 OKLAHOMA CITY, Aug. 04, 2020 GLOBE NEWSWIRE -- Gulfport Energy Corporation NASDAQ: GPOR Gulfport or the Company today reported financial and operational results for the three months and six months ended June 30, 2020 and provided an update on its 2020 activities. Key highlights are as follows: Continued improvement in well costs with Utica Shale and SCOOP total costs per lateral foot for the six-month period declining by 18 and 31, respectively, versus full year 2019 levels Reported net loss of 561.1 million, or 3.51 per diluted share for the second quarter Reported adjusted net income non-GAAP of 47.1 million, or 0.29 per diluted share for the second quarter Generated adjusted EBITDA non-GAAP of 145.0 million for the second quarter Reported cash provided by operating activities of 116.4 million for the second quarter Generated operating cash flow non-GAAP, excluding working capital changes, of 97.9 million for the second quarter Generated free cash flow non-GAAP of 43.9 million for the second quarterSee the supplemental tables at the end of this press release for a reconciliation of non-GAAP measures including adjusted net income, EBITDA, adjusted EBITDA, operating cash flow and free cash flow.2020 Capital Expenditures The Companys incurred capital expenditures during the second quarter of 2020 benefited from continued improvement in drilling and completions operations, efficiency gains and lower service costs. During the second quarter of 2020, Gulfports incurred total capital expenditures were 54.0 million. Gulfports incurred total capital expenditures includes approximately 51.7 million of drilling and completion DC capital expenditures and 2.3 million of land capital expenditures.For the six-month period ended June 30, 2020, Gulfports incurred total capital expenditures were 189.3 million. Gulfports incurred total capital expenditures includes approximately 182.5 million of DC capital expenditures and 6.8 million of land capital expenditures. 2020 Operational Update As a result of the current commodity price environment, during the second quarter of 2020 Gulfport made the strategic decision to defer near-term production to later periods in 2020 and early 2021, when natural gas prices are expected to be higher. In addition, Gulfport now plans to complete an additional 7 gross wells in the Utica Shale in the second half of 2020. This additional activity provides incremental production late this year and into early 2021 in the anticipation of higher prices during the winter months. Gulfport expects minimal impact to full year 2020 production levels from this activity and reaffirms its 2020 full year net production to average 1,000 MMcfe to 1,075 MMcfe per day. In addition, based on current pricing levels, Gulfport forecasts its third quarter of 2020 production to average approximately 980 MMcfe to 1,030 MMcfe per day.Efficient operations and continued improvements in drilling and completions costs allows Gulfport to add this incremental activity projecting 2020 total capital expenditures to be at the low-end of the previously provided range of 285 million to 310 million.Balance Sheet and Liquidity As of June 30, 2020, the Companys liquidity totaled approximately 255.7 million, comprised of the 700 million borrowing base plus approximately 2.8 million in cash on hand less 324.1 million outstanding letters of credit and 123.0 million of revolver draw.Production and Realized Prices Gulfports net daily production for the second quarter of 2020 averaged approximately 1,027 MMcfe per day. For the second quarter of 2020, Gulfports net daily production mix was comprised of approximately 91 natural gas, 6 natural gas liquids NGL and 3 oil. For the three-month period ended June 30, 2020, key realized price highlights are as follows: Realized natural gas price, before the impact of derivatives and including transportation costs, averaged 1.02 per Mcf, a 0.70 per Mcf differential to the average trade month NYMEX settled price Realized oil price, before the impact of derivatives and including transportation costs, averaged 20.14 per barrel, a 7.71 per barrel differential to the average WTI oil price Realized natural gas liquids, before the impact of derivatives and including transportation costs, averaged 0.25 per gallon, equivalent to 10.29 per barrel, or approximately 37 of the average WTI oil priceFor the six-month period ended June 30, 2020, key realized price highlights are as follows: Realized natural gas price, before the impact of derivatives and including transportation costs, averaged 1.14 per Mcf, a 0.70 per Mcf