In early November, Gulfport Energy, one of the biggest drillers in the Ohio Utica Shale (210,000 acres), which concentrates its drilling in the Ohio Utica and the Oklahoma SCOOP plays, announced they were shopping some non-operated Ohio Utica assets (see Gulfport 3Q – Looking to Sell Non-Operated Utica Assets). They found an undisclosed buyer–for $29 million.
Read More “Gulfport Energy Sells $29M of Non-Operated Ohio Utica Assets”
Gulfport Energy, one of the biggest drillers in the Ohio Utica Shale (210,000 acres), concentrates its drilling in the Ohio Utica and the Oklahoma SCOOP plays. Earlier this week the company made a major announcement: They are laying off 13% of the workforce, ending (for now) their stock share buy-back program, and “refreshing” the board with three new members (see Gulfport Fires 13% of Workers, Ends Stock Buy-Back, Board Changes). According to Gulfport’s largest shareholder, investment firm Firefly Value Partners, those changes are not enough.
Read More “Gulfport’s Biggest Shareholder Says Current Board has Made a Mess”
Gulfport Energy, one of the biggest drillers in the Ohio Utica Shale (210,000 acres), concentrates its drilling in the Ohio Utica and the Oklahoma SCOOP plays. A few weeks ago the company announced they are shopping some of their non-operated assets in the Ohio Utica (see Gulfport 3Q – Looking to Sell Non-Operated Utica Assets). This morning the company made another major announcement: They are laying off 13% of the workforce, ending (for now) their stock share buy-back program, and “refreshing” the board with three new members.
Read More “Gulfport Fires 13% of Workers, Ends Stock Buy-Back, Board Changes”
Gulfport Energy, one of the biggest drillers in the Ohio Utica Shale (210,000 acres), concentrates its drilling in the Ohio Utica and the Oklahoma SCOOP plays. Gulport’s third quarter 2019 update shows the company produced 1,527.0 million cubic feet equivalent per day (MMcfe/d) in 3Q19, up 7% from 1,427.5 MMcfe/d produced in 3Q18. The company lost $48.8 million (31 cents per share) in 3Q19. The biggest news, for us, is Gulfport’s announcement they are shopping some of their non-operated assets in the Ohio Utica.
Read More “Gulfport 3Q – Looking to Sell Non-Operated Utica Assets”
Shah Capital, which owns three million shares (about 1.9%) of Gulfport Energy stock, last week sent an open letter to the Gulfport board strongly recommending the company trim next year’s budget by 29% (maybe more) in an effort to generate more cash for investors. Gulfport Energy, one of the biggest drillers in the Ohio Utica Shale (210,000 acres), concentrates its drilling in the Ohio Utica and the Oklahoma SCOOP plays.
Read More “Major Investor Lectures Gulfport Energy to Cut 2020 Budget by 29%”
EQT’s new CEO Toby Rice made the rounds and conducted four town hall-style meetings with landowners (see Road Trip! EQT CEO Toby Rice Talks to Landowners in Town Hall Mtgs). We found and brought you local media coverage for both the first and third meetings–in Waynesburg, PA and Bridgeport, WV, respectively (see EQT CEO Toby Rice Hits a Home Run with Landowner Meetings and EQT CEO Toby Rice Explains Combo Drilling at WV Town Hall Mtg). There was a meeting in between those two, held in Belmont County, OH. We’ve been accused of bias for not writing about that meeting.
Read More “Rice Addresses Belmont County, OH Landowners in Town Hall Mtg”
Gulfport Energy, one of the biggest drillers in the Ohio Utica Shale (210,000 acres), concentrates its drilling in the Ohio Utica and the Oklahoma SCOOP plays. The company released its operating and financial update for 2Q19 last week. As we told you in May, 2019 is “the year of the DUC” for Gulfport (see Gulfport Energy Sells “Small” Marcellus Leasehold in SE Ohio). And so it has been.
Read More “Gulfport 2Q: Drills 4 New Utica Wells, Completes 25 Utica Wells”
Gulfport Energy, one of the biggest drillers in the Ohio Utica Shale (210,000 acres) with record production in the Utica last year, announced last week (as part of its first quarter update) it has sold a “small footprint” of Marcellus drilling rights on some of their Utica acreage in southeastern Ohio for $30 million. Gulfport concentrates its drilling in the Ohio Utica and the Oklahoma SCOOP plays. Piecing together the company’s plans for this year, we’re calling 2019 the “Year of the DUC” for Gulfport.
