Gulfport Energy Corp.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 4 November 2026: press release. Guidance figures: 2 raised, 2 new, 1 kept. The quarter’s numbers.

Key takeaways

Net income and adjusted EBITDA increased: Net income was $96.4 million and adjusted EBITDA $226.5 million, up from $87.1 million and $179.1 million in the second quarter. Source
Production up about 10% on new Utica pads: Daily production averaged 1,057.2 MMcfe, up from 962.8 in the second quarter, with liquids about 13% of total volumes. Source
Adjusted free cash flow rose to $89.0 million: Operating cash flow was $183.6 million and adjusted free cash flow $89.0 million, compared with $6.4 million adjusted free cash flow in the second quarter. Source
Liquids output rose about 67%: Net liquids production was 23.5 MBbl per day, up about 67% from the second quarter; the mix was about 87% natural gas, 10% NGL and 3% oil. Source
About 10% of output contracted: Contracted volumes equal about 10% of forecasted net production, at a premium to historical realizations; both deals are priced off indices tied to regional power demand. Source
Ohio state land acquisitions completed: The Ohio state land lease acquisitions were completed for $83.0 million; the prior release expected them to add about 4,700 net acres and 16 net wet gas locations. Source
Buyback authorization raised to $2.0 billion: The board expanded the repurchase program by 33% to $2.0 billion; about $800 million remained at September 30, 2026. Source
Evaluating two-rig Appalachia program for 2027: Management is evaluating a continuous two-rig Appalachia program to steady rig and crew use and lower development costs; production growth would begin in 2028. Source

“Our 2026 development program gained significant momentum in the third quarter.”
Nick Dell’Osso, Gulfport’s President and CEO

Guidance

Area	Period	Figure	Against last quarter
Discretionary acreage acquisition program Source	remainder of 2026	$140 million	Kept
Stock repurchase authorization Source	current program	$2.0 billion	Raised
Remaining repurchase capacity Source	as of September 30, 2026	approximately $800 million	Raised from $336.8 million
Firm natural gas sales volume Source	beginning 2028	50,000 MMBtu per day	New
Firm natural gas sales volume Source	beginning mid-2027	65,000 MMBtu per day
Contracted share of forecasted net production Source	not stated	approximately 10%	New

What changed from last quarter

Guidance raised: The board expanded the repurchase authorization to $2.0 billion, up 33%. Source
Guidance kept: Full-year production and capital expenditures are described as in line with guidance, with no new figure given. Source
Guidance kept: The $140 million 2026 discretionary acreage target was restated; $87.1 million was spent on the 2026 program through September 30. Source
New: A firm sales agreement for 50,000 MMBtu per day beginning in 2028 was signed in the fourth quarter. Source
New: Management is evaluating a shift to a more continuous two-rig Appalachia program for 2027; this is under evaluation, not decided. Source

Results and growth drivers

Net income and adjusted EBITDA increased: Net income was $96.4 million and adjusted EBITDA $226.5 million, up from $87.1 million and $179.1 million in the second quarter. Source
Production up about 10% on new Utica pads: Daily production averaged 1,057.2 MMcfe, up from 962.8 in the second quarter, with liquids about 13% of total volumes. Source
Turn-in-line timing was back-half weighted: Management said the back-half-weighted turn-in-line schedule followed the plan and drove the production increase from the second quarter. Source
Adjusted free cash flow rose to $89.0 million: Operating cash flow was $183.6 million and adjusted free cash flow $89.0 million, compared with $6.4 million adjusted free cash flow in the second quarter. Source

Segments and operations

Utica and Marcellus carried most output: Utica and Marcellus averaged 889.5 MMcfe per day, up from 800.0 in the second quarter; SCOOP averaged 167.7, up from 162.8. Source
Marcellus pad choke management results: In the second quarter, a Marcellus pad was brought online under choke management and was achieving stronger oil recoveries than nearby offset wells.