differential to the average trade month NYMEX settled price Realized oil price, before the impact of derivatives and including transportation costs, averaged 33.26 per barrel, a 3.71 per barrel differential to the average WTI oil price Realized NGL price, before the impact of derivatives and including transportation costs, averaged 0.31 per gallon, equivalent to 12.91 per barrel, or approximately 35 of the average WTI oil price GULFPORT ENERGY CORPORATION PRODUCTION SCHEDULE Unaudited Three months ended Six months ended June 30, June 30, Production Volumes:2020 2019 2020 2019 Natural gas MMcf84,988 111,603 171,047 213,682 Oil MBbls417 649 948 1,261 NGL MGal41,829 57,189 88,346 113,019 Gas equivalent MMcfe93,463 123,668 189,359 237,394 Gas equivalent Mcfe per day1,027,065 1,358,989 1,040,432 1,311,567 Average Realized Prices after deducts for transportation costs and before the impact of derivatives: Natural gas per Mcf1.02 2.02 1.14 2.35 Oil per Bbl20.14 56.85 33.26 55.03 NGL per Gal0.25 0.45 0.31 0.51 Gas equivalent per Mcfe1.13 2.33 1.34 2.65 Average Realized Prices: after deducts for transportation costs and including cash-settlement of derivatives: Natural gas per Mcf2.01 2.20 1.99 2.32 Oil per Bbl117.26 57.42 85.93 55.34 NGL per Gal0.25 0.51 0.31 0.55 Gas equivalent per Mcfe2.46 2.52 2.37 2.64 The table below summarizes Gulfports second quarter of 2020 production by asset area: GULFPORT ENERGY CORPORATION PRODUCTION BY AREA Unaudited Three months ended Six months ended June 30, June 30, 20202020 20202019 Utica Shale Natural gas MMcf70,531 92,301 142,037 178,002 Oil MBbls28 57 82 122 NGL MGal9,676 20,827 21,897 44,163 Gas equivalent MMcfe72,082 95,616 145,657 185,044 Gas equivalent Mcfe per day792,106 1,050,724 800,313 1,022,341 SCOOP Natural gas MMcf14,452 19,283 29,002 35,649 Oil MBbls381 446 852 844 NGL MGal32,146 36,342 66,443 68,822 Gas equivalent MMcfe21,330 27,149 43,604 50,543 Gas equivalent Mcfe per day234,396 298,343 239,583 279,243 Other Natural gas MMcf5 19 8 31 Oil MBbls8 147 15 295 NGL MGal7 19 6 34 Gas equivalent MMcfe51 903 97 1,807 Gas equivalent Mcfe per day563 9,922 536 9,983 Operational Update The table below summarizes Gulfports activity for the three-month and six-month period ended June 30, 2020: GULFPORT ENERGY CORPORATION ACTIVITY SUMMARY Unaudited Three months endedThree months ended March 31,June 30, Guidance 20202020 2020 Net Wells Spud Utica - Operated7.0 4.1 15 SCOOP - Operated4.5 0.7 8 Total11.5 4.8 Net Wells Completed Utica - Operated15.0 7.0 SCOOP - Operated3.8 Total18.8 7.0 Net Wells Turned-to-Sales Utica - Operated3.0 10.0 25 SCOOP - Operated3.8 4 Total6.8 10.0 Utica Shale In the Utica Shale, during the second quarter of 2020, Gulfport spud five gross 4.1 net operated wells. The wells drilled during this period had an average lateral length of approximately 8,300 feet. In addition, Gulfport turned-to-sales 10 gross 10 net operated wells with an average stimulated lateral length of approximately 9,500 feet.For the six-month period ended June 30, 2020, Gulfport spud 12 gross 11.1 net operated wells. The wells drilled during this period had an average lateral length of approximately 9,500 feet. Normalizing to an 8,000 foot lateral length, Gulfports average drilling days from spud to rig release totaled approximately 18.5 days, an improvement of 6 from the 2019 average. In addition, Gulfport turned-to-sales 13 gross 13 net operated wells with an average stimulated lateral length of approximately 10,800 feet. Total well costs per lateral foot were 915 in the six-month period ended June 30, 2020, an improvement of 18 versus full year 2019 levels.At present, Gulfport has one operated drilling rig running in the play and expects to continue running one rig through the third quarter of 2020.SCOOP In the SCOOP, during the second quarter of 2020, Gulfport spud one gross 0.7 net operated well which had an average lateral length of approximately 9,200 feet.For the six-month period ended June 30, 2020, Gulfport spud six gross 5.2 net operated wells. The wells drilled during this period had an average lateral length of approximately 9,400 feet. Normalizing to an 8,000 foot lateral length, Gulfports average drilling days from spud to rig release totaled approximately 37.0 days, an improvement of 32 from the 2019 average. Total well costs per lateral foot were 1,065 in the six-month period ended June 30, 2020, an improvement of 31 versus full year 2019 levels.At present, Gulfport has one operated drilling rig running in the play and expects to continue running one rig for the remainder of 2020. 