Gulfport Energy : Supplemental Tables Q1 2026

Published: 2026-05-05 16:07:23 ET GPOR

Published on 05/05/2026 at 04:07 pm EDT

Table of Contents:

Page:

Production Volumes by Asset Area

Production and Pricing

Consolidated Statements of Income

Consolidated Balance Sheets

Consolidated Statement of Cash Flows

Reaffirmed 2026E Guidance

Derivatives

Non-GAAP Reconciliations

Definitions

Adjusted Net Income

Adjusted EBITDA

Adjusted Free Cash Flow

Recurring General and Administrative Expenses

Production Volumes

Three Months Ended

March 31, 2026

March 31, 2025

Natural gas (Mcf/day)

Utica & Marcellus

782,851

686,964

SCOOP

122,919

150,851

Total

905,770

837,816

Oil and condensate (Bbl/day)

Utica & Marcellus

2,533

3,861

SCOOP

1,205

1,420

Total

3,738

5,282

NGL (Bbl/day)

Utica & Marcellus

5,827

3,495

SCOOP

5,605

6,467

Total

11,432

9,962

Combined (Mcfe/day)

Utica & Marcellus

833,010

731,105

SCOOP

163,776

198,175

Total

996,786

929,280

Totals may not sum or recalculate due to rounding.

The following table summarizes production and related pricing for the three months ended March 31, 2026, as compared to such data for the three months ended March 31, 2025:

Three Months Ended March 31, 2026

Three Months Ended March 31, 2025

Natural gas sales

Natural gas production volumes (MMcf)

81,519

75,403

Natural gas production volumes (MMcf) per day

906

838

Total sales

399,530

281,506

Average price without the impact of derivatives ($/Mcf)

4.90

3.73

Impact from settled derivatives ($/Mcf)

(0.68)

(0.12)

Average price, including settled derivatives ($/Mcf)

4.22

3.61

Oil and condensate sales

Oil and condensate production volumes (MBbl)

336

475

Oil and condensate production volumes (MBbl) per day

Total sales

22,338

31,259

Average price without the impact of derivatives ($/Bbl)

66.40

65.76

Impact from settled derivatives ($/Bbl)

(4.80)

1.06

Average price, including settled derivatives ($/Bbl)

61.60

66.82

NGL sales

NGL production volumes (MBbl)

1,029

897

NGL production volumes (MBbl) per day

Total sales

31,477

30,817

Average price without the impact of derivatives ($/Bbl)

30.59

34.37

Impact from settled derivatives ($/Bbl)

0.75

(1.53)

Average price, including settled derivatives ($/Bbl)

31.34

32.84

Natural gas, oil and condensate and NGL sales

Natural gas equivalents (MMcfe)

89,711

83,635

Natural gas equivalents (MMcfe) per day

997

929

Total sales

453,345

343,582

Average price without the impact of derivatives ($/Mcfe)

5.05

4.11

Impact from settled derivatives ($/Mcfe)

(0.63)

(0.12)

Average price, including settled derivatives ($/Mcfe)

4.42

3.99

Production Costs:

Average lease operating expenses ($/Mcfe)

0.27

0.24

Average taxes other than income ($/Mcfe)

0.10

0.08

Average transportation, gathering, processing and compression ($/Mcfe)

1.01

0.99

Total lease operating expenses, taxes other than income and midstream costs ($/Mcfe)

1.38

1.31

Totals may not sum or recalculate due to rounding.

