Gulfport Energy Corp. produced 1.330 Bcfe/d in the second quarter, beating internal guidance and Wall Street estimates for the period.
Year/year production was up by 28% and by 3% from 1Q2018. Ohio’s Utica Shale continued to drive gains, coming in at 97 Bcfe during the second quarter, compared with 78 Bcfe at the same time last year. The South Central Oklahoma Oil Province (SCOOP) operations, which have continued to grow since the company entered the play early last year, accounted for 22.5 Bcfe in 2Q2018, up from 14.7 Bcfe in the year-ago period. Legacy properties on the Gulf Coast in southern Louisiana accounted for 1.3 Bcfe.
The company increased its production forecast in May on the performance of base production in the Utica and new SCOOP wells to 1.310-1.340 Bcfe/d from a previous range of 1.25-1.3 Bcfe/d. It guided for 1.30-1.32 Bcfe/d in the second quarter. Production during the period consisted of 89% natural gas, 7% natural gas liquids and 4% oil.
Management has already said that capital expenditures would be heavily weighted toward the first six months of this year on higher rig activity and a 2018 Utica program that’s expected to soon wind down.
Average realized prices were $2.09/Mcfe in 2Q2018, compared with $3.43/Mcfe in the year-ago period. Second quarter prices include a one-time noncash derivatives loss of $76.8 million.
Management has scheduled a conference call for Aug. 2 to discuss second quarter financial results.
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