Newspaper article THE JOURNAL RECORD

Gulfport Reports Increased Production, Mixed Earnings

Newspaper article THE JOURNAL RECORD

Gulfport Reports Increased Production, Mixed Earnings

Article excerpt

OKLAHOMA CITY (JR) - Gulfport Energy Corp. reported mixed 2015 and quarterly results Wednesday. The company increased production by 128 percent for the year, compared to 2014.

The driller expanded its footprint in Ohio's Utica Shale and it lowered production and operating expenses by 35 percent in 2015. CEO Michael G. Moore discussed results with analysts Thursday.

The company's increased reserves and strong hedging positions helped it reaffirm its credit line of $700 million when lenders reassessed its borrowing base, Moore said. Approximately 80 percent of its natural gas production is hedged at $3.29 per thousand cubic feet.

Moore said commodity prices in 2016 are expected to be challenging, so having strong hedges will be important to mitigate the current price environment.

The company lowered its estimated range for its budget in 2016 to between $425 million to $475 million, down 36 percent to 43 percent from the previous year.

The driller reported a net loss for 2015 of $1. …

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