Form 8-K
8-K — GULFPORT ENERGY CORP
Accession: 0001213900-26-052198
Filed: 2026-05-05
Period: 2026-05-05
CIK: 0000874499
SIC: 1311 (CRUDE PETROLEUM & NATURAL GAS)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — ea0289123-8k_gulfport.htm (Primary)
EX-99.1 — PRESS RELEASE DATED MAY 5, 2026 ENTITLED "GULFPORT ENERGY REPORTS FIRST QUARTER 2026 FINANCIAL AND OPERATIONAL RESULTS." (ea028912301ex99-1.htm)
EX-99.2 — SUPPLEMENTAL FINANCIAL INFORMATION (ea028912301ex99-2.htm)
EX-99.3 — PRESS RELEASE DATED MAY 5, 2026 ENTITLED "GULFPORT ENERGY APPOINTS DOMENIC J. DELL'OSSO CHIEF EXECUTIVE OFFICER." (ea028912301ex99-3.htm)
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8-K — CURRENT REPORT
8-K (Primary)
Filename: ea0289123-8k_gulfport.htm · Sequence: 1
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0000874499
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2026-05-05
2026-05-05
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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):
May 5, 2026
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 May 5, 2026, Gulfport Energy Corporation (“Gulfport”)
issued a press release reporting its financial and operating results for the three months ended March 31, 2026, reaffirmed its 2026 development
plan and provided an update on its financial position. 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.
On May 5, 2026, Gulfport issued a press
release announcing the appointment of Domenic J. Dell’Osso, Jr. as President and Chief Executive Officer. A copy of the press
release is attached as Exhibit 99.3 to this Current Report on Form 8-K.
Also on May 5, 2026, 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 May 5, 2026 entitled “Gulfport Energy Reports First Quarter 2026 Financial and Operational Results.”
99.2
Supplemental Financial Information.
99.3
Press
release dated May 5, 2026 entitled “Gulfport Energy Appoints Domenic J. Dell’Osso, Jr. Chief Executive
Officer.”
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: May 5, 2026
By:
/s/ Michael Hodges
Michael Hodges
Chief Financial Officer
2
EX-99.1 — PRESS RELEASE DATED MAY 5, 2026 ENTITLED "GULFPORT ENERGY REPORTS FIRST QUARTER 2026 FINANCIAL AND OPERATIONAL RESULTS."
EX-99.1
Filename: ea028912301ex99-1.htm · Sequence: 2
Exhibit 99.1
Gulfport Energy Reports First Quarter 2026 Financial
and Operational Results
OKLAHOMA CITY (May 5, 2026) Gulfport
Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today reported financial and operational results
for the three months ended March 31, 2026, reaffirmed its 2026 development plan and provided an update on its financial position.
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
Michael Hodges, Executive Vice President and Chief
Financial Officer, commented, “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. Strategically, we completed our previously
announced discretionary acreage program, investing a total of $102.4 million over the past four quarters to add more than two years of
high-quality inventory at values we believe are extremely attractive relative to recent metrics implied by larger inorganic transactions
in the immediate area. These low-breakeven additions enhance the durability of our asset base, reinforcing the significant value uplift
we are capturing through our organic leasing efforts and we continue to pursue opportunities to further strengthen our resource depth
going forward.”
“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 $1.0
billion of common stock, demonstrating our confidence in the fundamental value of our business and our commitment to delivering substantial
returns to our shareholders. Our share repurchase program is likely to remain an attractive use of capital and we plan to continue an
active program throughout the remainder of the year,” concluded Hodges.
A company presentation to accompany the Gulfport
earnings conference call can be accessed by clicking here.
1. A non-GAAP financial measure. Reconciliations of these non-GAAP
measures and other disclosures are provided with the supplemental financial tables available on our website at www.gulfportenergy.com.
