Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-19514 Gulfport Energy Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of incor ...

Financial Data and Key Metrics Changes - The company reported net cash provided by operating activities before changes in working capital of approximately $207 million during the first quarter, exceeding capital expenditures despite a capital program that is roughly 75% weighted to the first half of 2025 [12][15] - Adjusted EBITDA for the quarter was approximately $218 million, with adjusted free cash flow of $36.6 million, supported by strong realized pricing and GAAP differentials better than expectations [12][13] - The average realized price for the first quarter was $4.11 per Mcfe, which is $0.45 or 12% above the NYMEX Henry Hub index price, highlighting the benefits of the company's diverse marketing portfolio [14][15] Business Line Data and Key Metrics Changes - Average daily production totaled 929 million cubic feet equivalent per day, aligning with company expectations and on track to meet full year production guidance of 1.04 to 1.065 billion cubic feet equivalent per day [6] - The company completed drilling on 13 gross wells in Ohio during the first quarter, with seven targeting Ohio Utica, four targeting Ohio Marcellus, and two in the SCOOP targeting the Woodford [7] - The company achieved a 28% improvement in footage drilled per day compared to full year 2024, with average spud to rig release days decreasing by over 30% [10] Market Data and Key Metrics Changes - The company is optimistic about opportunities to increase its leasehold footprint, particularly in dry gas and wet gas areas, while remaining cautious about market volatility [7][28] - The natural gas price differential before hedges was an $0.08 per Mcf premium to the average daily NYMEX settled price during the quarter, ahead of analyst consensus expectations [15] Company Strategy and Development Direction - The company plans to shift capital allocation towards natural gas drilling in the second half of 2025, reaffirming full year guidance driven by a forecasted 20% growth in natural gas volumes by the fourth quarter of 2025 [5][11] - The company is focused on maintaining an attractive balance sheet, generating significant free cash flow, and executing a robust shareholder return program [5][11] - The company is committed to developing assets responsibly and allocating capital to the highest value opportunities, with a focus on operational efficiencies [6][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on a strengthening commodity environment as it enters 2026, improving free cash flow generation and prioritizing capital returns to shareholders [11][16] - The macro environment for natural gas is viewed positively, with expectations for a constructive setup for gas-weighted areas in the portfolio [37][60] Other Important Information - The company repurchased 341,000 shares of common stock for approximately $60 million during the first quarter, with a total of approximately 5.9 million shares repurchased since the inception of the program [16][17] - The company has approximately $356 million available under its $1 billion share repurchase program and plans to return substantially all adjusted free cash flow to shareholders through common stock repurchases [17] Q&A Session Summary Question: Concerns about front-loaded capital program and production decline - Management acknowledged the planned lower volumes in the first quarter and emphasized the shift towards dry gas to stabilize production levels and accelerate cash flows moving forward [21][22] Question: Opportunities in dry gas and wet gas markets - Management indicated a focus on high cash flow opportunities in dry gas and wet gas areas, while remaining cautious about market volatility and ensuring any acquisitions are attractive [26][28] Question: Outperformance of the cage pad compared to the lake pad - Management attributed the outperformance to improved frac design, effective cluster spacing, and better understanding of reservoir dynamics [32][34] Question: Future growth expectations for 2026 - Management noted that while specific guidance for 2026 is not provided, the macro environment for gas is favorable, and the company is shifting towards a more gas-weighted program [37][38] Question: Drilling efficiencies and CapEx guidance - Management confirmed that current efficiencies are modeled into the 2025 CapEx guidance, with potential for further improvements [42][51] Question: Interest in the Borealis pipeline expansion - Management stated that they assess projects like the Borealis pipeline on a netback basis and are open to opportunities that improve netbacks [44][46] Question: Pivot to dry gas Utica acreage - Management explained that the decision to pivot was based on maximizing returns and favorable macro conditions for gas, while still recognizing the economic viability of Marcellus condensate wells [58][60] Question: Changes in hedging strategy with increased liquids exposure - Management indicated that the hedging strategy remains consistent, focusing on protecting downside while maintaining flexibility in decision-making [61][62]

Investor Presentation May 2025 Forward Looking Statements & Non-GAAP Financial Measures This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act, and the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different fro ...

