GULFPORT ENERGY CORP

Comparison of the Nine 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 nine months ended September 30, 2026 as compared to the nine 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 increase in natural gas sales without the impact of derivatives, when comparing the nine months ended September 30, 2026 to the nine months ended September 30, 2025, was due to a 9% increase in realized prices, partially offset by a 1% decrease in sales volumes. The realized price change was primarily driven by the increase in the average Henry Hub gas index from $3.39 per Mcf in the nine months ended September 30, 2025, to $3.60 per Mcf in the nine months ended September 30, 2026. The 1% decrease in natural gas production was primarily due to the timing of our 2025 and 2026 development programs.

The decrease in oil and condensate sales without the impact of derivatives, when comparing the nine months ended September 30, 2026 to the nine months ended September 30, 2025, was due to a 29% decrease in sales volumes, partially offset by a 29% increase in realized prices. The 29% decrease in oil and condensate production was primarily due to natural declines and timing of our 2025 and 2026 development programs. The realized price change was driven by the increase in the average WTI crude index from $66.70 per barrel in the nine months ended September 30, 2025, to $83.62 per barrel in the nine months ended September 30, 2026.

The increase in NGL sales without the impact of derivatives, when comparing the nine months ended September 30, 2026 to the nine months ended September 30, 2025, was due to a 14% increase in realized prices and a 6% increase in sales volumes. The 6% 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 change in the total gain (loss) for the nine months ended September 30, 2026 compared to the nine 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 increase in our total and per unit LOE for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, was primarily the result of an increase in compression, water disposal and labor expenses in Utica and Marcellus partially offset by a decrease in expenses in SCOOP.

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

The increase in total taxes other than income for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, was primarily related to changes in estimates of our property taxes.

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

Transportation, gathering, processing and compression for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 increased primarily due to processing fees associated with the 6% increase in NGL production volumes.

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

The total and per unit depreciation, depletion and amortization of our oil and gas properties for the nine months ended September 30, 2026 compared to the nine 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)

The decrease in general and administrative expenses for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, was primarily driven by the forfeiture of unvested equity awards in connection with the departures of the Company’s former CEO and former CFO, as discussed in Note 7 of our consolidated financial statements, and lower legal expenses. The decrease is partially offset by increased employee compensation costs and expenses associated with the CEO transition discussed in Note 2 of our consolidated financial statements.

Interest Expense (in thousands, except per unit)

Total interest expense for the nine months ended September 30, 2026 increased 19% compared to the nine months ended September 30, 2025, which was primarily due to higher average outstanding borrowings on our Credit Facility. See Note 4 of our consolidated financial statements for further details regarding our long-term debt.

Income Taxes

We recorded income tax expense of $95.1 million and $82.9 million for the nine 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.