Operational Update
The table below summarizes Gulfport’s operated
drilling and completion activity for the first quarter of 2026:
Quarter Ended March 31, 2026
Gross
Net
Lateral
Length
Spud
Utica & Marcellus
9
8.9
19,200
SCOOP
2
1.6
9,200
Drilled
Utica & Marcellus
6
5.9
17,100
SCOOP
2
1.6
9,200
Completed
Utica & Marcellus
3
3.0
16,900
SCOOP
—
—
—
Turned-to-Sales
Utica & Marcellus
5
5.0
14,000
SCOOP
—
—
—
Gulfport’s net daily production for the
first quarter of 2026 averaged 996.8 MMcfe per day, primarily consisting of 833.0 MMcfe per day in the Utica/Marcellus and 163.8 MMcfe
per day in the SCOOP. For the first quarter of 2026, Gulfport’s net daily production mix was comprised of approximately 91% natural
gas, 7% natural gas liquids (“NGL”) and 2% oil and condensate.
Three Months Ended
March 31,
2026
Three Months Ended
March 31,
2025
Production
Natural gas (Mcf/day)
905,770
837,816
Oil and condensate (Bbl/day)
3,738
5,282
NGL (Bbl/day)
11,432
9,962
Total (Mcfe/day)
996,786
929,280
Average Prices
Natural Gas:
Average price without the impact of derivatives ($/Mcf)
$ 4.90
$ 3.73
Impact from settled derivatives ($/Mcf)
$ (0.68 )
$ (0.12 )
Average price, including settled derivatives ($/Mcf)
$ 4.22
$ 3.61
Oil and condensate:
Average price without the impact of derivatives ($/Bbl)
$ 66.40
$ 65.76
Impact from settled derivatives ($/Bbl)
$ (4.80 )
$ 1.06
Average price, including settled derivatives ($/Bbl)
$ 61.60
$ 66.82
NGL:
Average price without the impact of derivatives ($/Bbl)
$ 30.59
$ 34.37
Impact from settled derivatives ($/Bbl)
$ 0.75
$ (1.53 )
Average price, including settled derivatives ($/Bbl)
$ 31.34
$ 32.84
Total:
Average price without the impact of derivatives ($/Mcfe)
$ 5.05
$ 4.11
Impact from settled derivatives ($/Mcfe)
$ (0.63 )
$ (0.12 )
Average price, including settled derivatives ($/Mcfe)
$ 4.42
$ 3.99
Selected operating metrics
Lease operating expenses ($/Mcfe)
$ 0.27
$ 0.24
Taxes other than income ($/Mcfe)
$ 0.10
$ 0.08
Transportation, gathering, processing and compression expense ($/Mcfe)
$ 1.01
$ 0.99
Recurring cash general and administrative expenses ($/Mcfe) (non-GAAP)
$ 0.15
$ 0.12
Interest expenses ($/Mcfe)
$ 0.17
$ 0.16
2
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.
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.
First Quarter 2026 Conference Call
Gulfport will host a teleconference and webcast
to discuss its first quarter of 2026 results beginning at 9:00 a.m. ET (8:00 a.m. CT) on Wednesday, May 6, 2026.
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 May 6, 2026 to May 20, 2026, by calling 877-660-6853 domestically or 201-612-7415 internationally
and then entering the replay passcode 13759931.
Financial Statements and Guidance Documents
First quarter of 2026 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.
3
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.
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. Forward-looking statements are statements
other than statements of historical fact. They include statements regarding Gulfport’s current expectations, management’s outlook
guidance or forecasts of future events, projected cash flow and liquidity, inflation, share repurchases and other return of capital plans,
its ability to enhance cash flow and financial flexibility, future production and commodity mix, plans and objectives for future operations,
the ability of our employees, portfolio strength and operational leadership to create long-term value and the assumptions on which such
statements are based. 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, 2025 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
jantle@gulfportenergy.com
405-252-4550
4
EX-99.2 — SUPPLEMENTAL FINANCIAL INFORMATION
EX-99.2
Filename: ea028912301ex99-2.htm · Sequence: 3
Exhibit 99.2
Three months ended March 31, 2026
Supplemental Information of Gulfport Energy
Table of Contents:
Page:
Production Volumes by Asset Area
2
Production and Pricing
3
Consolidated Statements of Income
4
Consolidated Balance Sheets
5
Consolidated Statement of Cash Flows
7
Reaffirmed 2026E Guidance
8
Derivatives
9
Non-GAAP Reconciliations
10
Definitions
11
Adjusted Net Income
12
Adjusted EBITDA
13
Adjusted Free Cash Flow
14
Recurring General and Administrative Expenses
15
Production Volumes by Asset Area : Three months ended March 31,
2026
Production Volumes
Three Months Ended
March 31,
2026
Three Months Ended
March 31,
2025
Natural gas (Mcf/day)
Utica & Marcellus
782,851
686,964
SCOOP
122,919
150,851
Total
905,770
837,816
Oil and condensate (Bbl/day)
Utica & Marcellus
2,533
3,861
SCOOP
1,205
1,420
Total
3,738
5,282
NGL (Bbl/day)
Utica & Marcellus
5,827
3,495
SCOOP
5,605
6,467
Total
11,432
9,962
Combined (Mcfe/day)
Utica & Marcellus
833,010
731,105
SCOOP
163,776
198,175
Total
996,786
929,280
Totals may not sum or recalculate due to rounding.
