Gulfport Energy plans 2-6% net production increase in 2023

Gulfport Energy Corp., Oklahoma City, expects to deliver full year 2023 net production of 1.00-1.04 bcfed, an increase of 2-6% compared to 2022, driven by the Utica development plan.

Total capital expenditures of $450 million are expected, including $50-75 million on leasehold and land investment, with drilling and completion capital spend expected to decrease about 6% compared to 2022 with minimal inflationary impact, the company said in a release Feb. 28.

In 2023, the company expects 22-24 gross wells turned to sales, including 2 wells targeting the Marcellus, 2 wells in the SCOOP in central Oklahoma, and the remaining wells targeting the Utica.

In the Marcellus shale, Gulfport plans a delineation test in Belmont County, Ohio, which aims to unlock inventory underlying the company's current acreage position.

2022                     

In fourth-quarter 2022, the company delivered total net production of 1.052 bcfed. Net income was $748.6 million and $188 million of net cash provided by operating activities.

For full year 2022, the company delivered total net production of 983.4 MMcfed, primarily consisting of 692.9 MMcfed in the Utica and 290.5 MMcfed in the SCOOP. For the full year, Gulfport’s net daily production mix was comprised of about 90% natural gas, 7% NGLs, and 3% oil and condensate.

Net income for the year was $494.7 million and net cash provided by operating activities was $739.1 million. Capital investment was $449.2 million (on an incurred basis) for full year 2022, of which $411.8 million was spend on drilling and completion activity and $37.4 million was related to leasehold and land investment.

Total proved reserves for the year were 4.0 tcfe, an increase of 4% compared to 2021.