Exhibit 99.1


Gulfport Energy Reports Fourth Quarter and Full Year 2022 Financial and Operating Results and Provides 2023 Operational and Financial Guidance

OKLAHOMA CITY (February 28, 2023) Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today reported financial and operating results for the three and twelve months ended December 31, 2022 and provided its 2023 outlook.

Fourth Quarter 2022 and Recent Highlights

	●	Delivered total net production of 1,051.6 MMcfe per day

	●	Reported $748.6 million of net income and $155.9 million of adjusted EBITDA⁽¹⁾

	●	Generated $188.0 million of net cash provided by operating activities and $33.2 million of adjusted free cash flow⁽¹⁾

	●	Repurchased 206 thousand shares of common stock for $13.6 million subsequent to the end of fourth quarter 2022 at an average price of $66.29 per share; repurchased 3.1 million shares of common stock for $264.4 million⁽²⁾ since the inception of the repurchase program at an average price of $85.14 per share

●

Expanded common stock repurchase program from $300 million to $400 million

Full Year 2022 Highlights

	●	Delivered total net production of 983.4 MMcfe per day

	●	Reported $494.7 million of net income and $768.4 million of adjusted EBITDA⁽¹⁾

	●	Generated $739.1 million of net cash provided by operating activities and $240.6 million of adjusted free cash flow⁽¹⁾

	●	Increased the borrowing base under our revolving credit facility from $850 million to $1.0 billion

	●	Reduced total debt by $19 million, maintaining a strong balance sheet and low leverage

	●	Reported total proved reserves of 4.0 Tcfe, an increase of 4% compared to 2021, and total discounted future net cash flows of $8.3 billion at year-end SEC pricing

●

Added incremental hedge positions for 2023 covering approximately 36% of production with weighted-average floors of $3.76 per MMBtu

Full Year 2023 Outlook

	●	Expect to deliver full year net production in the range of 1,000 MMcfe to 1,040 MMcfe per day, an increase of 2% to 6% compared to 2022

	●	Plan to invest total capital expenditures of $450 million⁽³⁾, including $50 million to $75 million on leasehold and land investment

	●	Project D&C capital expenditures to decrease approximately 6%⁽³⁾ compared to 2022

	●	Anticipate minimal, if any, service cost inflation in 2023

	●	Forecast turning to sales 22 to 24 gross wells, which includes 2 wells targeting the Marcellus, 2 wells in the SCOOP and the remaining wells targeting the Utica

	●	Marcellus delineation test planned in Belmont County, Ohio possesses upside potential for unlocking valuable inventory underlying current acreage position

	●	Forecast to reduce per unit operating⁽⁴⁾ cost by approximately 7%⁽³⁾ compared to 2022

●

Plan to allocate adjusted free cash flow⁽¹⁾ towards common share repurchases and incremental leasehold opportunities

“2022 was a productive year for Gulfport, maintaining inventories of high quality acreage, delivering quality results from the development program, generating significant free cash flow and returning meaningful capital to shareholders through common share repurchases”, commented John Reinhart, CEO of Gulfport.

“As the company progresses into 2023, the team remains focused on further optimizing our development programs cycle times and operating costs, ultimately improving margins and supporting our expected free cash flow generation. We plan to continue the return of capital to our shareholders through common share repurchases, while targeting incremental leasehold opportunities that complement our resource depth and provide optionality to our future development plans.”

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.	As of February 23, 2023.

	3.	Assumes midpoint of 2023 guidance.

Includes lease operating expense, transportation, gathering, processing and compression expense and taxes other than income.

Operational Update

The table below summarizes Gulfport’s operated drilling and completion activity for the full year of 2022:

	Year Ended December 31, 2022
	Gross		Net		Lateral Length
Spud
Utica		19		17.4		14,200
SCOOP		6		4.3		10,200

Drilled
Utica		20		17.9		14,300
SCOOP		8		5.5		10,200

Completed
Utica		15		13.4		13,700
SCOOP		13		10.3		10,000

Turned-to-Sales
Utica		15		13.4		13,700
SCOOP		13		10.3		10,000

Gulfport’s net daily production for the full year of 2022 averaged 983.4 MMcfe per day, primarily consisting of 692.9 MMcfe per day in the Utica and 290.5 MMcfe per day in the SCOOP. For the full year of 2022, Gulfport’s net daily production mix was comprised of approximately 90% natural gas, 7% natural gas liquids (“NGL”) and 3% oil and condensate.

	Successor												Predecessor
	Three Months Ended December 31, 2022			Three Months Ended December 31, 2021			Year Ended December 31, 2022			Period from May 18, 2021 through December 31, 2021			Period from January 1, 2021 through May 17, 2021
Production
Natural gas (Mcf/day)		934,763			977,411			883,195			915,094			907,148
Oil and condensate (Bbl/day)		4,959			4,438			4,412			5,121			3,879
NGL (Bbl/day)		14,520			10,808			12,281			11,658			8,841
Total (Mcfe/day)		1,051,637			1,068,888			983,354			1,015,764			983,466
Average Prices
Natural gas:
Average price without the impact of derivatives ($/Mcf)	$	5.45		$	5.48		$	6.20		$	4.34		$	2.77
Impact from settled derivatives ($/Mcf)		(2.88	)		(2.35	)		(3.11	)		(1.44	)		(0.03	)
Average price, including settled derivatives ($/Mcf)	$	2.57		$	3.13		$	3.09		$	2.90		$	2.74
Oil and condensate:
Average price without the impact of derivatives ($/Bbl)	$	79.27		$	74.71		$	91.58		$	69.71		$	54.81
Impact from settled derivatives ($/Bbl)		(16.89	)		(13.18	)		(24.32	)		(8.33	)		—
Average price, including settled derivatives ($/Bbl)	$	62.38		$	61.53		$	67.26		$	61.38		$	54.81
NGL:
Average price without the impact of derivatives ($/Bbl)	$	30.85		$	44.18		$	41.26		$	39.56		$	30.37
Impact from settled derivatives ($/Bbl)		0.92			(7.02	)		(2.80	)		(4.88	)		—
Average price, including settled derivatives ($/Bbl)	$	31.77		$	37.16		$	38.46		$	34.68		$	30.37
Total:
Average price without the impact of derivatives ($/Mcfe)	$	5.64		$	5.77		$	6.49		$	4.72		$	3.05
Impact from settled derivatives ($/Mcfe)		(2.63	)		(2.27	)		(2.94	)		(1.39	)		(0.02	)
Average price, including settled derivatives ($/Mcfe)	$	3.01		$	3.50		$	3.55		$	3.33		$	3.03
Selected operating metrics
Lease operating expenses ($/Mcfe)	$	0.18		$	0.14		$	0.18		$	0.14		$	0.14
Taxes other than income ($/Mcfe)	$	0.15		$	0.14		$	0.17		$	0.13		$	0.09
Transportation, gathering, processing and compression expense ($/Mcfe)	$	0.99		$	0.88		$	1.00		$	0.92		$	1.20
Recurring cash general and administrative expenses ($/Mcfe) (non-GAAP)	$	0.13		$	0.09		$	0.12		$	0.10		$	0.12
Interest expenses ($/Mcfe)	$	0.17		$	0.16		$	0.17		$	0.18		$	0.03

