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Gulfport Energy's Accounts Payable In Addition To Accrued Liabilities

Gulfport Energy reports afterwards this week. Strangely ane of the residual canvas items that most intrigues me is their accounts payable as well as accrued liabilities.

Here is the electrical flow liability department from the concluding 10-Q.


GULFPORT ENERGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30,
2012
December 31,
2011





Current liabilities:
Accounts payable as well as accrued liabilities
$
107,058,000

$
43,872,000

Asset retirement obligation - current
60,000

620,000

Short-term derivative instruments
8,816,000


Current maturities of long-term debt
147,000

141,000

Total electrical flow liabilities
116,081,000

44,633,000










I simply desire you lot to regime annotation that accounts payable as well as accrued liabilities are simply over 107 million. That is upwards from 44 1000000 at Dec 2011 as well as from 96 1000000 inward the second quarter.

And hither is the lucre loss tilt listing all expenses for the by ix months.

GULFPORT ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2012
2011
2012
2011
Revenues:
Oil as well as condensate sales
$
58,609,000

$
56,447,000

$
187,633,000

$
154,559,000

Gas sales
973,000

923,000

2,127,000

3,155,000

Natural gas liquids sales
874,000

653,000

2,374,000

2,346,000

Other income
81,000

58,000

189,000

248,000

60,537,000

58,081,000

192,323,000

160,308,000

Costs as well as expenses:
Lease operating expenses
6,638,000

5,744,000

18,201,000

15,103,000

Production taxes
7,070,000

6,281,000

22,411,000

18,520,000

Depreciation, depletion, as well as amortization
25,377,000

14,736,000

70,424,000

40,606,000

General as well as administrative
3,098,000

2,034,000

9,370,000

6,209,000

Accretion expense
176,000

168,000

529,000

491,000

42,359,000

28,963,000

120,935,000

80,929,000

INCOME FROM OPERATIONS:
18,178,000

29,118,000

71,388,000

79,379,000



I desire you lot to honour that the exclusively expenses inward the by ix months are:


  • 18.2 1000000 of lease operating expenses
  • 22.4 1000000 of production taxes
  • 70.4 1000000 of depreciation, depletion as well as amortization
  • 9.4 1000000 of full general administrative expenses, and
  • 0.5 1000000 of accretion expense (though I am non certain I know what that is).

The depreciation, depletion as well as amortization is - I presume - non cash. Cash expenses for the ix months add together upwards to virtually $50 million.

I presume most of those were paid relatively promptly. (It does non endear you lot to regulators for event if you lot create non pay your production taxes.)

Simple question

What classify of concern is it that accrues $107 1000000 inward (unpaid) electrical flow liabilities but incurs exclusively virtually $50 1000000 of expense over the by ix months?

I convey spent a fighting of fourth dimension puzzling out the response - but I volition teach out that for to a greater extent than or less other post.






John

Disclosure: brusk Gulfport.

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