Exhibit 99.1

Gulfport Energy Reports First Quarter 2023 Financial and Operational Results

OKLAHOMA CITY (May 2, 2023) Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today reported financial and operational results for the three months ended March 31, 2023 and provided an update on its 2023 development plan and financial position.

First Quarter 2023 and Recent Highlights

John Reinhart, President and CEO, commented, “We generated significant free cash flow during the first quarter despite the weaker commodity price environment, allowing us to continue to return capital to our shareholders while improving our already strong financial position as evidenced by our debt reduction of $145 million and the improvement of our leverage ratio. The current natural gas environment reinforces the importance of efficient and sustainable development of our assets and the focus of our team to enhance margins, optimize efficiencies, and protect the financial strength of the Company will further improve our strong positioning going forward. Our intention is to return substantially all of our adjusted free cash flow to our shareholders through common share repurchases after accounting for opportunistic acquisitions of accretive leasehold opportunities that high-grade our resource depth and provide optionality for our future development plans.”

Reinhart continued, “On the operational front, we are keenly focused on optimizing the development of our high-quality asset base in order to maximize the fundamental value of our company while protecting our balance sheet and prioritizing cash flow generation. In the first quarter of 2023, the Company delivered operational and financial performance better than analyst consensus estimates for both production and adjusted free cash flow while reducing cycle times and increasing capital efficiency. The team’s focus on efficiencies and continuous improvements in well productivity position us well as we enter the second quarter and continue to execute on our planned activity for the remainder of the year. In addition to our initial operational cadence improvements, we are also beginning to realize cost reductions in our capital program which reinforce our full-year guidance range for capital expenditures of $425 million to $475 million. We are focused on delivering additional savings in the current environment and will provide an update in future quarters. Our strong first quarter performance, both financially and operationally, positions the Company to deliver exceptional results while providing strategic optionality throughout the remainder of 2023.”

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

2023 Guidance

The Company is reaffirming its 2023 guidance previously issued on February 28, 2023. Gulfport expects approximately 60% to 65% of its drilling and completion (“D&C”) capital expenditures for 2023 to occur in the first half of 2023 due to the higher level of development activity experienced early in the year. In addition, driven by strong production performance and efficiency gains achieved to date, the Company currently forecasts total net production to be trending to the high end of the previously provided guidance range of 1,000 MMcfe to 1,040 MMcfe per day.

Operational Update

The table below summarizes Gulfport’s operated drilling and completion activity for the first quarter of 2023:

Gulfport’s net daily production for the first quarter of 2023 averaged 1,057.4 MMcfe per day, primarily consisting of 738.5 MMcfe per day in the Utica and 318.9 MMcfe per day in the SCOOP. For the first quarter of 2023, Gulfport’s net daily production mix was comprised of approximately 89% natural gas, 8% natural gas liquids (“NGL”) and 3% oil and condensate.

Capital Investment

Capital investment was $147.0 million (on an incurred basis) for the first quarter of 2023, of which $127.2 million related to drilling and completion (“D&C”) activity and $19.8 million related to leasehold and land investment.

Common Stock Repurchase Program

Gulfport’s board of directors previously authorized the Company to repurchase up to $400 million of its outstanding shares of common stock. Purchases under the repurchase program may be made from time to time in open market or privately negotiated transactions, and will be subject to available liquidity, market conditions, credit agreement restrictions, applicable legal requirements, contractual obligations and other factors. The repurchase program does not require the Company to acquire any specific number of shares. The Company intends to purchase shares under the repurchase program opportunistically with available funds while maintaining sufficient liquidity to fund its capital development program. The repurchase program may be suspended from time to time, modified, extended or discontinued by the board of directors at any time.

As of April 26, 2023, the Company had repurchased 3.4 million shares of common stock at a weighted-average share price of $84.38 since the program initiated in March 2022, totaling approximately $288.1 million in aggregate.

Spring Borrowing Base Redetermination

Gulfport recently completed its spring borrowing base redetermination and on May 1, 2023, the Company entered into the 3rd amendment to its credit agreement (the “Amendment”) governing the Company’s revolving credit facility. The Amendment, among other things, increased the borrowing base under the credit facility from $1 billion to $1.1 billion, with aggregate elected lender commitments increasing from $700 million to $900 million. The Company added two additional financial institutions to the bank group, bringing the total financial institutions participating in the Company’s revolving credit facility to 16. In addition, the Amendment extended the maturity of the credit facility by more than 18 months to May 1, 2027. The Amendment increases Gulfport’s financial flexibility to continue to execute its business plan and return capital to shareholders.

Michael Hodges, Gulfport’s CFO, commented, “We are pleased to announce the results of our successful spring borrowing base redetermination, which was driven by the underlying value of our high-quality resource base despite the current natural gas price environment. We greatly appreciate the support of our bank group as we position the Company to opportunistically deliver value to our stakeholders.”

Financial Position and Liquidity

As of March 31, 2023, Gulfport had approximately $3.5 million of cash and cash equivalents, no outstanding borrowings under its revolving credit facility, $74.4 million of letters of credit outstanding and $550 million of outstanding 2026 senior notes.

Gulfport’s liquidity at March 31, 2023, totaled approximately $629.1 million, comprised of the $3.5 million of cash and cash equivalents and approximately $625.6 million of available borrowing capacity under its revolving credit facility. Pro forma for the Amendment, Gulfport’s liquidity at March 31, 2023 increases by approximately $200 million.

