Gulfport 1Q16: Lost $242M; Utica Production Nears 700 Mmcf/d

Gulfport logGulfport Energy, a sizable driller in the Utica Shale, lost a lot of money last year (see Gulfport Energy 2015: $1.2 Billion Loss, Most of it in 4Q15). Gulfport issued its first quarter 2016 update last week. Although Gulfport’s Utica production is up, averaging close to 700 million cubic feet per day, the company lost another $242 million in 1Q16. Ouch. Interesting factoid: Gulfport has drilled a total of 244 Utica wells in Ohio–the second most wells after Chesapeake Energy. Although Gulfport also owns wells in Louisiana, most of its production comes from the Ohio Utica. Gulfport drilled 10 new Utica wells in Ohio in 1Q16 and brought 15 wells online. Here’s the 1Q16 update from Gulfport Energy…

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