Three months ended June 30, 2026
Filed Aug 3, 2026Second-quarter net income was $ 87,102 (in thousands) as lower commodity sales and derivative gains reduced total revenues to $ 323,228 (in thousands), while six-month net income increased to $ 252,924 (in thousands).
Quarterly total revenues, income from operations, and net income were below the prior-year period, while six-month total revenues, income from operations, and net income were higher. Quarterly production and commodity sales volumes declined, and long-term debt was higher than at December 31, 2025.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Natural gas salesGAAP | $ 198,253 (in thousands) | – | – |
| Oil and condensate salesGAAP | $ 32,841 (in thousands) | – | – |
| Natural gas liquid salesGAAP | $ 30,459 (in thousands) | – | – |
| Net gain on natural gas, oil and NGL derivativesGAAP | $ 61,675 (in thousands) | – | – |
| Total revenuesGAAP | $ 323,228 (in thousands) | – | – |
| Lease operating expensesGAAP | $ 19,831 (in thousands) | – | – |
| Taxes other than incomeGAAP | $ 7,374 (in thousands) | – | – |
| Transportation, gathering, processing and compressionGAAP | $ 84,626 (in thousands) | – | – |
| Depreciation, depletion and amortizationGAAP | $ 73,053 (in thousands) | – | – |
| General and administrative expensesGAAP | $ 10,661 (in thousands) | – | – |
| Accretion expenseGAAP | $ 618 (in thousands) | – | – |
| Total operating expensesGAAP | $ 196,163 (in thousands) | – | – |
| Income from operationsGAAP | $ 127,065 (in thousands) | – | – |
| Interest expenseGAAP | $ 15,792 (in thousands) | – | – |
| Other, netGAAP | $ 155 (in thousands) | – | – |
| Total other expenseGAAP | $ 15,947 (in thousands) | – | – |
| Income before income taxesGAAP | $ 111,118 (in thousands) | – | – |
| Total income tax expenseGAAP | $ 24,016 (in thousands) | – | – |
| Net incomeGAAP | $ 87,102 (in thousands) | – | – |
| Net income attributable to common stockholdersGAAP | $ 87,102 (in thousands) | – | – |
| Net income per common share, basicGAAP | $ 4.87 | – | – |
| Net income per common share, dilutedGAAP | $ 4.85 | – | – |
| Weighted average common shares outstanding, basicGAAP | 17,895 (in thousands) | – | – |
| Weighted average common shares outstanding, dilutedGAAP | 17,945 (in thousands) | – | – |
| Natural gas production volumesother | 79,931 MMcf | – | – |
| Natural gas production volumes per dayother | 878 MMcf | – | – |
| Natural gas average price without the impact of derivativesother | $ 2.48 ($/Mcf) | – | – |
| Natural gas impact from settled derivativesother | $ 0.52 ($/Mcf) | – | – |
| Natural gas average price, including settled derivativesother | $ 3.00 ($/Mcf) | – | – |
| Oil and condensate production volumesother | 382 MBbl | – | – |
| Oil and condensate production volumes per dayother | 4 MBbl | – | – |
| Oil and condensate average price without the impact of derivativesother | $ 85.86 ($/Bbl) | – | – |
| Oil and condensate average price, including settled derivativesother | $ 72.36 ($/Bbl) | – | – |
| NGL production volumesother | 897 MBbl | – | – |
| NGL production volumes per dayother | 10 MBbl | – | – |
| NGL average price without the impact of derivativesother | $ 33.94 ($/Bbl) | – | – |
| NGL average price, including settled derivativesother | $ 33.30 ($/Bbl) | – | – |
| Natural gas equivalentsother | 87,610 MMcfe | – | – |
| Natural gas equivalents per dayother | 963 MMcfe | – | – |
| Natural gas, oil and condensate and NGL average price without the impact of derivativesother | $ 2.99 ($/Mcfe) | – | – |
| Natural gas, oil and condensate and NGL average price, including settled derivativesother | $ 3.39 ($/Mcfe) | – | – |
| Average lease operating expensesother | $ 0.23 ($/Mcfe) | – | – |
| Average taxes other than incomeother | $ 0.08 ($/Mcfe) | – | – |
| Average transportation, gathering, processing and compressionother | $ 0.97 ($/Mcfe) | – | – |
| Total lease operating expenses, taxes other than income and midstream costsother | $ 1.28 ($/Mcfe) | – | – |
| Six-month total revenuesGAAP | $ 760,760 (in thousands) | – | – |
| Six-month income from operationsGAAP | $ 354,654 (in thousands) | – | – |
| Six-month net incomeGAAP | $ 252,924 (in thousands) | – | – |
| Six-month net income attributable to common stockholdersGAAP | $ 252,924 (in thousands) | – | – |
| Six-month net income per common share, dilutedGAAP | $ 13.82 | – | – |
| Net cash provided by operating activitiesGAAP | $ 149,929 (in thousands) | – | – |
| Additions to oil and natural gas propertiesGAAP | $ 174,954 (in thousands) | – | – |
What drove it
- Quarterly natural gas sales were $ 198,253 (in thousands), compared with $ 241,236 (in thousands), alongside natural gas production volumes of 79,931 MMcf, compared with 81,114 MMcf.
