Gulfport Energy Corporation (NYSE:GPOR) Q3 2023 Earnings Call Transcript

Douglas Leggett: Thank you, guys. Appreciate the answers.

Operator: Once again, ladies and gentlemen, to ask a question, please press star one on your telephone keypad. Our next question comes from Chris Baker with Evercore ISI. Please proceed.

Chris Baker: Hey, good morning. A lot of good questions asked already, but just wanted to touch on the strategic acquisition opportunity set from here, just in terms of what you’re seeing beyond what’s already been identified. I guess, is this should we think about this as a recurring piece of the story? Thanks.

John Reinhart: Yeah, no, Chris, that’s a really good question. I think we’ve been very fortunate this year and very pleased with the results here to date with the $40 million targeted spend that we announced earlier in the year with the progress we’ve made. This is really good, high quality liquids, rich acreage that we’ve targeted this year. It was I wouldn’t call it a unique opportunity set, but it was a very good position that was that allowed us to block up a lot of chunky positions to facilitate near term drilling. As we move forward, I think we’ll certainly be mindful and aware of some of those opportunities, but I wouldn’t necessarily classify it as an annual reoccurring kind of land spend. These acquisitions as they as they pop up and they are an opportunity for the Company to take advantage of, certainly the board and management will consider the value proposition that that proposes and consider it.

But as far as moving forward, I would I would definitely assume more of a normal cadence land spend that typical $50 million to $60 million of maintenance type land as we move forward. So hopefully that answers your question.

Operator: There are no further questions in queue at this time. I would like to turn the call back over to Mr. John Reinhart for closing comments, please.

John Reinhart: Thank you for everyone to for the time to take and join our call today. The team continues to improve business fundamentals, which further positions Gulfport Energy as an attractive investment with optionality tactically and strategically for continuing value enhancement. Should you have any questions, please do not hesitate to reach out to our investor relations team.

Operator: Thank you. This does conclude today’s teleconference. You may disconnect your lines at this time and thank you for your participation and have a great day.