Gulfport to trim natural gas production in response to Q1 results
Thursday, May 14, 2020
In response to its first-quarter loss of $517.5 million, Gulfport plans to cut natural gas production as it hopes for prices to rise later this year, according to the Canton Repository.
The company produced 1.05 billion cubic feet equivalent per day during the first quarter and doesn’t expect to lose more than 20 million cubic feet equivalent of production per day. Utica wells accounted for a little more than three-fourths of Gulfport’s production, which is 90 percent natural gas.
Gulfport drilled seven wells and completed 15 wells in the Utica Shale during the first quarter. Three wells have been producing since mid-March. The company plans to keep a drilling rig in the Utica through October.
Learn more: Canton Repository > Gulfport trimming natural gas production
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