Form 8-K

8-K — GULFPORT ENERGY CORP

Accession: 0001213900-26-084634

Filed: 2026-08-03

Period: 2026-08-03

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 — ea0300102-8k_gulfport.htm (Primary)

EX-99.1 — PRESS RELEASE DATED AUGUST 3, 2026 ENTITLED "GULFPORT ENERGY REPORTS SECOND QUARTER 2026 FINANCIAL AND OPERATING RESULTS AND PROVIDES OUTLOOK ON DISCRETIONARY ACREAGE OPPORTUNITIES." (ea030010201ex99-1.htm)

EX-99.2 — SUPPLEMENTAL FINANCIAL INFORMATION (ea030010201ex99-2.htm)

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8-K — CURRENT REPORT

8-K (Primary)

Filename: ea0300102-8k_gulfport.htm · Sequence: 1

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0000874499

2026-08-03

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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)

the Securities Exchange Act of 1934

Date

of report (Date of earliest event reported): August 3, 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 ☐

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.

August 3, 2026, Gulfport Energy Corporation (“Gulfport”) issued a press release reporting its financial and operating results

for the three months ended June 30, 2026, and provided updates on its financial position, recent inventory additions and the outlook

for its discretionary acreage acquisition 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 August 3, 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 August 3, 2026 entitled “Gulfport Energy Reports Second Quarter 2026 Financial and Operating Results and Provides Outlook on Discretionary Acreage Opportunities.”

99.2

Supplemental Financial Information.

104

Cover

Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

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:

August 3, 2026

By:

/s/

Michael Hodges

Michael

Hodges

Chief

Financial Officer

EX-99.1 — PRESS RELEASE DATED AUGUST 3, 2026 ENTITLED "GULFPORT ENERGY REPORTS SECOND QUARTER 2026 FINANCIAL AND OPERATING RESULTS AND PROVIDES OUTLOOK ON DISCRETIONARY ACREAGE OPPORTUNITIES."

EX-99.1

Filename: ea030010201ex99-1.htm · Sequence: 2

Exhibit 99.1

Gulfport

Energy Reports Second Quarter 2026 Financial and Operating Results and Provides Outlook on Discretionary Acreage Opportunities

OKLAHOMA

CITY (August 3, 2026) Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today reported

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

Second

Quarter 2026

● Reported

$87.1 million of net income and $179.1 million of adjusted EBITDA(1)

● Generated

$149.9 million of net cash provided by operating activities and $6.4 million of adjusted free cash flow(1)

● Produced

approximately 962.8 MMcfe per day

● Incurred

$148.6 million of capital expenditures, which includes $141.7 million of operated D&C capital expenditures and $6.9 million

of maintenance land and seismic investment

● Repurchased

approximately 392.2 thousand shares of common stock for approximately $70.0 million during the three months ended June 30, 2026

● Repurchased

approximately 1.3 million shares of common stock for approximately $242.8 million during the six months ended June 30, 2026

● Updating

full-year base capital expenditure guidance to approximately $430 million, including $35 million for maintenance land and seismic investments

Recent

Inventory Additions and Discretionary Acreage Acquisition Outlook

● Expanded

core Utica inventory through the previously announced Ohio state land acquisitions, adding 4,700 net undeveloped acres and approximately

16 net wet gas locations (normalized to 15,000-foot laterals) in the highest-return tier of our development inventory, with operations

expected to commence in 2027

● Announcing

new discretionary acreage acquisition program, targeting an additional $140 million during the remainder of 2026, including $40.3 million

deployed in the second quarter of 2026

● Anticipates

this level of investment will add approximately 40 net high-quality, low-breakeven locations that compete favorably for near-term capital

within Gulfport’s returns-driven development portfolio

● Together

with the Ohio state land lease acquisition, these investments are expected to increase total Utica net inventory by more than 20% and

extend development runway by more than 2.5 years

Nick

Dell’Osso, Gulfport’s President and CEO, commented, “During the second quarter, we continued to execute on our development

plan while taking meaningful steps to enhance the depth of our inventory with the addition of top-tier locations. Through the Ohio state

land lease acquisition, we expanded our core Utica position with highly productive, liquids-rich wet gas acreage that represents some

of the highest-return opportunities in our portfolio and integrates seamlessly into our near-term development plan. Building on this

momentum, our land team continues to identify and negotiate attractive opportunities to expand our leading Ohio natural gas inventory

through disciplined, targeted leasing. We expect to allocate approximately $140 million toward additional targeted discretionary acquisitions

through year-end 2026, focusing on opportunities that enhance our core position, drive capital-efficient returns and further strengthen

the long-term value and durability of our asset base.”

