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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported): August 5, 2025

 

GULFPORT ENERGY CORPORATION

(Exact Name of Registrant as Specified in Charter)

 

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

 

713 Market Drive

Oklahoma City, Oklahoma

  73114
(Address of principal
executive offices)
  (Zip code)

 

(405) 252-4600

(Registrant’s telephone number, including area code)

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Name of each exchange on which registered   Trading Symbol
Common stock, par value $0.0001 per share   The New York Stock Exchange   GPOR

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On August 5, 2025, Gulfport Energy Corporation (“Gulfport”) issued a press release reporting its financial and operating results for the three months ended June 30, 2025 and announcing its expanded stock repurchase authorization and its preferred stock redemption, among other items. 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 August 5, 2025, 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 August 5, 2025 entitled “Gulfport Energy Reports Second Quarter 2025 Financial and Operational 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: August 5, 2025 By: /s/ Michael Hodges
    Michael Hodges
    Chief Financial Officer

 

 

2

 

Exhibit 99.1

 

 

Gulfport Energy Reports Second Quarter 2025 Financial and Operating Results

 

OKLAHOMA CITY (August 5, 2025) Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today reported financial and operating results for the three months ended June 30, 2025.

 

Key Highlights

 

Expanding stock repurchase authorization by 50% to $1.5 billion, which supports the preferred stock redemption and continued common share repurchases

 

Targeting accelerated stockholder returns through the redemption of all outstanding shares of Series A Convertible Preferred Stock

 

Allocating $75 million - $100 million toward discretionary acreage acquisitions, potentially extending inventory runway by more than two years

 

Second Quarter 2025

 

Delivered total net production of 1,006.3 MMcfe per day, an increase of 8% over first quarter 2025 and includes the impact of approximately 40 MMcfe per day from unplanned third-party midstream outages and constraints

 

Produced total net liquids production of 19.2 MBbl per day, an increase of 26% over first quarter 2025

 

Incurred capital expenditures of $124.2 million

 

Reported $184.5 million of net income and $212.3 million of adjusted EBITDA(1)

 

Generated $231.4 million of net cash provided by operating activities and $64.6 million of adjusted free cash flow(1)

 

Repurchased approximately 338.9 thousand shares for approximately $65.0 million

 

Repurchased approximately 679.6 thousand shares for approximately $125.0 million during the first six months of 2025

 

Completed opportunistic discretionary acreage acquisitions totaling $6.9 million

 

Turned to sales 14 gross wells, including 8 wells in Ohio targeting the Utica, 4 wells in Ohio targeting the Marcellus and 2 wells in the SCOOP

 

John Reinhart, President and CEO, commented, “We are pleased to announce our plans to allocate $75 million to $100 million towards targeted discretionary acreage acquisition opportunities in the coming months and anticipate this investment will expand our high-quality, low-breakeven inventory by more than two years. This represents the highest level of leasehold investment at Gulfport in over six years, reinforcing our ongoing commitment to organically grow our inventory runway and increase development optionality.”

 

 

 

Reinhart continued, “With robust adjusted free cash flow forecasted and consistent with our ongoing commitment to shareholder returns, we announced the opportunistic redemption of all outstanding shares of preferred stock. This transaction, assuming cash redemption, accelerates common share retirements, simplifies our capital structure and further demonstrates our confidence in the attractive value proposition that Gulfport’s equity represents. To support the redemption of the preferred stock and enable the Company to continue our ongoing repurchase program, we expanded our stock repurchase authorization by 50% to $1.5 billion. Our disciplined and consistent approach to share repurchases over the past four years has delivered value for our shareholders and we remain committed to returning substantially all our adjusted free cash flow, excluding discretionary acreage acquisitions, to shareholders through stock repurchases.”

 

Reinhart continued, “Production volumes during the quarter increased approximately 8% over the first quarter, reflecting strong well results despite approximately 40 MMcfe per day of unplanned midstream outages and constraints. These midstream impacts included infrastructure disruptions, processing plant outages and involuntary throughput reductions. While the majority of the production impacts have been mitigated, midstream capacity enhancement projects remain ongoing, and as a result, we currently forecast our full year 2025 total net production is trending toward the low end of our guidance range.”

 

“Offsetting these production constraints, we continue to be pleased with the 2025 well results, highlighted by strong production performance across all five of our development areas. The Kage development, a four-well Utica condensate pad in Harrison County, Ohio, continues to exhibit strong oil performance and under revised managed pressure flowback delivered approximately 65% more oil after 120 days than the nearby Gulfport development. In addition, the Company brought online a four-well Utica wet gas pad during the second quarter, currently producing at levels comparable to our Utica dry gas development on a volume equivalent basis but with enhanced cash flows and economics driven by the associated liquids production. This pad marks the first pad turned to sales as a product of our recent discretionary acreage acquisitions and reinforces the continued development of this high-return, rich gas area of the play for years to come,” concluded Reinhart.

 

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.

