Gulfport Energy Corporation (NYSE:GPOR) Q3 2023 Earnings Conference Call November 1, 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
Matt Rucker - Senior Vice President of Operations
Conference Call Participants
Bertrand Donnes - Truist Securities
Timothy Rezvan - KeyBanc Capital
Douglas Leggate - Bank of America
Chris Baker - Evercore ISI
Operator
Greetings and welcome to the Gulfport Energy Corporation's Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Jessica Antle. Thank you. You may begin.
Jessica Antle
Thank you and good morning. Welcome to Gulfport Energy Corporation's third quarter 2023 earnings conference call. I am Jessica Antle, Vice President of Investor Relations. Speakers on today's call include John Reinhart, President and CEO, Michael Hodges, Executive Vice President and CFO. In addition, we also have Matt Rucker, Senior Vice President of Operations, who will be available for the Q&A portion of today's call.
I would like to remind everybody that during this conference call, the Company may make certain forward-looking statements relating to the financial condition, 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 the 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 third quarter results as we continue to make steady progress; demonstrated by our strong production profile, robust margins, improvement in operational efficiencies, high-quality inventory additions, and the continued focus on returning capital shareholders through our common share repurchase program.
Moving to our third quarter results, our financial performance remained strong, generating $160 million of adjusted EBITDA and $49 million of adjusted free cash flow, excluding discretionary acreage acquisitions. Our average daily production totaled 1.056 billion cubic feet equivalent per day, ahead of analyst expectations, and driven by improved cycle times, accelerating the timing of wells brought online in the quarter, as well as the continued strong well performance from our development programs.