Gulfport Energy — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported net income of $96.4 million for the three months ended September 30, 2026.
• Reported adjusted EBITDA of $226.5 million for the quarter.
• Generated net cash provided by operating activities of $183.6 million.
• Generated adjusted free cash flow of $89.0 million.
• Average realized natural gas price including settled derivatives was $3.12/Mcf, compared to $2.95/Mcf in the same period in 2025.
• Average realized oil and condensate price including settled derivatives was $71.78/Bbl, compared to $62.62/Bbl in the same period in 2025.
• Average realized NGL price including settled derivatives was $35.83/Bbl, compared to $28.10/Bbl in the same period in 2025.
• Total average realized price including settled derivatives was $3.71/Mcfe, compared to $3.37/Mcfe in the same period in 2025.
• Lease operating expenses were $0.21/Mcfe, up from $0.20/Mcfe in the prior year period.
• Transportation, gathering, processing, and compression expenses were $1.02/Mcfe, up from $0.94/Mcfe in the prior year period.
• Recurring cash general and administrative expenses were $0.14/Mcfe, up from $0.13/Mcfe in the prior year period.
• Interest expense was $0.18/Mcfe, up from $0.13/Mcfe in the prior year period.
• As of September 30, 2026, borrowings under the revolving credit facility were $419.0 million.
• Outstanding 2029 senior notes totaled $650.0 million.
• Cash and cash equivalents were $2.6 million.
• Total liquidity was approximately $645.6 million, comprised of cash and $643.1 million in available borrowing capacity.

Guidance and Future Outlook:

• Management expects to continue building on Q3 strength in the fourth quarter.
• Full-year 2026 production and capital expenditures are expected to be delivered in line with guidance.
• The 2026 discretionary acreage acquisition program is targeting $140 million and is expected to be completed by year-end.
• Management is evaluating a more continuous two-rig Appalachia development program for 2027 to drive operational efficiencies and lower development costs.
• This potential shift in capital allocation is expected to position the business for production growth beginning in 2028.
• Full 2027 outlook is expected to be shared in February.
• A firm sales agreement for 50,000 MMBtu/d is scheduled to begin in 2028.
• A previously executed 10-year agreement for 65,000 MMBtu/d is scheduled to begin in mid-2027.
• Combined firm sales agreements represent approximately 10% of forecasted net production.

Business Segments and Product Lines:

• Net daily production averaged 1,057.2 MMcfe per day, down from 1,119,678 Mcfe/day in the same period in 2025.
• Net liquids production averaged 23.5 MBbl per day, an increase of approximately 67% over the second quarter of 2026.
• Liquids represented approximately 13% of total volumes.
• Production mix was approximately 87% natural gas, 10% NGL, and 3% oil and condensate.
• Utica/Marcellus production averaged 889.5 MMcfe per day.
• SCOOP production averaged 167.7 MMcfe per day.
• Drilling activity in Q3 included 5 gross (4.8 net) spuds and 5 gross (4.8 net) wells drilled in Utica & Marcellus; no activity in SCOOP.
• Completion activity in Q3 included 7 gross (6.7 net) wells in Utica & Marcellus; no activity in SCOOP.
• Turned-to-sales activity in Q3 included 7 gross (6.9 net) wells in Utica & Marcellus; no activity in SCOOP.
• Capital expenditures incurred totaled $111.7 million, including $103.5 million in operated D&C and $8.2 million in maintenance land and seismic.
• For the nine months ended September 30, 2026, capital investment was $382.0 million.

Market and Competitive Landscape:

• The company operates in the Appalachia and Anadarko basins, with primary properties in eastern Ohio (Utica/Marcellus) and central Oklahoma (SCOOP).
• The new firm sales agreements support growing Midwest power demand.
• The company is positioned to benefit from growing regional power demand through sales indices linked to these agreements.

Risks and Challenges:

• Forward-looking statements involve risks including inaccurate assumptions, known or unknown risks, and uncertainties.
• Specific risks mentioned include the impact of U.S. trade policy, the war in Ukraine, conflicts in Iran, disruptions in the Strait of Hormuz, and broader geopolitical tension in the Middle East.
• Actual results may differ materially from forecasts due to these factors.

Management Commentary and Tone:

• President and CEO Nick Dell'Osso stated that the 2026 development program gained significant momentum in the third quarter.
• Management noted that a back-half-weighted turn-in-line schedule drove production up approximately 10% from the second quarter.
• Management highlighted that a higher-value production mix, combined with strong realized liquids pricing and a disciplined cost structure, translated into stronger margins and earnings.
• Management expressed confidence in delivering full-year production and capital expenditures in line with guidance.
• Management indicated that a shift to a continuous two-rig program in 2027 would balance reinvestment with returns to shareholders while preserving a strong balance sheet.

Other Key Points:

• Expanded stock repurchase authorization by 33% to $2.0 billion.
• Repurchased approximately 218.7 thousand shares of common stock for approximately $36.2 million during the quarter.
• As of September 30, 2026, approximately $800 million of remaining capacity existed under the expanded stock repurchase program.
• Completed previously announced Ohio state land lease acquisitions totaling $83.0 million.
• Added opportunistic discretionary acreage acquisitions totaling $46.9 million.
• Completed a fall borrowing base redetermination of the revolving credit facility, reaffirming the borrowing base and elected commitments at $1.1 billion.
• Released the 2025–2026 Corporate Sustainability Report.
• Since the program initiated in March 2022, the company has repurchased approximately 8.8 million shares totaling approximately $1.2 billion.