Q4 2021 Gulfport Energy Corp Earnings Call

March 1, 2022

Operator 2: Greetings. Welcome to the Gulfport Q4 2021 Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Jessica Antle. Thank you. You may begin.

Operator: Greetings. Welcome to the Gulfport Q4 2021 Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Jessica Antle. Thank you. You may begin.

Reading welcome to the Gulfport twice quite a 2021 conference call. At this time all participants are in a listen only mode. A question and answer session will follow the final presentation. If anyone should require operator assistance during the conference. Please press star zero on your telephone keypad.

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's Q4 and full year 2021 Earnings Conference Call. I am Jessica Antle, Director of Investor Relations. 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.

Thank you and good morning, welcome to Gulfport Energy's fourth quarter and full year 2020, 'twenty One earnings conference call I Am Jessica Antle director of Investor Relations speakers on today's call include Kim Chief Executive Officer, and they'll be the executive Vice President and Chief Financial Officer, I would like to remind everybody.

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.

[laughter] 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. Thank you.

Jessica Antle: An updated Gulfport presentation was posted yesterday evening to our website in conjunction with our earnings announcement. Please review at your leisure. At this time, I would like to turn the call over to Tim Cutt.

Tim Cutt: Thank you, Jessica. Good morning, and thank you for joining the call. I will begin this morning with a summary of the end-of-year 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 and delivered full year results at the top end of guidance. We generated over $360 million of free cash flow, significantly increased liquidity, and achieved our target leverage of below 1x. We are now well-positioned to begin executing on our previously announced $100 million share repurchase program and are evaluating additional return of capital opportunities.

Timothy J. Cutt: Thank you, Jessica. Good morning, and thank you for joining the call. I will begin this morning with a summary of the end-of-year 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 and delivered full year results at the top end of guidance. We generated over $360 million of free cash flow, significantly increased liquidity, and achieved our target leverage of below 1x. We are now well-positioned to begin executing on our previously announced $100 million share repurchase program and are evaluating additional return of capital opportunities.

Good morning, and thank you for joining the call I will begin this morning with a summary of the end of your 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 and delivered full year results at the top end of guidance, we generated over $360 million of free cash.

<unk> significantly increased liquidity and achieved our target leverage of below one times. We are now well positioned to begin executing on our previously announced $100 million share repurchase program and are evaluating additional return of capital opportunities. We were able to achieve this strong performance with approximately $290 million of cap.

Tim Cutt: We were able to achieve this strong performance with approximately $290 million of CapEx spend in 2021, which was at the low end of guidance, and translated into an average production over 1 Bcf of gas equivalent per day, which was at the high end of guidance. This was driven by a strong contribution from both the Utica and Scoop development programs. Turning to our development program, I am pleased to report that our results in both the Scoop and Utica continue to outperform historical wells. We are focused on delivering peer-leading development cost per Mcf, and our implementation of wider spacing and more intensive completion designs is yielding strong results. On slide 10 of the IR deck, you will find recent results from our 2021 Utica program.

Timothy J. Cutt: We were able to achieve this strong performance with approximately $290 million of CapEx spend in 2021, which was at the low end of guidance, and translated into an average production over one Bcf of gas equivalent per day, which was at the high end of guidance. This was driven by a strong contribution from both the Utica and Scoop development programs. Turning to our development program, I am pleased to report that our results in both the Scoop and Utica continue to outperform historical wells. We are focused on delivering peer-leading development cost per Mcf, and our implementation of wider spacing and more intensive completion designs is yielding strong results. On slide 10 of the IR deck, you will find recent results from our 2021 Utica program.

<unk> spend in 2021, which was at the low end of guidance and translated into an average production over one bcf of gas equivalent per day, which was at the high end of guidance. This was driven by a strong contribution from both the Utica and Scoop development programs turning to our development program I am pleased to report that our results in both the Scoop and youth.

<unk> continued to outperform historical wells, we are focused on delivering peer leading development cost per mcf and our implementation of water spacing and more intensive completion designs is yielding strong results on.

On slide 10 of the IR deck, you'll find our recent results from our 2021 Utica program. The Angelo pad was brought online in late October and to date has averaged 245 million cubic feet equivalent per gross production per day. We're flowing these wells above the target rate of 230 million cubic feet equivalent per day, given the quality of the reservoir.

Tim Cutt: The Angelo pad was brought online late October and to date has averaged 245 million cubic feet equivalent gross production per day. We are flowing these wells above the pad target rate of 230 million cubic feet equivalent per day, given the quality of the reservoir as well as the very favorable gas market. I'm pleased to report that since bringing the Angelo pad online, it has produced approximately 32 Bcf. This single pad is expected to generate a PV-10 of greater than $150 million with an IRR greater than 100% at current strip prices. Given the high production rates and the current pressures, we would expect the wells to begin decline by the end of Q1.

Timothy J. Cutt: The Angelo pad was brought online late October and to date has averaged 245 million cubic feet equivalent gross production per day. We are flowing these wells above the pad target rate of 230 million cubic feet equivalent per day, given the quality of the reservoir as well as the very favorable gas market. I'm pleased to report that since bringing the Angelo pad online, it has produced approximately 32 Bcf. This single pad is expected to generate a PV-10 of greater than $150 million with an IRR greater than 100% at current strip prices. Given the high production rates and the current pressures, we would expect the wells to begin decline by the end of Q1.

As well as the very favorable gas market I am pleased to report that since bringing the Angela pad online. It has produced approximately 32 Bcf. This single pad is expected to generate a PV 10 of greater than $150 million with an IRR greater than 100% at current strip prices given the high production rates from the current press.

<unk>, we would expect the wells to begin decline by the end of the first quarter of Shannon and Hana shut wells have also performed extremely well and only recently began to decline following plateau periods of eight to 10 months and are expected to Kim approximately two five bcf per thousand foot per well the Morrison gergen wells in our southern Monroe County acreage.

Tim Cutt: The Shannon and Hendershot wells have also performed extremely well and only recently began to decline following plateau periods of 8 to 10 months and are expected to cum approximately 2.5 Bcf per thousand foot per well. The Morris and Gehrig wells in our southern Monroe County acreage have also exceeded expectations, with the average production plateau expected to be over 6 months, outperforming historical wells in this area. You will see on page 11 of the IR deck that we have lowered development costs per Mcfe of reserves developed in the Utica by almost 44% since 2019 from $1 per Mcfe to $0.55.

