Gulfport Makes $495M in 2022, Drilled & Turned to Sales 28 Wells
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 4Q and full 2022 update. The company made $749 million in net income during 4Q22, versus $558 million in 4Q21 (up 34%). Gulfport’s net income for the full year was $495 million in 2022, versus losing $113 million in 2021. What about the number of wells drilled and production?
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Will the third time be the charm? Probably not. On Wednesday, the U.S. Fish and Wildlife Service (USFWS) issued a 297-page biological opinion of the Mountain Valley Pipeline’s (MVP) potential impact on threatened and endangered species if the 94% complete pipeline is allowed to finish. We have a full copy of the opinion below. It finds that completing the MVP project will NOT harm protected species. Two other times USFWS issued this same report, and two times the radical judges of the 4th Circuit Court of Appeals (three Democrats) have overturned the opinion and blocked a permit needed to allow MVP to finish. Will it happen again?
In 2022, 897 million cubic feet per day (MMcf/d) of interstate natural gas pipeline capacity was added from five projects to the interstate gas pipeline system, according to the U.S. Energy Information Administration (EIA). That is the least amount of capacity added to the interstate natural gas pipeline system since the EIA began data collection in 1995. This ignominious achievement happened under the Bidenistas, while Richard “Dick” Glick was Chairman of the Federal Energy Regulatory Commission (FERC).
We’ve criticized BlackRock, the world’s largest investment firm with $10 trillion under assets, due to CEO Larry Fink’s insistence that public companies adopt ESG (environment, social, governance) policies that include reducing CO2 emissions. Fink’s demands are tantamount to divesting (or refusing to invest in) any company that produces or heavily uses oil and natural gas. A number of Republican-controlled states, including Texas, West Virginia, and Florida, have begun the process of dumping all BlackRock investment funds. Fink is worried–as he should be. He’s losing business. So he’s now doing what sleazy, corrupt leftists always do–resort to bribery.
INTERNATIONAL: Aramco eyes stake in foreign LNG plant; The Golden Age for liquefied natural gas (LNG).