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Gulfport Energy Q2 adjusted net income slips but meets expectations

Gulfport Energy Corp. on Aug. 1 reported $33.3 million, or 21 cents per share, in adjusted net income for the second quarter, compared to $57.0 million, or 33 cents per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus normalized earnings estimate for the second quarter was 21 cents per share.

Net income totaled $235.0 million, compared to $111.3 million in the prior-year period. Gulfport reported revenue of $459.0 million, compared to $252.7 million a year earlier.

Gulfport, whose principal properties are located in the Utica Shale primarily in eastern Ohio, said production came to 1.36 Bcfe/d in the second quarter, compared to 1.33 Bcfe/d in the second quarter a year ago.