Exhibit 99.1

Gulfport Energy Reports Fourth Quarter and Full Year 2023 Financial and Operating Results and Provides 2024 Operational and Financial Guidance

OKLAHOMA CITY (February 27, 2024) Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today reported financial and operating results for the three and twelve months ended December 31, 2023 and provided its 2024 outlook.

Fourth Quarter 2023

Full Year 2023 Highlights and Recent Highlights

Full Year 2024 Outlook

“Gulfport’s 2023 results delivered on all fronts, highlighted by our quality resource base and the continued improvement of development efficiencies throughout the year. The Company delivered net production at the high end of the updated guidance range, and well above our initial guidance provided in February 2023. This was accomplished while staying within our initial capital budget range, despite the incremental activity accelerated during the fourth quarter of 2023, as previously disclosed. The company augmented our attractive acreage portfolio by strategically acquiring liquids-rich Utica acreage that extended our inventory base by ~1.5 years and by delineating ~2 years of liquids rich Marcellus locations overlying our Utica acreage at no incremental land cost. This additional inventory provides fundamental value to the company as well as expanded optionality to our go-forward development plans. The 2023 development program led to meaningful adjusted free cash flow generation, and after adjusting for cash flow utilized for attractive discretionary acreage acquisitions, we allocated approximately 99% of our adjusted free cash flow to repurchasing our common stock during 2023. All of this was achieved while maintaining our strong balance sheet, ample liquidity and financial leverage below one times,” commented John Reinhart, CEO of Gulfport.

“As we move into 2024, the current natural gas pricing environment is challenged and reinforces the importance of developing our assets in an efficient and sustainable manner. Building on the momentum from 2023, we plan to remain focused on further optimizing our development programs cycle times and operating costs, and we laid out a program today expected to deliver similar production year over year on 10% less capital invested. Furthermore, our development program will focus on more liquids-rich development in both the Utica and SCOOP, ultimately improving margins and supporting our robust expected adjusted free cash flow generation, despite today’s challenging commodity backdrop. We plan to continue the return of capital to our shareholders and, excluding acquisitions, expect to allocate substantially all our full year 2024 adjusted free cash flow towards common stock repurchases.”

A company presentation to accompany the Gulfport earnings conference call can be accessed by clicking here.

Operational Update

The table below summarizes Gulfport’s operated drilling and completion activity for the full year of 2023:

Gulfport’s net daily production for the full year of 2023 averaged 1,054.3 MMcfe per day, primarily consisting of 783.8 MMcfe per day in the Utica and Marcellus and 270.4 MMcfe per day in the SCOOP. For the full year of 2023, Gulfport’s net daily production mix was comprised of approximately 91% natural gas, 7% natural gas liquids (“NGL”) and 2% oil and condensate.

Capital Investment

Capital investment was $443.4 million (on an incurred basis) for the full year of 2023, of which $388.6 million related to drilling and completion (“D&C”) activity and $54.8 million related to maintenance leasehold and land investment. In addition, Gulfport invested approximately $48.0 million in discretionary acreage acquisitions.

Common Stock Repurchase Program

Gulfport repurchased approximately 490 thousand shares of common stock during the fourth quarter for approximately $66.0 million. As of February 26, 2024, the Company had repurchased approximately 4.5 million shares of common stock at a weighted average price of $92.41 per share since the program initiated in March 2022, totaling approximately $413.6 million in aggregate. The Company currently has approximately $236.4 million of remaining capacity under the share repurchase program.

Financial Position and Liquidity

As of December 31, 2023, Gulfport had approximately $1.9 million of cash and cash equivalents, $118.0 million of borrowings under its revolving credit facility, $63.8 million of letters of credit outstanding and $550 million of outstanding 2026 senior notes.

Gulfport’s liquidity at December 31, 2023, totaled approximately $720.1 million, comprised of the $1.9 million of cash and cash equivalents and approximately $718.2 million of available borrowing capacity under its revolving credit facility.

During 2023, the Company paid $4.8 million of cash dividends to holders of its preferred stock.

2024 Guidance

Gulfport released operational guidance and outlook for the full year 2024, including full year expense estimates and projections for production and capital expenditures. Gulfport’s 2024 guidance assumes commodity strip prices as of February 13, 2024, adjusted for applicable commodity and location differentials, and no property acquisitions or divestitures.

Derivatives

Gulfport enters into commodity derivative contracts on a portion of its expected future production volumes to mitigate the Company’s exposure to commodity price fluctuations. For details, please refer to the “Derivatives” section provided with the supplemental financial tables available on our website at ir.gulfportenergy.com.

Estimated Proved Reserves

Gulfport reported year end 2023 total proved reserves of 4.2 Tcfe, consisting of 3.7 Tcf of natural gas, 18.6 MMBbls of oil and 62.8 MMBbls of natural gas liquids. Gulfport’s year end 2023 total proved reserves increased approximately 4% when compared to its 2022 total proved reserves.

The table below provides information regarding the components driving the 2023 net proved reserve adjustments:

Proved developed reserves totaled approximately 2,203 Bcfe as of December 31, 2023 or approximately 52% of Gulfport’s proved reserves. Proved undeveloped reserves totaled approximately 2,011 Bcfe as of December 31, 2023.

