OKLAHOMA CITY, May 7, 2013 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (Nasdaq:GPOR) today reported financial and operating results for the first quarter of 2013 and provided an update on its 2013 activities.
For the first quarter of 2013, Gulfport reported net income of $44.6 million on oil and natural gas revenues of $54.9 million, or $0.61 per diluted share. EBITDA (as defined below) for the first quarter of 2013 was $99.0 million and cash flow from operating activities before changes in working capital (as defined below) was $35.7 million.
Gulfport's 2013 first quarter results include $61.1 million of mark to market income in connection with Gulfport's 21.4% equity interest in Diamondback Energy, Inc. ("Diamondback"), a NASDAQ Global Select Market listed company. Associated with this taxable income was $23.7 million of income tax expense. Excluding the effects of this income and associated non-cash income tax expense, adjusted net income for the first quarter of 2013 would have been $7.1 million, or $0.10 per diluted share.Financial Highlights
- Produced oil and natural gas sales volumes of 575,543 barrels of oil equivalent ("BOE"), or 6,395 barrels of oil equivalent per day ("BOEPD")
- Recorded net income of $44.6 million
- Generated $99.0 million of EBITDA
|GULFPORT ENERGY CORPORATION|
|Production Volumes: (1)||1Q2013||1Q2012|
|Natural Gas (MMcf)||319.7||210.7|
|Oil equivalents (MBOE)||575.5||645.1|
|Average Realized Price:|
|Oil (per Bbl)||$102.68||$107.56|
|Natural Gas (per Mcf)||$4.59||$2.91|
|NGL (per Gal)||$1.45||$1.29|
|Oil equivalents (BOE)||$95.34||$101.42|
|(1) Gulfport's production during the first quarter of 2012 includes 63,685 barrels of oil, 73,916 MCF of natural gas and 617,768 gallons of NGLs, or 90,714 BOE attributable to its oil and natural gas assets in the Permian Basin. In October 2012, Gulfport contributed these assets to Diamondback. As a result, no Permian Basin production is included in Gulfport's production volumes during the first quarter of 2013|