GULFPORT ENERGY CORP

Comparison of the Three Month Periods Ended September 30, 2025 and 2024

Natural Gas, Oil and Condensate and NGL Production and Pricing (sales totals in thousands)

The following table summarizes our natural gas, oil and condensate and NGL production and related pricing for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. Some totals below may not sum or recalculate due to rounding.

Natural Gas, Oil and Condensate and NGL Sales (in thousands)

The increase in natural gas sales without the impact of derivatives, when comparing the three months ended September 30, 2025 to the three months ended September 30, 2024 was due to a 45% increase in realized prices and a 2% increase in sales volumes. The realized price change was primarily driven by the increase in the average Henry Hub gas index from $2.16 per Mcf in the three months ended September 30, 2024, to $3.07 per Mcf during the three months ended September 30, 2025. The 2% increase in natural gas production was primarily due to commencement of sales on new wells.

The increase in oil and condensate sales without the impact of derivatives, when comparing the three months ended September 30, 2025 to the three months ended September 30, 2024, was due to a 49% increase in sales volumes, partially offset by a 15% decrease in realized prices. The 49% increase in oil and condensate production was primarily due to commencement of sales on new wells targeting the Utica and Marcellus liquids windows. The realized price change was primarily driven by the decrease in the average WTI crude index from $75.09 per barrel in the three months ended September 30, 2024, to $64.93 per barrel during the three months ended September 30, 2025.

The increase in NGL sales without the impact of derivatives, when comparing the three months ended September 30, 2025 to the three months ended September 30, 2024, was due to a 44% increase in sales volumes and a 1% increase in realized prices. The 44% increase in NGL production was primarily due to commencement of sales on new wells targeting the Utica and Marcellus liquids windows.

Natural Gas, Oil and NGL Derivatives (in thousands)

We recognize fair value changes on our natural gas, oil and NGL derivative instruments in each reporting period. The changes in fair value resulted from new positions and settlements that occurred during each period, as well as the relationship between contract prices and the associated forward curves. The significant change in the total gain for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, was primarily the result of changes in futures pricing for oil, natural gas, and NGLs during each period. See Note 10 of our consolidated financial statements for hedged volumes and pricing.

Lease Operating Expenses (in thousands, except per unit)

The increase in our total and per unit LOE for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, was primarily the result of an increase in workover, compression and labor expenses in our Utica operations.

Taxes Other Than Income (in thousands, except per unit)

The increase in total and per unit taxes other than income for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, was primarily related to an increase in production taxes resulting from the increase in our natural gas, oil and NGL revenues excluding the impact of hedges discussed above.

Transportation, Gathering, Processing and Compression (in thousands, except per unit)

Transportation, gathering, processing and compression for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, increased on a total and per unit basis primarily as a result of an increase in the proportion of natural gas liquids and oil and condensate sales.

Depreciation, Depletion and Amortization (in thousands, except per unit)

Depreciation, depletion and amortization of our oil and gas properties for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, increased primarily due to the 6% increase in our production partially offset by a lower depletion rate resulting from a decline in our amortization base from the full cost ceiling test impairments incurred during 2024.

Impairment of Oil and Natural Gas Properties

At September 30, 2024, the net book value of our oil and gas properties exceeded the calculated ceiling. As a result, we recorded a non-cash ceiling test impairment of $30.5 million for the three months ended September 30, 2024. The impairment resulted from declines in the full cost ceiling, which primarily resulted from the significant decrease in the 12-month average trailing price for natural gas. We did not record an impairment during the three months ended September 30, 2025.

General and Administrative Expenses (in thousands, except per unit)

The increase in general and administrative expenses for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, was primarily driven by an increase in legal expense related to the matters disclosed in Note 9 of our consolidated financial statements.

Interest Expense (in thousands, except per unit)

Due to the tender offer for the 2026 Senior Notes in the third quarter of 2024 and the redemption of the remaining balance of the 2026 Senior Notes in the second quarter of 2025, interest paid on the 2026 Senior Notes decreased 100% for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The Company also incurred $11.0 million of interest on the 2029 Senior Notes for the three months ended September 30, 2025 compared to $2.2 million for the three months ended September 30, 2024 due to the 2029 Senior Notes being issued in September 2024. Interest expense on our Credit Facility decreased 42% for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, as a result of a lower average interest rate and outstanding balance. Amortization of loan costs increased 30% for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, as a result of the Fourth Amendment to the Credit Facility and the issuance of the 2029 Senior Notes. See Note 4 of our consolidated financial statements for further details of our Credit Facility and 2029 Senior Notes. The Company also capitalized $1.5 million and $1.2 million in interest expense for the three months ended September 30, 2025 and September 30, 2024, respectively.

Loss on Debt Extinguishment

In September 2024, Gulfport Operating purchased and retired $524.3 million of the 2026 Senior Notes in a tender offer using net proceeds from the 2029 Senior Notes offering. The 2026 Senior Notes were purchased at an average price equal to 102.3% of the principal amount. The retirement of the 2026 Senior Notes resulted in a loss on debt extinguishment of $13.4 million, which included cash costs of $12.9 million.

Income Taxes

We recorded income tax expense of $31.4 million and income tax benefit of $3.8 million for the three months ended September 30, 2025 and September 30, 2024, respectively. On July 4, 2025, the OBBBA, which includes a broad range of tax reform provisions, was signed into law in the United States. The Company has completed its initial assessment of the OBBBA's provisions which are expected to affect the Company's current tax expense and deferred tax assets and liabilities. The Company has incorporated the provisions into the financial statements for the current period and is continuing to evaluate the full implications of these legislative changes. See Note 14 of our consolidated financial statements for further discussion of our income tax expense.