Gulfport Energy Corp. (GPOR) Misses Q3 EPS by 9c, Updates Guidance
Gulfport Energy Corp. (NASDAQ: GPOR) reported Q3 EPS of $0.29, $0.09 worse than the analyst estimate of $0.38. Revenue for the quarter came in at $60.54 million versus the consensus estimate of $62.34 million.
2012 Guidance Update
Gulfport currently estimates 2012 production to be in the range 2.7 million to 2.8 million BOE. The reduction to 2012 production guidance takes into effect Gulfport's contribution of its Permian Basin assets to Diamondback, the shut-in and evacuation of WCBB during Hurricane Isaac and the impact resulting from regulatory delays associated with the build out of initial midstream infrastructure in the Utica Shale. Gulfport currently expects to have two wells online in the Utica Shale by the end of December and estimates its exit rate for daily production at the end of 2012 to be in the range of 8,500 to 9,500 BOE per day.
2013 Guidance
Gulfport estimates 2013 production to be in the range 6.5 million to 6.8 million BOE. Capital E&P expenditures for 2013 are estimated to be in the range of $283 million to $299 million, excluding potential capital expenditures relating to Grizzly. Operationally, Gulfport plans to drill twenty-two to twenty-four wells at WCBB, ten to twelve wells at Hackberry, and approximately fifty gross wells in the Utica Shale. In Canada, Gulfport plans to participate in Grizzly's 2012/2013 winter exploration program and fund its remaining commitment related to the construction of Grizzly's Algar Lake project. In Thailand, Gulfport plans to participate in the drilling of up to two wells during 2013.
For 2013, Gulfport projects lease operating expense to be in the range of $5.00 to $6.00 per BOE, general and administrative expense to be between $1.50 and $2.50 per BOE, production taxes to be between 8% and 9% of revenues, and depreciation, depletion and amortization expense to be in the range of $33.00 to $35.00 per BOE.
For earnings history and earnings-related data on Gulfport Energy Corp. (GPOR) click here.
2012 Guidance Update
Gulfport currently estimates 2012 production to be in the range 2.7 million to 2.8 million BOE. The reduction to 2012 production guidance takes into effect Gulfport's contribution of its Permian Basin assets to Diamondback, the shut-in and evacuation of WCBB during Hurricane Isaac and the impact resulting from regulatory delays associated with the build out of initial midstream infrastructure in the Utica Shale. Gulfport currently expects to have two wells online in the Utica Shale by the end of December and estimates its exit rate for daily production at the end of 2012 to be in the range of 8,500 to 9,500 BOE per day.
2013 Guidance
Gulfport estimates 2013 production to be in the range 6.5 million to 6.8 million BOE. Capital E&P expenditures for 2013 are estimated to be in the range of $283 million to $299 million, excluding potential capital expenditures relating to Grizzly. Operationally, Gulfport plans to drill twenty-two to twenty-four wells at WCBB, ten to twelve wells at Hackberry, and approximately fifty gross wells in the Utica Shale. In Canada, Gulfport plans to participate in Grizzly's 2012/2013 winter exploration program and fund its remaining commitment related to the construction of Grizzly's Algar Lake project. In Thailand, Gulfport plans to participate in the drilling of up to two wells during 2013.
For 2013, Gulfport projects lease operating expense to be in the range of $5.00 to $6.00 per BOE, general and administrative expense to be between $1.50 and $2.50 per BOE, production taxes to be between 8% and 9% of revenues, and depreciation, depletion and amortization expense to be in the range of $33.00 to $35.00 per BOE.
For earnings history and earnings-related data on Gulfport Energy Corp. (GPOR) click here.