Gulfport is going to add a couple of more rigs to the area.
Looking at the stock market data for Gulfport, I don't have much confidence they can sustain viability more than a couple more months.
Here we are, six years later, and Gulfport is letting their leases lapse here in Monroe County. Judging from the fact that their shares of stock dropped from $50.00 per share to $1.50 per share, I would say they have serious internal problems.
Exactly! I figured that's why they divided their company up and we were put under "Gulfport Appalachia" so that they could simply start chopping themselves up into little bits and pieces and either sell each off individually or file bankruptcy on each individually.
Gulfport's management style is non-existent. Their entire Board of Directors has flipped three times in the past five years. They keep bringing in different species of sub-primates and pay them millions of dollars per year for their inabilities.
The Oklahoma City-based company has more than 400 Utica wells in Ohio.
The driller with the third most Utica Wells in Ohio lost $2 billion last year.
Gulfport Energy held a phone call Friday with investors to discuss its earnings.
The loss was equal to $12.49 per diluted share.
The Oklahoma City-based company has more than 400 Utica wells in Ohio, the most of any publicly traded company, and is only behind privately held Encino Acquisition Partners and Ascent Resources in total wells.
Gulfport’s fourth quarter revenue was $281 million, down a third from the last quarter of 2018. Annual was held level at $1.35 billion.
In Ohio, Gulfport has 205,000 net acres under lease, 65 percent of which are held by production.
Last year, the company drilled 16 wells and began production from nearly 45 wells in the Utica Shale.
Gulfport’s annual production from Utica wells was equivalent to almost 400 billion cubic feet of natural gas, about 80 percent of the company’s total production.
The company said it plans to spend up to $310 million on capital projects this year, about half of what it spent in 2019.
Gulfport plans to use some of that money to operate one rig in the Utica to drill 16 wells. The company also plans to begin production from 18 Utica wells this year.