GULFPORT ENERGY CORP (GPOR)

ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Introduction

Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to provide the reader of the financial statements with a narrative from the perspective of management on the financial condition, results of operations, liquidity and certain other factors that may affect the Company's operating results. MD&A should be read in conjunction with the financial statements and related Notes included in Part I, Item 1. of this Form 10-Q.

The following information updates the discussion of Gulfport’s financial condition provided in its 2025 Form 10-K and analyzes the changes in the results of operations between the periods of April 1, 2026 through June 30, 2026, January 1, 2026 through June 30, 2026, April 1, 2025 through June 30, 2025 and January 1, 2025 through June 30, 2025. For definitions of commonly used natural gas and oil terms found in this Form 10-Q, please refer to the “Definitions” provided in this report.

Overview

Gulfport is an independent natural gas-weighted exploration and production company with assets primarily located in the Appalachia and Anadarko basins. Our principal operations target the Utica and Marcellus formations in eastern Ohio and the SCOOP Woodford and Springer formations in central Oklahoma. Our strategy is to develop our assets in a safe, environmentally responsible manner, while generating sustainable cash flow, improving margins and operating efficiencies and returning capital to shareholders. To accomplish these goals, we generally allocate capital to projects we believe offer the highest rate of return and we deploy leading drilling and completion techniques and technologies in our development efforts.

Recent Developments

Appointment of Domenic J. Dell’Osso, Jr., as President, Chief Executive Officer and Director

On May 28, 2026, Domenic J. Dell’Osso, Jr. was named President, CEO and Director. Following Mr. Dell’Osso’s appointment, the Office of the Chairman that was established by the Board of Directors on March 6, 2026 was discontinued.

Credit Facility

On May 1, 2026, Gulfport completed its semi-annual borrowing base redetermination under its Credit Facility during which the borrowing base was reaffirmed at $1.1 billion and elected commitments were increased to $1.1 billion.

Ohio State Land Lease Acquisition

In June 2026, Gulfport announced an agreement to acquire approximately 4,700 net undeveloped acres in Belmont County, Ohio for approximately $83.0 million through the Ohio Oil and Gas Land Management Commission State Land Lease Sale. The acreage is located in the core, liquids-rich Utica wet gas window, is adjacent to Gulfport's existing operations, and is expected to add approximately 16 net future drilling locations. The transaction remains subject to customary closing conditions.

Geopolitical and Market Conditions

Ongoing geopolitical instability, including the conflict involving Iran and heightened tensions in the Middle East, has contributed to increased volatility in global energy markets. While the Company does not have operations or assets in the affected regions, these events may impact commodity prices, global supply and demand dynamics, and overall market conditions. As of the date of this filing, the Company has not experienced any material direct impacts to its operations, liquidity or financial condition as a result of these developments.

Tariffs and Trading Relationships

In 2025 and 2026, the U.S. government threatened, announced and, in certain cases, rescinded, tariffs on several foreign jurisdictions and imports into the United States, which led, and may continue to lead, to the imposition of retaliatory tariffs and other measures taken by foreign jurisdictions. There is significant uncertainty as to the scope and durability of existing and future tariff measures, as well as the ultimate effects of the tariffs on economic conditions.

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2026 Operational and Financial Highlights

During the second quarter of 2026, we had the following notable achievements:

•Reported total net production of 962.8 MMcfe per day.

•Turned to sales 10 gross (9.5 net) operated wells.

•Generated $149.9 million of operating cash flows.

•Repurchased 392,222 shares for $70.0 million.

•Exited the quarter with total liquidity of $772.4 million.

2026 Production and Drilling Activity

Production Volumes

Our total net production averaged approximately 962.8 MMcfe per day during the three months ended June 30, 2026, as compared to 1,006.3 MMcfe per day during the three months ended June 30, 2025. Production per day decreased primarily due to natural declines and the timing of our 2025 and 2026 development programs.

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Our total net production averaged approximately 979.7 MMcfe per day during the six months ended June 30, 2026, as compared to 968.0 MMcfe per day during the six months ended June 30, 2025. Production per day increased primarily due to the timing of our 2025 and 2026 development programs.

Utica/Marcellus. We spud 7 gross (6.7 net) wells targeting the Utica formation during the three months ended June 30, 2026. In addition, we commenced sales on 4 gross (3.9 net) operated Utica wells and 4 gross (4.0 net) operated Marcellus wells.

SCOOP. We did not spud any operated wells in the SCOOP during the three months ended June 30, 2026. We commenced sales on 2 gross (1.6 net) operated SCOOP wells.

