株探米国株
日本語 英語
エドガーで原本を確認する
false 0000874499 0000874499 2025-08-05 2025-08-05 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported): August 5, 2025

 

GULFPORT ENERGY CORPORATION

(Exact Name of Registrant as Specified in Charter)

 

Delaware   001-19514   86-3684669
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (I.R.S. Employer
Identification Number)

 

713 Market Drive

Oklahoma City, Oklahoma

  73114
(Address of principal
executive offices)
  (Zip code)

 

(405) 252-4600

(Registrant’s telephone number, including area code)

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Name of each exchange on which registered   Trading Symbol
Common stock, par value $0.0001 per share   The New York Stock Exchange   GPOR

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 


 

Item 2.02. Results of Operations and Financial Condition.

 

On August 5, 2025, Gulfport Energy Corporation (“Gulfport”) issued a press release reporting its financial and operating results for the three months ended June 30, 2025 and announcing its expanded stock repurchase authorization and its preferred stock redemption, among other items. A copy of the press release and supplemental financial information are attached as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K.

 

Item 7.01. Regulation FD Disclosure.

 

Also on August 5, 2025, Gulfport posted an updated investor presentation on its website. The presentation may be found on Gulfport’s website at http://www.gulfportenergy.com by selecting “Investors,” “Company Information” and then “Presentations.”

 

The information in the press release and updated investor presentation is being furnished, not filed, pursuant to Item 2.02 and Item 7.01. Accordingly, the information in the press release and updated investor presentation will not be incorporated by reference into any registration statement filed by Gulfport under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

 

Item 9.01. Financial Statements and Exhibits

 

(d) Exhibits

 

Number   Exhibit
99.1   Press release dated August 5, 2025 entitled “Gulfport Energy Reports Second Quarter 2025 Financial and Operational Results.”
99.2   Supplemental Financial Information.
104   Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

 

1 


 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  GULFPORT ENERGY CORPORATION
   
Date: August 5, 2025 By: /s/ Michael Hodges
    Michael Hodges
    Chief Financial Officer

 

 

2

 

EX-99.1 2 ea025178601ex99-1_gulfport.htm PRESS RELEASE DATED AUGUST 5, 2025 ENTITLED "GULFPORT ENERGY REPORTS SECOND QUARTER 2025 FINANCIAL AND OPERATIONAL RESULTS."

Exhibit 99.1

 

 

Gulfport Energy Reports Second Quarter 2025 Financial and Operating Results

 

OKLAHOMA CITY (August 5, 2025) Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today reported financial and operating results for the three months ended June 30, 2025.

 

Key Highlights

 

Expanding stock repurchase authorization by 50% to $1.5 billion, which supports the preferred stock redemption and continued common share repurchases

 

Targeting accelerated stockholder returns through the redemption of all outstanding shares of Series A Convertible Preferred Stock

 

Allocating $75 million - $100 million toward discretionary acreage acquisitions, potentially extending inventory runway by more than two years

 

Second Quarter 2025

 

Delivered total net production of 1,006.3 MMcfe per day, an increase of 8% over first quarter 2025 and includes the impact of approximately 40 MMcfe per day from unplanned third-party midstream outages and constraints

 

Produced total net liquids production of 19.2 MBbl per day, an increase of 26% over first quarter 2025

 

Incurred capital expenditures of $124.2 million

 

Reported $184.5 million of net income and $212.3 million of adjusted EBITDA(1)

 

Generated $231.4 million of net cash provided by operating activities and $64.6 million of adjusted free cash flow(1)

 

Repurchased approximately 338.9 thousand shares for approximately $65.0 million

 

Repurchased approximately 679.6 thousand shares for approximately $125.0 million during the first six months of 2025

 

Completed opportunistic discretionary acreage acquisitions totaling $6.9 million

 

Turned to sales 14 gross wells, including 8 wells in Ohio targeting the Utica, 4 wells in Ohio targeting the Marcellus and 2 wells in the SCOOP

 

John Reinhart, President and CEO, commented, “We are pleased to announce our plans to allocate $75 million to $100 million towards targeted discretionary acreage acquisition opportunities in the coming months and anticipate this investment will expand our high-quality, low-breakeven inventory by more than two years. This represents the highest level of leasehold investment at Gulfport in over six years, reinforcing our ongoing commitment to organically grow our inventory runway and increase development optionality.”

 


 

Reinhart continued, “With robust adjusted free cash flow forecasted and consistent with our ongoing commitment to shareholder returns, we announced the opportunistic redemption of all outstanding shares of preferred stock. This transaction, assuming cash redemption, accelerates common share retirements, simplifies our capital structure and further demonstrates our confidence in the attractive value proposition that Gulfport’s equity represents. To support the redemption of the preferred stock and enable the Company to continue our ongoing repurchase program, we expanded our stock repurchase authorization by 50% to $1.5 billion. Our disciplined and consistent approach to share repurchases over the past four years has delivered value for our shareholders and we remain committed to returning substantially all our adjusted free cash flow, excluding discretionary acreage acquisitions, to shareholders through stock repurchases.”

 

Reinhart continued, “Production volumes during the quarter increased approximately 8% over the first quarter, reflecting strong well results despite approximately 40 MMcfe per day of unplanned midstream outages and constraints. These midstream impacts included infrastructure disruptions, processing plant outages and involuntary throughput reductions. While the majority of the production impacts have been mitigated, midstream capacity enhancement projects remain ongoing, and as a result, we currently forecast our full year 2025 total net production is trending toward the low end of our guidance range.”

