Reducing Gulfport's FVE Because of Slower Growth Outlook; No Longer Undervalued
Like many upstream firms, Gulfport is prioritizing cash flow neutrality rather than growth in 2018, and the capital budget for drilling and completions has shrunk to $630 million-$685 million from $1.1 billion in 2017. Consequently, the firm will release one Utica rig and two Oklahoma rigs from service during the year, reducing its operated rig count to four from seven. In contrast, we were previously modeling a modest uptick in activity, with an average of 10 rigs running in 2018. As a result, ...
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