Timothy J. Cutt: The Shannon and Hendershot wells have also performed extremely well and only recently began to decline following plateau periods of eight to 10 months and are expected to cum approximately 2.5 Bcf per thousand foot per well. The Morris and Gehrig wells in our southern Monroe County acreage have also exceeded expectations, with the average production plateau expected to be over six months, outperforming historical wells in this area. You will see on page 11 of the IR deck that we have lowered development costs per Mcfe of reserves developed in the Utica by almost 44% since 2019 from $1 per Mcfe to $0.55.

<unk> also exceeded expectations with average production plateau expected to be over six months outperforming historical wells in this area.

You will see on page 11 of the IR deck that we have lower development cost per Mcf of reserves developed in the Utica by almost 44% since 2019 from a dollar per Mcf to 55.

Tim Cutt: Our target continues to be below $0.50 going forward using wider spacing and more intense frac jobs. The chart on the right-hand side of slide 11 shows the step change in well performance utilizing the new frac design. We are seeing similar positive results in the SCOOP. Slide 12 of the deck demonstrates that the three new pads in the SCOOP are performing better than anticipated. As compared to historical completions, the 2021 wells are delivering 25% more cumulative Mcf per lateral foot after 250 days of production. We continue to drive down development costs in the SCOOP, and during 2021, we lowered development costs to $0.50 per Mcfe developed. We continue to focus on improving our total per unit operating cost and are identifying improvement efficiencies across the company.

Timothy J. Cutt: Our target continues to be below $0.50 going forward using wider spacing and more intense frac jobs. The chart on the right-hand side of slide 11 shows the step change in well performance utilizing the new frac design. We are seeing similar positive results in the SCOOP. Slide 12 of the deck demonstrates that the three new pads in the SCOOP are performing better than anticipated. As compared to historical completions, the 2021 wells are delivering 25% more cumulative Mcf per lateral foot after 250 days of production. We continue to drive down development costs in the SCOOP, and during 2021, we lowered development costs to $0.50 per Mcfe developed. We continue to focus on improving our total per unit operating cost and are identifying improvement efficiencies across the company.

Our target continues to be below 50 going forward using water spacing and more intense fracs jobs, but.

On the right hand side of this slide 11 shows the step change in well performance utilizing the new Frac design, we are seeing similar positive results in the Scoop slide 12 of the deck demonstrates that the three new pads in the scoop are performing better than anticipated as compared to historical completions that 2021 wells are delivering 25% more cumulus.

Mcf per lateral foot. After 250 days of production, we continue to drive down development costs in the Scoop and during 2021, we lower development cost of <unk> 50 per Mcf devote.

We continued to focus on improving our total per unit operating costs and are identifying improvement efficiencies across the company. We delivered a total operating costs of $1 28 per Mcf, which represents a reduction of 16% year on year low for the year was brought on budget at <unk> 14 per Mcf for.

Tim Cutt: We delivered a total operating cost of $1.20 per Mcfe, which represents a reduction of 16% year on year. LOE for the year was brought on budget at $0.14 per Mcfe. For 2022, we do expect our LOE to trend slightly higher through adding additional compression to take full advantage of the current market conditions, along with inflation, primarily related to water disposal. We continued to focus on reducing corporate overhead in 2021 and came in below our full year G&A guidance at $40 million. We expect to maintain top quartile G&A cost of $0.12 per Mcfe or below for the full year of 2022. Our strong asset performance in 2021, combined with a lower cost structure and substantially higher commodity price, led to significant additions in our year-end proved reserves.

Timothy J. Cutt: We delivered a total operating cost of $1.20 per Mcfe, which represents a reduction of 16% year on year. LOE for the year was brought on budget at $0.14 per Mcfe. For 2022, we do expect our LOE to trend slightly higher through adding additional compression to take full advantage of the current market conditions, along with inflation, primarily related to water disposal. We continued to focus on reducing corporate overhead in 2021 and came in below our full year G&A guidance at $40 million. We expect to maintain top quartile G&A cost of $0.12 per Mcfe or below for the full year of 2022. Our strong asset performance in 2021, combined with a lower cost structure and substantially higher commodity price, led to significant additions in our year-end proved reserves.

For 2022, we do expect our LOE to trend slightly higher through adding additional compression to take full advantage of the current market conditions, along with inflation primarily related to water disposal. We continued to focus on reducing corporate overhead in 2021 and came in below our full year G&A guidance at $40 million we.

To maintain top quartile G&A costs were <unk> 12 per M cfe or below for the full year of 2022.

Our strong asset performance in 2021, combined with a lower cost structure and substantially higher commodity prices led to significant additions in our year end proved reserves our year at year end, we grew our SEC proved reserves by 51% to $3 nine Tcf.

Tim Cutt: At year end, we grew our SEC proved reserve by 51% to 3.9 Tcfe. Our total before tax PV-10 value for 2021 was $4.3 billion. As a proxy for value, our total before tax PV-10 is more than double our current enterprise value. Even more compelling, the $2.7 billion of PDP PV-10 value is more than 20% higher than our current enterprise value. Looking at 2022, our development program is centered around a continuous rig program in the Utica to help drive efficiencies. Capital spend for the year is projected to be approximately $360 million. The increase from 2021 is driven by the incremental Utica activity I just mentioned, along with about 10% inflationary effects.

Timothy J. Cutt: At year end, we grew our SEC proved reserve by 51% to 3.9 Tcfe. Our total before tax PV-10 value for 2021 was $4.3 billion. As a proxy for value, our total before tax PV-10 is more than double our current enterprise value. Even more compelling, the $2.7 billion of PDP PV-10 value is more than 20% higher than our current enterprise value. Looking at 2022, our development program is centered around a continuous rig program in the Utica to help drive efficiencies. Capital spend for the year is projected to be approximately $360 million. The increase from 2021 is driven by the incremental Utica activity I just mentioned, along with about 10% inflationary effects.

