Gulfport Energy expecting steady gas production
US shale natural gas producer Gulfport Energy said August 5 it expects its gas production levels to hold relatively steady, after exiting bankruptcy protection during the second quarter.
Gulfport said its average daily production in the second quarter was 989mn ft3-equivalent/day, with 75% of that coming from the Utica basin in the broader Appalachia shale and the rest coming from the SCOOP play in Oklahoma.
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Only about 3% of the company’s total production is in oil. For the year, Gulfport said it expected total natural gas production to average between 895mn ft3/d and 933mn ft3/d. Total average production for the year could be as high as 1bn ft3-e/d.
Gulfport exited Chapter 11 bankruptcy protection in May. In announcing its results for the second quarter, the company said it was able to reduce its total debt burden by more than $1.2bn.
“We flattened our corporate structure, reduced overhead and are focused on optimising our development programme to deliver the highest returns possible to our investors," interim CEO Tim Cutt said.
Gulfport said it expects to cut its total per-unit expense by 23% relative to 2020 levels and generate as much as $310mn in free cash flow.