 

“Offsetting these production constraints, we continue to be pleased with the 2025 well results, highlighted by strong production performance across all five of our development areas. The Kage development, a four-well Utica condensate pad in Harrison County, Ohio, continues to exhibit strong oil performance and under revised managed pressure flowback delivered approximately 65% more oil after 120 days than the nearby Gulfport development. In addition, the Company brought online a four-well Utica wet gas pad during the second quarter, currently producing at levels comparable to our Utica dry gas development on a volume equivalent basis but with enhanced cash flows and economics driven by the associated liquids production. This pad marks the first pad turned to sales as a product of our recent discretionary acreage acquisitions and reinforces the continued development of this high-return, rich gas area of the play for years to come,” concluded Reinhart.

 

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

 

1. A non-GAAP financial measure. Reconciliations of these non-GAAP measures and other disclosures are provided with the supplemental financial tables available on our website at www.gulfportenergy.com.

 

Operational Update

 

The table below summarizes Gulfport’s operated drilling and completion activity for the second quarter of 2025:

 

    Quarter Ended June 30, 2025  
    Gross     Net     Lateral Length  
Spud                  
Utica & Marcellus     4       4.0       15,100  
SCOOP                  
                         
Drilled                        
Utica & Marcellus     7       7.0       15,100  
SCOOP                  
                         
Completed                        
Utica & Marcellus     11       11.0       13,500  
SCOOP                  
                         
Turned-to-Sales                        
Utica & Marcellus     12       12.0       13,300  
SCOOP     2       1.8       11,500  

 

2


 

Gulfport’s net daily production for the second quarter of 2025 averaged 1,006.3 MMcfe per day, primarily consisting of 800.6 MMcfe per day in the Utica/Marcellus and 205.7 MMcfe per day in the SCOOP. Gulfport’s net daily production for the second quarter of 2025 was negatively impacted by approximately 40 MMcfe per day due to unplanned third-party midstream outages and constraints. For the second quarter of 2025, Gulfport’s net daily production mix was comprised of approximately 88% natural gas, 7% natural gas liquids (“NGL”) and 5% oil and condensate.

 

    Three Months Ended
June 30,
2025
    Three Months Ended
June 30,
2024
 
Production            
Natural gas (Mcf/day)     891,359       972,487  
Oil and condensate (Bbl/day)     7,843       2,747  
NGL (Bbl/day)     11,313       10,195  
Total (Mcfe/day)     1,006,299       1,050,137  
Average Prices                
Natural Gas:                
Average price without the impact of derivatives ($/Mcf)   $ 2.97     $ 1.63  
Impact from settled derivatives ($/Mcf)   $ 0.22     $ 1.03  
Average price, including settled derivatives ($/Mcf)   $ 3.19     $ 2.66  
Oil and condensate:                
Average price without the impact of derivatives ($/Bbl)   $ 58.20     $ 76.51  
Impact from settled derivatives ($/Bbl)   $ 3.38     $ (1.08 )
Average price, including settled derivatives ($/Bbl)   $ 61.58     $ 75.43  
NGL:                
Average price without the impact of derivatives ($/Bbl)   $ 27.91     $ 28.18  
Impact from settled derivatives ($/Bbl)   $ (0.26 )   $ (0.25 )
Average price, including settled derivatives ($/Bbl)   $ 27.65     $ 27.93  
Total:                
Average price without the impact of derivatives ($/Mcfe)   $ 3.40     $ 1.99  
Impact from settled derivatives ($/Mcfe)   $ 0.21     $ 0.94  
Average price, including settled derivatives ($/Mcfe)   $ 3.61     $ 2.93  
Selected operating metrics                
Lease operating expenses ($/Mcfe)   $ 0.19     $ 0.17  
Taxes other than income ($/Mcfe)   $ 0.08     $ 0.07  
Transportation, gathering, processing and compression expense  ($/Mcfe)   $ 0.94     $ 0.91  
Recurring cash general and administrative expenses ($/Mcfe) (non-GAAP)   $ 0.13     $ 0.12  
Interest expenses ($/Mcfe)   $ 0.15     $ 0.16  

 

Capital Investment

 

Capital investment was $124.2 million (on an incurred basis) for the second quarter of 2025, of which $118.2 million related to operated drilling and completion activity and $6.0 million related to maintenance leasehold and land investment. In addition, Gulfport invested approximately $6.9 million in discretionary acreage acquisitions and incurred approximately $0.3 million related to non-operated drilling and completion activities.

 

For the six-month period ended June 30, 2025, capital investment was $284.0 million (on an incurred basis), of which $266.7 million related to operated drilling and completion activity and $17.2 million to maintenance leasehold and land investment. In addition, Gulfport invested approximately $6.9 million in discretionary acreage acquisitions and incurred approximately $1.5 million related to non-operated drilling and completion activities.

 

3


 

Expanded Stock Repurchase Program

 

Gulfport’s board of directors recently expanded the Company’s stock repurchase program and Gulfport is now authorized to repurchase up to $1.5 billion of its outstanding stock (including the redemption of its preferred stock) through December 31, 2026.

 

Gulfport repurchased approximately 338.9 thousand shares of common stock at a weighted-average price of $191.80 during the second quarter of 2025, totaling approximately $65.0 million. As of June 30, 2025, the Company had repurchased approximately 6.2 million shares of common stock at a weighted-average share price of $113.48 since the program initiated in March 2022, totaling approximately $709.1 million in aggregate. The Company currently has approximately $790.9 million of remaining capacity under the expanded stock repurchase program. Any cash redemption of our outstanding preferred stock will reduce capacity under the stock repurchase program.

 

Preferred Stock Redemption Notice

 

Gulfport today announced that it will exercise its right to redeem all of its Series A Convertible Preferred Stock (the “Preferred Stock”) for cash. The optional redemption will be effective on September 5, 2025, (the “Redemption Date”), with respect to any shares of the Preferred Stock that have not been converted prior to the Redemption Date and remain outstanding at that date. As of the close of business on August 4, 2025, there were 31,356 shares of Preferred Stock outstanding.

