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What: Shares of Gulfport Energy (NASDAQ:GPOR) fell as much as 11% in early trading today after the company released an operational update.
So what: During the fourth quarter, net production was 540,558 barrels of oil, 366,258 thousand cubic feet of natural gas, and 289,728 gallons of natural gas liquids. Total oil equivalents production of 608,499 was an 8% decrease from a year ago.
Now what: Gulfport will release full results on Feb. 27 but this was a peak into the company's operations. The reduction in both production and realized prices almost across the board is disappointing, and investors sold off hard this morning. I don't see a reason to buy here, with earnings expected to deteriorate in 2013, so I'll sit on the sidelines today.
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