 

Operational Update

 

The table below summarizes Gulfport’s operated drilling and completion activity for the second quarter of 2025:

 

   Quarter Ended June 30, 2025 
   Gross   Net   Lateral Length 
Spud            
Utica & Marcellus   4    4.0    15,100 
SCOOP            
                
Drilled               
Utica & Marcellus   7    7.0    15,100 
SCOOP            
                
Completed               
Utica & Marcellus   11    11.0    13,500 
SCOOP            
                
Turned-to-Sales               
Utica & Marcellus   12    12.0    13,300 
SCOOP   2    1.8    11,500 

 

2

 

 

Gulfport’s net daily production for the second quarter of 2025 averaged 1,006.3 MMcfe per day, primarily consisting of 800.6 MMcfe per day in the Utica/Marcellus and 205.7 MMcfe per day in the SCOOP. Gulfport’s net daily production for the second quarter of 2025 was negatively impacted by approximately 40 MMcfe per day due to unplanned third-party midstream outages and constraints. For the second quarter of 2025, Gulfport’s net daily production mix was comprised of approximately 88% natural gas, 7% natural gas liquids (“NGL”) and 5% oil and condensate.

 

   Three Months Ended
June 30,
2025
   Three Months Ended
June 30,
2024
 
Production        
Natural gas (Mcf/day)   891,359    972,487 
Oil and condensate (Bbl/day)   7,843    2,747 
NGL (Bbl/day)   11,313    10,195 
Total (Mcfe/day)   1,006,299    1,050,137 
Average Prices          
Natural Gas:          
Average price without the impact of derivatives ($/Mcf)  $2.97   $1.63 
Impact from settled derivatives ($/Mcf)  $0.22   $1.03 
Average price, including settled derivatives ($/Mcf)  $3.19   $2.66 
Oil and condensate:          
Average price without the impact of derivatives ($/Bbl)  $58.20   $76.51 
Impact from settled derivatives ($/Bbl)  $3.38   $(1.08)
Average price, including settled derivatives ($/Bbl)  $61.58   $75.43 
NGL:          
Average price without the impact of derivatives ($/Bbl)  $27.91   $28.18 
Impact from settled derivatives ($/Bbl)  $(0.26)  $(0.25)
Average price, including settled derivatives ($/Bbl)  $27.65   $27.93 
Total:          
Average price without the impact of derivatives ($/Mcfe)  $3.40   $1.99 
Impact from settled derivatives ($/Mcfe)  $0.21   $0.94 
Average price, including settled derivatives ($/Mcfe)  $3.61   $2.93 
Selected operating metrics          
Lease operating expenses ($/Mcfe)  $0.19   $0.17 
Taxes other than income ($/Mcfe)  $0.08   $0.07 
Transportation, gathering, processing and compression expense  ($/Mcfe)  $0.94   $0.91 
Recurring cash general and administrative expenses ($/Mcfe) (non-GAAP)  $0.13   $0.12 
Interest expenses ($/Mcfe)  $0.15   $0.16 

 

Capital Investment

 

Capital investment was $124.2 million (on an incurred basis) for the second quarter of 2025, of which $118.2 million related to operated drilling and completion activity and $6.0 million related to maintenance leasehold and land investment. In addition, Gulfport invested approximately $6.9 million in discretionary acreage acquisitions and incurred approximately $0.3 million related to non-operated drilling and completion activities.

 

For the six-month period ended June 30, 2025, capital investment was $284.0 million (on an incurred basis), of which $266.7 million related to operated drilling and completion activity and $17.2 million to maintenance leasehold and land investment. In addition, Gulfport invested approximately $6.9 million in discretionary acreage acquisitions and incurred approximately $1.5 million related to non-operated drilling and completion activities.

 

3

 

 

Expanded Stock Repurchase Program

 

Gulfport’s board of directors recently expanded the Company’s stock repurchase program and Gulfport is now authorized to repurchase up to $1.5 billion of its outstanding stock (including the redemption of its preferred stock) through December 31, 2026.

 

Gulfport repurchased approximately 338.9 thousand shares of common stock at a weighted-average price of $191.80 during the second quarter of 2025, totaling approximately $65.0 million. As of June 30, 2025, the Company had repurchased approximately 6.2 million shares of common stock at a weighted-average share price of $113.48 since the program initiated in March 2022, totaling approximately $709.1 million in aggregate. The Company currently has approximately $790.9 million of remaining capacity under the expanded stock repurchase program. Any cash redemption of our outstanding preferred stock will reduce capacity under the stock repurchase program.

 

Preferred Stock Redemption Notice

 

Gulfport today announced that it will exercise its right to redeem all of its Series A Convertible Preferred Stock (the “Preferred Stock”) for cash. The optional redemption will be effective on September 5, 2025, (the “Redemption Date”), with respect to any shares of the Preferred Stock that have not been converted prior to the Redemption Date and remain outstanding at that date. As of the close of business on August 4, 2025, there were 31,356 shares of Preferred Stock outstanding.

 

Holders of the Preferred Stock should refer to Gulfport’s Amended and Restated Certificate of Incorporation, specifically Exhibit A, for details regarding the optional redemption and conversion rights. Prior to the Redemption Date, holders may exercise their conversion rights by submitting the required notice via e-mail to [email protected]. The total cash amount payable by Gulfport in connection with the redemption will vary depending on the number of shares of Preferred Stock converted prior to the Redemption Date and the price of Gulfport’s common stock.

