GULFPORT ENERGY CORP

Comparison of the Three Month Periods Ended March 31, 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 March 31, 2026 as compared to the three months ended March 31, 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 three months ended March 31, 2026, to the three months ended March 31, 2025 was due to a 31% increase in realized natural gas prices and an 8% increase in sales volumes. The realized price change was primarily driven by the increase in the average Henry Hub gas index from $3.65 per Mcf in the three months ended March 31, 2025, to $5.04 per Mcf during the three months ended March 31, 2026. The 8% increase 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 three months ended March 31, 2026, to the three months ended March 31, 2025, was due to a 29% decrease in sales volumes, partially offset by a 2% increase in realized prices. The 29% decrease in oil and condensate production was primarily due to natural declines partially offset by our 2025 and 2026 development programs. The realized price change was primarily driven by the increase in the average WTI crude index from $71.42 per barrel in the three months ended March 31, 2025, to $71.93 per barrel during the three months ended March 31, 2026.

The increase in NGL sales without the impact of derivatives when comparing the three months ended March 31, 2026, to the three months ended March 31, 2025, was due to a 15% increase in NGL sales volumes, partially offset by an 11% decrease in realized prices. The 15% 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 loss for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, 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 March 31, 2026 compared to the three months ended March 31, 2025, was primarily the result of an increase in compression, water hauling and labor expenses.

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 March 31, 2026 compared to the three months ended March 31, 2025, was primarily related to an increase in property taxes and an increase 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 March 31, 2026 compared to the three months ended March 31, 2025, increased on a total and per unit basis primarily as a result of a 7% increase in total production volumes.

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

The total and per unit depreciation, depletion and amortization for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, increased primarily due to a higher depletion rate driven by our drilling and development activities subsequent to the first quarter of 2025.

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

The increase in total general and administrative expenses for the three months ended March 31, 2026 compared to March 31, 2025, was primarily driven by increases in employee compensation expenses, legal expenses primarily related to activity disclosed in Note 9 of our consolidated financial statements and expenses associated with the Chief Executive Officer search partially offset by a decrease in stock compensation expense related to the forfeitures of unvested restricted stock units and performance vesting restricted stock units due to the departure of the Company's Chief Executive Officer during the quarter. General and administrative expenses on a per unit basis remained consistent, as production volumes increased comparable to general and administrative expenses.

Interest Expense (in thousands, except per unit)

Total interest expense for the three months ended March 31, 2026, increased 15% compared to the three months ended March 31, 2025 which was primarily due to higher 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 an income tax expense of $44.7 million for the three months ended March 31, 2026 compared to income tax benefit of $0.2 million for the three months ended March 31, 2025. See Note 14 of our consolidated financial statements for further discussion of our income tax expense.