Gulfport Energy Corporation Reports Third Quarter 2016 Results

OKLAHOMA CITY, Nov. 02, 2016 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (NASDAQ:GPOR) ("Gulfport" or the "Company") today reported financial and operational results for the quarter ended September 30, 2016 and provided an update on its 2016 activities.  Key information for the third quarter of 2016 includes the following:
  • Net production averaged 734.1 MMcfe per day.
  • Realized natural gas price, before the impact of derivatives and including transportation costs, averaged $2.10 per Mcf, a $0.71 per Mcf differential to the average trade month NYMEX settled price.
  • Realized oil price, before the impact of derivatives and including transportation costs, averaged $41.81 per barrel, a $3.13 per barrel differential to the average WTI oil price.
  • Realized natural gas liquids price, before the impact of derivatives and including transportation costs, averaged $13.98 per barrel, or $0.33 per gallon.
  • Net loss of $157.3 million, or $1.25 per diluted share.
  • Adjusted net income (as defined and reconciled below) of $20.0 million, or $0.16 per diluted share.
  • Adjusted EBITDA (as defined and reconciled below) of $94.7 million.
  • Reduced unit lease operating expense for the third quarter of 2016 by 12% to $0.26 per Mcfe from $0.30 per Mcfe for the third quarter of 2015.
  • Reduced unit midstream gathering and processing expense for the third quarter of 2016 by 5% to $0.67 per Mcfe from $0.71 per Mcfe for the third quarter of 2015.
  • Reduced unit general and administrative expense for the third quarter of 2016 by 16% to $0.15 per Mcfe from $0.18 per Mcfe for the third quarter of 2015.
  • Net production for the fourth quarter of 2016 is expected to average approximately 765 MMcfe per day to 790 MMcfe per day, compared to 643.8 MMcfe per day in the fourth quarter of 2015, an increase of 19% to 23%.

Michael G. Moore, Chief Executive Officer, commented, "Gulfport had a solid third quarter across the board, demonstrating our commitment to deliver on expectations. I am very proud of the continued hard work and commitment of all teams across the organization who came together to deliver these strong results and am encouraged by our momentum as we head into 2017."

If you liked this article you might like

It's Going to Be a Good Winter for Natural Gas Companies, Morgan Stanley Says

Analysts' Actions -- Brightcove, Commercial Metals, Gulfport, Paylocity and More

Finding a Diamond in the Energy Rough

After a Meteoric Rise, Can Owning Chesapeake Stock Get Any Better?

How to Trade the Week's Most Active Stocks -- Freeport, Nordstrom, Oracle and More