Gulfport Energy Reports Third Quarter 2026 Financial and Operating Results
GULFPORT ENERGY CORP (GPOR) filed an SEC Form 8-K — Results of Operations and Financial Condition. 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,
How this was made
The 30-second read
Why it matters
Earnings beat and expanded share repurchase program suggest a bullish short‑term catalyst for the stock.
Market read
Strong Q3 results and a larger buyback program provide a clear positive catalyst for GPOR, with potential spillover to the broader energy sector.
What to watch
Higher capital expenditures could pressure cash flow if commodity prices decline.
Gulfport reported $96.4 million of net income and $226.5 million of adjusted EBITDA, supported by approximately 10% production growth from the second quarter and a higher liquids mix.
Third-quarter operating cash flow, adjusted EBITDA and adjusted free cash flow were substantial, while management cited stronger liquids-rich production, pricing and margins. Total production remained below the prior-year quarterly level printed in the operating table, and capital spending and acreage investment were elevated.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net incomeGAAP | $96.4M | – | – |
| Adjusted EBITDAnon-GAAP | $226.5M | up meaningfully from the second quarter | – |
| Net cash provided by operating activitiesGAAP | $183.6M | – | – |
| Adjusted free cash flownon-GAAP | $89M | up meaningfully from the second quarter | – |
| Net daily productionother | 1,057,217 Mcfe/day | up approximately 10% from the second quarter | – |
| Natural gas productionother | 916,320 Mcf/day | – | – |
| Oil and condensate productionother | 6,188 Bbl/day | – | – |
| NGL productionother | 17,295 Bbl/day | – | – |
| Net liquids productionother | 23.5 MBbl per day | an increase of approximately 67% over second quarter 2026 | – |
| Natural gas average price without the impact of derivativesother | $2.63 $/Mcf | – | – |
| Natural gas impact from settled derivativesother | $0.49 $/Mcf | – | – |
| Natural gas average price including settled derivativesother | $3.12 $/Mcf | – | – |
| Oil and condensate average price without the impact of derivativesother | $79.59 $/Bbl | – | – |
| Oil and condensate impact from settled derivativesother | $(7.81) $/Bbl | – | – |
| Oil and condensate average price including settled derivativesother | $71.78 $/Bbl | – | – |
| NGL average price without the impact of derivativesother | $35.81 $/Bbl | – | – |
| NGL impact from settled derivativesother | $0.02 $/Bbl | – | – |
| NGL average price including settled derivativesother | $35.83 $/Bbl | – | – |
| Total average price without the impact of derivativesother | $3.33 $/Mcfe | – | – |
| Total impact from settled derivativesother | $0.38 $/Mcfe | – | – |
| Total average price including settled derivativesother | $3.71 $/Mcfe | – | – |
| Lease operating expensesother | $0.21 $/Mcfe | – | – |
| Taxes other than incomeother | $0.08 $/Mcfe | – | – |
| Transportation, gathering, processing and compression expenseother | $1.02 $/Mcfe | – | – |
| Recurring cash general and administrative expensesnon-GAAP | $0.14 $/Mcfe | – | – |
| Interest expenseother | $0.18 $/Mcfe | – | – |
| Capital investment, third quarter 2026other | $111.7M | – | – |
| Operated drilling and completion capital expenditures, third quarter 2026other | $103.5M | – | – |
| Maintenance land and seismic investment, third quarter 2026other | $8.2M | – | – |
| Discretionary acreage acquisitions, third quarter 2026other | approximately $46.9 million | – | – |
| Ohio state land lease acquisitions, third quarter 2026other | $83M | – | – |
| Non-operated drilling and completion activities, third quarter 2026other | approximately $0.9 million | – | – |
| Capital investment, nine months ended September 30, 2026other | $382M | – | – |
| Operated drilling and completion capital expenditures, nine months ended September 30, 2026other | $363M | – | – |
| Maintenance land and seismic investment, nine months ended September 30, 2026other | $19M | – | – |
| Discretionary acreage acquisitions, nine months ended September 30, 2026other | approximately $126.6 million | – | – |
| Ohio state land lease acquisitions, nine months ended September 30, 2026other | $83M | – | – |
| Non-operated drilling and completion activities, nine months ended September 30, 2026other | approximately $1.6 million | – | – |
| Utica & Marcellus wells spudother | 5 gross; 4.8 net; 19,700 lateral length | – | – |
| Utica & Marcellus wells drilledother | 5 gross; 4.8 net; 16,400 lateral length | – | – |
| Utica & Marcellus wells completedother | 7 gross; 6.7 net; 14,200 lateral length | – | – |
| Utica & Marcellus wells turned-to-salesother | 7 gross; 6.9 net; 16,400 lateral length | – | – |
Full-year 2026 and future contracted supply outlook
- NoteManagement expects to complete its $140 million 2026 discretionary acreage acquisition program by year-end.
