$GPOR

GULFPORT ENERGY CORP

CIK:0000874499|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES:
Net gain (loss) on natural gas, oil and NGL derivatives	$ 61,675	$ 136,101	$ 45,862	$ (10,447)
Total revenues	323,228	447,616	760,760	644,650
OPERATING EXPENSES:
Lease operating expenses	19,831	17,628	44,287	37,911
Taxes other than income	7,374	7,556	16,558	14,182
Transportation, gathering, processing and compression	84,626	86,508	175,193	169,378
Depreciation, depletion and amortization	73,053	73,643	148,483	139,265
General and administrative expenses	10,661	10,926	20,369	19,927
Accretion expense	618	587	1,216	1,205
Total operating expenses	196,163	196,848	406,106	381,868
INCOME FROM OPERATIONS	127,065	250,768	354,654	262,782
OTHER EXPENSE:
Interest expense	15,792	13,731	31,178	27,087
Other, net	155	901	1,853	199
Total other expense	15,947	14,632	33,031	27,286
INCOME BEFORE INCOME TAXES	111,118	236,136	321,623	235,496
INCOME TAX (BENEFIT) EXPENSE:
Current	(244)	274	826	105
Deferred	24,260	51,396	67,873	51,389
Total income tax expense	24,016	51,670	68,699	51,494
NET INCOME	87,102	184,466	252,924	184,002
Dividends on preferred stock	0	(804)	0	(1,666)
Participating securities - preferred stock	0	(20,622)	0	(20,385)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 87,102	$ 163,040	$ 252,924	$ 161,951
NET INCOME PER COMMON SHARE:
Basic (in usd per share)	$ 4.87	$ 9.21	$ 13.88	$ 9.10
Diluted (in usd per share)	$ 4.85	$ 9.12	$ 13.82	$ 9.01
Weighted average common shares outstanding - Basic (in shares)	17,895	17,707	18,222	17,793
Weighted average common shares outstanding - Diluted (in shares)	17,945	17,907	18,306	18,009
Natural gas sales
REVENUES:
Revenue from contract with customer	$ 198,253	$ 241,236	$ 597,783	$ 522,742
Oil and condensate sales
REVENUES:
Revenue from contract with customer	32,841	41,543	55,179	72,802
Natural gas liquid sales
REVENUES:
Revenue from contract with customer	$ 30,459	$ 28,736	$ 61,936	$ 59,553

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 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:
Early retirement of 2026 Senior Notes	0	(25,702)
Dividends on preferred stock	0	(1,666)
Net cash payments on performance vesting restricted stock units	0	(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
Nonrelated Party
Cash flows from financing activities:
Repurchase of common stock under Repurchase Program	(225,104)	(109,500)
Related Party
Cash flows from financing activities:
Repurchase of common stock under Repurchase Program	(17,239)	(15,000)
Credit Facility due 2028
Cash flows from financing activities:
Principal payments on Credit Facility	(799,000)	(414,000)
Borrowings on Credit Facility	$ 932,000	$ 431,000

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
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:
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
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	5	10
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	2	2
Additional paid-in capital	0	0
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)	0
Total stockholders’ equity	1,827,274	1,834,718
Total liabilities and stockholders’ equity	$ 3,171,014	$ 3,029,540