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RESULTS OF OPERATIONS

Comparison of the Three Month Periods Ended June 30, 2026 and 2025

Natural Gas, Oil and Condensate and NGL Production and Pricing (sales totals in thousands)

The following table summarizes our natural gas, oil and condensate and NGL production and related pricing for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. Some totals below may not sum or recalculate due to rounding.

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Natural Gas, Oil and Condensate and NGL Sales (in thousands)

The decrease in natural gas sales without the impact of derivatives, when comparing the three months ended June 30, 2026 to the three months ended June 30, 2025, was due to a 17% decrease in realized prices and a 1% decrease in sales volumes. The realized price change was primarily driven by the decrease in the average Henry Hub gas index from $3.44 per Mcf in the three months ended June 30, 2025, to $2.89 per Mcf during the three months ended June 30, 2026. The 1% decrease in natural gas production was primarily due to the timing of our 2025 and 2026 development programs.

The decrease in oil and condensate sales without the impact of derivatives, when comparing the three months ended June 30, 2026 to the three months ended June 30, 2025, was due to a 46% decrease in sales volumes, partially offset by a 48% increase in realized prices. The 46% decrease in oil and condensate production was primarily due to natural declines and timing of our 2025 and 2026 development programs. The realized price change was primarily driven by the increase in the average WTI crude index from $63.74 per barrel in the three months ended June 30, 2025, to $92.85 per barrel during the three months ended June 30, 2026.

The increase in NGL sales without the impact of derivatives, when comparing the three months ended June 30, 2026 to the three months ended June 30, 2025, was due to a 22% increase in realized prices, partially offset by a 13% decrease in sales volumes. The 13% decrease in NGL production was primarily due to natural declines and timing of our 2025 and 2026 development programs.

Natural Gas, Oil and NGL Derivatives (in thousands)

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis represents management’s perspective of our business, financial condition and overall performance. This information is intended to provide investors with an understanding of our past performance, current financial condition and outlook for the future and should be read in conjunction with Item 8. “Financial Statements and Supplementary Data” of this report. The following information updates the discussion of Gulfport's financial condition provided in its 2024 Annual Report on Form 10-K filing and compares the results of operations for the year ended December 31, 2025 to the year ended December 31, 2024. Discussions of our results from 2023 to 2024 that are not included in this Form 10-K can be found in “Management's Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024.

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Index to Financial Statements

Overview

Gulfport is an independent natural gas-weighted exploration and production company with assets primarily located in the Appalachia and Anadarko basins. Our principal operations target the Utica and Marcellus formations in eastern Ohio and the SCOOP Woodford and Springer formations in central Oklahoma. Our strategy is to develop our assets in a safe, environmentally responsible manner, while generating sustainable cash flow, improving margins and operating efficiencies and returning capital to shareholders. To accomplish these goals, we generally allocate capital to projects we believe offer the highest rate of return and we deploy leading drilling and completion techniques and technologies in our development efforts.

Recent Developments

Share Repurchase Program and Redemption of Preferred Stock

On August 4, 2025, the Company's Board of Directors approved an increase to the authorized Repurchase Program from $1.0 billion to $1.5 billion (including the redemption of preferred stock noted below) and extended the authorization through December 31, 2026.

On August 5, 2025, Gulfport issued a notice of redemption for its preferred stock for cash. During the period between the date of notice of the redemption and the Redemption Date, 28,907 shares of preferred stock were converted into approximately 2.1 million shares of common stock. On the Redemption Date, the Company redeemed the remaining 2,449 shares of preferred stock for cash totaling $31.3 million. Additionally, direct transaction-related costs of $1.1 million were incurred as part of the redemption.

During the year ended December 31, 2025, the Company repurchased 1.8 million shares for $336.3 million at a weighted average price of $188.65 per share. As of December 31, 2025, the Company repurchased 7.4 million shares for $920.4 million at a weighted average price of $125.19 per share since the inception of the Repurchase Program.

Credit Facility

On October 30, 2025, the Company entered into the Borrowing Base Reaffirmation Agreement and Fifth Amendment to Credit Agreement (the “Fifth Amendment”). The facility provides for a borrowing base of $1.1 billion and aggregate elected commitments of $1.0 billion.

Tariffs and Trading Relationships

In 2025 and 2026, the U.S. government threatened, announced and, in certain cases, rescinded, tariffs on several foreign jurisdictions and imports into the United States, which led, and may continue to lead, to the imposition of retaliatory tariffs and other measures taken by foreign jurisdictions. There is significant uncertainty as to the scope and durability of existing and future tariff measures, as well as the ultimate effects of the tariffs on economic conditions.

