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Gulfport Energy Corporation Reports Second Quarter 2013 Results

OKLAHOMA CITY, Aug. 6, 2013 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (Nasdaq:GPOR) today reported financial and operating results for the second quarter of 2013 and provided an update on its 2013 activities.

For the second quarter of 2013, Gulfport reported net income of $43.8 million on oil and natural gas revenues of $70.2 million, or $0.56 per diluted share. EBITDA (as defined below) for the second quarter of 2013 was $101.3 million and cash flow from operating activities before changes in operating assets and liabilities (as defined below) was $43.9 million.

Gulfport's 2013 second quarter financial results include an aggregate gain of $51.4 million in connection with Gulfport's equity interest in Diamondback Energy, Inc. ("Diamondback"), a NASDAQ Global Select Market listed company. Associated with this taxable income was $19.6 million of income tax expense. Excluding the effects of this income and associated non-cash income tax expense, adjusted net income for the second quarter of 2013 would have been $12.1 million, or $0.16 per diluted share.

Financial Highlights

  • Produced oil and natural gas sales volumes of 815,300 barrels of oil equivalent ("BOE"), or 8,959 barrels of oil equivalent per day ("BOEPD"), in the second quarter of 2013, a 40% sequential increase from the first quarter of 2013
  • Generated $70.2 million of oil and natural gas revenues in the second quarter of 2013, a 28% sequential increase from the first quarter of 2013
  • Reduced unit lease operating expense for the second quarter of 2013 to $7.21 per BOE, a 20% sequential decrease from the first quarter of 2013

Production

For the second quarter of 2013, net production was 535,182 barrels of oil, 1,414,797 thousand cubic feet ("MCF") of natural gas and 1,861,360 gallons of natural gas liquids ("NGL"), or 815,300 BOE. Net production for the second quarter of 2013 by region was 297,421 BOE at West Cote Blanche Bay ("WCBB"), 183,703 BOE at Hackberry, 320,718 BOE in the Utica Shale and 13,458 BOE in the Bakken, Niobrara and other areas.

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