Welcome to our dedicated page for Gulfport Energy news (Ticker: GPOR), a resource for investors and traders seeking the latest updates and insights on Gulfport Energy stock.
Gulfport Energy Corporation reports news about its natural gas-weighted exploration and production business in the United States. The company focuses on natural gas, crude oil and natural gas liquids in the Appalachia and Anadarko basins, with principal properties in eastern Ohio targeting the Utica and Marcellus formations and in central Oklahoma targeting the SCOOP Woodford and SCOOP Springer formations.
Company updates commonly address quarterly and annual operating results, development plans, production guidance, capital spending, liquidity, borrowing-base redeterminations and share repurchase activity. News also covers acreage and drilling-inventory additions, land and seismic investment, preferred stock redemption history, and board or executive leadership changes tied to governance and operating oversight.
Gulfport Energy Corporation (NASDAQ: GPOR) has initiated a voluntary Chapter 11 process to restructure its finances, supported by a Restructuring Support Agreement with over 95% of its lenders. The plan aims to eliminate approximately $1.25 billion in debt and reduce annual cash interest expenses. Gulfport secured $262.5 million in debtor-in-possession financing, including $105 million in new funds for operational expenses. The company expects to exit Chapter 11 with leverage below two times, improving cash flow generation and stakeholder value.
Gulfport Energy Corporation (GPOR) reported Q2 2020 results, showing a net loss of $561.1 million or $3.51 per share. However, adjusted net income was $47.1 million, or $0.29 per share. The company improved well costs; costs per lateral foot dropped 18% in Utica Shale. Operating cash flow stood at $97.9 million, and free cash flow was $43.9 million. Production averaged 1,027 MMcfe per day, with natural gas prices averaging $1.02 per Mcf. Gulfport plans to defer some production to late 2020 for better pricing and confirmed 2020 production guidance remains intact.
Gulfport Energy Corporation (NASDAQ: GPOR) has announced its conference call to discuss the financial and operational results for the second quarter of 2020. The call is scheduled for August 5, 2020, at 9:00 a.m. Central Time, following the earnings release after market close on August 4, 2020. Interested parties can join the call via Gulfport’s website or by phone. Gulfport is recognized as one of the largest natural gas producers in the contiguous U.S., with significant operations in the Utica Shale and SCOOP plays, along with various non-core assets.
Gulfport Energy Corporation (NASDAQ: GPOR) announced that its 2020 Annual Meeting of Stockholders will take place virtually on July 16, 2020, due to the COVID-19 pandemic. Only stockholders as of June 16, 2020, can participate, requiring pre-registration by July 15, 2020. The change to a virtual-only format was notified to the U.S. Securities and Exchange Commission. Gulfport is a leading natural gas and oil company, primarily in North America, with substantial holdings in the Utica Shale and Oklahoma's SCOOP plays.
Gulfport Energy Corporation (GPOR) reported Q1 2020 results with a net loss of $517.5 million, or $3.24 per diluted share. Despite this, the company reduced long-term debt by $79.6 million and improved drilling efficiencies by 11% in the Utica Shale and 32% in the SCOOP. Adjusted net income was $16.6 million, with operating cash flow reaching $86.7 million. Gulfport's borrowing base was redetermined at $700 million, providing sufficient liquidity for its capital plan. The firm plans to generate positive free cash flow in the latter half of 2020, though it anticipates potential production impacts due to low oil prices and COVID-19.
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