Gulfport Energy Corporation (NYSE:GPOR) Q1 2024 Earnings Conference Call May 1, 2024 10:00 AM ET
Company Participants
Jessica Antle - VP of IR
John Reinhart - President and CEO
Michael Hodges - EVP and CFO
Matt Rucker - SVP of Operations
Conference Call Participants
Bert Donnes - Truist
Zach Parham - JPMorgan
Tim Rezvan - KeyBanc Capital Markets
Jacob Roberts - Tudor, Pickering, Holt
Operator
Greetings. Welcome to Gulfport Energy Corporation's First Quarter 2024 Earnings Call. [Operator Instructions] Please note this conference is being recorded.
At this time, I'll now turn the conference over to Jessica Antle, Vice President, Investor Relations. Ms. Antle, you may now begin your presentation.
Jessica Antle
Thank you, and good morning. Welcome to Gulfport Energy Corporation's First Quarter 2024 earnings conference call. I am Jessica Antle. 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 available for the Q&A portion of today's call, Senior Vice President of Operations.
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 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 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.
Gulfport started the year strong, highlighted by continued improvement in operational efficiencies that led to capital spending below analyst expectations and strong free cash flow generation, which allowed us to continue returning capital to shareholders through our common share repurchase program.
The significant operational momentum achieved last year continues with another quarter of field operating teams executing at high levels of efficiencies. Several new company records were accomplished this quarter that contributed to strong financial results across the board relative to consensus expectations.
Looking at our first quarter highlights, the company generated $186 million of adjusted EBITDA and $39 million of adjusted free cash flow. Our average daily production totaled nearly 1.054 billion cubic feet equivalent per day in line with analyst expectations. Operationally, during the first quarter, the company completed drilling on 8 gross wells, 7 within Ohio targeting the Utica formation and one in the SCOOP targeting the Woodford formation. We entered the year with three operated drilling rigs running, and as planned, released one Utica rig during the first quarter, and currently have one rig running in each of our asset areas.