The table below summarizes the Company’s 2023 net proved reserves:

Totals may not sum or recalculate due to rounding.

The following table reconciles the standardized measure of future net cash flows to the PV-10 value of Gulfport’s proved reserves:

Totals may not sum due to rounding.

Management uses PV-10, which is calculated without deducting estimated future income tax expenses, as a measure of the value of the Company’s current proved reserves and to compare relative values among peer companies. We also understand that securities analysts and rating agencies use this measure in similar ways. While estimated future net revenue and the present value thereof are based on prices, costs and discount factors which may be consistent from company to company, the standardized measure of discounted future net cash flows is dependent on the unique tax situation of each individual company. PV-10 should not be considered in isolation or as a substitute for the standardized measure of discounted future net cash flows or any other measure of a company’s financial or operating performance presented in accordance with GAAP.

A reconciliation of the standardized measure of discounted future net cash flows to PV-10 is presented above. Neither PV-10 nor the standardized measure of discounted future net cash flows purport to represent the fair value of our proved oil and gas reserves.

Fourth Quarter and Full Year 2023 Conference Call

Gulfport will host a teleconference and webcast to discuss its fourth quarter and full year 2023 results, as well as its 2024 outlook, beginning at 9:00 a.m. ET (8:00 a.m. CT) on Wednesday, February 28, 2024.

The conference call can be heard live through a link on the Gulfport website, www.gulfportenergy.com. In addition, you may participate in the conference call by dialing 888-428-7458 domestically or 862-298-0702 internationally. A replay of the conference call will be available on the Gulfport website and a telephone audio replay will be available from February 28, 2024 to March 13, 2024, by calling 877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13744254. 

Financial Statements and Guidance Documents

Fourth quarter and full year 2023 earnings results and supplemental information regarding quarterly data such as production volumes, pricing, financial statements, and non-GAAP reconciliations are available on our website at ir.gulfportenergy.com.

Non-GAAP Disclosures

This news release includes non-GAAP financial measures. Such non-GAAP measures should be not considered as an alternative to GAAP measures. Reconciliations of these non-GAAP measures and other disclosures are provided with the supplemental financial tables available on our website at ir.gulfportenergy.com.

About Gulfport

Gulfport is an independent natural gas-weighted exploration and production company focused on the exploration, acquisition and production of natural gas, crude oil and NGL in the United States with primary focus in the Appalachia and Anadarko basins. Our principal properties are located in eastern Ohio targeting the Utica and Marcellus formations and in central Oklahoma targeting the SCOOP Woodford and SCOOP Springer formations.

Forward Looking Statements

This press release includes “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements other than statements of historical fact. They include statements regarding Gulfport’s current expectations, management’s outlook guidance or forecasts of future events, projected cash flow and liquidity, inflation, share repurchases and other return of capital plans, its ability to enhance cash flow and financial flexibility, future production and commodity mix, plans and objectives for future operations, the ability of our employees, portfolio strength and operational leadership to create long-term value and the assumptions on which such statements are based. Gulfport believes the expectations and forecasts reflected in the forward-looking statements are reasonable, Gulfport can give no assurance they will prove to have been correct. They can be affected by inaccurate or changed assumptions or by known or unknown risks and uncertainties. Important risks, assumptions and other important factors that could cause future results to differ materially from those expressed in the forward-looking statements are described under “Risk Factors” in Item 1A of Gulfport’s annual report on Form 10-K for the year ended December 31, 2023 and any updates to those factors set forth in Gulfport’s subsequent quarterly reports on Form 10-Q or current reports on Form 8-K (available at https://www.gulfportenergy.com/investors/sec-filings). Gulfport undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

Investors should note that Gulfport announces financial information in SEC filings, press releases and public conference calls. Gulfport may use the Investors section of its website (www.gulfportenergy.com) to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on Gulfport’s website is not part of this filing.

Investor Contact:

Jessica Antle – Vice President, Investor Relations

jantle@gulfportenergy.com

405-252-4550

9

Exhibit 99.2

Year ended December 31, 2023

Supplemental Information of Gulfport Energy

Production Volumes by Asset Area : Quarter ended, December 31, 2023

Production Volumes

Totals may not sum or recalculate due to rounding. 

Production Volumes by Asset Area : Year ended, December 31, 2023

Production Volumes

Totals may not sum or recalculate due to rounding.

Production and Pricing : Quarter ended, December 31, 2023

The following table summarizes production and related pricing for the quarter ended December 31, 2023, as compared to such data for the quarter ended December 31, 2022:

Production and Pricing : Year ended, December 31, 2023

The following table summarizes production and related pricing for the year ended December 31, 2023, as compared to such data for the year ended December 31, 2022:

Totals may not sum or recalculate due to rounding.