Our total before tax PV 10 value for 2021 was $4 3 billion.

As a proxy for value our total before tax PV 10 is more than double our current enterprise value.

Even more compelling the $2 $7 billion of PDP PV 10 value is more than 20% higher than our current enterprise value.

Looking at 2020 to our development program is centered around the continuous rig program in the Utica to help drive efficiencies capital spend for the year is projected to be approximately $360 million. The increase from 2021 has driven.

But the incremental the.

Utica activity I, just mentioned along with about 10% inflationary effects. The plan is designed to TD 24, gross wells and turned 17 gross wells to sales in the Utica and the TD eight gross wells and turned 13 gross wells to sell in the scoop.

Tim Cutt: The plan is designed to TD 24 gross wells and turn 17 gross wells to sales in the Utica and to TD 8 gross wells and turn 13 gross wells to sales in the SCOOP. We anticipate this level of activity to deliver approximately 1 Bcfe per day in 2022, growing by approximately 5% in 2023. The program is expected to generate approximately $335 million of free cash flow in 2022. Similar to last year, the production buildup from our development program is back-end loaded. Where we ultimately land in the production guidance range will depend heavily on the actual timing of the development program delivery. As shown on slides 15 through 17, we expect production to decline during the first two quarters and grow in the H2 of the year as new wells are turned to sales.

Timothy J. Cutt: The plan is designed to TD 24 gross wells and turn 17 gross wells to sales in the Utica and to TD 8 gross wells and turn 13 gross wells to sales in the SCOOP. We anticipate this level of activity to deliver approximately 1 Bcfe per day in 2022, growing by approximately 5% in 2023. The program is expected to generate approximately $335 million of free cash flow in 2022. Similar to last year, the production buildup from our development program is back-end loaded. Where we ultimately land in the production guidance range will depend heavily on the actual timing of the development program delivery. As shown on slides 15 through 17, we expect production to decline during the first two quarters and grow in the H2 of the year as new wells are turned to sales.

We anticipate this level of activity to deliver approximately one bcf per day in 2022 growing by approximately 5% in 2023.

The program is expected to generate approximately $335 million of free cash flow in 2022, similar to last year. The production buildup from our development program is back end loaded.

Where we ultimately land in the production guidance range will depend heavily on the actual timing of the development program delivered as shown on slides 15 through 17, we expect production to decline during the first two quarters and grow in the back half of the year as new wells are turned to sales in summary during 2022, we remain focused.

Tim Cutt: In summary, during 2022, we remain focused on cost-effective production and capital discipline, supported by our much-improved balance sheet. We are fully committed to safely executing in the field and improving our environmental, social, and governance performance. We have flattened our corporate structure, reduced overhead, and are focused on optimizing our development program to deliver the highest returns possible to our investors. I'll now turn the call over to Bill to discuss our financial results.

Timothy J. Cutt: In summary, during 2022, we remain focused on cost-effective production and capital discipline, supported by our much-improved balance sheet. We are fully committed to safely executing in the field and improving our environmental, social, and governance performance. We have flattened our corporate structure, reduced overhead, and are focused on optimizing our development program to deliver the highest returns possible to our investors. I'll now turn the call over to Bill to discuss our financial results.

On cost effective production and capital discipline supported by our much improved balance sheet, we are fully committed to safely executing in the field and improving our environmental social and governance performance, we have flattened our corporate structure.

We reduced overhead and our focus on optimizing our development program to deliver the highest returns possible to our investors I'll now turn the call over to bill to discuss our financial results.

Bill Buese: Thank you, Tim, and good morning, everyone. As Tim suggested in his remarks, we had another solid quarter on both the operational and financial fronts. I'll spend my time this morning providing a brief overview of our Q4 and annual financial results, recent updates to our derivative portfolio and improved liquidity position, and provide an update on our return of capital initiatives before opening the call up for Q&A. For the three-month period ending 31 December 2021, we reported net income of $558 million and generated $225 million of adjusted EBITDA. A $429 million unrealized gain associated with our commodity derivatives portfolio was a key driver of the net income during the quarter.

Thank you Tim and good morning, everyone as Tim suggested in his remarks, we had another solid quarter on both the operational and financial fronts I'll spend my time. This morning, providing a brief overview of our fourth quarter and annual financial results recent updates to our derivative portfolio and improved liquidity position and provide an update on our return of capital initiatives before open.

On the call up for Q&A.

For the three month period, ending December 31, 2021, we reported net income of $558 million and generated $225 million of adjusted EBITDA.

A $429 million unrealized gain associated with our commodity derivatives portfolio was a key driver of the net income during the quarter for.

Bill Buese: For the twelve-month period ending 31 December 2021, we reported net income of $138 million and generated $717 million of adjusted EBITDA. Net cash provided by operating activities totaled $128 million during Q4, and we generated free cash flow of $134 million for the same period, which we primarily used to repay borrowings on the credit facility. For the full year 2021, we generated roughly $360 million of free cash flow compared to $40 million for the full year of 2020. To ensure our ability to fund our capital program and generate free cash flow going forward, we continued to enter into commodity derivative contracts during Q4.

Bill Buese: For the 12-month period ending 31 December 2021, we reported net income of $138 million and generated $717 million of adjusted EBITDA. Net cash provided by operating activities totaled $128 million during Q4, and we generated free cash flow of $134 million for the same period, which we primarily used to repay borrowings on the credit facility. For the full year 2021, we generated roughly $360 million of free cash flow compared to $40 million for the full year of 2020. To ensure our ability to fund our capital program and generate free cash flow going forward, we continued to enter into commodity derivative contracts during Q4.

For the 12 month period, ending December 31, 2021, we reported net income of $138 million and generated $717 million of adjusted EBITDA.

Net cash provided by operating activities totaled $128 million during the fourth quarter, and we generated free cash flow of $134 million for the same period, which was primarily used to repay borrowings on our credit facility.

For the full year 'twenty, one we generated roughly 360 million of free cash flow compared to $40 million for the full year of 2020.

To ensure our ability to fund our capital program and generate free cash flow going forward, we continue to enter into commodity derivative contracts during the fourth quarter as of December 31, we had natural gas swap and collared contracts totaling approximately 617 million cubic feet per day at an average floor price of $2 69.

