A new technique is described to analyze fluid production from geothermal reservoirs with multiple feedpoints. The analysis method can be used to determine the enthalpy and flow rates for reservoirs that are liquid in the undeveloped state but two-phase when produced. The analysis method can also be used to determine the formation or fracture properties associated with each feedpoint, such as permeability and porosity. Sample calculations are given for a well having multiple feedpoints and two-phase flow in the reservoir. The presence of non-negligible amounts of gas in the fluids is not included in this report.