Exhibit 99.2
Three months ended March 31, 2025
Supplemental Information of ÄϹ¬ÓéÀÖ¹ÙÍø Energy
Page 1
Production Volumes by Asset Area : Three months ended March 31, 2025
Production Volumes
| Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | |||||||
| Natural gas (Mcf/day) | ||||||||
| Utica & Marcellus | 686,964 | 811,357 | ||||||
| SCOOP | 150,851 | 162,207 | ||||||
| Total | 837,816 | 973,564 | ||||||
| Oil and condensate (Bbl/day) | ||||||||
| Utica & Marcellus | 3,861 | 1,348 | ||||||
| SCOOP | 1,420 | 1,980 | ||||||
| Total | 5,282 | 3,329 | ||||||
| NGL (Bbl/day) | ||||||||
| Utica & Marcellus | 3,495 | 1,981 | ||||||
| SCOOP | 6,467 | 8,050 | ||||||
| Total | 9,962 | 10,031 | ||||||
| Combined (Mcfe/day) | ||||||||
| Utica & Marcellus | 731,105 | 831,333 | ||||||
| SCOOP | 198,175 | 222,389 | ||||||
| Total | 929,280 | 1,053,722 | ||||||
Totals may not sum or recalculate due to rounding.
Page 2
Production and Pricing : Three months ended March 31, 2025
The following table summarizes production and related pricing for the three months ended March 31, 2025, as compared to such data for the three months ended March 31, 2024:
| Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | |||||||
| Natural gas sales | ||||||||
| Natural gas production volumes (MMcf) | 75,403 | 88,594 | ||||||
| Natural gas production volumes (MMcf) per day | 838 | 974 | ||||||
| Total sales | $ | 281,506 | $ | 188,286 | ||||
| Average price without the impact of derivatives ($/Mcf) | $ | 3.73 | $ | 2.13 | ||||
| Impact from settled derivatives ($/Mcf) | $ | (0.12 | ) | $ | 0.75 | |||
| Average price, including settled derivatives ($/Mcf) | $ | 3.61 | $ | 2.88 | ||||
| Oil and condensate sales | ||||||||
| Oil and condensate production volumes (MBbl) | 475 | 303 | ||||||
| Oil and condensate production volumes (MBbl) per day | 5 | 3 | ||||||
| Total sales | $ | 31,259 | $ | 21,701 | ||||
| Average price without the impact of derivatives ($/Bbl) | $ | 65.76 | $ | 71.64 | ||||
| Impact from settled derivatives ($/Bbl) | $ | 1.06 | $ | 0.04 | ||||
| Average price, including settled derivatives ($/Bbl) | $ | 66.82 | $ | 71.68 | ||||
| NGL sales | ||||||||
| NGL production volumes (MBbl) | 897 | 913 | ||||||
| NGL production volumes (MBbl) per day | 10 | 10 | ||||||
| Total sales | $ | 30,817 | $ | 28,106 | ||||
| Average price without the impact of derivatives ($/Bbl) | $ | 34.37 | $ | 30.79 | ||||
| Impact from settled derivatives ($/Bbl) | $ | (1.53 | ) | $ | (1.25 | ) | ||
| Average price, including settled derivatives ($/Bbl) | $ | 32.84 | $ | 29.54 | ||||
| Natural gas, oil and condensate and NGL sales | ||||||||
| Natural gas equivalents (MMcfe) | 83,635 | 95,889 | ||||||
| Natural gas equivalents (MMcfe) per day | 929 | 1,054 | ||||||
| Total sales | $ | 343,582 | $ | 238,093 | ||||
| Average price without the impact of derivatives ($/Mcfe) | $ | 4.11 | $ | 2.48 | ||||
| Impact from settled derivatives ($/Mcfe) | $ | (0.12 | ) | $ | 0.68 | |||
| Average price, including settled derivatives ($/Mcfe) | $ | 3.99 | $ | 3.16 | ||||
| Production Costs: | ||||||||
| Average lease operating expenses ($/Mcfe) | $ | 0.24 | $ | 0.18 | ||||
| Average taxes other than income ($/Mcfe) | $ | 0.08 | $ | 0.09 | ||||
| Average transportation, gathering, processing and compression ($/Mcfe) | $ | 0.99 | $ | 0.90 | ||||
| Total lease operating expenses, taxes other than income and midstream costs ($/Mcfe) | $ | 1.31 | $ | 1.16 | ||||
Totals may not sum or recalculate due to rounding.
