Form 8-K
8-K — GULFPORT ENERGY CORP
Accession: 0001213900-26-115951
Filed: 2026-11-04
Period: 2026-11-04
CIK: 0000874499
SIC: 1311 (CRUDE PETROLEUM & NATURAL GAS)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — ea0310840-8k_gulfport.htm (Primary)
EX-99.1 — PRESS RELEASE DATED NOVEMBER 4, 2026 ENTITLED "GULFPORT ENERGY REPORTS THIRD QUARTER 2026 FINANCIAL AND OPERATING RESULTS." (ea031084001ex99-1.htm)
EX-99.2 — SUPPLEMENTAL FINANCIAL INFORMATION (ea031084001ex99-2.htm)
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8-K — CURRENT REPORT
8-K (Primary)
Filename: ea0310840-8k_gulfport.htm · Sequence: 1
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2026-11-04
2026-11-04
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of
the Securities Exchange Act of 1934
Date
of report (Date of earliest event reported): November 4, 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
Name
of each exchange on which registered
Trading
Symbol
Common stock, par value $0.0001 per share
The New York Stock Exchange
GPOR
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02. Results of Operations and Financial Condition.
On
November 4, 2026, Gulfport Energy Corporation (“Gulfport”) issued a press release reporting its financial and operating results
for the three months ended September 30, 2026, and provided updates on its financial position, opportunistic discretionary acreage acquisitions
and common stock repurchase program. A copy of the press release and supplemental financial information are attached as Exhibit 99.1
and Exhibit 99.2, respectively, to this Current Report on Form 8-K.
Item
7.01. Regulation FD Disclosure.
Also
on November 4, 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 November 4, 2026 entitled “Gulfport Energy Reports Third Quarter 2026 Financial and Operating Results.”
99.2
Supplemental Financial Information.
104
Cover
Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
1
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
GULFPORT
ENERGY CORPORATION
Date:
November 4, 2026
By:
/s/
Domenic J. Dell’Osso, Jr.
Domenic
J. Dell’Osso, Jr.
Chief
Executive Officer and
Interim Principal Financial Officer
2
EX-99.1 — PRESS RELEASE DATED NOVEMBER 4, 2026 ENTITLED "GULFPORT ENERGY REPORTS THIRD QUARTER 2026 FINANCIAL AND OPERATING RESULTS."
EX-99.1
Filename: ea031084001ex99-1.htm · Sequence: 2
Exhibit
99.1
Gulfport
Energy Reports Third Quarter 2026 Financial and Operating Results
OKLAHOMA
CITY (November 4, 2026) Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today
reported financial and operating results for the three months ended September 30, 2026.
Third
Quarter 2026 Results and Recent Highlights
● Reported
$96.4 million of net income and $226.5 million of adjusted EBITDA(1)
● Generated
$183.6 million of net cash provided by operating activities and $89.0 million of adjusted
free cash flow(1)
● Produced approximately 1,057.2 MMcfe per day
● Delivered net liquids production of 23.5 MBbl per day, an increase of approximately 67% over
second quarter 2026
● Incurred
$111.7 million of capital expenditures, which includes $103.5 million of operated D&C
capital expenditures and $8.2 million of maintenance land and seismic investment
● Added
opportunistic discretionary acreage acquisitions totaling $46.9 million
● Completed
previously announced Ohio state land lease acquisitions totaling $83.0 million
● Repurchased
approximately 218.7 thousand shares of common stock for approximately $36.2 million during
the three months ended September 30, 2026
● Expanded stock repurchase authorization by 33% to $2.0 billion
● Completed
fall borrowing base redetermination of revolving credit facility with reaffirmed borrowing
base and elected commitments of $1.1 billion
● Signed
supply agreement for 50,000 MMBtu/d supporting growing Midwest demand, bringing premium priced
supply contracts to approximately 10% of forecasted net production
● Released
annual Corporate Sustainability Report, reflecting Gulfport’s continued commitment
to environmental stewardship, responsible operations and sound corporate governance
Nick
Dell’Osso, Gulfport’s President and CEO, commented, “Our 2026 development program gained significant momentum in the
third quarter. As planned, our back-half-weighted turn-in-line schedule drove production up approximately 10% from the second quarter,
led by new liquids-rich wet gas Utica pads, with liquids now representing approximately 13% of total volumes. That higher-value production
mix, combined with strong realized liquids pricing and our disciplined cost structure, translated directly into stronger margins and
earnings, with adjusted EBITDA and adjusted free cash flow both up meaningfully from the second quarter. We expect to continue building
on that strength in the fourth quarter, keeping us on track to deliver full-year production and capital expenditures in line with our
guidance.”
Dell’Osso
continued, “We also continued to enhance the depth of our inventory, completing the Ohio state land acquisitions, and expect
to complete our $140 million 2026 discretionary acreage acquisition program by year-end through disciplined, targeted leasing in the
core of our position. As we look to 2027, we are evaluating a more continuous two-rig Appalachia development program, which we
believe will drive meaningful operational efficiencies through steadier rig and crew utilization, lower our development costs,
concentrate capital in our highest-return asset area and position the business for production growth beginning in 2028. This shift
in capital allocation would allow Gulfport to balance reinvestment with returns to shareholders while preserving our strong
balance sheet, and we look forward to sharing our full 2027 outlook in February.”
