GULFPORT ENERGY CORP

6. EQUITY

Share Repurchase Program

In November 2021, the Company's Board of Directors approved the Repurchase Program to acquire up to $100 million of common stock, which has subsequently been increased to $1.5 billion, including the cash redemption of preferred stock noted previously, and extended through December 31, 2026. In November 2026, the Company's Board of Directors approved an increase to the Repurchase Program from $1.5 billion to $2.0 billion and removed the program's previous expiration date. As a result, the Repurchase Program no longer has a fixed expiration date. Purchases under the Repurchase Program may be made from time to time in open market or privately negotiated transactions, and will be subject to available liquidity, market conditions, credit agreement restrictions, applicable legal requirements, contractual obligations and other factors. The Repurchase Program does not require the Company to acquire any specific number of shares of common stock. The Company intends to purchase shares under the Repurchase Program with available funds while maintaining sufficient liquidity to fund its capital development program. The Repurchase Program may be suspended from time to time, modified, extended or discontinued by the Board of Directors at any time.

The following tables summarize activity under the Repurchase Program (dollar value of shares purchased shown in thousands):

(1) Amounts include cash redemption of 2,449 shares of preferred stock (equivalent to 179,666 shares of common stock on an as-converted basis), totaling $31.3 million at $174.22 per share. See Note 5 for further discussion of the Company's redemption of its preferred stock.

(1) Amounts include cash redemption of 2,449 shares of preferred stock (equivalent to 179,666 shares of common stock on an as-converted basis), totaling $31.3 million at $174.22 per share. See Note 5 for further discussion of the Company's redemption of its preferred stock.

As of September 30, 2026, the Company has repurchased 8.8 million shares for approximately $1.2 billion at a weighted average price of $135.84 per share since the inception of the Repurchase Program.