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.

First Quarter 2023 Conference Call

Gulfport will host a teleconference and webcast to discuss its first quarter of 2023 results beginning at 9:00 a.m. ET (8:00 a.m. CT) on Wednesday, May 3, 2023.

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 May 4, 2023 to May 18, 2023, by calling 877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13738078.

Financial Statements and Guidance Documents

First quarter of 2023 earnings results and supplemental information regarding quarterly data such as production volumes, pricing, financial statements and non-GAAP reconciliations are available on our website at ir.gulfportenergy.com.

Non-GAAP Disclosures

This news release includes non-GAAP financial measures. Such non-GAAP measures should be not considered as an alternative to GAAP measures. Reconciliations of these non-GAAP measures and other disclosures are provided with the supplemental financial tables available on our website at ir.gulfportenergy.com.

About Gulfport

Gulfport is an independent natural gas-weighted exploration and production company focused on the exploration, acquisition and production of natural gas, crude oil and NGL in the United States with primary focus in the Appalachia and Anadarko basins. Our principal properties are located in eastern Ohio targeting the Utica formation and in central Oklahoma targeting the SCOOP Woodford and SCOOP 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. Forward-looking statements are statements other than statements of historical fact. They include statements regarding Gulfport’s current expectations, management’s outlook guidance or forecasts of future events, projected cash flow and liquidity, inflation, share repurchases, its ability to enhance cash flow and financial flexibility, future production and commodity mix, plans and objectives for future operations, the ability of our employees, portfolio strength and operational leadership to create long-term value, the rejection of certain midstream contracts and the assumptions on which such statements are based. Gulfport believes the expectations and forecasts reflected in the forward-looking statements are reasonable, Gulfport can give no assurance they will prove to have been correct. They can be affected by inaccurate or changed assumptions or by known or unknown risks and uncertainties. Important risks, assumptions and other important factors that could cause future results to differ materially from those expressed in the forward-looking statements are described under “Risk Factors” in Item 1A of Gulfport’s annual report on Form 10-K for the year ended December 31, 2022 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 – Director, Investor Relations

[email protected]

405-252-4550

Exhibit 99.2

Three months ended March 31, 2023

Supplemental Information of Gulfport Energy

Production Volumes by Asset Area : Three months ended March 31, 2023

Production Volumes

Totals may not sum or recalculate due to rounding.

Production and Pricing : Three months ended March 31, 2023

The following table summarizes production and related pricing for the three months ended March 31, 2023,
as compared to such data for the three months ended March 31, 2022:

Totals may not sum or recalculate due to rounding.

Consolidated Statements of Income: Three months ended March 31, 2023

(In thousands, except per share data)

(Unaudited)

Consolidated Balance Sheets

(In thousands, except share data)

Consolidated Balance Sheets

(In thousands, except share data)

Consolidated Statement of Cash Flows: Three months ended March 31, 2023

(In thousands)

(Unaudited)

2023E Guidance

Gulfport’s 2023 guidance assumes commodity strip prices as of April 17, 2023, adjusted for applicable commodity and location differentials, and no property acquisitions or divestitures.

Derivatives

The below details Gulfport’s hedging positions as of May 2, 2023:

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 tool 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.

Definitions

Adjusted net income is a non-GAAP financial measure equal to income (loss) before income taxes 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, stock-based compensation expenses, restructuring costs and other items which include items related to our Chapter 11 filing and other non-material expenses.

Adjusted EBITDA is a non-GAAP financial measure equal to net income (loss), the most directly comparable GAAP financial measure, plus interest expense, depreciation, depletion and amortization, and impairment of oil and gas properties, property and equipment, accretion, non-cash derivative (gain) loss, non-recurring general and administrative expenses comprised of expenses related to the continued administration of our prior Chapter 11 filing, stock-based compensation, restructuring costs and other items which include items related to our Chapter 11 filing 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 (used in) operating activities but excluded from adjusted EBITDA less interest expense, capitalized expenses incurred and capital expenditures incurred. Gulfport includes a adjusted free cash flow estimate for 2023. We are unable, however, to provide a quantitative reconciliation of the forward-looking non-GAAP measure to its most directly comparable forward-looking GAAP measure because management cannot reliably quantify certain of the necessary components of such forward-looking GAAP measure. Accordingly, Gulfport is relying on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K to exclude such reconciliation. Items excluded in net cash provided by (used in) operating activities to arrive at adjusted free cash flow include interest expense, income taxes, capitalized expenses as well as one-time items or items whose timing or amount cannot be reasonably estimated.

Recurring general and administrative expense is a non-GAAP financial measure equal to general and administrative expense (GAAP) plus capitalized general and administrative expense, less non-recurring general and administrative expenses comprised of expenses related to the continued administration of our prior Chapter 11 filing. Gulfport includes a recurring general and administrative expense estimate for 2023. 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.

Adjusted Net Income: Three months ended March 31, 2023

(In thousands)

(Unaudited)

Adjusted EBITDA: Three months ended March 31, 2023

(In thousands)

(Unaudited)

Adjusted Free Cash Flow: Three months ended March 31, 2023

(In thousands)

(Unaudited)