Bill Buese: As of December 31, we had natural gas swap and collar contracts totaling approximately 617 million cubic feet per day at an average floor price of $2.69 per Mcf for 2022, and natural gas swap and collar contracts totaling approximately 180 million cubic feet per day at an average floor price of $3.10 per Mcf for 2023. We also restructured several of our 2023 sold call options in late 2021 to provide additional capacity to layer in incremental derivative contracts for 2023 in the future. All of the contracts associated with the restructurings were included in the derivative updates I just provided.

Bill Buese: As of 31 December, we had natural gas swap and collar contracts totaling approximately 617 million cubic feet per day at an average floor price of $2.69 per Mcf for 2022, and natural gas swap and collar contracts totaling approximately 180 million cubic feet per day at an average floor price of $3.10 per Mcf for 2023. We also restructured several of our 2023 sold call options in late 2021 to provide additional capacity to layer in incremental derivative contracts for 2023 in the future. All of the contracts associated with the restructurings were included in the derivative updates I just provided.

Per Mcf for 2022.

And that's all gas swap and collar contracts totaling approximately 180 million cubic feet per day at an average floor price of $3 10 per Mcf for 2023, we also restructured several of our 2023 sold call options in late 2021 to provide additional capacity to layer in incremental derivative contracts for <unk>.

93 in the future.

All of the contracts associated with the restructuring were included in the derivative updates I just provided.

Bill Buese: Overall, we are pleased with the progress we have made on our derivative portfolio since emergence, and we will continue to add to and modify our portfolio in the future. Please see our Form 10-K for additional details on our derivative portfolio. Turning to the balance sheet. At the end of Q4, total assets were approximately $2.2 billion. Well, total gross debt was approximately $714 million, consisting of $164 million outstanding on a revolver and $550 million of senior notes. We also had $3 million of cash on hand and $122 million of letters of credit outstanding at the end of the quarter.

Bill Buese: Overall, we are pleased with the progress we have made on our derivative portfolio since emergence, and we will continue to add to and modify our portfolio in the future. Please see our Form 10-K, for additional details on our derivative portfolio. Turning to the balance sheet. At the end of Q4, total assets were approximately $2.2 billion. Well, total gross debt was approximately $714 million, consisting of $164 million outstanding on a revolver and $550 million of senior notes. We also had $3 million of cash on hand and $122 million of letters of credit outstanding at the end of the quarter.

Overall, we are pleased with the progress we've made on our derivative portfolio since emergence and we will continue to add to and modify our portfolio in the future. Please see our Form 10-K for additional details on our derivative portfolio.

Turning to the balance sheet at the end of the fourth quarter total assets were approximately $2 $2 billion.

While total gross debt was approximately $714 million consisting of $164 million outstanding on our revolver and $550 million of senior notes.

We also had $3 million of cash on hand, and $122 million of letters of credit outstanding at the end of the quarter.

Bill Buese: On the liquidity front, we exited Q4 with approximately $417 million of total liquidity, made up of $3 million of cash and approximately $414 million of borrowing capacity under the revolver. As a reminder, our liquidity increased by $160 million during Q4 through the October amendment to our credit facility. As of 25 February, we had approximately $597 million of total liquidity made up of $7 million of cash and $590 million of borrowing capacity under the revolver. On the return of capital front, as suggested during our Q3 earnings call, we continued to prioritize debt repayment during Q4, and as a result, we successfully achieved our leverage metric goal of 1x.

On the liquidity front, we exited the fourth quarter with approximately $417 million of total liquidity made up of the $3 million of cash and approximately $414 million of borrowing capacity under the revolver.

As a reminder, our liquidity increased by $160 million during the fourth quarter to the October amendment to our credit facility.

As of February 25th we had approximately $597 million of total liquidity made up of $7 million of cash and $590 million of borrowing capacity under the revolver.

On the return of capital front as suggested during our third quarter earnings call. We continue to prioritize debt repayment during the fourth quarter and as a result, we successfully achieved our leverage metric goal of one times.

Bill Buese: Following the amendment to our credit facility, we were permitted to initiate a cash dividend payment on our preferred shares during the quarter, which eliminated the need to utilize the more dilutive option of paying a PIK dividend on a quarterly basis going forward. This was another positive milestone in our return of capital process as outlined on slide five of the IR deck. As a reminder, the board approved a $100 million share repurchase program with the company's common stock in late October. The authorization remains in place and is valid through 31 December 2022. If executed at today's share price, the authorization would represent approximately 7% of our outstanding common shares. While we utilized our free cash flow, as discussed above in Q4, we are eager to begin executing the repurchase program going forward.

Following the amendment to our credit facility, we were permitted to initiate a cash dividend payment on our preferred shares during the quarter, which eliminated the need to utilize the more dilutive option of paying a pik dividend on a quarterly basis going forward. This was another positive milestone in our return of capital process as outlined on slide five of the IR deck.

As a reminder, the board approved a $100 million share repurchase program of the Companys common stock in late October the authorization remains in place and is valid through December 31 of 22.

If executed at today's share price the authorization would represent approximately 7% of our outstanding common shares while we utilize our free cash flow as discussed above in the fourth quarter. We are eager to begin executing the repurchase program going forward.

Bill Buese: In addition, the company will continue to evaluate all of its return of capital options, including increasing the size of the share repurchase program, potentially addressing the preferred shares, and instituting a common share dividend. In summary, our efficient asset base is delivering peer-leading free cash flow, and we believe that with over 10 years of top-tier inventory, we are well-positioned to begin executing on our opportunistic share buyback program while considering additional ways to return capital to shareholders as well. Our business plan remains committed to developing our assets in a disciplined manner while delivering free cash flow of more than $300 million annually. We are confident that our ability to deliver a peer-leading free cash flow yield is greatly underappreciated and that it provides an excellent opportunity for investors. With that, we will now open the call up for questions.

In addition, the company will continue to evaluate all of its return of capital options, including increasing the size of the share repurchase program potentially addressing the preferred shares and instituting a common share dividend.

