Exhibit 99.1

Gulfport Energy Reports Second Quarter 2023 Financial and Operating Results

OKLAHOMA CITY (August 1, 2023) Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today reported financial and operating results for the three months ended June 30, 2023 and provided an update on its 2023 development plan and financial guidance.

Second Quarter 2023 and Recent Highlights

Updated Full Year 2023 Outlook

John Reinhart, President and CEO, commented, “This was another solid quarter for Gulfport, delivering outperformance relative to analyst consensus estimates for production, per unit operating costs, adjusted EBITDA and capital expenditures. We continued to exhibit strong operational execution and realized consistent cycle time improvements on the operational planning, drilling and completions front. These efficiencies resulted in accelerated turn in line dates for all 13 gross wells brought online during the second quarter, with the 11 gross Utica wells averaging a pad turn-in-line date two weeks ahead of schedule. The team’s focus on efficiencies and continuous improvements, in addition to our base production performance, contributed to the second quarter production results and led us to positively update our full year production and per unit operating expense guidance. Subsequent to June 30, the drilling team spud Gulfport’s first Marcellus delineation pad in Belmont County, Ohio. We look forward to bringing this pad online during the fourth quarter of 2023 and further discussing this development later in the year.”

Reinhart continued, “The current natural gas environment reinforces the importance of developing our assets in an efficient and sustainable manner. Our team is focused on enhancing margins, optimizing efficiencies, and protecting the financial strength of the Company. This, in addition to the enhancement of our already attractive acreage portfolio and a robust shareholder return strategy, will further improve our strong positioning going forward. We continue to prioritize the return of capital to our shareholders through common stock repurchases, as further evidenced by the concurrent repurchase alongside the secondary equity offering in June 2023. Since initiating the program, we have reduced our outstanding common shares by over 13%⁽³⁾. For the remainder of the year, we plan to continue allocating substantially all of our adjusted free cash flow to common share repurchases after accounting for discretionary acreage acquisitions. We are actively pursuing these acquisition opportunities and intend to allocate approximately $40 million from our robust 2023 adjusted free cash flow to this acreage in the form of discretionary acreage acquisitions that extend our high-quality inventory by approximately 1.5 years and provide optionality for near term development.”

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

Operational Update

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

Gulfport’s net daily production for the second quarter of 2023 averaged 1,039.3 MMcfe per day, primarily consisting of 769.2 MMcfe per day in the Utica and 270.1 MMcfe per day in the SCOOP. For the second quarter of 2023, Gulfport’s net daily production mix was comprised of approximately 91% natural gas, 7% natural gas liquids (“NGL”) and 2% oil and condensate.

Capital Investment

Capital investment was $129.3 million (on an incurred basis) for the second quarter of 2023, of which $110.6 million related to drilling and completion (“D&C”) activity and $18.7 million related to leasehold and land investment.

For the six-month period ended June 30, 2023, capital investment was $276.2 million (on an incurred basis), of which $237.7 million related to D&C activity and $38.5 million to leasehold and land investment.

Common Stock Repurchase Program

Gulfport repurchased approximately 441.5 thousand shares of common stock during the second quarter of 2023 at an average price of $93.67. As of July 27, 2023, the Company had repurchased approximately 3.8 million shares of common stock at a weighted-average share price of $85.51 since the program initiated in March 2022, totaling approximately $325.0 million in aggregate. The Company currently has approximately $75.0 million of remaining capacity under the share repurchase program.

Financial Position and Liquidity

As of June 30, 2023, Gulfport had approximately $5.3 million of cash and cash equivalents, $99.0 million of 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 June 30, 2023, totaled approximately $731.9 million, comprised of the $5.3 million of cash and cash equivalents and approximately $726.6 million of available borrowing capacity under its credit facility.

Full Year 2023 Guidance

The Company is providing updated full year 2023 guidance (changes in italics) as set forth in the table below:

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.

Second Quarter 2023 Conference Call

Gulfport will host a teleconference and webcast to discuss its second quarter of 2023 results beginning at 9:00 a.m. ET (8:00 a.m. CT) on Wednesday, August 2, 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 August 3, 2023 to August 17, 2023, by calling 877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13739877. 

Financial Statements and Guidance Documents

Second 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 and other return of capital plans, 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

6

Exhibit 99.2

Three months and six months ended June 30, 2023

Supplemental Information of Gulfport Energy

Production Volumes by Asset Area: Three months ended June 30, 2023

Production Volumes

Production Volumes by Asset Area: Six months ended June 30, 2023

Production Volumes

Production and Pricing: Three months ended June 30, 2023

The following table summarizes production and related pricing for the three months ended June 30, 2023, as compared to such data for the three months ended June 30, 2022:

Production and Pricing: Six months ended June 30, 2023

The following table summarizes production and related pricing for the six months ended June 30, 2023, as compared to such data for the six months ended June 30, 2022:

Consolidated Statements of Income: Three months ended June 30, 2023

(In thousands, except per share data)

(Unaudited)

Consolidated Statements of Income: Six months ended June 30, 2023

(In thousands, except per share data)

(Unaudited)

Consolidated Balance Sheets

(In thousands)

(Unaudited)

Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)

Consolidated Statement of Cash Flows: Three months ended June 30, 2023

(In thousands)

(Unaudited)

Consolidated Statement of Cash Flows: Six months ended June 30, 2023

(In thousands)

(Unaudited)

Updated 2023E Guidance

The Company is providing updated full year 2023 guidance (changes in italics) as set forth in the table below. Gulfport's 2023 guidance assumes commodity strip prices as of July 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 August 1, 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 June 30, 2023

(In thousands)

(Unaudited)

Adjusted Net Income: Six months ended June 30, 2023

(In thousands)

(Unaudited)

Adjusted EBITDA: Three months ended June 30, 2023

(In thousands)

(Unaudited)

Adjusted EBITDA: Six months ended June 30, 2023

(In thousands)

(Unaudited)

Adjusted Free Cash Flow: Three months ended June 30, 2023

(In thousands)

(Unaudited)

Adjusted Free Cash Flow: Six months ended June 30, 2023

(In thousands)

(Unaudited)

Recurring General and Administrative Expenses:

Three months ended June 30, 2023

(In thousands)

(Unaudited)

Recurring General and Administrative Expenses:

Six months ended June 30, 2023

(In thousands)

(Unaudited)

Page 23