“With
a high-quality, deep and concentrated asset base in the heart of Appalachia, adjacent to growing power demand in Ohio, a strong financial
foundation and an expanded stock repurchase authorization, we believe we are well positioned to generate durable adjusted free cash flow
and deliver meaningful value to our shareholders,” Dell’Osso concluded.
A
company presentation to accompany the Gulfport earnings conference call can be accessed by clicking here.
1. A
non-GAAP financial measure. Reconciliations of these non-GAAP measures and other disclosures
are provided with the supplemental financial tables available on our website at www.gulfportenergy.com.
2
Operational
Update
The
table below summarizes Gulfport’s operated drilling and completion activity for the third quarter of 2026:
Quarter Ended September 30, 2026
Gross
Net
Lateral Length
Spud
Utica & Marcellus
5
4.8
19,700
SCOOP
—
—
—
Drilled
Utica & Marcellus
5
4.8
16,400
SCOOP
—
—
—
Completed
Utica & Marcellus
7
6.7
14,200
SCOOP
—
—
—
Turned-to-Sales
Utica & Marcellus
7
6.9
16,400
SCOOP
—
—
—
Gulfport’s
net daily production for the third quarter of 2026 averaged 1,057.2 MMcfe per day, primarily consisting of 889.5 MMcfe per day in the
Utica/Marcellus and 167.7 MMcfe per day in the SCOOP. For the third quarter of 2026, Gulfport’s net daily production mix was comprised
of approximately 87% natural gas, 10% natural gas liquids (“NGL”) and 3% oil and condensate.
Three Months Ended September 30, 2026
Three Months Ended September 30, 2025
Production
Natural gas (Mcf/day)
916,320
987,746
Oil and condensate (Bbl/day)
6,188
6,892
NGL (Bbl/day)
17,295
15,097
Total (Mcfe/day)
1,057,217
1,119,678
Average Prices
Natural Gas:
Average price without the impact of derivatives ($/Mcf)
$ 2.63
$ 2.61
Impact from settled derivatives ($/Mcf)
$ 0.49
$ 0.34
Average price, including settled derivatives ($/Mcf)
$ 3.12
$ 2.95
Oil and condensate:
Average price without the impact of derivatives ($/Bbl)
$ 79.59
$ 58.99
Impact from settled derivatives ($/Bbl)
$ (7.81 )
$ 3.63
Average price, including settled derivatives ($/Bbl)
$ 71.78
$ 62.62
NGL:
Average price without the impact of derivatives ($/Bbl)
$ 35.81
$ 27.89
Impact from settled derivatives ($/Bbl)
$ 0.02
$ 0.21
Average price, including settled derivatives ($/Bbl)
$ 35.83
$ 28.10
Total:
Average price without the impact of derivatives ($/Mcfe)
$ 3.33
$ 3.04
Impact from settled derivatives ($/Mcfe)
$ 0.38
$ 0.33
Average price, including settled derivatives ($/Mcfe)
$ 3.71
$ 3.37
Selected operating metrics
Lease operating expenses ($/Mcfe)
$ 0.21
$ 0.20
Taxes other than income ($/Mcfe)
$ 0.08
$ 0.08
Transportation, gathering, processing and compression expense ($/Mcfe)
$ 1.02
$ 0.94
Recurring cash general and administrative expenses ($/Mcfe) (non-GAAP)
$ 0.14
$ 0.13
Interest expense ($/Mcfe)
$ 0.18
$ 0.13
3
Capital
Investment
Capital
investment was $111.7 million (on an incurred basis) for the third quarter of 2026, of which $103.5 million related to operated
drilling and completion activity and $8.2 million related to maintenance land and seismic investment. Gulfport also invested approximately
$46.9 million in discretionary acreage acquisitions, $83.0 million related to the previously announced Ohio state land lease acquisitions
and incurred approximately $0.9 million related to non-operated drilling and completion activities.
For
the nine-month period ended September 30, 2026, capital investment was $382.0 million (on an incurred basis), of which $363.0
million related to operated drilling and completion activity and $19.0 million related to maintenance land and seismic investment. Gulfport
also invested approximately $126.6 million in discretionary acreage acquisitions, $83.0 million in the Ohio state land lease acquisitions
and incurred approximately $1.6 million related to non-operated drilling and completion activities. Discretionary acreage acquisition
expenditures included $39.5 million associated with the completion of the prior year program and $87.1 million associated with the 2026
discretionary acreage acquisition program, which is targeting $140 million of acreage acquisitions through the end of the year.
Expanded
Common Stock Repurchase Program
Gulfport’s
board of directors recently expanded the Company’s stock repurchase program, authorizing the Company to repurchase up to $2.0 billion
of its outstanding stock.
Gulfport
repurchased approximately 218.7 thousand shares of common stock during the third quarter of 2026, totaling approximately $36.2
million. As of September 30, 2026, the Company had repurchased approximately 8.8 million shares of common stock (including the
underlying shares of common stock into which the preferred stock was convertible) at a weighted-average share price of $135.84 since
the program initiated in March 2022, totaling approximately $1.2 billion in aggregate. As of September 30, 2026, the Company had
approximately $800 million of remaining capacity under the expanded stock repurchase program.
