Gulfport Energy Corporation reports news about its natural gas-weighted exploration and production business in the United States. The company focuses on natural gas, crude oil and natural gas liquids in the Appalachia and Anadarko basins, with principal properties in eastern Ohio targeting the Utica and Marcellus formations and in central Oklahoma targeting the SCOOP Woodford and SCOOP Springer formations.
Company updates commonly address quarterly and annual operating results, development plans, production guidance, capital spending, liquidity, borrowing-base redeterminations and share repurchase activity. News also covers acreage and drilling-inventory additions, land and seismic investment, preferred stock redemption history, and board or executive leadership changes tied to governance and operating oversight.
Gulfport Energy Corporation (GPOR) reported Q1 2020 results with a net loss of $517.5 million, or $3.24 per diluted share. Despite this, the company reduced long-term debt by $79.6 million and improved drilling efficiencies by 11% in the Utica Shale and 32% in the SCOOP. Adjusted net income was $16.6 million, with operating cash flow reaching $86.7 million. Gulfport's borrowing base was redetermined at $700 million, providing sufficient liquidity for its capital plan. The firm plans to generate positive free cash flow in the latter half of 2020, though it anticipates potential production impacts due to low oil prices and COVID-19.
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