Gulfport Energy Reports Q1 Loss, Shutting in Some Production

Last Friday Gulfport Energy, the third-largest (by number wells drilled) producer in the Ohio Utica Shale (210,000 acres) which concentrates its drilling in the Ohio Utica and the Oklahoma SCOOP plays, issued its first-quarter 2020 update. On paper, the company lost $517 million due to a one-time impairment charge (writing down of asset value) of $553 million. The company said on Friday it would “shut in a minimal amount production” over the next few months given the virus pandemic.

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