“We expect to continue building on that strength in the fourth quarter, keeping us on track to deliver full-year production and capital expenditures in line with our guidance.”
Nick Dell’Osso, Gulfport’s President and CEO

Products and pricing

Liquids output rose about 67%: Net liquids production was 23.5 MBbl per day, up about 67% from the second quarter; the mix was about 87% natural gas, 10% NGL and 3% oil. Source
Gas price including settled hedges: Natural gas averaged $2.63 per Mcf before derivatives and $3.12 including settled derivatives, against $2.61 and $2.95 a year earlier. Source
Oil price reduced by settled hedges: Oil averaged $79.59 per Bbl before derivatives and $71.78 after; settled derivatives reduced the price by $7.81 per Bbl. Source
NGL price rose year on year: NGL averaged $35.81 per Bbl before derivatives, against $27.89 a year earlier. Source

Costs and margins

Transport cost per unit increased: Transportation, gathering, processing and compression ran $1.02 per Mcfe, against $0.97 in the second quarter and $0.94 a year earlier. Source
Lease operating cost per unit increased: Lease operating expense was $0.21 per Mcfe, against $0.23 in the second quarter and $0.20 a year earlier. Source
Interest cost per unit increased: Interest expense was $0.18 per Mcfe, against $0.13 a year earlier; recurring cash G&A was $0.14 per Mcfe. Source
Margin gains from mix and pricing: Management attributed higher margins and earnings to the higher-value production mix, realized liquids pricing and the cost structure. Source

Demand and sales agreements

New 2028 gas sales deal signed: A firm sales agreement for 50,000 MMBtu per day starts in 2028, supplied from existing firm transportation and priced off sales indices. Source
Mid-2027 ten-year gas deal in place: A previously executed 10-year agreement covers 65,000 MMBtu per day from mid-2027. Source
About 10% of output contracted: Contracted volumes equal about 10% of forecasted net production, at a premium to historical realizations; both deals are priced off indices tied to regional power demand. Source

Capital and inventory

Quarter capital spend $111.7 million: Incurred capital expenditures were $111.7 million: $103.5 million operated drilling and completion and $8.2 million maintenance land and seismic. Source
Nine-month capital spend $382.0 million: Nine-month incurred capital investment was $382.0 million, of which $363.0 million related to operated drilling and completion. Source
Discretionary acreage spend $46.9 million: Discretionary acreage acquisitions totaled $46.9 million this quarter and $126.6 million year to date, against the $140 million 2026 target. Source
Ohio state land acquisitions completed: The Ohio state land lease acquisitions were completed for $83.0 million; the prior release expected them to add about 4,700 net acres and 16 net wet gas locations. Source
Program expected to add about 40 locations: The prior release said the $140 million program was expected to add about 40 net low-breakeven locations and raise total Utica net inventory by more than 20%.

Cash and shareholder returns

Buybacks of $36.2 million this quarter: Repurchased about 218.7 thousand shares for about $36.2 million, versus 392.2 thousand shares for $70.0 million in the second quarter. Source
Buyback authorization raised to $2.0 billion: The board expanded the repurchase program by 33% to $2.0 billion; about $800 million remained at September 30, 2026. Source
Liquidity $645.6 million at quarter end: Liquidity was $645.6 million at September 30, against $772.4 million at June 30; revolver borrowings rose to $419.0 million from $280.0 million. Source
Borrowing base reaffirmed at $1.1 billion: The October 30 redetermination reaffirmed the borrowing base and elected commitments at $1.1 billion. Source

Strategy and 2027 plan

Evaluating two-rig Appalachia program for 2027: Management is evaluating a continuous two-rig Appalachia program to steady rig and crew use and lower development costs; production growth would begin in 2028. Source
Capital shift balances reinvestment and returns: The shift would concentrate capital in the highest-return area while balancing reinvestment with shareholder returns and keeping the balance sheet. Source

Hedging and disclosures

Hedges cover part of expected volumes: Commodity derivatives cover a portion of expected future production; the derivatives details are in the supplemental financial tables on the website. Source
Sustainability report released November 4: The company released its 2025 - 2026 Corporate Sustainability Report on November 4, 2026. Source
Company presentation accompanies call: A company presentation accompanying the earnings conference call is available through a link in the release. Source

Coming up, as management said on 4 November 2026

Acreage program completes by year-end: Management expects to complete the $140 million 2026 discretionary acreage program by year-end. Source
Ohio acreage operations start in 2027: Management said operations on the Ohio state land acquisitions are expected to commence in 2027.