 

The redemption agent will be Computershare (“Computershare”). Holders can inquire about the redemption of the Preferred Stock by contacting Computershare by telephone at 781-575-2765 (toll free at 1-800-546-5141).

 

4

 

 

Financial Position and Liquidity

 

As of June 30, 2025, Gulfport had approximately $3.8 million of cash and cash equivalents, $55.0 million of borrowings under its revolving credit facility, $63.9 million of letters of credit outstanding and $650.0 million of outstanding 2029 senior notes.

 

Gulfport’s liquidity at June 30, 2025, totaled approximately $884.9 million, comprised of the $3.8 million of cash and cash equivalents and approximately $881.1 million of available borrowing capacity under its credit facility.

 

Derivatives

 

Gulfport enters into commodity derivative contracts on a portion of its expected future production volumes to mitigate the Company’s exposure to commodity price fluctuations. For details, please refer to the “Derivatives” section provided with the supplemental financial tables available on our website at ir.gulfportenergy.com.

 

Second Quarter 2025 Conference Call

 

Gulfport will host a teleconference and webcast to discuss its second quarter of 2025 results beginning at 9:00 a.m. ET (8:00 a.m. CT) on Wednesday, August 6, 2025.

 

The conference call can be heard live through a link on the Gulfport website, www.gulfportenergy.com. In addition, you may participate in the conference call by dialing 866-373-3408 domestically or 412-902-1039 internationally. A replay of the conference call will be available on the Gulfport website and a telephone audio replay will be available from August 6, 2025 to August 20, 2025, by calling 877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13754847. 

 

Financial Statements and Guidance Documents

 

Second quarter of 2025 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.

 

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 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. 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 and the conflict in the Middle East on our business, our 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, 2024 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

[email protected]

405-252-4550

 

6

Exhibit 99.2 

 

 

 

Three months and six months ended June 30, 2025

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
2025E Guidance   12
Derivatives   13
Non-GAAP Reconciliations   14
Definitions   14
Adjusted Net Income   15
Adjusted EBITDA   17
Adjusted Free Cash Flow   19
Recurring General and Administrative Expenses   21

 

Page 1

 

 

 

 

Production Volumes by Asset Area: Three months ended June 30, 2025

 

Production Volumes

 

   Three Months
Ended
June 30,
2025
   Three Months
Ended
June 30,
2024
 
Natural gas (Mcf/day)        
Utica & Marcellus   736,420    816,935 
SCOOP   154,939    155,552 
Total   891,359    972,487 
Oil and condensate (Bbl/day)          
Utica & Marcellus   6,135    977 
SCOOP   1,708    1,770 
Total   7,843    2,747 
NGL (Bbl/day)          
Utica & Marcellus   4,555    2,349 
SCOOP   6,759    7,845 
Total   11,313    10,195 
Combined (Mcfe/day)          
Utica & Marcellus   800,557    836,892 
SCOOP   205,742    213,245 
Total   1,006,299    1,050,137 

 

Totals may not sum or recalculate due to rounding.

 

Page 2

 

 

 

 

Production Volumes by Asset Area: Six months ended June 30, 2025

 

Production Volumes

 

   Six Months Ended
June 30,
2025
   Six Months Ended
June 30,
2024
 
Natural gas (Mcf/day)        
Utica & Marcellus   711,829    814,146 
SCOOP   152,907    158,879 
Total   864,735    973,025 
Oil and condensate (Bbl/day)          
Utica & Marcellus   5,005    1,163 
SCOOP   1,565    1,875 
Total   6,570    3,038 
NGL (Bbl/day)          
Utica & Marcellus   4,028    2,165 
SCOOP   6,614    7,948 
Total   10,641    10,113 
Combined (Mcfe/day)          
Utica & Marcellus   766,023    834,112 
SCOOP   201,979    217,817 
Total   968,002    1,051,929 

 

Totals may not sum or recalculate due to rounding.

 

Page 3

 

 

 

 

Production and Pricing: Three months ended June 30, 2025

 

The following table summarizes production and related pricing for the three months ended June 30, 2025, as compared to such data for the three months ended June 30, 2024:

 

   Three Months Ended
June 30,
2025
   Three Months Ended
June 30,
2024
 
Natural gas sales          
Natural gas production volumes (MMcf)   81,114    88,496 
Natural gas production volumes (MMcf) per day   891    972 
Total sales  $241,236   $144,458 
Average price without the impact of derivatives ($/Mcf)  $2.97   $1.63 
Impact from settled derivatives ($/Mcf)  $0.22   $1.03 
Average price, including settled derivatives ($/Mcf)  $3.19   $2.66 
           
Oil and condensate sales          
Oil and condensate production volumes (MBbl)   714    250 
Oil and condensate production volumes (MBbl) per day   8    3 
Total sales  $41,543   $19,127 
Average price without the impact of derivatives ($/Bbl)  $58.20   $76.51 
Impact from settled derivatives ($/Bbl)  $3.38   $(1.08)
Average price, including settled derivatives ($/Bbl)  $61.58   $75.43 
           
NGL sales          
NGL production volumes (MBbl)   1,030    928 
NGL production volumes (MBbl) per day   11    10 
Total sales  $28,736   $26,147 
Average price without the impact of derivatives ($/Bbl)  $27.91   $28.18 
Impact from settled derivatives ($/Bbl)  $(0.26)  $(0.25)
Average price, including settled derivatives ($/Bbl)  $27.65   $27.93 
           