- Quarterly oil and condensate sales were $ 32,841 (in thousands), compared with $ 41,543 (in thousands), while production volumes were 382 MBbl, compared with 714 MBbl.
- Quarterly NGL sales were $ 30,459 (in thousands), compared with $ 28,736 (in thousands), despite NGL production volumes of 897 MBbl, compared with 1,030 MBbl.
- The net gain on natural gas, oil and NGL derivatives was $ 61,675 (in thousands), compared with $ 136,101 (in thousands).
- Utica & Marcellus combined production was 799,955 Mcfe/day, compared with 800,557 Mcfe/day. SCOOP combined production was 162,798 Mcfe/day, compared with 205,742 Mcfe/day.
Concerns
- Quarterly total revenues were $ 323,228 (in thousands), compared with $ 447,616 (in thousands).
- Quarterly net income was $ 87,102 (in thousands), compared with $ 184,466 (in thousands).
- Natural gas, oil and condensate and NGL average price including settled derivatives was $ 3.39 ($/Mcfe), compared with $ 3.61 ($/Mcfe).
- Total lease operating expenses, taxes other than income and midstream costs were $ 1.28 ($/Mcfe), compared with $ 1.22 ($/Mcfe).
- Long-term debt increased to $ 922,257 (in thousands) from $ 788,187 (in thousands) at December 31, 2025.
What to watch
- 2026E guidance is referenced in the supplemental information table of contents but the guidance page is not included in the provided filing text.
- Production trends in the SCOOP, where combined production was 162,798 Mcfe/day for the three months ended June 30, 2026, compared with 205,742 Mcfe/day.
- The level of derivative gains and settled derivative impacts on realized prices.
- Capital spending, with additions to oil and natural gas properties of $ 174,954 (in thousands) in the three months ended June 30, 2026.
Balance sheet and cash flow
- Cash and cash equivalents were $ 1,054 (in thousands) at June 30, 2026, compared with $ 1,813 (in thousands) at December 31, 2025.
- Long-term debt was $ 922,257 (in thousands) at June 30, 2026, compared with $ 788,187 (in thousands) at December 31, 2025.
- Total assets were $ 3,171,014 (in thousands) at June 30, 2026, compared with $ 3,029,540 (in thousands) at December 31, 2025.
- Total liabilities were $ 1,343,740 (in thousands) at June 30, 2026, compared with $ 1,194,822 (in thousands) at December 31, 2025.
- Total stockholders’ equity was $ 1,827,274 (in thousands) at June 30, 2026, compared with $ 1,834,718 (in thousands) at December 31, 2025.
- Net cash used in investing activities was $ 175,550 (in thousands) for the three months ended June 30, 2026, compared with $ 145,188 (in thousands) for the three months ended June 30, 2025.
Analysis
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.
Not in the filing
stated, not guessed- The filing text is truncated during the financing activities section of the three-month cash flow statement.
- Complete financing cash flow data, including the amount of borrowings on the Credit Facility and any capital return activity, are not available in the provided text.
- Free cash flow or adjusted free cash flow reconciliation is not available in the provided text.
- Adjusted net income, adjusted EBITDA, recurring general and administrative expenses, and other non-GAAP reconciliation figures are not available in the provided text.
- The 2026E guidance page referenced in the supplemental information table of contents is not included in the provided text.
- No previous outlook section was provided.
- No named executive commentary or executive quotes were provided.
- No quarterly gross margin, non-GAAP EPS, dividend declaration, share repurchase amount, debt maturity schedule, or liquidity total is available in the provided text.
AlphaAI analysis generated 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 cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.