Gulfport Posts Higher Production
April 19, 2017
New Philadelphia Times Reporter. Gulfport Energy reported its average daily oil and natural gas production continued to increase during the first quarter, driven by a “continued strong performance” of its Utica Shale assets.
Gulfport, which has more than 300 wells in Ohio’s Utica Shale, reported Wednesday that daily production averaged 849.6 million cubic feet equivalent of oil and gas during the first quarter. It was a 23-percent jump from 2016 production in the first quarter and an 8-percent gain when compared with the fourth quarter.
The company saw increased natural gas and liquid natural gas production, while oil production slipped. Natural gas accounted for 87 percent of total daily production, while natural gas liquids provided 9 percent and oil accounted for 4 percent.
Michael G. Moore, chief executive officer and president, called first quarter production and pricing results “very encouraging” and said the company is excited as it looks toward the remainder of the year.
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