Gulfport Releases Half of 2Q15 Update – The Good News Part

Gulfport Energy released their second quarter 2015 operational (but not financial) update yesterday. Among the highlights: Production was up a huge 196% year over year–to an average 473.9 million cubic feet equivalent per day (MMcfe/d). Of that number, 457.6 MMcfe/d (97%) came from the Utica Shale. Gulfport’s current production mix is 77% natural gas, 13% natural gas liquids and 10% oil. How much money did Gulfport get for their products? They received, on average, $1.99 per Mcf for natural gas, $0.30 per gallon for NGLs, and $47.40 per barrel of oil. If you average it all together, it works out to be $2.60 per Mcfe. Gulfport is clever. They released the good news yesterday–how much production is up, etc. But they haven’t released the bad news about earnings–yet. The bad news shoe will drop on August 5th when Gulfport publishes their 2Q15 financial report. Meanwhile, let’s bask in the glow of good news…

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