Gulfport Energy reports a drop in net earnings in 3Q

Oklahoma City’s Gulport Energy Corp. reported a net loss of nearly $49 million in the third quarter 2019.

The company said the $48.8 million loss also amounted to a drop of 31 cents a share on total revenues of nearly $285 million for the quarter.

Net income for the quarter was nearly $95.2 million or 55 cents a share while operations generated $103 million in free cash flow. Still, Gulport CEO David M. Wood remained optimistic.

“Our quality core assets have us on track to deliver on all our operational guidance metrics,” he said. “We exceeded our production targets while adhering to our capital budget, improved our balance sheet through the previously announced repurchase of senior notes and generated significant cash flow from our 2019 activities.”

The company’s production totaled nearly 1.5 billion cubic feet of natural gas equivalent a day, up from the 1.4 billion reported during the same period in 2018. Production was from the company operations in the SCOOP, Utica Shale and southern Louisiana.

But the averaged realized prices for product were also down year-over-year and in the third quarter. Natural gas prices in 2019 have averaged $1.64 per thousand cubic feet compared to $2.32 in 2018. The company’s average oil prices this year have been $51.75 a barrel compared to $68.73 in 2018.

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