Gulfport Energy 1Q15: Production Up 161%, Net Income Down 69%

Gulfport Energy reported their first quarter 2015 results yesterday. Net production for Gulfport averaged 424.4 million cubic feet equivalent per day in 1Q15, which is a huge 161% increase from 1Q14. The company remains active in the Utica Shale, spudding (beginning to drill) 16 wells in 1Q15 and bringing online 8 wells. As MDN told you a few weeks ago, Gulfport has picked up another 24,000 acres in Belmont and Jefferson counties (OH) from Paloma Partners (see Gulfport Energy Pays $12,500 per Acre for 24K OH Utica Acres). With that new acreage, Gulfport reports they now own 212,000 acres in the Utica. On the financial side, revenue was up a big 49%, but net income (after expenses) was down 69% in 1Q15 vs 1Q14. The details…

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