Page 2
Production and Pricing : Three months ended March 31, 2026
The following table summarizes production and related pricing for
the three months ended March 31, 2026, as compared to such data for the three months ended March 31, 2025:
Three Months Ended
March 31,
2026
Three Months Ended
March 31,
2025
Natural gas sales
Natural gas production volumes (MMcf)
81,519
75,403
Natural gas production volumes (MMcf) per day
906
838
Total sales
$ 399,530
$ 281,506
Average price without the impact of derivatives ($/Mcf)
$ 4.90
$ 3.73
Impact from settled derivatives ($/Mcf)
$ (0.68 )
$ (0.12 )
Average price, including settled derivatives ($/Mcf)
$ 4.22
$ 3.61
Oil and condensate sales
Oil and condensate production volumes (MBbl)
336
475
Oil and condensate production volumes (MBbl) per day
4
5
Total sales
$ 22,338
$ 31,259
Average price without the impact of derivatives ($/Bbl)
$ 66.40
$ 65.76
Impact from settled derivatives ($/Bbl)
$ (4.80 )
$ 1.06
Average price, including settled derivatives ($/Bbl)
$ 61.60
$ 66.82
NGL sales
NGL production volumes (MBbl)
1,029
897
NGL production volumes (MBbl) per day
11
10
Total sales
$ 31,477
$ 30,817
Average price without the impact of derivatives ($/Bbl)
$ 30.59
$ 34.37
Impact from settled derivatives ($/Bbl)
$ 0.75
$ (1.53 )
Average price, including settled derivatives ($/Bbl)
$ 31.34
$ 32.84
Natural gas, oil and condensate and NGL sales
Natural gas equivalents (MMcfe)
89,711
83,635
Natural gas equivalents (MMcfe) per day
997
929
Total sales
$ 453,345
$ 343,582
Average price without the impact of derivatives ($/Mcfe)
$ 5.05
$ 4.11
Impact from settled derivatives ($/Mcfe)
$ (0.63 )
$ (0.12 )
Average price, including settled derivatives ($/Mcfe)
$ 4.42
$ 3.99
Production Costs:
Average lease operating expenses ($/Mcfe)
$ 0.27
$ 0.24
Average taxes other than income ($/Mcfe)
$ 0.10
$ 0.08
Average transportation, gathering, processing and compression ($/Mcfe)
$ 1.01
$ 0.99
Total lease operating expenses, taxes other than income and midstream costs ($/Mcfe)
$ 1.38
$ 1.31
Totals may not sum or recalculate due to rounding.