 

Holders of the Preferred Stock should refer to Gulfport’s Amended and Restated Certificate of Incorporation, specifically Exhibit A, for details regarding the optional redemption and conversion rights. Prior to the Redemption Date, holders may exercise their conversion rights by submitting the required notice via e-mail to preferredconversion@gulfportenergy.com. The total cash amount payable by Gulfport in connection with the redemption will vary depending on the number of shares of Preferred Stock converted prior to the Redemption Date and the price of Gulfport’s common stock.

 

The redemption agent will be Computershare (“Computershare”). Holders can inquire about the redemption of the Preferred Stock by contacting Computershare by telephone at 781-575-2765 (toll free at 1-800-546-5141).

 

4


 

Financial Position and Liquidity

 

As of June 30, 2025, Gulfport had approximately $3.8 million of cash and cash equivalents, $55.0 million of borrowings under its revolving credit facility, $63.9 million of letters of credit outstanding and $650.0 million of outstanding 2029 senior notes.

 

Gulfport’s liquidity at June 30, 2025, totaled approximately $884.9 million, comprised of the $3.8 million of cash and cash equivalents and approximately $881.1 million of available borrowing capacity under its credit facility.

 

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.

 

Second Quarter 2025 Conference Call

 

Gulfport will host a teleconference and webcast to discuss its second quarter of 2025 results beginning at 9:00 a.m. ET (8:00 a.m. CT) on Wednesday, August 6, 2025.

 

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 866-373-3408 domestically or 412-902-1039 internationally. A replay of the conference call will be available on the Gulfport website and a telephone audio replay will be available from August 6, 2025 to August 20, 2025, by calling 877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13754847. 

 

Financial Statements and Guidance Documents

 

Second quarter of 2025 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.

 

5


 

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. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “intends,” “believes,” “estimates,” “projects,” “predicts,” “potential” and similar expressions intended to identify forward-looking statements. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including the expected impact of U.S. trade policy and its impact on broader economic conditions, the war in Ukraine and the conflict in the Middle East on our business, our industry and the global economy, estimated future production and net revenues from oil and gas reserves and the present value thereof, future capital expenditures (including the amount and nature thereof), share repurchases, business strategy and measures to implement strategy, competitive strength, goals, expansion and growth of our business and operations, plans, references to future success, reference to intentions as to future matters and other such matters are forward-looking statements. 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, 2024 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

 

6

EX-99.2 3 ea025178601ex99-2_gulfport.htm SUPPLEMENTAL FINANCIAL INFORMATION

Exhibit 99.2 

 

 

 

Three months and six months ended June 30, 2025

Supplemental Information of Gulfport Energy

 

Table of Contents:   Page:
Production Volumes by Asset Area   2
Production and Pricing   4
Consolidated Statements of Income   6
Consolidated Balance Sheets   8
Consolidated Statement of Cash Flows   10
2025E Guidance   12
Derivatives   13
Non-GAAP Reconciliations   14
Definitions   14
Adjusted Net Income   15
Adjusted EBITDA   17
Adjusted Free Cash Flow   19
Recurring General and Administrative Expenses   21

 

Page 1


 

 

 

Production Volumes by Asset Area: Three months ended June 30, 2025

 

Production Volumes

 

    Three Months
Ended
June 30,
2025
    Three Months
Ended
June 30,
2024
 
Natural gas (Mcf/day)            
Utica & Marcellus     736,420       816,935  
SCOOP     154,939       155,552  
Total     891,359       972,487  
Oil and condensate (Bbl/day)                
Utica & Marcellus     6,135       977  
SCOOP     1,708       1,770  
Total     7,843       2,747  
NGL (Bbl/day)                
Utica & Marcellus     4,555       2,349  
SCOOP     6,759       7,845  
Total     11,313       10,195  
Combined (Mcfe/day)                
Utica & Marcellus     800,557       836,892  
SCOOP     205,742       213,245  
Total     1,006,299       1,050,137  

 

Totals may not sum or recalculate due to rounding.

 

Page 2


 

 

 

Production Volumes by Asset Area: Six months ended June 30, 2025

 

Production Volumes

 

    Six Months Ended
June 30,
2025
    Six Months Ended
June 30,
2024
 
Natural gas (Mcf/day)            
Utica & Marcellus     711,829       814,146  
SCOOP     152,907       158,879  
Total     864,735       973,025  
Oil and condensate (Bbl/day)                
Utica & Marcellus     5,005       1,163  
SCOOP     1,565       1,875  
Total     6,570       3,038  
NGL (Bbl/day)                
Utica & Marcellus     4,028       2,165  
SCOOP     6,614       7,948  
Total     10,641       10,113  
Combined (Mcfe/day)                
Utica & Marcellus     766,023       834,112  
SCOOP     201,979       217,817  
Total     968,002       1,051,929  

 

Totals may not sum or recalculate due to rounding.

 

Page 3


 

 

 

Production and Pricing: Three months ended June 30, 2025

 

The following table summarizes production and related pricing for the three months ended June 30, 2025, as compared to such data for the three months ended June 30, 2024:

 

    Three Months Ended
June 30,
2025
    Three Months Ended
June 30,
2024
 
Natural gas sales                
Natural gas production volumes (MMcf)     81,114       88,496  
Natural gas production volumes (MMcf) per day     891       972  
Total sales   $ 241,236     $ 144,458  
Average price without the impact of derivatives ($/Mcf)   $ 2.97     $ 1.63  
Impact from settled derivatives ($/Mcf)   $ 0.22     $ 1.03  
Average price, including settled derivatives ($/Mcf)   $ 3.19     $ 2.66  
                 