Natural gas, oil and condensate and NGL sales          
Natural gas equivalents (MMcfe)   91,573    95,562 
Natural gas equivalents (MMcfe) per day   1,006    1,050 
Total sales  $311,515   $189,732 
Average price without the impact of derivatives ($/Mcfe)  $3.40   $1.99 
Impact from settled derivatives ($/Mcfe)  $0.21   $0.94 
Average price, including settled derivatives ($/Mcfe)  $3.61   $2.93 
           
Production Costs:          
Average lease operating expenses ($/Mcfe)  $0.19   $0.17 
Average taxes other than income ($/Mcfe)  $0.08   $0.07 
Average transportation, gathering, processing and compression ($/Mcfe)  $0.94   $0.91 
Total lease operating expenses, midstream costs and production taxes ($/Mcfe)  $1.22   $1.14 

 

Totals may not sum or recalculate due to rounding.

 

Page 4

 

 

 

 

Production and Pricing: Six months ended June 30, 2025

 

The following table summarizes production and related pricing for the six months ended June 30, 2025, as compared to such data for the six months ended June 30, 2024:

 

   Six Months
Ended
June 30,
2025
   Six Months
Ended
June 30,
2024
 
Natural gas sales          
Natural gas production volumes (MMcf)   156,517    177,091 
Natural gas production volumes (MMcf) per day   865    973 
Total sales  $522,742   $332,744 
Average price without the impact of derivatives ($/Mcf)  $3.34   $1.88 
Impact from settled derivatives ($/Mcf)  $0.05   $0.89 
Average price, including settled derivatives ($/Mcf)  $3.39   $2.77 
           
Oil and condensate sales          
Oil and condensate production volumes (MBbl)   1,189    553 
Oil and condensate production volumes (MBbl) per day   7    3 
Total sales  $72,802   $40,828 
Average price without the impact of derivatives ($/Bbl)  $61.22   $73.84 
Impact from settled derivatives ($/Bbl)  $2.46   $(0.46)
Average price, including settled derivatives ($/Bbl)  $63.68   $73.38 
           
NGL sales          
NGL production volumes (MBbl)   1,926    1,841 
NGL production volumes (MBbl) per day   11    10 
Total sales  $59,553   $54,253 
Average price without the impact of derivatives ($/Bbl)  $30.92   $29.48 
Impact from settled derivatives ($/Bbl)  $(0.85)  $(0.75)
Average price, including settled derivatives ($/Bbl)  $30.07   $28.73 
           
Natural gas, oil and condensate and NGL sales          
Natural gas equivalents (MMcfe)   175,208    191,451 
Natural gas equivalents (MMcfe) per day   968    1,052 
Total sales  $655,097   $427,825 
Average price without the impact of derivatives ($/Mcfe)  $3.74   $2.23 
Impact from settled derivatives ($/Mcfe)  $0.05   $0.82 
Average price, including settled derivatives ($/Mcfe)  $3.79   $3.05 
           
Production Costs:          
Average lease operating expenses ($/Mcfe)  $0.22   $0.17 
Average taxes other than income ($/Mcfe)  $0.08   $0.08 
Average transportation, gathering, processing and compression ($/Mcfe)  $0.97   $0.90 
Total lease operating expenses, midstream costs and production taxes ($/Mcfe)  $1.26   $1.15 

 

Totals may not sum or recalculate due to rounding.

 

Page 5

 

 

 

 

Consolidated Statements of Income: Three months ended June 30, 2025

 

(In thousands, except per share data)

(Unaudited)

 

   Three Months
Ended
June 30,
2025
   Three Months
Ended
June 30,
2024
 
REVENUES:          
Natural gas sales  $241,236   $144,458 
Oil and condensate sales   41,543    19,127 
Natural gas liquid sales   28,736    26,147 
Net gain (loss) on natural gas, oil and NGL derivatives   136,101    (8,615)
Total revenues   447,616    181,117 
OPERATING EXPENSES:          
Lease operating expenses   17,628    15,817 
Taxes other than income   7,556    7,018 
Transportation, gathering, processing and compression   86,508    86,529 
Depreciation, depletion and amortization   73,643    78,553 
General and administrative expenses   10,926    10,752 
Accretion expense   587    567 
Total operating expenses   196,848    199,236 
INCOME (LOSS) FROM OPERATIONS   250,768    (18,119)
OTHER EXPENSE:          
Interest expense   13,731    15,158 
Other, net   901    522 
Total other expense   14,632    15,680 
INCOME (LOSS) BEFORE INCOME TAXES   236,136    (33,799)
INCOME TAX EXPENSE (BENEFIT):          
Current   274     
Deferred   51,396    (7,587)
Total income tax expense (benefit)   51,670    (7,587)
NET INCOME (LOSS)  $184,466   $(26,212)
Dividends on preferred stock   (804)   (1,095)
Participating securities - preferred stock   (20,622)    
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS  $163,040   $(27,307)
NET INCOME (LOSS) PER COMMON SHARE:          
Basic  $9.21   $(1.51)
Diluted  $9.12   $(1.51)
Weighted average common shares outstanding—Basic   17,707    18,144 
Weighted average common shares outstanding—Diluted   17,907    18,144 