In summary, our efficient asset base is delivering peer leading free cash flow and we believe that with over 10 years of top tier inventory, we are well positioned to begin executing on our opportunistic share buyback program, while considering additional ways to return capital to shareholders as well our business planning remains committed to developing our assets in a disciplined manner while it.

Delivering free cash flow of more than $300 million annually, we are confident that our ability to deliver a peer leading free cash flow yield is greatly underappreciated and that it provides an excellent opportunity for investors with that we will now open the call up for questions.

Operator 2: Our first question is from Neal Dingmann of Truist Securities. Please proceed with your question.

Thank you at this time well be conducting a question and answer session. If you would like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate your line is no question.

You May press star two if he would like to remove your question from the queue.

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One moment, please Holly Paul to your question.

Operator: Our first question is from Neal Dingmann of Truist Securities. Please proceed with your question.

Our first question is from Neal Dingmann of true security.

Steve with your question.

Neal Dingmann: Morning, all. Thanks for the details. Bill, my first question is probably, or probably for you, Tim, is really on production growth, specifically, you know, given now that your balance sheet being very strong. Secondly, just, you know, looking at what you're able to grow, you know, I look at that sort of stat you gave on the Angelo pad of over $150 million. Despite being, you know, production growth being somewhat taboo, I think there's been a number of companies that have been continuing to do it very nicely. I guess my question is, why not boost production and create value if we're able to do more pads like this Angelo pad, Tim?

Good morning, all thanks for the details.

First question probably.

I would probably for you Tim.

It was really a direction growth specifically.

Given now that you've you're what I'd say your obviously your balance sheet being very strong.

And.

Secondly, just looking at what you were able to grow you know I look at that sort of stat. You gave on the angel pad of over $150 million. This despite.

Despite being <unk>.

Production growth being somewhat taboo I think theres been a number of companies that have been continuing to do it very nicely. So I guess my question is why not boost production and create value. If we're able to do more pads like this Angela pad Tim.

Bill Buese: Thanks, Neal. That's a good question, and I think the good news, Neal, is we're on a projection to grow into 2023. We talk about 5% growth. You know, our plan for 2022 was really set when we came out of bankruptcy. When you think about the lead time in utilization and getting the permits in place, you know, we knew what we were gonna be generally doing in 2022 back at that point. Going into 2023, though, you know, we've built up the back end in the Utica. It will cause some growth going into 2023, and we can continue to watch the market. I mean, if prices sustain, it may make sense to do a bit more. We still have more room to do more in the Utica and quite a bit more in the SCOOP.

Thanks, Neal that's a good question and I think the good news Neal is we're on a projection to grow into 2023, we've talked about 5% growth.

Our plan for 'twenty two was really set when we came out of bankruptcy. When you think about the lead time in utilization and getting the permits in place.

We knew what we were going to be generally doing in 'twenty two it back at that point.

Going into 'twenty, three though we've built out the back end in the Utica It will close in growth going into 'twenty, three and we can continue to watch the market I mean, if prices sustain and it makes sense to do a bit more we still have more room to do more in the Utica.

Quite a bit more in the scoop. So I think the good news is we don't have to rush into a decision. We are growing into next year, and we talked about kind of a steady growth through the five year period. So it's just a matter of toggling that in one or two pads can make a big difference in that growth profile. So I think as we work our way through the year think about the specifics of 'twenty three.

Bill Buese: I think the good news is we don't have to rush into that decision. We are growing in the next year, and we talked about kind of a steady growth through the five-year period. It's just a matter of toggling that, and one or two pads can make a big difference in that growth profile. I think as we work our way through the year, think about the specifics of 2023, that's probably the time we'd be really considering that.

That's probably the time, we'd be really considering that.

Neal Dingmann: Okay. No, love to hear that. Secondly, just, you know, you mentioned on the SCOOP, you're obviously getting some great wells there, but I guess my question is, you know, obviously, I'm a huge fan of the Utica, been there for a long time, and I'm just wondering, you know, given now the environment we're in, does it make sense to, you know, look at potentially, you know, selling part of or all of the SCOOP in order to boost the Utica or anything like that?

Okay, No I'd love to hear that and then.

Secondly, just you mentioned on.

The scoop Youre, obviously getting some great wells there, but I guess my question is you know.

Obviously I'm a huge fan of the Utica had been there for a long time and I'm just wondering.

Given now the environment. We're in does it make sense to you know.

Well look at potentially.

So it's selling part of it or all of the.

The scoop in order to boost the Utica or anything like that I'm. Just wondering now that you had built kind of getting your hands around things.

Neal Dingmann: I'm just wondering, now that you and Bill kind of gotten your hands around things, you know, does it make sense, I guess, when you look at, you know, from M&A, either from just bolt-ons or from even the selling side, anything you could talk about around that, Tim?

Does it make sense I guess when you look at from M&A, either from just bolt ons or from even the selling side anything you could talk about around that Joe.

Bill Buese: Yeah, I mean, at this point, we really like the SCOOP. We like it. It's liquid rich. The economics that we talked about are very similar to the Utica, so we're not anxious to do anything. We're always open to M&A activity. But at this point, Neal, when you look at the size and scale, we would have to have something lined up to come off the back end of that before we seriously consider that.

Yeah, I mean at this point, we really liked the scoop, we liked with liquid rich are the economics that we talked about are very similar to the Utica. So we're not we're not anxious to do anything.

We're always open to M&A activity.

And but at this point Neil when you look at the size and scale.

Would have to have something lined up to come off the back end of that before we can seriously consider that.

Neal Dingmann: Okay. Maybe if I could sneak one last one in just on the topic as your shareholder return. Love the plan that you now have set out, and I know it's just very early for you guys on there. You know, Bill and I talked about this a little bit, but you know. Would it take another quarter or two? I know a lot of others that have been, you know, now more established on their plan have put out some form of, you know, I don't know if you wanna call it formulaic, but as far as a number that they're wanting to pay out, percentage. Would you all, down the line, go to something like that? Maybe that's for Bill.

Okay, and maybe I can sneak one last one in just on the topic de jure and shareholder return.

Loved the plan that you now have set out in and I know, it's just very early for you guys on their bill.

Bill and I talked about this a little bit, but you know what would it take another quarter or two I know a lot of others that have been now more established on their plan they've put out some form of I don't know.