Oil and condensate sales                
Oil and condensate production volumes (MBbl)     714       250  
Oil and condensate production volumes (MBbl) per day     8       3  
Total sales   $ 41,543     $ 19,127  
Average price without the impact of derivatives ($/Bbl)   $ 58.20     $ 76.51  
Impact from settled derivatives ($/Bbl)   $ 3.38     $ (1.08 )
Average price, including settled derivatives ($/Bbl)   $ 61.58     $ 75.43  
                 
NGL sales                
NGL production volumes (MBbl)     1,030       928  
NGL production volumes (MBbl) per day     11       10  
Total sales   $ 28,736     $ 26,147  
Average price without the impact of derivatives ($/Bbl)   $ 27.91     $ 28.18  
Impact from settled derivatives ($/Bbl)   $ (0.26 )   $ (0.25 )
Average price, including settled derivatives ($/Bbl)   $ 27.65     $ 27.93  
                 
Natural gas, oil and condensate and NGL sales                
Natural gas equivalents (MMcfe)     91,573       95,562  
Natural gas equivalents (MMcfe) per day     1,006       1,050  
Total sales   $ 311,515     $ 189,732  
Average price without the impact of derivatives ($/Mcfe)   $ 3.40     $ 1.99  
Impact from settled derivatives ($/Mcfe)   $ 0.21     $ 0.94  
Average price, including settled derivatives ($/Mcfe)   $ 3.61     $ 2.93  
                 
Production Costs:                
Average lease operating expenses ($/Mcfe)   $ 0.19     $ 0.17  
Average taxes other than income ($/Mcfe)   $ 0.08     $ 0.07  
Average transportation, gathering, processing and compression ($/Mcfe)   $ 0.94     $ 0.91  
Total lease operating expenses, midstream costs and production taxes ($/Mcfe)   $ 1.22     $ 1.14  

 

Totals may not sum or recalculate due to rounding.

 

Page 4


 

 

 

Production and Pricing: Six months ended June 30, 2025

 

The following table summarizes production and related pricing for the six months ended June 30, 2025, as compared to such data for the six months ended June 30, 2024:

 

    Six Months
Ended
June 30,
2025
    Six Months
Ended
June 30,
2024
 
Natural gas sales                
Natural gas production volumes (MMcf)     156,517       177,091  
Natural gas production volumes (MMcf) per day     865       973  
Total sales   $ 522,742     $ 332,744  
Average price without the impact of derivatives ($/Mcf)   $ 3.34     $ 1.88  
Impact from settled derivatives ($/Mcf)   $ 0.05     $ 0.89  
Average price, including settled derivatives ($/Mcf)   $ 3.39     $ 2.77  
                 
Oil and condensate sales                
Oil and condensate production volumes (MBbl)     1,189       553  
Oil and condensate production volumes (MBbl) per day     7       3  
Total sales   $ 72,802     $ 40,828  
Average price without the impact of derivatives ($/Bbl)   $ 61.22     $ 73.84  
Impact from settled derivatives ($/Bbl)   $ 2.46     $ (0.46 )
Average price, including settled derivatives ($/Bbl)   $ 63.68     $ 73.38  
                 
NGL sales                
NGL production volumes (MBbl)     1,926       1,841  
NGL production volumes (MBbl) per day     11       10  
Total sales   $ 59,553     $ 54,253  
Average price without the impact of derivatives ($/Bbl)   $ 30.92     $ 29.48  
Impact from settled derivatives ($/Bbl)   $ (0.85 )   $ (0.75 )
Average price, including settled derivatives ($/Bbl)   $ 30.07     $ 28.73  
                 
Natural gas, oil and condensate and NGL sales                
Natural gas equivalents (MMcfe)     175,208       191,451  
Natural gas equivalents (MMcfe) per day     968       1,052  
Total sales   $ 655,097     $ 427,825  
Average price without the impact of derivatives ($/Mcfe)   $ 3.74     $ 2.23  
Impact from settled derivatives ($/Mcfe)   $ 0.05     $ 0.82  
Average price, including settled derivatives ($/Mcfe)   $ 3.79     $ 3.05  
                 
Production Costs:                
Average lease operating expenses ($/Mcfe)   $ 0.22     $ 0.17  
Average taxes other than income ($/Mcfe)   $ 0.08     $ 0.08  
Average transportation, gathering, processing and compression ($/Mcfe)   $ 0.97     $ 0.90  
Total lease operating expenses, midstream costs and production taxes ($/Mcfe)   $ 1.26     $ 1.15  

 

Totals may not sum or recalculate due to rounding.

 

Page 5


 

 

 

Consolidated Statements of Income: Three months ended June 30, 2025

 

(In thousands, except per share data)

(Unaudited)

 

    Three Months
Ended
June 30,
2025
    Three Months
Ended
June 30,
2024
 
REVENUES:                
Natural gas sales   $ 241,236     $ 144,458  
Oil and condensate sales     41,543       19,127  
Natural gas liquid sales     28,736       26,147  
Net gain (loss) on natural gas, oil and NGL derivatives     136,101       (8,615 )
Total revenues     447,616       181,117  
OPERATING EXPENSES:                
Lease operating expenses     17,628       15,817  
Taxes other than income     7,556       7,018  
Transportation, gathering, processing and compression     86,508       86,529  
Depreciation, depletion and amortization     73,643       78,553  
General and administrative expenses     10,926       10,752  
Accretion expense     587       567  
Total operating expenses     196,848       199,236  
INCOME (LOSS) FROM OPERATIONS     250,768       (18,119 )
OTHER EXPENSE:                
Interest expense     13,731       15,158  
Other, net     901       522  
Total other expense     14,632       15,680  
INCOME (LOSS) BEFORE INCOME TAXES     236,136       (33,799 )
INCOME TAX EXPENSE (BENEFIT):                
Current     274        
Deferred     51,396       (7,587 )
Total income tax expense (benefit)     51,670       (7,587 )
NET INCOME (LOSS)   $ 184,466     $ (26,212 )
Dividends on preferred stock     (804 )     (1,095 )
Participating securities - preferred stock     (20,622 )      
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS   $ 163,040     $ (27,307 )
NET INCOME (LOSS) PER COMMON SHARE:                
Basic   $ 9.21     $ (1.51 )
Diluted   $ 9.12     $ (1.51 )
Weighted average common shares outstanding—Basic     17,707       18,144  
Weighted average common shares outstanding—Diluted     17,907       18,144  

