Gulfport Energy

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Ohio Utica Shale Production 3Q23 – Top Wells, Drillers & Counties
December 5, 2023December 5, 2023

The Ohio Dept. of Natural Resources (ODNR) released production numbers for the third quarter of 2023 late last week, and nobody noticed…except MDN (thanks to a tip from a good friend). ODNR no longer issues a press release to summarize the results as they once did. We’ve got the full spreadsheet with oil and gas production details for all 3,281 active shale wells in the Buckeye State. We’ve sliced and diced the numbers and have our usual Top 25 lists for natural gas and oil wells. We’ve included a couple of charts summarizing the data, showing the total production by driller (gas and oil) and the total production for the quarter by county. You’re gonna love it!
Read More “Ohio Utica Shale Production 3Q23 – Top Wells, Drillers & Counties”
Antero Resources | Chesapeake Energy | CNX Resources | Coterra Energy (Cabot O&G) | Energy Companies | EQT Corp | Gulfport Energy | Range Resources Corp | Seneca Resources | Southwestern Energy

M-U Driller Profits Bounce Back into the Black for 3Q23
November 27, 2023November 27, 2023

It’s been a financial roller coaster for oil and gas drillers over the past 15 years. Investors in shale oil and gas companies suffered for years with little or no returns for their invested money. Five of eight large Marcellus/Utica drillers saw their share prices decrease by an astonishing 85% or more from 2008 to 2019 (see Former EQT CEO: Shale Revolution a “Disaster” for Investors). Just before the COVID pandemic hit, shale companies began to change and focus on less drilling and more profitability. That change paid off in a big way. Shale companies saw record profits in 2022 (see How Did M-U Gas Drillers Spend Their 2022 Record Haul of Cash?). But beginning in late 2022, the roller coaster took another turn down and profits crashed (see M-U Drilling Profits Hit Two-Year Low, Better Days Ahead?). But what’s this? Profits for drillers in the M-U (and other shale plays) recovered and began to climb again in the third quarter of 2023 following a five-quarter slide.
Read More “M-U Driller Profits Bounce Back into the Black for 3Q23”
Bradford County | Chesapeake Energy | Columbiana County | Coterra Energy (Cabot O&G) | Energy Companies | Gulfport Energy | Harrison County | Hilcorp Energy | Monroe County | Ohio | Pennsylvania | Southwestern Energy | Susquehanna County | Weekly Permits

22 New Shale Well Permits Issued for PA-OH-WV Nov 6 – 12
November 17, 2023November 17, 2023

New shale permits issued for Nov 6 – 12 in the Marcellus/Utica slipped but still turned in a respectable number. There were 22 new permits issued last week, versus 37 issued the week before. Last week’s permit tally included 6 new permits in Pennsylvania, 16 new permits in Ohio, and no new permits in West Virginia. Hilcorp Energy was the winner of most permits issued, with 12 new permits issued for a single well pad in Columbiana County, OH.
Read More “22 New Shale Well Permits Issued for PA-OH-WV Nov 6 – 12”
Allegheny County | Antero Resources | Ascent Resources | Belmont County | Bradford County | Chesapeake Energy | CNX Resources | Coterra Energy (Cabot O&G) | Encino Energy | Energy Companies | EQT Corp | Greene County (PA) | Gulfport Energy | Harrison County | Monroe County | Monroe County | Northeast Natural Energy | Ohio | Pennsylvania | Range Resources Corp | Repsol | Southwestern Energy | Susquehanna County | Tioga County (PA) | Tuscarawas County | Tyler County | Washington County | Weekly Permits | West Virginia

37 New Shale Well Permits Issued for PA-OH-WV Oct 30 – Nov 5
November 9, 2023November 9, 2023

New shale permits issued for Oct 30 – Nov 5 in the Marcellus/Utica saw a significant increase. It almost felt like old times again! There were 37 new permits issued last week, versus 26 the week before. Last week’s permit tally included 24 new permits in Pennsylvania, 11 new permits in Ohio, and 2 new permits in West Virginia. Coterra Energy was the top permittee for the week, drawing 9 permits in Susquehanna County, PA. This will really rub the antis raw: Coterra received several permits to restart drilling in Dimock Township. 🙂
Read More “37 New Shale Well Permits Issued for PA-OH-WV Oct 30 – Nov 5”
Ascent Resources | Butler County | Carroll County | Chesapeake Energy | Coterra Energy (Cabot O&G) | Energy Companies | EQT Corp | Gulfport Energy | Harrison County | INR/Infinity Natural Resources | Ohio | Ohio County | PennEnergy Resources | Pennsylvania | Range Resources Corp | Southwestern Energy | Sullivan County | Susquehanna County | Washington County | Weekly Permits | West Virginia

