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Form 8-K

sec.gov

8-K — GULFPORT ENERGY CORP

Accession: 0001213900-26-115951

Filed: 2026-11-04

Period: 2026-11-04

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 — ea0310840-8k_gulfport.htm (Primary)

EX-99.1 — PRESS RELEASE DATED NOVEMBER 4, 2026 ENTITLED "GULFPORT ENERGY REPORTS THIRD QUARTER 2026 FINANCIAL AND OPERATING RESULTS." (ea031084001ex99-1.htm)

EX-99.2 — SUPPLEMENTAL FINANCIAL INFORMATION (ea031084001ex99-2.htm)

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8-K — CURRENT REPORT

8-K (Primary)

Filename: ea0310840-8k_gulfport.htm · Sequence: 1

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0000874499

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2026-11-04

2026-11-04

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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): November 4, 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

November 4, 2026, Gulfport Energy Corporation (“Gulfport”) issued a press release reporting its financial and operating results

for the three months ended September 30, 2026, and provided updates on its financial position, opportunistic discretionary acreage acquisitions

and common stock repurchase program. 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.

Also

on November 4, 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 November 4, 2026 entitled “Gulfport Energy Reports Third Quarter 2026 Financial and Operating Results.”

99.2

Supplemental Financial Information.

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:

November 4, 2026

By:

/s/

Domenic J. Dell’Osso, Jr.

Domenic

J. Dell’Osso, Jr.

Chief

Executive Officer and

Interim Principal Financial Officer

2

EX-99.1 — PRESS RELEASE DATED NOVEMBER 4, 2026 ENTITLED "GULFPORT ENERGY REPORTS THIRD QUARTER 2026 FINANCIAL AND OPERATING RESULTS."

EX-99.1

Filename: ea031084001ex99-1.htm · Sequence: 2

Exhibit

99.1

Gulfport

Energy Reports Third Quarter 2026 Financial and Operating Results

OKLAHOMA

CITY (November 4, 2026) Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today

reported financial and operating results for the three months ended September 30, 2026.

Third

Quarter 2026 Results and Recent Highlights

● Reported

$96.4 million of net income and $226.5 million of adjusted EBITDA(1)

● Generated

$183.6 million of net cash provided by operating activities and $89.0 million of adjusted

free cash flow(1)

● Produced approximately 1,057.2 MMcfe per day

● Delivered net liquids production of 23.5 MBbl per day, an increase of approximately 67% over

second quarter 2026

● Incurred

$111.7 million of capital expenditures, which includes $103.5 million of operated D&C

capital expenditures and $8.2 million of maintenance land and seismic investment

● Added

opportunistic discretionary acreage acquisitions totaling $46.9 million

● Completed

previously announced Ohio state land lease acquisitions totaling $83.0 million

● Repurchased

approximately 218.7 thousand shares of common stock for approximately $36.2 million during

the three months ended September 30, 2026

● Expanded stock repurchase authorization by 33% to $2.0 billion

● Completed

fall borrowing base redetermination of revolving credit facility with reaffirmed borrowing

base and elected commitments of $1.1 billion

● Signed

supply agreement for 50,000 MMBtu/d supporting growing Midwest demand, bringing premium priced

supply contracts to approximately 10% of forecasted net production

● Released

annual Corporate Sustainability Report, reflecting Gulfport’s continued commitment

to environmental stewardship, responsible operations and sound corporate governance

Nick

Dell’Osso, Gulfport’s President and CEO, commented, “Our 2026 development program gained significant momentum in the

third quarter. As planned, our back-half-weighted turn-in-line schedule drove production up approximately 10% from the second quarter,

led by new liquids-rich wet gas Utica pads, with liquids now representing approximately 13% of total volumes. That higher-value production

mix, combined with strong realized liquids pricing and our disciplined cost structure, translated directly into stronger margins and

earnings, with adjusted EBITDA and adjusted free cash flow both up meaningfully from the second quarter. We expect to continue building

on that strength in the fourth quarter, keeping us on track to deliver full-year production and capital expenditures in line with our

guidance.”

Dell’Osso

continued, “We also continued to enhance the depth of our inventory, completing the Ohio state land acquisitions, and expect

to complete our $140 million 2026 discretionary acreage acquisition program by year-end through disciplined, targeted leasing in the

core of our position. As we look to 2027, we are evaluating a more continuous two-rig Appalachia development program, which we

believe will drive meaningful operational efficiencies through steadier rig and crew utilization, lower our development costs,

concentrate capital in our highest-return asset area and position the business for production growth beginning in 2028. This shift

in capital allocation would allow Gulfport to balance reinvestment with returns to shareholders while preserving our strong

balance sheet, and we look forward to sharing our full 2027 outlook in February.”

“With

a high-quality, deep and concentrated asset base in the heart of Appalachia, adjacent to growing power demand in Ohio, a strong financial

foundation and an expanded stock repurchase authorization, we believe we are well positioned to generate durable adjusted free cash flow

and deliver meaningful value to our shareholders,” Dell’Osso concluded.

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.

