Gulfport Q4 results — in line earnings, production guided lower

Gulfport Q4 results — in line earnings, production guided lower

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Gulfport Energy (NYSE:GPOR) reported Q4 results after the close, posting in-line results, guiding production down, and providing little in the way of updates to the existing shareholder return scheme:

  • Earnings – the company posted adjusted earnings per share of $5.69 in Q4, versus Street expectations for $4.72; free cash flow in the quarter was $134m, or ~10% of the current market capitalization.
  • Production – management guided to 1.0Bcfe/d of production in 2022, versus 1.1Bcfe/d in Q4, or a ~9% sequential decline.
  • Capital – capex was guided to $360m in 2022.
  • Shareholders – in November of 2021, the board approved a $100m share repurchase program (~7% of current market cap), though management did not update on status of the program with results.

At current strip prices, the company expects to generate $335m of free cash flow in 2022, or ~24% of the current market cap. Following bankruptcy, the Street remains split on the name, so it will be interesting to see if the compelling cash flow yield is able to offset the ~9% production decline guidance when analysts update ratings.

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