Gulfport Energy Corp. reported increased production during the second quarter as it turned more wells to sales following a slower stretch of completions activity at the end of 2018.
The company in the first quarter ramped up completions in Ohio’s Utica Shale and the SCOOP, aka the South Central Oklahoma Oil Province, setting it up for a more robust turn-in-line schedule for the remainder of the year.
Second quarter production came in at 1.359 Bcfe/d, up 2.1% from the year-ago period and 8% from 1Q2019. The company produced 90% natural gas, 7% natural gas liquids and 3% oil during the second quarter.
Gulfport turned 25 Utica and six SCOOP (gross) wells to sales during the period. During 1Q2019 Gulfport had turned online only six Utica and three SCOOP wells gross to sales, and production dipped as a result.
The company, set to report second quarter results Aug. 2, is expected to reiterate its budget of $565-600 million. The company slashed spending this year to better control costs and generate $100 million of free cash flow. Management has also indicated that it could hold spending at roughly the same level next year and still keep production flat if the gas price strip doesn’t budge.
Realized gas prices, including hedges, declined slightly during the second quarter to an average realized price of $2.52/Mcfe for the period, compared with $2.72/Mcfe in 2Q2018.
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