26 New Shale Well Permits Issued for PA-OH-WV Oct 23 – 29
November 3, 2023November 3, 2023

New shale permits issued for Oct 23 – 29 in the Marcellus/Utica increased again. There were 26 new permits issued last week, versus 22 the week before. Last week’s permit tally included 18 new permits in Pennsylvania, 7 new permits in Ohio, and 1 new permit in West Virginia. Coterra Energy was the top permittee for the week, drawing 7 permits in Susquehanna County, PA. Chesapeake Energy was #2 with 5 permits issued in Sullivan County, PA.
Read More “26 New Shale Well Permits Issued for PA-OH-WV Oct 23 – 29”
Energy Companies | Gulfport Energy

Gulfport 3Q – Huge Profit, Focused on Utica, No SCOOP Drilling
November 2, 2023November 2, 2023

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!
Read More “Gulfport 3Q – Huge Profit, Focused on Utica, No SCOOP Drilling”
Energy Companies | ESG | Gulfport Energy | Industrywide Issues

Gulfport Energy’s Entire M-U Operation Gets “A” on MiQ Report Card
November 1, 2023November 1, 2023

Gulfport Energy, the third-largest driller in the Ohio Utica Shale (by the number of wells drilled), is the latest Marcellus/Utica driller to have its gas certified by MiQ. After a thorough review, MiQ gave Gulfport’s operations and the natural gas it produces its highest grade of “A.” Gulfport, which drills in both the Ohio Utica and Oklahoma SCOOP shale plays, has drilled some of (perhaps THE) longest shale wells in the world at over four miles long (see Gulfport’s 4-Mile Utica Wells Producing 2.5+ Bcfe per 1,000 Ft).
Read More “Gulfport Energy’s Entire M-U Operation Gets “A” on MiQ Report Card”
Beech Resources | Belmont County | Butler County | CNX Resources | Energy Companies | EQT Corp | Gulfport Energy | Lycoming County | Ohio | Ohio County | PennEnergy Resources | Pennsylvania | Southwestern Energy | Washington County | Weekly Permits | West Virginia | Wetzel County

21 New Shale Well Permits Issued for PA-OH-WV Sep 18 – 24
September 29, 2023September 29, 2023

New shale permits issued for Sep 18 – 24 in the Marcellus/Utica were roughly the same as the prior week. There were 21 new permits issued last week, down 1 from permits issued two weeks ago. Last week’s permit tally included 11 new permits in Pennsylvania, 4 new permits in Ohio, and 6 new permits in West Virginia. Three companies tied for top permittee last week: PennEnergy Resources with 5 permits in Butler County, PA; CNX Resources with 5 permits in Washington County, PA; and Southwestern Energy with 5 permits spread between Wetzel and Ohio counties in WV.
Read More “21 New Shale Well Permits Issued for PA-OH-WV Sep 18 – 24”
Antero Resources | Chesapeake Energy | CNX Resources | Commodity Price | Coterra Energy (Cabot O&G) | Energy Companies | EQT Corp | Gulfport Energy | Industrywide Issues | Range Resources Corp | Southwestern Energy

Major U.S. Shale Drillers Hedged 2H23 Gas Production Avg. $3.35
September 28, 2023September 28, 2023

According to an analysis by S&P Global Commodity Insights, large U.S. shale gas drillers (namely Marcellus/Utica drillers) have hedged (pre-sold at a specific price) an average of 50% of anticipated shale gas production for the second half of 2023. The average price of the hedges is $3.35/Mcf, far above the average NYMEX Henry Hub price that has been bumping along between $2.25 and $2.75. CNX Resources is the top hedger, hedging 80% of its production in 2H23 at $3.04/Mcf.
Read More “Major U.S. Shale Drillers Hedged 2H23 Gas Production Avg. $3.35”
Antero Resources | Chesapeake Energy | CNX Resources | Coterra Energy (Cabot O&G) | Energy Companies | EQT Corp | Gulfport Energy | Range Resources Corp | Seneca Resources | Southwestern Energy

M-U Drilling Profits Hit Two-Year Low, Better Days Ahead?
September 22, 2023September 22, 2023

Investors in shale oil and gas companies suffered for years with little or no returns for the money they invested. Five of eight large Marcellus/Utica drillers saw their share prices decrease by an astonishing 85% or more from 2008 to 2019 (see Former EQT CEO: Shale Revolution a “Disaster” for Investors). Just before the COVID pandemic hit, shale companies began to change and focus on less drilling and more profitability, which began to turn things around. Then Russia illegally (and unprovoked) invaded Ukraine, driving oil and gas prices to record highs (see How Did M-U Gas Drillers Spend Their 2022 Record Haul of Cash?). Over the past year (five quarters), prices for gas and largely for oil have once again crashed, and along with it, a crash in profits for drillers.
Read More “M-U Drilling Profits Hit Two-Year Low, Better Days Ahead?”
Energy Companies | Gulfport Energy

Gulfport Energy Expands Stock Repurchases by 63% to $650 Million
September 21, 2023September 21, 2023