2

Operational

Update

The

table below summarizes Gulfport’s operated drilling and completion activity for the third quarter of 2026:

Quarter Ended September 30, 2026

Gross

Net

Lateral Length

Spud

Utica & Marcellus

5

4.8

19,700

SCOOP

—

—

—

Drilled

Utica & Marcellus

5

4.8

16,400

SCOOP

—

—

—

Completed

Utica & Marcellus

7

6.7

14,200

SCOOP

—

—

—

Turned-to-Sales

Utica & Marcellus

7

6.9

16,400

SCOOP

—

—

—

Gulfport’s

net daily production for the third quarter of 2026 averaged 1,057.2 MMcfe per day, primarily consisting of 889.5 MMcfe per day in the

Utica/Marcellus and 167.7 MMcfe per day in the SCOOP. For the third quarter of 2026, Gulfport’s net daily production mix was comprised

of approximately 87% natural gas, 10% natural gas liquids (“NGL”) and 3% oil and condensate.

Three Months Ended September 30, 2026

Three Months Ended September 30, 2025

Production

Natural gas (Mcf/day)

916,320

987,746

Oil and condensate (Bbl/day)

6,188

6,892

NGL (Bbl/day)

17,295

15,097

Total (Mcfe/day)

1,057,217

1,119,678

Average Prices

Natural Gas:

Average price without the impact of derivatives ($/Mcf)

$ 2.63

$ 2.61

Impact from settled derivatives ($/Mcf)

$ 0.49

$ 0.34

Average price, including settled derivatives ($/Mcf)

$ 3.12

$ 2.95

Oil and condensate:

Average price without the impact of derivatives ($/Bbl)

$ 79.59

$ 58.99

Impact from settled derivatives ($/Bbl)

$ (7.81 )

$ 3.63

Average price, including settled derivatives ($/Bbl)

$ 71.78

$ 62.62

NGL:

Average price without the impact of derivatives ($/Bbl)

$ 35.81

$ 27.89

Impact from settled derivatives ($/Bbl)

$ 0.02

$ 0.21

Average price, including settled derivatives ($/Bbl)

$ 35.83

$ 28.10

Total:

Average price without the impact of derivatives ($/Mcfe)

$ 3.33

$ 3.04

Impact from settled derivatives ($/Mcfe)

$ 0.38

$ 0.33

Average price, including settled derivatives ($/Mcfe)

$ 3.71

$ 3.37

Selected operating metrics

Lease operating expenses ($/Mcfe)

$ 0.21

$ 0.20

Taxes other than income ($/Mcfe)

$ 0.08

$ 0.08

Transportation, gathering, processing and compression expense ($/Mcfe)

$ 1.02

$ 0.94

Recurring cash general and administrative expenses ($/Mcfe) (non-GAAP)

$ 0.14

$ 0.13

Interest expense ($/Mcfe)

$ 0.18

$ 0.13

3

Capital

Investment

Capital

investment was $111.7 million (on an incurred basis) for the third quarter of 2026, of which $103.5 million related to operated

drilling and completion activity and $8.2 million related to maintenance land and seismic investment. Gulfport also invested approximately

$46.9 million in discretionary acreage acquisitions, $83.0 million related to the previously announced Ohio state land lease acquisitions

and incurred approximately $0.9 million related to non-operated drilling and completion activities.

For

the nine-month period ended September 30, 2026, capital investment was $382.0 million (on an incurred basis), of which $363.0

million related to operated drilling and completion activity and $19.0 million related to maintenance land and seismic investment. Gulfport

also invested approximately $126.6 million in discretionary acreage acquisitions, $83.0 million in the Ohio state land lease acquisitions

and incurred approximately $1.6 million related to non-operated drilling and completion activities. Discretionary acreage acquisition

expenditures included $39.5 million associated with the completion of the prior year program and $87.1 million associated with the 2026

discretionary acreage acquisition program, which is targeting $140 million of acreage acquisitions through the end of the year.

Expanded

Common Stock Repurchase Program

Gulfport’s

board of directors recently expanded the Company’s stock repurchase program, authorizing the Company to repurchase up to $2.0 billion

of its outstanding stock.

Gulfport

repurchased approximately 218.7 thousand shares of common stock during the third quarter of 2026, totaling approximately $36.2

million. As of September 30, 2026, the Company had repurchased approximately 8.8 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 $135.84 since

the program initiated in March 2022, totaling approximately $1.2 billion in aggregate. As of September 30, 2026, the Company had

approximately $800 million of remaining capacity under the expanded stock repurchase program.

Financial

Position and Liquidity

As

of September 30, 2026, Gulfport had approximately $2.6 million of cash and cash equivalents, $419.0 million of borrowings under

its revolving credit facility, $37.9 million of letters of credit outstanding and $650.0 million of outstanding 2029 senior notes.

Gulfport’s

liquidity at September 30, 2026, totaled approximately $645.6 million, comprised of the $2.6 million of cash and cash equivalents

and approximately $643.1 million of available borrowing capacity under its credit facility.

Credit

Facility Borrowing Base Redetermination

On

October 30, 2026, Gulfport completed its semi-annual borrowing base redetermination, which reaffirmed both the borrowing base and elected

commitments at $1.1 billion.

