Expects to fund all $780 million CapEx within cash flow in 2018
Gulfport Energy Corporation (ticker: GPOR) provided an update on two notable SCOOP well results.
During its initial 30 days of production, the Lilly 3-15X10H cumulatively produced 395.5 MMcf of natural gas and 9.6 thousand barrels of oil.
On a three-stream basis, the Lilly 3-15X10H produced at an average 30-day production rate of 16.7 MMcfe/d, or 2,449 Mcfe per 1,000 foot of lateral, comprised of approximately 67% natural gas, 21% NGL and 12% oil.
The Lilly 4-15X10H cumulatively produced 305.4 MMcf of natural gas and 8.3 thousand barrels of oil during its initial 30 days of production.
Also on a three-stream basis, the Lilly 4-15X10H produced at an average 30-day production rate of 13.1 MMcfe/d, or 1,782 Mcfe per 1,000 foot of lateral, comprised of 67% natural gas, 20% NGL and 13% oil.
Q1 2018 results
Gulfport produced about 1.29 Bcfe/d in Q1 2018, comprised of 88% natural gas, 8% NGL and 4% oil. This performance led Gulfport to increase its full-year guidance to roughly 1,325 MMcfe/d, up from a previous estimate of 1,275 MMcfe/d.
The company had a net income of $90.1 million, or $0.50 per share for the first quarter of 2018. Gulfport does not plan to increase its CapEx spending from previous estimates, but all $780 million will be funded within cash flow.
