Gulfport Energy 2015: $1.2 Billion Loss, Most of it in 4Q15

Earlier this month MDN reported on Gulfport Energy’s operational update, which was impressive (see Gulfport 2015 Update: Reserves Up 83%, NatGas Production Triples). That was the good news. Late yesterday the company released fourth quarter and full year 2015 financials–and that’s the bad news. There’s no way to sugarcoat the fact that Gulfport lost $1.2 billion in 2015. A full two-thirds of that loss came in the fourth quarter as oil and gas prices crashed in the later part of last year. In 2016, Gulfport plans to spend $425-$475 million, down 36%-43% from 2015 levels. With that money they plan to drill a total of 21-24 Utica Shale wells. Here’s yesterday’s Gulfport 2015 financials update…

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