$GPOR earnings report

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.

Gulfport reported a mixed second quarter. Total revenues were $ 323,228 (in thousands), compared with $ 447,616 (in thousands) in the prior-year quarter, and income from operations was $ 127,065 (in thousands), compared with $ 250,768 (in thousands). Net income was $ 87,102 (in thousands), compared with $ 184,466 (in thousands), while diluted net income per common share was $ 4.85 compared with $ 9.12.

The quarterly decline reflected lower commodity sales and a lower derivatives contribution. Natural gas sales were $ 198,253 (in thousands), oil and condensate sales were $ 32,841 (in thousands), and the net gain on natural gas, oil and NGL derivatives was $ 61,675 (in thousands), each below the corresponding prior-year figure. Total production was 963 MMcfe per day, compared with 1,006 MMcfe per day. The Utica & Marcellus combined production level was largely unchanged from the prior-year quarter, while SCOOP combined production was lower.

Realized pricing also weakened on a combined equivalent basis. The average price including settled derivatives was $ 3.39 ($/Mcfe), compared with $ 3.61 ($/Mcfe). Natural gas average price including settled derivatives was $ 3.00 ($/Mcf), compared with $ 3.19 ($/Mcf). Oil and condensate pricing without derivatives was higher, but the impact from settled derivatives was $ (13.50 ) ($/Bbl), compared with $ 3.38 ($/Bbl). Operating expense control limited the decline in operating profitability, as total operating expenses were $ 196,163 (in thousands), compared with $ 196,848 (in thousands), although total unit lease operating, tax, and midstream costs were $ 1.28 ($/Mcfe), compared with $ 1.22 ($/Mcfe).

The six-month results were stronger than the prior-year six-month period. Total revenues were $ 760,760 (in thousands), income from operations was $ 354,654 (in thousands), and net income was $ 252,924 (in thousands), versus $ 644,650 (in thousands), $ 262,782 (in thousands), and $ 184,002 (in thousands), respectively. Six-month natural gas production volumes per day were 892 MMcf, compared with 865 MMcf, and natural gas sales were $ 597,783 (in thousands), compared with $ 522,742 (in thousands).

Cash flow and the balance sheet warrant attention. Net cash provided by operating activities was $ 149,929 (in thousands) in the quarter, compared with $ 231,403 (in thousands), while additions to oil and natural gas properties were $ 174,954 (in thousands), compared with $ 144,769 (in thousands). Cash and cash equivalents were $ 1,054 (in thousands) and long-term debt was $ 922,257 (in thousands) at June 30, 2026. The supplied text does not include the details of the referenced 2026E guidance page, so the reported period cannot be assessed against current guidance or prior outlook.