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Tuesday, February 23, 2016

Gulfport Energy Reports $1.2 Billion Loss in 2015

From a Gulfport Energy press release:
For the fourth quarter of 2015, Gulfport reported a net loss of $830.9 million, or $7.67 per diluted share, on oil and natural gas revenues of $190.2 million.  For the fourth quarter of 2015, EBITDA (as defined and reconciled below) was $81.0 million and cash flow from operating activities before changes in working capital was $93.1 million.  Gulfport’s GAAP net loss for the fourth quarter of 2015 includes the following items:
  • Aggregate non-cash unrealized hedge gain of $24.8 million.
  • Aggregate loss of $845.6 million in connection with the impairment of oil and gas properties.
  • Aggregate gain of $10.0 million attributable to net insurance proceeds in connection with a 2014 legacy environmental litigation settlement.
  • Aggregate loss of $43.6 million in connection with the impairment associated with Gulfport’s equity interest in Grizzly Oil Sands.
  • Aggregate loss of $5.5 million in connection with Gulfport's equity interests in certain equity investments.
  • Associated adjusted taxable benefit of $7.0 million. 
Excluding the effect of these items, Gulfport’s financial results for the fourth quarter of 2015 would have been as follows: 
  • Adjusted oil and natural gas revenues of $165.4 million.
  • Adjusted net loss of $609,000, or $0.01 per diluted share.
  • Adjusted EBITDA of $95.2 million. 
For the full year of 2015, Gulfport reported a net loss of $1.2 billion, or $12.27 per diluted share, on oil and natural gas revenues of $709.0 million.  For the full year of 2015, EBITDA was $349.3 million and cash flow from operating activities before changes in working capital was $338.7 million.  Gulfport’s GAAP net loss for the full year of 2015 includes the following items:   
  • Aggregate non-cash unrealized hedge gain of $83.7 million.
  • Aggregate loss of $1.4 billion in connection with the impairment of oil and gas properties.
  • Aggregate gain of $10.0 million attributable to net insurance proceeds in connection with a 2014 legacy environmental litigation settlement.
  • Aggregate loss of $101.6 million in connection with the impairment associated with Gulfport’s equity interest in Grizzly Oil Sands.
  • Aggregate loss of $4.5 million in connection with Gulfport's equity interests in certain equity investments.
  • Associated adjusted taxable benefit of $11.8 million.
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