Do you want to call it formulaic, but as far as a number that they're wanting to pay out.

<unk> would you all down the line and go to something like that maybe maybe that's for bill.

Tim Cutt: I can start off here, Bill can add in. Yeah, you know, we believe right now the share repurchase is the best use of cash capital that we have. We're talking about this extensively with our board. It's the highest priority we have as far as moving forward. You should anticipate we'll come out with a more prescriptive return of capital program going forward.

Timothy J. Cutt: I can start off here, Bill can add in. Yeah, you know, we believe right now the share repurchase is the best use of cash capital that we have. We're talking about this extensively with our board. It's the highest priority we have as far as moving forward. You should anticipate we'll come out with a more prescriptive return of capital program going forward.

I can start up here bill can add in but yeah. We believe right now the share repurchase is the best use of cash capital. We have a we're talking about this extensively with our board as the highest priority we have as far as moving forward.

And you should anticipate we'll come out with a more prescriptive a return of capital program going forward.

Neal Dingmann: Very good. Thank you.

Yes, very good thank you.

Tim Cutt: Yeah. Thanks, Neal.

Timothy J. Cutt: Yeah. Thanks, Neal.

Thanks Neil.

Bill Buese: Thanks, Neal.

Thanks Neil.

Operator 3: Our next question is from Leo Mariani of KeyBanc. Please proceed with your question.

Operator: Our next question is from Leo Mariani of KeyBanc. Please proceed with your question.

Our next question is from Leo Mariani of Keybanc. Please proceed with your question.

Leo Mariani: Hey, guys. I wanted just to follow up a little bit on the return of capital plans. You guys threw out kind of a handful of other, you know, alternatives there. You certainly talked about potentially a cash dividend, but also kind of, you know, retiring the preferred. Just wanted to get a sense of, as you look at it, you know, it sounds like you're eager to kind of get going on the buyback here. Can you maybe give us a sense on that $100 million that's authorized? I know it's only authorized through the end of the year. Is that something you'd expect to complete here in 2022? And maybe just talk about some of the other alternatives, like in terms of taking out the preferred. You know, what do you have to do to do that?

Leo Mariani: Hey, guys. I wanted just to follow up a little bit on the return of capital plans. You guys threw out kind of a handful of other, you know, alternatives there. You certainly talked about potentially a cash dividend, but also kind of, you know, retiring the preferred. Just wanted to get a sense of, as you look at it, you know, it sounds like you're eager to kind of get going on the buyback here. Can you maybe give us a sense on that $100 million that's authorized? I know it's only authorized through the end of the year. Is that something you'd expect to complete here in 2022? Maybe just talk about some of the other alternatives, like in terms of taking out the preferred. You know, what do you have to do to do that?

Hey, guys wanted to just to follow up a little bit on the return of capital plans you guys threw out kind of a handful of other alternatives there.

Certainly talked about potentially a cash dividend, but also kind of retiring the preferred.

Just wanted to get a get a sense of as you look at it.

It sounds like you are eager to kind of get going on the buyback here can you maybe give us a sense on that $100 million authorized I know it's on the authorized through the end of the year is that something you would expect to complete here in 2022.

Talk about some of the other alternatives like in terms of taking out the preferred.

What do you have to do to do that or are there any kind of premiums our calls involved there.

Leo Mariani: Are there any kind of, you know, premiums or calls involved there?

Tim Cutt: Yeah. I'll start off on the buyback and then hand it to Bill to talk about the preferred. On the buyback, Leo, we're ready to go. We're gonna start buying as soon as we can. We would hope to get it all done this year. Yeah, we'll see how much liquidity there is to buy. We're gonna head down that path soon, and we'll see where we end up. We're not restricted to $100 million. We wanna see the effect of this, so we think it'll be substantial. We can make decisions later on if we top that up. Yeah, that's something we're very committed to. I'll turn it to Bill to talk about the preferred.

Timothy J. Cutt: Yeah. I'll start off on the buyback and then hand it to Bill to talk about the preferred. On the buyback, Leo, we're ready to go. We're gonna start buying as soon as we can. We would hope to get it all done this year. Yeah, we'll see how much liquidity there is to buy. We're gonna head down that path soon, and we'll see where we end up. We're not restricted to $100 million. We wanna see the effect of this, so we think it'll be substantial. We can make decisions later on if we top that up. Yeah, that's something we're very committed to. I'll turn it to Bill to talk about the preferred.

Yeah, I'll start off on the on the buyback and then hand, it to bill to talk about for so on the buyback Leo we're ready to go we're gonna start buying as soon as soon as we can we would hope to get it all done this year.

But yes, we will see how much liquidity there is to buy.

So we're going to we're going to head down that path soon and we'll see where we end up we're not we're not restricted to $100 million, we want to see the effect of this we think it'll be substantial and then we can make decisions later on if we if we topped it up so yes, that's something we're very committed to but I'll turn it to bill to talk about the preferred yeah, and just to be clear I mean, we don't I don't know that.

Bill Buese: Yeah. Leo, just to be clear, I mean, we don't, I don't know that there's a preference at this point. You know, the $100 million has been approved, as Tim said. You know, we're just talking about everything kind of equally going forward, and it could be a larger share repurchase, it could be, you know, the preferreds or a dividend. On the preferred front, I mean, there's a preferred share agreement. I'm sure you're familiar with it. I mean, it has some restrictions around it, you know, that would make it kind of a one for all kind of redemption. You know, we'd have to get you know, kind of creative around that to some extent.

Bill Buese: Yeah. Leo, just to be clear, I mean, we don't, I don't know that there's a preference at this point. You know, the $100 million has been approved, as Tim said. You know, we're just talking about everything kind of equally going forward, and it could be a larger share repurchase, it could be, you know, the preferred or a dividend. On the preferred front, I mean, there's a preferred share agreement. I'm sure you're familiar with it. I mean, it has some restrictions around it, you know, that would make it kind of a one for all kind of redemption. You know, we'd have to get you know, kind of creative around that to some extent.

There's a preference at this point you know the $100 million has been approved as Tim said.