Dell’Osso

continued, “Our Utica and Marcellus development programs continue to deliver, highlighted by early results from our latest Marcellus

pad that have exceeded expectations. Brought online under disciplined choke management, the pad is achieving stronger oil recoveries

than nearby offset wells, supported by longer laterals and improved drilling efficiencies. These advancements are driving enhanced well-level

economics and greater capital efficiency. Additionally, with two wet gas Utica pads recently completed near our Ohio state land lease

acquisition, we anticipate a meaningful increase in liquids production during the second half of the year, positioning us to capture

strong adjusted free cash flow in the current commodity price environment. With a significant portion of our 2026 capital program now

complete, we expect full-year base capital expenditures to total approximately $430 million, including $35 million for maintenance land

and seismic investments.”

“Looking

ahead, our priorities are clear: continue to improve capital efficiency across the business to reduce our breakevens and reinvestment

rate, expand our inventory through disciplined and value-accretive acreage additions, preserve balance sheet strength and return excess

cash to shareholders. We will continue to evaluate our capital allocation opportunities competitively and seek the optimal balance between

strategic inventory expansion and opportunistic share repurchases, with each decision guided by returns, market conditions and our financial

position. We remain committed to maintaining a conservative mid-cycle leverage profile and believe we are well positioned to build net

asset value and deliver durable, long-term returns for our shareholders,” Dell’Osso concluded.

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 second quarter of 2026:

Quarter Ended June 30, 2026

Gross

Net

Lateral Length

Spud

Utica & Marcellus

6.7

14,500

SCOOP

—

Drilled

Utica & Marcellus

9.8

17,300

SCOOP

—

Completed

Utica & Marcellus

11.9

18,200

SCOOP

1.6

9,200

Turned-to-Sales

Utica & Marcellus

7.9

17,800

SCOOP

1.6

9,200

Gulfport’s

net daily production for the second quarter of 2026 averaged 962.8 MMcfe per day, primarily consisting of 800.0 MMcfe per day in the

Utica/Marcellus and 162.8 MMcfe per day in the SCOOP. For the second quarter of 2026, Gulfport’s net daily production mix was comprised

of approximately 91% natural gas, 6% natural gas liquids (“NGL”) and 3% oil and condensate.

Three Months Ended

June 30,

2026

Three Months Ended

June 30,

2025

Production

Natural gas (Mcf/day)

878,358

891,359

Oil and condensate (Bbl/day)

4,203

7,843

NGL (Bbl/day)

9,862

11,313

Total (Mcfe/day)

962,753

1,006,299

Average Prices

Natural Gas:

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

$ 2.48

$ 2.97

Impact from settled derivatives ($/Mcf)

$ 0.52

$ 0.22

Average price, including settled derivatives ($/Mcf)

$ 3.00

$ 3.19

Oil and condensate:

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

$ 85.86

$ 58.20

Impact from settled derivatives ($/Bbl)

$ (13.50 )

$ 3.38

Average price, including settled derivatives ($/Bbl)

$ 72.36

$ 61.58

NGL:

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

$ 33.94

$ 27.91

Impact from settled derivatives ($/Bbl)

$ (0.64 )

$ (0.26 )

Average price, including settled derivatives ($/Bbl)

$ 33.30

$ 27.65

Total:

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

$ 2.99

$ 3.40

Impact from settled derivatives ($/Mcfe)

$ 0.40

$ 0.21

Average price, including settled derivatives ($/Mcfe)

$ 3.39

$ 3.61

Selected operating metrics

Lease operating expenses ($/Mcfe)

$ 0.23

$ 0.19

Taxes other than income ($/Mcfe)

$ 0.08

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

$ 0.97

$ 0.94

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

$ 0.13

Interest expenses ($/Mcfe)

$ 0.18

$ 0.15

Capital

Investment

Capital

investment was $148.6 million (on an incurred basis) for the second quarter of 2026, of which $141.7 million related to operated

drilling and completion activity and $6.9 million related to maintenance land and seismic investment. Gulfport also invested approximately

$40.3 million in discretionary acreage acquisitions and incurred approximately $0.6 million related to non-operated drilling and

completion activities.

For

the six-month period ended June 30, 2026, capital investment was $270.4 million (on an incurred basis), of which $259.6 million

related to operated drilling and completion activity and $10.8 million related to maintenance land and seismic investment. Gulfport also

invested approximately $79.7 million in discretionary acreage acquisitions and incurred approximately $0.7 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’s program and $40.3 million associated with the 2026 discretionary acreage acquisition program that is targeting $140

million of acreage acquisitions through the end of the year.

