| ☒ | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
| ☐ | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 | ||||
| Delaware | 86-3684669 | |||||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||
| 713 Market Drive | ||||||||
| Oklahoma City, | Oklahoma | 73114 | ||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Common Stock, $0.0001 par value per share | GPOR | The New York Stock Exchange | ||||||||||||
| Page | ||||||||
| Item 1. | ||||||||
| Item 2. | ||||||||
| Item 3. | ||||||||
| Item 4. | ||||||||
| Item 1. | ||||||||
| Item 1A. | ||||||||
| Item 2. | ||||||||
| Item 3. | ||||||||
| Item 4. | ||||||||
| Item 5. | ||||||||
| Item 6. | ||||||||
| Unless the context otherwise indicates, references to “us,” “we,” “our,” “ours,” “Gulfport,” the “Company” and “Registrant” refer to Gulfport Energy Corporation and its consolidated subsidiaries. All monetary values, other than per unit and per share amounts, are stated in thousands of U.S. dollars unless otherwise specified. In addition, the following are other abbreviations and definitions of certain terms used within this Quarterly Report on Form 10-Q: | ||
2026 Senior Notes. 8.00% Senior Notes due May 17, 2026. | ||
2029 Senior Notes. 6.75% Senior Notes due September 1, 2029. | ||
2029 Senior Notes Indenture. Indenture dated September 13, 2024 between Gulfport Operating, UMB Bank, National Association, as trustee, and the guarantors party thereto. | ||
ASC. Accounting Standards Codification. | ||
ASU. Accounting Standards Update. | ||
Bankruptcy Code. Chapter 11 of Title 11 of the United States Code. | ||
Bankruptcy Court. The United States Bankruptcy Court for the Southern District of Texas. | ||
Bbl. One stock tank barrel, or 42 U.S. gallons liquid volume, used herein in reference to crude oil or other liquid hydrocarbons. | ||
Board of Directors (Board). The board of directors of Gulfport Energy Corporation. | ||
Bps. Basis points. | ||
Btu. British thermal unit, which represents the amount of energy needed to heat one pound of water by one degree Fahrenheit and can be used to describe the energy content of fuels. | ||
CODM. Chief Operating Decision Maker. | ||
Completion. The process of treating a drilled well followed by the installation of permanent equipment for the production of natural gas, oil and NGL. | ||
Credit Facility. The Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent and various lender parties, providing for a senior secured reserve-based revolving credit facility effective as of October 14, 2021, as amended most recently by the Borrowing Base Reaffirmation Agreement and Fifth Amendment to Credit Agreement dated October 30, 2025. | ||
DD&A. Depreciation, depletion and amortization. | ||
Emergence Date. Gulfport filed for voluntary reorganization under Chapter 11 of the Bankruptcy Code on November 13, 2020, and subsequently operated as a debtor-in-possession, in accordance with applicable provisions of the Bankruptcy Code, until its emergence on May 17, 2021. | ||
FASB. Financial Accounting Standards Board. | ||
GAAP. Accounting principles generally accepted in the United States of America. | ||
Gross Acres or Gross Wells. Refers to the total acres or wells in which a working interest is owned. | ||
Guarantors. All existing consolidated subsidiaries that guarantee the Company's Credit Facility or certain other debt. | ||
Gulfport Operating. Gulfport Energy Operating Corporation. | ||
Incentive Plan. Gulfport Energy Corporation 2021 Stock Incentive Plan effective on the Emergence Date. | ||
LOE. Lease operating expenses. | ||
Marcellus. Refers to the Marcellus Play that includes the hydrocarbon bearing rock formations commonly referred to as the Marcellus formation located in the Appalachian Basin of the United States and Canada. Our acreage is located primarily in Belmont, Jefferson and Monroe Counties in eastern Ohio. | ||
MBbl. One thousand barrels of crude oil, condensate or natural gas liquids. | ||
Mcf. One thousand cubic feet of natural gas. | ||
Mcfe. One thousand cubic feet of natural gas equivalent, with one barrel of NGL and crude oil being equivalent to 6,000 cubic feet of natural gas. | ||
MMBtu. One million British thermal units. | ||
MMcf. One million cubic feet of natural gas. | ||
MMcfe. One million cubic feet of natural gas equivalent, with one barrel of NGL and crude oil being equivalent to 6,000 cubic feet of natural gas. | ||
Natural Gas Liquids (NGL). Hydrocarbons in natural gas that are separated from the gas as liquids through the process of absorption, condensation, adsorption or other methods in gas processing or cycling plants. Natural gas liquids primarily include ethane, propane, butane, isobutene, pentane, hexane and natural gasoline. | ||
Net Acres or Net Wells. Refers to the sum of fractional working interests owned in gross acres or gross wells. | ||
NYMEX. New York Mercantile Exchange. | ||
Parent. Gulfport Energy Corporation. | ||
Repurchase Program. A stock repurchase program to acquire up to $1.5 billion of Gulfport's outstanding common stock. It is authorized to extend through December 31, 2026, and may be suspended from time to time, modified, extended or discontinued by the Board of Directors at any time. | ||
RTSR. Relative total shareholder return. | ||
SCOOP. Refers to the South Central Oklahoma Oil Province, a term used to describe a defined area that encompasses many of the top hydrocarbon producing counties in Oklahoma within the Anadarko basin. The SCOOP Play mainly targets the Devonian to Mississippian aged Woodford, Sycamore and Springer formations. Our acreage is primarily in Garvin, Grady and Stephens Counties. | ||
