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Thursday, July 31, 2014

Gulfport Production Sags With Slowdown in Utica Shale

From NGI:
Gulfport Energy Corp.'s second quarter production dropped by a little more than 1% from the first quarter after it pulled back the reins in the Utica Shale. 
The company produced a total of 2.4 million boe, or 26,725 boe/d in the second quarter, down from the 27,087 boe/d in the first quarter. The Utica accounted for 79% of second quarter production, or 1.9 million boe. 
Although it has a sizeable patchwork of assets in Southern Louisiana and the Bakken Shale and Niobrara formation, Gulfport has increasingly focused on 179,000 net acres in eastern Ohio. However, shortly after CEO Michael Moore was appointed in April, he said a close review of the company's operations revealed that earlier assumptions used to determine the pace of development in Ohio were too careless (see Shale Daily, April 24).
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