Financial
Position and Liquidity
As
of September 30, 2026, Gulfport had approximately $2.6 million of cash and cash equivalents, $419.0 million of borrowings under
its revolving credit facility, $37.9 million of letters of credit outstanding and $650.0 million of outstanding 2029 senior notes.
Gulfport’s
liquidity at September 30, 2026, totaled approximately $645.6 million, comprised of the $2.6 million of cash and cash equivalents
and approximately $643.1 million of available borrowing capacity under its credit facility.
Credit
Facility Borrowing Base Redetermination
On
October 30, 2026, Gulfport completed its semi-annual borrowing base redetermination, which reaffirmed both the borrowing base and elected
commitments at $1.1 billion.
Firm
Sales Agreements
During
the fourth quarter, Gulfport signed a firm sales agreement for 50,000 MMBtu per day beginning in 2028, supporting growing Midwest
demand. Combined with a previously executed 10-year agreement for 65,000 MMBtu per day beginning in mid-2027, Gulfport has contracted
approximately 10% of forecasted net production at a premium to historical realizations. Both agreements will be supplied using the Company’s
existing firm transportation capacity and are priced off sales indices positioned to benefit from growing regional power demand.
4
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.
2025
– 2026 Corporate Sustainability Report
Gulfport
remains dedicated to responsible operations, environmental stewardship and sound corporate governance. On November 4, 2026, the Company
released its 2025 – 2026 Corporate Sustainability Report, which is available in the “Sustainability” section of www.gulfportenergy.com.
Third
Quarter 2026 Conference Call
Gulfport
will host a teleconference and webcast to discuss its third quarter of 2026 results beginning at 10:00 a.m. ET (9:00 a.m. CT) on Thursday,
November 5, 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 November 5, 2026 to November 19, 2026, by calling
877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13763319.
Financial
Statements and Guidance Documents
Third
quarter of 2026 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
press release includes non-GAAP financial measures. Such non-GAAP measures should not be 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.
5
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 Springer formations.
Forward-Looking
Statements
This
press release includes “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results,
performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the
forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,”
“should,” “could,” “would,” “expects,” “plans,” “anticipates,”
“intends,” “believes,” “estimates,” “projects,” “predicts,” “potential”
and similar expressions intended to identify forward-looking statements. All statements, other than statements of historical facts, included
in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including
the expected impact of U.S. trade policy and its impact on broader economic conditions, the war in Ukraine, the conflicts in Iran, the
disruptions in the Strait of Hormuz and the broader geopolitical tension in the Middle East on our business, industry and the global
economy, estimated future production and net revenues from oil and gas reserves and the present value thereof, future capital expenditures
(including the amount and nature thereof), share repurchases, business strategy and measures to implement strategy, competitive strength,
goals, expansion and growth of our business and operations, plans, references to future success, reference to intentions as to future
matters and other such matters are forward-looking statements. Gulfport believes the expectations and forecasts reflected in the forward-looking
statements are reasonable, Gulfport can give no assurance they will prove to have been correct. They can be affected by inaccurate or
changed assumptions or by known or unknown risks and uncertainties. Important risks, assumptions and other important factors that could
cause future results to differ materially from those expressed in the forward-looking statements are described under “Risk Factors”
in Item 1A of Gulfport’s annual report on Form 10-K for the year ended December 31, 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
6
EX-99.2 — SUPPLEMENTAL FINANCIAL INFORMATION
EX-99.2
Filename: ea031084001ex99-2.htm · Sequence: 3
Exhibit 99.2
Three
months and nine months ended September 30, 2026
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
Production
Volumes by Asset Area: Three months ended September 30, 2026
Production
Volumes
Three Months Ended September 30, 2026
Three Months Ended September 30, 2025
Natural gas (Mcf/day)
Utica & Marcellus
791,503
833,710
SCOOP
124,817
154,035
Total
916,320
987,746
Oil and condensate (Bbl/day)
Utica & Marcellus
5,031
5,485
SCOOP
1,156
1,408
Total
6,188
6,892
NGL (Bbl/day)
Utica & Marcellus
11,302
8,364
SCOOP
5,993
6,733
Total
17,295
15,097
Combined (Mcfe/day)
Utica & Marcellus
889,502
916,801
SCOOP
167,715
202,877
Total
1,057,217
1,119,678
Totals may not sum or recalculate due to rounding.
Page 2
Production
Volumes by Asset Area: Nine months ended September 30, 2026
Production
Volumes
Nine Months Ended September 30, 2026
Nine Months Ended September 30, 2025
Natural gas (Mcf/day)
Utica & Marcellus
776,645
752,902
SCOOP
123,543
153,287
Total
900,188
906,189
Oil and condensate (Bbl/day)
Utica & Marcellus
3,557
5,166
SCOOP
1,161
1,512
Total
4,718
6,678
NGL (Bbl/day)
Utica & Marcellus
7,174
5,489
SCOOP
5,711
6,654
Total
12,885
12,143
Combined (Mcfe/day)
Utica & Marcellus
841,029
816,835
SCOOP
164,777
202,282
Total
1,005,806
1,019,116
Totals may not sum or recalculate due to rounding.