SEC. The United States Securities and Exchange Commission. | ||
SOFR. Secured Overnight Financing Rate. | ||
TSR. Total shareholder return. | ||
Utica. Refers to the Utica Play that includes the hydrocarbon bearing rock formations commonly referred to as the Utica formation located in the Appalachian Basin of the United States and Canada. Our acreage is located primarily in Belmont, Harrison, Jefferson and Monroe Counties in eastern Ohio. | ||
Working Interest (WI). The operating interest which gives the owner the right to drill, produce and conduct operating activities on the property and a share of production. | ||
WTI. West Texas Intermediate. | ||
| June 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 1,054 | $ | 1,813 | |||||||
| Accounts receivable—oil, natural gas, and natural gas liquids sales | 114,376 | 184,649 | |||||||||
| Accounts receivable—joint interest and other | 13,643 | 9,282 | |||||||||
| Prepaid expenses and other current assets | 9,566 | 7,952 | |||||||||
| Short-term derivative instruments | 82,220 | 45,155 | |||||||||
| Total current assets | 220,859 | 248,851 | |||||||||
| Property and equipment: | |||||||||||
| Oil and natural gas properties, full-cost method | |||||||||||
| Proved oil and natural gas properties | 4,217,986 | 3,902,539 | |||||||||
| Unproved properties | 286,051 | 232,959 | |||||||||
| Other property and equipment | 14,136 | 13,008 | |||||||||
| Total property and equipment | 4,518,173 | 4,148,506 | |||||||||
| Less: accumulated depletion, depreciation and amortization | (2,016,730) | (1,868,481) | |||||||||
| Total property and equipment, net | 2,501,443 | 2,280,025 | |||||||||
| Other assets: | |||||||||||
| Long-term derivative instruments | 34,119 | 15,303 | |||||||||
| Deferred tax asset | 397,865 | 465,738 | |||||||||
| Operating lease assets | 153 | 561 | |||||||||
| Other assets | 16,575 | 19,062 | |||||||||
| Total other assets | 448,712 | 500,664 | |||||||||
| Total assets | $ | 3,171,014 | $ | 3,029,540 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable and accrued liabilities | $ | 367,021 | $ | 342,382 | |||||||
| Short-term derivative instruments | 16,073 | 21,865 | |||||||||
| Current portion of operating lease liabilities | 148 | 550 | |||||||||
| Total current liabilities | 383,242 | 364,797 | |||||||||
| Non-current liabilities: | |||||||||||
| Long-term derivative instruments | 3,810 | 8,916 | |||||||||
| Asset retirement obligation | 34,426 | 32,912 | |||||||||
| Non-current operating lease liabilities | 5 | 10 | |||||||||
| Long-term debt | 922,257 | 788,187 | |||||||||
| Total non-current liabilities | 960,498 | 830,025 | |||||||||
| Total liabilities | $ | 1,343,740 | $ | 1,194,822 | |||||||
| Commitments and contingencies (Note 9) | |||||||||||
| Stockholders’ equity: | |||||||||||
Common stock - $0.0001 par value, 42.0 million shares authorized, 17.7 million issued and outstanding at June 30, 2026, and 18.8 million issued and outstanding at December 31, 2025 | 2 | 2 | |||||||||
| Additional paid-in capital | — | — | |||||||||
| Retained earnings | 1,827,704 | 1,834,716 | |||||||||
Treasury stock, at cost - 2.5 thousand shares at June 30, 2026 and 0 shares at December 31, 2025 | (432) | — | |||||||||
| Total stockholders’ equity | $ | 1,827,274 | $ | 1,834,718 | |||||||
| Total liabilities and stockholders’ equity | $ | 3,171,014 | $ | 3,029,540 | |||||||
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | ||||||||||
| REVENUES: | |||||||||||
| Natural gas sales | $ | 198,253 | $ | 241,236 | |||||||
| Oil and condensate sales | 32,841 | 41,543 | |||||||||
| Natural gas liquid sales | 30,459 | 28,736 | |||||||||
| Net gain on natural gas, oil and NGL derivatives | 61,675 | 136,101 | |||||||||
| Total revenues | 323,228 | 447,616 | |||||||||
| OPERATING EXPENSES: | |||||||||||
| Lease operating expenses | 19,831 | 17,628 | |||||||||
| Taxes other than income | 7,374 | 7,556 | |||||||||
| Transportation, gathering, processing and compression | 84,626 | 86,508 | |||||||||
| Depreciation, depletion and amortization | 73,053 | 73,643 | |||||||||
| General and administrative expenses | 10,661 | 10,926 | |||||||||
| Accretion expense | 618 | 587 | |||||||||
| Total operating expenses | 196,163 | 196,848 | |||||||||
| INCOME FROM OPERATIONS | 127,065 | 250,768 | |||||||||
| OTHER EXPENSE: | |||||||||||
| Interest expense | 15,792 | 13,731 | |||||||||
| Other, net | 155 | 901 | |||||||||
| Total other expense | 15,947 | 14,632 | |||||||||
| INCOME BEFORE INCOME TAXES | 111,118 | 236,136 | |||||||||
| INCOME TAX (BENEFIT) EXPENSE: | |||||||||||
| Current | (244) | 274 | |||||||||
| Deferred | 24,260 | 51,396 | |||||||||
| Total income tax expense | 24,016 | 51,670 | |||||||||
| NET INCOME | $ | 87,102 | $ | 184,466 | |||||||
| Dividends on preferred stock | — | (804) | |||||||||
| Participating securities - preferred stock | — | (20,622) | |||||||||
| NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 87,102 | $ | 163,040 | |||||||
| NET INCOME PER COMMON SHARE: | |||||||||||
| Basic | $ | 4.87 | $ | 9.21 | |||||||
| Diluted | $ | 4.85 | $ | 9.12 | |||||||
| Weighted average common shares outstanding—Basic | 17,895 | 17,707 | |||||||||
| Weighted average common shares outstanding—Diluted | 17,945 | 17,907 | |||||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | ||||||||||
| REVENUES: | |||||||||||
| Natural gas sales | $ | 597,783 | $ | 522,742 | |||||||