(In thousands, except per share data) (Unaudited)

Three Months Ended March 31, 2026

Three Months Ended March 31, 2025

REVENUES:

Natural gas sales

$ 399,530

$ 281,506

Oil and condensate sales

22,338

31,259

Natural gas liquid sales

31,477

30,817

Net loss on natural gas, oil and NGL derivatives

(15,813)

(146,548)

Total revenues

437,532

197,034

OPERATING EXPENSES:

Lease operating expenses

24,456

20,283

Taxes other than income

9,184

6,626

Transportation, gathering, processing and compression

90,567

82,870

Depreciation, depletion and amortization

75,430

65,622

General and administrative expenses

9,708

9,001

Accretion expense

598

618

Total operating expenses

209,943

185,020

INCOME FROM OPERATIONS

227,589

12,014

OTHER EXPENSE (INCOME):

Interest expense

15,386

13,356

Other, net

1,698

(702)

Total other expense (income)

17,084

12,654

INCOME (LOSS) BEFORE INCOME TAXES

210,505

(640)

INCOME TAX EXPENSE (BENEFIT):

Current

1,070

(169)

Deferred

43,613

(7)

Total income tax expense (benefit)

44,683

(176)

NET INCOME (LOSS)

$ 165,822

$ (464)

Dividends on preferred stock

(862)

Participating securities - preferred stock

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ 165,822

$ (1,326)

NET INCOME (LOSS) PER COMMON SHARE:

Basic

$ 8.94

$ (0.07)

Diluted

$ 8.87

$ (0.07)

Weighted average common shares outstanding-Basic

18,554

17,881

Weighted average common shares outstanding-Diluted

18,695

17,881

(In thousands, except share data) (Unaudited)

March 31, 2026

December 31, 2025

Assets

Current assets:

Cash and cash equivalents

$ 2,921 $ 1,813

Accounts receivable-oil, natural gas, and natural gas liquids sales

128,987 184,649

Accounts receivable-joint interest and other

9,566 9,282

Prepaid expenses and other current assets

8,221 7,952

Short-term derivative instruments

75,086 45,155

Total current assets

224,781 248,851

Property and equipment:

Oil and natural gas properties, full-cost method

Proved oil and natural gas properties

4,054,885 3,902,539

Unproved properties

251,020 232,959

Other property and equipment

13,565 13,008

Total property and equipment

4,319,470 4,148,506

Less: accumulated depletion, depreciation and amortization

(1,943,856) (1,868,481)

Total property and equipment, net

2,375,614 2,280,025

Other assets:

Long-term derivative instruments

36,209 15,303

Deferred tax asset

422,125 465,738

Operating lease assets

358 561

Other assets

16,324 19,062

Total other assets

475,016 500,664

Total assets

$ 3,075,411 $ 3,029,540

(In thousands, except share data) (Unaudited)

Liabilities, Mezzanine Equity and Stockholders' Equity

Current liabilities:

Accounts payable and accrued liabilities

$ 369,294

$ 342,382

Short-term derivative instruments

32,822

21,865

Current portion of operating lease liabilities

351

550

Total current liabilities

402,467

364,797

Non-current liabilities:

Long-term derivative instruments

7,856

8,916

Asset retirement obligation

33,679

32,912

Non-current operating lease liabilities

Long-term debt

823,717

788,187

Total non-current liabilities

865,259

830,025

Total liabilities

$ 1,267,726

$ 1,194,822

Commitments and contingencies

Mezzanine equity:

Preferred stock - $0.0001 par value, 110.0 thousand shares authorized,

0.0 thousand issued and outstanding at March 31, 2026, and

0.0 thousand issued and outstanding at December 31, 2025

Stockholders' equity:

Common stock - $0.0001 par value, 42.0 million shares authorized,

18.1 million issued and outstanding at March 31, 2026, and 18.8 million issued and outstanding at December 31, 2025

Additional paid-in capital

Retained earnings

1,810,707

1,834,716

Treasury stock, at cost - 14.1 thousand shares at March 31, 2026 and 0 shares at December 31, 2025

(3,024)

Total stockholders' equity

$ 1,807,685

$ 1,834,718

Total liabilities, mezzanine equity and stockholders' equity

$ 3,075,411

$ 3,029,540

(In thousands)

(Unaudited)

Three Months Ended March 31, 2026

Three Months Ended March 31, 2025

Cash flows from operating activities:

Net income (loss)