 

Page 6


 

 

 

Consolidated Statements of Income: Six months ended June 30, 2025

 

(In thousands, except per share data)

(Unaudited)

 

    Six Months
Ended
June 30,
2025
    Six Months
Ended
June 30,
2024
 
REVENUES:                
Natural gas sales   $ 522,742     $ 332,744  
Oil and condensate sales     72,802       40,828  
Natural gas liquid sales     59,553       54,253  
Net (loss) gain on natural gas, oil and NGL derivatives     (10,447 )     36,521  
Total revenues     644,650       464,346  
OPERATING EXPENSES:                
Lease operating expenses     37,911       32,625  
Taxes other than income     14,182       15,278  
Transportation, gathering, processing and compression     169,378       173,148  
Depreciation, depletion and amortization     139,265       158,576  
General and administrative expenses     19,927       19,950  
Accretion expense     1,205       1,122  
Total operating expenses     381,868       400,699  
INCOME FROM OPERATIONS     262,782       63,647  
OTHER EXPENSE:                
Interest expense     27,087       30,161  
Other, net     199       397  
Total other expense     27,286       30,558  
INCOME BEFORE INCOME TAXES     235,496       33,089  
INCOME TAX EXPENSE:                
Current     105        
Deferred     51,389       7,266  
Total income tax expense     51,494       7,266  
NET INCOME   $ 184,002     $ 25,823  
Dividends on preferred stock     (1,666 )     (2,200 )
Participating securities - preferred stock     (20,385 )     (3,469 )
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS   $ 161,951     $ 20,154  
NET INCOME PER COMMON SHARE:                
Basic   $ 9.10     $ 1.11  
Diluted   $ 9.01     $ 1.09  
Weighted average common shares outstanding—Basic     17,793       18,169  
Weighted average common shares outstanding—Diluted     18,009       18,573  

 

Page 7


 

 

 

Consolidated Balance Sheets

 

(In thousands)

 

    June 30,
2025
    December 31,
2024
 
    (Unaudited)        
Assets            
Current assets:                
Cash and cash equivalents   $ 3,794     $ 1,473  
Accounts receivable—oil, natural gas, and natural gas liquids sales     128,614       155,942  
Accounts receivable—joint interest and other     11,748       8,727  
Prepaid expenses and other current assets     9,576       7,086  
Short-term derivative instruments     44,191       58,085  
Total current assets     197,923       231,313  
Property and equipment:                
Oil and natural gas properties, full-cost method                
Proved oil and natural gas properties     3,669,584       3,349,805  
Unproved properties     211,626       221,650  
Other property and equipment     12,278       11,291  
Total property and equipment     3,893,488       3,582,746  
Less: accumulated depletion, depreciation and amortization     (1,703,691 )     (1,564,475 )
Total property and equipment, net     2,189,797       2,018,271  
Other assets:                
Long-term derivative instruments     20,906       6,003  
Deferred tax asset     529,844       581,233  
Operating lease assets     956       6,099  
Other assets     20,031       22,778  
Total other assets     571,737       616,113  
Total assets   $ 2,959,457     $ 2,865,697  

 

Page 8


 

 

 

Consolidated Balance Sheets

 

(In thousands, except share data)

 

    June 30,
2025
    December 31,
2024
 
    (Unaudited)        
Liabilities, Mezzanine Equity and Stockholders’ Equity            
Current liabilities:                
Accounts payable and accrued liabilities   $ 335,631     $ 298,081  
Short-term derivative instruments     53,184       41,889  
Current portion of operating lease liabilities     804       5,538  
Total current liabilities     389,619       345,508  
Non-current liabilities:                
Long-term derivative instruments     44,793       35,081  
Asset retirement obligation     32,703       32,949  
Non-current operating lease liabilities     153       561  
Long-term debt     695,154       702,857  
Total non-current liabilities     772,803       771,448  
Total liabilities   $ 1,162,422     $ 1,116,956  
Commitments and contingencies (Note 9)                
Mezzanine equity:                
Preferred stock - $0.0001 par value, 110.0 thousand shares authorized, 31.4 thousand issued and outstanding at June 30, 2025, and 37.3 thousand issued and outstanding at December 31, 2024     31,356       37,348  
Stockholders’ equity:                
Common stock - $0.0001 par value, 42.0 million shares authorized, 17.6 million issued and outstanding at June 30, 2025, and 17.8 million issued and outstanding at December 31, 2024     2       2  
Additional paid-in capital     1,509       129,059  
Retained earnings     1,764,668       1,582,332  
Treasury stock, at cost - 2.5 thousand shares at June 30, 2025 and 0 shares at December 31, 2024     (500 )      
Total stockholders’ equity   $ 1,765,679     $ 1,711,393  
Total liabilities, mezzanine equity and stockholders’ equity   $ 2,959,457     $ 2,865,697  

 

Page 9


 

 

 

Consolidated Statement of Cash Flows: Three months ended June 30, 2025

 

(In thousands)

(Unaudited)

 