Page 3
Consolidated Statements of Income: Three months ended March 31,
2026
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
2026
Three Months Ended
March 31,
2025
REVENUES:
Natural gas sales
$ 399,530
$ 281,506
Oil and condensate sales
22,338
31,259
Natural gas liquid sales
31,477
30,817
Net loss on natural gas, oil and NGL derivatives
(15,813 )
(146,548 )
Total revenues
437,532
197,034
OPERATING EXPENSES:
Lease operating expenses
24,456
20,283
Taxes other than income
9,184
6,626
Transportation, gathering, processing and compression
90,567
82,870
Depreciation, depletion and amortization
75,430
65,622
General and administrative expenses
9,708
9,001
Accretion expense
598
618
Total operating expenses
209,943
185,020
INCOME FROM OPERATIONS
227,589
12,014
OTHER EXPENSE (INCOME):
Interest expense
15,386
13,356
Other, net
1,698
(702 )
Total other expense (income)
17,084
12,654
INCOME (LOSS) BEFORE INCOME TAXES
210,505
(640 )
INCOME TAX EXPENSE (BENEFIT):
Current
1,070
(169 )
Deferred
43,613
(7 )
Total income tax expense (benefit)
44,683
(176 )
NET INCOME (LOSS)
$ 165,822
$ (464 )
Dividends on preferred stock
—
(862 )
Participating securities - preferred stock
—
—
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$ 165,822
$ (1,326 )
NET INCOME (LOSS) PER COMMON SHARE:
Basic
$ 8.94
$ (0.07 )
Diluted
$ 8.87
$ (0.07 )
Weighted average common shares outstanding—Basic
18,554
17,881
Weighted average common shares outstanding—Diluted
18,695
17,881
Page 4
Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
March 31,
2026
December 31,
2025
Assets
Current assets:
Cash and cash equivalents
$ 2,921
$ 1,813
Accounts receivable—oil, natural gas, and natural gas liquids sales
128,987
184,649
Accounts receivable—joint interest and other
9,566
9,282
Prepaid expenses and other current assets
8,221
7,952
Short-term derivative instruments
75,086
45,155
Total current assets
224,781
248,851
Property and equipment:
Oil and natural gas properties, full-cost method
Proved oil and natural gas properties
4,054,885
3,902,539
Unproved properties
251,020
232,959
Other property and equipment
13,565
13,008
Total property and equipment
4,319,470
4,148,506
Less: accumulated depletion, depreciation and amortization
(1,943,856 )
(1,868,481 )
Total property and equipment, net
2,375,614
2,280,025
Other assets:
Long-term derivative instruments
36,209
15,303
Deferred tax asset
422,125
465,738
Operating lease assets
358
561
Other assets
16,324
19,062
Total other assets
475,016
500,664
Total assets
$ 3,075,411
$ 3,029,540
Page 5
Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
March 31,
2026
December 31,
2025
Liabilities, Mezzanine Equity and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities
$ 369,294
$ 342,382
Short-term derivative instruments
32,822
21,865
Current portion of operating lease liabilities
351
550
Total current liabilities
402,467
364,797
Non-current liabilities:
Long-term derivative instruments
7,856
8,916
Asset retirement obligation
33,679
32,912
Non-current operating lease liabilities
7
10
Long-term debt
823,717
788,187
Total non-current liabilities
865,259
830,025
Total liabilities
$ 1,267,726
$ 1,194,822
Commitments and contingencies
Mezzanine equity:
Preferred stock - $0.0001 par value, 110.0 thousand shares authorized, 0.0 thousand issued and outstanding at March 31, 2026, and 0.0 thousand issued and outstanding at December 31, 2025
—
—
Stockholders’ equity:
Common stock - $0.0001 par value, 42.0 million shares authorized, 18.1 million issued and outstanding at March 31, 2026, and 18.8 million issued and outstanding at December 31, 2025
2
2
Additional paid-in capital
—
—
Retained earnings
1,810,707
1,834,716
Treasury stock, at cost - 14.1 thousand shares at March 31, 2026 and 0 shares at December 31, 2025
(3,024 )
—
Total stockholders’ equity
$ 1,807,685
$ 1,834,718
Total liabilities, mezzanine equity and stockholders’ equity
$ 3,075,411
$ 3,029,540
Page 6
Consolidated Statement of Cash Flows: Three months ended March 31,
2026
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2026
Three Months Ended
March 31,
2025
Cash flows from operating activities:
Net income (loss)
$ 165,822
$ (464 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation and amortization
75,430
65,622
Net loss on derivative instruments
15,813
146,548
Net cash payments on settled derivative instruments
(56,754 )
(9,890 )
Deferred income tax expense (benefit)
43,613
(7 )
Stock-based compensation expense
196
3,040
Other, net
1,964
1,791
Changes in operating assets and liabilities, net
46,834
(29,360 )
Net cash provided by operating activities
292,918
177,280
Cash flows from investing activities:
Additions to oil and natural gas properties
(137,833 )
(108,231 )
Other, net
(581 )
(546 )
Net cash used in investing activities
(138,414 )
(108,777 )
Cash flows from financing activities:
Principal payments on Credit Facility
(540,000 )
(128,000 )
Borrowings on Credit Facility
575,000
125,000
Dividends on preferred stock
—
(862 )
Repurchase of common stock under Repurchase Program
(152,513 )
(57,809 )
Repurchase of common stock under Repurchase Program - related party
(17,239 )
—
Shares exchanged for tax withholdings
(18,644 )
(2,962 )
Other
—
(1 )
Net cash used in financing activities
(153,396 )
(64,634 )
Net change in cash and cash equivalents
1,108
3,869
Cash and cash equivalents at beginning of period
1,813
1,473
Cash and cash equivalents at end of period
$ 2,921
$ 5,342
Page 7
Reaffirmed 2026E Guidance
Gulfport’s 2026 guidance assumes commodity strip
prices as of April 20, 2026, adjusted for applicable commodity and location differentials, and no property acquisitions or divestitures.
