Gulfport 1Q Net Income Swings +$1B to Positive, Avg 1.06 Bcfe/d

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. In January of this year, the company appointed a new CEO, John Reinhart, the former President and CEO of M-U driller Montage Resources Corporation before that company was gobbled up by Southwestern Energy (see Marcellus Veteran John Reinhart Joins Gulfport Energy as CEO). Yesterday Gulfport issued its first quarter 2023 update. The company made $523 million in net income during 1Q23 versus losing $493 million in 1Q22--a swing of over $1 billion! What about the number of wells drilled and production?

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