Consolidated Statements of Income: Quarter ended, December 31, 2023

(In thousands, except per share data)

(Unaudited)

Consolidated Statements of Income: Year ended, December 31, 2023

(In thousands, except per share data)

(Unaudited)

Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)

Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)

Consolidated Statement of Cash Flows: Quarter ended, December 31, 2023

(In thousands)

(Unaudited)

Consolidated Statement of Cash Flows: Year ended, December 31, 2023

(In thousands)

(Unaudited)

2024E Guidance

Gulfport's 2024 guidance assumes commodity strip prices as of February 13, 2024, adjusted for applicable commodity and location differentials, and no property acquisitions or divestitures.

Derivatives

The below details Gulfport's hedging positions as of February 27, 2024.

Non-GAAP Reconciliations

Gulfport’s management uses certain non-GAAP financial measures for planning, forecasting and evaluating business and financial performance, and believes that they are useful tool to assess Gulfport’s operating results. Although these are not measures of performance calculated in accordance with generally accepted accounting principles (GAAP), management believes that these financial measures are useful to an investor in evaluating Gulfport because (i) analysts utilize these metrics when evaluating company performance and have requested this information as of a recent practicable date, (ii) these metrics are widely used to evaluate a company’s operating performance, and (iii) we want to provide updated information to investors. Investors should not view these metrics as a substitute for measures of performance that are calculated in accordance with GAAP. In addition, because all companies do not calculate these measures identically, these measures may not be comparable to similarly titled measures of other companies

These non-GAAP financial measures include adjusted net income, adjusted EBITDA, adjusted free cash flow, and recurring general and administrative expense. A reconciliation of each financial measure to its most directly comparable GAAP financial measure is included in the tables below. These non-GAAP measure should be considered in addition to, but not instead of, the financial statements prepared in accordance with GAAP.

Definitions

Adjusted net income is a non-GAAP financial measure equal to income (loss) before deferred income tax expense (benefit), non-cash derivative loss (gain), non-recurring general and administrative expenses comprised of expenses related to the continued administration of our prior Chapter 11 filing, restructuring costs, stock-based compensation expenses and other items which include items related to our Chapter 11 filing and other non-material expenses.

Adjusted EBITDA is a non-GAAP financial measure equal to net income (loss), the most directly comparable GAAP financial measure, plus interest expense, income tax expense (benefit), depreciation, depletion and amortization of oil and gas properties, property and equipment, accretion, non-cash derivative (gain) loss, non-recurring general and administrative expenses comprised of expenses related to the continued administration of our prior Chapter 11 filing, restructuring costs, stock-based compensation and other items which include items related to our Chapter 11 filing and other non-material expenses.

Adjusted free cash flow is a non-GAAP measure defined as adjusted EBITDA plus certain non-cash items that are included in net cash provided by operating activities but excluded from adjusted EBITDA less interest expense, capital expenses incurred and capital expenditures incurred, excluding discretionary acreage acquisitions. Gulfport includes a adjusted free cash flow estimate for 2024. We are unable, however, to provide a quantitative reconciliation of the forward-looking non-GAAP measure to its most directly comparable forward-looking GAAP measure because management cannot reliably quantify certain of the necessary components of such forward-looking GAAP measure. Accordingly, Gulfport is relying on the exception provided by Item 10(e)(1)(i) (B) of Regulation S-K to exclude such reconciliation. Items excluded in net cash provided by (used in) operating activities to arrive at adjusted free cash flow include interest expense, income taxes, capitalized expenses as well as one-time items or items whose timing or amount cannot be reasonably estimated.

Recurring general and administrative expense is a non-GAAP financial measure equal to general and administrative expense (GAAP) plus capitalized general and administrative expense, less non-recurring general and administrative expenses comprised of expenses related to the continued administration of our prior Chapter 11 filing. Gulfport includes a recurring general and administrative expense estimate for 2023. We are unable, however, to provide a quantitative reconciliation of the forward-looking non-GAAP measure to its most directly comparable forward-looking GAAP measure because management cannot reliably quantify certain of the necessary components of such forward-looking GAAP measure. Accordingly, Gulfport is relying on the exception provided by Item 10(e)(1)(i) (B) of Regulation S-K to exclude such reconciliation. Items excluded in general and administrative expense to arrive at recurring general and administrative expense include capitalized expenses as well as one-time items or items whose timing or amount cannot be reasonably estimated. The non-GAAP measure recurring general and administrative expenses allows investors to compare Gulfport’s total general and administrative expenses, including capitalization, to peer companies that account for their oil and gas operations using the successful efforts method.

Adjusted Net Income: Quarter ended, December 31, 2023

(In thousands)

(Unaudited)

Adjusted Net Income: Year ended, December 31, 2023

(In thousands)

(Unaudited)

Adjusted EBITDA: Quarter ended, December 31, 2023

(In thousands)

(Unaudited)

Adjusted EBITDA: Year ended, December 31, 2023

(In thousands)

(Unaudited)

Adjusted Free Cash Flow: Quarter ended, December 31, 2023

(In thousands)

(Unaudited)

Adjusted Free Cash Flow: Year ended, December 31, 2023

(In thousands)

(Unaudited)

Recurring General and Administrative Expenses:

Quarter ended, December 31, 2023

(In thousands)

(Unaudited)

Recurring General and Administrative Expenses:

Year ended, December 31, 2023

(In thousands)

(Unaudited)

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