Common

Stock Repurchase Program

Gulfport

repurchased approximately 392.2 thousand shares of common stock during the second quarter of 2026, totaling approximately $70.0 million.

As of June 30, 2026, the Company had repurchased approximately 8.6 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 $135.09 since the program initiated

in March 2022, totaling approximately $1.2 billion in aggregate. As of June 30, 2026, the Company had approximately $336.8 million

of remaining capacity under the share repurchase program.

Financial

Position and Liquidity

of June 30, 2026, Gulfport had approximately $1.1 million of cash and cash equivalents, $280.0 million of 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 June 30, 2026, totaled approximately $772.4 million, comprised of the $1.1 million of cash and cash equivalents

and approximately $771.3 million of available borrowing capacity under its credit facility.

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.

Leadership Transition

On July 31, 2026, Michael Hodges, Gulfport’s Executive Vice President,

Chief Financial Officer notified Gulfport of his decision to resign from his roles at the Company to devote more time to his family effective

August 5, 2026. To ensure a smooth transition, Mr. Hodges has agreed to serve in an advisory capacity until September 1, 2026. The Company

has retained a nationally recognized search firm to identify a permanent successor.

Mr. Hodges’ resignation is not the result of any disagreement

with the Company relating to its operations, policies, practices, or financial reporting.

Second

Quarter 2026 Conference Call

Gulfport

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

August 4, 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 August 4, 2026 to August 18, 2026, by calling 877-660-6853

domestically or 201-612-7415 internationally and then entering the replay passcode 13761877.

Financial

Statements and Guidance Documents

Second

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.

About

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, 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

EX-99.2 — SUPPLEMENTAL FINANCIAL INFORMATION

EX-99.2

Filename: ea030010201ex99-2.htm · Sequence: 3

Exhibit

99.2

Three

months and six months ended June 30, 2026

Supplemental

Information of Gulfport Energy

Table

of Contents:

Page:

Production

Volumes by Asset Area

Production

and Pricing

Consolidated

Statements of Income

Consolidated

Balance Sheets

Consolidated

Statement of Cash Flows

2026E

Guidance

Derivatives

Non-GAAP

Reconciliations

Definitions

Adjusted

Net Income

Adjusted

EBITDA

Adjusted

Free Cash Flow

Recurring

General and Administrative Expenses

Production

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

Production

Volumes

Three Months Ended

June 30,

2026

Three Months Ended

June 30,

2025

Natural gas (Mcf/day)

Utica & Marcellus

755,485

736,420

SCOOP

122,873

154,939

Total

878,358

891,359

Oil and condensate (Bbl/day)

Utica & Marcellus

3,080

6,135

SCOOP

1,123

1,708

Total

4,203

7,843

NGL (Bbl/day)

Utica & Marcellus

4,331

4,555

SCOOP

5,531

6,759

Total

9,862

11,313

Combined (Mcfe/day)

Utica & Marcellus

799,955

800,557

SCOOP

162,798

205,742

Total

962,753

1,006,299

Totals may not sum or recalculate due to

rounding.

Page 2

Production

Volumes by Asset Area: Six months ended June 30, 2026

Production

Volumes

Six Months Ended

June 30,

2026

Six Months Ended

June 30,

2025

Natural gas (Mcf/day)

Utica & Marcellus

769,093

711,829

SCOOP

122,896

152,907

Total

891,988

864,735

Oil and condensate (Bbl/day)

Utica & Marcellus

2,808

5,005

SCOOP

1,164

1,565

Total

3,972

6,570

NGL (Bbl/day)

Utica & Marcellus

5,075

4,028

SCOOP

5,568

6,614

Total

10,643

10,641

Combined (Mcfe/day)

Utica & Marcellus

816,391

766,023

SCOOP

163,284

201,979

Total

979,675

968,002

Totals may not sum or recalculate due to rounding.

