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Investor urges Gulfport to cut spending; Pa. shale gas permitting plummets

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Investor urges Gulfport to cut spending; Pa. shale gas permitting plummets

2nd activist puts pressure on Gulfport Energy to stem stock's slide

A small North Carolina investment adviser is pressuring Gulfport Energy Corp. to cut spending and sell some assets to finance the quick buyback of 30 million shares, about $80 million at current prices. Shah Capital Management Inc. wants Gulfport to cuts its 2020 capital spending to $400 million to generate $100 million in free cash flow, saying there is no room in the market for more gas and liquids and reduced drilling would send the signal that Gulfport was "a rational player considering current supply/demand imbalance with daily supply of 91 Bcf to demand of only 84 Bcf."

Shale gas permitting plummets in Pennsylvania as producers scale back

Still under pressure from investors to throttle back spending in the face of low natural gas prices, Pennsylvania's shale gas drillers pulled 23% fewer permits for new wells in August compared to 2018 and 14% fewer permits compared to July. The single biggest drop-off in activity occurred in Greene County in the gas and liquids-rich portion of the Marcellus Shale south of Pittsburgh.

Led by private producers, drillers pull one-third more shale permits in Ohio

New permits for shale gas wells in Ohio's Utica Shale increased by one-third over August 2018 as private drillers pulled ahead of their publicly traded peers, according to Sept. 4 state data. Ohio's top gas producer, Ascent Resources, nearly tripled its new shale permits pulled in August compared to a year ago, the state Department of Natural Resources said.

Ohio's shale production flat for 2nd quarter in a row

Despite posting impressive year-over-year gains in Utica Shale oil and gas volumes, Ohio's shale production was flat for the second quarter in a row, as the state's largest producer held volumes at maintenance levels in the face of low prices. Drillers in the state produced more than 7.1 Bcfe/d of oil and gas from the Utica in the second quarter, according to the latest data from the state's Department of Natural Resources released Sept. 3.