- NoteManagement expects full-year production and capital expenditures to be in line with its guidance.
- NoteA firm sales agreement for 50,000 MMBtu per day begins in 2028.
- NoteA previously executed 10-year agreement for 65,000 MMBtu per day begins in mid-2027.
- NoteCombined agreements contract approximately 10% of forecasted net production at a premium to historical realizations.
Capital returns
- Repurchased approximately 218.7 thousand shares of common stock for approximately $36.2 million during the three months ended September 30, 2026.
- The board expanded the stock repurchase program by 33% to $2.0 billion.
- As of September 30, 2026, Gulfport had repurchased approximately 8.8 million shares of common stock 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.
What drove it
- Management said its back-half-weighted turn-in-line schedule drove production up approximately 10% from the second quarter.
- New liquids-rich wet gas Utica pads led the production increase.
- Net daily production was primarily 889.5 MMcfe per day in the Utica/Marcellus and 167.7 MMcfe per day in the SCOOP.
- Third-quarter production mix was approximately 87% natural gas, 10% NGL and 3% oil and condensate.
- Management cited higher-value production mix, strong realized liquids pricing and disciplined costs as drivers of stronger margins and earnings.
- The Company completed Ohio state land lease acquisitions totaling $83.0 million and continued discretionary acreage acquisitions.
Concerns
- Total net daily production was 1,057,217 Mcfe/day, compared with 1,119,678 Mcfe/day for the three months ended September 30, 2025.
- Natural gas production was 916,320 Mcf/day, compared with 987,746 Mcf/day for the three months ended September 30, 2025.
- Transportation, gathering, processing and compression expense was $1.02 $/Mcfe, compared with $0.94 $/Mcfe for the three months ended September 30, 2025.
- Interest expense was $0.18 $/Mcfe, compared with $0.13 $/Mcfe for the three months ended September 30, 2025.
- Third-quarter investment included approximately $46.9 million of discretionary acreage acquisitions and $83.0 million of Ohio state land lease acquisitions in addition to $111.7 million of capital investment.
What to watch
- Completion of the $140 million 2026 discretionary acreage acquisition program by year-end.
- Fourth-quarter execution against full-year production and capital expenditure guidance.
- The evaluation of a more continuous two-rig Appalachia development program for 2027 and management's full 2027 outlook expected in February.
- Execution and economic contribution of the 50,000 MMBtu per day firm sales agreement beginning in 2028 and the 65,000 MMBtu per day agreement beginning in mid-2027.
- Use of the approximately $800 million remaining share-repurchase authorization.
Balance sheet and cash flow
- Generated $183.6 million of net cash provided by operating activities.
- Generated $89.0 million of adjusted free cash flow.
- As of September 30, 2026, Gulfport had approximately $2.6 million of cash and cash equivalents.
- As of September 30, 2026, Gulfport had $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.
- Liquidity at September 30, 2026 totaled approximately $645.6 million, comprised of $2.6 million of cash and cash equivalents and approximately $643.1 million of available borrowing capacity under its credit facility.
- On October 30, 2026, the borrowing base and elected commitments were reaffirmed at $1.1 billion.
