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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): November 4, 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 November 4, 2025, Gulfport Energy Corporation (“Gulfport”) issued a press release reporting its financial and operating results for the three months ended September 30, 2025. 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 November 4, 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 November 4, 2025 entitled “Gulfport Energy Reports Third 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: November 4, 2025 By: /s/ Michael Hodges
    Michael Hodges
    Chief Financial Officer

 

2

 

EX-99.1 2 ea026367101ex99-1_gulfport.htm PRESS RELEASE DATED NOVEMBER 4, 2025 ENTITLED "GULFPORT ENERGY REPORTS THIRD QUARTER 2025 FINANCIAL AND OPERATIONAL RESULTS."

Exhibit 99.1

 

 
Gulfport Energy Reports Third Quarter 2025 Financial and Operating Results

 

OKLAHOMA CITY (November 4, 2025) Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today reported financial and operating results for the three months ended September 30, 2025.

 

Key Highlights

 

Expanded undeveloped Marcellus inventory by approximately 125 gross locations, an increase of approximately 200% in Ohio Marcellus inventory

 

Investing incremental discretionary capital to successfully test the drilling feasibility of U-development in the Utica, recently reaching total depth on two U-development wells and unlocking 20 gross Utica dry gas locations

 

Reiterate plans to invest approximately $75 million - $100 million toward discretionary acreage acquisitions by end of first quarter of 2026, of which $15.7 million was deployed at the end of the third quarter of 2025

 

Plan to allocate approximately $125 million to common stock repurchases in the fourth quarter of 2025 while maintaining leverage at or below one times

 

Third Quarter 2025

 

Delivered total net production of 1,119.7 MMcfe per day, an increase of approximately 11% over second quarter 2025

 

Produced total net liquids production of 22.0 MBbl per day, an increase of approximately 15% over second quarter 2025

 

Incurred base capital expenditures of $74.9 million, which includes $68.7 million of base operated D&C capital expenditures and $6.2 million of maintenance land and leasehold spending

 

Invested incremental $12.4 million on discretionary capital expenditures

 

Reported $111.4 million of net income and $213.1 million of adjusted EBITDA(1)

 

Generated $209.1 million of net cash provided by operating activities and $103.4 million of adjusted free cash flow(1), which includes the impact of approximately $12.4 million of incremental discretionary capital expenditures

 

Repurchased approximately 438.3 thousand shares of common stock (including preferred stock on an as-converted basis) for approximately $76.3 million, including the optional redemption of all the Company’s outstanding preferred stock of approximately $31.3 million

 

Completed opportunistic discretionary acreage acquisitions totaling $8.9 million

 

Issued annual Corporate Sustainability Report, providing transparency around the Company’s sustainability initiatives, progress and commitment to environmental stewardship

 

 


 

Updated Full Year 2025 Outlook

 

Forecast full year 2025 net daily equivalent production to be approximately 1.04 Bcfe per day

 

Expect to invest total base capital expenditures of approximately $390 million, including $355 million of base operated drilling and completion expenditures and $35 million of maintenance leasehold and land investment

 

Plan to allocate a total of $30 million toward discretionary appraisal projects, including drilled but uncompleted (“DUC”) and recompletion activity and the Company’s first U-development in the Utica, unlocking approximately 20 gross locations of drillable inventory with attractive returns

 

Plan to allocate a total of $35 million toward discretionary development activity that is anticipated to mitigate the production impact of offset operator simultaneous operations and planned midstream maintenance downtime anticipated in early 2026

 

Expect to repurchase approximately $325 million of Gulfport’s outstanding equity during 2025, inclusive of approximately $125 million planned for the fourth quarter of 2025

 

John Reinhart, President and CEO, commented, “We are pleased to announce a significant expansion of our drillable inventory, driven by further delineation of the Ohio Marcellus across our acreage position as well as our team’s successful execution in drilling our first U-development wells within our Utica acreage footprint. In the Marcellus, recent peer activity combined with Gulfport’s own development has expanded resource viability to the north, capturing significant, incremental value overlying our Utica development at no incremental land cost and effectively doubling our net drillable Marcellus inventory.”

 

Reinhart continued, “As part of our evaluation of U-development, we are investing approximately $30 million in discretionary appraisal capital during 2025, which includes the drilling and completion of two U-development wells in the Utica. These wells were recently successfully drilled and are scheduled for completion in the coming months, validating the technical feasibility of this development concept across our acreage position. This discretionary investment adds nearly one net year of high-quality, dry gas inventory and unlocks previously uneconomic development at no additional land cost to the Company, further enhancing our long-term development portfolio.”

 

Reinhart continued, “Since year-end 2022, Gulfport has grown our gross undeveloped inventory by more than 40%, driven by targeted discretionary acreage acquisitions, Marcellus delineation and U-development initiatives. We now estimate the Company holds approximately 700 gross locations across our asset base. These inventory additions unlock substantial value across our core assets, increasing economic inventory by approximately three years and bringing our total net inventory to roughly 15 years with break-evens below $2.50 per MMBtu, underscoring the high-quality, go-forward development opportunities in our portfolio.”

 

“In response to known production impacts predominately from simultaneous operations of an offsetting operator and planned third-party midstream maintenance downtime in the first quarter of 2026, Gulfport has proactively elected to invest approximately $35 million toward discretionary development activity during 2025. This proactive spend is expected to mitigate a portion of the forecasted upcoming production impact and position the Company to deliver volumes into a favorable commodity price environment, benefiting the 2026 development program. These incremental investments, ongoing discretionary acreage acquisitions and the repurchase of our common stock represent some of the most attractive uses of our available adjusted free cash flow. Considering this, we plan to repurchase approximately $125 million of our outstanding common stock during the fourth quarter of 2025, funded by adjusted free cash flow generation and available capacity on our revolving credit facility while maintaining financial leverage at or below one times,” 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.

 

2


 

Operational Update

 

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

 

    Quarter Ended September 30, 2025  
    Gross     Net     Lateral Length  
Spud                  
Utica & Marcellus     9       9.0       13,800  
SCOOP                  
                         
Drilled                        
Utica & Marcellus     4       4.0       11,400  
SCOOP                  
                         
Completed                        
Utica & Marcellus     4       4.0       14,700  
SCOOP                  
                         
Turned-to-Sales                        
Utica & Marcellus     7       7.0       14,900  
SCOOP                  

 

Gulfport’s net daily production for the third quarter of 2025 averaged 1,119.7 MMcfe per day, primarily consisting of 916.8 MMcfe per day in the Utica/Marcellus and 202.9 MMcfe per day in the SCOOP. For the third quarter of 2025, Gulfport’s net daily production mix was comprised of approximately 88% natural gas, 8% natural gas liquids (“NGL”) and 4% oil and condensate.

 

    Three Months Ended September 30, 2025     Three Months Ended September 30, 2024  
Production            
Natural gas (Mcf/day)     987,746       966,522  
Oil and condensate (Bbl/day)     6,892       4,618  
NGL (Bbl/day)     15,097       10,489  
Total (Mcfe/day)     1,119,678       1,057,164  
Average Prices                
Natural Gas:                
Average price without the impact of derivatives ($/Mcf)   $ 2.61     $ 1.80  
Impact from settled derivatives ($/Mcf)   $ 0.34     $ 0.95  
Average price, including settled derivatives ($/Mcf)   $ 2.95     $ 2.75  
Oil and condensate:                
Average price without the impact of derivatives ($/Bbl)   $ 58.99     $ 69.35  
Impact from settled derivatives ($/Bbl)   $ 3.63     $ 0.22  
Average price, including settled derivatives ($/Bbl)   $ 62.62     $ 69.57  
NGL:                
Average price without the impact of derivatives ($/Bbl)   $ 27.89     $ 27.58  
Impact from settled derivatives ($/Bbl)   $ 0.21     $ (0.16 )
Average price, including settled derivatives ($/Bbl)   $ 28.10     $ 27.42  
Total:                
Average price without the impact of derivatives ($/Mcfe)   $ 3.04     $ 2.22  
Impact from settled derivatives ($/Mcfe)   $ 0.33     $ 0.87  
Average price, including settled derivatives ($/Mcfe)   $ 3.37     $ 3.09  
Selected operating metrics                
Lease operating expenses ($/Mcfe)   $ 0.20     $ 0.19  
Taxes other than income ($/Mcfe)   $ 0.08     $ 0.07  
Transportation, gathering, processing and compression expense  ($/Mcfe)   $ 0.94     $ 0.92  
Recurring cash general and administrative expenses ($/Mcfe) (non-GAAP)   $ 0.13     $ 0.13  
Interest expenses ($/Mcfe)   $ 0.13     $ 0.16  

 

3


 

Capital Investment

 

Total base capital investment was $74.9 million (on an incurred basis) for the third quarter of 2025, of which $68.7 million related to operated base drilling and completion activity and $6.2 million related to maintenance leasehold and land investment. In addition, Gulfport invested $9.3 million on discretionary appraisal projects, including capital directed toward DUC activity and recomplete opportunities on historical Utica development and the Company’s first U-development in the Utica, and approximately $3.1 million on discretionary development activity. Gulfport also invested approximately $8.9 million in discretionary acreage acquisitions and incurred approximately $0.7 million related to non-operated drilling and completion activities.

 

For the nine-month period ended September 30, 2025, total base capital investment was $352.7 million (on an incurred basis), of which $329.3 million related to operated base drilling and completion activity and $23.4 million related to maintenance leasehold and land investment. In addition, Gulfport invested $15.4 million on appraisal projects, including capital directed toward DUC activity and recomplete opportunities on historical Utica development and the Company’s first U-development in the Utica, and approximately $3.1 million on discretionary development activity. Gulfport also invested approximately $15.7 million in discretionary acreage acquisitions and incurred approximately $2.2 million related to non-operated drilling and completion activities.

 

Stock Repurchase Program

 

Gulfport repurchased approximately 438.3 thousand shares of common stock (including the underlying shares of common stock into which the preferred stock was convertible) at a weighted-average price of $174.01 during the third quarter of 2025, totaling approximately $76.3 million. As of September 30, 2025, the Company had approximately $715.0 million of remaining capacity under the stock repurchase program.

 

Financial Position and Liquidity

 

As of September 30, 2025, Gulfport had approximately $3.4 million of cash and cash equivalents, $51.0 million of borrowings under its revolving credit facility, $48.7 million of letters of credit outstanding and $650.0 million of outstanding 2029 senior notes.

 

Gulfport’s liquidity at September 30, 2025, totaled approximately $903.7 million, comprised of the $3.4 million of cash and cash equivalents and approximately $900.3 million of available borrowing capacity under its credit facility.

 

Credit Facility Borrowing Base Redetermination

 

On October 30, 2025, Gulfport completed its semi-annual borrowing base redetermination during which the borrowing base was reaffirmed at $1.1 billion with elected commitments remaining at $1.0 billion.

 

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.

 

2024 - 2025 Corporate Sustainability Report

 

Gulfport is committed to environmental stewardship, sustainable practices and strong corporate governance. The Company’s sustainability report can be found under “Sustainability” on www.gulfportenergy.com. Gulfport published its 2024 - 2025 Corporate Sustainability Report on November 4, 2025.

 

Third Quarter 2025 Conference Call

 

Gulfport will host a teleconference and webcast to discuss its third quarter of 2025 results beginning at 9:00 a.m. ET (8:00 a.m. CT) on Wednesday, November 5, 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 November 5, 2025 to November 19, 2025, by calling 877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13756501. 

 

4


 

Financial Statements and Guidance Documents

 

Third 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.

 

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

 

5

 

EX-99.2 3 ea026367101ex99-2_gulfport.htm SUPPLEMENTAL FINANCIAL INFORMATION.

Exhibit 99.2

 

Three months and nine months ended September 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   15
Adjusted Net Income   16
Adjusted EBITDA   18
Adjusted Free Cash Flow   20
Recurring General and Administrative Expenses   22

 

 


 

 

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

Production Volumes

 

    Three Months
Ended
September 30,
2025
    Three Months
Ended
September 30,
2024
 
Natural gas (Mcf/day)            
Utica & Marcellus     833,710       822,015  
SCOOP     154,035       144,507  
Total     987,746       966,522  
Oil and condensate (Bbl/day)                
Utica & Marcellus     5,485       3,105  
SCOOP     1,408       1,513  
Total     6,892       4,618  
NGL (Bbl/day)                
Utica & Marcellus     8,364       3,491  
SCOOP     6,733       6,998  
Total     15,097       10,489  
Combined (Mcfe/day)                
Utica & Marcellus     916,801       861,592  
SCOOP     202,877       195,572  
Total     1,119,678       1,057,164  

 

Totals may not sum or recalculate due to rounding.

 

Page 2


 

 

Production Volumes by Asset Area: Nine months ended September 30, 2025

 

Production Volumes

 

    Nine Months
Ended
September 30,
2025
    Nine Months
Ended
September 30,
2024
 
Natural gas (Mcf/day)            
Utica & Marcellus     752,902       816,788  
SCOOP     153,287       154,054  
Total     906,189       970,842  
Oil and condensate (Bbl/day)                
Utica & Marcellus     5,166       1,815  
SCOOP     1,512       1,754  
Total     6,678       3,569  
NGL (Bbl/day)                
Utica & Marcellus     5,489       2,610  
SCOOP     6,654       7,629  
Total     12,143       10,239  
Combined (Mcfe/day)                
Utica & Marcellus     816,835       843,339  
SCOOP     202,282       210,348  
Total     1,019,116       1,053,687  

 

Totals may not sum or recalculate due to rounding.

 

Page 3


 

 

Production and Pricing: Three months ended September 30, 2025

 

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

 

    Three Months
Ended
September 30,
2025
    Three Months
Ended
September 30,
2024
 
Natural gas sales            
Natural gas production volumes (MMcf)     90,873       88,920  
Natural gas production volumes (MMcf) per day     988       967  
Total sales   $ 236,801     $ 159,862  
Average price without the impact of derivatives ($/Mcf)   $ 2.61     $ 1.80  
Impact from settled derivatives ($/Mcf)   $ 0.34     $ 0.95  
Average price, including settled derivatives ($/Mcf)   $ 2.95     $ 2.75  
                 
Oil and condensate sales                
Oil and condensate production volumes (MBbl)     634       425  
Oil and condensate production volumes (MBbl) per day     7       5  
Total sales   $ 37,406     $ 29,467  
Average price without the impact of derivatives ($/Bbl)   $ 58.99     $ 69.35  
Impact from settled derivatives ($/Bbl)   $ 3.63     $ 0.22  
Average price, including settled derivatives ($/Bbl)   $ 62.62     $ 69.57  
                 
NGL sales                
NGL production volumes (MBbl)     1,389       965  
NGL production volumes (MBbl) per day     15       10  
Total sales   $ 38,734     $ 26,617  
Average price without the impact of derivatives ($/Bbl)   $ 27.89     $ 27.58  
Impact from settled derivatives ($/Bbl)   $ 0.21     $ (0.16 )
Average price, including settled derivatives ($/Bbl)   $ 28.10     $ 27.42  
                 
Natural gas, oil and condensate and NGL sales                
Natural gas equivalents (MMcfe)     103,010       97,259  
Natural gas equivalents (MMcfe) per day     1,120       1,057  
Total sales   $ 312,941     $ 215,946  
Average price without the impact of derivatives ($/Mcfe)   $ 3.04     $ 2.22  
Impact from settled derivatives ($/Mcfe)   $ 0.33     $ 0.87  
Average price, including settled derivatives ($/Mcfe)   $ 3.37     $ 3.09  
                 
Production Costs:                
Average lease operating expenses ($/Mcfe)   $ 0.20     $ 0.19  
Average taxes other than income ($/Mcfe)   $ 0.08     $ 0.07  
Average transportation, gathering, processing and compression ($/Mcfe)   $ 0.94     $ 0.92  
Total lease operating expenses, midstream costs and production taxes ($/Mcfe)   $ 1.21     $ 1.18  

 

Totals may not sum or recalculate due to rounding.

 

Page 4


 

 

Production and Pricing: Nine months ended September 30, 2025

 

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

 

    Nine Months
Ended
September 30,
2025
    Nine Months
Ended
September 30,
2024
 
Natural gas sales            
Natural gas production volumes (MMcf)     247,390       266,011  
Natural gas production volumes (MMcf) per day     906       971  
Total sales   $ 759,543     $ 492,606  
Average price without the impact of derivatives ($/Mcf)   $ 3.07     $ 1.85  
Impact from settled derivatives ($/Mcf)   $ 0.16     $ 0.91  
Average price, including settled derivatives ($/Mcf)   $ 3.23     $ 2.76  
                 
Oil and condensate sales                
Oil and condensate production volumes (MBbl)     1,823       978  
Oil and condensate production volumes (MBbl) per day     7       4  
Total sales   $ 110,208     $ 70,295  
Average price without the impact of derivatives ($/Bbl)   $ 60.45     $ 71.89  
Impact from settled derivatives ($/Bbl)   $ 2.86     $ (0.17 )
Average price, including settled derivatives ($/Bbl)   $ 63.31     $ 71.72  
                 
NGL sales                
NGL production volumes (MBbl)     3,315       2,805  
NGL production volumes (MBbl) per day     12       10  
Total sales   $ 98,287     $ 80,870  
Average price without the impact of derivatives ($/Bbl)   $ 29.65     $ 28.83  
Impact from settled derivatives ($/Bbl)   $ (0.40 )   $ (0.55 )
Average price, including settled derivatives ($/Bbl)   $ 29.25     $ 28.28  
                 
Natural gas, oil and condensate and NGL sales                
Natural gas equivalents (MMcfe)     278,219       288,710  
Natural gas equivalents (MMcfe) per day     1,019       1,054  
Total sales   $ 968,038     $ 643,771  
Average price without the impact of derivatives ($/Mcfe)   $ 3.48     $ 2.23  
Impact from settled derivatives ($/Mcfe)   $ 0.16     $ 0.83  
Average price, including settled derivatives ($/Mcfe)   $ 3.64     $ 3.06  
                 
Production Costs:                
Average lease operating expenses ($/Mcfe)   $ 0.21     $ 0.18  
Average taxes other than income ($/Mcfe)   $ 0.08     $ 0.08  
Average transportation, gathering, processing and compression ($/Mcfe)   $ 0.96     $ 0.91  
Total lease operating expenses, midstream costs and production taxes ($/Mcfe)   $ 1.25     $ 1.16  

 

Totals may not sum or recalculate due to rounding.

 

Page 5


 

 

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

(In thousands, except per share data)

(Unaudited)

 

    Three Months
Ended
September 30,
2025
    Three Months
Ended
September 30,
2024
 
REVENUES:            
Natural gas sales   $ 236,801     $ 159,862  
Oil and condensate sales     37,406       29,467  
Natural gas liquid sales     38,734       26,617  
Net gain on natural gas, oil and NGL derivatives     66,804       37,966  
Total revenues     379,745       253,912  
OPERATING EXPENSES:                
Lease operating expenses     20,793       18,218  
Taxes other than income     7,925       6,833  
Transportation, gathering, processing and compression     96,390       89,900  
Depreciation, depletion and amortization     83,216       82,825  
Impairment of oil and natural gas properties           30,487  
General and administrative expenses     11,835       10,479  
Accretion expense     597       583  
Total operating expenses     220,756       239,325  
INCOME FROM OPERATIONS     158,989       14,587  
OTHER EXPENSE:                
Interest expense     13,590       15,866  
Loss on debt extinguishment           13,388  
Other, net     2,596       3,133  
Total other expense     16,186       32,387  
INCOME (LOSS) BEFORE INCOME TAXES     142,803       (17,800 )
INCOME TAX EXPENSE (BENEFIT):                
Current     (105 )      
Deferred     31,515       (3,833 )
Total income tax expense (benefit)     31,410       (3,833 )
NET INCOME (LOSS)   $ 111,393     $ (13,967 )
Dividends on preferred stock           (1,093 )
Deemed dividend on preferred stock     (29,986 )      
Participating securities - preferred stock            
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS   $ 81,407     $ (15,060 )
NET INCOME (LOSS) PER COMMON SHARE:                
Basic   $ 4.49     $ (0.83 )
Diluted   $ 4.45     $ (0.83 )
Weighted average common shares outstanding—Basic     18,114       18,062  
Weighted average common shares outstanding—Diluted     18,290       18,062  

 

Page 6


 

 

Consolidated Statements of Income: Nine months ended September 30, 2025

(In thousands, except per share data)

(Unaudited)

 

    Nine Months
Ended
September 30,
2025
    Nine Months
Ended
September 30,
2024
 
REVENUES:            
Natural gas sales   $ 759,543     $ 492,606  
Oil and condensate sales     110,208       70,295  
Natural gas liquid sales     98,287       80,870  
Net gain on natural gas, oil and NGL derivatives     56,357       74,487  
Total revenues     1,024,395       718,258  
OPERATING EXPENSES:                
Lease operating expenses     58,704       50,843  
Taxes other than income     22,107       22,111  
Transportation, gathering, processing and compression     265,768       263,048  
Depreciation, depletion and amortization     222,481       241,401  
Impairment of oil and natural gas properties           30,487  
General and administrative expenses     31,762       30,429  
Accretion expense     1,802       1,705  
Total operating expenses     602,624       640,024  
INCOME FROM OPERATIONS     421,771       78,234  
OTHER EXPENSE:                
Interest expense     40,677       46,027  
Loss on debt extinguishment           13,388  
Other, net     2,795       3,530  
Total other expense     43,472       62,945  
INCOME BEFORE INCOME TAXES     378,299       15,289  
INCOME TAX EXPENSE:                
Current            
Deferred     82,904       3,433  
Total income tax expense     82,904       3,433  
NET INCOME   $ 295,395     $ 11,856  
Dividends on preferred stock     (1,666 )     (3,293 )
Deemed dividend on preferred stock     (29,986 )      
Participating securities - preferred stock           (1,259 )
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS   $ 263,743     $ 7,304  
NET INCOME PER COMMON SHARE:                
Basic   $ 14.73     $ 0.40  
Diluted   $ 14.57     $ 0.40  
Weighted average common shares outstanding—Basic     17,901       18,133  
Weighted average common shares outstanding—Diluted     18,102       18,463  

 

Page 7


 

 

Consolidated Balance Sheets

(In thousands)

 

    September 30,
2025
    December 31,
2024
 
Assets   (Unaudited)        
Current assets:            
Cash and cash equivalents   $ 3,367     $ 1,473  
Accounts receivable—oil, natural gas, and natural gas liquids sales     121,990       155,942  
Accounts receivable—joint interest and other     7,910       8,727  
Prepaid expenses and other current assets     8,804       7,086  
Short-term derivative instruments     44,556       58,085  
Total current assets     186,627       231,313  
Property and equipment:                
Oil and natural gas properties, full-cost method                
Proved oil and natural gas properties     3,779,424       3,349,805  
Unproved properties     208,050       221,650  
Other property and equipment     12,779       11,291  
Total property and equipment     4,000,253       3,582,746  
Less: accumulated depletion, depreciation and amortization     (1,786,883 )     (1,564,475 )
Total property and equipment, net     2,213,370       2,018,271  
Other assets:                
Long-term derivative instruments     16,378       6,003  
Deferred tax asset     498,329       581,233  
Operating lease assets     760       6,099  
Other assets     19,531       22,778  
Total other assets     534,998       616,113  
Total assets   $ 2,934,995     $ 2,865,697  

 

Page 8


 

 

Consolidated Balance Sheets

(In thousands, except share data)

 

    September 30,
2025
    December 31,
2024
 
Liabilities, Mezzanine Equity and Stockholders’ Equity   (Unaudited)        
Current liabilities:            
Accounts payable and accrued liabilities   $ 313,900     $ 298,081  
Short-term derivative instruments     30,898       41,889  
Current portion of operating lease liabilities     747       5,538  
Total current liabilities     345,545       345,508  
Non-current liabilities:                
Long-term derivative instruments     29,864       35,081  
Asset retirement obligation     33,598       32,949  
Non-current operating lease liabilities     13       561  
Long-term debt     691,666       702,857  
Total non-current liabilities     755,141       771,448  
Total liabilities   $ 1,100,686     $ 1,116,956  
Commitments and contingencies (Note 9)                
Mezzanine equity:                
Preferred stock - $0.0001 par value, 110.0 thousand shares authorized, 0 issued and outstanding at September 30, 2025, and 37.3 thousand issued and outstanding at December 31, 2024           37,348  
Stockholders’ equity:                
Common stock - $0.0001 par value, 42.0 million shares authorized, 19.5 million issued and outstanding at September 30, 2025, and 17.8 million issued and outstanding at December 31, 2024     2       2  
Additional paid-in capital     3,101       129,059  
Retained earnings     1,833,145       1,582,332  
Treasury stock, at cost - 10.7 thousand shares at September 30, 2025 and 0 shares at December 31, 2024     (1,939 )      
Total stockholders’ equity   $ 1,834,309     $ 1,711,393  
Total liabilities, mezzanine equity and stockholders’ equity   $ 2,934,995     $ 2,865,697  

 

Page 9


 

 

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

(In thousands)

(Unaudited)

 

    Three Months
Ended
September 30,
2025
    Three Months
Ended
September 30,
2024
 
Cash flows from operating activities:            
Net income (loss)   $ 111,393     $ (13,967 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:                
Depletion, depreciation and amortization     83,216       82,825  
Impairment of oil and natural gas properties           30,487  
Loss on debt extinguishment           13,388  
Net gain on derivative instruments     (66,804 )     (37,965 )
Net cash receipts on settled derivative instruments     33,752       84,876  
Deferred income tax expense (benefit)     31,515       (3,833 )
Stock-based compensation expense     2,942       2,664  
Other, net     2,386       1,485  
Changes in operating assets and liabilities, net     10,678       29,738  
Net cash provided by operating activities     209,078       189,698  
Cash flows from investing activities:                
Additions to oil and natural gas properties     (129,899 )     (132,059 )
Proceeds from sale of oil and natural gas properties     150        
Other, net     (509 )     (494 )
Net cash used in investing activities     (130,258 )     (132,553 )
Cash flows from financing activities:                
Principal payments on Credit Facility     (580,000 )     (314,000 )
Borrowings on Credit Facility     576,000       214,000  
Issuance of 2029 Senior Notes           650,000  
Early retirement of 2026 Senior Notes           (524,298 )
Premium paid on 2026 Senior Notes           (12,941 )
Debt issuance costs and loan commitment fees           (14,714 )
Dividends on preferred stock           (1,093 )
Redemption of preferred stock     (31,374 )      
Repurchase of common stock under Repurchase Program     (43,523 )     (25,228 )
Repurchase of common stock under Repurchase Program - related party           (24,862 )
Shares exchanged for tax withholdings     (348 )     (2,022 )
Other, net     (2 )      
Net cash used in financing activities     (79,247 )     (55,158 )
Net change in cash and cash equivalents     (427 )     1,987  
Cash and cash equivalents at beginning of period     3,794       1,233  
Cash and cash equivalents at end of period   $ 3,367     $ 3,220  

 

Page 10


 

 

Consolidated Statement of Cash Flows: Nine months ended September 30, 2025

(In thousands)

(Unaudited)

 

    Nine Months
Ended
September 30,
2025
    Nine Months
Ended
September 30,
2024
 
Cash flows from operating activities:            
Net income   $ 295,395     $ 11,856  
Adjustments to reconcile net income to net cash provided by operating activities:                
Depletion, depreciation and amortization     222,481       241,401  
Impairment of oil and natural gas properties           30,487  
Loss on debt extinguishment           13,388  
Net gain on derivative instruments     (56,357 )     (74,487 )
Net cash receipts on settled derivative instruments     43,302       240,941  
Deferred income tax expense     82,904       3,433  
Stock-based compensation expense     9,245       8,410  
Other, net     6,236       4,509  
Changes in operating assets and liabilities, net     14,555       21,247  
Net cash provided by operating activities     617,761       501,185  
Cash flows from investing activities:                
Additions to oil and natural gas properties     (382,899 )     (376,910 )
Proceeds from sale of oil and natural gas properties     150        
Other, net     (1,474 )     (2,141 )
Net cash used in investing activities     (384,223 )     (379,051 )
Cash flows from financing activities:                
Principal payments on Credit Facility     (994,000 )     (825,000 )
Borrowings on Credit Facility     1,007,000       737,000  
Issuance of 2029 Senior Notes           650,000  
Early retirement of 2026 Senior Notes     (25,702 )     (524,298 )
Premium paid on 2026 Senior Notes           (12,941 )
Debt issuance costs and loan commitment fees           (14,820 )
Dividends on preferred stock     (1,666 )     (3,293 )
Redemption of preferred stock     (31,374 )      
Repurchase of common stock under Repurchase Program     (153,023 )     (64,021 )
Repurchase of common stock under Repurchase Program - related party     (15,000 )     (39,864 )
Net cash payments on performance vesting restricted stock units     (12,297 )      
Shares exchanged for tax withholdings     (5,576 )     (23,606 )
Other, net     (6 )      
Net cash used in financing activities     (231,644 )     (120,843 )
Net change in cash and cash equivalents     1,894       1,291  
Cash and cash equivalents at beginning of period     1,473       1,929  
Cash and cash equivalents at end of period   $ 3,367     $ 3,220  

 

Page 11


 

 

2025E Guidance

 

Gulfport’s 2025 guidance assumes commodity strip prices as of October 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  
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 base D&C     ~$355  
Maintenance leasehold and land     ~$35  
Total base capital expenditures     ~$390  
         
Discretionary appraisal capital     ~$30  
Discretionary development capital     ~$35  

 

(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 October 29, 2025:

 

    4Q2025     Full Year 2025(1)     Full Year
2026
    Full Year
2027
 
Natural Gas Contract Summary (NYMEX):                        
Fixed Price Swaps                        
Volume (BBtupd)     270       270       310       130  
Weighted Average Price ($/MMBtu)   $ 3.82     $ 3.82     $ 3.80     $ 3.94  
                                 
Fixed Price Collars                                
Volume (BBtupd)     240       240       150       110  
Weighted Average Floor Price ($/MMBtu)   $ 3.42     $ 3.42     $ 3.61     $ 3.75  
Weighted Average Ceiling Price ($/MMBtu)   $ 4.27     $ 4.27     $ 4.35     $ 4.27  
                                 
Fixed Price Calls Sold                                
Volume (BBtupd)     173       173              
Weighted Average Price ($/MMBtu)   $ 5.93     $ 5.93     $     $  
                                 
Basis Contract Summary:                                
Rex Zone 3 Basis                                
Volume (BBtupd)     110       110       80        
Differential ($/MMBtu)   $ (0.20 )   $ (0.20 )   $ (0.18 )   $  
                                 
Tetco M2 Basis                                
Volume (BBtupd)     230       230       170       40  
Differential ($/MMBtu)   $ (0.96 )   $ (0.96 )   $ (0.95 )   $ (0.93 )
                                 
NGPL TX OK Basis                                
Volume (BBtupd)     40       40       30       10  
Differential ($/MMBtu)   $ (0.29 )   $ (0.29 )   $ (0.30 )   $ (0.29 )
                                 
TGP 500 Basis                                
Volume (BBtupd)     20       20       20        
Differential ($/MMBtu)   $ 0.41     $ 0.41     $ 0.56     $  
                                 
Transco Station 85 Basis                                
Volume (BBtupd)     10       10       10        
Differential ($/MMBtu)   $ 0.45     $ 0.45     $ 0.56     $  
                                 
Oil Contract Summary (WTI):                                
Fixed Price Swaps                                
Volume (Bblpd)     3,000       3,000              
Weighted Average Price ($/Bbl)   $ 73.29     $ 73.29     $     $  
                                 
NGL Contract Summary:                                
C3 Propane Fixed Price Swaps                                
Volume (Bblpd)     3,000       3,000       2,496        
Weighted Average Price ($/Bbl)   $ 29.89     $ 29.89     $ 30.91     $  

 

(1) October 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.

 

Page 14


 

Definitions

 

Adjusted net income is a non-GAAP financial measure equal to net income (loss) less non-cash derivative loss (gain), impairment of oil and natural gas properties, non-recurring general and administrative expenses comprised of expenses related to the continued administration of our prior Chapter 11 filing, stock-based compensation expenses, loss on debt extinguishment, other non-material expenses and the tax effect of the adjustments to net income (loss).

 

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, impairment 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, loss on debt extinguishment 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 15


 

 

Adjusted Net Income: Three months ended September 30, 2025

(In thousands)

(Unaudited)

 

    Three Months
Ended
September 30,
2025
    Three Months
Ended
September 30,
2024
 
             
Net Income (Loss) (GAAP)   $ 111,393     $ (13,967 )
                 
Adjustments:                
Non-cash derivative (gain) loss     (33,052 )     46,911  
Impairment of oil and natural gas properties           30,487  
Non-recurring general and administrative expense     407       33  
Stock-based compensation expense     2,942       2,664  
Loss on debt extinguishment           13,388  
Other, net     2,596       3,133  
Tax effect of adjustments(1)     5,964       (20,801 )
Adjusted Net Income (Non-GAAP)   $ 90,250     $ 61,848  

 

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

 

Page 16


 

 

Adjusted Net Income: Nine months ended September 30, 2025

(In thousands)

(Unaudited)

 

    Nine Months
Ended
September 30,
2025
    Nine Months
Ended
September 30,
2024
 
             
Net Income (GAAP)   $ 295,395     $ 11,856  
                 
Adjustments:                
Non-cash derivative (gain) loss     (13,055 )     166,454  
Impairment of oil and natural gas properties           30,487  
Non-recurring general and administrative expense     1,438       1,561  
Stock-based compensation expense     9,245       8,410  
Loss on debt extinguishment           13,388  
Other, net     2,795       3,530  
Tax effect of adjustments(1)     (93 )     (50,272 )
Adjusted Net Income (Non-GAAP)   $ 295,725     $ 185,414  

 

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

 

Page 17


 

 

Adjusted EBITDA: Three months ended September 30, 2025

(In thousands)

(Unaudited)

 

    Three Months
Ended
September 30,
2025
    Three Months
Ended
September 30,
2024
 
             
Net Income (Loss) (GAAP)   $ 111,393     $ (13,967 )
                 
Adjustments:                
Interest expense     13,590       15,866  
Income tax expense (benefit)     31,410       (3,833 )
DD&A, impairment and accretion     83,813       113,895  
Non-cash derivative (gain) loss     (33,052 )     46,911  
Non-recurring general and administrative expenses     407       33  
Stock-based compensation expense     2,942       2,664  
Loss on debt extinguishment           13,388  
Other, net     2,596       3,133  
Adjusted EBITDA (Non-GAAP)   $ 213,099     $ 178,090  

 

Page 18


 

 

Adjusted EBITDA: Nine months ended September 30, 2025

(In thousands)

(Unaudited)

 

    Nine Months
Ended
September 30,
2025
    Nine Months
Ended
September 30,
2024
 
             
Net Income (GAAP)   $ 295,395     $ 11,856  
                 
Adjustments:                
Interest expense     40,677       46,027  
Income tax expense     82,904       3,433  
DD&A, impairment and accretion     224,283       273,593  
Non-cash derivative (gain) loss     (13,055 )     166,454  
Non-recurring general and administrative expenses     1,438       1,561  
Stock-based compensation expense     9,245       8,410  
Loss on debt extinguishment           13,388  
Other, net     2,795       3,530  
Adjusted EBITDA (Non-GAAP)   $ 643,682     $ 528,252  

 

Page 19


 

 

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

(In thousands)

(Unaudited)

 

    Three Months
Ended
September 30,
2025
    Three Months
Ended
September 30,
2024
 
             
Net cash provided by operating activity (GAAP)   $ 209,078     $ 189,698  
Adjustments:                
Interest expense     13,590       15,866  
Non-recurring general and administrative expenses     407       33  
Current income tax expense     (105 )      
Other, net     807       2,231  
Changes in operating assets and liabilities, net:                
Accounts receivable - oil, natural gas, and natural gas liquids sales     (6,624 )     (5,415 )
Accounts receivable - joint interest and other     (3,838 )     (6,936 )
Accounts payable and accrued liabilities     283       (15,900 )
Prepaid expenses     (457 )     (1,499 )
Other assets     (42 )     12  
Total changes in operating assets and liabilities, net   $ (10,678 )   $ (29,738 )
Adjusted EBITDA (Non-GAAP)   $ 213,099     $ 178,090  
Interest expense     (13,590 )     (15,866 )
Current income tax expense     105        
Capitalized expenses incurred(1)     (6,325 )     (6,413 )
Capital expenditures incurred(2,3,4)     (89,853 )     (83,254 )
Adjusted free cash flow (Non-GAAP)   $ 103,436     $ 72,557  

 

(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 September 30, 2025, includes $1.9 million and $0.7 million of non-D&C capital and non-operated capital expenditures, respectively. Additionally, excludes targeted discretionary acreage acquisitions of $8.9 million that the Company has guided to an anticipated total of $75 - $100 million of discretionary acreage acquisitions.
(4) For the three months ended September 30, 2024, includes $0.8 million and $0.8 million of non-D&C capital and non-operated capital expenditures, respectively. Additionally, excludes targeted discretionary acreage acquisitions of $19.8 million.

 

Page 20


 

 

Adjusted Free Cash Flow: Nine months ended September 30, 2025

(In thousands)

(Unaudited)

 

    Nine Months
Ended
September 30,
2025
    Nine Months
Ended
September 30,
2024
 
             
Net cash provided by operating activity (GAAP)   $ 617,761     $ 501,185  
Adjustments:                
Interest expense     40,677       46,027  
Non-recurring general and administrative expenses     1,438       1,561  
Current income tax expense            
Other, net     (1,639 )     726  
Changes in operating assets and liabilities, net:                
Accounts receivable - oil, natural gas, and natural gas liquids sales     (33,952 )     (33,548 )
Accounts receivable - joint interest and other     (817 )     (7,947 )
Accounts payable and accrued liabilities     17,612       21,117  
Prepaid expenses     2,603       (850 )
Other assets     (1 )     (19 )
Total changes in operating assets and liabilities, net   $ (14,555 )   $ (21,247 )
Adjusted EBITDA (Non-GAAP)   $ 643,682     $ 528,252  
Interest expense     (40,677 )     (46,027 )
Current income tax expense            
Capitalized expenses incurred(1)     (18,762 )     (17,991 )
Capital expenditures incurred(2,3,4)     (379,615 )     (332,633 )
Adjusted free cash flow (Non-GAAP)   $ 204,628     $ 131,601  

 

(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 nine months ended September 30, 2025, includes $6.2 million and $2.2 million of non-D&C capital and non-operated capital expenditures, respectively. Additionally, excludes targeted discretionary acreage acquisitions of $15.7 million that the Company has guided to an anticipated total of $75 - $100 million of discretionary acreage acquisitions.
(4) For the nine months ended September 30, 2024, includes $3.7 million and $2.4 million of non-D&C capital and non-operated capital expenditures, respectively. Additionally, excludes targeted discretionary acreage acquisitions of $38.8 million.

 

Page 21


 

 

Recurring General and Administrative Expenses:

Three months ended September 30, 2025

(In thousands)

(Unaudited)

 

    Three Months Ended September 30, 2025     Three Months Ended September 30, 2024  
    Cash     Non-Cash     Total     Cash     Non-Cash     Total  
                                     
General and administrative expense (GAAP)   $ 8,893     $ 2,942     $ 11,835     $ 7,815     $ 2,664     $ 10,479  
Capitalized general and administrative expense     4,789       1,449       6,238       5,183       1,312       6,495  
Non-recurring general and administrative expense     (407 )           (407 )     (33 )           (33 )
Recurring general and administrative before capitalization (Non-GAAP)   $ 13,275     $ 4,391     $ 17,666     $ 12,965     $ 3,976     $ 16,941  

 

Page 22


 

 

Recurring General and Administrative Expenses:

Nine months ended September 30, 2025

(In thousands)

(Unaudited)

 

    Nine Months Ended September 30, 2025     Nine Months Ended September 30, 2024  
    Cash     Non-Cash     Total     Cash     Non-Cash     Total  
                                     
General and administrative expense (GAAP)   $ 22,517     $ 9,245     $ 31,762     $ 22,019     $ 8,410     $ 30,429  
Capitalized general and administrative expense     14,350       4,554       18,904       14,388       4,142       18,530  
Non-recurring general and administrative expense     (1,438 )           (1,438 )     (1,561 )           (1,561 )
Recurring general and administrative before capitalization (Non-GAAP)   $ 35,429     $ 13,799     $ 49,228     $ 34,846     $ 12,552     $ 47,398  

 

Page 23