 

Page 6

 

 

 

 

Consolidated Statements of Income: Six months ended June 30, 2025

 

(In thousands, except per share data)

(Unaudited)

 

   Six Months
Ended
June 30,
2025
   Six Months
Ended
June 30,
2024
 
REVENUES:          
Natural gas sales  $522,742   $332,744 
Oil and condensate sales   72,802    40,828 
Natural gas liquid sales   59,553    54,253 
Net (loss) gain on natural gas, oil and NGL derivatives   (10,447)   36,521 
Total revenues   644,650    464,346 
OPERATING EXPENSES:          
Lease operating expenses   37,911    32,625 
Taxes other than income   14,182    15,278 
Transportation, gathering, processing and compression   169,378    173,148 
Depreciation, depletion and amortization   139,265    158,576 
General and administrative expenses   19,927    19,950 
Accretion expense   1,205    1,122 
Total operating expenses   381,868    400,699 
INCOME FROM OPERATIONS   262,782    63,647 
OTHER EXPENSE:          
Interest expense   27,087    30,161 
Other, net   199    397 
Total other expense   27,286    30,558 
INCOME BEFORE INCOME TAXES   235,496    33,089 
INCOME TAX EXPENSE:          
Current   105     
Deferred   51,389    7,266 
Total income tax expense   51,494    7,266 
NET INCOME  $184,002   $25,823 
Dividends on preferred stock   (1,666)   (2,200)
Participating securities - preferred stock   (20,385)   (3,469)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS  $161,951   $20,154 
NET INCOME PER COMMON SHARE:          
Basic  $9.10   $1.11 
Diluted  $9.01   $1.09 
Weighted average common shares outstanding—Basic   17,793    18,169 
Weighted average common shares outstanding—Diluted   18,009    18,573 

 

Page 7

 

 

 

 

Consolidated Balance Sheets

 

(In thousands)

 

   June 30,
2025
   December 31,
2024
 
   (Unaudited)     
Assets        
Current assets:          
Cash and cash equivalents  $3,794   $1,473 
Accounts receivable—oil, natural gas, and natural gas liquids sales   128,614    155,942 
Accounts receivable—joint interest and other   11,748    8,727 
Prepaid expenses and other current assets   9,576    7,086 
Short-term derivative instruments   44,191    58,085 
Total current assets   197,923    231,313 
Property and equipment:          
Oil and natural gas properties, full-cost method          
Proved oil and natural gas properties   3,669,584    3,349,805 
Unproved properties   211,626    221,650 
Other property and equipment   12,278    11,291 
Total property and equipment   3,893,488    3,582,746 
Less: accumulated depletion, depreciation and amortization   (1,703,691)   (1,564,475)
Total property and equipment, net   2,189,797    2,018,271 
Other assets:          
Long-term derivative instruments   20,906    6,003 
Deferred tax asset   529,844    581,233 
Operating lease assets   956    6,099 
Other assets   20,031    22,778 
Total other assets   571,737    616,113 
Total assets  $2,959,457   $2,865,697 

 

Page 8

 

 

 

 

Consolidated Balance Sheets

 

(In thousands, except share data)

 

   June 30,
2025
   December 31,
2024
 
   (Unaudited)     
Liabilities, Mezzanine Equity and Stockholders’ Equity        
Current liabilities:          
Accounts payable and accrued liabilities  $335,631   $298,081 
Short-term derivative instruments   53,184    41,889 
Current portion of operating lease liabilities   804    5,538 
Total current liabilities   389,619    345,508 
Non-current liabilities:          
Long-term derivative instruments   44,793    35,081 
Asset retirement obligation   32,703    32,949 
Non-current operating lease liabilities   153    561 
Long-term debt   695,154    702,857 
Total non-current liabilities   772,803    771,448 
Total liabilities  $1,162,422   $1,116,956 
Commitments and contingencies (Note 9)          
Mezzanine equity:          
Preferred stock - $0.0001 par value, 110.0 thousand shares authorized, 31.4 thousand issued and outstanding at June 30, 2025, and 37.3 thousand issued and outstanding at December 31, 2024   31,356    37,348 
Stockholders’ equity:          
Common stock - $0.0001 par value, 42.0 million shares authorized, 17.6 million issued and outstanding at June 30, 2025, and 17.8 million issued and outstanding at December 31, 2024   2    2 
Additional paid-in capital   1,509    129,059 
Retained earnings   1,764,668    1,582,332 
Treasury stock, at cost - 2.5 thousand shares at June 30, 2025 and 0 shares at December 31, 2024   (500)    
Total stockholders’ equity  $1,765,679   $1,711,393 
Total liabilities, mezzanine equity and stockholders’ equity  $2,959,457   $2,865,697 

 

Page 9

 

 

 

 

Consolidated Statement of Cash Flows: Three months ended June 30, 2025

 

(In thousands)

(Unaudited)

 