Page 3
Production
and Pricing: Three months ended September 30, 2026
The
following table summarizes production and related pricing for the three months ended September 30, 2026, as compared to such data
for the three months ended September 30, 2025:
Three Months Ended September 30, 2026
Three Months Ended September 30, 2025
Natural gas sales
Natural gas production volumes (MMcf)
84,301
90,873
Natural gas production volumes (MMcf) per day
916
988
Total sales
$ 221,651
$ 236,801
Average price without the impact of derivatives ($/Mcf)
$ 2.63
$ 2.61
Impact from settled derivatives ($/Mcf)
$ 0.49
$ 0.34
Average price, including settled derivatives ($/Mcf)
$ 3.12
$ 2.95
Oil and condensate sales
Oil and condensate production volumes (MBbl)
569
634
Oil and condensate production volumes (MBbl) per day
6
7
Total sales
$ 45,304
$ 37,406
Average price without the impact of derivatives ($/Bbl)
$ 79.59
$ 58.99
Impact from settled derivatives ($/Bbl)
$ (7.81 )
$ 3.63
Average price, including settled derivatives ($/Bbl)
$ 71.78
$ 62.62
NGL sales
NGL production volumes (MBbl)
1,591
1,389
NGL production volumes (MBbl) per day
17
15
Total sales
$ 56,978
$ 38,734
Average price without the impact of derivatives ($/Bbl)
$ 35.81
$ 27.89
Impact from settled derivatives ($/Bbl)
$ 0.02
$ 0.21
Average price, including settled derivatives ($/Bbl)
$ 35.83
$ 28.10
Natural gas, oil and condensate and NGL sales
Natural gas equivalents (MMcfe)
97,264
103,010
Natural gas equivalents (MMcfe) per day
1,057
1,120
Total sales
$ 323,933
$ 312,941
Average price without the impact of derivatives ($/Mcfe)
$ 3.33
$ 3.04
Impact from settled derivatives ($/Mcfe)
$ 0.38
$ 0.33
Average price, including settled derivatives ($/Mcfe)
$ 3.71
$ 3.37
Production Costs:
Average lease operating expenses ($/Mcfe)
$ 0.21
$ 0.20
Average taxes other than income ($/Mcfe)
$ 0.08
$ 0.08
Average transportation, gathering, processing and compression ($/Mcfe)
$ 1.02
$ 0.94
Total lease operating expenses, taxes other than income and midstream costs ($/Mcfe)
$ 1.30
$ 1.21
Totals may not sum or recalculate due to rounding.
Page 4
Production
and Pricing: Nine months ended September 30, 2026
The
following table summarizes production and related pricing for the nine months ended September 30, 2026, as compared to such data
for the nine months ended September 30, 2025:
Nine Months Ended September 30, 2026
Nine Months Ended September 30, 2025
Natural gas sales
Natural gas production volumes (MMcf)
245,751
247,390
Natural gas production volumes (MMcf) per day
900
906
Total sales
$ 819,434
$ 759,543
Average price without the impact of derivatives ($/Mcf)
$ 3.33
$ 3.07
Impact from settled derivatives ($/Mcf)
$ 0.11
$ 0.16
Average price, including settled derivatives ($/Mcf)
$ 3.44
$ 3.23
Oil and condensate sales
Oil and condensate production volumes (MBbl)
1,288
1,823
Oil and condensate production volumes (MBbl) per day
5
7
Total sales
$ 100,483
$ 110,208
Average price without the impact of derivatives ($/Bbl)
$ 78.01
$ 60.45
Impact from settled derivatives ($/Bbl)
$ (8.72 )
$ 2.86
Average price, including settled derivatives ($/Bbl)
$ 69.29
$ 63.31
NGL sales
NGL production volumes (MBbl)
3,518
3,315
NGL production volumes (MBbl) per day
13
12
Total sales
$ 118,914
$ 98,287
Average price without the impact of derivatives ($/Bbl)
$ 33.81
$ 29.65
Impact from settled derivatives ($/Bbl)
$ 0.06
$ (0.40 )
Average price, including settled derivatives ($/Bbl)
$ 33.87
$ 29.25
Natural gas, oil and condensate and NGL sales
Natural gas equivalents (MMcfe)
274,585
278,219
Natural gas equivalents (MMcfe) per day
1,006
1,019
Total sales
$ 1,038,831
$ 968,038
Average price without the impact of derivatives ($/Mcfe)
$ 3.78
$ 3.48
Impact from settled derivatives ($/Mcfe)
$ 0.06
$ 0.16
Average price, including settled derivatives ($/Mcfe)
$ 3.84
$ 3.64
Production Costs:
Average lease operating expenses ($/Mcfe)
$ 0.23
$ 0.21
Average taxes other than income ($/Mcfe)
$ 0.09
$ 0.08
Average transportation, gathering, processing and compression ($/Mcfe)
$ 1.00
$ 0.96
Total lease operating expenses, taxes other than income and midstream costs ($/Mcfe)
$ 1.32
$ 1.25
Totals may not sum or recalculate due to rounding.
