Gulfport Energy Corporation (NYSE:GPOR) Q1 2022 Earnings Conference Call May 4, 2022 9:00 AM ET

Company Participants

Jessica Antle – Director, Investor Relations

Tim Cutt – Chief Executive Officer

Bill Buese – Executive Vice President and Chief Financial Officer

Conference Call Participants

Neal Dingmann – Truist

Zach Parham – JPMorgan

Steven Dechert – KeyBanc

Operator

Hello and welcome to the Gulfport Energy Corporation First Quarter 2022 Earnings Conference Call and Webcast. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It's now my pleasure to turn the call over to Jessica Antle, Director of Investor Relations. Jessica, please go ahead.

Jessica Antle

Thank you and good morning. Welcome to Gulfport Energy Corporation's first quarter 2022 earnings conference call. I am Jessica Antle. Speakers on today's call include Tim Cutt, Chief Executive Officer; and Bill Buese, Executive Vice President and Chief Financial Officer. 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 condition, 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 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 Tim.

Tim Cutt

Thanks, Jessica and good morning, and thank you for joining the call. I will begin this morning with a summary of the first quarter highlights followed by an operational update before turning the call to Bill to discuss the financials. As you saw from our release, we had a very strong quarter delivering over 1 billion cubic feet equivalent of gas per day and $117 million of free cash flow. We exited the quarter with a leverage ratio of 0.7 and liquidity of $568 million. We began executing our share buyback program and the board has recently approved an additional $100 million taking the program to $200 million, which represents approximately 50% of expected free cash flow.