Capital Investment

Capital investment was $449.2 million (on an incurred basis) for the full year of 2022, of which $411.8 million related to drilling and completion (“D&C”) activity and $37.4 million related to leasehold and land investment.

Financial Position and Liquidity

As of December 31, 2022, Gulfport had approximately $7.3 million of cash and cash equivalents, $145.0 million of borrowings under its revolving credit facility, $113.4 million of letters of credit outstanding and $550 million of outstanding 2026 senior notes.

Gulfport’s liquidity at December 31, 2022, totaled approximately $448.9 million, comprised of the $7.3 million of cash and cash equivalents and approximately $441.6 million of available borrowing capacity under its revolving credit facility.

As of February 23, 2023, Gulfport had $25.6 million of cash and cash equivalents, $79.0 million of borrowings under its revolving credit facility, $113.4 million of letters of credit outstanding and $550 million of outstanding 2026 senior notes.

During 2022, the Company paid $5.4 million of cash dividends to holders of our preferred stock.

Expanded Common Stock Repurchase Program

Gulfport’s board of directors recently expanded the Company’s previously announced common stock repurchase program and Gulfport is now authorized 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 February 23, 2023, the Company repurchased 3.1 million shares for $264.4 million at a weighted average price of $85.14 per share.

2023 Guidance

Gulfport released operational guidance and outlook for the full year 2023, including full year expense estimates and projections for production and capital expenditures. Gulfport’s 2023 guidance assumes commodity strip prices as of February 13, 2023, adjusted for applicable commodity and location differentials, and no property acquisitions or divestitures.

	Year Ending
	December 31, 2023
	Low			High
Production
Average daily gas equivalent (MMcfepd)		1,000			1,040
% Gas		~90%

Realizations (before hedges)
Natural gas (differential to NYMEX settled price) ($/Mcf)	$	(0.20	)	$	(0.35	)
NGL (% of WTI)		40	%		45	%
Oil (differential to NYMEX WTI) ($/Bbl)	$	(3.00	)	$	(4.00	)

Operating costs
Lease operating expense ($/Mcfe)	$	0.16		$	0.18
Taxes other than income ($/Mcfe)	$	0.10		$	0.12
Transportation, gathering, processing and compression ($/Mcfe)	$	0.95		$	0.99
Recurring cash general and administrative^(1,2) ($/Mcfe)	$	0.11		$	0.13

	Total
Capital expenditures (incurred)	(in millions)
D&C	$	375	$	400
Leasehold and land	$	50	$	75
Total	$	425	$	475

(1)	Recurring cash G&A includes capitalization. It excludes non-cash stock compensation and expenses related to the continued administration of our prior Chapter 11 filing.

(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.

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.

Estimated Proved Reserves

Gulfport reported year end 2022 total proved reserves of 4.0 Tcfe, consisting of 3.6 Tcf of natural gas, 18.2 MMBbls of oil and 54.4 MMBbls of natural gas liquids. Gulfport’s year end 2022 total proved reserves increased approximately 4% when compared to its 2021 total proved reserves. The standardized measure of discounted future net cash flows of Gulfport’s total proved reserves was $8.3 billion and the present value, discounted at 10% (referred to as “PV-10”), was $9.5 billion at December 31, 2022, an increase of $4.1 billion and $5.2 billion, respectively, when compared to its 2021 results.

The table below provides information regarding the components driving the 2022 net proved reserve adjustments:

	Total (Bcfe)
Proved Reserves, December 31, 2021 (Successor)		3,898
Extensions and discoveries		439
Revisions of prior reserve estimates		70
Current production		(359	)
Proved Reserves, December 31, 2022 (Successor)		4,048

Total may not sum due to rounding.

Proved developed reserves totaled approximately 2,295 Bcfe as of December 31, 2022 or approximately 57% of Gulfport’s proved reserves. Proved undeveloped reserves totaled approximately 1,752 Bcfe as of December 31, 2022.

The table below summarizes the Company’s 2022 net proved reserves:

	December 31, 2022
	Oil (MMBbl)		Natural Gas (Bcf)		NGL (MMBbl)		Total (Bcfe)
Utica
Proved developed		2		1,523		9		1,591
Proved undeveloped⁽¹⁾		7		1,256		6		1,335
Total proved		9		2,779		15		2,926

SCOOP
Proved developed		7		511		25		704
Proved undeveloped		2		322		14		417
Total proved		9		833		39		1,121

Total
Proved developed		9		2,034		34		2,295
Proved undeveloped		9		1,578		20		1,752
Total proved		18		3,612		54		4,048

Totals may not sum or recalculate due to rounding.

(1)	Includes approximately 72 Bcfe of net reserves located in the Marcellus target formation.