Year Ending
December 31, 2026
Low
High
Production
Average daily gas equivalent (Bcfe/day)
1.030
1.055
Average daily liquids production (MBbl/day)
18.0
21.0
% Gas
~89%
Realizations (before hedges)
Natural gas (differential to NYMEX settled price) ($/Mcf)
$ (0.15 )
$ (0.30 )
NGL (% of WTI)
40 %
50 %
Oil (differential to NYMEX WTI) ($/Bbl)
$ (6.00 )
$ (7.00 )
Operating costs
Lease operating expense ($/Mcfe)
$ 0.21
$ 0.25
Taxes other than income ($/Mcfe)
$ 0.07
$ 0.09
Transportation, gathering, processing and compression ($/Mcfe)
$ 0.95
$ 1.00
Recurring cash general and administrative(1,2) ($/Mcfe)
$ 0.12
$ 0.14
Total
Capital expenditures (incurred)
(in millions)
Operated D&C
$ 365
$ 390
Maintenance land and seismic
$ 35
$ 40
Total capital expenditures
$ 400
$ 430
(1) Recurring cash G&A includes
capitalization. It excludes non-cash stock compensation, expenses related to the continued administration of our prior Chapter 11 filing
and costs associated with the Chief Executive Officer search.
(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 8
Derivatives
The below details Gulfport’s hedging positions
as of April 29, 2026:
2Q2026
3Q2026
4Q2026
Bal Year
2026(1)
Full Year
2027
Natural Gas Contract Summary (NYMEX):
Fixed Price Swaps
Volume (BBtupd)
350
350
400
367
210
Weighted Average Price ($/MMBtu)
$ 3.81
$ 3.81
$ 3.84
$ 3.82
$ 3.93
Fixed Price Collars
Volume (BBtupd)
150
150
150
150
110
Weighted Average Floor Price ($/MMBtu)
$ 3.61
$ 3.61
$ 3.61
$ 3.61
$ 3.75
Weighted Average Ceiling Price ($/MMBtu)
$ 4.35
$ 4.35
$ 4.35
$ 4.35
$ 4.27
Basis Contract Summary:
Rex Zone 3 Basis
Volume (BBtupd)
80
80
80
80
50
Differential ($/MMBtu)
$ (0.18 )
$ (0.18 )
$ (0.18 )
$ (0.18 )
$ (0.19 )
Tetco M2 Basis
Volume (BBtupd)
170
170
170
170
100
Differential ($/MMBtu)
$ (0.95 )
$ (0.95 )
$ (0.95 )
$ (0.95 )
$ (0.85 )
NGPL TX OK Basis
Volume (BBtupd)
30
30
30
30
40
Differential ($/MMBtu)
$ (0.30 )
$ (0.30 )
$ (0.30 )
$ (0.30 )
$ (0.33 )
TGP 500 Basis
Volume (BBtupd)
20
20
20
20
—
Differential ($/MMBtu)
$ 0.56
$ 0.56
$ 0.56
$ 0.56
$ —
Transco Station 85 Basis
Volume (BBtupd)
10
10
10
10
—
Differential ($/MMBtu)
$ 0.56
$ 0.56
$ 0.56
$ 0.56
$ —
Oil Contract Summary (WTI):
Fixed Price Swaps
Volume (Bblpd)
1,250
2,000
2,000
1,752
2,000
Weighted Average Price ($/Bbl)
$ 69.06
$ 72.19
$ 72.19
$ 71.45
$ 67.99
Fixed Price Collars
Volume (Bblpd)
1,250
1,250
1,250
1,250
300
Weighted Average Floor Price ($/Bbl)
$ 55.00
$ 55.00
$ 55.00
$ 55.00
$ 55.00
Weighted Average Ceiling Price ($/Bbl)
$ 71.24
$ 71.24
$ 71.24
$ 71.24
$ 68.00
NGL Contract Summary:
C3 Propane Fixed Price Swaps
Volume (Bblpd)
3,000
3,250
3,250
3,167
2,000
Weighted Average Price ($/Bbl)
$ 30.67
$ 30.98
$ 30.98
$ 30.89
$ 29.64
(1) April 2026 - December 2026.