Figures management reported

Figure	Reported
Production volumes Source	1,057.2 MMcfe per day
Realized gas price including derivatives Source	$3.12 per Mcf
Realized oil price including derivatives Source	$71.78 per Bbl
Realized NGL price including derivatives Source	$35.83 per Bbl
Capital expenditure Source	$111.7 million
Lease operating expense per unit Source	$0.21 per Mcfe
Transportation cost per unit Source	$1.02 per Mcfe
Shareholder returns Source	$36.2 million repurchased

Risks management discussed

External: Management cited commodity derivatives as a way to mitigate exposure to commodity price fluctuations. Source

Earlier plans management reported on

On track: Management said the company is on track to deliver full-year production and capex in line with guidance. Source
Met: The Ohio state land lease acquisitions announced in the prior release were completed for $83.0 million. Source
Not stated: The prior release anticipated a meaningful increase in liquids production during the second half of 2026.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Gulfport Energy Reports Third Quarter 2026 Financial and Operating Results

OKLAHOMA CITY (November 4, 2026) Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today reported financial and operating results for the three months ended September 30, 2026.

Third Quarter 2026 Results and Recent Highlights

Reported $96.4 million of net income and $226.5 million of adjusted EBITDA
Generated $183.6 million of net cash provided by operating activities and $89.0 million of adjusted free cash flow
Produced approximately 1,057.2 MMcfe per day
Delivered net liquids production of 23.5 MBbl per day, an increase of approximately 67% over second quarter 2026
Incurred $111.7 million of capital expenditures, which includes $103.5 million of operated D&C capital expenditures and $8.2 million of maintenance land and seismic investment
Added opportunistic discretionary acreage acquisitions totaling $46.9 million
Completed previously announced Ohio state land lease acquisitions totaling $83.0 million
Repurchased approximately 218.7 thousand shares of common stock for approximately $36.2 million during the three months ended September 30, 2026
Expanded stock repurchase authorization by 33% to $2.0 billion
Completed fall borrowing base redetermination of revolving credit facility with reaffirmed borrowing base and elected commitments of $1.1 billion
Signed supply agreement for 50,000 MMBtu/d supporting growing Midwest demand, bringing premium priced supply contracts to approximately 10% of forecasted net production
Released annual Corporate Sustainability Report, reflecting Gulfport’s continued commitment to environmental stewardship, responsible operations and sound corporate governance

Nick Dell’Osso, Gulfport’s President and CEO, commented, “Our 2026 development program gained significant momentum in the third quarter. As planned, our back-half-weighted turn-in-line schedule drove production up approximately 10% from the second quarter, led by new liquids-rich wet gas Utica pads, with liquids now representing approximately 13% of total volumes. That higher-value production mix, combined with strong realized liquids pricing and our disciplined cost structure, translated directly into stronger margins and earnings, with adjusted EBITDA and adjusted free cash flow both up meaningfully from the second quarter. We expect to continue building on that strength in the fourth quarter, keeping us on track to deliver full-year production and capital expenditures in line with our guidance.”

Dell’Osso continued, “We also continued to enhance the depth of our inventory, completing the Ohio state land acquisitions, and expect to complete our $140 million 2026 discretionary acreage acquisition program by year-end through disciplined, targeted leasing in the core of our position. As we look to 2027, we are evaluating a more continuous two-rig Appalachia development program, which we believe will drive meaningful operational efficiencies through steadier rig and crew utilization, lower our development costs, concentrate capital in our highest-return asset area and position the business for production growth beginning in 2028. This shift in capital allocation would allow Gulfport to balance reinvestment with returns to shareholders while preserving our strong balance sheet, and we look forward to sharing our full 2027 outlook in February.”

“With a high-quality, deep and concentrated asset base in the heart of Appalachia, adjacent to growing power demand in Ohio, a strong financial foundation and an expanded stock repurchase authorization, we believe we are well positioned to generate durable adjusted free cash flow and deliver meaningful value to our shareholders,” Dell’Osso concluded.

A company presentation to accompany the Gulfport earnings conference call can be accessed by clicking here.

A non-GAAP financial measure. Reconciliations of these non-GAAP measures and other disclosures are provided with the supplemental financial tables available on our website at www.gulfportenergy.com.

Operational Update

The table below summarizes Gulfport’s operated drilling and completion activity for the third quarter of 2026:

	Quarter Ended September 30, 2026
	Gross	Net	Lateral Length
Spud
Utica & Marcellus	5	4.8	19,700
SCOOP	-	-	-
Drilled
Utica & Marcellus	5	4.8	16,400
SCOOP	-	-	-
Completed
Utica & Marcellus	7	6.7	14,200
SCOOP	-	-	-
Turned-to-Sales
Utica & Marcellus	7	6.9	16,400
SCOOP	-	-	-

Gulfport’s net daily production for the third quarter of 2026 averaged 1,057.2 MMcfe per day, primarily consisting of 889.5 MMcfe per day in the Utica/Marcellus and 167.7 MMcfe per day in the SCOOP. For the third quarter of 2026, Gulfport’s net daily production mix was comprised of approximately 87% natural gas, 10% natural gas liquids (“NGL”) and 3% oil and condensate.