| Oil and condensate sales | 55,179 | 72,802 | |||||||||
| Natural gas liquid sales | 61,936 | 59,553 | |||||||||
| Net gain (loss) on natural gas, oil and NGL derivatives | 45,862 | (10,447) | |||||||||
| Total revenues | 760,760 | 644,650 | |||||||||
| OPERATING EXPENSES: | |||||||||||
| Lease operating expenses | 44,287 | 37,911 | |||||||||
| Taxes other than income | 16,558 | 14,182 | |||||||||
| Transportation, gathering, processing and compression | 175,193 | 169,378 | |||||||||
| Depreciation, depletion and amortization | 148,483 | 139,265 | |||||||||
| General and administrative expenses | 20,369 | 19,927 | |||||||||
| Accretion expense | 1,216 | 1,205 | |||||||||
| Total operating expenses | 406,106 | 381,868 | |||||||||
| INCOME FROM OPERATIONS | 354,654 | 262,782 | |||||||||
| OTHER EXPENSE: | |||||||||||
| Interest expense | 31,178 | 27,087 | |||||||||
| Other, net | 1,853 | 199 | |||||||||
| Total other expense | 33,031 | 27,286 | |||||||||
| INCOME BEFORE INCOME TAXES | 321,623 | 235,496 | |||||||||
| INCOME TAX EXPENSE: | |||||||||||
| Current | 826 | 105 | |||||||||
| Deferred | 67,873 | 51,389 | |||||||||
| Total income tax expense | 68,699 | 51,494 | |||||||||
| NET INCOME | $ | 252,924 | $ | 184,002 | |||||||
| Dividends on preferred stock | — | (1,666) | |||||||||
| Participating securities - preferred stock | — | (20,385) | |||||||||
| NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 252,924 | $ | 161,951 | |||||||
| NET INCOME PER COMMON SHARE: | |||||||||||
| Basic | $ | 13.88 | $ | 9.10 | |||||||
| Diluted | $ | 13.82 | $ | 9.01 | |||||||
| Weighted average common shares outstanding—Basic | 18,222 | 17,793 | |||||||||
| Weighted average common shares outstanding—Diluted | 18,306 | 18,009 | |||||||||
| Common Stock | Treasury Stock | Paid-in Capital | Retained Earnings | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||
| Shares | Amount | ||||||||||||||||||||||||||||||||||
| Balance at January 1, 2025 | 17,798 | $ | 2 | $ | — | $ | 129,059 | $ | 1,582,332 | $ | 1,711,393 | ||||||||||||||||||||||||
| Net loss | — | — | — | — | (464) | (464) | |||||||||||||||||||||||||||||
| Conversion of preferred stock | 324 | — | — | 4,461 | — | 4,461 | |||||||||||||||||||||||||||||
| Stock compensation | — | — | — | 4,538 | — | 4,538 | |||||||||||||||||||||||||||||
| Repurchase of common stock under Repurchase Program | (329) | — | (2,192) | (58,409) | — | (60,601) | |||||||||||||||||||||||||||||
| Issuance of common stock upon vesting of share-based awards | 40 | — | — | — | — | — | |||||||||||||||||||||||||||||
| Common stock withheld for income taxes on share-based awards | (17) | — | — | (2,962) | — | (2,962) | |||||||||||||||||||||||||||||
| Dividends on preferred stock | — | — | — | (4) | (862) | (866) | |||||||||||||||||||||||||||||
| Balance at March 31, 2025 | 17,816 | $ | 2 | $ | (2,192) | $ | 76,683 | $ | 1,581,006 | $ | 1,655,499 | ||||||||||||||||||||||||
| Net income | — | — | — | — | 184,466 | 184,466 | |||||||||||||||||||||||||||||
| Conversion of preferred stock | 113 | — | — | 1,531 | — | 1,531 | |||||||||||||||||||||||||||||
| Stock compensation | — | — | — | 4,870 | — | 4,870 | |||||||||||||||||||||||||||||
| Net cash payments on performance vesting restricted stock units | — | — | — | (12,297) | — | (12,297) | |||||||||||||||||||||||||||||
| Repurchase of common stock under Repurchase Program | (348) | — | 1,692 | (67,009) | — | (65,317) | |||||||||||||||||||||||||||||
| Issuance of common stock upon vesting of share-based awards | 39 | — | — | — | — | — | |||||||||||||||||||||||||||||
| Common stock withheld for income taxes on share-based awards | (12) | — | — | (2,266) | — | (2,266) | |||||||||||||||||||||||||||||
| Dividends on preferred stock | — | — | — | (3) | (804) | (807) | |||||||||||||||||||||||||||||
| Balance at June 30, 2025 | 17,608 | $ | 2 | $ | (500) | $ | 1,509 | $ | 1,764,668 | $ | 1,765,679 | ||||||||||||||||||||||||
| Common Stock | Treasury Stock | Paid-in Capital | Retained Earnings | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||
| Shares | Amount | ||||||||||||||||||||||||||||||||||
| Balance at January 1, 2026 | 18,810 | $ | 2 | $ | — | $ | — | $ | 1,834,716 | $ | 1,834,718 | ||||||||||||||||||||||||
| Net income | — | — | — | — | 165,822 | 165,822 | |||||||||||||||||||||||||||||
| Stock compensation | — | — | — | 2,610 | (2,317) | 293 | |||||||||||||||||||||||||||||
| Repurchase of common stock under Repurchase Program | (852) | — | (3,024) | (1,502) | (169,978) | (174,504) | |||||||||||||||||||||||||||||
| Issuance of common stock upon vesting of share-based awards | 208 | — | — | — | — | — | |||||||||||||||||||||||||||||
| Common stock withheld for income taxes on share-based awards | (90) | — | — | (1,108) | (17,536) | (18,644) | |||||||||||||||||||||||||||||
| Balance at March 31, 2026 | 18,076 | $ | 2 | $ | (3,024) | $ | — | $ | 1,810,707 | $ | 1,807,685 | ||||||||||||||||||||||||
| Net income | — | — | — | — | 87,102 | 87,102 | |||||||||||||||||||||||||||||
| Stock compensation | — | — | — | 4,017 | — | 4,017 | |||||||||||||||||||||||||||||
| Repurchase of common stock under Repurchase Program | (404) | — | 2,592 | (3,082) | (70,105) | (70,595) | |||||||||||||||||||||||||||||
| Issuance of common stock upon vesting of share-based awards | 19 | — | — | — | — | — | |||||||||||||||||||||||||||||
| Common stock withheld for income taxes on share-based awards | (5) | — | — | (935) | — | (935) | |||||||||||||||||||||||||||||
