Wednesday, March 4, 2020

Gulfport Energy Lost $2 Billion in 2019

From The Canton Repository:
The driller with the third most Utica Wells in Ohio lost $2 billion last year. 
Gulfport Energy held a phone call Friday with investors to discuss its earnings. 
The loss was equal to $12.49 per diluted share. 
The Oklahoma City-based company has more than 400 Utica wells in Ohio, the most of any publicly traded company, and is only behind privately held Encino Acquisition Partners and Ascent Resources in total wells. 
Gulfport’s fourth quarter revenue was $281 million, down a third from the last quarter of 2018. Annual was held level at $1.35 billion.

In Ohio, Gulfport has 205,000 net acres under lease, 65 percent of which are held by production. 
Last year, the company drilled 16 wells and began production from nearly 45 wells in the Utica Shale.
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