Improved production at Gulfpoint Energy in OKC

Production gains for the third quarter of the year were reported by Oklahoma City’s Gulfport Energy Corporation this week.

Net production for the third quarter was up 12% over the second quarter of 2019 and averaged nearly 1.5 billion cubic feet equivalent. The mix included 93% natural gas, 5% natural gas liquids and 2% oil.

Gulfport produced nearly 140 billion cubic feet equivalent of total production in the third quarter, an increase of 9 billion cubic feet from a year earlier.

The company also reported it drilled 2 gross and net operated wells in the Utica Shale field and one in the SCOOP during the third quarter. It had one gross well drilling at the end of the quarter. Gulfport also completed 3 gross wells in the Utica Shale during the quarter and had 2 others in completion stages . It turned 16 other wells to sales during the quarter.

The company forecasted its 2019 full-year net production will end up being in its expectations of 1.3 to 1.4 billion cubic feet a day.

Gulfport’s net daily production for the third quarter of 2019 averaged approximately 1,527.0 MMcfe per day. For the third quarter of 2019, Gulfport’s net daily production mix was comprised of approximately 93% natural gas, 5% NGL and 2% oil.

Gulfport’s realized prices for the third quarter of 2019 were $1.73 per Mcf of natural gas, $78.59 per barrel of oil and $0.45 per gallon of NGL, resulting in a total equivalent price of $2.04 per Mcfe. Gulfport’s realized prices for the third quarter of 2019 include an aggregate non-cash derivative loss of $54.1 million. Before the impact of derivatives, realized prices for the third quarter of 2019, including transportation costs, were $1.64 per Mcf of natural gas, $51.75 per barrel of oil and $0.38 per gallon of NGL, for a total equivalent price of $1.84 per Mcfe.

Gulfport will hold a conference call on Friday, November 1, 2019 at 8:00 a.m. CDT to discuss its third quarter of 2019 financial and operational results and to provide an update on the Company’s recent activities. Gulfport’s third quarter of 2019 earnings are scheduled to be released after the market close on Thursday, October 31, 2019.