One Big Beautiful Bill Act

On July 4, 2025, the President signed into law the legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”), which introduces significant changes to U.S. federal tax law. Key provisions of the OBBBA that are relevant to the Company include modifications to the limitations on the deductibility of interest expense under Section 163(j) of the Internal Revenue Code and adjustments to bonus depreciation rules.

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Index to Financial Statements

2025 Operational and Financial Highlights

During 2025, we had the following notable achievements:

•Reported total net production of 1,039 MMcfe per day.

•Generated $803.2 million of operating cash flows.

•Turned to sales 32 gross operated (31.8 net) wells.

•Redeemed outstanding preferred stock, simplifying our capital structure and eliminating future dividend obligations on the preferred stock.

•Expanded common share repurchase program to $1.5 billion and returned $336.3 million to shareholders through the repurchase of 1.8 million shares (including the underlying shares of common stock into which the preferred stock was convertible) at a weighted average price of $188.65 per share.

•Maintained a strong balance sheet and low financial leverage, exiting the year with total liquidity of $806.1 million.

•Achieved MIQ certification for all Appalachia assets for the third consecutive year.

•Reported year-end estimated net proved reserves of 4.3 Tcfe.

Business and Industry Outlook

The Company's primary focus going into 2026 is its continued attention on reducing cycle times and operating costs to improve margins and ultimately enhance our expected free cash flow generation. Throughout the year, we plan to maintain capital discipline, prioritizing free cash flow generation and preserving our strong financial position, while returning capital to shareholders and increasing our resource depth through incremental leasehold opportunities.

In 2025, natural gas prices continued to be volatile as spot prices ranged from $2.65 to $9.86 per MMBtu. Henry Hub averaged $3.52 per MMBtu in 2025 vs $2.19 per MMBtu in 2024. As we look into 2026, we expect continued volatility in natural gas prices. To mitigate our exposure to commodity market volatility and to help provide a level of certainty around our financial strength, we have entered into a combination of natural gas swaps and collars, representing approximately 52% of our expected 2026 gas production, at an average floor price of $3.74 per Mcf.

Our 2026 capital expenditure program is expected to be in a range of $400 million to $430 million, including $35 million to $40 million on maintenance land and seismic investments.

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Index to Financial Statements

Results of Operations

Comparison of the Year Ended December 31, 2025 and 2024

We reported net income of $427.8 million for the year ended December 31, 2025, compared to a net loss of $261.4 million for the year ended December 31, 2024. The material changes that led to the increase in net income are further discussed by category on the following pages. Some totals and changes throughout the below section may not sum or recalculate due to rounding.

Natural Gas, Oil and Condensate and NGL Production and Pricing (sales totals in thousands)

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Index to Financial Statements

The increase in natural gas sales without the impact of derivatives when comparing the year ended December 31, 2025, to the year ended December 31, 2024, was primarily due to a 55% increase in realized natural gas prices, partially offset by a 4% decrease in sales volumes. The realized price change was primarily driven by the increase in the average Henry Hub gas index from $2.27 per Mcf in the year ended December 31, 2024, to $3.43 per Mcf during the year ended December 31, 2025. The 4% decrease in natural gas production was primarily due to natural declines partially offset by our 2024 and 2025 development programs and the impact of unplanned, third-party midstream outages and constraints.

The increase in oil and condensate sales without the impact of derivatives when comparing the year ended December 31, 2025, to the year ended December 31, 2024, was due to a 55% increase in sales volumes, partially offset by a 15% decrease in realized oil prices. The 55% increase in oil and condensate production was primarily due to commencement of sales on new wells targeting the Utica and Marcellus liquids windows. The realized price change was primarily driven by the decrease in the average WTI crude index from $75.72 per barrel in the year ended December 31, 2024, to $64.81 per barrel during the year ended December 31, 2025.

The increase in NGL sales without the impact of derivatives when comparing the year ended December 31, 2025, to the year ended December 31, 2024, was due to a 19% increase in NGL sales volumes, partially offset by a 1% decrease in realized prices. The 19% increase in NGL production was primarily due to commencement of sales on new wells targeting the Utica and Marcellus liquids windows.

Natural Gas, Oil and NGL Derivatives (in thousands)

The total natural gas, oil and NGL volumes hedged for the year ended December 31, 2025 and 2024, represented approximately 73% and 80%, respectively, of our total sales volumes for the applicable year.

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