Gulfport Energy Reports First Quarter 2026 Financial and Operational Results

Gulfport Energy saw a 7% increase in its total production in the first quarter of the year, reaching 996.8 MMcfe a day.

The Oklahoma City company had $121.7 million in CapEx which included $117.9 million in drilling and completion expenditures along with $3.9 million of maintenance land and seismic investment.

After reporting $165.8 million of net income and $264.2 million in adjusted EBITDA, Gulfport reaffirmed its full year 2026 guidance with expected fourth quarter 2026b net daily equivalent production to grow about 5% compared to the fourth quarter of 2025.

During the most recent quarter, Gulfport repurchased approximately 866,000 shares of common stock for about $172.8 million.

Gulfport’s net daily production for the first quarter of 2026 averaged 996.8 MMcfe per day, primarily consisting of 833.0 MMcfe per day in the Utica/Marcellus and 163.8 MMcfe per day in the SCOOP. For the first quarter of 2026, Gulfport’s net daily production mix was comprised of approximately 91% natural gas, 7% natural gas liquids (“NGL”) and 2% oil and condensate.

Leadership

“Gulfport’s first quarter financial results reflect a strong start to the year and position the Company to successfully deliver on the 2026 development plan outlined in our guidance earlier this year,” stated Michael Hodges, Executive Vice President and Chief Financial Officer.

Hodges said the company completed its previously announced discretionary acreage program with an investment of $102.4 million over the past four quarters, a move that added more than two years of inventory. He called the addition “extremely attractive” for the company.

“”In addition, supported by our strong balance sheet and liquidity position, we maintained an active share repurchase program during the quarter and repurchased over $170 million of common stock, representing the highest level of quarterly repurchase activity in Company history and exceeding our previously announced plans in February. Since initiating the program, including the preferred redemption in September 2025, we have repurchased more than $1.0 billion of common stock, demonstrating our confidence in the fundamental value of our business and our commitment to delivering substantial returns to our shareholders. Our share repurchase program is likely to remain an attractive use of capital and we plan to continue an active program throughout the remainder of the year,” concluded Hodges.

First Quarter 2026 and Recent Highlights

• Delivered total net production of 996.8 MMcfe per day, an increase of 7% over first quarter 2025
• Incurred capital expenditures of $121.7 million, which includes $117.9 million of operated D&C capital expenditures and $3.9 million of maintenance land and seismic investment
• Completed opportunistic discretionary acreage acquisitions totaling $39.5 million
• Reported $165.8 million of net income and $264.2 million of adjusted EBITDA⁽¹⁾
• Generated $292.9 million of net cash provided by operating activities and $118.9 million of adjusted free cash flow⁽¹⁾
• Repurchased approximately 866 thousand shares of common stock for approximately $172.8 million
• Reaffirming full year 2026 guidance with fourth quarter 2026 net daily equivalent production to grow approximately 5% compared to fourth quarter 2025
• Completed spring borrowing base redetermination of revolving credit facility with reaffirmed borrowing base of $1.1 billion and an increase in elected commitments of 10% to $1.1 billion
• Achieved significant drilling efficiencies across both operating areas, including a 50% improvement in drilling footage per day in the Marcellus and SCOOP drilling cycle times that were 25% better than internal expectations

Capital Investment
Capital expenditures were approximately $121.7 million (on an incurred basis) for the first quarter of 2026, of which $117.9 million related to operated drilling and completion activity and $3.9 million related to maintenance land and seismic investment. Gulfport also invested approximately $39.5 million in discretionary acreage acquisitions and incurred approximately $0.2 million related to non-operated drilling and completion activities.

Common Stock Repurchase Program
Gulfport repurchased approximately 866.3 thousand shares of common stock at a weighted-average share price of $199.45 during the first quarter of 2026, totaling approximately $172.8 million. As of March 31, 2026, the Company had repurchased approximately 8.2 million shares of common stock (including the underlying shares of common stock into which the preferred stock was convertible) at a weighted-average share price of $133.02 since the program initiated in March 2022, totaling approximately $1.1 billion in aggregate. As of March 31, 2026, the Company had approximately $406.8 million of remaining capacity under the share repurchase program.

Credit Facility Borrowing Base Redetermination
On May 1, 2026, Gulfport completed its semi-annual borrowing base redetermination during which the borrowing base was reaffirmed at $1.1 billion and the elected commitments were increased by 10% to $1.1 billion.

Financial Position and Liquidity
As of March 31, 2026, Gulfport had approximately $2.9 million of cash and cash equivalents, $182.0 million outstanding borrowings under its revolving credit facility, $48.7 million of letters of credit outstanding and $650.0 million of outstanding 2029 senior notes.

Gulfport’s liquidity at March 31, 2026, totaled approximately $772.2 million, comprised of the $2.9 million of cash and cash equivalents and approximately $769.3 million of available borrowing capacity under its revolving credit facility. Pro forma for the recent increase in elected commitments, Gulfport’s liquidity at March 31, 2026 increases by approximately $100 million to $872.2 million.