Nov. 02–Utica Shale driller Gulfport Energy saw strong profits during the third quarter.
The Oklahoma City-based company released its earnings Thursday afternoon. It made $95.3 million or 55 cents per diluted share during the quarter, up 420 percent from the same time last year.
Gulfport’s third-quarter production was the equivalent of 131 billion cubic feet of natural gas, 80 percent of it from Utica Shale wells, according to a press release.
Gulfport drilled five Utica wells, giving the company 27 wells drilled for the year. Gulfport doesn’t have a horizontal drilling rig in the Utica right now.
Gulfport began production from 15 Utica wells during the third quarter, and planned to begin production from eight more wells before the year ends.
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