Page 3

Production

and Pricing: Three months ended June 30, 2026

The

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

the three months ended June 30, 2025:

Three Months Ended

June 30,

2026

Three Months Ended

June 30,

2025

Natural gas sales

Natural gas production volumes (MMcf)

79,931

81,114

Natural gas production volumes (MMcf) per day

878

891

Total sales

$ 198,253

$ 241,236

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

$ 2.48

$ 2.97

Impact from settled derivatives ($/Mcf)

$ 0.52

$ 0.22

Average price, including settled derivatives ($/Mcf)

$ 3.00

$ 3.19

Oil and condensate sales

Oil and condensate production volumes (MBbl)

382

714

Oil and condensate production volumes (MBbl) per day

Total sales

$ 32,841

$ 41,543

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

$ 85.86

$ 58.20

Impact from settled derivatives ($/Bbl)

$ (13.50 )

$ 3.38

Average price, including settled derivatives ($/Bbl)

$ 72.36

$ 61.58

NGL sales

NGL production volumes (MBbl)

897

1,030

NGL production volumes (MBbl) per day

Total sales

$ 30,459

$ 28,736

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

$ 33.94

$ 27.91

Impact from settled derivatives ($/Bbl)

$ (0.64 )

$ (0.26 )

Average price, including settled derivatives ($/Bbl)

$ 33.30

$ 27.65

Natural gas, oil and condensate and NGL sales

Natural gas equivalents (MMcfe)

87,610

91,573

Natural gas equivalents (MMcfe) per day

963

1,006

Total sales

$ 261,553

$ 311,515

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

$ 2.99

$ 3.40

Impact from settled derivatives ($/Mcfe)

$ 0.40

$ 0.21

Average price, including settled derivatives ($/Mcfe)

$ 3.39

$ 3.61

Production Costs:

Average lease operating expenses ($/Mcfe)

$ 0.23

$ 0.19

Average taxes other than income ($/Mcfe)

$ 0.08

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

$ 0.97

$ 0.94

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

$ 1.28

$ 1.22

Totals may not sum or recalculate due to rounding.

Page 4

Production

and Pricing: Six months ended June 30, 2026

The

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

six months ended June 30, 2025:

Six Months Ended

June 30,

2026

Six Months Ended

June 30,

2025

Natural gas sales

Natural gas production volumes (MMcf)

161,450

156,517

Natural gas production volumes (MMcf) per day

892

865

Total sales

$ 597,783

$ 522,742

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

$ 3.70

$ 3.34

Impact from settled derivatives ($/Mcf)

$ (0.09 )

$ 0.05

Average price, including settled derivatives ($/Mcf)

$ 3.61

$ 3.39

Oil and condensate sales

Oil and condensate production volumes (MBbl)

719

1,189

Oil and condensate production volumes (MBbl) per day

Total sales

$ 55,179

$ 72,802

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

$ 76.76

$ 61.22

Impact from settled derivatives ($/Bbl)

$ (9.43 )

$ 2.46

Average price, including settled derivatives ($/Bbl)

$ 67.33

$ 63.68

NGL sales

NGL production volumes (MBbl)

1,926

NGL production volumes (MBbl) per day

Total sales

$ 61,936

$ 59,553

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

$ 32.15

$ 30.92

Impact from settled derivatives ($/Bbl)

$ 0.10

$ (0.85 )

Average price, including settled derivatives ($/Bbl)

$ 32.25

$ 30.07

Natural gas, oil and condensate and NGL sales

Natural gas equivalents (MMcfe)

177,321

175,208

Natural gas equivalents (MMcfe) per day

980

968

Total sales

$ 714,898

$ 655,097

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

$ 4.03

$ 3.74

Impact from settled derivatives ($/Mcfe)

$ (0.12 )

$ 0.05

Average price, including settled derivatives ($/Mcfe)

$ 3.91

$ 3.79

Production Costs:

Average lease operating expenses ($/Mcfe)

$ 0.25

$ 0.22

Average taxes other than income ($/Mcfe)

$ 0.09

$ 0.08

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

$ 0.99

$ 0.97

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

$ 1.33

$ 1.26

Totals may not sum or recalculate due to rounding.

Page 5

Consolidated

Statements of Income: Three months ended June 30, 2026

(In

thousands, except per share data)

(Unaudited)

Three Months Ended

June 30,

2026

Three Months Ended

June 30,

2025

REVENUES:

Natural gas sales

$ 198,253

$ 241,236

Oil and condensate sales

32,841

41,543

Natural gas liquid sales

30,459

28,736

Net gain on natural gas, oil and NGL derivatives

61,675

136,101

Total revenues

323,228

447,616

OPERATING EXPENSES:

Lease operating expenses

19,831

17,628

Taxes other than income

7,374

7,556

Transportation, gathering, processing and compression

84,626

86,508

Depreciation, depletion and amortization

73,053

73,643

General and administrative expenses

10,661

10,926

Accretion expense

618

587

Total operating expenses

196,163

196,848

INCOME FROM OPERATIONS

127,065

250,768

OTHER EXPENSE:

