Boston, MA 05/12/2014 (wallstreetpr) – A leading oil and gas exploitation company Gulfport Energy Corporation (NASDAQ:GPOR) had recently announced its Q1 financial results. The company announced both financial as well as operational results on this day.
Highlights of the results:
During last three months, the company produced 2,437,851 barrels natural gas. The net income recorded by the company during this period was $82.6 million. Though conditions for oil and gas were not suitable for the company, but still it managed to gain $0.96 per diluted share. In the last quarter of last year, the company produced $24.3 million net income and $0.30 per diluted share EPS.
The net income of Gulfport Energy Corporation (NASDAQ:GPOR) was calculated as $16.7 million, while, at the same time, the EPS was recorded as $0.20 per diluted share. When taken into consideration the EBITDA, one can see that the company had managed to earn $192.8 million worth of EBITDA which was way more than what the company earned in the last quarter of the last year ($90.7 million). This shows how committed the company had been for last few months.
The unit leasing operating expenses of the company were reduced to $4.77 per BOE, while they were $5.45 in the last quarter of year 2013. The company increased its land by 13,000 acres in Utica Shale, which further helped the company to bring its total lease position to around 1,79000 acres.
The total revenue earned by the company in Q1 was amounted to $117.9 million. The company managed to earn cash flow from operating activities before change in W.C (working capital) of worth $141.1 million. Other than the CF, company also had to suffer a non cash loss worth of $8.7 million due to hedge ineffectiveness.
On the basis of these results, the future prospects of Gulfport Energy Corporation (NASDAQ:GPOR) are looking way too good. So in coming few months it will be clear as which way the company grows.
