Gulfport Energy Q2 Results Miss View, Reaffirms 2014 Outlook - Quick Facts

(RTTNews) - Gulfport Energy Corp. (GPOR) reported second-quarter net income of $47.85 million or $0.56 per share, compared to $43.83 million or $0.56 per share in the year-ago period. Adjusted net income for the quarter was $6.11 million or $0.07 per share.

On average, 28 analysts polled by Thomson Reuters expected the company to report earnings per share of $0.16 for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter increased to $114.74 million from $70.43 million in the same period last year.

The latest quarter's results include an aggregate non-cash gain of $2.2 million due to a hedge ineffectiveness. Excluding the impact of the hedge ineffectiveness, oil and natural gas revenues for the quarter would have been $112.3 million. Analysts expected revenues of $120.54 million for the quarter.

The company's produced oil and natural gas sales volumes in the quarter was 2,431,955 barrels of oil equivalent, or 26,725 barrels of oil equivalent per day, compared to 815,300 BOE, or 8,959 BOEPD in the year-ago period.

Looking ahead to fiscal 2014, Gulfport reaffirmed its guidance and continues to estimate that average daily production for the year will be in a range of 37,000 BOEPD to 42,000 BOEPD.

Capital expenditures for exploration and production activities in 2014 are estimated in a range of $715 million to $767 million. Additionally, Gulfport anticipates spending about $375 million to $425 million on leasehold acquisitions in the Utica Shale during 2014.