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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 that company was gobbled up by Southwestern Energy. Reinhart subsequently added two former colleagues from his days at Montage Resources to the Gulfport team (see Mgmt Changes at Gulfport – Getting the Montage Band Back Together). Looks like Gulfport’s new management team is working wonders. The Gulfport board announced yesterday it is expanding its stock buy-back program by 63 percent to $650 million.
Read More “Gulfport Energy Expands Stock Repurchases by 63% to $650 Million”
Energy Companies | Gulfport Energy | Monroe County | Ohio

Gulfport’s 4-Mile Utica Wells Producing 2.5+ Bcfe per 1,000 Ft
September 7, 2023September 7, 2023

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 that company was gobbled up by Southwestern Energy (see Marcellus Veteran John Reinhart Joins Gulfport Energy as CEO). The company recently issued its second quarter update. The news coming from that update that caught our eye was that Gulfport is beginning to drill wells in Ohio’s Marcellus layer in addition to the Utica (see Gulfport Drilling Marcellus (Not Utica) Wells in Belmont Co., OH). However, Enverus (formerly Drillinginfo), one of the most trusted, energy-dedicated SaaS platforms, noticed another newsworthy item coming from Gulfport’s update: three of Gulfport’s Utica wells in Monroe County are 4-mile wells, and they are producing more than 2.5 billion cubic feet equivalent (Bcfe) per 1,000 feet per day–significantly higher than the company’s average of 1.5 Bcfe/d.
Read More “Gulfport’s 4-Mile Utica Wells Producing 2.5+ Bcfe per 1,000 Ft”
Belmont County | Energy Companies | Gulfport Energy | Ohio

Gulfport Drilling Marcellus (Not Utica) Wells in Belmont Co., OH
August 3, 2023August 3, 2023

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 that company was gobbled up by Southwestern Energy (see Marcellus Veteran John Reinhart Joins Gulfport Energy as CEO). Yesterday Gulfport issued its second quarter 2023 update. The company made $78 million in net income during 2Q23 versus $216 million in 2Q22, down 64%, which tracks with similar decreases seen in other major M-U drillers.
Read More “Gulfport Drilling Marcellus (Not Utica) Wells in Belmont Co., OH”
Antero Resources | Ascent Resources | Belmont County | Columbiana County | Energy Companies | Gulfport Energy | Hilcorp Energy | Jefferson County (OH) | Noble County | Ohio | Weekly Permits | West Virginia | Wetzel County

17 New Shale Well Permits Issued for OH-WV (Not PA) Jul 10-16
July 21, 2023July 21, 2023

We’re trying not to sound too PO’d (personally offended) here, but once again, in what seems to be an every month or two occurrence, the Pennsylvania Dept. of Environmental Protection’s (DEP) online oil and gas permitting database is throwing an error. So, we are left with no permit numbers for PA for the week of July 10-16. Neither the Ohio Dept. of Natural Resources (ODNR) reporting system nor the West Virginia DEP reporting system have these problems. It is only the PA DEP that routinely goes “off the air.” Why is that? [Rant over] Even without PA’s numbers, OH and WV combined issued 17 permits last week, versus the pathetic 11 total from the prior week that included PA.
Read More “17 New Shale Well Permits Issued for OH-WV (Not PA) Jul 10-16”
Allegheny County | Belmont County | Bradford County | Chesapeake Energy | Energy Companies | Gulfport Energy | Marshall County | Ohio | Olympus/Huntley & Huntley | Pennsylvania | Southwestern Energy | Weekly Permits | West Virginia

11 New Shale Well Permits Issued for PA-OH-WV Jun 19-25
June 30, 2023June 30, 2023

New shale permits issued for Jun 19-25 in the Marcellus/Utica took another nosedive. There were 11 new permits issued last week, down from 21 the previous week. There’s just no denying that the trend in permits is generally down. Last week’s permit tally included 6 new permits in Pennsylvania, 2 new permits in Ohio (both permits in the Marcellus layer!), and 3 new permits in West Virginia. Olympus Energy scored the most new permits, with 4 issued in Allegheny County, PA. Southwestern Energy had the second most new permits, with 3 permits issued in Marshall County, WV.
Read More “11 New Shale Well Permits Issued for PA-OH-WV Jun 19-25”
Energy Companies | Gulfport Energy

Shareholders Selling $123.5M of Gulfport Stock, Co. Buying $25M
June 22, 2023June 22, 2023

Gulfport Energy issued a press release yesterday to announce that several unnamed stockholders, referred to as “certain stockholders,” are offering to sell 1.3 million company shares for $95 per share–for a total value of $123.5 million. If the market supports it, there may be an option to buy an additional 195,000 shares (another $18.5 million). Gulfport said it doesn’t benefit from the sale, but the company plans to purchase $25 million of the shares on offer as a buyback.
Read More “Shareholders Selling $123.5M of Gulfport Stock, Co. Buying $25M”