Gulfport Energy Corporation (NYSE:GPOR) Q3 2022 Earnings Conference Call November 2, 2022 9:30 AM ET

Company Participants

Jessica Antle - Director, Investor Relations

Bill Buese - Executive Vice President and Chief Financial Officer

RJ Moses - Senior Vice President, Operations and Drilling

Conference Call Participants

Neal Dingmann - Truist Securities

Tim Rezvan - KeyBanc Capital Markets

Operator

Good morning ladies and gentlemen, and thank you for standing-by. Welcome to Gulfport Energy Corporation’s Third Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host Jessica Antle. Thank you. You may begin.

Jessica Antle

Thank you and good morning. Welcome to Gulfport Energy Corporation's third quarter 2022 earnings conference call. I am Jessica Antle, Director of Investor Relations. Tim Cutt, Gulfport’s Chief Executive Officer will not be on today’s call due to a family emergency. Bill Buese, Executive Vice President and Chief Financial Officer will provide today’s scripted remarks and will be joined by Michael Sluiter, Senior Vice President of Reservoir Engineering; and RJ Moses, Senior Vice President of Operations and Drilling for the Q&A portion of the 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 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 the 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 Bill.

Bill Buese

Thanks, Jessica, and good morning everyone. I’ll begin this morning with a brief summary of third quarter highlights followed by an operational update in both of our asset areas. I will then provide a high level overview of our third quarter financial results, liquidity position, return on capital initiatives, and address the guidance updates provided in yesterday’s earnings announcement.

The third quarter marked the most active period of our 2022 operational plan with us investing a total of $141 million of capital between our two operating areas. Our production averaged 915 million cubic feet equivalent per day for the quarter, which is down from the second quarter, primarily due to the timing of our development program, but was in-line with our expectations.