By Jay F. Marks
Gulfport Energy Corp. is getting the hang of things in the Utica Shale.
Gulfport rose to No. 9 in this year’s Oklahoma Inc. rankings, fueled by a 52.6 percent increase in revenues. That was fourth best among state companies over the past year.
The Oklahoma City-based oil and natural gas producer also logged a 58.5 percent rise in earnings per share.
Positioned for success
Gulfport has amassed a leading position in the Utica Shale in Ohio and West Virginia over the past couple of years. It had about 184,500 acres under lease at the time of its second-quarter earnings call in August.
“Our team firmly believes adding on top of our top-tier position is an accretive investment for the company as we add new acreage to block up units and increase our position in one of North America’s premier shale plays,” CEO Michael Moore said during a recent conference call.
Gulfport exceeded its own expectations in the most recent quarter, as production bested its estimated guidance at more than 42,000 barrels of oil equivalent a day, the company said in an Oct. 15 news release.
The company’s production averaged more than 53,000 barrels of oil equivalent a day for the first two weeks of October.
Moore said Gulfport continues to improve its operations in the Utica.read the full story