Firm

Sales Agreements

During

the fourth quarter, Gulfport signed a firm sales agreement for 50,000 MMBtu per day beginning in 2028, supporting growing Midwest

demand. Combined with a previously executed 10-year agreement for 65,000 MMBtu per day beginning in mid-2027, Gulfport has contracted

approximately 10% of forecasted net production at a premium to historical realizations. Both agreements will be supplied using the Company’s

existing firm transportation capacity and are priced off sales indices positioned to benefit from growing regional power demand.

4

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.

2025

– 2026 Corporate Sustainability Report

Gulfport

remains dedicated to responsible operations, environmental stewardship and sound corporate governance. On November 4, 2026, the Company

released its 2025 – 2026 Corporate Sustainability Report, which is available in the “Sustainability” section of www.gulfportenergy.com.

Third

Quarter 2026 Conference Call

Gulfport

will host a teleconference and webcast to discuss its third quarter of 2026 results beginning at 10:00 a.m. ET (9:00 a.m. CT) on Thursday,

November 5, 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 November 5, 2026 to November 19, 2026, by calling

877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13763319.

Financial

Statements and Guidance Documents

Third

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.

Non-GAAP

Disclosures

This

press release includes non-GAAP financial measures. Such non-GAAP measures should not be 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.

5

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 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, as amended. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results,

performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the

forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,”

“should,” “could,” “would,” “expects,” “plans,” “anticipates,”

“intends,” “believes,” “estimates,” “projects,” “predicts,” “potential”

and similar expressions intended to identify forward-looking statements. All statements, other than statements of historical facts, included

in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including

the expected impact of U.S. trade policy and its impact on broader economic conditions, the war in Ukraine, the conflicts in Iran, the

disruptions in the Strait of Hormuz and the broader geopolitical tension in the Middle East on our business, industry and the global

economy, estimated future production and net revenues from oil and gas reserves and the present value thereof, future capital expenditures

(including the amount and nature thereof), share repurchases, business strategy and measures to implement strategy, competitive strength,

goals, expansion and growth of our business and operations, plans, references to future success, reference to intentions as to future

matters and other such matters are forward-looking statements. 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

6

EX-99.2 — SUPPLEMENTAL FINANCIAL INFORMATION

EX-99.2

Filename: ea031084001ex99-2.htm · Sequence: 3

Exhibit 99.2

Three

months and nine months ended September 30, 2026

Supplemental

Information of Gulfport Energy

Table

of Contents:

Page:

Production

Volumes by Asset Area

2

Production

and Pricing

4

Consolidated

Statements of Income

6

Consolidated

Balance Sheets

8

Consolidated

Statement of Cash Flows

10

2026E

Guidance

12

Derivatives

13

Non-GAAP

Reconciliations

14

Definitions

15

Adjusted

Net Income

16

Adjusted

EBITDA

18

Adjusted

Free Cash Flow

20

Recurring

General and Administrative Expenses

22

Production

Volumes by Asset Area: Three months ended September 30, 2026

Production

Volumes

Three Months Ended September 30, 2026

Three Months Ended September 30, 2025

Natural gas (Mcf/day)

Utica & Marcellus

791,503

833,710

SCOOP

124,817

154,035

Total

916,320

987,746

Oil and condensate (Bbl/day)

Utica & Marcellus

5,031

5,485

SCOOP

1,156

1,408

Total

6,188

6,892

NGL (Bbl/day)

Utica & Marcellus

11,302

8,364

SCOOP

5,993

6,733

Total

17,295

15,097

Combined (Mcfe/day)

Utica & Marcellus

889,502

916,801

SCOOP

167,715

202,877

Total

1,057,217

1,119,678

Totals may not sum or recalculate due to rounding.

Page 2

Production

Volumes by Asset Area: Nine months ended September 30, 2026

Production

Volumes

Nine Months Ended September 30, 2026

Nine Months Ended September 30, 2025

Natural gas (Mcf/day)

Utica & Marcellus

776,645

752,902

SCOOP

123,543

153,287

Total

900,188

906,189

Oil and condensate (Bbl/day)

Utica & Marcellus

3,557

5,166

SCOOP

1,161

1,512

Total

4,718

6,678

NGL (Bbl/day)

Utica & Marcellus

7,174

5,489

SCOOP

5,711

6,654

Total

12,885

12,143

Combined (Mcfe/day)

Utica & Marcellus

841,029

816,835

SCOOP

164,777

202,282

Total

1,005,806

1,019,116

Totals may not sum or recalculate due to rounding.

