Gulfport 3Q: Gas Production Won’t Increase This Winter

Gulfport Energy, the third-largest driller in the Ohio Utica Shale (by the number of wells drilled), emerged from bankruptcy in May with a new board and new top management. The company issued its third quarter update yesterday. Unfortunately, the company got hosed on hedges, losing $622 million during 3Q21 on hedges which resulted in an overall loss of $463 million for the quarter. The company produced 973 MMcf/d (million cubic feet per day) during 3Q21, down slightly from an average 992 MMcf/d a year ago. That production is across both shale plays where Gulfport drills: the Ohio Utica and Oklahoma SCOOP.

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