Gulfport Profit Jumps On Equity Stake In Diamondback Energy

(RTTNews) - Gulfport Energy Corp. (GPOR) Tuesday reported second-quarter net income of $44 million or $0.56 a share, compared with $25 million or $0.45 per share last year.

Results for the recent quarter included a gain of $51 million related to Gulfport's stake in Diamondback Energy Inc. (FANG).

Excluding items, adjusted earnings for the quarter were $12 million or $0.16 per share.

Analysts polled by Thomson Reuters estimated earnings of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.

Gulfport, based in Oklahoma City, reported natural gas revenues of $70 million for the quarter, up from $66 million a year ago. Analysts estimated revenues of $66.80 million.

Oil and natural gas production volumes for the quarter totaled 815,300 barrels of oil equivalent (boe), up from 663,600 boe last year. Realized price averaged $86.10 per boe, down from $99.84 per boe a year ago.

For the full year 2013, the company currently estimates production of 5 million to 6 million BOE.

Third quarter production is estimated to be in the range of 14,000 to 15,000 BOEPD.

The company's stock closed Tuesday at $55.64, down $1.47 or 2.57%, on a volume of 1.7 million shares on the Nasdaq. In after hours, the stock dropped 4:00PM 1.00 or 1.80%.