Gulfport Spent $52M on Leases, Still Loves the Ohio Marcellus

Gulfport Energy, the third-largest driller in the Ohio Utica Shale (by the number of wells drilled), reported its third quarter 2024 numbers yesterday. The company drills Utica and Marcellus wells in Ohio. It also has an active drilling program in the Oklahoma SCOOP shale play. Gulfport’s net daily production for 3Q24 averaged 1,057.2 MMcfe/d (1.06 Bcfe/d), up slightly from 3Q23’s average of 1,056.9 MMcfe/d. Production in 3Q consisted of 861.6 MMcfe/d in the Utica/Marcellus (81%) and 195.6 MMcfe/d in the SCOOP (19%). The production mix comprised approximately 91% natural gas, 6% natural gas liquids (NGLs), and 3% oil and condensate. The company has spent $52 million on maintenance leasehold and land investment so far this year, pointing out that leasing still happens.

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