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Gulfport Energy's Q3 output rises YOY on strength of Utica increases

Gulfport Energy Corp. reported average production of 1.53 Bcfe/d for the third quarter, up from 1.36 Bcfe/d during the second quarter and also above the 1.43 Bcfe/d produced during the same quarter in 2018.

In an Oct. 16 news release, the Appalachia-focused oil and gas driller said that 93% of its net daily production mixed was sourced from natural gas while NGLs and oil comprised the remaining 5% and 2%, respectively.

The majority of its production came from the Utica Shale, which produced 114.46 Bcfe in the third quarter, increasing from 104.98 Bcfe a year ago. Total production in the SCOOP play in Oklahoma slightly increased with 25.90 Bcfe reported in the third quarter compared to 25.26 Bcfe during the corresponding quarter in 2018. Production volumes in Southern Louisiana also tumbled with 38 MMcfe reported for the period, dropping from 1.01 Bcfe during the same quarter in 2018.

The firm reported third-quarter realized prices of $1.73/Mcf of gas, $78.59 per barrel of oil and 45 cents per gallon of NGLs for a collective equivalent price of $2.04/Mcfe. The company said its realized prices for the quarter included an aggregate noncash derivative loss of $54.1 million. Before the impact of derivatives and including transportation costs, realized prices were $1.64/Mcf of gas, $51.75/bbl of oil and 38 cents per gallon of NGLs for a total equivalent price of $1.84/Mcfe.

During the quarter, the company turned 16 gross operated wells in the Utica Shale to sales.