Gulfport Energy Corporation (NYSE:GPOR) Q2 2023 Earnings Conference Call August 2, 2023 9:00 AM ET
Company Participants
Jessica Antle – Director-Investor Relations
John Reinhart – President and Chief Executive Officer
Michael Hodges – Executive Vice President and Chief Financial Officer
Conference Call Participants
Tim Rezvan – KeyBanc Capital
Operator
Greetings, and welcome to the Gulfport Energy Corporation's Second Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Jessica Antle, Director of Investor Relations. Please proceed.
Jessica Antle
Thank you, and good morning. Welcome to Gulfport Energy Corporation's second quarter 2023 earnings conference call. I’m Jessica Antle. Speakers on today's call include John Reinhart, President and Chief Executive Officer; Michael Hodges, Executive Vice President and Chief Financial Officer and Matthew Rucker, Senior Vice President of Operations will be available for the Q&A portion of today's call.
I would like to remind everybody that during this conference call, the participants may make certain forward-looking statements relating to the company’s financial conditions, results of operations, plans, objectives, future performance, and business. We caution you that the actual results could differ materially from those that are indicated in these forward-looking statements, due to a variety of factors. Information concerning these factors can be found in the company’s filings with the SEC.
In addition, we may reference non-GAAP measures. Reconciliations to these comparable GAAP measures will be posted on our website. An updated Gulfport presentation was posted yesterday evening to our website in conjunction with the earnings announcement. Please review at your leisure.
At this time, I would like to turn the call over to John Reinhart, President and CEO.
John Reinhart
Thank you, Jessica and thank you to everyone for listening to our call. I'm pleased to provide highlights today on the company's outperformance in the second quarter with strong well performance and operational cycle times outpacing budget expectations, playing a key role in our quarterly production, operating costs, adjusted EBITDA and capital spend realizations all coming in better than analyst consensus estimates. The strong execution across the board led to positive revisions in our 2023 full year production and operating cost guidance.
The company remains focused on delivering disciplined growth, lowering costs, improving operational cycle times and efficiencies and enhancing both asset level and corporate returns, all while maintaining an attractive balance sheet and utilizing our top quartile free cash flow yield to enhance shareholder returns and expand our high quality inventory. All of which positions the company attractively for continued fundamental value improvements.