Six months after filing for Chapter 11 protection, Utica producer Gulfport Energy Corp. has emerged from bankruptcy with $1.20 billion wiped off its balance sheet through deleveraging and a shakeup of its management team.

Utica Shale

The exploration and production company said Tuesday it has successfully completed its restructuring process with a new board and CEO in place, $853 million in total debt and around $135 million of liquidity. At the time of its Chapter 11 filing, it had more than $2 billion of total debt.

Gulfport said Tuesday that CEO David Wood, who took over in 2018 following spending misconduct allegations by his predecessor, has retired, effective immediately. CFO Quentin Hicks has resigned.

The board has appointed Timothy Cutt as interim CEO and Bill Buese as...