Gulfport 3Q – Slight Net Loss, Production Down 6%, Recovering

Gulfport Energy, the third-largest driller in the Ohio Utica Shale (by the number of wells drilled), emerged from bankruptcy in May 2021 with a new board and new top management. By September of last year, rumors began circulating that the company was shopping itself for sale (see Big News: OH Utica Driller Gulfport Energy Looking to Sell Itself). The two largest drillers in the Ohio Utica (Ascent Resources and Encino Energy) were reported to be in talks to buy Gulfport. But Gulfport's performance over the past two quarters, including yesterday's update on 3Q22, seem to indicate all talk about selling is now off the table. Gulfport turned in respectable results in 3Q.

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