Page 3
Consolidated Statements of Income: Three months ended March 31, 2025
(In thousands, except per share data)
(Unaudited)
| Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | |||||||
| REVENUES: | ||||||||
| Natural gas sales | $ | 281,506 | $ | 188,286 | ||||
| Oil and condensate sales | 31,259 | 21,701 | ||||||
| Natural gas liquid sales | 30,817 | 28,106 | ||||||
| Net (loss) gain on natural gas, oil and NGL derivatives | (146,548 | ) | 45,136 | |||||
| Total revenues | 197,034 | 283,229 | ||||||
| OPERATING EXPENSES: | ||||||||
| Lease operating expenses | 20,283 | 16,808 | ||||||
| Taxes other than income | 6,626 | 8,260 | ||||||
| Transportation, gathering, processing and compression | 82,870 | 86,619 | ||||||
| Depreciation, depletion and amortization | 65,622 | 80,023 | ||||||
| General and administrative expenses | 9,001 | 9,198 | ||||||
| Accretion expense | 618 | 555 | ||||||
| Total operating expenses | 185,020 | 201,463 | ||||||
| INCOME FROM OPERATIONS | 12,014 | 81,766 | ||||||
| OTHER EXPENSE (INCOME): | ||||||||
| Interest expense | 13,356 | 15,003 | ||||||
| Other, net | (702 | ) | (125 | ) | ||||
| Total other expense (income) | 12,654 | 14,878 | ||||||
| (LOSS) INCOME BEFORE INCOME TAXES | (640 | ) | 66,888 | |||||
| INCOME TAX (BENEFIT) EXPENSE: | ||||||||
| Current | (169 | ) | — | |||||
| Deferred | (7 | ) | 14,853 | |||||
| Total income tax (benefit) expense | (176 | ) | 14,853 | |||||
| NET (LOSS) INCOME | $ | (464 | ) | $ | 52,035 | |||
| Dividends on preferred stock | (862 | ) | (1,105 | ) | ||||
| Participating securities - preferred stock | — | (7,532 | ) | |||||
| NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (1,326 | ) | $ | 43,398 | |||
| NET (LOSS) INCOME PER COMMON SHARE: | ||||||||
| Basic | $ | (0.07 | ) | $ | 2.39 | |||
| Diluted | $ | (0.07 | ) | $ | 2.34 | |||
| Weighted average common shares outstanding—Basic | 17,881 | 18,193 | ||||||
| Weighted average common shares outstanding—Diluted | 17,881 | 18,604 | ||||||
Page 4
(In thousands, except share data)
(Unaudited)
| March 31, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 5,342 | $ | 1,473 | ||||
| Accounts receivable—oil, natural gas, and natural gas liquids sales | 158,060 | 155,942 | ||||||
| Accounts receivable—joint interest and other | 8,747 | 8,727 | ||||||
| Prepaid expenses and other current assets | 8,994 | 7,086 | ||||||
| Short-term derivative instruments | 24,151 | 58,085 | ||||||
| Total current assets | 205,294 | 231,313 | ||||||
| Property and equipment: | ||||||||
| Oil and natural gas properties, full-cost method | ||||||||
| Proved oil and natural gas properties | 3,524,497 | 3,349,805 | ||||||
| Unproved properties | 215,154 | 221,650 | ||||||
| Other property and equipment | 11,834 | 11,291 | ||||||
| Total property and equipment | 3,751,485 | 3,582,746 | ||||||
| Less: accumulated depletion, depreciation and amortization | (1,630,039 | ) | (1,564,475 | ) | ||||
| Total property and equipment, net | 2,121,446 | 2,018,271 | ||||||
| Other assets: | ||||||||
| Long-term derivative instruments | 17,296 | 6,003 | ||||||
| Deferred tax asset | 581,240 | 581,233 | ||||||
| Operating lease assets | 1,150 | 6,099 | ||||||
| Other assets | 21,159 | 22,778 | ||||||
| Total other assets | 620,845 | 616,113 | ||||||
| Total assets | $ | 2,947,585 | $ | 2,865,697 | ||||
Page 5
Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
| March 31, 2025 | December 31, 2024 | |||||||
| Liabilities, Mezzanine Equity and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued liabilities | $ | 334,353 | $ | 298,081 | ||||
| Short-term derivative instruments | 142,393 | 41,889 | ||||||