The following table reconciles the standardized measure of future net cash flows to the PV-10 value of Gulfport’s proved reserves:

	Proved Developed		Proved Undeveloped		Total Proved
	($ in millions)
Estimated future net revenue⁽¹⁾	$	10,712	$	7,951	$	18,663
Present value of estimated future net revenue (PV-10)⁽¹⁾	$	5,803	$	3,721	$	9,524
Standardized measure⁽¹⁾					$	8,279

Totals may not sum due to rounding.

(1)

Estimated future net revenue represents the estimated future revenue to be generated from the production of proved reserves, net of estimated production and future development costs, using prices and costs under existing economic conditions as of December 31, 2022, and assuming commodity prices as set forth below. For the purpose of determining prices used in our reserve reports, we used the unweighted arithmetic average of the prices on the first day of each month within the 12-month period ended December 31, 2022. The prices used in our PV-10 measure were $94.14 per barrel and $6.36 per MMBtu, before basis differential adjustments. These prices should not be interpreted as a prediction of future prices, nor do they reflect the value of our commodity derivative instruments in place as of December 31, 2022. The amounts shown do not give effect to non-property-related expenses, such as corporate general and administrative expenses and debt service, or to depreciation, depletion and amortization. The present value of estimated future net revenue typically differs from the standardized measure because the former does not include the effects of estimated future income tax expense of $1.2 billion as of December 31, 2022.

Management uses PV-10, which is calculated without deducting estimated future income tax expenses, as a measure of the value of the Company’s current proved reserves and to compare relative values among peer companies. We also understand that securities analysts and rating agencies use this measure in similar ways. While estimated future net revenue and the present value thereof are based on prices, costs and discount factors which may be consistent from company to company, the standardized measure of discounted future net cash flows is dependent on the unique tax situation of each individual company. PV-10 should not be considered in isolation or as a substitute for the standardized measure of discounted future net cash flows or any other measure of a company’s financial or operating performance presented in accordance with GAAP.

A reconciliation of the standardized measure of discounted future net cash flows to PV-10 is presented above. Neither PV-10 nor the standardized measure of discounted future net cash flows purport to represent the fair value of our proved oil and gas reserves.

Fourth Quarter and Full Year 2022 Conference Call

Gulfport will host a teleconference and webcast to discuss its fourth quarter and full year 2022 results, as well as its 2023 outlook, beginning at 9:00 a.m. ET (8:00 a.m. CT) on Wednesday, March 1, 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 March 1, 2023 to March 15, 2023, by calling 877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13735766.

Financial Statements and Guidance Documents

Fourth quarter and full year 2022 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

Exhibit 99.2

Year ended December 31, 2022

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
2023E 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 : Quarter ended, December 31, 2022

Production Volumes

	Successor
	Three Months Ended December 31, 2022		Three Months Ended December 31, 2021
Natural gas (Mcf/day)
Utica		702,041		805,141
SCOOP		232,722		172,203
Other		—		67
Total		934,763		977,411
Oil and condensate (Bbl/day)
Utica		612		890
SCOOP		4,347		3,496
Other		—		52
Total		4,959		4,438
NGL (Bbl/day)
Utica		2,937		2,288
SCOOP		11,584		8,518
Other		—		2
Total		14,520		10,808
Combined (Mcfe/day)
Utica		723,332		824,211
SCOOP		328,303		244,286
Other		2		391
Total		1,051,637		1,068,888

Totals may not sum or recalculate due to rounding.

Page 2

Production Volumes by Asset Area : Year ended, December 31, 2022

Production Volumes

	Successor				Predecessor
	Year Ended December 31, 2022		Period from May 18, 2021 through December 31, 2021		Period from January 1, 2021 through May 17, 2021
Natural gas (Mcf/day)
Utica		674,308		732,044		780,791
SCOOP		208,881		183,000		126,294
Other		5		50		63
Total		883,195		915,094		907,148
Oil and condensate (Bbl/day)
Utica		669		963		1,336
SCOOP		3,743		4,091		2,508
Other		1		67		35
Total		4,412		5,121		3,879
NGL (Bbl/day)
Utica		2,424		2,467		2,638
SCOOP		9,857		9,190		6,200
Other		1		1		3
Total		12,281		11,658		8,841
Combined (Mcfe/day)
Utica		692,864		752,623		804,633
SCOOP		290,477		262,686		178,545
Other		13		455		288
Total		983,354		1,015,764		983,466

Totals may not sum or recalculate due to rounding.

Page 3

Production and Pricing : Quarter ended, December 31, 2022

The following table summarizes production and related pricing for the quarter ended December 31, 2022, as compared to such data for the quarter ended December 31, 2021:

	Successor
	Three Months Ended December 31, 2022			Three Months Ended December 31, 2021
Natural gas sales
Natural gas production volumes (MMcf)		85,998			89,922
Natural gas production volumes (MMcf) per day		935			977
Total sales	$	468,554		$	492,862
Average price without the impact of derivatives ($/Mcf)	$	5.45		$	5.48
Impact from settled derivatives ($/Mcf)	$	(2.88	)	$	(2.35	)
Average price, including settled derivatives ($/Mcf)	$	2.57		$	3.13

Oil and condensate sales
Oil and condensate production volumes (MBbl)		456			408
Oil and condensate production volumes (MBbl) per day		5			4
Total sales	$	36,146		$	30,481
Average price without the impact of derivatives ($/Bbl)	$	79.27		$	74.71
Impact from settled derivatives ($/Bbl)	$	(16.89	)	$	(13.18	)
Average price, including settled derivatives ($/Bbl)	$	62.38		$	61.53

NGL sales
NGL production volumes (MBbl)		1,336			994
NGL production volumes (MBbl) per day		15			11
Total sales	$	41,222		$	43,911
Average price without the impact of derivatives ($/Bbl)	$	30.85		$	44.18
Impact from settled derivatives ($/Bbl)	$	0.92		$	(7.02	)
Average price, including settled derivatives ($/Bbl)	$	31.77		$	37.16

Natural gas, oil and condensate and NGL sales
Natural gas equivalents (MMcfe)		96,751			98,338
Natural gas equivalents (MMcfe) per day		1,052			1,069
Total sales	$	545,922		$	567,254
Average price without the impact of derivatives ($/Mcfe)	$	5.64		$	5.77
Impact from settled derivatives ($/Mcfe)	$	(2.63	)	$	(2.27	)
Average price, including settled derivatives ($/Mcfe)	$	3.01		$	3.50

