Gulfport Energy Reports Q1 Adj. EPS Of $0.20 - Quick Facts

(RTTNews) - Gulfport Energy Corp. (GPOR) reported first-quarter net income of $82.6 million, or $0.96 per share, compared to $44.56 million or $0.61 per share, last year. Adjusted net income was $16.7 million, or $0.20 per share, in the first quarter of 2014.

On average, 25 analysts polled by Thomson Reuters expected the company to report profit per share of $0.21 for the quarter. Analysts' estimates typically exclude special items.

Revenues increased to $118.03 million from $55.00 million, last year. Excluding the impact of the hedge ineffectiveness, oil and natural gas revenues for the first quarter of 2014 would have been $126.5 million. Analysts expected revenue of $123.63 million for the quarter.

Produced oil and natural gas sales volumes was 2,437,851 barrels of oil equivalent, or 27,087 barrels of oil equivalent per day, in the first quarter of 2014, as compared to 575,543 BOE, or 6,395 BOEPD in the first quarter of 2013.

Gulfport currently estimates full year 2014 average daily production to be in the range of 37,000 BOEPD to 42,000 BOEPD.