Page 5
Consolidated
Statements of Income: Three months ended September 30, 2026
(In
thousands, except per share data)
(Unaudited)
Three Months Ended September 30, 2026
Three Months Ended September 30, 2025
REVENUES:
Natural gas sales
$ 221,651
$ 236,801
Oil and condensate sales
45,304
37,406
Natural gas liquid sales
56,978
38,734
Net gain on natural gas, oil and NGL derivatives
38,541
66,804
Total revenues
362,474
379,745
OPERATING EXPENSES:
Lease operating expenses
19,954
20,793
Taxes other than income
7,672
7,925
Transportation, gathering, processing and compression
99,269
96,390
Depreciation, depletion and amortization
85,324
83,216
General and administrative expenses
8,869
11,835
Accretion expense
635
597
Total operating expenses
221,723
220,756
INCOME FROM OPERATIONS
140,751
158,989
OTHER EXPENSE:
Interest expense
17,287
13,590
Other, net
703
2,596
Total other expense
17,990
16,186
INCOME BEFORE INCOME TAXES
122,761
142,803
INCOME TAX (BENEFIT) EXPENSE:
Current
(77 )
(105 )
Deferred
26,438
31,515
Total income tax expense
26,361
31,410
NET INCOME
$ 96,400
$ 111,393
Dividends on preferred stock
—
—
Deemed dividend on preferred stock
—
(29,986 )
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$ 96,400
$ 81,407
NET INCOME PER COMMON SHARE:
Basic
$ 5.47
$ 4.49
Diluted
$ 5.45
$ 4.45
Weighted average common shares outstanding—Basic
17,630
18,114
Weighted average common shares outstanding—Diluted
17,685
18,290
Page 6
Consolidated
Statements of Income: Nine months ended September 30, 2026
(In
thousands, except per share data)
(Unaudited)
Nine Months Ended September 30, 2026
Nine Months Ended September 30, 2025
REVENUES:
Natural gas sales
$ 819,434
$ 759,543
Oil and condensate sales
100,483
110,208
Natural gas liquid sales
118,914
98,287
Net gain on natural gas, oil and NGL derivatives
84,403
56,357
Total revenues
1,123,234
1,024,395
OPERATING EXPENSES:
Lease operating expenses
64,241
58,704
Taxes other than income
24,230
22,107
Transportation, gathering, processing and compression
274,462
265,768
Depreciation, depletion and amortization
233,807
222,481
General and administrative expenses
29,238
31,762
Accretion expense
1,851
1,802
Total operating expenses
627,829
602,624
INCOME FROM OPERATIONS
495,405
421,771
OTHER EXPENSE:
Interest expense
48,465
40,677
Other, net
2,556
2,795
Total other expense
51,021
43,472
INCOME BEFORE INCOME TAXES
444,384
378,299
INCOME TAX EXPENSE:
Current
749
—
Deferred
94,311
82,904
Total income tax expense
95,060
82,904
NET INCOME
$ 349,324
$ 295,395
Dividends on preferred stock
—
(1,666 )
Deemed dividend on preferred stock
—
(29,986 )
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$ 349,324
$ 263,743
NET INCOME PER COMMON SHARE:
Basic
$ 19.38
$ 14.73
Diluted
$ 19.29
$ 14.57
Weighted average common shares outstanding—Basic
18,023
17,901
Weighted average common shares outstanding—Diluted
18,105
18,102
Page 7
Consolidated
Balance Sheets
(In
thousands)
September 30, 2026
December 31, 2025
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$ 2,571
$ 1,813
Accounts receivable—oil, natural gas, and natural gas liquids sales
145,364
184,649
Accounts receivable—joint interest and other
12,085
9,282
Prepaid expenses and other current assets
9,242
7,952
Short-term derivative instruments
124,813
45,155
Total current assets
294,075
248,851
Property and equipment:
Oil and natural gas properties, full-cost method
Proved oil and natural gas properties
4,416,238
3,902,539
Unproved properties
338,381
232,959
Other property and equipment
13,990
13,008
Total property and equipment
4,768,609
4,148,506
Less: accumulated depletion, depreciation and amortization
(2,101,766 )
(1,868,481 )
Total property and equipment, net
2,666,843
2,280,025
Other assets:
Long-term derivative instruments
9,914
15,303
Deferred tax asset
371,427
465,738
Operating lease assets
24,358
561
Other assets
15,133
19,062
Total other assets
420,832
500,664
Total assets
$ 3,381,750
$ 3,029,540
Page 8
Consolidated
Balance Sheets
(In
thousands, except share data)
September 30, 2026
December 31, 2025
(Unaudited)
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities
$ 335,157
$ 342,382
Short-term derivative instruments
26,037
21,865
Current portion of operating lease liabilities
11,540
550
Total current liabilities
372,734
364,797
Non-current liabilities:
Long-term derivative instruments
10,789
8,916
Asset retirement obligation
35,232
32,912
Non-current operating lease liabilities
12,884
10
Long-term debt
1,061,806
788,187
Total non-current liabilities
1,120,711
830,025
Total liabilities
$ 1,493,445
$ 1,194,822
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock - $0.0001 par value, 42.0 million shares authorized, 17.5 million issued and outstanding at September 30, 2026, and 18.8 million issued and outstanding at December 31, 2025
2
2
Retained earnings
1,888,303
1,834,716
Total stockholders’ equity
$ 1,888,305
$ 1,834,718
Total liabilities and stockholders’ equity
$ 3,381,750
$ 3,029,540
Page 9
Consolidated
Statement of Cash Flows: Three months ended September 30, 2026
(In
thousands)
(Unaudited)
Three Months Ended September 30, 2026
Three Months Ended September 30, 2025
