Gulfport Energy 3Q profit rises on production hike

Gulfport Energy boosts 3Q profit, sees higher production in 2014

Associated Press

NEWS: Gulfport Energy Corp. said Tuesday that third-quarter profit soared on higher oil and gas production. The company's shares rose 5 percent in after-hours trading.

DETAILS: Gulfport said it produced the equivalent of 12,976 barrels of oil per day in the quarter, up from 7,124 per day a year earlier.

NUMBERS: Net income was $40.5 million, or 52 cents per share, up from $502,000, or a penny per share, a year earlier. The company said adjusted profit excluding income from an investment and other items was 14 cents per share. Revenue including "other income" rose to $69.3 million from $60.5 million.

Analysts expected 12 cents per share on revenue of $82.3 million, according to FactSet.

FUTURE: The Oklahoma City-based company, which explores for oil and gas in eastern Ohio and Louisiana, predicted that 2014 daily production would be between 50,000 and 60,000 barrels of oil equivalent, mostly from Ohio.

CEO James Palm said the company was very pleased with results from its first well in a gas corridor in Ohio and planned to drill more wells nearby during 2014.

STOCK: The shares fell 25 cents during regular trading to close at $60.53. In after-hours trading, they rose $3.20 to $63.73.

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