Page 9
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.
Page 10
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, costs associated with the Chief Executive Officer search, stock-based
compensation expenses, other non-material expenses and the tax effect of the adjustments to net income (loss).
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, costs associated with the Chief Executive
Officer search, 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 a adjusted free cash flow estimate for 2026. 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 and costs associated with the Chief Executive Officer search. Gulfport includes a recurring general and administrative expense
estimate for 2026. 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 11
Adjusted Net Income: Three months ended March 31, 2026
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2026
Three Months Ended
March 31,
2025
Net Income (Loss) (GAAP)
$ 165,822
$ (464 )
Adjustments:
Non-cash derivative (gain) loss
(40,941 )
136,658
Non-recurring general and administrative expense - cash
1,314
365
Stock-based compensation expense
196
3,040
Other, net
1,698
(702 )
Tax effect of adjustments(1)
8,011
(38,310 )
Adjusted Net Income (Non-GAAP)
$ 136,100
$ 100,587
(1) Income taxes were approximately
21% and 27% for the three months ended March 31, 2026 and 2025, respectively.
Page 12
Adjusted EBITDA: Three months ended March 31, 2026
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2026
Three Months Ended
March 31,
2025
Net Income (Loss) (GAAP)
$ 165,822
$ (464 )
Adjustments:
Interest expense
15,386
13,356
Income tax expense (benefit)
44,683
(176 )
DD&A and accretion
76,028
66,240
Non-cash derivative (gain) loss
(40,941 )
136,658
Non-recurring general and administrative expense - cash
1,314
365
Stock-based compensation expense
196
3,040
Other, net
1,698
(702 )
Adjusted EBITDA (Non-GAAP)
$ 264,186
$ 218,317
Page 13
Adjusted Free Cash Flow: Three months ended March 31, 2026
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2026
Three Months Ended
March 31,
2025
Net cash provided by operating activity (GAAP)
$ 292,918
$ 177,280
Adjustments:
Interest expense
15,386
13,356
Non-recurring general and administrative expense - cash
1,314
365
Current income tax expense (benefit)
1,070
(169 )
Other, net
332
(1,875 )
Changes in operating assets and liabilities, net:
Accounts receivable - oil, natural gas, and natural gas liquids sales
(55,662 )
2,118
Accounts receivable - joint interest and other
284
20
Accounts payable and accrued liabilities
10,007
27,674
Prepaid expenses
(1,493 )
(485 )
Other assets
30
33
Total changes in operating assets and liabilities
$ (46,834 )
$ 29,360
Adjusted EBITDA (Non-GAAP)
$ 264,186
$ 218,317
Interest expense
(15,386 )
(13,356 )
Current income tax (expense) benefit
(1,070 )
169
Capitalized expenses incurred(1)
(6,851 )
(6,165 )
Capital expenditures incurred(2,3,4)
(121,939 )
(162,362 )
Adjusted free cash flow (Non-GAAP)
$ 118,940
$ 36,603
(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 March 31, 2026, includes $0.03 million
and $0.2 million of non-D&C capital and non-operated capital expenditures, respectively. Additionally, excludes targeted discretionary
acreage acquisitions of $39.5 million.
(4) For the three months ended March 31, 2025, includes $1.4 million
and $1.2 million of non-D&C capital and non-operated capital expenditures, respectively.
