GULFPORT ENERGY CORP

Comparison of the Six Month Periods Ended June 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 six months ended June 30, 2025 as compared to the six months ended June 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 six months ended June 30, 2025 to the six months ended June 30, 2024, was due to a 78% increase in realized prices, partially offset by a 12% decrease in sales volumes. The realized price change was primarily driven by the increase in the average Henry Hub gas index from $2.07 per Mcf in the six months ended June 30, 2024, to $3.55 per Mcf in the six months ended June 30, 2025. The 12% decrease in natural gas production was primarily due to natural declines partially offset by our 2024 and 2025 development programs and the impact of unplanned, third-party midstream outages and constraints.

The increase in oil and condensate sales without the impact of derivatives, when comparing the six months ended June 30, 2025 to the six months ended June 30, 2024, was due to a 115% increase in sales volumes, partially offset by a 17% decrease in realized prices. The 115% increase in oil and condensate production was primarily due to commencement of sales on new wells targeting the Utica liquids window. The realized price change was driven by the decrease in the average WTI crude index from $78.77 per barrel in the six months ended June 30, 2024, to $67.58 per barrel in the six months ended June 30, 2025.

The increase in NGL sales without the impact of derivatives, when comparing the six months ended June 30, 2025 to the six months ended June 30, 2024, was due to a 5% increase in sales volumes and a 5% increase in realized prices. The 5% increase in NGL production was primarily due to commencement of sales on new wells targeting the Utica liquids window.

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 (loss) gain for the six months ended June 30, 2025 compared to the six months ended June 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 six months ended June 30, 2025 compared to the six months ended June 30, 2024, was primarily the result of an increase in water hauling, labor and costs associated with weather operations.

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

The decrease in total taxes other than income for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, was primarily related to a decrease in property taxes partially offset by increased production taxes resulting from the increase in revenues noted above.

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

Transportation, gathering, processing and compression for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 increased on a per unit basis primarily as a result of an increase in the proportion of natural gas liquids and oil and condensate sales and an 8% decrease in total production volumes as noted above.

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 six months ended June 30, 2025 compared to the six months ended June 30, 2024, decreased primarily due to a lower depletion rate resulting from a decline in our amortization base from the full cost ceiling test impairments recorded during 2024, combined with a decrease in our production as noted above.

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

The increase in general and administrative expenses for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, was primarily driven by increases in employee compensation and 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 in the second quarter of 2025, interest paid on the 2026 Senior Notes decreased 96% for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The Company also incurred $21.9 million of interest on the 2029 Senior Notes for the six months ended June 30, 2025. Interest expense on our Credit Facility decreased 47% for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, as a result of a lower average interest rate and balance outstanding. Amortization of loan costs increased 38% for the six months ended June 30, 2025 compared to the six months ended June 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 $2.9 million and $2.4 million in interest expense for the six months ended June 30, 2025 and June 30, 2024, respectively.

Income Taxes

We recorded income tax expense of $51.5 million and $7.3 million for the six months ended June 30, 2025 and June 30, 2024, respectively. See Note 14 of our consolidated financial statements for further discussion of our income tax expense.