GULFPORT ENERGY CORP

Comparison of the Three Month Periods Ended September 30, 2026 and 2025

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, 2026 as compared to the three months ended September 30, 2025. Some totals below may not sum or recalculate due to rounding.

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

The decrease in natural gas sales without the impact of derivatives, when comparing the three months ended September 30, 2026 to the three months ended September 30, 2025, was due to a 7% decrease in sales volumes, partially offset by a 1% increase in realized prices. The 7% decrease in natural gas production was primarily due to the timing of our 2025 and 2026 development programs.

The increase in oil and condensate sales without the impact of derivatives, when comparing the three months ended September 30, 2026 to the three months ended September 30, 2025, was due to a 35% increase in realized prices, partially offset by a 10% decrease in sales volumes. The realized price change was primarily driven by the increase in the average WTI crude index from $64.93 per barrel during the three months ended September 30, 2025, to $85.68 per barrel during the three months ended September 30, 2026. The 10% decrease in oil and condensate production was primarily due to natural declines and timing of our 2025 and 2026 development programs.

The increase in NGL sales without the impact of derivatives, when comparing the three months ended September 30, 2026 to the three months ended September 30, 2025, was due to a 28% increase in realized prices and a 15% increase in sales volumes. The 15% increase in NGL production was primarily due to timing of our 2025 and 2026 development programs.

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 change in the total gain (loss) for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, was primarily the result of changes in futures pricing for natural gas, oil 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 decrease in our total LOE for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, was primarily the result of a decrease in workovers, repairs and maintenance and labor expenses in our SCOOP operations.

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

The decrease in total taxes other than income for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, was primarily related to a decrease in natural gas sales as discussed above.

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

Transportation, gathering, processing and compression for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, increased primarily due to processing fees associated with the 15% increase in NGL production volumes.

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, 2026 compared to the three months ended September 30, 2025, increased primarily due to a higher depletion rate resulting from increases in the amortization base associated with our drilling and development activities partially offset by lower production volumes.

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

General and administrative expenses for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, decreased primarily due to lower legal expenses and forfeitures of unvested equity awards in connection with the departure of the Company’s former CFO, as discussed in Note 7 of our consolidated financial statements, partially offset by higher employee compensation costs.

Interest Expense (in thousands, except per unit)

Total interest expense for the three months ended September 30, 2026 increased 27% compared to the three months ended September 30, 2025, which was primarily due to increased borrowings on our Credit Facility. Average borrowings were $329.0 million for the three months ended September 30, 2026 compared to $78.6 million for the three months ended September 30, 2025 primarily due to timing of our drilling and completion activities, share repurchases and closing of the $83.0 million Ohio state land lease acquisitions. See Note 4 of our consolidated financial statements for further details regarding our long-term debt.

Income Taxes

We recorded income tax expense of $26.4 million and $31.4 million for the three months ended September 30, 2026 and September 30, 2025, respectively. See Note 14 of our consolidated financial statements for further discussion of our income tax expense.