| Current portion of operating lease liabilities | 792 | 5,538 | ||||||
| Total current liabilities | 477,538 | 345,508 | ||||||
| Non-current liabilities: | ||||||||
| Long-term derivative instruments | 48,595 | 35,081 | ||||||
| Asset retirement obligation | 32,354 | 32,949 | ||||||
| Non-current operating lease liabilities | 358 | 561 | ||||||
| Long-term debt | 700,354 | 702,857 | ||||||
| Total non-current liabilities | 781,661 | 771,448 | ||||||
| Total liabilities | $ | 1,259,199 | $ | 1,116,956 | ||||
| Commitments and contingencies | ||||||||
| Mezzanine equity: | ||||||||
| Preferred stock - $0.0001 par value, 110.0 thousand shares authorized, 32.9 thousand issued and outstanding at March 31, 2025, and 37.3 thousand issued and outstanding at December 31, 2024 | 32,887 | 37,348 | ||||||
| Stockholders’ equity: | ||||||||
| Common stock - $0.0001 par value, 42.0 million shares authorized, 17.8 million issued and outstanding at March 31, 2025, and 17.8 million issued and outstanding at December 31, 2024 | 2 | 2 | ||||||
| Additional paid-in capital | 76,683 | 129,059 | ||||||
| Retained earnings | 1,581,006 | 1,582,332 | ||||||
| Treasury stock, at cost - 11.9 thousand shares at March 31, 2025 and 0 shares at December 31, 2024 | (2,192 | ) | — | |||||
| Total stockholders’ equity | $ | 1,655,499 | $ | 1,711,393 | ||||
| Total liabilities, mezzanine equity and stockholders’ equity | $ | 2,947,585 | $ | 2,865,697 | ||||
Page 6
Consolidated Statement of Cash Flows: Three months ended March 31, 2025
(In thousands)
(Unaudited)
| Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net (loss) income | $ | (464 | ) | $ | 52,035 | |||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||
| Depletion, depreciation and amortization | 65,622 | 80,023 | ||||||
| Net loss (gain) on derivative instruments | 146,548 | (45,136 | ) | |||||
| Net cash (payments) receipts on settled derivative instruments | (9,890 | ) | 65,322 | |||||
| Deferred income tax (benefit) expense | (7 | ) | 14,853 | |||||
| Stock-based compensation expense | 3,040 | 2,403 | ||||||
| Other, net | 1,791 | 1,568 | ||||||
| Changes in operating assets and liabilities, net | (29,360 | ) | 16,954 | |||||
| Net cash provided by operating activities | 177,280 | 188,022 | ||||||
| Cash flows from investing activities: | ||||||||
| Additions to oil and natural gas properties | (108,231 | ) | (118,146 | ) | ||||
| Other, net | (546 | ) | (806 | ) | ||||
| Net cash used in investing activities | (108,777 | ) | (118,952 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Principal payments on Credit Facility | (128,000 | ) | (303,000 | ) | ||||
| Borrowings on Credit Facility | 125,000 | 272,000 | ||||||
| Debt issuance costs and loan commitment fees | — | (107 | ) | |||||
| Dividends on preferred stock | (862 | ) | (1,105 | ) | ||||
| Repurchase of common stock under Repurchase Program | (57,809 | ) | (14,491 | ) | ||||
| Repurchase of common stock under Repurchase Program - related party | — | (15,002 | ) | |||||
| Shares exchanged for tax withholdings | (2,962 | ) | (1,085 | ) | ||||
| Other | (1 | ) | — | |||||
| Net cash used in financing activities | (64,634 | ) | (62,790 | ) | ||||
| Net change in cash and cash equivalents | 3,869 | 6,280 | ||||||
| Cash and cash equivalents at beginning of period | 1,473 | 1,929 | ||||||
| Cash and cash equivalents at end of period | $ | 5,342 | $ | 8,209 | ||||
Page 7
ÄϹ¬ÓéÀÖ¹ÙÍø's 2025 guidance assumes commodity strip prices as of April 16, 2025, adjusted for applicable commodity and location differentials, and no property acquisitions or divestitures.