	Three Months Ended September 30, 2026	Three Months Ended September 30, 2025
Production
Natural gas (Mcf/day)	916,320	987,746
Oil and condensate (Bbl/day)	6,188	6,892
NGL (Bbl/day)	17,295	15,097
Total (Mcfe/day)	1,057,217	1,119,678
Average Prices
Natural Gas:
Average price without the impact of derivatives ($/Mcf)	$2.63	$2.61
Impact from settled derivatives ($/Mcf)	$0.49	$0.34
Average price, including settled derivatives ($/Mcf)	$3.12	$2.95
Oil and condensate:
Average price without the impact of derivatives ($/Bbl)	$79.59	$58.99
Impact from settled derivatives ($/Bbl)	$(7.81)	$3.63
Average price, including settled derivatives ($/Bbl)	$71.78	$62.62
NGL:
Average price without the impact of derivatives ($/Bbl)	$35.81	$27.89
Impact from settled derivatives ($/Bbl)	$0.02	$0.21
Average price, including settled derivatives ($/Bbl)	$35.83	$28.10
Total:
Average price without the impact of derivatives ($/Mcfe)	$3.33	$3.04
Impact from settled derivatives ($/Mcfe)	$0.38	$0.33
Average price, including settled derivatives ($/Mcfe)	$3.71	$3.37
Selected operating metrics
Lease operating expenses ($/Mcfe)	$0.21	$0.20
Taxes other than income ($/Mcfe)	$0.08	$0.08
Transportation, gathering, processing and compression expense ($/Mcfe)	$1.02	$0.94
Recurring cash general and administrative expenses ($/Mcfe) (non-GAAP)	$0.14	$0.13
Interest expense ($/Mcfe)	$0.18	$0.13

Capital Investment

Capital investment was $111.7 million (on an incurred basis) for the third quarter of 2026, of which $103.5 million related to operated drilling and completion activity and $8.2 million related to maintenance land and seismic investment. Gulfport also invested approximately $46.9 million in discretionary acreage acquisitions, $83.0 million related to the previously announced Ohio state land lease acquisitions and incurred approximately $0.9 million related to non-operated drilling and completion activities.

For the nine-month period ended September 30, 2026, capital investment was $382.0 million (on an incurred basis), of which $363.0 million related to operated drilling and completion activity and $19.0 million related to maintenance land and seismic investment. Gulfport also invested approximately $126.6 million in discretionary acreage acquisitions, $83.0 million in the Ohio state land lease acquisitions and incurred approximately $1.6 million related to non-operated drilling and completion activities. Discretionary acreage acquisition expenditures included $39.5 million associated with the completion of the prior year program and $87.1 million associated with the 2026 discretionary acreage acquisition program, which is targeting $140 million of acreage acquisitions through the end of the year.

Expanded Common Stock Repurchase Program

Gulfport’s board of directors recently expanded the Company’s stock repurchase program, authorizing the Company to repurchase up to $2.0 billion of its outstanding stock.

Gulfport repurchased approximately 218.7 thousand shares of common stock during the third quarter of 2026, totaling approximately $36.2 million. As of September 30, 2026, the Company had repurchased approximately 8.8 million shares of common stock (including the underlying shares of common stock into which the preferred stock was convertible) at a weighted-average share price of $135.84 since the program initiated in March 2022, totaling approximately $1.2 billion in aggregate. As of September 30, 2026, the Company had approximately $800 million of remaining capacity under the expanded stock repurchase program.

Financial Position and Liquidity

As of September 30, 2026, Gulfport had approximately $2.6 million of cash and cash equivalents, $419.0 million of borrowings under its revolving credit facility, $37.9 million of letters of credit outstanding and $650.0 million of outstanding 2029 senior notes.

Gulfport’s liquidity at September 30, 2026, totaled approximately $645.6 million, comprised of the $2.6 million of cash and cash equivalents and approximately $643.1 million of available borrowing capacity under its credit facility.