Page 3

Production

and Pricing: Three months ended September 30, 2026

The

following table summarizes production and related pricing for the three months ended September 30, 2026, as compared to such data

for the three months ended September 30, 2025:

Three Months Ended September 30, 2026

Three Months Ended September 30, 2025

Natural gas sales

Natural gas production volumes (MMcf)

84,301

90,873

Natural gas production volumes (MMcf) per day

916

988

Total sales

$ 221,651

$ 236,801

Average price without the impact of derivatives ($/Mcf)

$ 2.63

$ 2.61

Impact from settled derivatives ($/Mcf)

$ 0.49

$ 0.34

Average price, including settled derivatives ($/Mcf)

$ 3.12

$ 2.95

Oil and condensate sales

Oil and condensate production volumes (MBbl)

569

634

Oil and condensate production volumes (MBbl) per day

6

7

Total sales

$ 45,304

$ 37,406

Average price without the impact of derivatives ($/Bbl)

$ 79.59

$ 58.99

Impact from settled derivatives ($/Bbl)

$ (7.81 )

$ 3.63

Average price, including settled derivatives ($/Bbl)

$ 71.78

$ 62.62

NGL sales

NGL production volumes (MBbl)

1,591

1,389

NGL production volumes (MBbl) per day

17

15

Total sales

$ 56,978

$ 38,734

Average price without the impact of derivatives ($/Bbl)

$ 35.81

$ 27.89

Impact from settled derivatives ($/Bbl)

$ 0.02

$ 0.21

Average price, including settled derivatives ($/Bbl)

$ 35.83

$ 28.10

Natural gas, oil and condensate and NGL sales

Natural gas equivalents (MMcfe)

97,264

103,010

Natural gas equivalents (MMcfe) per day

1,057

1,120

Total sales

$ 323,933

$ 312,941

Average price without the impact of derivatives ($/Mcfe)

$ 3.33

$ 3.04

Impact from settled derivatives ($/Mcfe)

$ 0.38

$ 0.33

Average price, including settled derivatives ($/Mcfe)

$ 3.71

$ 3.37

Production Costs:

Average lease operating expenses ($/Mcfe)

$ 0.21

$ 0.20

Average taxes other than income ($/Mcfe)

$ 0.08

$ 0.08

Average transportation, gathering, processing and compression ($/Mcfe)

$ 1.02

$ 0.94

Total lease operating expenses, taxes other than income and midstream costs ($/Mcfe)

$ 1.30

$ 1.21

Totals may not sum or recalculate due to rounding.

Page 4

Production

and Pricing: Nine months ended September 30, 2026

The

following table summarizes production and related pricing for the nine months ended September 30, 2026, as compared to such data

for the nine months ended September 30, 2025:

Nine Months Ended September 30, 2026

Nine Months Ended September 30, 2025

Natural gas sales

Natural gas production volumes (MMcf)

245,751

247,390

Natural gas production volumes (MMcf) per day

900

906

Total sales

$ 819,434

$ 759,543

Average price without the impact of derivatives ($/Mcf)

$ 3.33

$ 3.07

Impact from settled derivatives ($/Mcf)

$ 0.11

$ 0.16

Average price, including settled derivatives ($/Mcf)

$ 3.44

$ 3.23

Oil and condensate sales

Oil and condensate production volumes (MBbl)

1,288

1,823

Oil and condensate production volumes (MBbl) per day

5

7

Total sales

$ 100,483

$ 110,208

Average price without the impact of derivatives ($/Bbl)

$ 78.01

$ 60.45

Impact from settled derivatives ($/Bbl)

$ (8.72 )

$ 2.86

Average price, including settled derivatives ($/Bbl)

$ 69.29

$ 63.31

NGL sales

NGL production volumes (MBbl)

3,518

3,315

NGL production volumes (MBbl) per day

13

12

Total sales

$ 118,914

$ 98,287

Average price without the impact of derivatives ($/Bbl)

$ 33.81

$ 29.65

Impact from settled derivatives ($/Bbl)

$ 0.06

$ (0.40 )

Average price, including settled derivatives ($/Bbl)

$ 33.87

$ 29.25

Natural gas, oil and condensate and NGL sales

Natural gas equivalents (MMcfe)

274,585

278,219

Natural gas equivalents (MMcfe) per day

1,006

1,019

Total sales

$ 1,038,831

$ 968,038

Average price without the impact of derivatives ($/Mcfe)

$ 3.78

$ 3.48

Impact from settled derivatives ($/Mcfe)

$ 0.06

$ 0.16

Average price, including settled derivatives ($/Mcfe)

$ 3.84

$ 3.64

Production Costs:

Average lease operating expenses ($/Mcfe)

$ 0.23

$ 0.21

Average taxes other than income ($/Mcfe)

$ 0.09

$ 0.08

Average transportation, gathering, processing and compression ($/Mcfe)

$ 1.00

$ 0.96

Total lease operating expenses, taxes other than income and midstream costs ($/Mcfe)

$ 1.32

$ 1.25

Totals may not sum or recalculate due to rounding.

