GULFPORT ENERGY CORP

Comparison of the Three Month Periods Ended June 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 June 30, 2026 as compared to the three months ended June 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 June 30, 2026 to the three months ended June 30, 2025, was due to a 17% decrease in realized prices and a 1% decrease in sales volumes. The realized price change was primarily driven by the decrease in the average Henry Hub gas index from $3.44 per Mcf in the three months ended June 30, 2025, to $2.89 per Mcf during the three months ended June 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 three months ended June 30, 2026 to the three months ended June 30, 2025, was due to a 46% decrease in sales volumes, partially offset by a 48% increase in realized prices. The 46% 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 primarily driven by the increase in the average WTI crude index from $63.74 per barrel in the three months ended June 30, 2025, to $92.85 per barrel during the three months ended June 30, 2026.

The increase in NGL sales without the impact of derivatives, when comparing the three months ended June 30, 2026 to the three months ended June 30, 2025, was due to a 22% increase in realized prices, partially offset by a 13% decrease in sales volumes. The 13% decrease in NGL production was primarily due to natural declines and 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 significant change in the total gain (loss) for the three months ended June 30, 2026 compared to the three months ended June 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 LOE for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, was primarily the result of an increase in compression, repairs and maintenance and labor expenses in our Utica operations.

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

The decrease in total taxes other than income for the three months ended June 30, 2026 compared to the three months ended June 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 June 30, 2026 compared to the three months ended June 30, 2025, decreased primarily as a result of a 4% decrease in total 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 June 30, 2026 compared to the three months ended June 30, 2025, decreased primarily due to lower production volumes. The decrease was partially offset by a higher depletion rate driven by our drilling and development activities subsequent to the second quarter of 2025.

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

General and administrative expenses for the three months ended June 30, 2026 remained comparable to the three months ended June 30, 2025, as lower legal expenses were offset by costs 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 three months ended June 30, 2026 increased 15% compared to the three months ended June 30, 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 income tax expense of $24.0 million and $51.7 million for the three months ended June 30, 2026 and June 30, 2025, respectively. See Note 14 of our consolidated financial statements for further discussion of our income tax expense.