Gulfport oil production jumps in fourth quarter

Gulfport Energy produced 5.5 million barrels of oil equivalent during the fourth quarter, a 41 percent increase over the third quarter and more than was produced all of last year, according to a company press release Monday.

Gulfport ended the year producing at a rate of 68,000 barrels of oil equivalent per day, a total that included 73 percent natural gas and 27 percent oil and natural gas liquids, and exceeded the company’s estimated exit rate of 55,000 barrels of oil equivalent per day.

In the Utica Shale, Gulfport began production from 22 wells during the fourth quarter, including six wells in the condensate window, twelve wells in the wet-gas window and four wells in the dry-gas window.

The company has six rigs drilling in the Utica, but has not released its spending plan for 2015. Falling oil prices have put pressure on shale companies who face higher drilling costs than their competitors in the Middle East.

Gulfport, based in Oklahoma City, will hold its next earnings call in February.