Production Costs:
Average lease operating expenses ($/Mcfe)	$	0.18		$	0.14
Average taxes other than income ($/Mcfe)	$	0.15		$	0.14
Average transportation, gathering, processing and compression ($/Mcfe)	$	0.99		$	0.88
Total lease operating expenses, midstream costs and taxes other than income ($/Mcfe)	$	1.32		$	1.16

Page 4

Production and Pricing : Year ended, December 31, 2022

The following table summarizes production and related pricing for the year ended December 31, 2022, as compared to such data for the year ended December 31, 2021:

	Successor						Predecessor
	Year Ended December 31, 2022			Period from May 18, 2021 through December 31, 2021			Period from January 1, 2021 through May 17, 2021
Natural gas sales
Natural gas production volumes (MMcf)		322,366			208,641			124,279
Natural gas production volumes (MMcf) per day		883			915			907
Total sales	$	1,998,452		$	906,096		$	344,390
Average price without the impact of derivatives ($/Mcf)	$	6.20		$	4.34		$	2.77
Impact from settled derivatives ($/Mcf)	$	(3.11	)	$	(1.44	)	$	(0.03	)
Average price, including settled derivatives ($/Mcf)	$	3.09		$	2.90		$	2.74

Oil and condensate sales
Oil and condensate production volumes (MBbl)		1,610			1,167			531
Oil and condensate production volumes (MBbl) per day		4			5			4
Total sales	$	147,444		$	81,347		$	29,106
Average price without the impact of derivatives ($/Bbl)	$	91.58		$	69.71		$	54.81
Impact from settled derivatives ($/Bbl)	$	(24.32	)	$	(8.33	)	$	—
Average price, including settled derivatives ($/Bbl)	$	67.26		$	61.38		$	54.81

NGL sales
NGL production volumes (MBbl)		4,483			2,658			1,211
NGL production volumes (MBbl) per day		12			12			9
Total sales	$	184,963		$	105,141		$	36,780
Average price without the impact of derivatives ($/Bbl)	$	41.26		$	39.56		$	30.37
Impact from settled derivatives ($/Bbl)	$	(2.80	)	$	(4.88	)	$	—
Average price, including settled derivatives ($/Bbl)	$	38.46		$	34.68		$	30.37

Natural gas, oil and condensate and NGL sales
Natural gas equivalents (MMcfe)		358,924			231,594			134,735
Natural gas equivalents (MMcfe) per day		983			1,016			983
Total sales	$	2,330,859		$	1,092,584		$	410,276
Average price without the impact of derivatives ($/Mcfe)	$	6.49		$	4.72		$	3.05
Impact from settled derivatives ($/Mcfe)	$	(2.94	)	$	(1.39	)	$	(0.02	)
Average price, including settled derivatives ($/Mcfe)	$	3.55		$	3.33		$	3.03

Production Costs:
Average lease operating expenses ($/Mcfe)	$	0.18		$	0.14		$	0.14
Average taxes other than income ($/Mcfe)	$	0.17		$	0.13		$	0.09
Average transportation, gathering, processing and compression ($/Mcfe)	$	1.00		$	0.92		$	1.20
Total lease operating expenses, midstream costs and taxes other than income ($/Mcfe)	$	1.34		$	1.19		$	1.43

Totals may not sum or recalculate due to rounding.

Page 5

Consolidated Statements of Income: Quarter ended, December 31, 2022

(In thousands, except per share data)

(Unaudited)

	Successor
	Three Months Ended December 31, 2022			Three Months Ended December 31, 2021
REVENUES:
Natural gas sales	$	468,554		$	492,862
Oil and condensate sales		36,146			30,481
Natural gas liquid sales		41,222			43,911
Net gain on natural gas, oil and NGL derivatives		436,570			205,315
Total revenues		982,492			772,569
OPERATING EXPENSES:
Lease operating expenses		17,544			14,192
Taxes other than income		14,460			13,343
Transportation, gathering, processing and compression		95,468			86,202
Depreciation, depletion and amortization		78,456			65,978
General and administrative expenses		11,176			11,256
Accretion expense		689			500
Total operating expenses		217,793			191,471
INCOME FROM OPERATIONS		764,699			581,098
OTHER EXPENSE:
Interest expense		16,094			15,608
Loss on debt extinguishment		—			3,040
Other, net		37			5,070
Total other expense		16,131			23,718
INCOME BEFORE INCOME TAXES		748,568			557,380
Income tax benefit		—			(689	)
NET INCOME	$	748,568		$	558,069
Dividends on Preferred Stock		(1,308	)		(1,447	)
Participating securities - Preferred Stock		(121,659	)		(93,064	)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	625,601		$	463,558
NET INCOME PER COMMON SHARE:
Basic	$	32.57		$	22.50
Diluted	$	32.35		$	22.40
Weighted average common shares outstanding—Basic		19,208			20,599
Weighted average common shares outstanding—Diluted		19,366			20,715

Page 6

Consolidated Statements of Income: Year ended, December 31, 2022

(In thousands, except per share data)

(Unaudited)

