When a company’s CEO, president, and board member, abruptly steps down from his positions effective immediately, chances are there’s more to the story than a press release thanking him for his service. Okla. City-based Gulfport Energy joins a chorus of leadership shakeups as of late in the oil and gas industry that have spurred rumors. But this one carries an interesting question mark.

Maybe two.

Reese Energy Consulting today is following the latest news on Gulfport, one of the largest producers in the Ohio Utica, and the Anadarko SCOOP. While the company continues its search for a new head boss now two weeks on, it’s also become the musings of analysts weighing Gulfport’s strategy moving forward. Will it consolidate its Appalachia shale assets via acquisitions or sit tight and pretty as an acquisition target?

Rumors of a merger back in 2022 between Gulfport and Ohio’s largest natural gas producer, fellow Okie Ascent Resources, never came to fruition. But rumors of a potential combo have since re-emerged. The two E&Ps share large neighboring and overlapping positions in the Ohio Utica, making them an ideal coupling should ink find paper on a deal to combine. Then there’s that second question mark that could spill the whole apple cart or fill one up for Gulfport should it elect to sit tight and pretty. And wouldn’t you know it, this one comes compliments of Ascent, which is exploring a potential sale or IPO amid a bidding war and investor disputes. Will be interesting to see how this all turns out.