Gulfport still drilling despite big losses
Tuesday, February 28, 2017
Despite losing $979.7 million last year, Gulfport Energy plans to drill even more wells in the Utica Shale, according to the Canton Repository.
Gulfport drilled 50 wells and began production from 54 wells in the Utica last year, spending $518.4 million. This year it plans to spend between $845 million and $915 million drilling and completing wells.
It’s 2017 plan includes keeping six horizontal rigs in the Utica shale to drill up to 97 wells and begin production from 80.
Gulfport is second only to Chesapeake Energy in wells drilled in the Utica shale with 296 total.
Learn more: IndeOnline > Gulfport still drilling despite losing almost $1 billion
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