Gulfport Energy, headquartered in Oklahoma City, will release its third-quarter earnings report Nov. 4, following an aggressive plan to expand drilling operations.
The company allocated $75 million to $100 million after the second quarter to acquire additional acreage for oil and gas development. Investors are eager to see if those efforts delivered early results.
Gulfport reported strong operational growth across its core regions in Q2.The company brought 14 gross wells online – eight targeting Ohio’s Utica shale, four in the Marcellus, and two in Oklahoma’s SCOOP play.
Production climbed 8% from the first quarter, averaging 1,006.3 million cubic feet of gas equivalent per day. Liquid output increased 26% to 19,200 barrels daily, signaling rising efficiency and improved well performance.
Financially, Gulfport posted $184.5 million in net income and $212.3 million in adjusted EBITDA, with $231.4 million in operating cash flow.
President and CEO John Reinhart credited the company’s momentum for driving new investments.
“We are pleased to announce our plans to allocate $75 million to $100 million toward targeted discretionary acreage acquisition opportunities in the coming months and anticipate this investment will expand our high-quality, low-breakeven inventory by more than two years. This represents the highest level of leasehold investment at Gulfport in more than six years, reinforcing our ongoing commitment to organically grow our inventory runway and increase development optionality.”
While much of Gulfport’s drilling takes place in Ohio’s Utica and Marcellus formations, Oklahoma remains a key component of its portfolio. The company continues development in the SCOOP Woodford and SCOOP Springer formations, both known for consistent natural gas production and strong well economics.