Interest expense

15,792

13,731

Other, net

155

901

Total other expense

15,947

14,632

INCOME BEFORE INCOME TAXES

111,118

236,136

INCOME TAX (BENEFIT) EXPENSE:

Current

(244 )

274

Deferred

24,260

51,396

Total income tax expense

24,016

51,670

NET INCOME

$ 87,102

$ 184,466

Dividends on preferred stock

—

(804 )

Participating securities - preferred stock

—

(20,622 )

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ 87,102

$ 163,040

NET INCOME PER COMMON SHARE:

Basic

$ 4.87

$ 9.21

Diluted

$ 4.85

$ 9.12

Weighted average common shares outstanding—Basic

17,895

17,707

Weighted average common shares outstanding—Diluted

17,945

17,907

Page 6

Consolidated

Statements of Income: Six months ended June 30, 2026

(In

thousands, except per share data)

(Unaudited)

Six Months Ended

June 30,

2026

Six Months Ended

June 30,

2025

REVENUES:

Natural gas sales

$ 597,783

$ 522,742

Oil and condensate sales

55,179

72,802

Natural gas liquid sales

61,936

59,553

Net gain (loss) on natural gas, oil and NGL derivatives

45,862

(10,447 )

Total revenues

760,760

644,650

OPERATING EXPENSES:

Lease operating expenses

44,287

37,911

Taxes other than income

16,558

14,182

Transportation, gathering, processing and compression

175,193

169,378

Depreciation, depletion and amortization

148,483

139,265

General and administrative expenses

20,369

19,927

Accretion expense

1,216

1,205

Total operating expenses

406,106

381,868

INCOME FROM OPERATIONS

354,654

262,782

OTHER EXPENSE:

Interest expense

31,178

27,087

Other, net

1,853

199

Total other expense

33,031

27,286

INCOME BEFORE INCOME TAXES

321,623

235,496

INCOME TAX EXPENSE:

Current

826

105

Deferred

67,873

51,389

Total income tax expense

68,699

51,494

NET INCOME

$ 252,924

$ 184,002

Dividends on preferred stock

—

(1,666 )

Participating securities - preferred stock

—

(20,385 )

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ 252,924

$ 161,951

NET INCOME PER COMMON SHARE:

Basic

$ 13.88

$ 9.10

Diluted

$ 13.82

$ 9.01

Weighted average common shares outstanding—Basic

18,222

17,793

Weighted average common shares outstanding—Diluted

18,306

18,009

Page 7

Consolidated

Balance Sheets

(In

thousands)

June 30,

2026

December 31,

2025

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$ 1,054

$ 1,813

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

114,376

184,649

Accounts receivable—joint interest and other

13,643

9,282

Prepaid expenses and other current assets

9,566

7,952

Short-term derivative instruments

82,220

45,155

Total current assets

220,859

248,851

Property and equipment:

Oil and natural gas properties, full-cost method

Proved oil and natural gas properties

4,217,986

3,902,539

Unproved properties

286,051

232,959

Other property and equipment

14,136

13,008

Total property and equipment

4,518,173

4,148,506

Less: accumulated depletion, depreciation and amortization

(2,016,730 )

(1,868,481 )

Total property and equipment, net

2,501,443

2,280,025

Other assets:

Long-term derivative instruments

34,119

15,303

Deferred tax asset

397,865

465,738

Operating lease assets

153

561

Other assets

16,575

19,062

Total other assets

448,712

500,664

Total assets

$ 3,171,014

$ 3,029,540

Page 8

Consolidated

Balance Sheets

(In

thousands, except share data)

June 30,

2026

December 31,

2025

(Unaudited)

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable and accrued liabilities

$ 367,021

$ 342,382

Short-term derivative instruments

16,073

21,865

Current portion of operating lease liabilities

148

550

Total current liabilities

383,242

364,797

Non-current liabilities:

Long-term derivative instruments

3,810

8,916

Asset retirement obligation

34,426

32,912

Non-current operating lease liabilities

Long-term debt

922,257

788,187

Total non-current liabilities

960,498

830,025

Total liabilities

$ 1,343,740

$ 1,194,822

Commitments and contingencies (Note 9)

Stockholders’ equity:

Common stock - $0.0001 par value, 42.0 million shares authorized, 17.7 million issued and outstanding at June 30, 2026, and 18.8 million issued and outstanding at December 31, 2025

Additional paid-in capital

—

Retained earnings

1,827,704

1,834,716

Treasury stock, at cost - 2.5 thousand shares at June 30, 2026 and 0 shares at December 31, 2025

(432 )

