Gulfport 2Q17: Most Active Utica Quarter Ever, 29 Wells Added

Yesterday Gulfport Energy released the company’s second quarter 2017 operational (not financial) update. Gulfport is one of those companies that teases by separating the two. Normally we’d wait and report both together, but there is some interesting news coming from the operational side. Gulfport, which drills mainly in the Utica (but also the SCOOP, in Oklahoma) reports production is through the roof, mainly due to bringing online 29 new Utica wells during 2Q17. Gulfport said in a statement that 2Q17 for the Utica Shale was “the most active quarter from a tie-in line perspective the Company has experienced since entering the play in 2011.” Meaning some (many?) of the wells were already drilled, but they all got completed and hooked up to production in 2Q17. When you add all of Gulfport’s production together across the Utica (the majority) and the SCOOP and tiny bit in Louisiana, the company joined the 1 billion cubic feet per day (Bcf/d) club in 2Q17. If you look only at Utica production, Gulfport averaged 867 million cubic feet (MMcf) per day of production, which is getting close to the 1 Bcf mark–in just the Utica. That is a massive amount of production in the Utica…

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