Gulfport lowers production guidance, shares slip

Gulfport says pipeline infrastructure delays will hurt 3rd-quarter production

Associated Press

OKLAHOMA CITY (AP) -- Gulfport Energy Corp. said Tuesday that pipeline infrastructure delays will hurt its third-quarter production.

The announcement sent shares of the Oklahoma City-based oil and gas company down almost 3 percent in afternoon trading.

Gulfport said it expects its production for the period will be in the range of 12,250 to 12,750 barrels of equivalent oil per day. That is down from its prior forecast of production between 14,000 and 15,000 barrels of equivalent oil per day.

The company said pipeline infrastructure delays and higher-than-anticipated downtime led to the lower forecast. That includes a well that was scheduled to be flowing into a sales pipeline by mid-August that likely won't begin flowing until the end of October.

Gulfport did not change its full-year 2013 guidance. Last month, the company estimated 2013 production in a range of 5 million to 6 million barrels of oil equivalent.

It said that it plans to provide updated guidance for its full-year production in November when it reports its third-quarter financial results.

Shares of the company fell $1.75 to $62.11 amid a broader market uptick.

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