Gulfport Energy 3Q15: Shuts-in 100 Mmcf/d of Production

Gulfport Energy, a major Utica Shale driller, released their third quarter 2015 update last Thursday and held an analyst conference call on Friday. Among the things we learn from their public statements: in all categories (natural gas, oil, NGLs), Gulfport’s production was up dramatically from the same quarter a year ago. However, the price the company gets for those commodities is down rather dramatically. The company experienced a major paper loss for 3Q15 due to write-downs on the value of its assets (because of low prices). Gulfport announced it will “voluntarily curtail” 100 million cubic feet equivalent per day (MMcfe/d) of production beginning November 1, 2015 through early 2016, due to low prices. Better to wait and sell it later at a higher price. They’re also going to forgo a fifth drilling rig in the Utica, planned to start up in 2016. Bummer. Here’s the 3Q15 update for Gulfport…

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