| Year Ending | ||||||||
| December 31, 2025 | ||||||||
| Low | High | |||||||
| Production | ||||||||
| Average daily gas equivalent (MMcfepd) | 1,040 | 1,065 | ||||||
| Average daily liquids production(MBbl/day) | 18.0 | 20.5 | ||||||
| % Gas | ~89 | % | ||||||
| Realizations (before hedges) | ||||||||
| Natural gas (differential to NYMEX settled price) ($/Mcf) | $ | (0.20 | ) | $ | (0.35 | ) | ||
| NGL (% of WTI) | 40 | % | 50 | % | ||||
| Oil (differential to NYMEX WTI) ($/Bbl) | $ | (5.50 | ) | $ | (6.50 | ) | ||
| Operating costs | ||||||||
| Lease operating expense ($/Mcfe) | $ | 0.19 | $ | 0.22 | ||||
| Taxes other than income ($/Mcfe) | $ | 0.08 | $ | 0.10 | ||||
| Transportation, gathering, processing and compression ($/Mcfe) | $ | 0.93 | $ | 0.97 | ||||
| Recurring cash general and administrative(1,2) ($/Mcfe) | $ | 0.12 | $ | 0.14 | ||||
| Total | ||||||||
| Capital expenditures (incurred) | (in millions) | |||||||
| Operated D&C | $ | 335 | $ | 355 | ||||
| Maintenance leasehold and land | $ | 35 | $ | 40 | ||||
| Total base capital expenditures | $ | 370 | $ | 395 | ||||
| (1) | Recurring cash G&A includes capitalization. It excludes non-cash stock compensation and expenses related to the continued administration of our prior Chapter 11 filing. |
| (2) | This is a non-GAAP measure. Reconciliations of these non-GAAP measures and other disclosures are provided with the supplemental financial tables available on our website at www.gulfportenergy.com. |
Page 8
The below details ÄϹ¬ÓéÀÖ¹ÙÍø's hedging positions as of April 30, 2025:
| 2Q2025 | 3Q2025 | 4Q2025 | Full Year 2025(1) | Full Year 2026 | ||||||||||||||||
| Natural Gas Contract Summary (NYMEX): | ||||||||||||||||||||
| Fixed Price Swaps | ||||||||||||||||||||
| Volume (BBtupd) | 270 | 270 | 270 | 270 | 200 | |||||||||||||||
| Weighted Average Price ($/MMBtu) | $ | 3.82 | $ | 3.82 | $ | 3.82 | $ | 3.82 | $ | 3.64 | ||||||||||
| Fixed Price Collars | ||||||||||||||||||||
| Volume (BBtupd) | 233 | 240 | 240 | 238 | 170 | |||||||||||||||
| Weighted Average Floor Price ($/MMBtu) | $ | 3.40 | $ | 3.42 | $ | 3.42 | $ | 3.41 | $ | 3.63 | ||||||||||
| Weighted Average Ceiling Price ($/MMBtu) | $ | 4.26 | $ | 4.27 | $ | 4.27 | $ | 4.26 | $ | 4.48 | ||||||||||
| Fixed Price Calls Sold | ||||||||||||||||||||
| Volume (BBtupd) | 200 | 200 | 173 | 191 | — | |||||||||||||||
| Weighted Average Price ($/MMBtu) | $ | 5.76 | $ | 5.76 | $ | 5.93 | $ | 5.81 | $ | — | ||||||||||
| Basis Contract Summary: | ||||||||||||||||||||
| Rex Zone 3 Basis | ||||||||||||||||||||
| Volume (BBtupd) | 110 | 110 | 110 | 110 | 80 | |||||||||||||||
