This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Gulfport Energy Corporation Reports First Quarter 2014 Results

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.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,751.39 +121.12 0.69%
S&P 500 2,108.57 +15.32 0.73%
NASDAQ 5,111.7330 +22.5270 0.44%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs