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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): February 24, 2026

 

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

 

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 February 24, 2026, Gulfport Energy Corporation (“Gulfport”) issued a press release reporting its financial and operating results for the three months and full year ended December 31, 2025, and provided its 2026 operational and financial guidance. 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 February 24, 2026, 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 February 24, 2026 entitled “Gulfport Energy Reports Fourth Quarter and Full Year 2025 Financial and Operating Results and Provides 2026 Operational and Financial Guidance.”
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: February 24, 2026 By: /s/ Michael Hodges
    Michael Hodges
    Chief Financial Officer

 

2

 

EX-99.1 2 ea027811201ex99-1_gulfport.htm PRESS RELEASE DATED FEBRUARY 24, 2026 ENTITLED "GULFPORT ENERGY REPORTS FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL AND OPERATING RESULTS AND PROVIDES 2026 OPERATIONAL AND FINANCIAL GUIDANCE."

Exhibit 99.1

 

 

Gulfport Energy Reports Fourth Quarter and Full Year 2025 Financial and Operating Results and Provides 2026 Operational and Financial Guidance

 

OKLAHOMA CITY (February 24, 2026) Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today reported financial and operating results for the three and twelve months ended December 31, 2025 and provided its 2026 outlook.

 

Full Year 2026 Outlook

 

Adjusted free cash flow expected to grow meaningfully, driven by disciplined, return-focused capital allocation that prioritizes highest-return development opportunities
     
Continue accretive discretionary acreage acquisitions, with previously announced program investment achieving approximately $100 million by the end of first quarter 2026, including $62.9 million deployed at year-end 2025
     
Enhance shareholder returns through common stock repurchases, supported by adjusted free cash flow and revolver capacity while maintaining leverage at approximately 1.0x or below
     
Forecast fourth quarter 2026 net daily equivalent production to grow approximately 5% compared to fourth quarter 2025
     
Estimate net daily liquids production to increase approximately 5%(1) compared to full year 2025, with a range of 18.0 to 21.0 MBbl per day
     
Expect full year net daily equivalent production in the range of 1.030 to 1.055 Bcfe per day, including impacts from known production downtime and Winter Storm Fern
     
Plan total capital expenditures of $400 million to $430 million, including $35 million to $40 million on maintenance land and seismic investments

 

“As we enter 2026, we remained focused on prioritizing our most attractive opportunities and allocating capital designed to maximize value across our asset portfolio. The 2026 development plan centers on both dry gas and wet gas activity, our highest-return areas in the current commodity environment and positions the Company for enhanced adjusted free cash flow generation at recent strip pricing. Our announced guidance also includes approximately $15 million of workover capital targeting base production improvements across both basins, as well as an incremental $10 million in the Marcellus to initiate activity in the northern portion of the play. This Marcellus North activity is aimed at evaluating phase window and production mix, which will support future development planning across our substantial inventory position in Jefferson and Belmont Counties. We continue to believe the most attractive uses of our available adjusted free cash flow are discretionary acreage acquisitions and the repurchase of our common stock. The expanded previously announced program is expected to add more than two years of additional inventory upon completion in the first quarter of 2026. Supported by our strong balance sheet and liquidity position, we expect to maintain an active repurchase program throughout 2026, utilizing adjusted free cash flow and available capacity on our revolving credit facility while maintaining leverage at approximately 1.0x or below. With this framework in place, we plan to repurchase more than $140 million of our outstanding common stock during the first quarter of 2026,” commented John Reinhart, President and CEO.

 

 


 

Fourth Quarter 2025

 

  Delivered total net production of 1.10 Bcfe per day, an increase of 4% over fourth quarter 2024
     
  Produced total net liquids production of 18.2 MBbl per day, an increase of 12% over fourth quarter 2024
     
  Incurred base capital expenditures of $36.4 million, which includes $25.0 million of base operated D&C capital expenditures and $11.4 million of maintenance land and leasehold spending
     
  Invested incremental $55.7 million on discretionary appraisal and development capital expenditures
     
  Reported $132.4 million of net income and $234.8 million of adjusted EBITDA(2)
     
  Generated $185.4 million of net cash provided by operating activities and $120.2 million of adjusted free cash flow(2)
     
  Completed opportunistic discretionary acreage acquisitions totaling $47.2 million
     
  Repurchased approximately 664.7 thousand shares of common stock for approximately $135.0 million

 

Full Year 2025 Highlights

 

  Delivered total net production of 1.04 Bcfe per day, in line with full year 2024
     
  Produced total net liquids production of 18.7 MBbl per day, an increase of approximately 29% over full year 2024
     
  Incurred base capital expenditures of $389.1 million, which includes $354.3 million of base operated D&C capital expenditures and $34.8 million of maintenance land and leasehold spending
     
  Allocated $37.5 million toward discretionary appraisal projects, including the successful development of the Company’s first U-development in the Utica
     
  Invested $36.7 million toward discretionary development activity that is anticipated to mitigate known production impacts in early 2026
     
  Reported $427.8 million of net income and $878.5 million of adjusted EBITDA(2)
     
  Generated $803.2 million of net cash provided by operating activities and $324.7 million of adjusted free cash flow(2)
     
  Maintained a strong balance sheet and low financial leverage, with liquidity at December 31, 2025 totaling $806.1 million
     
  Expanded common stock repurchase authorization by 50% to a total of $1.5 billion, with approximately $579.6 million remaining at December 31, 2025
     
  Repurchased approximately 1.8 million shares of common stock (including preferred stock on an as-converted basis) for approximately $336.3 million, including the optional redemption of all the Company’s outstanding preferred stock for approximately $31.3 million

 

2


 

  Completed opportunistic discretionary acreage acquisitions totaling $62.9 million
     
  Expanded undeveloped Marcellus inventory through delineation and development, capturing significant value and growing Marcellus inventory to more than four years at current development pace
     
  Completed successful U-development in the Utica, unlocking 20 gross high-return Utica dry gas locations

 

Reinhart continued, “Gulfport delivered another year of strong operational and financial performance in 2025, while strategically expanding our high-quality resource base and remaining consistent in our commitment to returning capital to shareholders. The continued expansion of our inventory is driven by our targeted discretionary acreage acquisitions and further bolstered by our development efforts in the Marcellus and the successful execution of U-development on our Utica position. These additions unlock substantial value across our core assets, improving our gross inventory by more than 40% since 2022 and bringing our total net inventory to roughly 15 years with break-evens below $2.50 per MMBtu. After accounting for adjusted free cash flow utilized for discretionary acreage acquisitions, the Company returned more than 100% of our adjusted free cash flow to shareholders through common stock repurchases during 2025, all while maintaining a solid financial position with leverage below 1.0x at year-end.”

 

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

 

1. Assumes midpoint of 2026 guidance.
     
2. 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 full year of 2025:

 

    Year Ended December 31, 2025  
    Gross     Net     Lateral Length  
Spud                  
Utica     24       23.9       13,400  
SCOOP                  
                         
Drilled                        
Utica     27       26.9       13,700  
SCOOP     2       1.8       11,500  
                         
Completed                        
Utica     32       31.9       13,600  
SCOOP     2       1.8       11,500  
                         
Turned-to-Sales                        
Utica     30       30.0       13,800  
SCOOP     2       1.8       11,500  

 

3


 

Gulfport’s net daily production for the full year of 2025 averaged 1.04 Bcfe per day, primarily consisting of 841.5 MMcfe per day in the Utica and Marcellus and 197.4 MMcfe per day in the SCOOP. For the full year of 2025, Gulfport’s net daily production mix was comprised of approximately 89% natural gas, 7% natural gas liquids (“NGL”) and 4% oil and condensate.

 

    Three Months Ended
December 31,
2025
    Three Months Ended
December 31,
2024
    Year Ended
December 31,
2025
    Year Ended
December 31,
2024
 
Production                                
Natural gas (Mcf/day)     988,107       958,075       926,837       967,633  
Oil and condensate (Bbl/day)     4,752       5,229       6,193       3,986  
NGL (Bbl/day)     13,467       11,004       12,477       10,431  
Total (Mcfe/day)     1,097,422       1,055,472       1,038,854       1,054,136  
Average Prices                                
Natural gas:                                
Average price without the impact of derivatives ($/Mcf)   $ 3.27     $ 2.51     $ 3.12     $ 2.02  
Impact from settled derivatives ($/Mcf)   $ 0.09     $ 0.48     $ 0.14     $ 0.80  
Average price, including settled derivatives ($/Mcf)   $ 3.36     $ 2.99     $ 3.26     $ 2.82  
Oil and condensate:                                
Average price without the impact of derivatives ($/Bbl)   $ 53.61     $ 65.05     $ 59.12     $ 69.64  
Impact from settled derivatives ($/Bbl)   $ 8.93     $ 0.70     $ 4.04     $ 0.11  
Average price, including settled derivatives ($/Bbl)   $ 62.54     $ 65.75     $ 63.16     $ 69.75  
NGL:                                
Average price without the impact of derivatives ($/Bbl)   $ 28.38     $ 31.59     $ 29.30     $ 29.56  
Impact from settled derivatives ($/Bbl)   $ 0.81     $ (0.61 )   $ (0.07 )   $ (0.56 )
Average price, including settled derivatives ($/Bbl)   $ 29.19     $ 30.98     $ 29.23     $ 29.00  
Total:                                
Average price without the impact of derivatives ($/Mcfe)   $ 3.52     $ 2.93     $ 3.49     $ 2.41  
Impact from settled derivatives ($/Mcfe)   $ 0.13     $ 0.43     $ 0.15     $ 0.73  
Average price, including settled derivatives ($/Mcfe)   $ 3.65     $ 3.36     $ 3.64     $ 3.14  
Selected operating metrics                                
Lease operating expenses ($/Mcfe)   $ 0.25     $ 0.20     $ 0.22     $ 0.18  
Taxes other than income ($/Mcfe)   $ 0.08     $ 0.08     $ 0.08     $ 0.08  
Transportation, gathering, processing and compression expense  ($/Mcfe)   $ 0.92     $ 0.91     $ 0.95     $ 0.91  
Recurring cash general and administrative expenses ($/Mcfe) (non-GAAP)   $ 0.12     $ 0.15     $ 0.13     $ 0.13  
Interest expenses ($/Mcfe)   $ 0.13     $ 0.14     $ 0.14     $ 0.16  

 

Capital Investment

 

Capital investment was $463.2 million (on an incurred basis) for the full year of 2025, of which $428.4 million related to drilling and completion (“D&C”) activity and $34.8 million related to maintenance leasehold and land investment. This includes $37.5 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 $36.7 million on discretionary development activity.

 

Gulfport also invested approximately $62.9 million in discretionary acreage acquisitions and incurred approximately $4.1 million related to non-operated drilling and completion activities.

 

4


 

Stock Repurchase Program

 

Gulfport repurchased approximately 664.7 thousand shares of common stock during the fourth quarter for approximately $135.0 million. As of December 31, 2025, the Company had repurchased approximately 7.4 million shares of common stock (including the underlying shares of common stock into which the preferred stock was convertible) at a weighted average price of $125.19 per share since the program initiated in March 2022, totaling approximately $920.4 million in aggregate. As of December 31, 2025, the Company currently has approximately $579.6 million of remaining capacity under the share repurchase program.

 

Financial Position and Liquidity

 

As of December 31, 2025, Gulfport had approximately $1.8 million of cash and cash equivalents, $147.0 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 December 31, 2025, totaled approximately $806.1 million, comprised of the $1.8 million of cash and cash equivalents and approximately $804.3 million of available borrowing capacity under its revolving credit facility.

 

2026 Guidance

 

Gulfport released operational guidance and outlook for the full year 2026, including full year expense estimates and projections for production and capital expenditures. Gulfport’s 2026 guidance assumes commodity strip prices as of February 2, 2026, adjusted for applicable commodity and location differentials, and no property acquisitions or divestitures.

 

    Year Ending  
    December 31, 2026  
    Low     High  
Production            
Average daily gas equivalent (Bcfe/day)     1.030       1.055  
Average daily liquids production (MBbl/day)     18.0       21.0  
% Gas     ~89%  
                 
Realizations (before hedges)                
Natural gas (differential to NYMEX settled price) ($/Mcf)   $ (0.15 )   $ (0.30 )
NGL (% of WTI)     40 %     50 %
Oil (differential to NYMEX WTI) ($/Bbl)   $ (6.00 )   $ (7.00 )
                 
Expenses                
Lease operating expense ($/Mcfe)   $ 0.21     $ 0.25  
Taxes other than income ($/Mcfe)   $ 0.07     $ 0.09  
Transportation, gathering, processing and compression ($/Mcfe)   $ 0.95     $ 1.00  
Recurring cash general and administrative(1,2)  ($/Mcfe)   $ 0.12     $ 0.14  

 

    Total  
    (in millions)  
Capital expenditures (incurred)      
Operated D&C   $ 365     $ 390  
Maintenance land and seismic   $ 35     $ 40  
Total capital expenditures   $ 400     $ 430  

 

(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.

 

5


 

Derivatives

 

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

 

Estimated Proved Reserves

 

Gulfport reported year end 2025 total proved reserves of 4.3 Tcfe, consisting of 3.6 Tcf of natural gas, 23.9 MMBbls of oil and 82.8 MMBbls of natural gas liquids. Gulfport’s year end 2025 total proved reserves increased approximately 7% when compared to its 2024 total proved reserves. Proved developed reserves totaled approximately 2,404 Bcfe as of December 31, 2025 or approximately 57% of Gulfport’s proved reserves. Proved undeveloped reserves totaled approximately 1,848 Bcfe as of December 31, 2025.

 

The table below provides information regarding the components driving the 2025 net proved reserve adjustments:

 

    Total (Bcfe)  
Proved Reserves, December 31, 2024     3,969  
Extensions and discoveries     701  
Revisions of prior reserve estimates     (38 )
Current production     (379 )
Proved Reserves, December 31, 2025     4,253  
Total may not sum due to rounding.        

 

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

 

    December 31, 2025  
    Proved Developed     Proved Undeveloped     Total Proved  
    ($ in millions)  
Estimated future net revenue(1)   $ 3,816     $ 3,145     $ 6,961  
Present value of estimated future net revenue (PV-10)(1)   $ 2,291     $ 1,331     $ 3,622  
Standardized measure(1)                   $ 3,403  
Totals may not sum due to rounding.                        

 

 

(1) Estimated future net revenue represents the estimated future revenue to be generated from the production of proved reserves, net of estimated production and future development costs, using prices and costs under existing economic conditions as of December 31, 2025, and assuming commodity prices as set forth below. For the purpose of determining prices used in our reserve reports, we used the unweighted arithmetic average of the prices on the first day of each month within the 12-month period ended December 31, 2025. The prices used in our PV-10 measure were the average WTI Spot price of $66.01 per barrel and the average Henry Hub Spot price of $3.39 per MMBtu, before basis differential adjustments. These prices should not be interpreted as a prediction of future prices, nor do they reflect the value of our commodity derivative instruments in place as of December 31, 2025. The amounts shown do not give effect to non-property-related expenses, such as corporate general and administrative expenses and debt service, or to depreciation, depletion and amortization. The present value of estimated future net revenue typically differs from the standardized measure because the former does not include the effects of estimated future income tax expense of $219 million as of December 31, 2025.

 

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

 

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

 

6


 

Fourth Quarter and Full Year 2025 Conference Call

 

Gulfport will host a teleconference and webcast to discuss its fourth quarter and full year 2025 results, as well as its 2026 outlook, beginning at 10:00 a.m. ET (9:00 a.m. CT) on Wednesday, February 25, 2026.

 

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 February 25, 2026 to March 11, 2026, by calling 877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13756501. 

 

Financial Statements and Guidance Documents

 

Fourth quarter and full year 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.

 

7


 

Forward Looking Statements

 

This press release includes “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements other than statements of historical fact. They include statements regarding Gulfport’s current expectations, management’s outlook guidance or forecasts of future events, projected cash flow and liquidity, inflation, share repurchases and other return of capital plans, its ability to enhance cash flow and financial flexibility, future production and commodity mix, plans and objectives for future operations, the ability of our employees, portfolio strength and operational leadership to create long-term value and the assumptions on which such statements are based. Gulfport believes the expectations and forecasts reflected in the forward-looking statements are reasonable, Gulfport can give no assurance they will prove to have been correct. They can be affected by inaccurate or changed assumptions or by known or unknown risks and uncertainties. Important risks, assumptions and other important factors that could cause future results to differ materially from those expressed in the forward-looking statements are described under “Risk Factors” in Item 1A of Gulfport’s annual report on Form 10-K for the year ended December 31, 2025 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

 

8

 

EX-99.2 3 ea027811201ex99-2_gulfport.htm SUPPLEMENTAL FINANCIAL INFORMATION

Exhibit 99.2

 

 

Year ended December 31, 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
2026E 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

 

Page 1


 

Production Volumes by Asset Area : Quarter ended, December 31, 2025

 

Production Volumes

 

    Three Months Ended
December 31,
2025
    Three Months Ended
December 31,
2024
 
Natural gas (Mcf/day)            
Utica & Marcellus     849,182       790,745  
SCOOP     138,925       167,330  
Total     988,107       958,075  
Oil and condensate (Bbl/day)                
Utica & Marcellus     3,464       3,800  
SCOOP     1,288       1,429  
Total     4,752       5,229  
NGL (Bbl/day)                
Utica & Marcellus     7,435       3,875  
SCOOP     6,032       7,129  
Total     13,467       11,004  
Combined (Mcfe/day)                
Utica & Marcellus     914,575       836,798  
SCOOP     182,847       218,674  
Total     1,097,422       1,055,472  

 

Totals may not sum or recalculate due to rounding.

 

Page 2


 

Production Volumes by Asset Area : Year ended, December 31, 2025

 

Production Volumes

 

    Year Ended
December 31,
2025
    Year Ended
December 31,
2024
 
Natural gas (Mcf/day)            
Utica & Marcellus     777,170       810,242  
SCOOP     149,667       157,391  
Total     926,837       967,633  
Oil and condensate (Bbl/day)                
Utica & Marcellus     4,737       2,314  
SCOOP     1,456       1,672  
Total     6,193       3,986  
NGL (Bbl/day)                
Utica & Marcellus     5,980       2,928  
SCOOP     6,497       7,503  
Total     12,477       10,431  
Combined (Mcfe/day)                
Utica & Marcellus     841,471       841,695  
SCOOP     197,383       212,441  
Total     1,038,854       1,054,136  

 

Totals may not sum or recalculate due to rounding.

 

Page 3


 

Production and Pricing : Quarter ended, December 31, 2025

 

The following table summarizes production and related pricing for the quarter ended December 31, 2025, as compared to such data for the quarter ended December 31, 2024:

 

    Three Months Ended
December 31,
2025
    Three Months Ended December 31,
2024
 
Natural gas sales            
Natural gas production volumes (MMcf)     90,906       88,143  
Natural gas production volumes (MMcf) per day     988       958  
Total sales   $ 296,886     $ 221,554  
Average price without the impact of derivatives ($/Mcf)   $ 3.27     $ 2.51  
Impact from settled derivatives ($/Mcf)   $ 0.09     $ 0.48  
Average price, including settled derivatives ($/Mcf)   $ 3.36     $ 2.99  
                 
Oil and condensate sales                
Oil and condensate production volumes (MBbl)     437       481  
Oil and condensate production volumes (MBbl) per day     5       5  
Total sales   $ 23,436     $ 31,294  
Average price without the impact of derivatives ($/Bbl)   $ 53.61     $ 65.05  
Impact from settled derivatives ($/Bbl)   $ 8.93     $ 0.70  
Average price, including settled derivatives ($/Bbl)   $ 62.54     $ 65.75  
                 
NGL sales                
NGL production volumes (MBbl)     1,239       1,012  
NGL production volumes (MBbl) per day     13       11  
Total sales   $ 35,167     $ 31,985  
Average price without the impact of derivatives ($/Bbl)   $ 28.38     $ 31.59  
Impact from settled derivatives ($/Bbl)   $ 0.81     $ (0.61 )
Average price, including settled derivatives ($/Bbl)   $ 29.19     $ 30.98  
                 
Natural gas, oil and condensate and NGL sales                
Natural gas equivalents (MMcfe)     100,963       97,103  
Natural gas equivalents (MMcfe) per day     1,097       1,055  
Total sales   $ 355,489     $ 284,833  
Average price without the impact of derivatives ($/Mcfe)   $ 3.52     $ 2.93  
Impact from settled derivatives ($/Mcfe)   $ 0.13     $ 0.43  
Average price, including settled derivatives ($/Mcfe)   $ 3.65     $ 3.36  
                 
Production Costs:                
Average lease operating expenses ($/Mcfe)   $ 0.25     $ 0.20  
Average taxes other than income ($/Mcfe)   $ 0.08     $ 0.08  
Average transportation, gathering, processing and compression ($/Mcfe)   $ 0.92     $ 0.91  
Total lease operating expenses, midstream costs and production taxes ($/Mcfe)   $ 1.25     $ 1.19  

 

Page 4


 

Production and Pricing : Year ended, December 31, 2025

 

The following table summarizes production and related pricing for the year ended December 31, 2025, as compared to such data for the year ended December 31, 2024:

 

    Year Ended
December 31,
2025
    Year Ended December 31,
2024
 
Natural gas sales            
Natural gas production volumes (MMcf)     338,296       354,154  
Natural gas production volumes (MMcf) per day     927       968  
Total sales   $ 1,056,429     $ 714,160  
Average price without the impact of derivatives ($/Mcf)   $ 3.12     $ 2.02  
Impact from settled derivatives ($/Mcf)   $ 0.14     $ 0.80  
Average price, including settled derivatives ($/Mcf)   $ 3.26     $ 2.82  
                 
Oil and condensate sales                
Oil and condensate production volumes (MBbl)     2,260       1,459  
Oil and condensate production volumes (MBbl) per day     6       4  
Total sales   $ 133,644     $ 101,589  
Average price without the impact of derivatives ($/Bbl)   $ 59.12     $ 69.64  
Impact from settled derivatives ($/Bbl)   $ 4.04     $ 0.11  
Average price, including settled derivatives ($/Bbl)   $ 63.16     $ 69.75  
                 
NGL sales                
NGL production volumes (MBbl)     4,554       3,818  
NGL production volumes (MBbl) per day     12       10  
Total sales   $ 133,454     $ 112,855  
Average price without the impact of derivatives ($/Bbl)   $ 29.30     $ 29.56  
Impact from settled derivatives ($/Bbl)   $ (0.07 )   $ (0.56 )
Average price, including settled derivatives ($/Bbl)   $ 29.23     $ 29.00  
                 
Natural gas, oil and condensate and NGL sales                
Natural gas equivalents (MMcfe)     379,182       385,814  
Natural gas equivalents (MMcfe) per day     1,039       1,054  
Total sales   $ 1,323,527     $ 928,604  
Average price without the impact of derivatives ($/Mcfe)   $ 3.49     $ 2.41  
Impact from settled derivatives ($/Mcfe)   $ 0.15     $ 0.73  
Average price, including settled derivatives ($/Mcfe)   $ 3.64     $ 3.14  
                 
Production Costs:                
Average lease operating expenses ($/Mcfe)   $ 0.22     $ 0.18  
Average taxes other than income ($/Mcfe)   $ 0.08     $ 0.08  
Average transportation, gathering, processing and compression ($/Mcfe)   $ 0.95     $ 0.91  
Total lease operating expenses, midstream costs and production taxes ($/Mcfe)   $ 1.25     $ 1.17  

 

Totals may not sum or recalculate due to rounding.

 

Page 5


 

Consolidated Statements of Income: Quarter ended, December 31, 2025

 

(In thousands, except per share data)

(Unaudited)

 

    Three Months Ended
December 31,
2025
    Three Months Ended
December 31,
2024
 
REVENUES:            
Natural gas sales   $ 296,886     $ 221,554  
Oil and condensate sales     23,436       31,294  
Natural gas liquid sales     35,167       31,985  
Net gain (loss) on natural gas, oil and NGL derivatives     42,699       (44,960 )
Total revenues     398,188       239,873  
OPERATING EXPENSES:                
Lease operating expenses     25,538       19,269  
Taxes other than income     7,801       7,626  
Transportation, gathering, processing and compression     93,170       88,189  
Depreciation, depletion and amortization     81,681       84,322  
Impairment of oil and natural gas properties           342,727  
General and administrative expenses     10,726       12,129  
Accretion expense     619       602  
Total operating expenses     219,535       554,864  
INCOME (LOSS) FROM OPERATIONS     178,653       (314,991 )
OTHER EXPENSE (INCOME):                
Interest expense     13,600       13,955  
Other, net     47       3,806  
Total other expense     13,647       17,761  
INCOME (LOSS) BEFORE INCOME TAXES     165,006       (332,752 )
INCOME TAX EXPENSE (BENEFIT):                
Current            
Deferred     32,591       (59,510 )
Total income tax expense (benefit)     32,591       (59,510 )
NET INCOME (LOSS)     132,415       (273,242 )
Dividends on preferred stock           (937 )
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS   $ 132,415     $ (274,179 )
NET INCOME (LOSS) PER COMMON SHARE:                
Basic   $ 6.90     $ (15.40 )
Diluted   $ 6.83     $ (15.40 )
Weighted average common shares outstanding—Basic     19,178       17,803  
Weighted average common shares outstanding—Diluted     19,392       17,803  

 

Page 6


 

Consolidated Statements of Income: Year ended, December 31, 2025

 

(In thousands, except per share data)

(Unaudited)

 

    Year Ended
December 31,
2025
    Year Ended
December 31,
2024
 
REVENUES:            
Natural gas sales   $ 1,056,429     $ 714,160  
Oil and condensate sales     133,644       101,589  
Natural gas liquid sales     133,454       112,855  
Net gain on natural gas, oil and NGL derivatives     99,056       29,527  
Total revenues     1,422,583       958,131  
OPERATING EXPENSES:                
Lease operating expenses     84,242       70,112  
Taxes other than income     29,908       29,737  
Transportation, gathering, processing and compression     358,938       351,237  
Depreciation, depletion and amortization     304,162       325,723  
Impairment of oil and natural gas properties           373,214  
General and administrative expenses     42,488       42,558  
Accretion expense     2,421       2,307  
Total operating expenses     822,159       1,194,888  
INCOME (LOSS) FROM OPERATIONS     600,424       (236,757 )
OTHER EXPENSE:                
Interest expense     54,277       59,982  
Loss on debt extinguishment           13,388  
Other, net     2,842       7,336  
Total other expense     57,119       80,706  
INCOME (LOSS) BEFORE INCOME TAXES     543,305       (317,463 )
INCOME TAX EXPENSE (BENEFIT):                
Current            
Deferred     115,495       (56,077 )
Total income tax expense (benefit)     115,495       (56,077 )
NET INCOME (LOSS)     427,810       (261,386 )
Dividends on preferred stock     (1,666 )     (4,230 )
Deemed dividend on preferred stock     (29,986 )      
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS   $ 396,158     $ (265,616 )
NET INCOME (LOSS) PER COMMON SHARE:                
Basic   $ 21.74     $ (14.72 )
Diluted   $ 21.48     $ (14.72 )
Weighted average common shares outstanding—Basic     18,223       18,050  
Weighted average common shares outstanding—Diluted     18,440       18,050  

 

Page 7


 

Consolidated Balance Sheets

 

(In thousands, except share data)

(Unaudited)

 

    December 31,
2025
    December 31,
2024
 
Assets            
Current assets:            
Cash and cash equivalents   $ 1,813     $ 1,473  
Accounts receivable—oil, natural gas, and natural gas liquids sales     184,649       155,942  
Accounts receivable—joint interest and other     9,282       8,727  
Prepaid expenses and other current assets     7,952       7,086  
Short-term derivative instruments     45,155       58,085  
Total current assets     248,851       231,313  
Property and equipment:                
Oil and natural gas properties, full-cost method                
Proved oil and natural gas properties     3,902,539       3,349,805  
Unproved properties     232,959       221,650  
Other property and equipment     13,008       11,291  
Total property and equipment     4,148,506       3,582,746  
Less: accumulated depletion, depreciation, amortization and impairment     (1,868,481 )     (1,564,475 )
Total property and equipment, net     2,280,025       2,018,271  
Other assets:                
Long-term derivative instruments     15,303       6,003  
Deferred tax asset     465,738       581,233  
Operating lease assets     561       6,099  
Other assets     19,062       22,778  
Total other assets     500,664       616,113  
Total assets   $ 3,029,540     $ 2,865,697  

 

Page 8


 

Consolidated Balance Sheets

 

(In thousands, except share data)

(Unaudited)

 

    December 31,
2025
    December 31,
2024
 
Liabilities, Mezzanine Equity and Stockholders’ Equity            
Current liabilities:            
Accounts payable and accrued liabilities   $ 342,382     $ 298,081  
Short-term derivative instruments     21,865       41,889  
Current portion of operating lease liabilities     550       5,538  
Total current liabilities     364,797       345,508  
Non-current liabilities:                
Long-term derivative instruments     8,916       35,081  
Asset retirement obligation     32,912       32,949  
Non-current operating lease liabilities     10       561  
Long-term debt     788,187       702,857  
Total non-current liabilities     830,025       771,448  
Total liabilities   $ 1,194,822     $ 1,116,956  
Commitments and contingencies                
Mezzanine equity:                
Preferred stock - $0.0001 par value, 110.0 thousand shares authorized, 0 issued and outstanding at December 31, 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, 18.8 million issued and outstanding at December 31, 2025, and 17.8 million issued and outstanding at December 31, 2024     2       2  
Additional paid-in capital           129,059  
Retained earnings     1,834,716       1,582,332  
Total stockholders’ equity   $ 1,834,718     $ 1,711,393  
Total liabilities, mezzanine equity and stockholders’ equity   $ 3,029,540     $ 2,865,697  

 

Page 9


 

Consolidated Statement of Cash Flows: Quarter ended, December 31, 2025

 

(In thousands)

(Unaudited)

 

    Three Months
Ended
December 31,
2025
    Three Months
Ended
December 31,
2024
 
Cash flows from operating activities:            
Net income (loss)   $ 132,415     $ (273,242 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:                
Depletion, depreciation and amortization     81,681       84,322  
Impairment of oil and natural gas properties           342,727  
Net (gain) loss on derivative instruments     (42,699 )     44,960  
Net cash receipts on settled derivative instruments     13,195       41,696  
Deferred income tax expense (benefit)     32,591       (59,510 )
Stock-based compensation expense     2,911       2,548  
Other, net     2,363       1,806  
Changes in operating assets and liabilities, net     (37,025 )     (36,459 )
Net cash provided by operating activities     185,432       148,848  
Cash flows from investing activities:                
Additions to oil and natural gas properties     (144,670 )     (77,188 )
Proceeds from sale of oil and natural gas properties           225  
Other, net     (288 )     21  
Net cash used in investing activities     (144,958 )     (76,942 )
Cash flows from financing activities:                
Principal payments on Credit Facility     (252,000 )     (211,000 )
Borrowings on Credit Facility     348,000       219,000  
Debt issuance costs and loan commitment fees     (38 )     (113 )
Dividends on preferred stock           (937 )
Redemption of preferred stock     (1,049 )      
Repurchase of common stock under Repurchase Program     (126,938 )     (41,323 )
Repurchase of common stock under Repurchase Program - related party     (10,000 )     (39,269 )
Shares exchanged for tax withholdings     (3 )     (8 )
Other, net           (3 )
Net cash used in financing activities     (42,028 )     (73,653 )
Net change in cash and cash equivalents     (1,554 )     (1,747 )
Cash and cash equivalents at beginning of period     3,367       3,220  
Cash and cash equivalents at end of period   $ 1,813     $ 1,473  

 

Page 10


 

Consolidated Statement of Cash Flows: Year ended, December 31, 2025

 

(In thousands)

(Unaudited)

 

    Year Ended
December 31,
2025
    Year Ended
December 31,
2024
 
Cash flows from operating activities:            
Net income (loss)   $ 427,810     $ (261,386 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:                
Depletion, depreciation and amortization     304,162       325,723  
Impairment of oil and natural gas properties           373,214  
Loss on debt extinguishment           13,388  
Net gain on derivative instruments     (99,056 )     (29,527 )
Net cash receipts on settled derivative instruments     56,497       282,637  
Deferred income tax expense (benefit)     115,495       (56,077 )
Stock-based compensation expense     12,156       10,958  
Other, net     8,599       6,315  
Changes in operating assets and liabilities, net     (22,470 )     (15,212 )
Net cash provided by operating activities     803,193       650,033  
Cash flows from investing activities:                
Additions to oil and natural gas properties     (527,569 )     (454,098 )
Proceeds from sale of oil and natural gas properties     150       225  
Other, net     (1,762 )     (2,120 )
Net cash used in investing activities     (529,181 )     (455,993 )
Cash flows from financing activities:                
Principal payments on Credit Facility     (1,246,000 )     (1,036,000 )
Borrowings on Credit Facility     1,355,000       956,000  
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     (35 )     (14,933 )
Dividends on preferred stock     (1,666 )     (4,230 )
Redemption of preferred stock     (32,423 )      
Repurchase of common stock under Repurchase Program     (279,961 )     (105,344 )
Repurchase of common stock under Repurchase Program - related party     (25,000 )     (79,133 )
Net cash payments on performance vesting restricted stock units     (12,297 )      
Shares exchanged for tax withholdings     (5,579 )     (23,614 )
Other, net     (9 )     (3 )
Net cash used in financing activities     (273,672 )     (194,496 )
Net change in cash and cash equivalents     340       (456 )
Cash and cash equivalents at beginning of period     1,473       1,929  
Cash and cash equivalents at end of period   $ 1,813     $ 1,473  

 

Page 11


 

2026E Guidance

 

Gulfport's 2026 guidance assumes commodity strip prices as of February 2, 2026, adjusted for applicable commodity and location differentials, and no property acquisitions or divestitures.

 

    Year Ending  
    December 31, 2026  
    Low     High  
Production            
Average daily gas equivalent (Bcfe/day)     1.030       1.055  
Average daily liquids production (MBbl/day)     18.0       21.0  
% Gas     ~89%  
                 
Realizations (before hedges)                
Natural gas (differential to NYMEX settled price) ($/Mcf)   $ (0.15 )   $ (0.30 )
NGL (% of WTI)     40 %     50 %
Oil (differential to NYMEX WTI) ($/Bbl)   $ (6.00 )   $ (7.00 )
                 
Expenses                
Lease operating expense ($/Mcfe)   $ 0.21     $ 0.25  
Taxes other than income ($/Mcfe)   $ 0.07     $ 0.09  
Transportation, gathering, processing and compression ($/Mcfe)   $ 0.95     $ 1.00  
Recurring cash general and administrative(1,2) ($/Mcfe)   $ 0.12     $ 0.14  

 

    Total  
    (in millions)  
Capital expenditures (incurred)      
Operated D&C   $ 365     $ 390  
Maintenance land and seismic   $ 35     $ 40  
Total capital expenditures   $ 400     $ 430  

 

(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 February 19, 2026.

 

    1 Q2026     2 Q2026     3 Q2026     4 Q2026     Full Year
2026
    Full Year
2027
 
Natural Gas Contract Summary:                                    
Fixed Price Swaps                                    
Volume (BBtupd)     336       350       350       350       347       210  
Weighted Average Price ($/MMBtu)   $ 3.81     $ 3.81     $ 3.81     $ 3.81     $ 3.81     $ 3.93  
                                                 
Fixed Price Collars                                                
Volume (BBtupd)     170       150       150       150       155       110  
Weighted Average Floor Price ($/MMBtu)   $ 3.69     $ 3.61     $ 3.61     $ 3.61     $ 3.63     $ 3.75  
Weighted Average Ceiling Price ($/MMBtu)   $ 4.41     $ 4.35     $ 4.35     $ 4.35     $ 4.37     $ 4.27  
                                                 
Basis Contract Summary:                                                
Rex Zone 3 Basis                                                
Volume (BBtupd)     80       80       80       80       80       50  
Differential ($/MMBtu)   $ (0.18 )   $ (0.18 )   $ (0.18 )   $ (0.18 )   $ (0.18 )   $ (0.19 )
                                                 
Tetco M2 Basis                                                
Volume (BBtupd)     170       170       170       170       170       100  
Differential ($/MMBtu)   $ (0.95 )   $ (0.95 )   $ (0.95 )   $ (0.95 )   $ (0.95 )   $ (0.85 )
                                                 
NGPL TX OK Basis                                                
Volume (BBtupd)     30       30       30       30       30       40  
Differential ($/MMBtu)   $ (0.30 )   $ (0.30 )   $ (0.30 )   $ (0.30 )   $ (0.30 )   $ (0.33 )
                                                 
TGP 500 Basis                                                
Volume (BBtupd)     20       20       20       20       20        
Differential ($/MMBtu)   $ 0.56     $ 0.56     $ 0.56     $ 0.56     $ 0.56     $  
                                                 
Transco Station 85 Basis                                                
Volume (BBtupd)     10       10       10       10       10        
Differential ($/MMBtu)   $ 0.56     $ 0.56     $ 0.56     $ 0.56     $ 0.56     $  
                                                 
Oil Contract Summary:                                                
Fixed Price Collars                                                
Volume (Bblpd)     742       1,250       1,250       1,250       1,125       300  
Weighted Average Floor Price ($/Bbl)   $ 55.00     $ 55.00     $ 55.00     $ 55.00     $ 55.00     $ 55.00  
Weighted Average Ceiling Price ($/Bbl)   $ 70.85     $ 71.24     $ 71.24     $ 71.24     $ 71.18     $ 68.00  
                                                 
NGL Contract Summary:                                                
C3 Propane Fixed Price Swaps                                                
Volume (Bblpd)     3,000       3,000       2,000       2,000       2,496        
Weighted Average Price ($/Bbl)   $ 30.67     $ 30.67     $ 31.25     $ 31.25     $ 30.91     $  

 

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.

 

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Definitions

 

Adjusted net income is a non-GAAP financial measure equal to 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 (gain) loss, 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, 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.

 

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Adjusted Net Income: Quarter ended, December 31, 2025

 

(In thousands)

(Unaudited)

 

    Three Months Ended
December 31,
2025
    Three Months Ended
December 31,
2024
 
             
Net Income (Loss) (GAAP)   $ 132,415     $ (273,242 )
                 
Adjustments:                
Non-cash derivative (gain) loss     (29,504 )     86,656  
Impairment of oil and natural gas properties           342,727  
Non-recurring general and administrative expense     467       963  
Stock-based compensation expense     2,911       2,548  
Other, net(1)     47       3,806  
Tax effect of adjustments(2)     5,151       (78,082 )
Adjusted Net Income (Non-GAAP)   $ 111,487     $ 85,376  

 

(1)  For the three months ended December 31, 2024, “Other, net” included approximately $2.0 million related to changes in the Company's legal reserves for certain litigation and regulatory proceedings. Additionally, “Other, net” included approximately $1.9 million as a result of a write-down of certain of its pipe inventory that the Company did not expect to utilize in its drilling and completion activities.
(2) Deferred income taxes were approximately 20% and 18% for the three months ended December 31, 2025 and December 31, 2024, respectively.

 

Page 16


 

Adjusted Net Income: Year ended, December 31, 2025

 

(In thousands)

(Unaudited)

 

    Year Ended
December 31,
2025
    Year Ended
December 31,
2024
 
             
Net Income (Loss) (GAAP)   $ 427,810     $ (261,386 )
                 
Adjustments:                
Non-cash derivative (gain) loss     (42,559 )     253,110  
Impairment of oil and natural gas properties           373,214  
Non-recurring general and administrative expense     1,905       2,524  
Stock-based compensation expense     12,156       10,958  
Loss on debt extinguishment           13,388  
Other, net(1,2)     2,842       7,336  
Tax effect of adjustments(3)     5,454       (116,650 )
Adjusted Net Income (Non-GAAP)   $ 407,608     $ 282,494  

 

(1) For the year ended December 31, 2025, “Other, net” included approximately $2.4 million related to changes in the Company's legal reserves for certain litigation and regulatory proceedings.
(2) For the year ended December 31, 2024, “Other, net” included approximately $4.9 million related to changes in the Company's legal reserves for certain litigation and regulatory proceedings. Additionally, “Other, net” included approximately $1.9 million as a result of a write-down of certain of its pipe inventory that the Company did not expect to utilize in its drilling and completion activities.
(3) Deferred income taxes were approximately 21% and 18% for the year ended December 31, 2025 and December 31, 2024, respectively.

  

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Adjusted EBITDA: Quarter ended, December 31, 2025

 

(In thousands)

(Unaudited)

 

    Three Months Ended
December 31,
2025
    Three Months Ended
December 31,
2024
 
             
Net Income (Loss) (GAAP)   $ 132,415     $ (273,242 )
                 
Adjustments:                
Interest expense     13,600       13,955  
Income tax expense (benefit)     32,591       (59,510 )
DD&A, impairment and accretion     82,300       427,651  
Non-cash derivative (gain) loss     (29,504 )     86,656  
Non-recurring general and administrative expenses     467       963  
Stock-based compensation expense     2,911       2,548  
Other, net(1)     47       3,806  
Adjusted EBITDA (Non-GAAP)   $ 234,827     $ 202,827  

 

(1) For the three months ended December 31, 2024, “Other, net” included approximately $2.0 million related to changes in the Company's legal reserves for certain litigation and regulatory proceedings. Additionally, “Other, net” included approximately $1.9 million as a result of a write-down of certain of its pipe inventory that the Company did not expect to utilize in its drilling and completion activities.

 

Page 18


 

Adjusted EBITDA: Year ended, December 31, 2025

 

(In thousands)

(Unaudited)

 

    Year Ended
December 31,
2025
    Year Ended
December 31,
2024
 
             
Net Income (Loss) (GAAP)     427,810       (261,386 )
                 
Adjustments:                
Interest expense     54,277       59,982  
Income tax expense (benefit)     115,495       (56,077 )
DD&A, impairment and accretion     306,583       701,244  
Non-cash derivative (gain) loss     (42,559 )     253,110  
Non-recurring general and administrative expenses     1,905       2,524  
Stock-based compensation expense     12,156       10,958  
Loss on debt extinguishment           13,388  
Other, net(1,2)     2,842       7,336  
Adjusted EBITDA (Non-GAAP)   $ 878,509     $ 731,079  

 

(1) For the year ended December 31, 2025, “Other, net” included approximately $2.4 million related to changes in the Company's legal reserves for certain litigation and regulatory proceedings.
(2) For the year ended December 31, 2024, “Other, net” included approximately $4.9 million related to changes in the Company's legal reserves for certain litigation and regulatory proceedings. Additionally, “Other, net” included approximately $1.9 million as a result of a write-down of certain of its pipe inventory that the Company did not expect to utilize in its drilling and completion activities.

 

Page 19


 

Adjusted Free Cash Flow: Quarter ended, December 31, 2025

 

(In thousands)

(Unaudited)

 

    Three Months Ended
December 31,
2025
    Three Months Ended
December 31,
2024
 
             
Net cash provided by operating activity (GAAP)   $ 185,432     $ 148,848  
Adjustments:                
Interest expense     13,600       13,955  
Non-recurring general and administrative expenses     467       963  
Other, net(1)     (1,697 )     2,602  
Changes in operating assets and liabilities, net:                
Accounts receivable - oil, natural gas, and natural gas liquids sales     62,659       67,011  
Accounts receivable - joint interest and other     1,372       (5,547 )
Accounts payable and accrued liabilities     (25,805 )     (25,184 )
Prepaid expenses     (1,191 )     183  
Other assets     (10 )     (4 )
Total changes in operating assets and liabilities, net   $ 37,025     $ 36,459  
Adjusted EBITDA (Non-GAAP)   $ 234,827     $ 202,827  
Interest expense     (13,600 )     (13,955 )
Capitalized expenses incurred(2)     (6,652 )     (6,721 )
Capital expenditures incurred(3,4,5)     (94,404 )     (56,941 )
Adjusted free cash flow (Non-GAAP)   $ 120,171     $ 125,210  

 

(1) For the three months ended December 31, 2024, “Other, net” included approximately $2.0 million related to changes in the Company's legal reserves for certain litigation and regulatory proceedings. Additionally, “Other, net” included approximately $1.9 million as a result of a write-down of certain of its pipe inventory that the Company did not expect to utilize in its drilling and completion activities.
(2) Includes cash capitalized general and administrative expense and incurred capitalized interest expenses.
(3) Incurred capital expenditures and cash capital expenditures may vary from period to period due to the cash payment cycle.
(4) For the three months ended December 31, 2025, includes $0.5 million and $1.9 million of non-D&C capital and non-operated capital expenditures, respectively. Additionally, excludes targeted discretionary acreage acquisitions of $47.2 million.
(5) For the three months ended December 31, 2024, includes $0.3 million and $1.4 million of non-D&C capital and non-operated capital expenditures, respectively. Additionally, excludes targeted discretionary acreage acquisitions of $6.0 million.

 

Page 20


 

Adjusted Free Cash Flow: Year ended, December 31, 2025

 

(In thousands)

(Unaudited)

 

    Year Ended
December 31,
2025
    Year Ended
December 31,
2024
 
             
Net cash provided by operating activity (GAAP)   $ 803,193     $ 650,033  
Adjustments:                
Interest expense     54,277       59,982  
Non-recurring general and administrative expenses     1,905       2,524  
Other, net(1,2)     (3,336 )     3,328  
Changes in operating assets and liabilities, net:                
Accounts receivable - oil, natural gas, and natural gas liquids sales     28,707       33,463  
Accounts receivable - joint interest and other     555       (13,494 )
Accounts payable and accrued liabilities     (8,193 )     (4,067 )
Prepaid expenses     1,412       (667 )
Other assets     (11 )     (23 )
Total changes in operating assets and liabilities     22,470       15,212  
Adjusted EBITDA (Non-GAAP)   $ 878,509     $ 731,079  
Interest expense     (54,277 )     (59,982 )
Capitalized expenses incurred(3)     (25,415 )     (24,712 )
Capital expenditures incurred(4,5,6)     (474,118 )     (389,574 )
Adjusted free cash flow (Non-GAAP)   $ 324,699     $ 256,811  

 

(1) For the year ended December 31, 2025, “Other, net” included approximately $2.4 million related to changes in the Company's legal reserves for certain litigation and regulatory proceedings.
(2) For the year ended December 31, 2024, “Other, net” included approximately $4.9 million related to changes in the Company's legal reserves for certain litigation and regulatory proceedings. Additionally, “Other, net” included approximately $1.9 million as a result of a write-down of certain of its pipe inventory that the Company did not expect to utilize in its drilling and completion activities.
(3) Includes cash capitalized general and administrative expense and incurred capitalized interest expenses.
(4) Incurred capital expenditures and cash capital expenditures may vary from period to period due to the cash payment cycle.
(5) For the year ended December 31, 2025, includes $6.7 million and $4.1 million of non-D&C capital and non-operated capital expenditures, respectively. Additionally, excludes targeted discretionary acreage acquisitions of $62.9 million.
(6) For the year ended December 31, 2024, includes $4.3 million and $3.8 million of non-D&C capital and non-operated capital expenditures, respectively. Additionally, excludes targeted discretionary acreage acquisitions of $44.8 million.

 

Page 21


 

Recurring General and Administrative Expenses:

Quarter ended, December 31, 2025

 

(In thousands)

(Unaudited)

 

    Three Months Ended
December 31, 2025
    Three Months Ended
December 31, 2024
 
    Cash     Non-Cash     Total     Cash     Non-Cash     Total  
                                     
General and administrative expense (GAAP)   $ 7,815     $ 2,911     $ 10,726     $ 9,581     $ 2,548     $ 12,129  
Capitalized general and administrative expense     4,910       1,434       6,344       5,552       1,256       6,808  
Non-recurring general and administrative expense     (467 )           (467 )     (963 )           (963 )
Recurring general and administrative before capitalization (Non-GAAP)   $ 12,258     $ 4,345     $ 16,603     $ 14,170     $ 3,804     $ 17,974  

 

Page 22


 

Recurring General and Administrative Expenses:

Year ended, December 31, 2025

 

(In thousands)

(Unaudited)

 

    Year Ended
December 31, 2025
    Year Ended
December 31, 2024
 
    Cash     Non-Cash     Total     Cash     Non-Cash     Total  
                                     
General and administrative expense (GAAP)   $ 30,332     $ 12,156     $ 42,488     $ 31,600     $ 10,958     $ 42,558  
Capitalized general and administrative expense     19,260       5,987       25,247       19,940       5,398       25,338  
Non-recurring general and administrative expense     (1,905 )           (1,905 )     (2,524 )           (2,524 )
Recurring general and administrative before capitalization (Non-GAAP)   $ 47,687     $ 18,143     $ 65,830     $ 49,016     $ 16,356     $ 65,372  

 

Page 23