   Three Months
Ended
June 30,
2025
   Three Months
Ended
June 30,
2024
 
Cash flows from operating activities:          
Net income (loss)  $184,466   $(26,212)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Depletion, depreciation and amortization   73,643    78,553 
Net (gain) loss on derivative instruments   (136,101)   8,614 
Net cash receipts on settled derivative instruments   19,440    90,743 
Deferred income tax expense (benefit)   51,396    (7,587)
Stock-based compensation expense   3,263    3,343 
Other, net   2,059    1,456 
Changes in operating assets and liabilities, net   33,237    (25,445)
Net cash provided by operating activities   231,403    123,465 
Cash flows from investing activities:          
Additions to oil and natural gas properties   (144,769)   (126,705)
Other, net   (419)   (841)
Net cash used in investing activities   (145,188)   (127,546)
Cash flows from financing activities:          
Principal payments on Credit Facility   (286,000)   (208,000)
Borrowings on Credit Facility   306,000    251,000 
Early retirement of 2026 Senior Notes   (25,702)    
Debt issuance costs and loan commitment fees       1 
Dividends on preferred stock   (804)   (1,095)
Repurchase of common stock under Repurchase Program   (51,691)   (24,302)
Repurchase of common stock under Repurchase Program - related party   (15,000)    
Net cash payments on performance vesting restricted stock units   (12,297)    
Shares exchanged for tax withholdings   (2,266)   (20,499)
Other, net   (3)    
Net cash used in financing activities   (87,763)   (2,895)
Net change in cash and cash equivalents   (1,548)   (6,976)
Cash and cash equivalents at beginning of period   5,342    8,209 
Cash and cash equivalents at end of period  $3,794   $1,233 

 

Page 10

 

 

 

 

Consolidated Statement of Cash Flows: Six months ended June 30, 2025

 

(In thousands)

(Unaudited)

 

   Six Months
Ended
June 30,
2025
   Six Months
Ended
June 30,
2024
 
Cash flows from operating activities:          
Net income  $184,002   $25,823 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depletion, depreciation and amortization   139,265    158,576 
Net loss (gain) on derivative instruments   10,447    (36,522)
Net cash receipts on settled derivative instruments   9,550    156,065 
Deferred income tax expense   51,389    7,266 
Stock-based compensation expense   6,303    5,746 
Other, net   3,850    3,024 
Changes in operating assets and liabilities, net   3,877    (8,491)
Net cash provided by operating activities   408,683    311,487 
Cash flows from investing activities:          
Additions to oil and natural gas properties   (253,000)   (244,851)
Other, net   (965)   (1,647)
Net cash used in investing activities   (253,965)   (246,498)
Cash flows from financing activities:          
Principal payments on Credit Facility   (414,000)   (511,000)
Borrowings on Credit Facility   431,000    523,000 
Early retirement of 2026 Senior Notes   (25,702)    
Debt issuance costs and loan commitment fees       (106)
Dividends on preferred stock   (1,666)   (2,200)
Repurchase of common stock under Repurchase Program   (109,500)   (38,793)
Repurchase of common stock under Repurchase Program - related party   (15,000)   (15,002)
Net cash payments on performance vesting restricted stock units   (12,297)    
Shares exchanged for tax withholdings   (5,228)   (21,584)
Other, net   (4)    
Net cash used in financing activities   (152,397)   (65,685)
Net change in cash and cash equivalents   2,321    (696)
Cash and cash equivalents at beginning of period   1,473    1,929 
Cash and cash equivalents at end of period  $3,794   $1,233 

 

Page 11

 

 

 

 

2025E Guidance

 

Gulfport’s 2025 guidance assumes commodity strip prices as of July 14, 2025, adjusted for applicable commodity and location differentials, and no property acquisitions or divestitures.

 

   Year Ending 
   December 31, 2025 
   Low   High 
Production          
Average daily gas equivalent (MMcfe/day)   1,040    1,065 
Average daily liquids production (MBbl/day)   18.0    20.5 
% Gas   ~89%     
           
Realizations (before hedges)          
Natural gas (differential to NYMEX settled price) ($/Mcf)  $(0.20)  $(0.35)
NGL (% of WTI)   40%   50%
Oil (differential to NYMEX WTI) ($/Bbl)  $(5.50)  $(6.50)
           
Expenses          
Lease operating expense ($/Mcfe)  $0.19   $0.22 
Taxes other than income ($/Mcfe)  $0.08   $0.10 
Transportation, gathering, processing and compression ($/Mcfe)  $0.93   $0.97 
Recurring cash general and administrative(1,2)  ($/Mcfe)  $0.12   $0.14 
           
    Total 
Capital expenditures (incurred)   (in millions) 
Operated D&C  $335   $355 
Maintenance leasehold and land  $35   $40 
Total base capital expenditures  $370   $395 

 

(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.