Analysis
Gulfport reported $96.4 million of net income, $226.5 million of adjusted EBITDA and $183.6 million of net cash provided by operating activities in the third quarter of 2026. Adjusted free cash flow was $89.0 million. Management attributed the improvement from the second quarter to a back-half-weighted turn-in-line schedule, new liquids-rich wet gas Utica pads, strong realized liquids pricing and disciplined costs.
Production averaged 1,057,217 Mcfe/day, versus 1,119,678 Mcfe/day for the three months ended September 30, 2025. The release describes production as up approximately 10% from the second quarter. Natural gas production was 916,320 Mcf/day, while oil and condensate production was 6,188 Bbl/day and NGL production was 17,295 Bbl/day. Net liquids production was 23.5 MBbl per day, an increase of approximately 67% over second quarter 2026. The operating mix was approximately 87% natural gas, 10% NGL and 3% oil and condensate.
Pricing improved across the reported product lines on a year-over-year basis. Total average price including settled derivatives was $3.71 $/Mcfe, compared with $3.37 $/Mcfe. Oil and condensate average price including settled derivatives was $71.78 $/Bbl, compared with $62.62 $/Bbl, and NGL average price including settled derivatives was $35.83 $/Bbl, compared with $28.10 $/Bbl. Cost pressure is visible in transportation, gathering, processing and compression expense of $1.02 $/Mcfe versus $0.94 $/Mcfe, recurring cash G&A of $0.14 $/Mcfe versus $0.13 $/Mcfe, and interest expense of $0.18 $/Mcfe versus $0.13 $/Mcfe.
Capital investment was $111.7 million in the quarter, including $103.5 million for operated drilling and completion activity. The Company also invested approximately $46.9 million in discretionary acreage acquisitions and $83.0 million in Ohio state land lease acquisitions. Gulfport repurchased approximately 218.7 thousand shares for approximately $36.2 million, expanded its authorization to $2.0 billion and retained approximately $800 million of capacity. Liquidity was approximately $645.6 million at September 30, 2026, and the October 30 borrowing-base redetermination reaffirmed borrowing base and elected commitments at $1.1 billion.
Management expects full-year production and capital expenditures to be in line with guidance, but the filing text does not provide the numerical production or capital expenditure guidance ranges. The Company is targeting $140 million of 2026 discretionary acreage acquisitions through year-end. Its new 50,000 MMBtu per day sales agreement beginning in 2028, together with a previously executed 65,000 MMBtu per day agreement beginning in mid-2027, contracts approximately 10% of forecasted net production at a premium to historical realizations.
Management, verbatim
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.
Nick Dell’Osso, President and CEO
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.
Nick Dell’Osso, President and CEO
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.
Nick Dell’Osso, President and CEO
Not in the filing
stated, not guessed- Total revenue
- Revenue by operating segment
- Gross profit or gross margin
- Operating income
- Operating margin
- GAAP diluted EPS
- Non-GAAP diluted EPS
- Income tax expense and tax rate
- Prior-year and prior-quarter net income
- Prior-year and prior-quarter adjusted EBITDA
- Prior-year and prior-quarter operating cash flow
- Prior-year and prior-quarter adjusted free cash flow
- Numerical full-year 2026 production guidance
- Numerical full-year 2026 capital expenditure guidance
- Dividend information
- Detailed GAAP financial statements and non-GAAP reconciliations, which the release states are available separately on the Company website
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The filing is Gulfport Energy's quarterly earnings release filed on Form 8‑K, providing the first public disclosure of Q3 2026 results.
Ticker impact
Gulfport Energy reported Q3 2026 net income of $96.4M, adjusted EBITDA of $226.5M and expanded its $2.0B share repurchase program.
likely upward pressure as the market prices in the earnings beat and expanded repurchase authorization
The disclosed profit, cash generation and increased buyback indicate improved fundamentals, which typically support a price rise.
Market effects
Positive earnings may lift peer energy exploration stocks.
Midwest energy demand outlook could improve regional producers.
Limited to U.S. energy sector; no broad macro impact.
Counterpoint
If oil and gas prices soften, the earnings boost may be short-lived.
Key entities
- companyGulfport Energy Corp
U.S. energy exploration and production company.