	Successor						Predecessor
	Year Ended December 31, 2022			Period from May 18, 2021 through December 31, 2021			Period from January 1, 2021 through May 17, 2021
REVENUES:
Natural gas sales	$	1,998,452		$	906,096		$	344,390
Oil and condensate sales		147,444			81,347			29,106
Natural gas liquid sales		184,963			105,141			36,780
Net loss on natural gas, oil and NGL derivatives		(999,747	)		(556,819	)		(137,239	)
Total revenues		1,331,112			535,765			273,037
OPERATING EXPENSES:
Lease operating expenses		64,790			32,172			19,524
Taxes other than income		60,139			30,243			12,349
Transportation, gathering, processing and compression		357,246			212,013			161,086
Depreciation, depletion and amortization		267,761			160,913			62,764
Impairment of oil and natural gas properties		—			117,813			—
Impairment of other property and equipment		—			—			14,568
General and administrative expenses		35,304			34,465			19,175
Restructuring and liability management expenses		—			2,858			—
Accretion expense		2,746			1,214			1,229
Total operating expenses		787,986			591,691			290,695
INCOME (LOSS) FROM OPERATIONS		543,126			(55,926	)		(17,658	)
OTHER EXPENSE (INCOME):
Interest expense		59,773			40,853			4,159
Loss on debt extinguishment		—			3,040			—
Loss from equity method investments, net		—			—			342
Reorganization items, net		—			—			(266,898	)
Other, net		(11,348	)		13,049			1,713
Total other expense		48,425			56,942			(260,684	)
INCOME (LOSS) BEFORE INCOME TAXES		494,701			(112,868	)		243,026
Income tax benefit		—			(39	)		(7,968	)
NET INCOME (LOSS)	$	494,701		$	(112,829	)	$	250,994
Dividends on Preferred Stock		(5,444	)		(4,573	)		—
Participating securities - Preferred Stock		(76,401	)		—			—
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	412,856		$	(117,402	)	$	250,994
NET INCOME (LOSS) PER COMMON SHARE:
Basic	$	20.45		$	(5.71	)	$	1.56
Diluted	$	20.32		$	(5.71	)	$	1.56
Weighted average common shares outstanding—Basic		20,185			20,545			160,834
Weighted average common shares outstanding—Diluted		20,347			20,545			160,834

Page 7

Consolidated Balance Sheets

(In thousands, except share data)

	Successor
	December 31, 2022			December 31, 2021
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	7,259		$	3,260
Accounts receivable—oil, natural gas, and natural gas liquids sales		278,404			232,854
Accounts receivable—joint interest and other		21,478			20,383
Prepaid expenses and other current assets		7,621			12,359
Short-term derivative instruments		87,508			4,695
Total current assets		402,270			273,551
Property and equipment:
Oil and natural gas properties, full-cost method
Proved oil and natural gas properties		2,418,666			1,917,833
Unproved properties		178,472			211,007
Other property and equipment		6,363			5,329
Total property and equipment		2,603,501			2,134,169
Less: accumulated depletion, depreciation, amortization and impairment		(545,771	)		(278,341	)
Total property and equipment, net		2,057,730			1,855,828
Other assets:
Long-term derivative instruments		26,525			18,664
Operating lease assets		26,713			322
Other assets		21,241			19,867
Total other assets		74,479			38,853
Total assets	$	2,534,479		$	2,168,232

Page 8

Consolidated Balance Sheets

(In thousands, except share data)

	Successor
	December 31, 2022			December 31, 2021
	(Unaudited)
Liabilities, Mezzanine Equity and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities	$	437,384		$	394,011
Short-term derivative instruments		343,522			240,735
Current portion of operating lease liabilities		12,414			182
Total current liabilities		793,320			634,928
Non-current liabilities:
Long-term derivative instruments		118,404			184,580
Asset retirement obligation		33,171			28,264
Non-current operating lease liabilities		14,299			140
Long-term debt, net of current maturities		694,155			712,946
Total non-current liabilities		860,029			925,930
Total liabilities	$	1,653,349		$	1,560,858
Commitments and contingencies
Mezzanine Equity:
Preferred Stock - $0.0001 par value, 110.0 thousand shares authorized, 52.3 thousand issued and outstanding at December 31, 2022, and 57.9 thousand issued and outstanding at December 31, 2021		52,295			57,896
Stockholders’ equity:
Common Stock - $0.0001 par value, 42.0 million shares authorized, 19.1 million issued and outstanding at December 31, 2022, and 20.6 million issued and outstanding at December 31, 2021		2			2
Additional paid-in capital		449,243			692,521
Common Stock held in reserve, 62 thousand shares at December 31, 2022, and 938 thousand shares at December 31, 2021		(1,996	)		(30,216	)
Retained earnings (accumulated deficit)		381,872			(112,829	)
Treasury stock, at cost - 3.9 thousand shares at December 31, 2022, and no shares at December 31, 2021		(286	)		—
Total stockholders’ equity	$	828,835		$	549,478
Total liabilities, mezzanine equity and stockholders’ equity	$	2,534,479		$	2,168,232

Page 9

Consolidated Statement of Cash Flows: Quarter ended, December 31, 2022

(In thousands)

(Unaudited)

	Successor
	Three Months Ended December 31, 2022			Three Months Ended December 31, 2021
Cash flows from operating activities:
Net income	$	748,568		$	558,069
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion, depreciation and amortization		78,456			65,978
Loss on debt extinguishment		—			3,040
Net gain on derivative instruments		(436,570	)		(205,315	)
Net cash payments on settled derivative instruments		(254,394	)		(223,283	)
Other, net		2,948			1,643
Changes in operating assets and liabilities, net		48,987			(71,784	)
Net cash provided by operating activities	$	187,995		$	128,348
Cash flows from investing activities:
Additions to oil and natural gas properties	$	(128,786	)	$	(87,807	)
Proceeds from sale of oil and natural gas properties		150			3,739
Other, net		(339	)		107
Net cash used in investing activities	$	(128,975	)	$	(83,961	)
Cash flows from financing activities:
Principal payments on Credit Facility	$	(570,000	)	$	(477,000	)
Borrowings on Credit Facility		536,000			641,000
Borrowings on exit credit facility		—			99,422
Principal payments on exit credit facility		—			(300,028	)
Debt issuance costs and loan commitment fees		(23	)		(7,558	)
Dividends on preferred stock		(1,308	)		(1,448	)
Repurchase of common stock under Repurchase Program		(24,691	)		—
Other, net		(26	)		—
Net cash used in financing activities	$	(60,048	)	$	(45,612	)
Net decrease in cash, cash equivalents and restricted cash	$	(1,028	)	$	(1,225	)
Cash, cash equivalents and restricted cash at beginning of period	$	8,287		$	4,485
Cash, cash equivalents and restricted cash at end of period	$	7,259		$	3,260

Page 10

Consolidated Statement of Cash Flows: Year ended, December 31, 2022

(In thousands)