—

Total stockholders’ equity

$ 1,827,274

$ 1,834,718

Total liabilities and stockholders’ equity

$ 3,171,014

$ 3,029,540

Page 9

Consolidated

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

(In

thousands)

(Unaudited)

Three Months

Ended

June 30,

2026

Three Months

Ended

June 30,

2025

Cash flows from operating activities:

Net income

$ 87,102

$ 184,466

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

Depletion, depreciation and amortization

73,053

73,643

Net gain on derivative instruments

(61,675 )

(136,101 )

Net cash receipts on settled derivative instruments

35,837

19,440

Deferred income tax expense

24,260

51,396

Stock-based compensation expense

2,692

3,263

Other, net

1,850

2,059

Changes in operating assets and liabilities, net

(13,190 )

33,237

Net cash provided by operating activities

149,929

231,403

Cash flows from investing activities:

Additions to oil and natural gas properties

(174,954 )

(144,769 )

Other, net

(596 )

(419 )

Net cash used in investing activities

(175,550 )

(145,188 )

Cash flows from financing activities:

Principal payments on Credit Facility

(259,000 )

(286,000 )

Borrowings on Credit Facility

357,000

306,000

Early retirement of 2026 Senior Notes

—

(25,702 )

Dividends on preferred stock

—

(804 )

Repurchase of common stock under Repurchase Program

(72,591 )

(51,691 )

Repurchase of common stock under Repurchase Program - related party

—

(15,000 )

Net cash payments on performance vesting restricted stock units

—

(12,297 )

Shares exchanged for tax withholdings

(935 )

(2,266 )

Other, net

(720 )

(3 )

Net cash provided by (used in) financing activities

23,754

(87,763 )

Net change in cash and cash equivalents

(1,867 )

(1,548 )

Cash and cash equivalents at beginning of period

2,921

5,342

Cash and cash equivalents at end of period

$ 1,054

$ 3,794

Page 10

Consolidated

Statement of Cash Flows: Six months ended June 30, 2026

(In

thousands)

(Unaudited)

Six Months

Ended

June 30,

2026

Six Months

Ended

June 30,

2025

Cash flows from operating activities:

Net income

$ 252,924

$ 184,002

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

Depletion, depreciation and amortization

148,483

139,265

Net (gain) loss on derivative instruments

(45,862 )

10,447

Net cash (payments) receipts on settled derivative instruments

(20,917 )

9,550

Deferred income tax expense

67,873

51,389

Stock-based compensation expense

2,888

6,303

Other, net

3,814

3,850

Changes in operating assets and liabilities, net

33,644

3,877

Net cash provided by operating activities

442,847

408,683

Cash flows from investing activities:

Additions to oil and natural gas properties

(312,787 )

(253,000 )

Other, net

(1,177 )

(965 )

Net cash used in investing activities

(313,964 )

(253,965 )

Cash flows from financing activities:

Principal payments on Credit Facility

(799,000 )

(414,000 )

Borrowings on Credit Facility

932,000

431,000

Early retirement of 2026 Senior Notes

—

(25,702 )

Dividends on preferred stock

—

(1,666 )

Repurchase of common stock under Repurchase Program

(225,104 )

(109,500 )

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

(19,579 )

(5,228 )

Other, net

(720 )

(4 )

Net cash used in financing activities

(129,642 )

(152,397 )

Net change in cash and cash equivalents

(759 )

2,321

Cash and cash equivalents at beginning of period

1,813

1,473

Cash and cash equivalents at end of period

$ 1,054

$ 3,794

Page 11

2026E

Guidance

Gulfport’s

2026 guidance assumes commodity strip prices as of July 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 the Chief Executive Officer transition.

(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 July 28, 2026:

3Q2026

4Q2026

Bal

Year

2026(1)

Full

Year

2027

Full

Year

2028

Natural Gas Contract Summary (NYMEX):

Fixed Price Swaps

Volume (BBtupd)

430

480

455

225

Weighted Average Price ($/MMBtu)

3.73

3.77

3.75

3.89

3.74

Fixed Price Collars

Volume (BBtupd)

150

117

—

Weighted Average Floor Price ($/MMBtu)

3.61

3.75

—

Weighted Average Ceiling Price ($/MMBtu)

4.35

4.26

—

Basis Contract Summary:

Rex Zone 3 Basis

Volume (BBtupd)

Differential ($/MMBtu)

(0.18

)

(0.18

)

(0.18

)

(0.20

)

(0.23

)

Tetco M2 Basis

Volume (BBtupd)

170

130

Differential ($/MMBtu)

(0.95

)

(0.95

)