But we're just talking about everything kind of equally going forward or it could be a largest share repurchase it could be you know the preferreds or a dividend on the preferred front I mean, there's a paired share agreement I'm sure you're familiar with it I mean, it it had some restrictions around it.

That that would make it kind of a 111 for all kind of redemption.

So we'd have to get you know kind of creative around that to some extent, but everything's on the table, though I think is the key point in and we're well aware that we're going to generate more than 300 million of free cash this year and we've only accounted for call it $100 million of it. So we don't plan on sitting on cash we'll come out with a more robust plan here in may.

Bill Buese: you know, everything's on the table, Leo. I think is the key point. We're well aware that we're gonna generate more than $300 million of free cash this year, and we've only accounted for, call it $100 million of it. We don't plan on sitting on cash. We'll come out with a more robust plan here in May, and give you guys some more color at that point.

And give you guys some more color at that point.

Leo Mariani: Okay. That's helpful for sure. I guess just in terms of the operational plans obviously going to kind of more continuous in nature here in 2022. Can you maybe talk a little about you know some of the improvements that you expect to see? Maybe how that can kinda translate into say you know lower well costs over the course of the program? I know obviously there's inflation, but if we were to back that out, maybe you guys have some internal targets on maybe you know improvements that will lead to kinda lower well costs.

Okay. That's helpful for sure.

And I guess just in terms of the operational plans, obviously go into kind of more continuous in nature here in 2020 to maybe talk about some of the improvements that you expect to see and maybe how that can kind of translate into lower well costs over the course of the program I know obviously its inflation, but if we were to back that out maybe you guys.

I have some internal targets maybe.

<unk> color about costs.

Tim Cutt: I think, Leo, I talked about it on the last call. One of the most important things of going to more of a continuous program in the Utica in this environment is to make sure we can execute the program, right? When we drop rigs, pick them back up in a very tight market, supply market, service market, then we have those concerns. That's probably job number two, job number one of going to that. Second to that is just the efficiency. When you have a discontinuous program, you have different crews, it is extraordinarily hard to get on step and get into a continuous improvement program. You know, right now we're seeing, you know, probably 15% inflation. We've offset about 5% of that already through efficiencies.

Timothy J. Cutt: I think, Leo, I talked about it on the last call. One of the most important things of going to more of a continuous program in the Utica in this environment is to make sure we can execute the program, right? When we drop rigs, pick them back up in a very tight market, supply market, service market, then we have those concerns. That's probably job number two, job number one of going to that. Second to that is just the efficiency. When you have a discontinuous program, you have different crews, it is extraordinarily hard to get on step and get into a continuous improvement program. You know, right now we're seeing, you know, probably 15% inflation. We've offset about 5% of that already through efficiencies.

I think I talked about on the last call one of the most important things are going to more of a continuous program in the Utica in this environment is to make sure. We can execute the program right. When we drop rigs pick them back up in a very very tight market supply market.

<unk> market then we have those concerns. So that's that's probably job number two job number one that's going to that second to that is just the efficiencies. So when you have a discontinuous program you have different crews. It is extraordinarily hard to get on stuff and getting into a continuous improvement program.

Right now we're seeing that.

Probably 15% inflation, we've offset about 5% of that already through efficiencies.

Tim Cutt: You know, I would think if we're able to, going forward, I'm not saying you can get it all done in 2022, but continue to offset inflation. You know, if you could offset another 10% of inflation, you've got a good start. You know, my experience in continuous improvement programs, consistent programs, you know, typically you end up being surprised on the kind of ideas that people come up with and the kind of things we can do. Again, we're in an inflationary market. So I think we've put forward a, you know, a plan that we can deliver against. Every single day, we try and do better than that.

Timothy J. Cutt: You know, I would think if we're able to, going forward, I'm not saying you can get it all done in 2022, but continue to offset inflation. You know, if you could offset another 10% of inflation, you've got a good start. You know, my experience in continuous improvement programs, consistent programs, you know, typically you end up being surprised on the kind of ideas that people come up with and the kind of things we can do. Again, we're in an inflationary market. I think we've put forward a, you know, a plan that we can deliver against. Every single day, we try and do better than that.

I would think if we're able to going forward I must say you can get it all done in 2022, but continue to offset inflation. If he can also had another 10% of inflation you've got a good start you know my experience and continuous improvement programs consistent programs.

Typically you end up being surprised on the kind of ideas that people come up with and the kind of things. We can we can do again, we're in an inflationary market.

I think we've put forward a.

A plan that we can deliver against and then every single day, we're trying to do better than that.

Leo Mariani: Okay. That's helpful. Just lastly for you guys on GP&T, I just noticed that, in the guide for 2022 on a per BOE basis, you guys are expecting that to fall, here in 2022 versus 2021. Just wanna get a sense of kind of what's driving that.

Okay. That's helpful. And then just lastly for you guys on G. P. N T. I, just noticed that and guide for 'twenty key on a per BOE basis. You guys are stepping that fall here in 2018 versus 'twenty, one 'twenty to get a sense of kind of what's driving that.

Bill Buese: Yeah. It's, I think it's primarily bankruptcy noise, Leo.

Yeah, It's I think it's primarily bankruptcy noise there.

Leo Mariani: Okay.

Bill Buese: The Q1 was a little higher than going forward, so Q1 of last year.

The first quarter was a little higher than going forward. So the first quarter of last year.

Leo Mariani: Okay. Just that kind of 1 quarter noise. Okay. Thanks, guys.

Leo Mariani: Okay. Just that kind of Q1 noise. Okay. Thanks, guys.

Okay. So just that's kind of one quarter noise. Okay. Thanks, guys yeah.

Bill Buese: Yeah. Thank you.

Tim Cutt: Thanks, Leo.

Timothy J. Cutt: Thanks, Leo.

Thanks Leo.

Operator 3: Our next question is from Zach Parham of J.P. Morgan. Please proceed with your question.

Operator: Our next question is from Zach Parham of J.P. Morgan. Please proceed with your question.

Our next question is from <unk>.

Please proceed with your question.

Zach Parham: Hey, guys. Thanks for taking my question. I guess first just on A&D, we've seen a number of natural gas-focused deals trade in the market recently. You know, can you talk a little bit about how you see Gulfport participating? You know, are you comfortable with your inventory depth, or could bolt-ons be a use of that free cash flow you talked about earlier?

