Major revenue improvements reported by Gulfport Energy

A big turnaround for Gufport Energy Corporation was reported in the second quarter as the Oklahoma City-based energy firm went from a $500,000 net loss of revenue in the first quarter to a  reported $184.5 million of net income in the second quarter.

With a focus on gas and crude oil operations in the Appalachia and Anadarko basins, Gulfport reported $212.3 million of adjusted EBITDA and generated $231.4 million of net cash provided by operating activities and $64.6 million of adjusted free cash flow. It compares to the first quarter when adjusted EBITDA was $218.3 million and net cash generatedd by operating activities totaled $177.3 million. The first quarter adjusted free cash flow was $36.6 million.

With the improved earnings, Gulfport plans an expansion of drilling opportunities.

“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,” explained John Reinhart, President and CEO.

“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.”

Gulfport also reported it expanded stock repurchases by 50% to $1.5 billion and allocated $75 million to $100 million toward discretionary acreage acquisitions.

The company’s second quarter total net production was 1,006.3 MMcfe a day which represented an 8% increase over the first quarter of 2025. Its total net liquids production was 19.2 MBbl a day, an increase of 26% over the first quarter of the year.

Drilling operations were stronger in Ohio where Gulfport targets the Utica. Eight of the 14 gross wells turned to sales were there while another 4 Ohio wells targeted the Marcellus. Only 2 wells in Oklahoma’s SCOOP were turned to sales. The company’s drilling report showed no new wells were spud, drilled or completed in the SCOOP during the quarter.

“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,” continued Reinhart.

He said 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.

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.

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.

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.