 

Page 12

 

 

 

 

Derivatives

 

The below details Gulfport’s hedging positions as of July 30, 2025:

 

    3Q2025   4Q2025   Full Year 2025(1)    Full Year 2026    Full Year 2027 
Natural Gas Contract Summary (NYMEX):                         
Fixed Price Swaps                         
Volume (BBtupd)   270    270    270    250    90 
Weighted Average Price ($/MMBtu)  $3.82   $3.82   $3.82   $3.77   $3.95 
                          
Fixed Price Collars                         
Volume (BBtupd)   240    240    240    170    90 
Weighted Average Floor Price ($/MMBtu)  $3.42   $3.42   $3.42   $3.63   $3.75 
Weighted Average Ceiling Price ($/MMBtu)  $4.27   $4.27   $4.27   $4.48   $4.31 
                          
Fixed Price Calls Sold                         
Volume (BBtupd)   200    173    187         
Weighted Average Price ($/MMBtu)  $5.76   $5.93   $5.84   $   $ 
                          
Basis Contract Summary:                         
Rex Zone 3 Basis                         
Volume (BBtupd)   110    110    110    80     
Differential ($/MMBtu)  $(0.20)  $(0.20)  $(0.20)  $(0.18)  $ 
                          
Tetco M2 Basis                         
Volume (BBtupd)   230    230    230    130    20 
Differential ($/MMBtu)  $(0.96)  $(0.96)  $(0.96)  $(0.98)  $(0.97)
                          
NGPL TX OK Basis                         
Volume (BBtupd)   40    40    40    30    10 
Differential ($/MMBtu)  $(0.29)  $(0.29)  $(0.29)  $(0.30)  $(0.29)
                          
TGP 500 Basis                         
Volume (BBtupd)   20    20    20    20     
Differential ($/MMBtu)  $0.41   $0.41   $0.41   $0.56   $ 
                          
Transco Station 85 Basis                         
Volume (BBtupd)   10    10    10    10     
Differential ($/MMBtu)  $0.45   $0.45   $0.45   $0.56   $ 
                          
Oil Contract Summary (WTI):                         
Fixed Price Swaps                         
Volume (Bblpd)   3,000    3,000    3,000         
Weighted Average Price ($/Bbl)  $73.29   $73.29   $73.29   $   $ 
                          
NGL Contract Summary:                         
C3 Propane Fixed Price Swaps                         
Volume (Bblpd)   3,000    3,000    3,000    2,496     
Weighted Average Price ($/Bbl)  $29.89   $29.89   $29.89   $30.91   $ 

 

(1)July 1, 2025 - December 31, 2025.

 

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 measure should be considered in addition to, but not instead of, the financial statements prepared in accordance with GAAP.

 

Definitions

 

Adjusted net income is a non-GAAP financial measure equal to net income (loss) less 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, 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, 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 2025. 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 2025. 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 14

 

 

 

 

Adjusted Net Income: Three months ended June 30, 2025

 

(In thousands)

(Unaudited)

 

   Three Months
Ended
June 30,
2025
   Three Months
Ended
June 30,
2024
 
         
Net Income (Loss) (GAAP)  $184,466   $(26,212)
           
Adjustments:          
Non-cash derivative (gain) loss   (116,661)   99,357 
Non-recurring general and administrative expense   666    718 
Stock-based compensation expense   3,263    3,343 
Other, net   901    522 
Tax effect of adjustments(1)   24,469    (23,730)
Adjusted Net Income (Non-GAAP)  $97,104   $53,998 

 

(1) Income taxes were approximately 22% and 23% for the three months ended June 30, 2025 and 2024, respectively.

 

Page 15

 

 

 

 

Adjusted Net Income: Six months ended June 30, 2025

 

(In thousands)

(Unaudited)

 

   Six Months
Ended
June 30,
2025
   Six Months
Ended
June 30,
2024
 
         
Net Income (GAAP)  $184,002   $25,823 
           
Adjustments:          
Non-cash derivative loss   19,997    119,543 
Non-recurring general and administrative expense   1,031    1,528 
Stock-based compensation expense   6,303    5,746 
Other, net   199    397 
Tax effect of adjustments(1)   (6,021)   (27,936)
Adjusted Net Income (Non-GAAP)  $205,511   $125,101 

 

(1) Income taxes were approximately 22% and 22% for the six months ended June 30, 2025 and 2024, respectively.

 

Page 16

 

 

 

 

Adjusted EBITDA: Three months ended June 30, 2025

 

(In thousands)

(Unaudited)

 

   Three Months
Ended
June 30,
2025
   Three Months
Ended
June 30,
2024
 
         
Net Income (Loss) (GAAP)  $184,466   $(26,212)
           
Adjustments:          
Interest expense   13,731    15,158 
Income tax expense (benefit)   51,670    (7,587)
DD&A and accretion   74,230    79,120 
Non-cash derivative (gain) loss   (116,661)   99,357 
Non-recurring general and administrative expenses   666    718 
Stock-based compensation expense   3,263    3,343 
Other, net   901    522 
Adjusted EBITDA (Non-GAAP)  $212,266   $164,419 

 

Page 17

 

 

 

 

Adjusted EBITDA: Six months ended June 30, 2025

 

(In thousands)

(Unaudited)

 

   Six Months
Ended
June 30,
2025
   Six Months
Ended
June 30,
2024
 
         
Net Income (GAAP)  $184,002   $25,823 
           
Adjustments:          
Interest expense   27,087    30,161 
Income tax expense   51,494    7,266 
DD&A and accretion   140,470    159,698 
Non-cash derivative loss   19,997    119,543 
Non-recurring general and administrative expenses   1,031    1,528 
Stock-based compensation expense   6,303    5,746 
Other, net   199    397 
Adjusted EBITDA (Non-GAAP)  $430,583   $350,162 

