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Gulfport Touts SCOOP Well Results; 132% Reserve Increase YOY
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Gulfport reported its Q4 2017 results.
Highlights: Year-end 2017 total proved reserves grew to 5.4 Tcfe, as compared to 2.3 Tcfe at year-end 2016, an increase of 132% year-over-year. Net production during 2017 averaged 1,089.2 MMcfe per day Net income of $435.2 million, or $2.41 per diluted share, for 2017. Adjusted net income (as defined and reconciled below) of $254.0 million, or $1.41 per diluted share, for 2017. Budgeted 2018 total capital expenditures are $770 million to $835 million to be funded within cash flow. Forecasted 2018 full year net production is estimated to average 1,250 MMcfe to 1,300 MMcfe per day, an increase of approximately 15% to 19% over the average daily net production of 1,089.2 MMcfe per day during 2017. Increased hedge position to approximately 908 MMcf…- ✓ Full news archive — U.S., Canada & international coverage
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