(Unaudited)

	Successor						Predecessor
	Year Ended December 31, 2022			Period from May 18, 2021 through December 31, 2021			Period from January 1, 2021 through May 17, 2021
Cash flows from operating activities:
Net income (loss)	$	494,701		$	(112,829	)	$	250,994
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation and amortization		267,761			160,913			62,764
Impairment of oil and natural gas properties		—			117,813			—
Impairment of other property and equipment		—			—			14,568
Loss from equity investments		—			—			342
Loss on debt extinguishment		—			3,040			—
Net loss on derivative instruments		999,747			556,819			137,239
Net cash payments on settled derivative instruments		(1,053,810	)		(322,857	)		(3,361	)
Non-cash reorganization items, net		—			—			(446,012	)
Other, net		11,251			3,130			1,727
Changes in operating assets and liabilities, net		19,427			(113,044	)		153,894
Net cash provided by operating activities	$	739,077		$	292,985		$	172,155
Cash flows from investing activities:
Additions to oil and natural gas properties	$	(460,780	)	$	(207,113	)	$	(102,330	)
Proceeds from sale of oil and natural gas properties		3,360			4,339			15
Other, net		(875	)		2,669			4,484
Net cash used in investing activities	$	(458,295	)	$	(200,105	)	$	(97,831	)
Cash flows from financing activities:
Principal payments on Pre-Petition Revolving Credit Facility	$	—		$	—		$	(318,961	)
Borrowings on Pre-Petition Revolving Credit Facility		—			—			26,050
Borrowings on Exit Credit Facility		—			406,277			302,751
Principal payments on Exit Credit Facility		—			(709,028	)		—
Principal payments on DIP credit facility		—			—			(157,500	)
Principal payments on Credit Facility		(2,082,000	)		(477,000	)		—
Borrowings on Credit Facility		2,063,000			641,000			—
Debt issuance costs and loan commitment fees		(234	)		(8,783	)		(7,100	)
Dividends on Preferred Stock		(5,444	)		(1,503	)		—
Proceeds from issuance of Preferred Stock		—			—			50,000
Repurchase of Common Stock under Repurchase Program		(250,482	)		—			—
Other, net		(1,623	)		—			(8	)
Net cash used in in financing activities	$	(276,783	)	$	(149,037	)	$	(104,768	)
Net increase (decrease) in cash, cash equivalents and restricted cash	$	3,999		$	(56,157	)	$	(30,444	)
Cash, cash equivalents and restricted cash at beginning of period	$	3,260		$	59,417		$	89,861
Cash, cash equivalents and restricted cash at end of period	$	7,259		$	3,260		$	59,417

Page 11

2023E Guidance

Gulfport’s 2023 guidance assumes commodity strip prices as of February 13, 2023, adjusted for applicable commodity and location differentials, and no property acquisitions or divestitures.

	Year Ending
	December 31, 2023
	Low			High
Production
Average daily gas equivalent (MMcfepd)		1,000			1,040
% Gas		~90%

Realizations (before hedges)
Natural gas (differential to NYMEX settled price) ($/Mcf)	$	(0.20	)	$	(0.35	)
NGL (% of WTI)		40	%		45	%
Oil (differential to NYMEX WTI) ($/Bbl)	$	(3.00	)	$	(4.00	)

Operating costs
Lease operating expense ($/Mcfe)	$	0.16		$	0.18
Taxes other than income ($/Mcfe)	$	0.10		$	0.12
Transportation, gathering, processing and compression ($/Mcfe)	$	0.95		$	0.99
Recurring cash general and administrative^(1,2) ($/Mcfe)	$	0.11		$	0.13

	Total
	(in millions)
Capital expenditures (incurred)
D&C	$	375	$	400
Leasehold and land	$	50	$	75
Total	$	425	$	475

(1)	Recurring cash G&A includes capitalization. It excludes non-cash stock compensation and expenses related to the continued administration of our prior Chapter 11 filing.

(2)	This is a non-GAAP measure. Reconciliations of these non-GAAP measures and other disclosures are included in these supplemental financial tables.

Page 12

Derivatives

The below details Gulfport’s hedging positions as of February 28, 2023.

	1Q2023			2Q2023			3Q2023			4Q2023			Full Year 2023			Full Year 2024			Full Year 2025
Natural Gas Contract Summary (NYMEX):
Fixed Price Swaps
Volume (BBtupd)		260			180			200			280			230			205			—
Weighted Average Price ($/MMBtu)	$	4.66		$	3.98		$	3.93		$	4.36		$	4.28		$	4.34		$	—

Fixed Price Collars
Volume (BBtupd)		285			285			285			285			285			150			—
Weighted Average Floor Price ($/MMBtu)	$	2.93		$	2.93		$	2.93		$	2.93		$	2.93		$	3.47		$	—
Weighted Average Ceiling Price ($/MMBtu)	$	4.78		$	4.78		$	4.78		$	4.78		$	4.78		$	5.71		$	—

Fixed Price Calls Sold
Volume (BBtupd)		408			408			408			408			408			202			193
Weighted Average Price ($/MMBtu)	$	3.01		$	3.21		$	3.21		$	3.21		$	3.16		$	3.33		$	5.80

Rex Zone 3 Basis
Volume (BBtupd)		87			130			130			130			119			—			—
Differential ($/MMBtu)	$	(0.22	)	$	(0.22	)	$	(0.22	)	$	(0.22	)	$	(0.22	)	$	—		$	—

Tetco M2 Basis
Volume (BBtupd)		64			120			140			140			116			10			—
Differential ($/MMBtu)	$	(0.93	)	$	(0.89	)	$	(0.91	)	$	(0.91	)	$	(0.91	)	$	(1.03	)	$	—

NGPL TX OK Basis
Volume (BBtupd)		40			70			70			70			63			—			—
Differential ($/MMBtu)	$	(0.37	)	$	(0.36	)	$	(0.36	)	$	(0.36	)	$	(0.36	)	$	—		$	—

Oil Contract Summary (WTI):
Fixed Price Swaps
Volume (Bblpd)		3,000			3,000			3,000			3,000			3,000			—			—
Weighted Average Price ($/Bbl)	$	74.47		$	74.47		$	74.47		$	74.47		$	74.47		$	—		$	—

NGL Contract Summary:
C3 Propane Fixed Price Swaps
Volume (Bblpd)		3,000			3,000			3,000			3,000			3,000			—			—
Weighted Average Price ($/Bbl)	$	38.07		$	38.07		$	38.07		$	38.07		$	38.07		$	—		$	—

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 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.

