Gulfport Energy loses more than 500M during Q1 2020
Tuesday, May 12, 2020
Gulfport Energy Corp. lost about $517.6 million, or $3.24 per share, on revenues of about $246.9 million during the first quarter of 2020, the company announced last week, according to The Oklahoman.
The companies first-quarter results were influenced by a non-cash impairment of about $553.3 million it took on its oil and natural gas properties.
During the first quarter of 2019, Gulfport earned a net income of about $62.2 million, or 38 cents per share, on revenues of about $320.6 million.
The company is running one rig in the Utica Shale, intending to keep it on through October, and one rig in the SCOOP play of the Anadarko Basin, planning to keep it running through the end of the year.
Learn more: The Oklahoman > Gulfport Energy takes half-billion write-down and loss on first-quarter results
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