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Wednesday, July 29, 2015

Gulfport Energy and Eclipse Resources Choose to Announce Operating Results Separate From Financial Results

In a decision that is likely driven by a desire to share the good production news ahead of the more disappointing financial figures, both Gulfport Energy and Eclipse Resources have chosen to issue press releases with operating results from the second quarter with a scheduled date included of when financial results will be coming.

First, from Gulfport:
Gulfport produced oil and natural gas sales volumes of 473.9 MMcfe per day during second quarter of 2015, representing a 12% increase over first quarter 2015 production of 424.4 MMcfe per day and a 196% increase over second quarter of 2014 production of 160.3 MMcfe per day. For the second quarter of 2015, Gulfport's production mix was approximately 77% natural gas, 13% natural gas liquids and 10% oil, as compared to 68% natural gas, 20% natural gas liquids and 12% oil during the first quarter of 2015 and 61% natural gas, 9% natural gas liquids and 29% oil during the second quarter of 2014. 
Gulfport's second quarter of 2015 Utica Shale production was 457.6 MMcfe per day, or 97% of our aggregate net production, as compared to 93% and 79% of our aggregate production during the first quarter of 2015 and the second quarter of 2014, respectively. During the second quarter of 2015, in the Utica Shale Gulfport spud nine gross (6.7 net) wells and turned-to-sales 19 gross (14.5 net) wells, all located within the dry gas phase window of the play. As of June 30, 2015, Gulfport had approximately 137 gross (103.8 net) wells producing in the Utica Shale. 
Gulfport's realized prices for the second quarter of 2015 were $1.99 per Mcf of natural gas, $0.30 per gallon of NGL and $47.40 per barrel of oil, resulting in a total equivalent price of $2.60 per Mcfe. Gulfport's realized prices for the second quarter of 2015 include an aggregate non-cash unrealized hedge loss of $34.6 million. Before the impact of derivatives, realized prices for the second quarter of 2015, including transportation costs, were $2.23 per Mcf of natural gas, $0.30 per gallon of NGL and $50.15 per barrel of oil, for a total equivalent price of $2.84 per Mcfe.
You can read that whole release here.  An earnings statement is scheduled to be released on August 5.

Next, from Eclipse:
Commenting on the results, Benjamin Hulburt, Chairman, President and CEO said, “We believe we had another outstanding quarter operationally. I remain very impressed with our team’s ability to once again beat production estimates, while driving drilling and completion efficiency gains. As we continue to move forward and build on this operational momentum, we have raised our full-year 2015 guidance to reflect the production growth we strongly believe we can achieve. During the quarter, we completed both our Sawyers pad and Weekender pad. The Sawyers pad includes 3 gross (3.0 net) wells, which were drilled on 715 foot inter-lateral spacing and represent our first Dry Gas spacing test. These wells were turned-to-sales at the end of the second quarter at our target start rate of approximately 2.3 Mcf per day per foot of lateral with average initial flowing pressures of 6,000 psi. While it will take time to assess the viability of this spacing test, we have commenced our testing activities and are highly focused on the performance of these wells. The Weekender pad includes 4 gross (2.9 net) wells that were drilled in 2014. These wells were completed at the end of the second quarter and will be turned-to-sales during the third quarter of 2015. With the completion of these wells, we now have 21 gross (16.8 net) wells remaining that have been drilled, but are awaiting completion. Of those remaining wells, 15.2 net wells are in the Lean Condensate window. I am also very pleased that we are outperforming our production forecasts while maintaining our spending levels at our capital budget expectations.”
Read that whole release here.  Eclipse has scheduled its earnings announcement for August 12.

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