17, up from 62,993 MMcfe in the prior year's same quarter. Furthermore, gas equivalent production volume per day was 849,569 thousand cubic feet equivalent (Mcfe) per day in Q1 FY17, up from 692,230 Mcfe per day in Q1 FY16.
Cash Matters and Balance Sheet
In the quarter ended on December 31, 2016, Gulfport generated $142.65 million as net cash provided by operating activities compared to $83.77 million in the prior year's corresponding quarter. The Company's operating cash flow in the reported quarter stood at $121.70 million versus $83.23 million in Q1 FY16.
In the quarter ended March 31, 2017, Gulfport's drilling and completion capital expenditures totaled $238.1 million, while midstream capital expenditures were $10.0 million and leasehold capital expenditures made was $12.1 million.
The Company's cash and cash equivalents balance stood at $102.49 million as on March 31, 2017, compared to $1.28 billion at the close of books on December 31, 2016. Furthermore, the Company's total long-term debt increased to $1.63 billion as on March 31, 2017, from $1.59 billion as on December 31, 2016.
Guidance
For full year FY17, Gulfport expects average daily net production between 1,045 MBoepd to 1,100 MMcfe per day. Total productions for FY17 is expected constitute approximately 88% of natural gas, 8% of natural gas liquids and 4% of oil. Furthermore, the Company estimates total capital expenditures during FY17 to be in the range of $1.01 billion to $1.10 billion.
Stock Performance
At the close of trading session on Friday, May 19, 2017, Gulfport Energy's stock price rose 2.09% to end the day at $16.11. A total volume of 3.67 million shares were exchanged during the session. The stock currently has a market cap of $2.89 billion.
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