| Differential ($/MMBtu) | $ | (0.20 | ) | $ | (0.20 | ) | $ | (0.20 | ) | $ | (0.20 | ) | $ | (0.18 | ) | |||||
| Tetco M2 Basis | ||||||||||||||||||||
| Volume (BBtupd) | 230 | 230 | 230 | 230 | 130 | |||||||||||||||
| Differential ($/MMBtu) | $ | (0.96 | ) | $ | (0.96 | ) | $ | (0.96 | ) | $ | (0.96 | ) | $ | (0.98 | ) | |||||
| NGPL TX OK Basis | ||||||||||||||||||||
| Volume (BBtupd) | 40 | 40 | 40 | 40 | 30 | |||||||||||||||
| Differential ($/MMBtu) | $ | (0.29 | ) | $ | (0.29 | ) | $ | (0.29 | ) | $ | (0.29 | ) | $ | (0.30 | ) | |||||
| TGP 500 Basis | ||||||||||||||||||||
| Volume (BBtupd) | 10 | 10 | 10 | 10 | 10 | |||||||||||||||
| Differential ($/MMBtu) | $ | 0.31 | $ | 0.31 | $ | 0.31 | $ | 0.31 | $ | 0.54 | ||||||||||
| Transco Station 85 Basis | ||||||||||||||||||||
| Volume (BBtupd) | 5 | 5 | 5 | 5 | 5 | |||||||||||||||
| Differential ($/MMBtu) | $ | 0.38 | $ | 0.38 | $ | 0.38 | $ | 0.38 | $ | 0.52 | ||||||||||
| Oil Contract Summary (WTI): | ||||||||||||||||||||
| Fixed Price Swaps | ||||||||||||||||||||
| Volume (Bblpd) | 3,000 | 3,000 | 3,000 | 3,000 | — | |||||||||||||||
| Weighted Average Price ($/Bbl) | $ | 73.29 | $ | 73.29 | $ | 73.29 | $ | 73.29 | $ | — | ||||||||||
| NGL Contract Summary: | ||||||||||||||||||||
| C3 Propane Fixed Price Swaps | ||||||||||||||||||||
| Volume (Bblpd) | 2,000 | 3,000 | 3,000 | 2,669 | 1,496 | |||||||||||||||
| Weighted Average Price ($/Bbl) | $ | 30.09 | $ | 29.89 | $ | 29.89 | $ | 29.94 | $ | 30.33 | ||||||||||
(1) April 2025 - December 2025.
Page 9
ÄϹ¬ÓéÀÖ¹ÙÍø’s management uses certain non-GAAP financial measures for planning, forecasting and evaluating business and financial performance, and believes that they are useful tools to assess ÄϹ¬ÓéÀÖ¹ÙÍø’s operating results. Although these are not measures of performance calculated in accordance with generally accepted accounting principles (GAAP), management believes that these financial measures are useful to an investor in evaluating ÄϹ¬ÓéÀÖ¹ÙÍø because (i) analysts utilize these metrics when evaluating company performance and have requested this information as of a recent practicable date, (ii) these metrics are widely used to evaluate a company’s operating performance, and (iii) we want to provide updated information to investors. Investors should not view these metrics as a substitute for measures of performance that are calculated in accordance with GAAP. In addition, because all companies do not calculate these measures identically, these measures may not be comparable to similarly titled measures of other companies.