$ 165,822

$ (464)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depletion, depreciation and amortization

75,430

65,622

Net loss on derivative instruments

15,813

146,548

Net cash payments on settled derivative instruments

(56,754)

(9,890)

Deferred income tax expense (benefit)

43,613

(7)

Stock-based compensation expense

196

3,040

Other, net

1,964

1,791

Changes in operating assets and liabilities, net

46,834

(29,360)

Net cash provided by operating activities

292,918

177,280

Cash flows from investing activities:

Additions to oil and natural gas properties

(137,833)

(108,231)

Other, net

(581)

(546)

Net cash used in investing activities

(138,414)

(108,777)

Cash flows from financing activities:

Principal payments on Credit Facility

(540,000)

(128,000)

Borrowings on Credit Facility

575,000

125,000

Dividends on preferred stock

(862)

Repurchase of common stock under Repurchase Program

(152,513)

(57,809)

Repurchase of common stock under Repurchase Program - related party

(17,239)

Shares exchanged for tax withholdings

(18,644)

(2,962)

Other

(1)

Net cash used in financing activities

(153,396)

(64,634)

Net change in cash and cash equivalents

1,108

3,869

Cash and cash equivalents at beginning of period

1,813

1,473

Cash and cash equivalents at end of period

$ 2,921

$ 5,342

Gulfport's 2026 guidance assumes commodity strip prices as of April 20, 2026, adjusted for applicable commodity and location differentials, and no property acquisitions or divestitures.

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)

Operating costs

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

Capital expenditures (incurred)

(in millions)

Operated D&C

$365

$390

Maintenance land and seismic

$35

$40

Total capital expenditures

$400

$430

Recurring cash G&A includes capitalization. It excludes non-cash stock compensation, expenses related to the continued administration of our prior Chapter 11 filing and costs associated with the Chief Executive Officer search.

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 https://www.gulfportenergy.com.

Derivatives

The below details Gulfport's hedging positions as of April 29, 2026:

2Q2026 3Q2026

4Q2026

Bal Year 2026(1)

Full Year 2027

Natural Gas Contract Summary (NYMEX):

Fixed Price Swaps

Volume (BBtupd)

350

400

367

210

Weighted Average Price ($/MMBtu)

$ 3.81

$ 3.84

$ 3.82

$ 3.93

Fixed Price Collars

Volume (BBtupd)

150

110

Weighted Average Floor Price ($/MMBtu)

$ 3.61

$ 3.75

Weighted Average Ceiling Price ($/MMBtu)

$ 4.35

$ 4.27

Basis Contract Summary:

Rex Zone 3 Basis

Volume (BBtupd)

Differential ($/MMBtu)

$ (0.18)

$ (0.19)

Tetco M2 Basis

Volume (BBtupd)

170

100

Differential ($/MMBtu)

$ (0.95)

$ (0.85)

NGPL TX OK Basis

Volume (BBtupd)

Differential ($/MMBtu)

$ (0.30)

$ (0.33)

TGP 500 Basis

Volume (BBtupd)

Differential ($/MMBtu)

$ 0.56

$ -

Transco Station 85 Basis

Volume (BBtupd)

Differential ($/MMBtu)

$ 0.56

$ -

Oil Contract Summary (WTI):

Fixed Price Swaps

Volume (Bblpd)

1,250

2,000

1,752

2,000

Weighted Average Price ($/Bbl)

$ 69.06

$ 72.19

$ 71.45

$ 67.99

Fixed Price Collars

Volume (Bblpd)

1,250

300

Weighted Average Floor Price ($/Bbl)

$ 55.00

Weighted Average Ceiling Price ($/Bbl)

$ 71.24

$ 68.00

NGL Contract Summary:

C3 Propane Fixed Price Swaps

Volume (Bblpd)

3,000

3,250

3,167

2,000

Weighted Average Price ($/Bbl)

$ 30.67

$ 30.98

$ 30.89

$ 29.64

(1) April 2026 - December 2026.

