Oklahoma City’s Gulfport Energy Corporation is expecting at least a 5% growth in its production by the end of the year after it reported financial and operating results for the three and twelve months ended December 31, 2025 and provided its 2026 outlook.
The company reported fourth quarter net income of $132.4 million and adjusted EBITDA of $234.8 million. During the quarter, the company also generated $185.4 million in net cash from operating activities and $120.2 million of adjusted free cash flow. Gulfport also spent $135 million repurchasing nearly 664.7 thousand shares of common stock. In 2026, the company intends to repurchase another $140 million in shares.
“As we enter 2026, we remained focused on prioritizing our most attractive opportunities and allocating capital designed to maximize value across our asset portfolio. The 2026 development plan centers on both dry gas and wet gas activity, our highest-return areas in the current commodity environment and positions the Company for enhanced adjusted free cash flow generation at recent strip pricing,” said John Reinhart, President and CEO.
He went on to explain the company believes its most attractive drilling prospects in the Marcellus play of Ohio are in Jefferson and Belmont Counties. Reinhard said the company’s efforts in the region should add more than two years of additional inventory upon completion in the first quarter of 2026.
“The continued expansion of our inventory is driven by our targeted discretionary acreage acquisitions and further bolstered by our development efforts in the Marcellus and the successful execution of U-development on our Utica position. These additions unlock substantial value across our core assets, improving our gross inventory by more than 40% since 2022 and bringing our total net inventory to roughly 15 years with break-evens below $2.50 per MMBtu,” added Reinhard.
Filing with SEC
Full Year 2026 Outlook
- Adjusted free cash flow expected to grow meaningfully, driven by disciplined, return-focused capital allocation that prioritizes highest-return development opportunities
- Continue accretive discretionary acreage acquisitions, with previously announced program investment achieving approximately $100 million by the end of first quarter 2026, including $62.9 million deployed at year-end 2025
- Enhance shareholder returns through common stock repurchases, supported by adjusted free cash flow and revolver capacity while maintaining leverage at approximately 1.0x or below
- Forecast fourth quarter 2026 net daily equivalent production to grow approximately 5% compared to fourth quarter 2025
- Estimate net daily liquids production to increase approximately 5%(1) compared to full year 2025, with a range of 18.0 to 21.0 MBbl per day
- Expect full year net daily equivalent production in the range of 1.030 to 1.055 Bcfe per day, including impacts from known production downtime and Winter Storm Fern
- Plan total capital expenditures of $400 million to $430 million, including $35 million to $40 million on maintenance land and seismic investments
Fourth Quarter 2025
- Delivered total net production of 1.10 Bcfe per day, an increase of 4% over fourth quarter 2024
- Produced total net liquids production of 18.2 MBbl per day, an increase of 12% over fourth quarter 2024
- Incurred base capital expenditures of $36.4 million, which includes $25.0 million of base operated D&C capital expenditures and $11.4 million of maintenance land and leasehold spending
- Invested incremental $55.7 million on discretionary appraisal and development capital expenditures
- Reported $132.4 million of net income and $234.8 million of adjusted EBITDA(2)
- Generated $185.4 million of net cash provided by operating activities and $120.2 million of adjusted free cash flow(2)
- Completed opportunistic discretionary acreage acquisitions totaling $47.2 million
- Repurchased approximately 664.7 thousand shares of common stock for approximately $135.0 million
Full Year 2025 Highlights
- Delivered total net production of 1.04 Bcfe per day, in line with full year 2024
- Produced total net liquids production of 18.7 MBbl per day, an increase of approximately 29% over full year 2024
- Incurred base capital expenditures of $389.1 million, which includes $354.3 million of base operated D&C capital expenditures and $34.8 million of maintenance land and leasehold spending
- Allocated $37.5 million toward discretionary appraisal projects, including the successful development of the Company’s first U-development in the Utica
- Invested $36.7 million toward discretionary development activity that is anticipated to mitigate known production impacts in early 2026
- Reported $427.8 million of net income and $878.5 million of adjusted EBITDA(2)
- Generated $803.2 million of net cash provided by operating activities and $324.7 million of adjusted free cash flow(2)
- Maintained a strong balance sheet and low financial leverage, with liquidity at December 31, 2025 totaling $806.1 million
- Expanded common stock repurchase authorization by 50% to a total of $1.5 billion, with approximately $579.6 million remaining at December 31, 2025
- Repurchased approximately 1.8 million shares of common stock (including preferred stock on an as-converted basis) for approximately $336.3 million, including the optional redemption of all the Company’s outstanding preferred stock for approximately $31.3 million
- Completed opportunistic discretionary acreage acquisitions totaling $62.9 million
- Expanded undeveloped Marcellus inventory through delineation and development, capturing significant value and growing Marcellus inventory to more than four years at current development pace
- Completed successful U-development in the Utica, unlocking 20 gross high-return Utica dry gas locations