Gulfport Energy Corp 8-K, filed Nov 4, 2026
Gulfport Energy Corp (GPOR)
About this 8-K
Gulfport Energy Corp filed this 8-K on November 4, 2026.
Gulfport reported $96.4 million of net income, $226.5 million of adjusted EBITDA and $89.0 million of adjusted free cash flow, while expanding its stock repurchase authorization to $2.0 billion. AI summary
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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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 |
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 |
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 |