Gulfport Energy's production exceeds expectations

Gulfport Energy exceeded its expectations during the second quarter, as its oil and natural gas production grew 12 percent over the first part of the year.

The Utica Shale accounted for 97 percent of Gulfport’s total production or 457.6 million cubic feet equivalent of natural gas per day, according to a press release. 

The company had projected production in the range 445 million to 455 million cubic feet equivalent per day.

Gulfport focused more on producing natural gas during the second quarter. The company started drilling nine gross wells and put 19 gross wells into production, all of them in the dry-gas portion of the Utica.

Natural gas made up 77 percent of Gulfport’s production during the quarter, along with 13 percent natural gas liquids and 10 percent oil.

The Oklahoma City-based company realized the following prices for those commodities, including a $34.6 million hedge loss.

• Natural gas: $1.99 per thousand cubic feet.

• Natural gas liquid: 30 cents per gallon of natural gas liquids

• Oil: $47.40 per barrel of oil.

Gulfport executives will discuss the quarter's earnings in detail on Aug. 6.