Page 5

Consolidated

Statements of Income: Three months ended September 30, 2026

(In

thousands, except per share data)

(Unaudited)

Three Months Ended September 30, 2026

Three Months Ended September 30, 2025

REVENUES:

Natural gas sales

$ 221,651

$ 236,801

Oil and condensate sales

45,304

37,406

Natural gas liquid sales

56,978

38,734

Net gain on natural gas, oil and NGL derivatives

38,541

66,804

Total revenues

362,474

379,745

OPERATING EXPENSES:

Lease operating expenses

19,954

20,793

Taxes other than income

7,672

7,925

Transportation, gathering, processing and compression

99,269

96,390

Depreciation, depletion and amortization

85,324

83,216

General and administrative expenses

8,869

11,835

Accretion expense

635

597

Total operating expenses

221,723

220,756

INCOME FROM OPERATIONS

140,751

158,989

OTHER EXPENSE:

Interest expense

17,287

13,590

Other, net

703

2,596

Total other expense

17,990

16,186

INCOME BEFORE INCOME TAXES

122,761

142,803

INCOME TAX (BENEFIT) EXPENSE:

Current

(77 )

(105 )

Deferred

26,438

31,515

Total income tax expense

26,361

31,410

NET INCOME

$ 96,400

$ 111,393

Dividends on preferred stock

—

—

Deemed dividend on preferred stock

—

(29,986 )

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ 96,400

$ 81,407

NET INCOME PER COMMON SHARE:

Basic

$ 5.47

$ 4.49

Diluted

$ 5.45

$ 4.45

Weighted average common shares outstanding—Basic

17,630

18,114

Weighted average common shares outstanding—Diluted

17,685

18,290

Page 6

Consolidated

Statements of Income: Nine months ended September 30, 2026

(In

thousands, except per share data)

(Unaudited)

Nine Months Ended September 30, 2026

Nine Months Ended September 30, 2025

REVENUES:

Natural gas sales

$ 819,434

$ 759,543

Oil and condensate sales

100,483

110,208

Natural gas liquid sales

118,914

98,287

Net gain on natural gas, oil and NGL derivatives

84,403

56,357

Total revenues

1,123,234

1,024,395

OPERATING EXPENSES:

Lease operating expenses

64,241

58,704

Taxes other than income

24,230

22,107

Transportation, gathering, processing and compression

274,462

265,768

Depreciation, depletion and amortization

233,807

222,481

General and administrative expenses

29,238

31,762

Accretion expense

1,851

1,802

Total operating expenses

627,829

602,624

INCOME FROM OPERATIONS

495,405

421,771

OTHER EXPENSE:

Interest expense

48,465

40,677

Other, net

2,556

2,795

Total other expense

51,021

43,472

INCOME BEFORE INCOME TAXES

444,384

378,299

INCOME TAX EXPENSE:

Current

749

—

Deferred

94,311

82,904

Total income tax expense

95,060

82,904

NET INCOME

$ 349,324

$ 295,395

Dividends on preferred stock

—

(1,666 )

Deemed dividend on preferred stock

—

(29,986 )

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ 349,324

$ 263,743

NET INCOME PER COMMON SHARE:

Basic

$ 19.38

$ 14.73

Diluted

$ 19.29

$ 14.57

Weighted average common shares outstanding—Basic

18,023

17,901

Weighted average common shares outstanding—Diluted

18,105

18,102

Page 7

Consolidated

Balance Sheets

(In

thousands)

September 30, 2026

December 31, 2025

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$ 2,571

$ 1,813

Accounts receivable—oil, natural gas, and natural gas liquids sales

145,364

184,649

Accounts receivable—joint interest and other

12,085

9,282

Prepaid expenses and other current assets

9,242

7,952

Short-term derivative instruments

124,813

45,155

Total current assets

294,075

248,851

Property and equipment:

Oil and natural gas properties, full-cost method

Proved oil and natural gas properties

4,416,238

3,902,539

Unproved properties

338,381

232,959

Other property and equipment

13,990

13,008

Total property and equipment

4,768,609

4,148,506

Less: accumulated depletion, depreciation and amortization

(2,101,766 )

(1,868,481 )

Total property and equipment, net

2,666,843

2,280,025

Other assets:

Long-term derivative instruments

9,914

15,303

Deferred tax asset

371,427

465,738

Operating lease assets

24,358

561

Other assets

15,133

19,062

Total other assets

420,832

500,664

Total assets

$ 3,381,750

$ 3,029,540

Page 8

Consolidated

Balance Sheets

(In

thousands, except share data)

September 30, 2026

December 31, 2025

(Unaudited)

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable and accrued liabilities

$ 335,157

$ 342,382

Short-term derivative instruments

26,037

21,865

Current portion of operating lease liabilities

11,540

550

Total current liabilities

372,734

364,797

Non-current liabilities:

Long-term derivative instruments

10,789

8,916

Asset retirement obligation

35,232

32,912

Non-current operating lease liabilities

12,884

10

Long-term debt

1,061,806

788,187

Total non-current liabilities

1,120,711

830,025

Total liabilities

$ 1,493,445

$ 1,194,822

Commitments and contingencies (Note 9)

Stockholders’ equity:

Common stock - $0.0001 par value, 42.0 million shares authorized, 17.5 million issued and outstanding at September 30, 2026, and 18.8 million issued and outstanding at December 31, 2025

2

2

Retained earnings

1,888,303

1,834,716

Total stockholders’ equity

$ 1,888,305

$ 1,834,718

Total liabilities and stockholders’ equity

$ 3,381,750

$ 3,029,540

Page 9

Consolidated

Statement of Cash Flows: Three months ended September 30, 2026

(In

thousands)

(Unaudited)