| Balance at June 30, 2026 | 17,686 | $ | 2 | $ | (432) | $ | — | $ | 1,827,704 | $ | 1,827,274 | ||||||||||||||||||||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 252,924 | $ | 184,002 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depletion, depreciation and amortization | 148,483 | 139,265 | |||||||||
| Net (gain) loss on derivative instruments | (45,862) | 10,447 | |||||||||
| Net cash (payments) receipts on settled derivative instruments | (20,917) | 9,550 | |||||||||
| Deferred income tax expense | 67,873 | 51,389 | |||||||||
| Stock-based compensation expense | 2,888 | 6,303 | |||||||||
| Other, net | 3,814 | 3,850 | |||||||||
| Changes in operating assets and liabilities, net | 33,644 | 3,877 | |||||||||
| Net cash provided by operating activities | 442,847 | 408,683 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Additions to oil and natural gas properties | (312,787) | (253,000) | |||||||||
| Other, net | (1,177) | (965) | |||||||||
| Net cash used in investing activities | (313,964) | (253,965) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Principal payments on Credit Facility | (799,000) | (414,000) | |||||||||
| Borrowings on Credit Facility | 932,000 | 431,000 | |||||||||
| Early retirement of 2026 Senior Notes | — | (25,702) | |||||||||
| Dividends on preferred stock | — | (1,666) | |||||||||
| Repurchase of common stock under Repurchase Program | (225,104) | (109,500) | |||||||||
| Repurchase of common stock under Repurchase Program - related party | (17,239) | (15,000) | |||||||||
| Net cash payments on performance vesting restricted stock units | — | (12,297) | |||||||||
| Shares exchanged for tax withholdings | (19,579) | (5,228) | |||||||||
| Other, net | (720) | (4) | |||||||||
| Net cash used in financing activities | (129,642) | (152,397) | |||||||||
| Net change in cash and cash equivalents | (759) | 2,321 | |||||||||
| Cash and cash equivalents at beginning of period | 1,813 | 1,473 | |||||||||
| Cash and cash equivalents at end of period | $ | 1,054 | $ | 3,794 | |||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| Revenue payable and suspense | $ | 139,691 | $ | 157,532 | |||||||
| Accounts payable | 65,061 | 53,107 | |||||||||
| Accrued capital expenditures | 73,892 | 30,873 | |||||||||
| Accrued transportation, gathering, processing and compression | 38,247 | 38,544 | |||||||||
| Other accrued liabilities | 50,130 | 62,326 | |||||||||
| Total accounts payable and accrued liabilities | $ | 367,021 | $ | 342,382 | |||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | ||||||||||
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest payments, net of amounts capitalized | $ | 28,695 | $ | 23,191 | |||||||
| Income taxes paid | $ | 795 | $ | 2,400 | |||||||
| Changes in operating assets and liabilities, net: | |||||||||||
| Accounts receivable - oil, natural gas, and natural gas liquid sales | $ | 70,273 | $ | 27,328 | |||||||
| Accounts receivable - joint interest and other | (4,361) | (3,021) | |||||||||
| Accounts payable and accrued liabilities | (31,204) | (17,329) | |||||||||
| Prepaid expenses | (1,033) | (3,060) | |||||||||
| Other assets | (31) | (41) | |||||||||
| Total changes in operating assets and liabilities, net | $ | 33,644 | $ | 3,877 | |||||||
| Supplemental disclosure of non-cash transactions: | |||||||||||
| Capitalized stock-based compensation | $ | 1,422 | $ | 3,105 | |||||||
| Asset retirement obligation capitalized | 372 | 222 | |||||||||
| Asset retirement obligation removed due to settlements | (74) | (1,030) | |||||||||
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | ||||||||||
| Total revenues | $ | 323,228 | $ | 447,616 | |||||||
| Significant segment expenses | |||||||||||
| Lease operating expenses | 19,831 | 17,628 | |||||||||
| Taxes other than income | 7,374 | 7,556 | |||||||||
| Transportation, gathering, processing and compression | 84,626 | 86,508 | |||||||||
| Depreciation, depletion and amortization | 73,053 | 73,643 | |||||||||
| General and administrative | 10,661 | 10,926 | |||||||||
| Interest expense | 15,792 | 13,731 | |||||||||
Other segment expenses(1) | 773 | 1,488 | |||||||||
| Income tax expense | 24,016 | 51,670 | |||||||||
| Total significant segment expenses | 236,126 | 263,150 | |||||||||
| Net income | $ | 87,102 | $ | 184,466 | |||||||
Capital expenditures(2) | $ | 198,514 | $ | 139,543 | |||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | ||||||||||
| Total revenues | $ | 760,760 | $ | 644,650 | |||||||
| Significant segment expenses | |||||||||||
| Lease operating expenses | 44,287 | 37,911 | |||||||||
| Taxes other than income | 16,558 | 14,182 | |||||||||
| Transportation, gathering, processing and compression | 175,193 | 169,378 | |||||||||
| Depreciation, depletion and amortization | 148,483 | 139,265 | |||||||||
| General and administrative | 20,369 | 19,927 | |||||||||
| Interest expense | 31,178 | 27,087 | |||||||||
Other segment expenses(1) | 3,069 | 1,404 | |||||||||
| Income tax expense | 68,699 | 51,494 | |||||||||
| Total significant segment expenses | 507,836 | 460,648 | |||||||||
| Net income | $ | 252,924 | $ | 184,002 | |||||||
Capital expenditures(2) | $ | 367,433 | $ | 309,568 | |||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| Proved oil and natural gas properties | $ | 4,217,986 | $ | 3,902,539 | |||||||
| Unproved properties | 286,051 | 232,959 | |||||||||
| Other depreciable property and equipment | 13,750 | 12,622 | |||||||||
| Land | 386 | 386 | |||||||||
| Total property and equipment | 4,518,173 | 4,148,506 | |||||||||
| Accumulated DD&A | (2,016,730) | (1,868,481) | |||||||||