Exhibit 99.2 Three months ended March 31, 2025 Supplemental Information of Gulfport Energy | Table of Contents: | Page: | | --- | --- | | Production Volumes by Asset Area | 2 | | Production and Pricing | 3 | | Consolidated Statements of Income | 4 | | Consolidated Balance Sheets | 5 | | Consolidated Statement of Cash Flows | 7 | | Reaffirmed 2025E Guidance | 8 | | Derivatives | 9 | | Non-GAAP Reconciliations | 10 | | Definitions | 10 | | Adjusted Net Income | 11 | | Adjusted EBITDA | 11 | | Adjusted Free Ca ...

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Gulfport Energy (GPOR) , which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry.This natural gas producer has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 18.46%.For the last reported quarter, Gulfport came out wit ...

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.Zacks Premium includes access to the Zacks Style Scores as well. What are the Zacks Style Scores? ...

We are currently offering a free two-week trial to Distressed Value Investing . Join our community to receive exclusive research about various companies and other opportunities, along with full access to my portfolio of historic research that now includes over 1,000 reports on over 100 companies.With natural gas strip prices at around $4.50 for 2025 now, Gulfport Energy (NYSE: GPOR ) may be able to generate over $650 million in free cash flow before spending on discretionary acreage acquisitions.Aaron Chow, ...

Financial Data and Key Metrics Changes - In Q4 2024, net cash provided by operating activities before changes in working capital totaled approximately $185 million, more than triple the capital expenditures for the quarter [23] - Reported adjusted EBITDA was $203 million, with adjusted free cash flow of $125 million for the same period, marking the best quarter of 2024 from an adjusted free cash flow perspective [24] - Cash operating costs for Q4 totaled $1.19 per million cubic feet equivalent, better than analyst expectations and within the full year 2024 guidance range [25] Business Line Data and Key Metrics Changes - The company plans to maintain flat total production while growing expected liquids production by 30% year over year in 2025 [9] - In 2024, Gulfport drilled 21 gross wells, primarily focused in the Utica, and completed 19 gross wells, including three SCOOP wells and twelve Utica dry gas wells [16] - The 2025 development program is expected to deliver a reduction of annual operated drilling and completion capital on a per foot basis by approximately 20% compared to 2024 [11] Market Data and Key Metrics Changes - The all-in realized price for Q4 was $3.36 per Mcfe, a $0.57 premium to NYMEX Henry Hub index prices [28] - The company has downside protection covering roughly 50% of 2025 natural gas production at an average floor price of $3.62 per MMBtu [29] - The liquidity as of December 31, 2024, totaled $900 million, providing significant flexibility for future development needs [30] Company Strategy and Development Direction - The 2025 development program focuses on sustaining exposure to a constructive natural gas environment and enhancing hydrocarbon diversification by targeting lean condensate Utica and low-cost Marcellus condensate windows [9] - The company aims to return substantially all 2025 adjusted free cash flow, excluding discretionary acreage acquisitions, through common stock repurchases [10] - Gulfport's strategy includes continuous operational improvements and optimizing asset development to maximize free cash flow generation [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to generate significant free cash flow in 2025, potentially more than double compared to 2024 [31] - The company remains optimistic about the natural gas price outlook for 2025 and 2026, with plans to maintain significant upside through collar structures on hedges [29] - Management highlighted the strong operational performance and the potential for further capital and production efficiency improvements in future years [36] Other Important Information - The company repurchased approximately 7% of its common shares outstanding in 2024, returning 96% of available adjusted free cash flow to shareholders [15] - The proved reserve base increased by approximately 6% when excluding the impact of pricing revisions, reflecting high-quality inventory additions and operational efficiencies [33] Q&A Session Summary Question: Liquids volume sustainability and bolt-on opportunities - Management confirmed that the 30% liquids growth is sustainable and highlighted the flexibility to allocate resources between gas and liquids [41][43] - The preference for bolt-on opportunities leans towards sizable undeveloped assets rather than PDP-heavy assets [45][46] Question: Capital efficiency and future capital allocation - Management indicated that front-loaded capital programs are conducive to driving capital efficiencies and will likely continue in the future [54] - The company continuously assesses capital allocation options, focusing on share repurchases and inventory additions [58][60] Question: Development strategy and inventory allocation - Management explained the rationale behind the Marcellus development pace and emphasized a long-term commitment to the area [72][74] - The company plans to develop its Marcellus asset over the next several years, utilizing the identified locations [74] Question: Production cadence and capital efficiency - Management noted that production is expected to increase throughout the year, with a focus on optimizing the timing of well turn-ins [82][84] - There is ongoing potential for further efficiency improvements, although gains may be more moderate compared to previous years [87] Question: NGL realizations and market conditions - Management attributed improved NGL realizations to favorable contract terms and strong market conditions for propane and butane [98]

