GPOR = Fantastic 3rd Quarter Results
Posted: Thu Nov 06, 2014 11:23 am
OKLAHOMA CITY, Nov. 5, 2014 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (GPOR) today reported financial and operational results for the third quarter of 2014 and provided an update on its 2014 activities.
Financial and Operational Highlights
• Achieved oil and natural gas sales volumes of 3,894,511 barrels of oil equivalent ("BOE"), or 42,332 barrels of oil equivalent per day ("BOEPD"), in the third quarter of 2014, as compared to 1,193,808 BOE, or 12,976 BOEPD, in the third quarter of 2013.
• Production for the month of October averaged 55,900 BOEPD and for the period of November 1, 2014 through November 4, 2014 production averaged approximately 59,300 BOEPD.
• Recorded net income of $6.9 million, or $0.08 per diluted share, in the third quarter of 2014.
• Reported adjusted net income of $11.0 million, or $0.13 per diluted share, in the third quarter of 2014.
• Generated $90.1 million of EBITDA in the third quarter of 2014.
• In the Utica Shale, the Company brought online 19 wells during the third quarter of 2014.
• Ten rigs are currently active in Gulfport's core operating areas, with eight horizontal rigs in the Utica Shale and two rigs in Southern Louisiana.
Michael G. Moore, Chief Executive Officer, commented, "We are pleased to report a solid third quarter as we continue to execute on our 2014 program. Production increased 60% over the second quarter of 2014, largely driven by the strong well performance from new Utica wells placed on production during the quarter. Our managed pressure program continues to yield positive results and we look forward to seeing additional production from these wells. In addition, overall cash operating costs per unit decreased approximately 25% from the second quarter as the incremental production coming online is driving per unit costs down. During the fourth quarter of 2014, we have continued to realize strong production growth and anticipate bringing online 14 to 20 wells, which includes nine wells that have been brought online to date. Our strong performance in the second half of 2014 has set up the Company for meaningful growth in 2015."
"With regard to 2015 activities, Gulfport anticipates providing its 2015 guidance and budgeted activity levels in early 2015 to allow additional time to gain clarity surrounding the current commodity price environment. We will remain thoughtful as we plan our capital spending and believe our strong balance sheet, superior transportation portfolio, and active hedging strategy will help position Gulfport to successfully navigate the current commodity price environment. We currently anticipate 2015 activity to be funded through operational cash flow, the Company's undrawn credit facility and other available sources of liquidity. "
Financial and Operational Highlights
• Achieved oil and natural gas sales volumes of 3,894,511 barrels of oil equivalent ("BOE"), or 42,332 barrels of oil equivalent per day ("BOEPD"), in the third quarter of 2014, as compared to 1,193,808 BOE, or 12,976 BOEPD, in the third quarter of 2013.
• Production for the month of October averaged 55,900 BOEPD and for the period of November 1, 2014 through November 4, 2014 production averaged approximately 59,300 BOEPD.
• Recorded net income of $6.9 million, or $0.08 per diluted share, in the third quarter of 2014.
• Reported adjusted net income of $11.0 million, or $0.13 per diluted share, in the third quarter of 2014.
• Generated $90.1 million of EBITDA in the third quarter of 2014.
• In the Utica Shale, the Company brought online 19 wells during the third quarter of 2014.
• Ten rigs are currently active in Gulfport's core operating areas, with eight horizontal rigs in the Utica Shale and two rigs in Southern Louisiana.
Michael G. Moore, Chief Executive Officer, commented, "We are pleased to report a solid third quarter as we continue to execute on our 2014 program. Production increased 60% over the second quarter of 2014, largely driven by the strong well performance from new Utica wells placed on production during the quarter. Our managed pressure program continues to yield positive results and we look forward to seeing additional production from these wells. In addition, overall cash operating costs per unit decreased approximately 25% from the second quarter as the incremental production coming online is driving per unit costs down. During the fourth quarter of 2014, we have continued to realize strong production growth and anticipate bringing online 14 to 20 wells, which includes nine wells that have been brought online to date. Our strong performance in the second half of 2014 has set up the Company for meaningful growth in 2015."
"With regard to 2015 activities, Gulfport anticipates providing its 2015 guidance and budgeted activity levels in early 2015 to allow additional time to gain clarity surrounding the current commodity price environment. We will remain thoughtful as we plan our capital spending and believe our strong balance sheet, superior transportation portfolio, and active hedging strategy will help position Gulfport to successfully navigate the current commodity price environment. We currently anticipate 2015 activity to be funded through operational cash flow, the Company's undrawn credit facility and other available sources of liquidity. "