Newspaper article THE JOURNAL RECORD

Gulfport Reports Loss

Newspaper article THE JOURNAL RECORD

Gulfport Reports Loss

Article excerpt

OKLAHOMA CITY (JR) - Gulfport Energy Corp. reported losses Wednesday for its first quarter 2016 results.

The driller reported a net loss for the first quarter of $242.3 million, compared with net income of $25.5 million for the same period in 2015. Diluted net loss per share was $2.17, compared with net income per share of 30 cents in the first quarter of 2015.

The driller missed Wall Street's expectations for revenue for the first quarter by $4.76 million, reporting $156.9 million, down nearly 11 percent from $176.3 million a year earlier.

Earnings before interest, taxes, depreciation and amortization sunk for the first quarter, totaling $58.2 million, down 58 percent from the same quarter of the previous year, when it was $138.86 million.

The company had several losses for the quarter, including a $219 million impairment charge from lower commodity prices, a $7. …

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