Three Months Ended September 30, 2026

Three Months Ended September 30, 2025

Cash flows from operating activities:

Net income

$ 96,400

$ 111,393

Adjustments to reconcile net income to net cash provided by operating activities:

Depletion, depreciation and amortization

85,324

83,216

Net gain on derivative instruments

(38,541 )

(66,804 )

Net cash receipts on settled derivative instruments

37,096

33,752

Deferred income tax expense

26,438

31,515

Stock-based compensation expense

829

2,942

Other, net

2,629

2,386

Changes in operating assets and liabilities, net

(26,595 )

10,678

Net cash provided by operating activities

183,580

209,078

Cash flows from investing activities:

Additions to oil and natural gas properties

(284,233 )

(129,899 )

Proceeds from sale of oil and natural gas properties

—

150

Other, net

(38 )

(509 )

Net cash used in investing activities

(284,271 )

(130,258 )

Cash flows from financing activities:

Principal payments on Credit Facility

(235,000 )

(580,000 )

Borrowings on Credit Facility

374,000

576,000

Redemption of preferred stock

—

(31,374 )

Repurchase of common stock under Repurchase Program

(36,588 )

(43,523 )

Shares exchanged for tax withholdings

(88 )

(348 )

Other, net

(116 )

(2 )

Net cash provided by (used in) financing activities

102,208

(79,247 )

Net change in cash and cash equivalents

1,517

(427 )

Cash and cash equivalents at beginning of period

1,054

3,794

Cash and cash equivalents at end of period

$ 2,571

$ 3,367

Page 10

Consolidated

Statement of Cash Flows: Nine months ended September 30, 2026

(In

thousands)

(Unaudited)

Nine Months Ended September 30, 2026

Nine Months Ended September 30, 2025

Cash flows from operating activities:

Net income

$ 349,324

$ 295,395

Adjustments to reconcile net income to net cash provided by operating activities:

Depletion, depreciation and amortization

233,807

222,481

Net gain on derivative instruments

(84,403 )

(56,357 )

Net cash receipts on settled derivative instruments

16,179

43,302

Deferred income tax expense

94,311

82,904

Stock-based compensation expense

3,717

9,245

Other, net

6,443

6,236

Changes in operating assets and liabilities, net

7,049

14,555

Net cash provided by operating activities

626,427

617,761

Cash flows from investing activities:

Additions to oil and natural gas properties

(597,020 )

(382,899 )

Proceeds from sale of oil and natural gas properties

—

150

Other, net

(1,215 )

(1,474 )

Net cash used in investing activities

(598,235 )

(384,223 )

Cash flows from financing activities:

Principal payments on Credit Facility

(1,034,000 )

(994,000 )

Borrowings on Credit Facility

1,306,000

1,007,000

Early retirement of 2026 Senior Notes

—

(25,702 )

Dividends on preferred stock

—

(1,666 )

Redemption of preferred stock

—

(31,374 )

Repurchase of common stock under Repurchase Program

(261,692 )

(153,023 )

Repurchase of common stock under Repurchase Program - related party

(17,239 )

(15,000 )

Net cash payments on performance vesting restricted stock units

—

(12,297 )

Shares exchanged for tax withholdings

(19,667 )

(5,576 )

Other, net

(836 )

(6 )

Net cash used in financing activities

(27,434 )

(231,644 )

Net change in cash and cash equivalents

758

1,894

Cash and cash equivalents at beginning of period

1,813

1,473

Cash and cash equivalents at end of period

$ 2,571

$ 3,367

Page 11

2026E

Guidance

Gulfport’s

2026 guidance assumes commodity strip prices as of October 15, 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 )

Expenses

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

~$ 395

Maintenance leasehold and land

~$ 35

Total base capital expenditures

~$ 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 management transitions.

(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 12

Derivatives

The

below details Gulfport’s hedging positions as of October 29, 2026:

Bal

Year

2026(1)

Full

Year

2027

Full

Year

2028

Natural

Gas Contract Summary (NYMEX):

Fixed

Price Swaps

Volume

(BBtupd)

480

490

90

Weighted Average

Price ($/MMBtu)

$ 3.77

$ 3.59

$ 3.74

Fixed

Price Collars

Volume

(BBtupd)

150

87

—

Weighted Average

Floor Price ($/MMBtu)

$ 3.61

$ 3.75

$ —

Weighted Average

Ceiling Price ($/MMBtu)

$ 4.35

$ 4.18

$ —

Basis

Contract Summary:

Rex

Zone 3 Basis

Volume

(BBtupd)

80

100

60

Differential

($/MMBtu)

$ (0.18 )

$ (0.20 )

$ (0.20 )

Tetco

M2 Basis

Volume

(BBtupd)

170

160

40

Differential

($/MMBtu)

$ (0.95 )

$ (0.80 )

$ (0.71 )

NGPL

TX OK Basis

Volume

(BBtupd)

30

40

—

Differential

($/MMBtu)

$ (0.30 )

$ (0.33 )

$ —

TGP

500 Basis

Volume

(BBtupd)

20

—

—

Differential

($/MMBtu)