Page 14

Definitions

Adjusted net income is a non-GAAP financial measure equal to income (loss) before income taxes less reorganization items, non-cash derivative loss (gain), impairments of oil and gas properties, contractual charges on midstream disputes, non-recurring general and administrative expenses comprised of expenses related to the continued administration of our prior Chapter 11 filing, restructuring and liability management expenses, stock-based compensation expenses, loss on debt extinguishment, loss from equity method investments 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, income tax, depreciation, depletion and amortization, and impairment of oil and gas properties, property and equipment, accretion. reorganization items, non-cash derivative loss (gain), contractual charges on midstream disputes, non-recurring general and administrative expenses comprised of expenses related to the continued administration of our prior Chapter 11 filing, restructuring and liability management expenses, stock-based compensation, loss (gain) on debt extinguishment, loss from equity method investments 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, capital 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.

Page 15

Adjusted Net Income: Quarter ended, December 31, 2022

(In thousands)

(Unaudited)

	Successor
	Three Months Ended December 31, 2022			Three Months Ended December 31, 2021

Pre-Tax Net Income (GAAP)	$	748,568		$	557,380

Adjustments:
Non-cash derivative gain		(690,964	)		(428,598	)
Non-recurring general and administrative expense		1,479			4,758
Stock-based compensation expense		1,566			1,145
Loss on debt extinguishment		—			3,040
Other, net⁽¹⁾		37			5,070
Adjusted Net Income (Non-GAAP)	$	60,686		$	142,795

⁽¹⁾	For the three months ended December 31, 2021, “Other, net” included approximately $5.8 million expense related to increases in our legal contingency reserve.

Page 16

Adjusted Net Income: Year ended, December 31, 2022

(In thousands)

(Unaudited)

	Successor						Predecessor
	Year Ended December 31, 2022			Period from May 18, 2021 through December 31, 2021			Period from January 1, 2021 through May 17, 2021

Pre-Tax Net Income (Loss) (GAAP)	$	494,701		$	(112,868	)	$	243,026

Adjustments:
Reorganization items, net		—			—			(266,898	)
Non-cash derivative (gain) loss		(54,063	)		233,962			133,878
Impairments		—			117,813			—
Contractual charges on midstream disputes		—			—			30,351
Non-recurring general and administrative expense		3,152			18,357			8,923
Restructuring and liability management expenses		—			2,858			—
Stock-based compensation expense		5,723			2,044			1,165
Loss on debt extinguishment		—			3,040			—
Loss from equity method investments		—			—			342
Other, net⁽¹⁾⁽²⁾		(11,348	)		13,049			2,044
Adjusted Net Income (Non-GAAP)	$	438,165		$	278,255		$	152,831

⁽¹⁾

For the year ended December 31, 2022, “Other, net” included $11.5 million related to our initial claim distribution from our Chapter 11 Plan of Reorganization. The distribution is more fully described in Note 19 of our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022.

⁽²⁾	For the period from May 18, 2021 through December 31, 2021, “Other, net” included approximately $9.9 million expense related to increases in our legal contingency reserve.

Page 17

Adjusted EBITDA: Quarter ended, December 31, 2022

(In thousands)

(Unaudited)

	Successor
	Three Months Ended December 31, 2022			Three Months Ended December 31, 2021

Net Income (GAAP)	$	748,568		$	558,069

Adjustments:
Interest expense		16,094			15,608
Income tax benefit		—			(689	)
DD&A and accretion		79,145			66,478
Non-cash derivative gain		(690,964	)		(428,598	)
Non-recurring general and administrative expenses		1,479			4,758
Stock-based compensation expense		1,566			1,145
Loss on debt extinguishment		—			3,040
Other, net⁽¹⁾		37			5,070
Adjusted EBITDA (Non-GAAP)	$	155,925		$	224,881

⁽¹⁾	For the three months ended December 31, 2021, “Other, net” included approximately $5.8 million expense related to increases in our legal contingency reserve.

Page 18

Adjusted EBITDA: Year ended, December 31, 2022

(In thousands)

(Unaudited)

	Successor						Predecessor
	Year Ended December 31, 2022			Period from May 18, 2021 through December 31, 2021			Period from January 1, 2021 through May 17, 2021

Net Income (Loss) (GAAP)	$	494,701		$	(112,829	)	$	250,994

Adjustments:
Interest expense		59,773			40,853			4,159
Income tax benefit		—			(39	)		(7,968	)
DD&A, impairment, and accretion		270,507			279,940			78,561
Reorganization items, net		—			—			(266,898	)
Non-cash derivative (gain) loss		(54,063	)		233,962			133,878
Contractual charges on midstream disputes		—			—			30,351
Non-recurring general and administrative expenses		3,152			18,357			8,923
Restructuring and liability management expenses		—			2,858			—
Stock-based compensation expense		5,723			2,044			1,165
Loss on debt extinguishment		—			3,040			—
Loss from equity method investments		—			—			342
Other, net⁽¹⁾⁽²⁾		(11,348	)		13,049			2,044
Adjusted EBITDA (Non-GAAP)	$	768,445		$	481,235		$	235,551

⁽¹⁾

⁽²⁾	For the period from May 18, 2021 through December 31, 2021, “Other, net” included approximately $9.9 million expense related to increases in our legal contingency reserve.

