Gulfport Energy Corp. on Wednesday reported net income of $24.2 million, or 30 cents a share, for the fourth quarter.
That is up from $15.9 million, or 28 cents a share, in the same period of 2012 despite a $16.9 million loss due to ineffective hedging.
Gulfport, which still is searching for a new CEO after the retirement of former chief executive Jim Palm, produced more than 1.5 million barrels of oil equivalent in the quarter, helping it boost its full-year production to 4.1 million barrels.
For the year, Gulfport more than doubled its net income to a record $153.2 million, or $1.97 a share. The company earned $68.4 million, or $1.21 a share, in 2012.
Gulfport also reported year-end proved reserves of 38.43 million barrels of oil equivalent, nearly three times as much as it reported at the end of 2012.
The company expects record production growth in 2014 as it develops its acreage in Ohio’s Utica Shale. It intends to drill as many as 71 wells in the play this year, spending as much as $634 million.
Gulfport has about 165,000 net acres under lease in the Utica.
Gulfport also has a 25 percent stake in Grizzly Oil Sands ULC, which began injecting steam into the ground in January. Grizzly expects to begin producing from Canada’s oil sands this quarter, ramping up by full production by the middle of next year.
Jay F. Marks,