 

Page 18

 

 

 

 

Adjusted Free Cash Flow: Three months ended June 30, 2025

 

(In thousands)

(Unaudited)

 

   Three Months
Ended
June 30,
2025
   Three Months
Ended
June 30,
2024
 
         
Net cash provided by operating activity (GAAP)  $231,403   $123,465 
Adjustments:          
Interest expense   13,731    15,158 
Non-recurring general and administrative expenses   666    718 
Current income tax expense   274     
Other, net   (571)   (367)
Changes in operating assets and liabilities, net:          
Accounts receivable - oil, natural gas, and natural gas liquids sales   (29,446)   9,324 
Accounts receivable - joint interest and other   3,001    (5,156)
Accounts payable and accrued liabilities   (10,345)   20,361 
Prepaid expenses   3,545    948 
Other assets   8    (32)
Total changes in operating assets and liabilities, net  $(33,237)  $25,445 
Adjusted EBITDA (Non-GAAP)  $212,266   $164,419 
Interest expense   (13,731)   (15,158)
Current income tax expense   (274)    
Capitalized expenses incurred(1)   (6,273)   (5,924)
Capital expenditures incurred(2,3,4)   (127,399)   (123,141)
Adjusted free cash flow (Non-GAAP)  $64,589   $20,196 

 

(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 June 30, 2025, includes $2.9 million and $0.3 million of non-D&C capital and non-operated capital expenditures, respectively. Additionally, excludes targeted discretionary acreage acquisitions of $6.9 million that the Company has guided to an anticipated total of $75 - $100 million of discretionary acreage acquisitions.
(4) For the three months ended June 30, 2024, includes $1.0 million and ($1.0 million) of non-D&C capital and non-operated capital expenditures, respectively. Additionally, excludes targeted discretionary acreage acquisitions of $19.0 million.

 

Page 19

 

 

 

 

Adjusted Free Cash Flow: Six months ended June 30, 2025

 

(In thousands)

(Unaudited)

 

   Six Months Ended
June 30,
2025
   Six Months Ended
June 30,
2024
 
         
Net cash provided by operating activity (GAAP)  $408,683   $311,487 
Adjustments:          
Interest expense   27,087    30,161 
Non-recurring general and administrative expenses   1,031    1,528 
Current income tax expense   105     
Other, net   (2,446)   (1,505)
Changes in operating assets and liabilities, net:          
Accounts receivable - oil, natural gas, and natural gas liquids sales   (27,328)   (28,133)
Accounts receivable - joint interest and other   3,021    (1,011)
Accounts payable and accrued liabilities   17,329    37,017 
Prepaid expenses   3,060    649 
Other assets   41    (31)
Total changes in operating assets and liabilities, net  $(3,877)  $8,491 
Adjusted EBITDA (Non-GAAP)  $430,583   $350,162 
Interest expense   (27,087)   (30,161)
Current income tax expense   (105)    
Capitalized expenses incurred(1)   (12,438)   (11,578)
Capital expenditures incurred(2,3,4)   (289,762)   (249,379)
Adjusted free cash flow (Non-GAAP)  $101,191   $59,044 

 

(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 six months ended June 30, 2025, includes $4.3 million and $1.5 million of non-D&C capital and non-operated capital expenditures, respectively. Additionally, excludes targeted discretionary acreage acquisitions of $6.9 million that the Company has guided to an anticipated total of $75 - $100 million of discretionary acreage acquisitions.
(4) For the six months ended June 30, 2024, includes $2.9 million and $1.7 million of non-D&C capital and non-operated capital expenditures, respectively. Additionally, excludes targeted discretionary acreage acquisitions of $19.0 million.

 

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Recurring General and Administrative Expenses:

 

Three months ended June 30, 2025

 

(In thousands)

(Unaudited)

 

   Three Months Ended
June 30,
2025
   Three Months Ended
June 30,
2024
 
   Cash   Non-Cash   Total   Cash   Non-Cash   Total 
                         
General and administrative expense (GAAP)  $7,663   $3,263   $10,926   $7,409   $3,343   $10,752 
Capitalized general and administrative expense   4,826    1,607    6,433    4,683    1,647    6,330 
Non-recurring general and administrative expense   (666)       (666)   (718)       (718)
Recurring general and administrative before capitalization (Non-GAAP)  $11,823   $4,870   $16,693   $11,374   $4,990   $16,364 

 

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Recurring General and Administrative Expenses:

 

Six months ended June 30, 2025

 

(In thousands)

(Unaudited)

 

   Six Months Ended
June 30,
2025
   Six Months Ended
June 30,
2024
 
   Cash   Non-Cash   Total   Cash   Non-Cash   Total 
                         
General and administrative expense (GAAP)  $13,624   $6,303   $19,927   $14,204   $5,746   $19,950 
Capitalized general and administrative expense   9,560    3,105    12,665    9,205    2,830    12,035 
Non-recurring general and administrative expense   (1,031)       (1,031)   (1,528)       (1,528)
Recurring general and administrative before capitalization (Non-GAAP)  $22,153   $9,408   $31,561   $21,881   $8,576   $30,457 

 

 

 

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