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Wednesday, March 7, 2018

Gulfport Energy Conference Call Provides Details on Company's Utica Shale Activity

From Seeking Alpha's transcript of Gulfport Energy's 4th quarter 2017 earnings conference call:
On the operations front, 2017 marked an active year in the field for Gulfport and, in the Utica, we spud 94 gross wells utilizing just under six operated rigs. The wells released had an average drilled lateral length of approximately 8,150 feet and were normalized to an 8,000-foot lateral, as assumed in our public type curves. We averaged the spud-to-rig release of 19.2 days, down 16% over full-year 2016 results. 
Turning to completions in the Utica Shale during 2017. We turned-to-sales 68 gross wells with an average stimulated lateral length of 7,700 feet. In the SCOOP, we continued to see improvement at the drill bit as the year progressed, and 19 gross wells were spud on the acreage during 2017. The wells released had an average lateral length of 7,200 feet and were normalized to a 7,500-foot lateral, as assumed in our public type curves. The wells averaged a spud-to-rig release of approximately 72.1 days during 2017.
Later in the call:
In the Utica, our program will be centered around the dry gas window of the play, with a focus on maximizing lateral lengths and realizing economies of scale on our per-foot metrics. We entered 2018 operating full rigs in the play, have three rigs running today and plan to release a rig at the beginning of March. We will run on average 2.5 rigs during 2018.

We forecast this level of activity will generate 36 to 40 gross wells in the Utica during 2018. In addition, we intend to participate in non-operated activities taking place on our acreage that will provide approximately seven to eight horizontal wells net to Gulfport's interest. 
On the completion front, during the first quarter of 2018, we resumed our frac activity in the Utica. We're utilizing two completion crews today in the play and plan for the 2018 frac schedule to be largely weighted to the first half of the year. We expect this schedule to result in the 2018 turn-in-lines to be heavily weighted to the second and third quarter of the year. 
We plan to turn-to-sales 33 to 37 gross operated wells during 2018 and participate in non-operated activities on our acreage where we expect to turn-to-sales 9 to 10 wells net to Gulfport's interest.
Click here to read the whole transcript.

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