Cash flows from operating activities:
Net income
$ 96,400
$ 111,393
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion, depreciation and amortization
85,324
83,216
Net gain on derivative instruments
(38,541 )
(66,804 )
Net cash receipts on settled derivative instruments
37,096
33,752
Deferred income tax expense
26,438
31,515
Stock-based compensation expense
829
2,942
Other, net
2,629
2,386
Changes in operating assets and liabilities, net
(26,595 )
10,678
Net cash provided by operating activities
183,580
209,078
Cash flows from investing activities:
Additions to oil and natural gas properties
(284,233 )
(129,899 )
Proceeds from sale of oil and natural gas properties
—
150
Other, net
(38 )
(509 )
Net cash used in investing activities
(284,271 )
(130,258 )
Cash flows from financing activities:
Principal payments on Credit Facility
(235,000 )
(580,000 )
Borrowings on Credit Facility
374,000
576,000
Redemption of preferred stock
—
(31,374 )
Repurchase of common stock under Repurchase Program
(36,588 )
(43,523 )
Shares exchanged for tax withholdings
(88 )
(348 )
Other, net
(116 )
(2 )
Net cash provided by (used in) financing activities
102,208
(79,247 )
Net change in cash and cash equivalents
1,517
(427 )
Cash and cash equivalents at beginning of period
1,054
3,794
Cash and cash equivalents at end of period
$ 2,571
$ 3,367
Page 10
Consolidated
Statement of Cash Flows: Nine months ended September 30, 2026
(In
thousands)
(Unaudited)
Nine Months Ended September 30, 2026
Nine Months Ended September 30, 2025
Cash flows from operating activities:
Net income
$ 349,324
$ 295,395
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion, depreciation and amortization
233,807
222,481
Net gain on derivative instruments
(84,403 )
(56,357 )
Net cash receipts on settled derivative instruments
16,179
43,302
Deferred income tax expense
94,311
82,904
Stock-based compensation expense
3,717
9,245
Other, net
6,443
6,236
Changes in operating assets and liabilities, net
7,049
14,555
Net cash provided by operating activities
626,427
617,761
Cash flows from investing activities:
Additions to oil and natural gas properties
(597,020 )
(382,899 )
Proceeds from sale of oil and natural gas properties
—
150
Other, net
(1,215 )
(1,474 )
Net cash used in investing activities
(598,235 )
(384,223 )
Cash flows from financing activities:
Principal payments on Credit Facility
(1,034,000 )
(994,000 )
Borrowings on Credit Facility
1,306,000
1,007,000
Early retirement of 2026 Senior Notes
—
(25,702 )
Dividends on preferred stock
—
(1,666 )
Redemption of preferred stock
—
(31,374 )
Repurchase of common stock under Repurchase Program
(261,692 )
(153,023 )
Repurchase of common stock under Repurchase Program - related party
(17,239 )
(15,000 )
Net cash payments on performance vesting restricted stock units
—
(12,297 )
Shares exchanged for tax withholdings
(19,667 )
(5,576 )
Other, net
(836 )
(6 )
Net cash used in financing activities
(27,434 )
(231,644 )
Net change in cash and cash equivalents
758
1,894
Cash and cash equivalents at beginning of period
1,813
1,473
Cash and cash equivalents at end of period
$ 2,571
$ 3,367
Page 11
2026E
Guidance
Gulfport’s
2026 guidance assumes commodity strip prices as of October 15, 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
Capital expenditures (incurred)
(in millions)
Operated D&C
~$ 395
Maintenance leasehold and land
~$ 35
Total base capital expenditures
~$ 430
(1) 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 management transitions.
(2) This
is a non-GAAP measure. Reconciliations of these non-GAAP measures and other disclosures are provided with the supplemental financial
tables available on our website at www.gulfportenergy.com.
Page 12
Derivatives
The
below details Gulfport’s hedging positions as of October 29, 2026:
Bal
Year
2026(1)
Full
Year
2027
Full
Year
2028
Natural
Gas Contract Summary (NYMEX):
Fixed
Price Swaps
Volume
(BBtupd)
480
490
90
Weighted Average
Price ($/MMBtu)
$ 3.77
$ 3.59
$ 3.74
Fixed
Price Collars
Volume
(BBtupd)
150
87
—
Weighted Average
Floor Price ($/MMBtu)
$ 3.61
$ 3.75
$ —
Weighted Average
Ceiling Price ($/MMBtu)
$ 4.35
$ 4.18
$ —
Basis
Contract Summary:
Rex
Zone 3 Basis
Volume
(BBtupd)
80
100
60
Differential
($/MMBtu)
$ (0.18 )
$ (0.20 )
$ (0.20 )
Tetco
M2 Basis
Volume
(BBtupd)
170
160
40
Differential
($/MMBtu)
$ (0.95 )
$ (0.80 )
$ (0.71 )
NGPL
TX OK Basis
Volume
(BBtupd)
30
40
—
Differential
($/MMBtu)
$ (0.30 )
$ (0.33 )
$ —
TGP
500 Basis
Volume
(BBtupd)
20
—
—
Differential
($/MMBtu)
$ 0.56
$ —
$ —
Transco
Station 85 Basis
Volume
(BBtupd)
10
—
—
Differential
($/MMBtu)
$ 0.56
$ —
$ —
Oil
Contract Summary (WTI):
Fixed
Price Swaps
Volume
(Bblpd)
2,000
3,756
2,000
Weighted Average
Price ($/Bbl)
$ 72.19
$ 71.64
$ 72.41
Fixed
Price Collars
Volume
(Bblpd)
2,250
300
—
Weighted Average
Floor Price ($/Bbl)
$ 64.44
$ 55.00
$ —
Weighted Average
Ceiling Price ($/Bbl)
$ 77.62
$ 68.00
$ —
NGL
Contract Summary:
C3
Propane Fixed Price Swaps
Volume
(Bblpd)
3,250
3,500
—
Weighted Average
Price ($/Bbl)
$ 30.98
$ 31.97
$ —
NC4
Butane Fixed Price Swaps
Volume
(Bblpd)
—
500
—
Weighted Average
Price ($/Bbl)
$ —
$ 51.14
$ —
(1) October 1, 2026 - December 31, 2026.