$ 0.56

$ —

$ —

Transco

Station 85 Basis

Volume

(BBtupd)

10

—

—

Differential

($/MMBtu)

$ 0.56

$ —

$ —

Oil

Contract Summary (WTI):

Fixed

Price Swaps

Volume

(Bblpd)

2,000

3,756

2,000

Weighted Average

Price ($/Bbl)

$ 72.19

$ 71.64

$ 72.41

Fixed

Price Collars

Volume

(Bblpd)

2,250

300

—

Weighted Average

Floor Price ($/Bbl)

$ 64.44

$ 55.00

$ —

Weighted Average

Ceiling Price ($/Bbl)

$ 77.62

$ 68.00

$ —

NGL

Contract Summary:

C3

Propane Fixed Price Swaps

Volume

(Bblpd)

3,250

3,500

—

Weighted Average

Price ($/Bbl)

$ 30.98

$ 31.97

$ —

NC4

Butane Fixed Price Swaps

Volume

(Bblpd)

—

500

—

Weighted Average

Price ($/Bbl)

$ —

$ 51.14

$ —

(1) October 1, 2026 - December 31, 2026.

Page 13

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 measures should be considered in addition to, but not instead of, the financial statements prepared in accordance

with GAAP.

Page 14

Definitions

Adjusted

net income is a non-GAAP financial measure equal to net income less non-cash derivative (gain) loss, non-recurring general and administrative

expenses comprised of expenses related to the continued administration of our prior Chapter 11 filing, costs associated with management transitions, stock-based compensation expenses, other non-material expenses and the tax effect of the adjustments to

net income.

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 management transitions, 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 an 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 management transitions. 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 15

Adjusted

Net Income: Three months ended September 30, 2026

(In

thousands)

(Unaudited)

Three Months Ended September 30, 2026

Three Months Ended September 30, 2025

Net Income (GAAP)

$ 96,400

$ 111,393

Adjustments:

Non-cash derivative gain

(1,445 )

(33,052 )

Non-recurring general and administrative expense - cash

405

407

Stock-based compensation expense

829

2,942

Other, net

703

2,596

Tax effect of adjustments(1)

(106 )

5,964

Adjusted Net Income (Non-GAAP)

$ 96,786

$ 90,250

(1)

Income

taxes were approximately 21% and 22% for the three months ended September 30, 2026 and 2025, respectively.

Page 16

Adjusted

Net Income: Nine months ended September 30, 2026

(In

thousands)

(Unaudited)

Nine Months Ended September 30, 2026

Nine Months Ended September 30, 2025

Net Income (GAAP)

$ 349,324

$ 295,395

Adjustments:

Non-cash derivative gain

(68,224 )

(13,055 )

Non-recurring general and administrative expense - cash

3,262

1,438

Stock-based compensation expense

3,717

9,245

Other, net

2,556

2,795

Tax effect of adjustments(1)

12,554

(93 )

Adjusted Net Income (Non-GAAP)

$ 303,189

$ 295,725

(1)

Income

taxes were approximately 21% and 22% for the nine months ended September 30, 2026 and 2025, respectively.

Page 17

Adjusted

EBITDA: Three months ended September 30, 2026

(In

thousands)

(Unaudited)

Three Months Ended September 30, 2026

Three Months Ended September 30, 2025

Net Income (GAAP)

$ 96,400

$ 111,393

Adjustments:

Interest expense

17,287

13,590

Income tax expense

26,361

31,410

DD&A and accretion

85,959

83,813

Non-cash derivative gain

(1,445 )

(33,052 )

Non-recurring general and administrative expense - cash

405

407

Stock-based compensation expense

829

2,942

Other, net

703

2,596

Adjusted EBITDA (Non-GAAP)

$ 226,499

$ 213,099

Page 18

Adjusted

EBITDA: Nine months ended September 30, 2026

(In

thousands)

(Unaudited)

Nine Months Ended September 30, 2026

Nine Months Ended September 30, 2025

Net Income (GAAP)

$ 349,324

$ 295,395

Adjustments:

Interest expense

48,465

40,677

Income tax expense

95,060

82,904

DD&A and accretion

235,658

224,283

Non-cash derivative gain

(68,224 )

(13,055 )

Non-recurring general and administrative expense - cash

3,262

1,438

Stock-based compensation expense

3,717

9,245

Other, net

2,556

2,795

Adjusted EBITDA (Non-GAAP)

$ 669,818

$ 643,682

Page 19

Adjusted

Free Cash Flow: Three months ended September 30, 2026

(In

thousands)

(Unaudited)

Three Months Ended September 30, 2026

Three Months Ended September 30, 2025

Net cash provided by operating activities (GAAP)

$ 183,580

$ 209,078

Adjustments:

Interest expense

17,287

13,590

Non-recurring general and administrative expenses - cash

405

407

Current income tax benefit

(77 )

(105 )

Other, net

(1,291 )

807

Changes in operating assets and liabilities, net:

Accounts receivable - oil, natural gas, and natural gas liquids sales

30,988

(6,624 )

Accounts receivable - joint interest and other

(1,558 )

(3,838 )

Accounts payable and accrued liabilities

(2,079 )