These non-GAAP financial measures include adjusted net income, adjusted EBITDA, adjusted free cash flow, and recurring general and administrative expense. A reconciliation of each financial measure to its most directly comparable GAAP financial measure is included in the tables below. These non-GAAP measure should be considered in addition to, but not instead of, the financial statements prepared in accordance with GAAP.
Adjusted net income is a non-GAAP financial measure equal to net income (loss) less non-cash derivative loss (gain), non-recurring general and administrative expenses comprised of expenses related to the continued administration of our prior Chapter 11 filing, stock-based compensation expenses, other non-material expenses and the tax effect of the adjustments to net income.
Adjusted EBITDA is a non-GAAP financial measure equal to net income (loss), the most directly comparable GAAP financial measure, plus interest expense, income tax expense (benefit), depreciation, depletion, amortization and accretion, non-cash derivative loss (gain), non-recurring general and administrative expenses comprised of expenses related to the continued administration of our prior Chapter 11 filing, stock-based compensation and other non-material expenses.
Adjusted free cash flow is a non-GAAP measure defined as adjusted EBITDA plus certain non-cash items that are included in net cash provided by operating activities but excluded from adjusted EBITDA less interest expense, current income tax expense (benefit), capitalized expenses incurred and capital expenditures incurred. ÄϹ¬ÓéÀÖ¹ÙÍø includes a adjusted free cash flow estimate for 2025. We are unable, however, to provide a quantitative reconciliation of the forward-looking non-GAAP measure to its most directly comparable forward-looking GAAP measure because management cannot reliably quantify certain of the necessary components of such forward-looking GAAP measure. Accordingly, ÄϹ¬ÓéÀÖ¹ÙÍø is relying on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K to exclude such reconciliation. Items excluded in net cash provided by (used in) operating activities to arrive at adjusted free cash flow include interest expense, income taxes, capitalized expenses as well as one-time items or items whose timing or amount cannot be reasonably estimated.
Recurring general and administrative expense is a non-GAAP financial measure equal to general and administrative expense (GAAP) plus capitalized general and administrative expense, less non-recurring general and administrative expenses comprised of expenses related to the continued administration of our prior Chapter 11 filing. ÄϹ¬ÓéÀÖ¹ÙÍø includes a recurring general and administrative expense estimate for 2025. We are unable, however, to provide a quantitative reconciliation of the forward-looking non-GAAP measure to its most directly comparable forward-looking GAAP measure because management cannot reliably quantify certain of the necessary components of such forward-looking GAAP measure. Accordingly, ÄϹ¬ÓéÀÖ¹ÙÍø is relying on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K to exclude such reconciliation. Items excluded in general and administrative expense to arrive at recurring general and administrative expense include capitalized expenses as well as one-time items or items whose timing or amount cannot be reasonably estimated. The non-GAAP measure recurring general and administrative expenses allows investors to compare ÄϹ¬ÓéÀÖ¹ÙÍø’s total general and administrative expenses, including capitalization, to peer companies that account for their oil and gas operations using the successful efforts method.