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 measures should be considered in addition to, but not instead of, the financial statements prepared in accordance
with GAAP.
Page 14
Definitions
Adjusted
net income is a non-GAAP financial measure equal to net income less 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, costs associated with management transitions, stock-based compensation expenses, other non-material expenses and the tax effect of the adjustments to
net income.
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 management transitions, 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 an 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 management transitions. 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.
Page 15
Adjusted
Net Income: Three months ended September 30, 2026
(In
thousands)
(Unaudited)
Three Months Ended September 30, 2026
Three Months Ended September 30, 2025
Net Income (GAAP)
$ 96,400
$ 111,393
Adjustments:
Non-cash derivative gain
(1,445 )
(33,052 )
Non-recurring general and administrative expense - cash
405
407
Stock-based compensation expense
829
2,942
Other, net
703
2,596
Tax effect of adjustments(1)
(106 )
5,964
Adjusted Net Income (Non-GAAP)
$ 96,786
$ 90,250
(1)
Income
taxes were approximately 21% and 22% for the three months ended September 30, 2026 and 2025, respectively.
Page 16
Adjusted
Net Income: Nine months ended September 30, 2026
(In
thousands)
(Unaudited)
Nine Months Ended September 30, 2026
Nine Months Ended September 30, 2025
Net Income (GAAP)
$ 349,324
$ 295,395
Adjustments:
Non-cash derivative gain
(68,224 )
(13,055 )
Non-recurring general and administrative expense - cash
3,262
1,438
Stock-based compensation expense
3,717
9,245
Other, net
2,556
2,795
Tax effect of adjustments(1)
12,554
(93 )
Adjusted Net Income (Non-GAAP)
$ 303,189
$ 295,725
(1)
Income
taxes were approximately 21% and 22% for the nine months ended September 30, 2026 and 2025, respectively.
Page 17
Adjusted
EBITDA: Three months ended September 30, 2026
(In
thousands)
(Unaudited)
Three Months Ended September 30, 2026
Three Months Ended September 30, 2025
Net Income (GAAP)
$ 96,400
$ 111,393
Adjustments:
Interest expense
17,287
13,590
Income tax expense
26,361
31,410
DD&A and accretion
85,959
83,813
Non-cash derivative gain
(1,445 )
(33,052 )
Non-recurring general and administrative expense - cash
405
407
Stock-based compensation expense
829
2,942
Other, net
703
2,596
Adjusted EBITDA (Non-GAAP)
$ 226,499
$ 213,099
Page 18
Adjusted
EBITDA: Nine months ended September 30, 2026
(In
thousands)
(Unaudited)
Nine Months Ended September 30, 2026
Nine Months Ended September 30, 2025
Net Income (GAAP)
$ 349,324
$ 295,395
Adjustments:
Interest expense
48,465
40,677
Income tax expense
95,060
82,904
DD&A and accretion
235,658
224,283
Non-cash derivative gain
(68,224 )
(13,055 )
Non-recurring general and administrative expense - cash
3,262
1,438
Stock-based compensation expense
3,717
9,245
Other, net
2,556
2,795
Adjusted EBITDA (Non-GAAP)
$ 669,818
$ 643,682
Page 19
Adjusted
Free Cash Flow: Three months ended September 30, 2026
(In
thousands)
(Unaudited)
Three Months Ended September 30, 2026
Three Months Ended September 30, 2025
Net cash provided by operating activities (GAAP)
$ 183,580
$ 209,078
Adjustments:
Interest expense
17,287
13,590
Non-recurring general and administrative expenses - cash
405
407
Current income tax benefit
(77 )
(105 )
Other, net
(1,291 )
807
Changes in operating assets and liabilities, net:
Accounts receivable - oil, natural gas, and natural gas liquids sales
30,988
(6,624 )
Accounts receivable - joint interest and other
(1,558 )
(3,838 )
Accounts payable and accrued liabilities
(2,079 )
283
Prepaid expenses
(767 )
(457 )
Other assets
11
(42 )
Total changes in operating assets and liabilities, net
$ 26,595
$ (10,678 )
Adjusted EBITDA (Non-GAAP)
$ 226,499
$ 213,099
Interest expense
(17,287 )
(13,590 )
Current income tax benefit
77
105
Capitalized expenses incurred(1)
(7,226 )
(6,325 )
Capital expenditures incurred(2,3,4)
(113,069 )
(89,853 )
Adjusted free cash flow (Non-GAAP)
$ 88,994
$ 103,436
(1)
Includes
cash capitalized general and administrative expense and incurred capitalized interest expenses.
