Better-Than-Expected Operational Data Supports Higher Valuation for Gulfport; Increasing FVE to $19
Gulfport's fourth-quarter financial results were slightly above the Street's estimates, with EPS and EBITDA coming in at $0.34 and $125 million, respectively (consensus forecasts were $0.19 and $118 million). Production was 787 million cubic feet of natural gas equivalent per day, which was at the high end of previous guidance. The firm also surprised us by shaving off almost 10% from its well costs in the Utica Shale play (the product of ongoing efficiency gains).However, despite what we consi...
Gulfport Energy is an oil and natural gas exploration and production company focused on the exploration, exploitation, acquisition and production of natural gas, crude oil and natural gas liquids. The company's principal properties are located in the Utica Shale primarily in Eastern Ohio and the SCOOP Woodford and SCOOP Springer plays in Oklahoma. In addition, among other interests, the company holds an acreage position along the Louisiana Gulf Coast in the West Cote Blanche Bay and Hackberry fields, an acreage position in the Alberta oil sands in Canada through its interest in Grizzly Oil Sands ULC and an equity interest in Mammoth Energy Services, Inc., an oil field services company.
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