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Gulfport Energy Corporation Reports Fourth Quarter And Year-End 2013 Results

Stocks in this article: GPOR

OKLAHOMA CITY, Feb. 26, 2014 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (Nasdaq:GPOR) today reported financial and operational results for the quarter and year ended December 31, 2013 and provided an update on its 2014 activities.

Financial and Operational Highlights

  • Produced full-year oil and natural gas sales volumes of 4,118,131 barrels of oil equivalent ("BOE"), or 11,283 BOE per day ("BOEPD"), during 2013, as compared to 2,572,618 BOE, or 7,029 BOEPD in 2012.
  • Recorded net income of $153.2 million, or $1.97 per diluted share, in 2013, as compared to $68.4 million, or $1.21 per diluted share, in 2012.
  • Reported adjusted net income of $4.5 million, or $0.05 per diluted share, in the fourth quarter of 2013.
  • Generated $388.4 million of EBITDA in 2013, as compared to $191.4 million in 2012.
  • Reduced unit lease operating expense for 2013 to $6.48 per BOE, as compared to $9.45 in 2012.
  • Reported year-end 2013 total proved reserves of 38.43 million BOE, as compared to 13.88 million BOE in 2012.
  • Increased its acreage position 18,080 net acres in the Utica Shale, bringing the company's total acreage position to approximately 165,430 net acres under lease.
  • Entered into a marketing services agreement with BP North America Gas & Power for the marketing of its Utica Shale production.
  • Grizzly Oil Sands ULC ("Grizzly"), a company in which Gulfport holds an approximate 25% equity interest, achieved first steam at its first SAGD facility at Algar Lake.
  • Nine rigs are currently active in Gulfport's core operating areas, with seven horizontal rigs in the Utica Shale and two rigs in Southern Louisiana.

Financial Results

For the fourth quarter of 2013, Gulfport reported net income of $24.3 million on oil and gas revenues of $68.3 million, or $0.30 per diluted share. For the fourth quarter of 2013, EBITDA (as defined below) was $90.7 million and cash flow from operating activities before changes in working capital was $39.7 million.

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