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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