Credit Facility Borrowing Base Redetermination

On October 30, 2026, Gulfport completed its semi-annual borrowing base redetermination, which reaffirmed both the borrowing base and elected commitments at $1.1 billion.

Firm Sales Agreements

During the fourth quarter, Gulfport signed a firm sales agreement for 50,000 MMBtu per day beginning in 2028, supporting growing Midwest demand. Combined with a previously executed 10-year agreement for 65,000 MMBtu per day beginning in mid-2027, Gulfport has contracted approximately 10% of forecasted net production at a premium to historical realizations. Both agreements will be supplied using the Company’s existing firm transportation capacity and are priced off sales indices positioned to benefit from growing regional power demand.

Derivatives

Gulfport enters into commodity derivative contracts on a portion of its expected future production volumes to mitigate the Company’s exposure to commodity price fluctuations. For details, please refer to the “Derivatives” section provided with the supplemental financial tables available on our website at ir.gulfportenergy.com.

2025 - 2026 Corporate Sustainability Report

Gulfport remains dedicated to responsible operations, environmental stewardship and sound corporate governance. On November 4, 2026, the Company released its 2025 - 2026 Corporate Sustainability Report, which is available in the “Sustainability” section of www.gulfportenergy.com.

Third Quarter 2026 Conference Call

Gulfport will host a teleconference and webcast to discuss its third quarter of 2026 results beginning at 10:00 a.m. ET (9:00 a.m. CT) on Thursday, November 5, 2026.

The conference call can be heard live through a link on the Gulfport website, www.gulfportenergy.com. In addition, you may participate in the conference call by dialing 866-373-3408 domestically or 412-902-1039 internationally. A replay of the conference call will be available on the Gulfport website and a telephone audio replay will be available from November 5, 2026 to November 19, 2026, by calling 877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13763319.

Financial Statements and Guidance Documents

Third quarter of 2026 earnings results and supplemental information regarding quarterly data such as production volumes, pricing, financial statements and non-GAAP reconciliations are available on our website at ir.gulfportenergy.com.

Non-GAAP Disclosures

This press release includes non-GAAP financial measures. Such non-GAAP measures should not be considered as an alternative to GAAP measures. Reconciliations of these non-GAAP measures and other disclosures are provided with the supplemental financial tables available on our website at ir.gulfportenergy.com.

About Gulfport

Gulfport is an independent natural gas-weighted exploration and production company focused on the exploration, acquisition and production of natural gas, crude oil and NGL in the United States with primary focus in the Appalachia and Anadarko basins. Our principal properties are located in eastern Ohio targeting the Utica and Marcellus formations and in central Oklahoma targeting the SCOOP Woodford and Springer formations.

Forward-Looking Statements

Forward-looking statements notice

This press release includes “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “intends,” “believes,” “estimates,” “projects,” “predicts,” “potential” and similar expressions intended to identify forward-looking statements. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including the expected impact of U.S. trade policy and its impact on broader economic conditions, the war in Ukraine, the conflicts in Iran, the disruptions in the Strait of Hormuz and the broader geopolitical tension in the Middle East on our business, industry and the global economy, estimated future production and net revenues from oil and gas reserves and the present value thereof, future capital expenditures (including the amount and nature thereof), share repurchases, business strategy and measures to implement strategy, competitive strength, goals, expansion and growth of our business and operations, plans, references to future success, reference to intentions as to future matters and other such matters are forward-looking statements. Gulfport believes the expectations and forecasts reflected in the forward-looking statements are reasonable, Gulfport can give no assurance they will prove to have been correct. They can be affected by inaccurate or changed assumptions or by known or unknown risks and uncertainties. Important risks, assumptions and other important factors that could cause future results to differ materially from those expressed in the forward-looking statements are described under “Risk Factors” in Item 1A of Gulfport’s annual report on Form 10-K for the year ended December 31, 2025 and any updates to those factors set forth in Gulfport’s subsequent quarterly reports on Form 10-Q or current reports on Form 8-K (available at https://www.gulfportenergy.com/investors/sec-filings). Gulfport undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

Investors should note that Gulfport announces financial information in SEC filings, press releases and public conference calls. Gulfport may use the “Investors” section of its website (www.gulfportenergy.com) to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on Gulfport’s website is not part of this filing.

Contacts
Jessica Antle - Vice President, Investor Relations jantle@gulfportenergy.com
405-252-4550