(0.95

)

(0.82

)

(0.71

)

NGPL TX OK Basis

Volume (BBtupd)

—

Differential ($/MMBtu)

(0.30

)

(0.30

)

(0.30

)

(0.33

)

—

TGP 500 Basis

Volume (BBtupd)

—

Differential ($/MMBtu)

0.56

—

Transco Station 85 Basis

Volume (BBtupd)

—

Differential ($/MMBtu)

0.56

—

Oil Contract Summary (WTI):

Fixed Price Swaps

Volume (Bblpd)

2,000

2,250

750

Weighted Average Price ($/Bbl)

72.19

68.92

71.43

Fixed Price Collars

Volume (Bblpd)

1,913

2,250

2,082

300

—

Weighted Average Floor Price ($/Bbl)

62.37

64.44

63.49

55.00

—

Weighted Average Ceiling Price ($/Bbl)

76.22

77.62

76.98

68.00

—

NGL Contract Summary:

C3 Propane Fixed Price Swaps

Volume (Bblpd)

3,250

2,000

—

Weighted Average Price ($/Bbl)

30.98

29.64

—

(1) July

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 measure 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 the Chief

Executive Officer transition, 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 the Chief Executive Officer transition, 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. 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 June 30, 2026

(In

thousands)

(Unaudited)

Three Months

Ended

June 30, 2026

Three Months

Ended

June 30, 2025

Net Income (GAAP)

$ 87,102

$ 184,466

Adjustments:

Non-cash derivative gain

(25,838 )

(116,661 )

Non-recurring general and administrative expense - cash

1,543

666

Stock-based compensation expense

2,692

3,263

Other, net

155

901

Tax effect of adjustments(1)

4,646

24,469

Adjusted Net Income (Non-GAAP)

$ 70,300

$ 97,104

(1) Income

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

Page 16

Adjusted

Net Income: Six months ended June 30, 2026

(In

thousands)

(Unaudited)

Six Months

Ended

June 30, 2026

Six Months

Ended

June 30, 2025

Net Income (GAAP)

$ 252,924

$ 184,002

Adjustments:

Non-cash derivative (gain) loss

(66,779 )

19,997

Non-recurring general and administrative expense - cash

2,857

1,031

Stock-based compensation expense

2,888

6,303

Other, net

1,853

199

Tax effect of adjustments(1)

12,641

(6,021 )

Adjusted Net Income (Non-GAAP)

$ 206,384

$ 205,511

(1) Income

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

Page 17

Adjusted

EBITDA: Three months ended June 30, 2026

(In

thousands)

(Unaudited)

Three Months

Ended

June 30, 2026

Three Months

Ended

June 30, 2025

Net Income (GAAP)

$ 87,102

$ 184,466

Adjustments:

Interest expense

15,792

13,731

Income tax expense

24,016

51,670

DD&A and accretion

73,671

74,230

Non-cash derivative gain

(25,838 )

(116,661 )

Non-recurring general and administrative expenses - cash

1,543

666

Stock-based compensation expense

2,692

3,263

Other, net

155

901

Adjusted EBITDA (Non-GAAP)

$ 179,133

$ 212,266

Page 18

Adjusted

EBITDA: Six months ended June 30, 2026

(In

thousands)

(Unaudited)

Six Months

Ended

June 30, 2026

Six Months

Ended

June 30, 2025

Net Income (GAAP)

$ 252,924

$ 184,002

Adjustments:

Interest expense

31,178

27,087

Income tax expense

68,699

51,494

DD&A and accretion

149,699

140,470

Non-cash derivative (gain) loss

(66,779 )

19,997

Non-recurring general and administrative expenses - cash

2,857

1,031

Stock-based compensation expense

2,888

6,303

Other, net

1,853

199

Adjusted EBITDA (Non-GAAP)

$ 443,319

$ 430,583

Page 19

Adjusted

Free Cash Flow: Three months ended June 30, 2026

(In

thousands)

(Unaudited)

Three Months

Ended

June 30, 2026

Three Months

Ended

June 30, 2025

Net cash provided by operating activity (GAAP)

$ 149,929

$ 231,403

Adjustments:

Interest expense

15,792

13,731

Non-recurring general and administrative expenses - cash

1,543

666

Current income tax (benefit) expense

(244 )

274

Other, net

(1,077 )

(571 )

Changes in operating assets and liabilities, net:

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

(14,611 )

(29,446 )

Accounts receivable - joint interest and other

4,077

3,001

Accounts payable and accrued liabilities

21,197

(10,345 )

