Gulfport Energy Corporation (‘Gulfport’) operates as an independent natural gas-weighted exploration and production company with assets primarily located in the Appalachia and Anadarko basins.
The company’s principal properties are located in eastern Ohio, targeting the Utica and Marcellus, and in central Oklahoma, targeting the SCOOP Woodford and Springer formations.
As of December 31, 2024, the company had 4.0 Tcfe of proved reserves, with a Standardized Measure of $1.75 billion and a PV-10...
Gulfport Energy Corporation (‘Gulfport’) operates as an independent natural gas-weighted exploration and production company with assets primarily located in the Appalachia and Anadarko basins.
The company’s principal properties are located in eastern Ohio, targeting the Utica and Marcellus, and in central Oklahoma, targeting the SCOOP Woodford and Springer formations.
As of December 31, 2024, the company had 4.0 Tcfe of proved reserves, with a Standardized Measure of $1.75 billion and a PV-10 of $1.76 billion.
Business Strategy
The company’s strategy is to develop its assets in a safe, environmentally responsible manner.
Operating Areas
Utica/Marcellus - The Utica covers hydrocarbon-bearing rock formations located in the Appalachian Basin of the United States and Canada. The company has approximately 208,000 net reservoir acres located primarily in Belmont, Harrison, Jefferson, and Monroe Counties in eastern Ohio, where the Utica ranges in thickness from 600 to over 750 feet.
The Marcellus covers hydrocarbon-bearing rock formations that overlay the Utica. The company has identified approximately 20,500 net reservoir acres of its existing leasehold for Marcellus development and has 22 PUD Marcellus locations within its Utica operating area. In 2023, the company drilled, completed, and turned to sales two Marcellus wells and has plans to drill eight Marcellus wells and complete and turn to sales four Marcellus wells in 2025. The company’s Marcellus development area is approximately 3,500 to 4,500 feet shallower than the Utica. During 2024, the company produced approximately 842 MMcfe per day net to its interests in Utica/Marcellus, and it accounted for approximately 80% of its total production.
SCOOP - The SCOOP is a defined area that encompasses many of the top hydrocarbon-producing counties in Oklahoma within the Anadarko Basin. The SCOOP play mainly targets the Devonian to Mississippian-aged Woodford, Sycamore, and Springer formations. The company has approximately 73,000 net reservoir acres, consisting of approximately 43,000 in the Woodford formation and approximately 30,000 in the Springer formation, located primarily in Garvin, Grady, and Stephens Counties. The Woodford Shale across its position ranges in thickness from 200 to over 400 feet and directly overlies the Hunton Limestone, as well as underlies the Sycamore formation, both of which are also locally productive reservoirs. The Sycamore formation consists of hydrocarbon-bearing interbedded shales and siliceous limestones, ranging in thickness from 150 to over 450 feet, and is overlain by the Caney Shale. The Springer formation across its position consists of a series of lenticular sand and shale units. The primary targets are a series of porous, low clay, and organic-rich packages within the Goddard Shale member, ranging in thickness from 50 to over 250 feet. During 2024, the company produced approximately 212 MMcfe per day net to its interests in the SCOOP, and it accounted for approximately 20% of its total production.
Investments
Grizzly Oil Sands: The company, through its wholly-owned subsidiary Grizzly Holdings Inc., owns a 24.5% interest in Grizzly. As of December 31, 2024, Grizzly had approximately 830,000 net acres under lease in the Athabasca, Peace River, and Cold Lake oil sands regions of Alberta, Canada. Grizzly's operations have been suspended since 2015.
Marketing
The principal function of the company’s marketing operations is to provide natural gas, oil, and NGL marketing services, including securing and negotiating commodity transactions, gathering, hauling, processing, and transportation services, contract administration, and nomination services for production from Gulfport-marketed wells. Generally, natural gas and NGL production is sold to purchasers under both spot and term transactions. Oil production is sold under both spot and term transactions, with the majority of its sales contracts being shorter-term in nature.
The company has entered into long-term gathering, processing, and transportation contracts with various parties that reserve capacity for fixed, determinable quantities of production over specified periods of time. Some contracts require the company to make payments for any shortfalls in delivering or transporting minimum volumes under these commitments. In addition, the company periodically enters into a variety of oil, natural gas, and NGL purchase and sale contracts with third parties for various commercial purposes, including risk mitigation and satisfaction of its firm transportation delivery commitments.
Major Customers
The company's total natural gas, oil, and NGL sales, before the effects of hedging, to major customers for the year ended December 31, 2024, were Vitol Inc.
Regulation - Environment, Health, and Safety
Certain of the company’s U.S. natural gas and oil leases are granted or approved by the federal government and administered by the Bureau of Land Management (BLM), or Bureau of Indian Affairs (BIA) of the Department of the Interior.
History
Gulfport Energy Corporation was founded in 1997. The company, a Delaware corporation, was incorporated in 1997.