Hey, guys. Thanks for taking my question.

I guess first just on the a and D. We've seen a number of natural gas focused deals trade in the market recently.

Can you talk a little bit about how you see gulfport participating are you comfortable with your inventory depth or could bolt ons be a use of that that free cash flow you talked about earlier.

Tim Cutt: Yeah, Zach, it's a good question. I mean, this is something we talk about a lot. We've always been very open to A&D, M&A. When we think about the inventory, we are in a very solid position. We put in the deck that we have over 10 years, greater than 70% type return wells. That allows us to do smart things. Of course, we're gonna look at bolt-ons as they come by. You know, the current price environment, some of that can be difficult. We don't wanna overpay, that's for sure. The other thing to keep in mind that a lot of the acreage in, especially in the Utica, is unleased acreage. We are increasing our leasing. We're looking at that as also a way to build inventory.

Timothy J. Cutt: Yeah, Zach, it's a good question. I mean, this is something we talk about a lot. We've always been very open to A&D, M&A. When we think about the inventory, we are in a very solid position. We put in the deck that we have over 10 years, greater than 70% type return wells. That allows us to do smart things. Of course, we're gonna look at bolt-ons as they come by. You know, the current price environment, some of that can be difficult. We don't wanna overpay, that's for sure. The other thing to keep in mind that a lot of the acreage in, especially in the Utica, is unleased acreage. We are increasing our leasing. We're looking at that as also a way to build inventory.

Yes, it's a good question I mean this is something we've talked about a lot. We've always been very open to two Andy M&A.

When we when we think about the inventory.

We're in a very solid position, we put in the deck that we have over 10 years greater than 70% type return wells and so that allows us to do smart things of course, we're going to look at bolt ons as they come by the current price environment. Some of that can be difficult. We don't want overpay that's for sure.

And the other thing to keep in mind that a lot of the acreage and especially in the Utica has unleashed acreage and so we are we are increasing our leasing we're looking at that as also a way to build inventory. So it doesn't it just has to be through absolute transaction with another company. It can be through a bit more aggressive leasing strategy.

Tim Cutt: It doesn't just have to be through an absolute transaction with another company. It can be through a bit more aggressive leasing strategy. The idea, though, is you really don't wanna get too far ahead of your five-year window. We're trying to balance all those things together. You should have comfort that we are looking at bolt-on opportunities.

Timothy J. Cutt: It doesn't just have to be through an absolute transaction with another company. It can be through a bit more aggressive leasing strategy. The idea, though, is you really don't wanna get too far ahead of your five-year window. We're trying to balance all those things together. You should have comfort that we are looking at bolt-on opportunities.

The idea, though is you really don't want to get too far ahead of your five year window. So so we're trying to balance all those things together.

But you should have comfort that we're looking at we are looking at bolt on opportunities.

Zach Parham: Got it. Thanks for that color. I guess just one follow-up on cash taxes. In the $335 million free cash flow guidance, are there any cash taxes factored in there? If so, how much, and how do you see cash taxes trending over time?

Got it thanks for that color I guess, just one follow up on cash taxes in the 335 million free cash flow guidance are there any cash taxes factored in there and if so how much and how do you see cash taxes trending over time.

Bill Buese: Yeah, good question. That has become a hot topic, I guess, as prices have gone up. You know, we have $1 billion for NOL we reported in our 10-K. We don't expect to pay material cash taxes the next 4 years. You know, this year is very minimal. It does start creeping up a little bit, you know, maybe $10 million, you know, each of the following 3-year type thing. That's subject to change as our plan does as well. Nothing material, but to the extent there are cash taxes, those would be, you know, offset in the free cash flow number. The $335 would include any sort of cash tax bleed that we plan to incur this year, which is very minimal.

Bill Buese: Yeah, good question. That has become a hot topic, I guess, as prices have gone up. You know, we have $1 billion for NOL we reported in our 10-K. We don't expect to pay material cash taxes the next four years. You know, this year is very minimal. It does start creeping up a little bit, you know, maybe $10 million, you know, each of the following three-year type thing. That's subject to change as our plan does as well. Nothing material, but to the extent there are cash taxes, those would be, you know, offset in the free cash flow number. The $335 would include any sort of cash tax bleed that we plan to incur this year, which is very minimal.

Yeah.

Good question became a hot topic I guess as prices have gone up but now we have a billion for N O L. A are reported in our in our 10-K.

We don't expect to pay material cash taxes. The next four years you know this year is very minimal it does start creeping up a little bit you know maybe $10 million you know.

Each of the following three year type type thing and then that that's subject to change as our plan does as well, but nothing material, but to the extent there are cash taxes. So those would be offset in the free cash flow number. So the $3 35, what would what does include any sort of cash tax bleed that we plan to incur this year, which is very minimal.

Zach Parham: Got it. Thank you, guys.

Got it thank you guys.

Bill Buese: Thank you.

Tim Cutt: Thank you.

Timothy J. Cutt: Thank you.

Thank you. Thank you.

Operator 3: We have reached the end of the question-and-answer session, and I will now turn the call back over to Tim Cutt for closing remarks.

Operator: We have reached the end of the question-and-answer session, and I will now turn the call back over to Tim Cutt for closing remarks.

We have reached the end of the question and answer session and I will now turn the call back over to Tim <unk> for closing remarks.

Tim Cutt: All right. Thank you very much. We really appreciate your time and interest today. As always, if you have follow-up questions, don't hesitate to reach out to our investor relations team. This concludes the call. Thank you very much. Bye.

Timothy J. Cutt: All right. Thank you very much. We really appreciate your time and interest today. As always, if you have follow-up questions, don't hesitate to reach out to our investor relations team. This concludes the call. Thank you very much. Bye.

Alright. Thank you very much we really appreciate your time and interest today as always if you have follow up questions don't hesitate to reach out to our Investor Relations team. This concludes the call. Thank you very much.

Operator 3: This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

Operator: This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

This concludes today's conference you may disconnect. Your lines at this time. Thank you for your participation and have a great day.

Yeah.

Q4 2021 Gulfport Energy Corp Earnings Call

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