Gulfport 3Q – Huge Profit, Focused on Utica, No SCOOP Drilling

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 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 Southwestern Energy gobbled up that company (see Marcellus Veteran John Reinhart Joins Gulfport Energy as CEO). Yesterday, Gulfport issued its third quarter 2023 update. The company made a whopping $608 million in net income during 3Q23 versus losing $18 million in 3Q22. Gulfport's net income was orders of magnitude higher than Chesapeake Energy's, which is a much larger company!

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