Gulfport Energy Corporation Announces Unaudited Production Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Capital Expenditure Guidance for the Fourth Quarter Ended December 31, 2017
January 29, 2018 at 09:44 pm
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Gulfport Energy Corporation announced unaudited production results for the fourth quarter and year ended December 31, 2017. For the fourth quarter of 2017, the company reported natural gas of 103,049 MMcf against 63,362 MMcf a year ago. Oil was 730 MBbls against 451 MBbls a year ago. NGL was 61,555 MGal against 44,345 MGal a year ago. Gas equivalent was 116,225 MMcfe against 72,404 MMcfe a year ago. Gas equivalent was 1,263,319 Mcfe per day against 786,998 Mcfe per day a year ago.
For the year, the company reported natural gas of 350,061 MMcf against 227,594 MMcf a year ago. Oil was 2,579 MBbls against 2,126 MBbls a year ago. NGL was 224,038 MGal against 161,562 MGal a year ago. Gas equivalent was 397,543 MMcfe against 263,430 MMcfe a year ago. Gas equivalent was 1,089,159 Mcfe per day against 719,753 Mcfe per day a year ago.
For the fourth quarter ended December 31, 2017, the company estimates total capital expenditures to be approximately $262 million, including approximately $220 million on drilling and completion capital expenditures, $7 million on midstream capital expenditures and $35 million on leasehold capital expenditures. Higher than expected capital expenditures were driven by spending associated with prior activity during the year and spending related to preparation for the company's 2018 development activities.
Gulfport Energy Corporation is an independent natural gas-weighted exploration and production company. It is focused on the exploration, acquisition and production of natural gas, crude oil, and natural gas liquid (NGL) in the United States with primary focus on the Appalachia and Anadarko basins. Its principal properties are located in eastern Ohio targeting the Utica and Marcellus formations and in central Oklahoma targeting the SCOOP Woodford and SCOOP Springer formations. The Utica covers hydrocarbon-bearing rock formations located in the Appalachian Basin of the United States and Canada. It has about 193,000 net reservoir acres located primarily in Belmont, Harrison, Jefferson and Monroe Counties in eastern Ohio where the Utica ranges in thickness from 600 to over 750 feet. The SCOOP play mainly targets the Devonian to Mississippian aged Woodford, Sycamore and Springer formations. It has about 73,000 net reservoir acres, located primarily in Garvin, Grady and Stephens Counties.
Gulfport Energy Corporation Announces Unaudited Production Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Capital Expenditure Guidance for the Fourth Quarter Ended December 31, 2017