(2)
Incurred
capital expenditures and cash capital expenditures may vary from period to period due to the cash payment cycle.
(3)
For
the three months ended September 30, 2026, excludes $83.0 million and $46.9 million for the Ohio state land lease acquisition and
targeted discretionary acreage acquisitions, respectively. Additionally, includes $0.5 million and $0.9 million of non-D&C capital
and non-operated capital expenditures, respectively.
(4)
For
the three months ended September 30, 2025, excludes targeted discretionary acreage acquisitions of $8.9 million. Additionally, includes
$1.9 million and $0.7 million of non-D&C capital and non-operated capital expenditures, respectively.
Page 20
Adjusted
Free Cash Flow: Nine months ended September 30, 2026
(In
thousands)
(Unaudited)
Nine Months Ended September 30, 2026
Nine Months Ended September 30, 2025
Net cash provided by operating activities (GAAP)
$ 626,427
$ 617,761
Adjustments:
Interest expense
48,465
40,677
Non-recurring general and administrative expenses - cash
3,262
1,438
Current income tax expense
749
—
Other, net
(2,036 )
(1,639 )
Changes in operating assets and liabilities, net:
Accounts receivable - oil, natural gas, and natural gas liquids sales
(39,285 )
(33,952 )
Accounts receivable - joint interest and other
2,803
(817 )
Accounts payable and accrued liabilities
29,125
17,612
Prepaid expenses
266
2,603
Other assets
42
(1 )
Total changes in operating assets and liabilities, net
$ (7,049 )
$ (14,555 )
Adjusted EBITDA (Non-GAAP)
$ 669,818
$ 643,682
Interest expense
(48,465 )
(40,677 )
Current income tax expense
(749 )
—
Capitalized expenses incurred(1)
(21,026 )
(18,762 )
Capital expenditures incurred(2,3,4)
(385,233 )
(379,615 )
Adjusted free cash flow (Non-GAAP)
$ 214,345
$ 204,628
(1)
Includes
cash capitalized general and administrative expense and incurred capitalized interest expenses.
(2)
Incurred
capital expenditures and cash capital expenditures may vary from period to period due to the cash payment cycle.
(3)
For
the nine months ended September 30, 2026, excludes $83.0 million and $126.6 million for the Ohio state land lease acquisition and
targeted discretionary acreage acquisitions, respectively. Discretionary acreage acquisition expenditures included $39.5 million
associated with the completion of the prior year’s program and $87.1 million associated with the 2026 discretionary acreage
acquisition program that is targeting $140 million of acreage acquisitions through the end of the year. Additionally, includes $1.6
million and $1.6 million of non-D&C capital and non-operated capital expenditures, respectively.
(4)
For
the nine months ended September 30, 2025, excludes targeted discretionary acreage acquisitions of $15.7 million. Additionally, includes
$6.2 million and $2.2 million of non-D&C capital and non-operated capital expenditures, respectively.
Page 21
Recurring
General and Administrative Expenses:
Three
months ended September 30, 2026
(In
thousands)
(Unaudited)
Three Months Ended September 30, 2026
Three Months Ended September 30, 2025
Cash
Non-Cash
Total
Cash
Non-Cash
Total
General and administrative expense (GAAP)
$ 8,040
$ 829
$ 8,869
$ 8,893
$ 2,942
$ 11,835
Capitalized general and administrative expense
5,679
408
6,087
4,789
1,449
6,238
Non-recurring general and administrative expense(1)
(405 )
2,787
2,382
(407 )
—
(407 )
Recurring general and administrative before capitalization (Non-GAAP)
$ 13,314
$ 4,024
$ 17,338
$ 13,275
$ 4,391
$ 17,666
(1)
For
the three months ended September 30, 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 former Chief Financial Officer on August 5,
2026.
Page 22
Recurring General
and Administrative Expenses:
Nine
months ended September 30, 2026
(In
thousands)
(Unaudited)
Nine Months Ended September 30, 2026
Nine Months Ended September 30, 2025
Cash
Non-Cash
Total
Cash
Non-Cash
Total
General and administrative expense (GAAP)
$ 25,521
$ 3,717
$ 29,238
$ 22,517
$ 9,245
$ 31,762
Capitalized general and administrative expense
16,322
1,830
18,152
14,350
4,554
18,904
Non-recurring general and administrative expense(1)
(3,262 )
7,294
4,032
(1,438 )
—
(1,438 )
Recurring general and administrative before capitalization (Non-GAAP)
$ 38,581
$ 12,841
$ 51,422
$ 35,429
$ 13,799
$ 49,228
(1)
For
the nine months ended September 30, 2026, non-cash includes the impact of the forfeitures of unvested restricted stock units and
performance vesting restricted stock units due to the departures of the Company’s former Chief Executive Officer on March 6,
2026, and former Chief Financial Officer on August 5, 2026.
Page 23
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