Read More “Gulfport Energy Sells “Small” Marcellus Leasehold in SE Ohio”
We read on a regular basis in mainstream media that shale companies spend more money than they bring in, and that investors are growing tired of pumping money into companies without a return on their investment. We’ve recently noticed a renewed commitment on the part of major drillers to get their financial houses in order–spend less and drill less in order to make more money. We spotted an article by Reuters on the “shale drillers aren’t profitable/healthy” meme which got us investigating the financial health (or lack thereof) for Marcellus/Utica drillers. What we found may interest you.
Read More “Are Marcellus/Utica Shale Drillers Financially Healthy?”
Gulfport Energy, one of the biggest drillers in the Ohio Utica Shale (210,000 acres) with record production in the Utica last year, is scaling back spending in the gassy Utica Shale this year and putting that money into other another shale play–the oily SCOOP.
Read More “Gulfport 2019: Spend Less on Gassy Utica, More on Oily SCOOP”
There’s just no getting around the obvious–that the shale industry is once again heading into something of a dip. We’re not just talking about shale oil drillers scaling back drilling new wells in places like Texas and North Dakota. We’re talking about big gas drillers in the Marcellus/Utica who are signaling that 2019 will see less spending and less drilling, although production won’t decline.
Read More “Trend: Marcellus/Utica Drillers Will Drill Less in 2019”
Another situation is brewing with Gulfport Energy not unlike the situation at EQT. One of (we’re pretty sure THE) largest shareholders in Gulfport, investment firm Firefly Value Partners, is not happy with either the board of directors or current management, saying very publicly (via a letter, below) that the current board lacks “necessary skills and experience” to turn the company’s poorly performing stock around. Ba boom!
Read More “Gulfport’s Largest Investor Not Happy with Board or Management”
In early November, Gulfport Energy, an independent oil and gas driller with significant acreage positions in the Utica Shale of eastern Ohio and the SCOOP Woodford and SCOOP Springer plays in Oklahoma, canned their CEO Michael Moore following allegations that he used a company credit card, and the company chartered jet, for personal uses (see Shakeup: Gulfport CEO Michael Moore Fired, Interim CEO Appointed). Gulfport appointed COO Donnie Moore (no relation to Michael) to be interim CEO while they figured out next steps. Those steps are now figured out. After a nationwide search, Gulfport has appointed David M. Wood to become the new president & CEO. Donnie Moore will revert to his role of COO, answering to Wood.
Read More “Utica Driller Gulfport Energy Appoints New CEO/President”
Last week Gulfport Energy, an independent oil and gas driller with significant acreage positions in the Utica Shale of eastern Ohio and the SCOOP Woodford and SCOOP Springer plays in Oklahoma, issued its full third quarter 2018 update. Gulfport previously issued an operational update several weeks ago (see Gulfport 3Q18 Operations Update: 11 New Utica Wells). Gulfport didn’t issue the full update, with financials, until last week. Perhaps we now know why: the company canned their CEO, Michael G. Moore, following allegations that he used a company credit card, and the company chartered jet, for personal uses. Gulfport appointed COO Donnie Moore (no relation to Michael) to be interim CEO while they figure out next steps.
Read More “Shakeup: Gulfport CEO Michael Moore Fired, Interim CEO Appointed”
Gulfport Energy, an independent oil and gas driller with significant acreage positions in the Utica Shale of eastern Ohio and the SCOOP Woodford and SCOOP Springer plays in Oklahoma, issued its third quarter operational (not financial) update yesterday. Gulfport is one of those companies that delivers its operational news first, and a few weeks later issues its financial news. Gulfport reports production continued to climb to new highs, averaging 1,427.5 million cubic feet equivalent (MMcfe) per day, a 7% increase over 2Q18 and 19% increase over 3Q17. Said another way, 1.43 Bcf/d.
Read More “Gulfport 3Q18 Operations Update: 11 New Utica Wells”
The expert analysts at RBN Energy have just published their “fourth and final” in a series of posts looking in detail at E&Ps (exploration & production companies, or “drillers”). One of the groups of E&Ps they examine are “gas-weighted” E&Ps–or drillers who mostly extract natural gas. In looking through the list, you immediately realize every one of them has operations in the Marcellus and/or Utica Shale region. Yes, a few also have operations in other plays, but they all have at least some operations here. The real value in the article is an accompanying spreadsheet comparing various financial metrics (apples to apples)–things like total revenue, lifting costs, production costs, and “pre-tax income,” meaning profitability. How do our drillers compare with each other?
Read More “By the Numbers – Revenue & Profitability for M-U Drillers”