    Three Months
Ended
June 30,
2025
    Three Months
Ended
June 30,
2024
 
Cash flows from operating activities:                
Net income (loss)   $ 184,466     $ (26,212 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:                
Depletion, depreciation and amortization     73,643       78,553  
Net (gain) loss on derivative instruments     (136,101 )     8,614  
Net cash receipts on settled derivative instruments     19,440       90,743  
Deferred income tax expense (benefit)     51,396       (7,587 )
Stock-based compensation expense     3,263       3,343  
Other, net     2,059       1,456  
Changes in operating assets and liabilities, net     33,237       (25,445 )
Net cash provided by operating activities     231,403       123,465  
Cash flows from investing activities:                
Additions to oil and natural gas properties     (144,769 )     (126,705 )
Other, net     (419 )     (841 )
Net cash used in investing activities     (145,188 )     (127,546 )
Cash flows from financing activities:                
Principal payments on Credit Facility     (286,000 )     (208,000 )
Borrowings on Credit Facility     306,000       251,000  
Early retirement of 2026 Senior Notes     (25,702 )      
Debt issuance costs and loan commitment fees           1  
Dividends on preferred stock     (804 )     (1,095 )
Repurchase of common stock under Repurchase Program     (51,691 )     (24,302 )
Repurchase of common stock under Repurchase Program - related party     (15,000 )      
Net cash payments on performance vesting restricted stock units     (12,297 )      
Shares exchanged for tax withholdings     (2,266 )     (20,499 )
Other, net     (3 )      
Net cash used in financing activities     (87,763 )     (2,895 )
Net change in cash and cash equivalents     (1,548 )     (6,976 )
Cash and cash equivalents at beginning of period     5,342       8,209  
Cash and cash equivalents at end of period   $ 3,794     $ 1,233  

 

Page 10


 

 

 

Consolidated Statement of Cash Flows: Six months ended June 30, 2025

 

(In thousands)

(Unaudited)

 

    Six Months
Ended
June 30,
2025
    Six Months
Ended
June 30,
2024
 
Cash flows from operating activities:                
Net income   $ 184,002     $ 25,823  
Adjustments to reconcile net income to net cash provided by operating activities:                
Depletion, depreciation and amortization     139,265       158,576  
Net loss (gain) on derivative instruments     10,447       (36,522 )
Net cash receipts on settled derivative instruments     9,550       156,065  
Deferred income tax expense     51,389       7,266  
Stock-based compensation expense     6,303       5,746  
Other, net     3,850       3,024  
Changes in operating assets and liabilities, net     3,877       (8,491 )
Net cash provided by operating activities     408,683       311,487  
Cash flows from investing activities:                
Additions to oil and natural gas properties     (253,000 )     (244,851 )
Other, net     (965 )     (1,647 )
Net cash used in investing activities     (253,965 )     (246,498 )
Cash flows from financing activities:                
Principal payments on Credit Facility     (414,000 )     (511,000 )
Borrowings on Credit Facility     431,000       523,000  
Early retirement of 2026 Senior Notes     (25,702 )      
Debt issuance costs and loan commitment fees           (106 )
Dividends on preferred stock     (1,666 )     (2,200 )
Repurchase of common stock under Repurchase Program     (109,500 )     (38,793 )
Repurchase of common stock under Repurchase Program - related party     (15,000 )     (15,002 )
Net cash payments on performance vesting restricted stock units     (12,297 )      
Shares exchanged for tax withholdings     (5,228 )     (21,584 )
Other, net     (4 )      
Net cash used in financing activities     (152,397 )     (65,685 )
Net change in cash and cash equivalents     2,321       (696 )
Cash and cash equivalents at beginning of period     1,473       1,929  
Cash and cash equivalents at end of period   $ 3,794     $ 1,233  

 

Page 11


 

 

 

2025E Guidance

 

Gulfport’s 2025 guidance assumes commodity strip prices as of July 14, 2025, adjusted for applicable commodity and location differentials, and no property acquisitions or divestitures.

 

    Year Ending  
    December 31, 2025  
    Low     High  
Production                
Average daily gas equivalent (MMcfe/day)     1,040       1,065  
Average daily liquids production (MBbl/day)     18.0       20.5  
% Gas     ~89 %        
                 
Realizations (before hedges)                
Natural gas (differential to NYMEX settled price) ($/Mcf)   $ (0.20 )   $ (0.35 )
NGL (% of WTI)     40 %     50 %
Oil (differential to NYMEX WTI) ($/Bbl)   $ (5.50 )   $ (6.50 )
                 
Expenses                
Lease operating expense ($/Mcfe)   $ 0.19     $ 0.22  
Taxes other than income ($/Mcfe)   $ 0.08     $ 0.10  
Transportation, gathering, processing and compression ($/Mcfe)   $ 0.93     $ 0.97  
Recurring cash general and administrative(1,2)  ($/Mcfe)   $ 0.12     $ 0.14  
                 
      Total  
Capital expenditures (incurred)     (in millions)  
Operated D&C   $ 335     $ 355  
Maintenance leasehold and land   $ 35     $ 40  
Total base capital expenditures   $ 370     $ 395  

 

(1) Recurring cash G&A includes capitalization. It excludes non-cash stock compensation and expenses related to the continued administration of our prior Chapter 11 filing.
(2) This is a non-GAAP measure. Reconciliations of these non-GAAP measures and other disclosures are provided with the supplemental financial tables available on our website at www.gulfportenergy.com.

