Gulfport Energy: Top Outperformer in the Upstream Space


Jan. 22 2019, Updated 11:35 a.m. ET

Upstream stocks

On January 11–18, Gulfport Energy (GPOR) gained the most on our list of upstream energy stocks from the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). XOP rose 4%—the second-largest rise among the major energy ETFs that we discussed in the previous part of this series.

On January 17, Gulfport Energy announced its capital budget outlay for 2019. The company’s net production might be between 1,360 MMcfe (million cubic feet equivalent) per day and 1,400 MMcfe per day in 2019, which is on par with its fourth-quarter average production. Gulfport Energy planned for a capital expenditure of $565 million–$600 million this year, which will be generated from the cash flow.

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Other outperformers

SM Energy (SM), Chesapeake Energy (CHK), Whiting Petroleum (WLL), and Oasis Petroleum (OAS) were the second, third, fourth, and fifth-largest outperformers, respectively, on our list of upstream energy stocks last week.

On January 18, Chesapeake Energy announced that it will report its fourth-quarter 2018 earnings on February 27. Analysts’ consensus estimates suggest that Chesapeake Energy might report an adjusted EPS of $0.18, which is 1 cent below the previous quarter. The contraction in the WTI at Cushing versus Midland might have helped Oasis Petroleum to rise.

Last week, US crude oil January futures closed at $54.04 per barrel, while natural gas January futures closed at $3.48 per MMBtu.

Next, we’ll discuss the biggest declines in the upstream energy space.


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