283

Prepaid expenses

(767 )

(457 )

Other assets

11

(42 )

Total changes in operating assets and liabilities, net

$ 26,595

$ (10,678 )

Adjusted EBITDA (Non-GAAP)

$ 226,499

$ 213,099

Interest expense

(17,287 )

(13,590 )

Current income tax benefit

77

105

Capitalized expenses incurred(1)

(7,226 )

(6,325 )

Capital expenditures incurred(2,3,4)

(113,069 )

(89,853 )

Adjusted free cash flow (Non-GAAP)

$ 88,994

$ 103,436

(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 September 30, 2026, excludes $83.0 million and $46.9 million for the Ohio state land lease acquisition and

targeted discretionary acreage acquisitions, respectively. Additionally, includes $0.5 million and $0.9 million of non-D&C capital

and non-operated capital expenditures, respectively.

(4)

For

the three months ended September 30, 2025, excludes targeted discretionary acreage acquisitions of $8.9 million. Additionally, includes

$1.9 million and $0.7 million of non-D&C capital and non-operated capital expenditures, respectively.

Page 20

Adjusted

Free Cash Flow: Nine months ended September 30, 2026

(In

thousands)

(Unaudited)

Nine Months Ended September 30, 2026

Nine Months Ended September 30, 2025

Net cash provided by operating activities (GAAP)

$ 626,427

$ 617,761

Adjustments:

Interest expense

48,465

40,677

Non-recurring general and administrative expenses - cash

3,262

1,438

Current income tax expense

749

—

Other, net

(2,036 )

(1,639 )

Changes in operating assets and liabilities, net:

Accounts receivable - oil, natural gas, and natural gas liquids sales

(39,285 )

(33,952 )

Accounts receivable - joint interest and other

2,803

(817 )

Accounts payable and accrued liabilities

29,125

17,612

Prepaid expenses

266

2,603

Other assets

42

(1 )

Total changes in operating assets and liabilities, net

$ (7,049 )

$ (14,555 )

Adjusted EBITDA (Non-GAAP)

$ 669,818

$ 643,682

Interest expense

(48,465 )

(40,677 )

Current income tax expense

(749 )

—

Capitalized expenses incurred(1)

(21,026 )

(18,762 )

Capital expenditures incurred(2,3,4)

(385,233 )

(379,615 )

Adjusted free cash flow (Non-GAAP)

$ 214,345

$ 204,628

(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 nine months ended September 30, 2026, excludes $83.0 million and $126.6 million for the Ohio state land lease acquisition and

targeted discretionary acreage acquisitions, respectively. Discretionary acreage acquisition expenditures included $39.5 million

associated with the completion of the prior year’s program and $87.1 million associated with the 2026 discretionary acreage

acquisition program that is targeting $140 million of acreage acquisitions through the end of the year. Additionally, includes $1.6

million and $1.6 million of non-D&C capital and non-operated capital expenditures, respectively.

(4)

For

the nine months ended September 30, 2025, excludes targeted discretionary acreage acquisitions of $15.7 million. Additionally, includes

$6.2 million and $2.2 million of non-D&C capital and non-operated capital expenditures, respectively.

Page 21

Recurring

General and Administrative Expenses:

Three

months ended September 30, 2026

(In

thousands)

(Unaudited)

Three Months Ended September 30, 2026

Three Months Ended September 30, 2025

Cash

Non-Cash

Total

Cash

Non-Cash

Total

General and administrative expense (GAAP)

$ 8,040

$ 829

$ 8,869

$ 8,893

$ 2,942

$ 11,835

Capitalized general and administrative expense

5,679

408

6,087

4,789

1,449

6,238

Non-recurring general and administrative expense(1)

(405 )

2,787

2,382

(407 )

—

(407 )

Recurring general and administrative before capitalization (Non-GAAP)

$ 13,314

$ 4,024

$ 17,338

$ 13,275

$ 4,391

$ 17,666

(1)

For

the three months ended September 30, 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 former Chief Financial Officer on August 5,

2026.

Page 22

Recurring General

and Administrative Expenses:

Nine

months ended September 30, 2026

(In

thousands)

(Unaudited)

Nine Months Ended September 30, 2026

Nine Months Ended September 30, 2025

Cash

Non-Cash

Total

Cash

Non-Cash

Total

General and administrative expense (GAAP)

$ 25,521

$ 3,717

$ 29,238

$ 22,517

$ 9,245

$ 31,762

Capitalized general and administrative expense

16,322

1,830

18,152

14,350

4,554

18,904

Non-recurring general and administrative expense(1)

(3,262 )

7,294

4,032

(1,438 )

—

(1,438 )

Recurring general and administrative before capitalization (Non-GAAP)

$ 38,581

$ 12,841

$ 51,422

$ 35,429

$ 13,799

$ 49,228

(1)

For

the nine months ended September 30, 2026, non-cash includes the impact of the forfeitures of unvested restricted stock units and

performance vesting restricted stock units due to the departures of the Company’s former Chief Executive Officer on March 6,

2026, and former Chief Financial Officer on August 5, 2026.

Page 23

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