 

Page 12


 

 

 

Derivatives

 

The below details Gulfport’s hedging positions as of July 30, 2025:

 

      3Q2025     4Q2025     Full Year 2025(1)       Full Year 2026       Full Year 2027  
Natural Gas Contract Summary (NYMEX):                                        
Fixed Price Swaps                                        
Volume (BBtupd)     270       270       270       250       90  
Weighted Average Price ($/MMBtu)   $ 3.82     $ 3.82     $ 3.82     $ 3.77     $ 3.95  
                                         
Fixed Price Collars                                        
Volume (BBtupd)     240       240       240       170       90  
Weighted Average Floor Price ($/MMBtu)   $ 3.42     $ 3.42     $ 3.42     $ 3.63     $ 3.75  
Weighted Average Ceiling Price ($/MMBtu)   $ 4.27     $ 4.27     $ 4.27     $ 4.48     $ 4.31  
                                         
Fixed Price Calls Sold                                        
Volume (BBtupd)     200       173       187              
Weighted Average Price ($/MMBtu)   $ 5.76     $ 5.93     $ 5.84     $     $  
                                         
Basis Contract Summary:                                        
Rex Zone 3 Basis                                        
Volume (BBtupd)     110       110       110       80        
Differential ($/MMBtu)   $ (0.20 )   $ (0.20 )   $ (0.20 )   $ (0.18 )   $  
                                         
Tetco M2 Basis                                        
Volume (BBtupd)     230       230       230       130       20  
Differential ($/MMBtu)   $ (0.96 )   $ (0.96 )   $ (0.96 )   $ (0.98 )   $ (0.97 )
                                         
NGPL TX OK Basis                                        
Volume (BBtupd)     40       40       40       30       10  
Differential ($/MMBtu)   $ (0.29 )   $ (0.29 )   $ (0.29 )   $ (0.30 )   $ (0.29 )
                                         
TGP 500 Basis                                        
Volume (BBtupd)     20       20       20       20        
Differential ($/MMBtu)   $ 0.41     $ 0.41     $ 0.41     $ 0.56     $  
                                         
Transco Station 85 Basis                                        
Volume (BBtupd)     10       10       10       10        
Differential ($/MMBtu)   $ 0.45     $ 0.45     $ 0.45     $ 0.56     $  
                                         
Oil Contract Summary (WTI):                                        
Fixed Price Swaps                                        
Volume (Bblpd)     3,000       3,000       3,000              
Weighted Average Price ($/Bbl)   $ 73.29     $ 73.29     $ 73.29     $     $  
                                         
NGL Contract Summary:                                        
C3 Propane Fixed Price Swaps                                        
Volume (Bblpd)     3,000       3,000       3,000       2,496        
Weighted Average Price ($/Bbl)   $ 29.89     $ 29.89     $ 29.89     $ 30.91     $  

 

(1) July 1, 2025 - December 31, 2025.

 

Page 13


 

 

 

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 tools 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 net income (loss) less 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, stock-based compensation expenses, other non-material expenses and the tax effect of the adjustments to net income.

 

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, amortization and accretion, 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, stock-based compensation 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, current income tax expense (benefit), capitalized expenses incurred and capital expenditures incurred. Gulfport includes an adjusted free cash flow estimate for 2025. 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 2025. 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.

 

Page 14


 

 

 

Adjusted Net Income: Three months ended June 30, 2025

 

(In thousands)

(Unaudited)

 

    Three Months
Ended
June 30,
2025
    Three Months
Ended
June 30,
2024
 
             
Net Income (Loss) (GAAP)   $ 184,466     $ (26,212 )
                 
Adjustments:                
Non-cash derivative (gain) loss     (116,661 )     99,357  
Non-recurring general and administrative expense     666       718  
Stock-based compensation expense     3,263       3,343  
Other, net     901       522  
Tax effect of adjustments(1)     24,469       (23,730 )
Adjusted Net Income (Non-GAAP)   $ 97,104     $ 53,998  

 

(1) Income taxes were approximately 22% and 23% for the three months ended June 30, 2025 and 2024, respectively.

 

Page 15


 

 

 

Adjusted Net Income: Six months ended June 30, 2025

 

(In thousands)

(Unaudited)

 

    Six Months
Ended
June 30,
2025
    Six Months
Ended
June 30,
2024
 
             
Net Income (GAAP)   $ 184,002     $ 25,823  
                 
Adjustments:                
Non-cash derivative loss     19,997       119,543  
Non-recurring general and administrative expense     1,031       1,528  
Stock-based compensation expense     6,303       5,746  
Other, net     199       397  
Tax effect of adjustments(1)     (6,021 )     (27,936 )
Adjusted Net Income (Non-GAAP)   $ 205,511     $ 125,101  

 

(1) Income taxes were approximately 22% and 22% for the six months ended June 30, 2025 and 2024, respectively.

 

Page 16


 

 

 

Adjusted EBITDA: Three months ended June 30, 2025

 

(In thousands)

(Unaudited)

 

    Three Months
Ended
June 30,
2025
    Three Months
Ended
June 30,
2024
 
             
Net Income (Loss) (GAAP)   $ 184,466     $ (26,212 )
                 
Adjustments:                
Interest expense     13,731       15,158  
Income tax expense (benefit)     51,670       (7,587 )
DD&A and accretion     74,230       79,120  
Non-cash derivative (gain) loss     (116,661 )     99,357  
Non-recurring general and administrative expenses     666       718  
Stock-based compensation expense     3,263       3,343  
Other, net     901       522  
Adjusted EBITDA (Non-GAAP)   $ 212,266     $ 164,419  

 

Page 17


 

 

 

Adjusted EBITDA: Six months ended June 30, 2025

 

(In thousands)

(Unaudited)

 

    Six Months
Ended
June 30,
2025
    Six Months
Ended
June 30,
2024
 
             
Net Income (GAAP)   $ 184,002     $ 25,823  
                 
Adjustments:                
Interest expense     27,087       30,161  
Income tax expense     51,494       7,266  
DD&A and accretion     140,470       159,698  
Non-cash derivative loss     19,997       119,543  
Non-recurring general and administrative expenses     1,031       1,528  
Stock-based compensation expense     6,303       5,746  
Other, net     199       397  
Adjusted EBITDA (Non-GAAP)   $ 430,583     $ 350,162  

 

Page 18


 

 

 

