Gulfport puts two rigs in Ohio, lifts buyback to $2 billion

What changed in the third quarter of 2026?

Gulfport Energy will maintain a continuous two-rig program in the Ohio Utica from 2027, while its liquids production reached 23.5 thousand barrels per day in the third quarter of 2026.

The company ranks among the Ohio Utica’s largest drillers. Total gas-and-liquids production averaged 1,057.2 million cubic feet equivalent per day, up about 10% from the second quarter.

Liquids rose faster, advancing 67% to 23.5 Mbbl/d. That category covers oil, condensate and natural gas liquids. The 67% gain implies second-quarter liquids near 14,100 bbl/d, an increase of roughly 9,400 bbl/d. If sustained, the new rate equals about 8.6 million barrels per year.

Takeaway: Output strengthened before the Ohio program starts. The production base is higher, so execution now carries more weight.

Where does the drilling and frac spending go?

Gulfport Energy’s update described a “continuous two-rig drilling program in Ohio starting in 2027.” The Ohio program supplies the rig count, but not the timetable that determines whether two rigs can lift Utica volumes while sustaining existing output.

The source gives no start month, well locations, rig contractor or first-well date. It reports no appraisal-stage program. The plan should not be mistaken for a new appraisal campaign.

Gulfport also lists an electric frac fleet. The company gives no fleet size, deployment date, power supply or cost comparison. An electric label is not yet an operating margin.

Oklahoma gets less money. Gulfport will reduce spending there, although the source gives no prior budget, cut amount, play name or timetable. Less spending is not an exit, and the update does not close Oklahoma’s chapter.

Takeaway: Ohio gains priority while Oklahoma retains a smaller role. The rig count is clear; the timetable is not.

What does the Midwest gas agreement add?

Gulfport has also added another premium-priced gas sales agreement into the Midwest. The source gives no buyer, volume, delivery point, benchmark, term or price floor. Because the company calls the sale premium-priced, an above-benchmark return appears to be the commercial aim. That remains an attributed intention, not a demonstrated margin.

Without the benchmark, deductions and term, the stated premium cannot be translated into realized earnings. The source attaches no refinery, processing-plant or terminal project to the agreement. The update presents a commercial sales arrangement. It does not announce a sanctioned infrastructure project or an appraisal-stage discovery.

Takeaway: The gas has a destination. The netback still needs disclosure.

What has the new chief executive reset?

CEO Nick Dell’Osso has led Gulfport for five months, after Expand Energy removed him. His tenure supplies the context for the reset in drilling, fleet, spending and shareholder returns. The package points toward Ohio development, electric fracturing, lower Oklahoma spending, Midwest gas sales and a larger buyback. That is a clear direction. The source does not credit him with separate targets for each element.

Takeaway: Five months establishes intent. It does not establish execution.

How large is the buyback authorization?

Gulfport’s stock buyback authorization now stands at $2.0 billion. The source calls it larger, but does not disclose the previous ceiling, shares repurchased, remaining capacity or expiry. Spread over a hypothetical 12-month program, the full authorization would average $5.5 million a day. Gulfport has announced no such pace, so that comparison describes scale rather than intent. The authorization can compete with drilling and frac spending for cash. The source gives no debt, free-cash-flow or margin figures to rank those demands. Permission to buy shares is not cash already spent.

Takeaway: The ceiling is large. Actual purchases will determine the cash impact.

What should readers watch next?

The next filing should answer five practical questions:

• When do the two Ohio rigs start, and where do they operate?
• How many electric frac units deploy, and what power and operating costs do they carry?
• What volume, term and benchmark sit behind the premium-priced Midwest gas deal?
• How much Oklahoma spending comes out, and which play loses activity?
• How much of the $2.0 billion authorization does Gulfport use, and over what period?

The key margin remains unreported. Production has improved, but the 2027 Ohio startup and the economics of gas and electric frac will decide whether the new mix creates value or merely rearranges it. Watch the startup date and the margin.