Gulfport 1Q18 Update: Utica Production Up 37%, SCOOP Up 198%

Yesterday Gulfport Energy released an initial look at the company’s first quarter operations (full copy below). The update does not include financial performance–only operational performance. Gulfport is an “independent” oil and gas driller with significant acreage positions in the Utica Shale of eastern Ohio and the SCOOP Woodford and SCOOP Springer plays in Oklahoma. Gulfport also owns acreage along the Louisiana Gulf Coast. Our primary interest is in Gulfport is their Ohio Utica Shale program. In 1Q18, when you role everything together (methane, NGLs and oil) converting it all to natural gas “equivalent,” Gulfport produced 92,772 million cubic feet equivalent (MMcfe), versus producing 67,559 MMcfe in 1Q17–a 37% increase year over year. However, what you can’t ignore in this update is that Gulfport has really turned up the activity in the Oklahoma SCOOP. In 1Q18 Gulfport brought online 3 Utica wells, but 7 SCOOP wells. In 1Q18 Gulfport produced 22,103 MMcfe in the SCOOP, versus producing just 7,398 MMcfe in the SCOOP a year ago in 1Q17–a 198% increase. The conclusion is inescapable: the SCOOP is ascending for Gulfport, occupying the company’s time, attention and money…

Please Login to view this content. (Not a member? Join Today!)
You do not have permission to view the comments.

Please Login to post a comment