| Property and equipment, net | $ | 2,501,443 | $ | 2,280,025 | |||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| Utica & Marcellus | $ | 264,893 | $ | 210,185 | |||||||
| SCOOP | 21,158 | 22,774 | |||||||||
| Total unproved properties | $ | 286,051 | $ | 232,959 | |||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | ||||||||||
| Asset retirement obligation, beginning of period | $ | 32,912 | $ | 32,949 | |||||||
| Liabilities incurred | 372 | 222 | |||||||||
| Liabilities settled and divested | (74) | (1,673) | |||||||||
| Accretion expense | 1,216 | 1,205 | |||||||||
| Total asset retirement obligation, end of period | $ | 34,426 | $ | 32,703 | |||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
6.75% senior unsecured notes due 2029 | $ | 650,000 | $ | 650,000 | |||||||
| Credit Facility due 2028 | 280,000 | 147,000 | |||||||||
| Net unamortized debt issuance costs | (7,743) | (8,813) | |||||||||
| Total debt, net | 922,257 | 788,187 | |||||||||
| Less: current maturities of long-term debt | — | — | |||||||||
| Total long-term debt, net | $ | 922,257 | $ | 788,187 | |||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | ||||||||||
| Preferred stock, beginning of period | — | 37,348 | |||||||||
| Conversion of preferred stock | — | (5,992) | |||||||||
| Preferred stock, end of period | — | 31,356 | |||||||||
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | ||||||||||
| Total number of shares purchased | 392,222 | 338,886 | |||||||||
| Dollar value of shares purchased | $ | 69,999 | $ | 65,000 | |||||||
| Average price paid per share | $ | 178.47 | $ | 191.80 | |||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | ||||||||||
| Total number of shares purchased | 1,258,501 | 679,550 | |||||||||
| Dollar value of shares purchased | $ | 242,776 | $ | 125,000 | |||||||
| Average price paid per share | $ | 192.91 | $ | 183.95 | |||||||
| Number of Unvested Restricted Stock Units | Weighted Average Grant Date Fair Value | Number of Unvested Performance Vesting Restricted Stock Units | Weighted Average Grant Date Fair Value | ||||||||||||||||||||
| Unvested shares as of January 1, 2026 | 143,666 | $ | 145.22 | 183,181 | $ | 113.44 | |||||||||||||||||
Granted(1) | 64,627 | 207.92 | 109,133 | 126.49 | |||||||||||||||||||
| Vested | (59,644) | 137.05 | (148,381) | 58.39 | |||||||||||||||||||
Forfeited/canceled(2) | (26,398) | 180.52 | (65,889) | 178.95 | |||||||||||||||||||
| Unvested shares as of March 31, 2026 | 122,251 | $ | 174.73 | 78,044 | $ | 181.04 | |||||||||||||||||
| Granted | 30,224 | 187.12 | 18,631 | 142.47 | |||||||||||||||||||
| Vested | (19,137) | 119.27 | — | — | |||||||||||||||||||
| Forfeited/canceled | (611) | 191.91 | — | — | |||||||||||||||||||
| Unvested shares as of June 30, 2026 | 132,727 | $ | 185.47 | 96,675 | $ | 173.61 | |||||||||||||||||
| Number of Unvested Restricted Stock Units | Weighted Average Grant Date Fair Value | Number of Unvested Performance Vesting Restricted Stock Units | Weighted Average Grant Date Fair Value | ||||||||||||||||||||
| Unvested shares as of January 1, 2025 | 167,014 | $ | 111.29 | 178,139 | $ | 92.06 | |||||||||||||||||
| Granted | 61,350 | 169.80 | 41,016 | 165.39 | |||||||||||||||||||
| Vested | (40,011) | 112.93 | — | — | |||||||||||||||||||
| Forfeited/canceled | (1,288) | 126.93 | — | — | |||||||||||||||||||
| Unvested shares as of March 31, 2025 | 187,065 | $ | 130.02 | 219,155 | $ | 105.78 | |||||||||||||||||
Granted(1) | 10,511 | 195.92 | 35,974 | 66.82 | |||||||||||||||||||
| Vested | (39,463) | 104.36 | (71,948) | 66.82 | |||||||||||||||||||
| Forfeited/canceled | (994) | 144.69 | — | — | |||||||||||||||||||
| Unvested shares as of June 30, 2025 | 157,119 | $ | 140.78 | 183,181 | $ | 113.44 | |||||||||||||||||
| Grant date | March 1, 2025 | March 1, 2026 | May 28, 2026 | ||||||||
| Forecast period (years) | 3 | 3 | 3 | ||||||||
| Risk-free interest rates | 3.99% | 3.39% | 4.04% | ||||||||
| Implied equity volatility | 44.60% | 43.20% | 43.60% | ||||||||
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | ||||||||||
| Net income | $ | 87,102 | $ | 184,466 | |||||||
| Dividends on preferred stock | — | (804) | |||||||||
Participating securities - preferred stock(1) | — | (20,622) | |||||||||
| Net income attributable to common stockholders | $ | 87,102 | $ | 163,040 | |||||||
| Re-allocation of participating securities | — | 205 | |||||||||
| Diluted net income attributable to common stockholders | $ | 87,102 | $ | 163,245 | |||||||
| Basic Shares | 17,895 | 17,707 | |||||||||
| Dilutive Shares | 17,945 | 17,907 | |||||||||
| Basic EPS | $ | 4.87 | $ | 9.21 | |||||||
| Dilutive EPS | $ | 4.85 | $ | 9.12 | |||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | ||||||||||
| Net income | $ | 252,924 | $ | 184,002 | |||||||
| Dividends on preferred stock | — | (1,666) | |||||||||
Participating securities - preferred stock(1) | — | (20,385) | |||||||||
| Net income attributable to common stockholders | $ | 252,924 | $ | 161,951 | |||||||
| Re-allocation of participating securities | — | 217 | |||||||||
| Diluted net income attributable to common stockholders | $ | 252,924 | $ | 162,168 | |||||||
| Basic Shares | 18,222 | 17,793 | |||||||||
| Dilutive Shares | 18,306 | 18,009 | |||||||||
| Basic EPS | $ | 13.88 | $ | 9.10 | |||||||
| Dilutive EPS | $ | 13.82 | $ | 9.01 | |||||||
| Remaining 2026 | $ | 68,420 | |||
| 2027 | 133,932 | ||||
| 2028 | 136,060 | ||||
| 2029 | 137,282 | ||||
| 2030 | 116,304 | ||||
| Thereafter | 375,110 | ||||
| Total | $ | 967,108 | |||