Page 10
Adjusted Net Income: Three months ended March 31, 2025
(In thousands)
(Unaudited)
| Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | |||||||
| Net (Loss) Income (GAAP) | $ | (464 | ) | $ | 52,035 | |||
| Adjustments: | ||||||||
| Non-cash derivative loss | 136,658 | 20,186 | ||||||
| Non-recurring general and administrative expense | 365 | 810 | ||||||
| Stock-based compensation expense | 3,040 | 2,403 | ||||||
| Other, net | (702 | ) | (125 | ) | ||||
| Tax effect of adjustments(1) | (38,310 | ) | (5,225 | ) | ||||
| Adjusted Net Income (Non-GAAP) | $ | 100,587 | $ | 70,084 | ||||
| (1) | Income taxes were approximately 27% and 22% for the three months ended March 31, 2025 and 2024, respectively. |
Adjusted EBITDA: Three months ended March 31, 2025
(In thousands)
(Unaudited)
| Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | |||||||
| Net (Loss) Income (GAAP) | $ | (464 | ) | $ | 52,035 | |||
| Adjustments: | ||||||||
| Interest expense | 13,356 | 15,003 | ||||||
| Income tax (benefit) expense | (176 | ) | 14,853 | |||||
| DD&A and accretion | 66,240 | 80,578 | ||||||
| Non-cash derivative loss | 136,658 | 20,186 | ||||||
| Non-recurring general and administrative expenses | 365 | 810 | ||||||
| Stock-based compensation expense | 3,040 | 2,403 | ||||||
| Other, net | (702 | ) | (125 | ) | ||||
| Adjusted EBITDA (Non-GAAP) | $ | 218,317 | $ | 185,743 | ||||
Page 11
Adjusted Free Cash Flow: Three months ended March 31, 2025
(In thousands)
(Unaudited)
| Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | |||||||
| Net cash provided by operating activity (GAAP) | $ | 177,280 | $ | 188,022 | ||||
| Adjustments: | ||||||||
| Interest expense | 13,356 | 15,003 | ||||||
| Non-recurring general and administrative expenses | 365 | 810 | ||||||
| Current income tax benefit | (169 | ) | — | |||||
| Other, net | (1,875 | ) | (1,138 | ) | ||||
| Changes in operating assets and liabilities, net: | ||||||||
| Accounts receivable - oil, natural gas, and natural gas liquids sales | 2,118 | (37,457 | ) | |||||
| Accounts receivable - joint interest and other | 20 | 4,145 | ||||||
| Accounts payable and accrued liabilities | 27,674 | 16,656 | ||||||
| Prepaid expenses | (485 | ) | (299 | ) | ||||
| Other assets | 33 | 1 | ||||||
| Total changes in operating assets and liabilities | $ | 29,360 | $ | (16,954 | ) | |||
| Adjusted EBITDA (Non-GAAP) | $ | 218,317 | $ | 185,743 | ||||
| Interest expense | (13,356 | ) | (15,003 | ) | ||||
| Current income tax benefit | 169 | — | ||||||
| Capitalized expenses incurred(1) | (6,165 | ) | (5,654 | ) | ||||
| Capital expenditures incurred(2,3,4) | (162,362 | ) | (126,238 | ) | ||||
| Adjusted free cash flow (Non-GAAP) | $ | 36,603 | $ | 38,848 | ||||
| (1) | Includes cash capitalized general and administrative expense and incurred capitalized interest expenses. |
| (2) | Incurred capital expenditures and cash capital expenditures may vary from period to period due to the cash payment cycle. |
| (3) | For the three months ended March 31, 2025, includes $1.4 million and $1.2 million of non-D&C capital and non-operated capital expenditures, respectively. |
| (4) | For the three months ended March 31, 2024, includes $1.8 million and $2.7 million of non-D&C capital and non-operated capital expenditures, respectively. |
Recurring General and Administrative Expenses:
Three months ended March 31, 2025
(In thousands)
(Unaudited)
| Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | |||||||||||||||||||||||
| Cash | Non-Cash | Total | Cash | Non-Cash | Total | |||||||||||||||||||
| General and administrative expense (GAAP) | $ | 5,961 | $ | 3,040 | $ | 9,001 | $ | 6,795 | $ | 2,403 | $ | 9,198 | ||||||||||||
| Capitalized general and administrative expense | 4,734 | 1,498 | 6,232 | 4,522 | 1,183 | 5,706 | ||||||||||||||||||
| Non-recurring general and administrative expense | (365 | ) | — | (365 | ) | (810 | ) | — | (810 | ) | ||||||||||||||
| Recurring general and administrative before capitalization (Non-GAAP) | $ | 10,330 | $ | 4,538 | $ | 14,868 | $ | 10,507 | $ | 3,586 | $ | 14,093 | ||||||||||||
| Totals may not sum or recalculate due to rounding. | ||||||||||||||||||||||||
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