Adjusted Free Cash Flow: Three months ended June 30, 2025

 

(In thousands)

(Unaudited)

 

    Three Months
Ended
June 30,
2025
    Three Months
Ended
June 30,
2024
 
             
Net cash provided by operating activity (GAAP)   $ 231,403     $ 123,465  
Adjustments:                
Interest expense     13,731       15,158  
Non-recurring general and administrative expenses     666       718  
Current income tax expense     274        
Other, net     (571 )     (367 )
Changes in operating assets and liabilities, net:                
Accounts receivable - oil, natural gas, and natural gas liquids sales     (29,446 )     9,324  
Accounts receivable - joint interest and other     3,001       (5,156 )
Accounts payable and accrued liabilities     (10,345 )     20,361  
Prepaid expenses     3,545       948  
Other assets     8       (32 )
Total changes in operating assets and liabilities, net   $ (33,237 )   $ 25,445  
Adjusted EBITDA (Non-GAAP)   $ 212,266     $ 164,419  
Interest expense     (13,731 )     (15,158 )
Current income tax expense     (274 )      
Capitalized expenses incurred(1)     (6,273 )     (5,924 )
Capital expenditures incurred(2,3,4)     (127,399 )     (123,141 )
Adjusted free cash flow (Non-GAAP)   $ 64,589     $ 20,196  

 

(1) Includes cash capitalized general and administrative expense and incurred capitalized interest expenses.
(2) Incurred capital expenditures and cash capital expenditures may vary from period to period due to the cash payment cycle.
(3) For the three months ended June 30, 2025, includes $2.9 million and $0.3 million of non-D&C capital and non-operated capital expenditures, respectively. Additionally, excludes targeted discretionary acreage acquisitions of $6.9 million that the Company has guided to an anticipated total of $75 - $100 million of discretionary acreage acquisitions.
(4) For the three months ended June 30, 2024, includes $1.0 million and ($1.0 million) of non-D&C capital and non-operated capital expenditures, respectively. Additionally, excludes targeted discretionary acreage acquisitions of $19.0 million.

 

Page 19


 

 

 

Adjusted Free Cash Flow: Six months ended June 30, 2025

 

(In thousands)

(Unaudited)

 

    Six Months Ended
June 30,
2025
    Six Months Ended
June 30,
2024
 
             
Net cash provided by operating activity (GAAP)   $ 408,683     $ 311,487  
Adjustments:                
Interest expense     27,087       30,161  
Non-recurring general and administrative expenses     1,031       1,528  
Current income tax expense     105        
Other, net     (2,446 )     (1,505 )
Changes in operating assets and liabilities, net:                
Accounts receivable - oil, natural gas, and natural gas liquids sales     (27,328 )     (28,133 )
Accounts receivable - joint interest and other     3,021       (1,011 )
Accounts payable and accrued liabilities     17,329       37,017  
Prepaid expenses     3,060       649  
Other assets     41       (31 )
Total changes in operating assets and liabilities, net   $ (3,877 )   $ 8,491  
Adjusted EBITDA (Non-GAAP)   $ 430,583     $ 350,162  
Interest expense     (27,087 )     (30,161 )
Current income tax expense     (105 )      
Capitalized expenses incurred(1)     (12,438 )     (11,578 )
Capital expenditures incurred(2,3,4)     (289,762 )     (249,379 )
Adjusted free cash flow (Non-GAAP)   $ 101,191     $ 59,044  

 

(1) Includes cash capitalized general and administrative expense and incurred capitalized interest expenses.
(2) Incurred capital expenditures and cash capital expenditures may vary from period to period due to the cash payment cycle.
(3) For the six months ended June 30, 2025, includes $4.3 million and $1.5 million of non-D&C capital and non-operated capital expenditures, respectively. Additionally, excludes targeted discretionary acreage acquisitions of $6.9 million that the Company has guided to an anticipated total of $75 - $100 million of discretionary acreage acquisitions.
(4) For the six months ended June 30, 2024, includes $2.9 million and $1.7 million of non-D&C capital and non-operated capital expenditures, respectively. Additionally, excludes targeted discretionary acreage acquisitions of $19.0 million.

 

Page 20


 

 

 

Recurring General and Administrative Expenses:

 

Three months ended June 30, 2025

 

(In thousands)

(Unaudited)

 

    Three Months Ended
June 30,
2025
    Three Months Ended
June 30,
2024
 
    Cash     Non-Cash     Total     Cash     Non-Cash     Total  
                                     
General and administrative expense (GAAP)   $ 7,663     $ 3,263     $ 10,926     $ 7,409     $ 3,343     $ 10,752  
Capitalized general and administrative expense     4,826       1,607       6,433       4,683       1,647       6,330  
Non-recurring general and administrative expense     (666 )           (666 )     (718 )           (718 )
Recurring general and administrative before capitalization (Non-GAAP)   $ 11,823     $ 4,870     $ 16,693     $ 11,374     $ 4,990     $ 16,364  

 

Page 21


 

 

 

Recurring General and Administrative Expenses:

 

Six months ended June 30, 2025

 

(In thousands)

(Unaudited)

 

    Six Months Ended
June 30,
2025
    Six Months Ended
June 30,
2024
 
    Cash     Non-Cash     Total     Cash     Non-Cash     Total  
                                     
General and administrative expense (GAAP)   $ 13,624     $ 6,303     $ 19,927     $ 14,204     $ 5,746     $ 19,950  
Capitalized general and administrative expense     9,560       3,105       12,665       9,205       2,830       12,035  
Non-recurring general and administrative expense     (1,031 )           (1,031 )     (1,528 )           (1,528 )
Recurring general and administrative before capitalization (Non-GAAP)   $ 22,153     $ 9,408     $ 31,561     $ 21,881     $ 8,576     $ 30,457  

 

 

 

Page 22