| Remaining 2026 | 70,000 | ||||
| 2027 | 24,000 | ||||
| 2028 | 65,000 | ||||
| 2029 | 65,000 | ||||
| 2030 | 65,000 | ||||
| Thereafter | 455,000 | ||||
| Total | 744,000 | ||||
| Index | Daily Volume | Weighted Average Price | |||||||||||||||
| Natural Gas | (MMBtu/d) | ($/MMBtu) | |||||||||||||||
| Remaining 2026 | NYMEX Henry Hub | 455,000 | $ | 3.75 | |||||||||||||
| 2027 | NYMEX Henry Hub | 224,877 | $ | 3.89 | |||||||||||||
| 2028 | NYMEX Henry Hub | 90,000 | $ | 3.74 | |||||||||||||
| Oil | (Bbl/d) | ($/Bbl) | |||||||||||||||
| Remaining 2026 | NYMEX WTI | 2,000 | $ | 72.19 | |||||||||||||
| 2027 | NYMEX WTI | 2,250 | $ | 68.92 | |||||||||||||
| 2028 | NYMEX WTI | 750 | $ | 71.43 | |||||||||||||
| NGL | (Bbl/d) | ($/Bbl) | |||||||||||||||
| Remaining 2026 | Mont Belvieu C3 | 3,250 | $ | 30.98 | |||||||||||||
| 2027 | Mont Belvieu C3 | 2,000 | $ | 29.64 | |||||||||||||
| Index | Daily Volume | Weighted Average Floor Price | Weighted Average Ceiling Price | ||||||||||||||||||||
| Natural Gas | (MMBtu/d) | ($/MMBtu) | ($/MMBtu) | ||||||||||||||||||||
| Remaining 2026 | NYMEX Henry Hub | 150,000 | $ | 3.61 | $ | 4.35 | |||||||||||||||||
| 2027 | NYMEX Henry Hub | 117,397 | $ | 3.75 | $ | 4.26 | |||||||||||||||||
| Oil | (Bbl/d) | ($/Bbl) | ($/Bbl) | ||||||||||||||||||||
| Remaining 2026 | NYMEX WTI | 1,250 | $ | 55.00 | $ | 71.24 | |||||||||||||||||
| 2027 | NYMEX WTI | 300 | $ | 55.00 | $ | 68.00 | |||||||||||||||||
| Gulfport Pays | Gulfport Receives | Daily Volume | Weighted Average Fixed Spread | ||||||||||||||||||||
| Natural Gas | (MMBtu/d) | ($/MMBtu) | |||||||||||||||||||||
| Remaining 2026 | Rex Zone 3 | NYMEX Plus Fixed Spread | 80,000 | $ | (0.18) | ||||||||||||||||||
| Remaining 2026 | NGPL TXOK | NYMEX Plus Fixed Spread | 30,000 | $ | (0.30) | ||||||||||||||||||
| Remaining 2026 | TETCO M2 | NYMEX Plus Fixed Spread | 170,000 | $ | (0.95) | ||||||||||||||||||
| Remaining 2026 | Transco Station 85 | NYMEX Plus Fixed Spread | 10,000 | $ | 0.56 | ||||||||||||||||||
| Remaining 2026 | TGP 500 | NYMEX Plus Fixed Spread | 20,000 | $ | 0.56 | ||||||||||||||||||
| 2027 | Rex Zone 3 | NYMEX Plus Fixed Spread | 70,000 | $ | (0.21) | ||||||||||||||||||
| 2027 | NGPL TXOK | NYMEX Plus Fixed Spread | 40,000 | $ | (0.33) | ||||||||||||||||||
| 2027 | TETCO M2 | NYMEX Plus Fixed Spread | 100,000 | $ | (0.85) | ||||||||||||||||||
| 2028 | Rex Zone 3 | NYMEX Plus Fixed Spread | 30,000 | $ | (0.23) | ||||||||||||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| Short-term derivative asset | $ | 82,220 | $ | 45,155 | |||||||
| Long-term derivative asset | 34,119 | 15,303 | |||||||||
| Short-term derivative liability | (16,073) | (21,865) | |||||||||
| Long-term derivative liability | (3,810) | (8,916) | |||||||||
| Total commodity derivative position | $ | 96,456 | $ | 29,677 | |||||||
| Net gain (loss) on derivative instruments | |||||||||||
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | ||||||||||
| Natural gas derivatives - fair value gains | $ | 8,636 | $ | 108,909 | |||||||
| Natural gas derivatives - settlement gains | 41,573 | 17,295 | |||||||||
| Total gains on natural gas derivatives | 50,209 | 126,204 | |||||||||
| Oil derivatives - fair value gains | 13,654 | 2,315 | |||||||||
| Oil derivatives - settlement (losses) gains | (5,165) | 2,411 | |||||||||
| Total gains on oil and condensate derivatives | 8,489 | 4,726 | |||||||||
| NGL derivatives - fair value gains | 3,548 | 5,437 | |||||||||
| NGL derivatives - settlement losses | (571) | (266) | |||||||||
| Total gains on NGL derivatives | 2,977 | 5,171 | |||||||||
| Total gains on natural gas, oil and NGL derivatives | $ | 61,675 | $ | 136,101 | |||||||
| Net gain (loss) on derivative instruments | |||||||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | ||||||||||
| Natural gas derivatives - fair value gains (losses) | $ | 66,229 | $ | (24,755) | |||||||
| Natural gas derivatives - settlement (losses) gains | (14,333) | 8,270 | |||||||||
| Total gains (losses) on natural gas derivatives | 51,896 | (16,485) | |||||||||
| Oil derivatives - fair value gains | 3,774 | 2,309 | |||||||||
| Oil derivatives - settlement (losses) gains | (6,781) | 2,915 | |||||||||
| Total (losses) gains on oil and condensate derivatives | (3,007) | 5,224 | |||||||||
| NGL derivatives - fair value (losses) gains | (3,224) | 2,449 | |||||||||
| NGL derivatives - settlement gains (losses) | 197 | (1,635) | |||||||||
| Total (losses) gains on NGL derivatives | (3,027) | 814 | |||||||||
| Total gains (losses) on natural gas, oil and NGL derivatives | $ | 45,862 | $ | (10,447) | |||||||
| As of June 30, 2026 | |||||||||||||||||
| Gross Assets (Liabilities) Presented in the Consolidated Balance Sheets | Gross Amounts Subject to Master Netting Agreements | Net Amount | |||||||||||||||
| Derivative assets | $ | 116,339 | $ | (19,883) | $ | 96,456 | |||||||||||
| Derivative liabilities | $ | (19,883) | $ | 19,883 | $ | — | |||||||||||
| As of December 31, 2025 | |||||||||||||||||
| Gross Assets (Liabilities) Presented in the Consolidated Balance Sheets | Gross Amounts Subject to Master Netting Agreements | Net Amount | |||||||||||||||
| Derivative assets | $ | 60,458 | $ | (30,671) | $ | 29,787 | |||||||||||
| Derivative liabilities | $ | (30,781) | $ | 30,671 | $ | (110) | |||||||||||
| June 30, 2026 | |||||||||||||||||
| Level 1 | Level 2 | Level 3 | |||||||||||||||
| Assets: | |||||||||||||||||
| Derivative instruments | $ | — | $ | 116,339 | $ | — | |||||||||||
| Contingent consideration arrangement | — | — | 1,080 | ||||||||||||||