Page 14
Recurring General and Administrative Expenses:
Three months ended March 31, 2026
(In thousands)
(Unaudited)
Three Months Ended
March 31, 2026
Three Months Ended
March 31, 2025
Cash
Non-Cash
Total
Cash
Non-Cash
Total
General and administrative expense (GAAP)
$ 9,512
$ 196
$ 9,708
$ 5,961
$ 3,040
$ 9,001
Capitalized general and administrative expense
5,426
97
5,523
4,734
1,498
6,232
Non-recurring general and administrative expense(1)
(1,314 )
4,507
3,193
(365 )
—
(365 )
Recurring general and administrative before capitalization (Non-GAAP)
$ 13,624
$ 4,800
$ 18,424
$ 10,330
$ 4,538
$ 14,868
(1) For the three months ended March
31, 2026, non-cash includes the impact of the forfeiture of unvested restricted stock units and performance vesting restricted stock
units due to the departure of the Company’s Chief Executive Officer on March 6, 2026.
Page 15
EX-99.3 — PRESS RELEASE DATED MAY 5, 2026 ENTITLED "GULFPORT ENERGY APPOINTS DOMENIC J. DELL'OSSO CHIEF EXECUTIVE OFFICER."
EX-99.3
Filename: ea028912301ex99-3.htm · Sequence: 4
Exhibit 99.3
Press
Release
Gulfport
Energy Appoints Domenic J. Dell’Osso, Jr. Chief Executive Officer
Oklahoma
City, OK – May 5, 2026 – Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the
“Company”) today announced that Domenic “Nick” Dell’Osso, Jr. has been appointed President and Chief
Executive Officer, effective May 28, 2026.
“Nick
is a highly respected proven leader with the strategic vision, financial discipline and operational expertise to propel Gulfport forward
into its next chapter of value creation,” said Timothy J. Cutt, Chairman of the Board. “He brings more than two decades of
energy industry leadership and a track record of delivering attractive shareholder returns and leading through complex industry cycles.
The Board is confident that Nick’s expertise will serve Gulfport well, and we look forward to working with him to advance the Company’s
strategy and create long-term value for all stakeholders.”
“It’s
a great honor to join Gulfport at such a pivotal moment for the Company and the industry,” said Dell’Osso. “Demand
for energy is rapidly growing and natural gas is at the epicenter of this growth. Gulfport is incredibly well-positioned with a high-quality,
deep and concentrated asset base adjacent to growing demand centers, a strong balance sheet and a talented team from top to bottom. The
macro environment combined with the uniquely attractive elements of this Company create the foundation for long-term success. I’m
excited to join a team focused on strengthening the business and working with customers to become an industry leader at efficiently delivering
affordable, reliable natural gas to a growing market. I look forward to working with the Board, the leadership team and employees across
the organization to create value for shareholders and further elevate what this Company can achieve.”
Mr.
Dell’Osso has more than 20 years of experience in the energy sector, with expertise in corporate strategy, capital markets and
mergers and acquisitions, as well as leading companies through periods of transformation to position them for long-term value creation.
Most recently, he served as President and Chief Executive Officer of Expand Energy Corporation (NASDAQ: EXE) (formerly Chesapeake Energy
Corporation) from 2021 to February 2026. During his tenure as CEO, Expand Energy became the largest natural gas producer in the United
States and grew EBITDA and free cash flow significantly. The company also became widely recognized as the capital efficiency and cost
leader in every basin of operations, exhibiting disciplined capital allocation to match market conditions and return significant capital
to shareholders.
Mr.
Dell’Osso joined Chesapeake in 2008, serving in roles of increasing responsibility, including Executive Vice President and Chief
Financial Officer from 2010 to 2021. Prior to Chesapeake, he was an investment banker with Jefferies & Co and Banc of America Securities.
He earned a Master of Business Administration in Finance from The University of Texas at Austin and a Bachelor’s degree in Economics
from Boston College. Mr. Dell’Osso currently serves on the board of Transocean Ltd. (NYSE: RIG).
Following
Mr. Dell’Osso’s appointment as Chief Executive Officer on May 28, 2026, the Office of the Chairman will be discontinued and
Timothy Cutt, Michael Hodges, Matthew Rucker and Patrick Craine will continue to serve in their roles as non-executive Chairman of the
Board, Executive Vice President and Chief Financial Officer, Executive Vice President and Chief Operating Officer and Executive Vice
President and Chief Legal and Administrative Officer, respectively.
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.
Investor
Contact
Jessica
Antle – Vice President, Investor Relations
jantle@gulfportenergy.com
405-252-4550
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-Number 240
-Section 14a
-Subsection 12
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- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
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