Gulfport Energy 2Q – $556M Paper Loss, Production Down 24%

Gulfport Energy, the third-largest (by number wells drilled) producer in the Ohio Utica Shale, issued its 2Q20 update yesterday. Back in June, the company said it would shut-in some of its production, delaying production until later this year (see Gulfport Caps Utica Production, Delays Drilling to Late 2020). The company made good on its promise. Gulfport's 2Q production was 1,027 MMcfe/d (million cubic feet equivalent per day), down from 1,358 MMcfe/d in 2Q19. The company reports a loss of $556 million during 2Q, but most if not all of it comes from impairments and depreciation--in other words, a paper loss. The company generated $43.9 million in free cash flow in 2Q.

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