Gulfport reports $388.2 million quarterly loss

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OKLAHOMA CITY (JR) – Gulfport Energy Corp. on Wednesday reported a net loss for the third quarter of $388.2 million, or $3.59 per diluted share, compared with net income of $6.9 million, or 8 cents per diluted share, for the third quarter of 2014.

Results for the quarter included impairment charges totaling $656.7 million, including $594.8 million for oil and gas properties and $58 million for equity interest in Grizzly Oil Sands.

After special items, Oklahoma City-based Gulfport reported a net loss for the third quarter of $8.7 million.

Revenue for the quarter totaled $230.6 million, up from $170.8 million a year earlier. Revenue for the third quarter included $179.2 million from gas, $41.7 million from oil and condensate and $9.4 million from natural gas liquids.

“While we are certainly proud of our operational performance this quarter, we also acknowledge these are challenging times for the industry,” said Michael G. Moore, CEO.

Gulfport’s net daily production for the third quarter averaged 647.1 million cubic equivalent per day. Gulfport’s net daily production mix was 81 percent natural gas, 12 percent natural gas liquids and 7 percent oil.

As a result of weakness in natural gas commodity pricing, Gulfport curtailed 100 million cubic feet equivalent per day of production on Nov. 1. Despite this curtailment, Gulfport still expects 2015 production of 517 million cubic feet equivalent per day to 541 million cubic feet equivalent per day.

Gulfport said capital expenditures for 2015 are expected to total $667 million to $677 million.

For the first nine months of 2015, Gulfport reported a net loss of $394 million, or $4.06 per diluted share, compared with net income of $137.3 million, or $1.60 per diluted share, for the first nine months of 2014.

Revenue for the first nine months of the year totaled $519.1 million, up from $403.6 million a year earlier.