Prepaid expenses

2,526

3,545

Other assets

Total changes in operating assets and liabilities, net

$ 13,190

$ (33,237 )

Adjusted EBITDA (Non-GAAP)

$ 179,133

$ 212,266

Interest expense

(15,792 )

(13,731 )

Current income tax benefit (expense)

244

(274 )

Capitalized expenses incurred(1)

(6,949 )

(6,273 )

Capital expenditures incurred(2,3,4)

(150,225 )

(127,399 )

Adjusted free cash flow (Non-GAAP)

$ 6,411

$ 64,589

(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 June 30, 2026, includes $1.0 million and $0.6 million of non-D&C capital and non-operated capital expenditures,

respectively. Additionally, excludes targeted discretionary acreage acquisitions of $40.3 million.

(4) For

the three months ended June 30, 2025, includes $2.9 million and $0.3 million of non-D&C capital and non-operated capital expenditures,

respectively. Additionally, excludes targeted discretionary acreage acquisitions of $6.9 million.

Page 20

Adjusted

Free Cash Flow: Six months ended June 30, 2026

(In

thousands)

(Unaudited)

Six Months

Ended

June 30, 2026

Six Months

Ended

June 30, 2025

Net cash provided by operating activity (GAAP)

$ 442,847

$ 408,683

Adjustments:

Interest expense

31,178

27,087

Non-recurring general and administrative expenses - cash

2,857

1,031

Current income tax expense

826

105

Other, net

(745 )

(2,446 )

Changes in operating assets and liabilities, net:

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

(70,273 )

(27,328 )

Accounts receivable - joint interest and other

4,361

3,021

Accounts payable and accrued liabilities

31,204

17,329

Prepaid expenses

1,033

3,060

Other assets

Total changes in operating assets and liabilities, net

$ (33,644 )

$ (3,877 )

Adjusted EBITDA (Non-GAAP)

$ 443,319

$ 430,583

Interest expense

(31,178 )

(27,087 )

Current income tax expense

(826 )

(105 )

Capitalized expenses incurred(1)

(13,800 )

(12,438 )

Capital expenditures incurred(2,3,4)

(272,164 )

(289,762 )

Adjusted free cash flow (Non-GAAP)

$ 125,351

$ 101,191

(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 six months ended June 30, 2026, includes $1.1 million and $0.7 million of non-D&C capital and non-operated capital expenditures,

respectively. Additionally, excludes targeted discretionary acreage acquisitions of $79.7 million. Discretionary acreage acquisition

expenditures included $39.5 million associated with the completion of the prior year’s program and $40.3 million associated

with the 2026 discretionary acreage acquisition program that is targeting $140 million of acreage acquisitions through the end of

the year.

(4)

For

the six months ended June 30, 2025, includes $4.3 million and $1.5 million of non-D&C capital and non-operated capital expenditures,

respectively. Additionally, excludes targeted discretionary acreage acquisitions of $6.9 million.

Page 21

Recurring

General and Administrative Expenses:

Three

months ended June 30, 2026

(In

thousands)

(Unaudited)

Three Months Ended June 30, 2026

Three Months Ended June 30, 2025

Cash

Non-Cash

Total

Cash

Non-Cash

Total

General and administrative expense (GAAP)

$ 7,969

$ 2,692

$ 10,661

$ 7,663

$ 3,263

$ 10,926

Capitalized general and administrative expense

5,218

1,325

6,543

4,826

1,607

6,433

Non-recurring general and administrative expense

(1,543 )

—

(1,543 )

(666 )

—

(666 )

Recurring general and administrative before capitalization (Non-GAAP)

$ 11,644

$ 4,017

$ 15,661

$ 11,823

$ 4,870

$ 16,693

Page 22

Recurring

General and Administrative Expenses:

Six

months ended June 30, 2026

(In

thousands)

(Unaudited)

Six Months Ended June 30, 2026

Six Months Ended June 30, 2025

Cash

Non-Cash

Total

Cash

Non-Cash

Total

General and administrative expense (GAAP)

$ 17,481

$ 2,888

$ 20,369

$ 13,624

$ 6,303

$ 19,927

Capitalized general and administrative expense

10,643

1,422

12,065

9,560

3,105

12,665

Non-recurring general and administrative expense(1)

(2,857 )

4,507

1,650

(1,031 )

—

(1,031 )

Recurring general and administrative before capitalization (Non-GAAP)

$ 25,267

$ 8,817

$ 34,084

$ 22,153

$ 9,408

$ 31,561

(1) For

the six months ended June 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 Executive Officer on March 6, 2026.

Page 23

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