| Total assets | $ | — | $ | 116,339 | $ | 1,080 | |||||||||||
| Liabilities: | |||||||||||||||||
| Derivative instruments | $ | — | $ | 19,883 | $ | — | |||||||||||
| December 31, 2025 | |||||||||||||||||
| Level 1 | Level 2 | Level 3 | |||||||||||||||
| Assets: | |||||||||||||||||
| Derivative instruments | $ | — | $ | 60,458 | $ | — | |||||||||||
| Contingent consideration arrangement | — | — | 1,290 | ||||||||||||||
| Total assets | $ | — | $ | 60,458 | $ | 1,290 | |||||||||||
| Liabilities: | |||||||||||||||||
| Derivative instruments | $ | — | $ | 30,781 | $ | — | |||||||||||
| Remaining 2026 | $ | 144 | |||
| 2027 | 10 | ||||
| 2028 | — | ||||
| 2029 | — | ||||
| 2030 | — | ||||
| Total lease payments | $ | 154 | |||
| Less: imputed interest | (1) | ||||
| Total | $ | 153 | |||
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | ||||||||||
| Operating lease cost | $ | 209 | $ | 209 | |||||||
| Variable lease cost | — | — | |||||||||
| Short-term lease cost | 9,982 | 7,472 | |||||||||
Total lease cost(1) | $ | 10,191 | $ | 7,681 | |||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | ||||||||||
| Operating lease cost | $ | 418 | $ | 1,635 | |||||||
| Variable lease cost | — | — | |||||||||
| Short-term lease cost | 20,877 | 16,382 | |||||||||
Total lease cost(1) | $ | 21,295 | $ | 18,017 | |||||||
| Period | Type of Derivative Instrument | Index | Daily Volume | Weighted Average Price | ||||||||||||||||||||||
| Natural Gas | (MMBtu/d) | ($/MMBtu) | ||||||||||||||||||||||||
| 2027 | Basis Swaps | Rex Zone 3 | 20,000 | $ | (0.20) | |||||||||||||||||||||
| 2027 | Basis Swaps | TETCO M2 | 30,000 | $ | (0.72) | |||||||||||||||||||||
| 2028 | Basis Swaps | TETCO M2 | 40,000 | $ | (0.71) | |||||||||||||||||||||
| Oil | (Bbl/d) | ($/Bbl) | ||||||||||||||||||||||||
| Remaining 2026 | Costless Collars | NYMEX WTI | 832 | $76.25 / $85.60 | ||||||||||||||||||||||
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | ||||||||||
| Natural gas (Mcf/day) | |||||||||||
| Utica & Marcellus | 755,485 | 736,420 | |||||||||
| SCOOP | 122,873 | 154,939 | |||||||||
| Total | 878,358 | 891,359 | |||||||||
| Oil and condensate (Bbl/day) | |||||||||||
| Utica & Marcellus | 3,080 | 6,135 | |||||||||
| SCOOP | 1,123 | 1,708 | |||||||||
| Total | 4,203 | 7,843 | |||||||||
| NGL (Bbl/day) | |||||||||||
| Utica & Marcellus | 4,331 | 4,555 | |||||||||
| SCOOP | 5,531 | 6,759 | |||||||||
| Total | 9,862 | 11,313 | |||||||||
| Combined (Mcfe/day) | |||||||||||
| Utica & Marcellus | 799,955 | 800,557 | |||||||||
| SCOOP | 162,798 | 205,742 | |||||||||
| Total | 962,753 | 1,006,299 | |||||||||
| Totals may not sum or recalculate due to rounding. | |||||||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | ||||||||||
| Natural gas (Mcf/day) | |||||||||||
| Utica & Marcellus | 769,093 | 711,829 | |||||||||
| SCOOP | 122,896 | 152,907 | |||||||||
| Total | 891,988 | 864,735 | |||||||||
| Oil and condensate (Bbl/day) | |||||||||||
| Utica & Marcellus | 2,808 | 5,005 | |||||||||
| SCOOP | 1,164 | 1,565 | |||||||||
| Total | 3,972 | 6,570 | |||||||||
| NGL (Bbl/day) | |||||||||||
| Utica & Marcellus | 5,075 | 4,028 | |||||||||
| SCOOP | 5,568 | 6,614 | |||||||||
| Total | 10,643 | 10,641 | |||||||||
| Combined (Mcfe/day) | |||||||||||
| Utica & Marcellus | 816,391 | 766,023 | |||||||||
| SCOOP | 163,284 | 201,979 | |||||||||
| Total | 979,675 | 968,002 | |||||||||
| Totals may not sum or recalculate due to rounding. | |||||||||||
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | ||||||||||
| Natural gas sales | |||||||||||
| Natural gas production volumes (MMcf) | 79,931 | 81,114 | |||||||||
| Natural gas production volumes (MMcf) per day | 878 | 891 | |||||||||
| Total sales | $ | 198,253 | $ | 241,236 | |||||||
| Average price without the impact of derivatives ($/Mcf) | $ | 2.48 | $ | 2.97 | |||||||
| Impact from settled derivatives ($/Mcf) | $ | 0.52 | $ | 0.22 | |||||||
| Average price, including settled derivatives ($/Mcf) | $ | 3.00 | $ | 3.19 | |||||||
| Oil and condensate sales | |||||||||||
| Oil and condensate production volumes (MBbl) | 382 | 714 | |||||||||
| Oil and condensate production volumes (MBbl) per day | 4 | 8 | |||||||||
| Total sales | $ | 32,841 | $ | 41,543 | |||||||
| Average price without the impact of derivatives ($/Bbl) | $ | 85.86 | $ | 58.20 | |||||||
| Impact from settled derivatives ($/Bbl) | $ | (13.50) | $ | 3.38 | |||||||
| Average price, including settled derivatives ($/Bbl) | $ | 72.36 | $ | 61.58 | |||||||
| NGL sales | |||||||||||
| NGL production volumes (MBbl) | 897 | 1,030 | |||||||||
| NGL production volumes (MBbl) per day | 10 | 11 | |||||||||
| Total sales | $ | 30,459 | $ | 28,736 | |||||||
| Average price without the impact of derivatives ($/Bbl) | $ | 33.94 | $ | 27.91 | |||||||
| Impact from settled derivatives ($/Bbl) | $ | (0.64) | $ | (0.26) | |||||||
| Average price, including settled derivatives ($/Bbl) | $ | 33.30 | $ | 27.65 | |||||||
| Natural gas, oil and condensate and NGL sales | |||||||||||
| Natural gas equivalents (MMcfe) | 87,610 | 91,573 | |||||||||
| Natural gas equivalents (MMcfe) per day | 963 | 1,006 | |||||||||
| Total sales | $ | 261,553 | $ | 311,515 | |||||||
| Average price without the impact of derivatives ($/Mcfe) | $ | 2.99 | $ | 3.40 | |||||||
| Impact from settled derivatives ($/Mcfe) | $ | 0.40 | $ | 0.21 | |||||||
| Average price, including settled derivatives ($/Mcfe) | $ | 3.39 | $ | 3.61 | |||||||
| Production Costs: | |||||||||||
| Average lease operating expenses ($/Mcfe) | $ | 0.23 | $ | 0.19 | |||||||