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.

Adjusted net income is a non-GAAP financial measure equal to net income (loss) less non-cash derivative loss (gain), non-recurring general and administrative expenses comprised of expenses related to the continued administration of our prior Chapter 11 filing, costs associated with the Chief Executive Officer search, stock-based compensation expenses, 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 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, costs associated with the Chief Executive Officer search, stock-based compensation and other non-material expenses.

Adjusted free cash flow is a non-GAAP measure defined as adjusted EBITDA plus certain non-cash items that are included in net cash provided by operating activities but excluded from adjusted EBITDA less interest expense, current income tax expense (benefit), capitalized expenses incurred and capital expenditures incurred. Gulfport includes a adjusted free cash flow estimate for 2026. 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 and costs associated with the Chief Executive Officer search. Gulfport includes a recurring general and administrative expense estimate for 2026. 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.

(In thousands) (Unaudited)

Adjustments:

Non-cash derivative (gain) loss

(40,941)

136,658

Non-recurring general and administrative expense - cash

1,314

365

Stock-based compensation expense

196

3,040

Other, net

1,698

(702)

Tax effect of adjustments(1)

8,011

(38,310)

Adjusted Net Income (Non-GAAP)

136,100

100,587

(1) Income taxes were approximately 21% and 27% for the three months ended March 31, 2026 and 2025, respectively.

(In thousands) (Unaudited)

Adjustments:

Interest expense

15,386

13,356

Income tax expense (benefit)

44,683

(176)

DD&A and accretion

76,028

66,240

Non-cash derivative (gain) loss

(40,941)

136,658

Non-recurring general and administrative expense - cash

1,314

365

Stock-based compensation expense

196

3,040

Other, net

1,698

(702)

Adjusted EBITDA (Non-GAAP)

264,186

218,317

(In thousands) (Unaudited)

Net cash provided by operating activity (GAAP)

$ 292,918

$ 177,280

Adjustments:

Interest expense

15,386

13,356

Non-recurring general and administrative expense - cash

1,314

365

Current income tax expense (benefit)

1,070

(169)

Other, net

332

(1,875)

Changes in operating assets and liabilities, net:

Accounts receivable - oil, natural gas, and natural gas liquids sales

(55,662)

2,118

Accounts receivable - joint interest and other

284

Accounts payable and accrued liabilities

10,007

27,674

Prepaid expenses

(1,493)

(485)

Other assets

Total changes in operating assets and liabilities

$ (46,834)

$ 29,360

Adjusted EBITDA (Non-GAAP)

$ 264,186

$ 218,317

Interest expense

(15,386)

(13,356)

Current income tax (expense) benefit

(1,070)

169

Capitalized expenses incurred(1)

(6,851)

(6,165)

Capital expenditures incurred(2,3,4)

(121,939)

(162,362)

Adjusted free cash flow (Non-GAAP)

$ 118,940

$ 36,603

(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 March 31, 2026, includes $0.03 million and $0.2 million of non-D&C capital and non-operated capital expenditures, respectively. Additionally, excludes targeted discretionary acreage acquisitions of $39.5 million.

(4) For the three months ended March 31, 2025, includes $1.4 million and $1.2 million of non-D&C capital and non-operated capital expenditures, respectively.

(In thousands) (Unaudited)

General and administrative expense (GAAP)

$ 9,512

$ 196

$ 9,708

$ 5,961

$ 3,040

$ 9,001

Capitalized general and administrative expense

5,426

5,523

4,734

1,498

6,232

Non-recurring general and administrative expense(1)

(1,314)

4,507

3,193

(365)

Recurring general and administrative before

(1) For the three months ended March 31, 2026, non-cash includes the impact of the forfeiture of unvested restricted stock units and performance vesting restricted stock units due to the departure of the Company's Chief Executive Officer on March 6, 2026.

Disclaimer

Gulfport Energy Corporation published this content on May 05, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 05, 2026 at 20:06 UTC.