Gulfport Energy Corp. on Wednesday reported net income of $82.6 million, or 96 cents a share, for the first quarter. That is up from $24.3 million, or 30 cents a share, in the same quarter of last year.
Gulfport more than quadrupled its total production for the quarter, when its output totaled 2.4 million barrels of oil equivalent. That is up from 575,000 barrels over last year.
CEO Michael G. Moore said Gulfport officials have opted for a methodical approach in developing its acreage in Ohio’s Utica Shale but the company still expects its production growth to nearly triple this year.
“By shifting our focus to a more managed, methodical strategy, our team firmly believes we will maximize the life and recovery of our wells, create a more efficient development plan and ultimately provide consistent long-term results that maximize stockholder value,” he said.
Gulfport added 13,000 net acres in the Utica in the first quarter, pushing its holdings to about 179,000 net acres. It is operating seven drilling rigs in the play.
The company also owns about a 25 percent interest in Grizzly Oil Sands ULC, which achieved first production from its Algar Lake project in Canada. Production is expected to ramp up to about 6,200 barrels of oil a day by the middle of next year.