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Gulfport Energy Corporation Reports First Quarter 2014 Results

Stocks in this article: GPOR

OKLAHOMA CITY, May 7, 2014 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (Nasdaq:GPOR) today reported financial and operational results for the first quarter of 2014 and provided an update on its 2014 activities.

Financial and Operational Highlights

  • Produced oil and natural gas sales volumes of 2,437,851 barrels of oil equivalent ("BOE"), or 27,087 barrels of oil equivalent per day ("BOEPD"), in the first quarter of 2014, as compared to 575,543 BOE, or 6,395 BOEPD in the first quarter of 2013 and 1,533,480 BOE, or 16,668 BOEPD in the fourth quarter of 2013.
  • Recorded net income of $82.6 million, or $0.96 per diluted share, in the first quarter of 2014, as compared to $24.3 million, or $0.30 per diluted share, in the fourth quarter of 2013.
  • Reported adjusted net income of $16.7 million, or $0.20 per diluted share, in the first quarter of 2014.
  • Generated $192.8 million of EBITDA in the first quarter of 2014, as compared to $90.7 million in the fourth quarter of 2013.
  • Reduced unit lease operating expense for the first quarter of 2014 to $4.77 per BOE, as compared to $5.45 per BOE in the fourth quarter of 2013.
  • Increased its acreage position by 13,000 net acres in the Utica Shale, bringing the Company's total acreage position to approximately 179,000 net acres under lease.
  • Grizzly Oil Sands ULC ("Grizzly"), a company in which Gulfport holds an approximate 25% equity interest, achieved first bitumen production 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 first quarter of 2014, Gulfport reported net income of $82.6 million on oil and natural gas revenues of $117.9 million, or $0.96 per diluted share. For the first quarter of 2014, EBITDA (as defined below) was $192.8 million and cash flow from operating activities before changes in working capital was $141.1 million.

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