For the first quarter of 2016, Gulfport reported a net loss of $242.3 million, or $2.17 per diluted share, on oil and natural gas revenues of $157.0 million. For the first quarter of 2016, EBITDA (as defined and reconciled below) was $58.3 million and cash flow from operating activities before changes in operating assets and liabilities (as defined and reconciled below) was $83.2 million.The press release also shared some operational updates:
In the Utica Shale, Gulfport spud 10 gross (7.1 net) wells and turned-to-sales 15 gross (8.0 net) wells during the first quarter of 2016. During the first quarter, net production from Gulfport’s Utica acreage averaged approximately 670.7 MMcfe per day, an increase of 8% over the fourth quarter of 2015 and an increase of 69% over the first quarter of 2015. Due to increased efficiencies and further reductions in service costs, Gulfport has decreased its total expected well costs by approximately $300,000 per well, relative to the estimates provided in November 2015. At present, Gulfport is operating three horizontal rigs drilling in the play.Click here to view the entire release.
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