Page 19

Adjusted Free Cash Flow: Quarter ended, December 31, 2022

(In thousands)

(Unaudited)

	Successor
	Three Months Ended December 31, 2022			Three Months Ended December 31, 2021

Net cash provided by operating activity (GAAP)	$	187,995		$	128,348
Adjustments:
Interest expense		16,094			15,608
Current income tax benefit		—			(689	)
Non-recurring general and administrative expenses		1,479			4,758
Other, net⁽¹⁾		(656	)		5,072
Changes in operating assets and liabilities:
(Decrease) increase in accounts receivable - oil, natural gas, and natural gas liquids sales		(39,124	)		46,913
(Decrease) increase in accounts receivable - joint interest and other		(13,852	)		10,714
Decrease in accounts payable and accrued liabilities		5,769			24,009
Decrease in prepaid expenses		(1,802	)		(6,328	)
Increase (decrease) in other assets		22			(3,524	)
Total changes in operating assets and liabilities	$	(48,987	)	$	71,784
Adjusted EBITDA (Non-GAAP)	$	155,925		$	224,881
Interest expense		(16,094	)		(15,608	)
Capitalized expenses incurred⁽²⁾		(4,722	)		(3,937	)
Capital expenditures incurred⁽³⁾		(101,918	)		(71,458	)
Adjusted free cash flow (Non-GAAP)	$	33,191		$	133,878

⁽¹⁾	For the three months ended December 31, 2021, “Other, net” included approximately $5.8 million expense related to increases in our legal contingency reserve.

⁽²⁾	Includes cash capitalized general and administrative expense and incurred capitalized interest expenses.

⁽³⁾	Incurred capital expenditures and cash capital expenditures may vary from period to period due to the cash payment cycle.

Page 20

Adjusted Free Cash Flow: Year ended, December 31, 2022

(In thousands)

(Unaudited)

	Successor						Predecessor
	Year Ended December 31, 2022			Period from May 18, 2021 through December 31, 2021			Period from January 1, 2021 through May 17, 2021

Net cash provided by operating activity (GAAP)	$	739,077		$	292,985		$	172,155
Adjustments:
Interest expense		59,773			40,853			4,159
Current income tax benefit		—			(39	)		(7,968	)
Cash reorganization items, net		—			—			179,114
Non-recurring general and administrative expenses		3,152			18,357			8,923
Restructuring and liability management expenses		—			2,858			—
Contractual charges on midstream disputes		—			—			30,351
Other, net⁽¹⁾⁽²⁾		(14,130	)		13,176			2,711
Changes in operating assets and liabilities:
Increase in accounts receivable - oil, natural gas, and natural gas liquids sales		45,550			52,143			60,832
Increase in accounts receivable - joint interest and other		1,095			5,178			3,005
(Increase) decrease in accounts payable and accrued liabilities		(59,879	)		72,912			(79,193	)
Decrease in prepaid expenses		(4,863	)		(13,559	)		(135,471	)
Decrease in other assets		(1,330	)		(3,630	)		(3,067	)
Total changes in operating assets and liabilities		(19,427	)		113,044			(153,894	)
Adjusted EBITDA (Non-GAAP)	$	768,445		$	481,234		$	235,551
Interest expense		(59,773	)		(40,853	)		(4,159	)
Capitalized expenses incurred⁽³⁾		(17,208	)		(9,820	)		(8,020	)
Capital expenditures incurred⁽⁴⁾		(450,879	)		(184,488	)		(108,408	)
Adjusted free cash flow (Non-GAAP)	$	240,585		$	246,073		$	114,964

⁽¹⁾	For the year ended December 31, 2022, “Other, net” included $11.5 million related to our initial claim distribution from our Chapter 11 Plan of Reorganization. The distribution is more fully described in Note 19 of our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022.

⁽²⁾	For the period from May 18, 2021 through December 31, 2021, “Other, net” included approximately $9.9 million expense related to increases in our legal contingency reserve.

⁽³⁾	Includes cash capitalized general and administrative expense and incurred capitalized interest expenses.

⁽⁴⁾	Incurred capital expenditures and cash capital expenditures may vary from period to period due to the cash payment cycle.

Page 21

Recurring General and Administrative Expenses:

Quarter ended, December 31, 2022

(In thousands)

(Unaudited)

	Successor
	Three Months Ended December 31, 2022								Three Months Ended December 31, 2021
	Cash			Non-Cash		Total			Cash			Non-Cash		Total

General and administrative expense (GAAP)	$	9,611		$	1,565	$	11,176		$	10,111		$	1,145	$	11,256
Capitalized general and administrative expense		4,722			807		5,529			3,856			617		4,473
Non-recurring general and administrative expense		(1,479	)		—		(1,479	)		(4,758	)		—		(4,758	)
Recurring general and administrative before capitalization (Non-GAAP)	$	12,854		$	2,372	$	15,226		$	9,209		$	1,762	$	10,971

Page 22

Recurring General and Administrative Expenses:

Year ended, December 31, 2022

(In thousands)

(Unaudited)

	Successor																Predecessor
	Year Ended December 31, 2022								Period from May 18, 2021 through December 31, 2021								Period from January 1, 2021 through May 17, 2021
	Cash			Non-Cash		Total			Cash			Non-Cash		Total			Cash			Non-Cash		Total

General and administrative expense (GAAP)	$	29,582		$	5,722	$	35,304		$	32,421		$	2,044	$	34,465		$	18,002		$	1,173	$	19,175
Capitalized general and administrative expense		17,208			2,949		20,157			9,623			1,101		10,724			7,097			922		8,019
Non-recurring general and administrative expense		(3,152	)		—		(3,152	)		(18,357	)		—		(18,357	)		(8,923	)		—		(8,923	)
Recurring general and administrative before capitalization (Non-GAAP)	$	43,638		$	8,671	$	52,309		$	23,687		$	3,145	$	26,832		$	16,176		$	2,095	$	18,271

Page 23

Delaware		001-19514		86-3684669
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification Number)

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

Number		Exhibit
99.1		Press release dated February 28, 2023 entitled “Gulfport Energy Reports Fourth Quarter and Full Year 2022 Financial and Operating Results and Provides 2023 Operational and Financial Guidance.”
99.2		Supplemental Financial Information.
104		Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

	GULFPORT ENERGY CORPORATION

Date: February 28, 2023	By:	/s/ William J. Buese
		William J. Buese
		Chief Financial Officer