Gulfport Energy Corporation (NYSE:GPOR) Q4 2024 Results Conference Call February 26, 2025 10:00 AM ET Company Participants Jessica Antle - Vice President, Investor Relations John Reinhart - President & Chief Executive Officer Michael Hodges - Executive Vice President & Chief Financial Officer Conference Call Participants Bert Donnes - Truist Securities Jon Mardini - KeyBanc Capital Markets Carlos Escalante - Wolfe Research. Brian Velie - Capital One Securities Noah Hungness - Bank of America Operator Greeti ...

Financial Performance - Net cash provided by operating activities was $650.0 million for the year ended December 31, 2024, compared to $723.2 million for the year ended December 31, 2023, primarily due to a decrease in natural gas revenues[305]. - The company reported a net change in cash and cash equivalents of $(456,000) for the year ended December 31, 2024[305]. - The company incurred $454.1 million in additions to oil and natural gas properties for the year ended December 31, 2024[305]. - The company recognized ceiling test impairments of $373.2 million in 2024, with no impairments recorded for the year ended December 31, 2023[317]. - The company paid $4.2 million in cash dividends to preferred stockholders in 2024, a decrease from $4.8 million in 2023[310]. Capital Expenditures - Capital expenditures for the year ended December 31, 2024, totaled $430.1 million, with $327.4 million allocated to drilling and completion activities[301]. - Cash capital expenditures for oil and natural gas properties in 2024 totaled $454.1 million, a decrease of 15.5% from $537.4 million in 2023[307]. - Total oil and natural gas property expenditures in 2024 were $454.1 million, which included drilling and completion costs of $325.1 million[307]. - The company expects its drilling and completion capital expenditures for 2025 to be in the range of $335 million to $355 million, aiming for production of approximately 1,040 to 1,065 MMcfe per day[302]. Debt and Obligations - Total contractual cash obligations as of December 31, 2024, amounted to $2,102.6 million, including long-term debt principal of $713.7 million and interest of $220.9 million[297]. - The company’s debt activity resulted in a net increase of $32.8 million during the year ended December 31, 2024[305]. - The company had $956.0 million in borrowings and $1.0 billion in repayments on its Credit Facility during 2024, with a loss on debt extinguishment of $13.4 million[307]. - The company incurred debt issuance and loan commitment fees of $14.9 million in 2024, up from $7.1 million in 2023, primarily due to the issuance of the 2029 Senior Notes[308]. - The company had $10.0 million in borrowings outstanding on its Credit Facility as of February 20, 2025[307]. Shareholder Activities - The company repurchased 1.2 million shares for approximately $184.5 million at a weighted average price of $153.35 per share in 2024, compared to 1.5 million shares for $148.9 million at a weighted average price of $101.53 per share in 2023[309]. - The company exchanged $23.6 million in shares for tax withholdings in 2024, significantly up from $3.2 million in 2023[311]. Market Conditions - During 2024, WTI prices ranged from $66.73 to $87.69 per barrel, while the Henry Hub spot market price of natural gas ranged from $1.21 to $13.20 per MMBtu[303]. Operational Activities - In the year ended December 31, 2024, the company spud 20 gross (19.7 net) operated wells in the Utica formation at a total cost of approximately $259.8 million[306]. - The company entered into natural gas, oil, and NGL derivative contracts for 2025, including swaps for 18,301 MMBtu/d at a weighted average price of $3.85[295]. - The company has $63.8 million in letters of credit and $44.9 million in surety bonds as part of its off-balance sheet arrangements[300].