Gulfport Energy Corporation (NYSE:GPOR) Q3 2024 Earnings Conference Call November 6, 2024 9:00 AM ET
Company Participants
Jessica Antle - Vice President, Investor Relations
John Reinhart - President & Chief Executive Officer
Michael Hodges - Executive Vice President & Chief Financial Officer
Conference Call Participants
Bert Donnes - Truist Securities
Doug Leggate - Wolfe Research
Zach Parham - JPMorgan
Tim Rezvan - KeyBanc Capital Markets Inc.
Noah Hungness - Bank of America
Jacob Roberts - TPH
Operator
Greetings, and welcome to the Gulfport Energy Corporation Third Quarter 2024 Earnings Call. 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 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 2024 earnings conference call. I am Jessica Antle, Vice President of Investor Relations. Speakers on today's call include John Reinhart, President and Chief Executive Officer; and Michael Hodges, 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 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.
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's third quarter results highlight our continued commitment to enhancing shareholder value.
During the quarter, the company repurchased approximately $50 million of our common stock, expanded the company's common stock repurchase authorization by 54% to $1 billion, lower 2024 capital spend guidance midpoint by $15 million, increased high-margin condensate production by 68% quarter-over-quarter, and added to the company's high-quality inventory with approximately $20 million of discretionary acreage acquisitions, which when combined with the first half of 2024 activity, as approximately one year of incremental liquids-rich drilling locations, which have competitive returns with our high-quality inventory and are targeted for near-term development.