| Average taxes other than income ($/Mcfe) | $ | 0.08 | $ | 0.08 | |||||||
| Average transportation, gathering, processing and compression ($/Mcfe) | $ | 0.97 | $ | 0.94 | |||||||
| Total lease operating expenses, taxes other than income and midstream costs ($/Mcfe) | $ | 1.28 | $ | 1.22 | |||||||
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | % Change | |||||||||||||||
| Natural gas | $ | 198,253 | $ | 241,236 | (18) | % | |||||||||||
| Oil and condensate | 32,841 | 41,543 | (21) | % | |||||||||||||
| NGL | 30,459 | 28,736 | 6 | % | |||||||||||||
| Natural gas, oil and condensate and NGL sales | $ | 261,553 | $ | 311,515 | (16) | % | |||||||||||
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | ||||||||||
| Natural gas derivatives - fair value gains | $ | 8,636 | $ | 108,909 | |||||||
| Natural gas derivatives - settlement gains | 41,573 | 17,295 | |||||||||
| Total gains on natural gas derivatives | 50,209 | 126,204 | |||||||||
| Oil derivatives - fair value gains | 13,654 | 2,315 | |||||||||
| Oil derivatives - settlement (losses) gains | (5,165) | 2,411 | |||||||||
| Total gains on oil and condensate derivatives | 8,489 | 4,726 | |||||||||
| NGL derivatives - fair value gains | 3,548 | 5,437 | |||||||||
| NGL derivatives - settlement losses | (571) | (266) | |||||||||
| Total gains on NGL derivatives | 2,977 | 5,171 | |||||||||
| Total gains on natural gas, oil and NGL derivatives | $ | 61,675 | $ | 136,101 | |||||||
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | % Change | |||||||||||||||
| Lease operating expenses | |||||||||||||||||
| Utica & Marcellus | $ | 15,581 | $ | 12,421 | 25 | % | |||||||||||
| SCOOP | 4,250 | 5,207 | (18) | % | |||||||||||||
| Total lease operating expenses | $ | 19,831 | $ | 17,628 | 12 | % | |||||||||||
| Lease operating expenses per Mcfe | |||||||||||||||||
| Utica & Marcellus | $ | 0.21 | $ | 0.17 | 24 | % | |||||||||||
| SCOOP | 0.29 | 0.28 | 4 | % | |||||||||||||
| Total lease operating expenses per Mcfe | $ | 0.23 | $ | 0.19 | 18 | % | |||||||||||
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | % Change | |||||||||||||||
| Production taxes | $ | 4,830 | $ | 5,316 | (9) | % | |||||||||||
| Property taxes | 1,931 | 1,554 | 24 | % | |||||||||||||
| Other | 613 | 686 | (11) | % | |||||||||||||
| Total taxes other than income | $ | 7,374 | $ | 7,556 | (2) | % | |||||||||||
| Total taxes other than income per Mcfe | $ | 0.08 | $ | 0.08 | 2 | % | |||||||||||
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | % Change | |||||||||||||||
| Transportation, gathering, processing and compression | $ | 84,626 | $ | 86,508 | (2) | % | |||||||||||
| Transportation, gathering, processing and compression per Mcfe | $ | 0.97 | $ | 0.94 | 2 | % | |||||||||||
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | % Change | |||||||||||||||
| Depreciation, depletion and amortization of oil and gas properties | $ | 72,463 | $ | 73,123 | (1) | % | |||||||||||
| Depreciation, depletion and amortization of other property and equipment | 590 | 520 | 13 | % | |||||||||||||
| Total depreciation, depletion and amortization | $ | 73,053 | $ | 73,643 | (1) | % | |||||||||||
| Depreciation, depletion and amortization per Mcfe | $ | 0.83 | $ | 0.80 | 4 | % | |||||||||||
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | % Change | |||||||||||||||
| General and administrative expenses, gross | $ | 21,721 | $ | 21,639 | — | % | |||||||||||
| Reimbursed from third parties | (4,517) | (4,280) | 6 | % | |||||||||||||
| Capitalized general and administrative expenses | (6,543) | (6,433) | 2 | % | |||||||||||||
| General and administrative expenses, net | $ | 10,661 | $ | 10,926 | (2) | % | |||||||||||
| General and administrative expenses, net per Mcfe | $ | 0.12 | $ | 0.12 | 2 | % | |||||||||||
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | % Change | |||||||||||||||
| Interest on 2026 Senior Notes | $ | — | $ | 263 | (100) | % | |||||||||||
| Interest on 2029 Senior Notes | 10,969 | 10,969 | — | % | |||||||||||||
| Interest expense on Credit Facility | 4,987 | 2,322 | 115 | % | |||||||||||||
| Amortization of loan costs | 1,418 | 1,313 | 8 | % | |||||||||||||
| Capitalized interest | (1,732) | (1,447) | 20 | % | |||||||||||||
| Other | 150 | 311 | (52) | % | |||||||||||||
| Total interest expense | $ | 15,792 | $ | 13,731 | 15 | % | |||||||||||
| Interest expense per Mcfe | $ | 0.18 | $ | 0.15 | 20 | % | |||||||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | ||||||||||
| Natural gas sales | |||||||||||
| Natural gas production volumes (MMcf) | 161,450 | 156,517 | |||||||||
| Natural gas production volumes (MMcf) per day | 892 | 865 | |||||||||
| Total sales | $ | 597,783 | $ | 522,742 | |||||||
| Average price without the impact of derivatives ($/Mcf) | $ | 3.70 | $ | 3.34 | |||||||
| Impact from settled derivatives ($/Mcf) | $ | (0.09) | $ | 0.05 | |||||||
| Average price, including settled derivatives ($/Mcf) | $ | 3.61 | $ | 3.39 | |||||||
| Oil and condensate sales | |||||||||||
| Oil and condensate production volumes (MBbl) | 719 | 1,189 | |||||||||
| Oil and condensate production volumes (MBbl) per day | 4 | 7 | |||||||||
| Total sales | $ | 55,179 | $ | 72,802 | |||||||
| Average price without the impact of derivatives ($/Bbl) | $ | 76.76 | $ | 61.22 | |||||||
| Impact from settled derivatives ($/Bbl) | $ | (9.43) | $ | 2.46 | |||||||
| Average price, including settled derivatives ($/Bbl) | $ | 67.33 | $ | 63.68 | |||||||
| NGL sales | |||||||||||
| NGL production volumes (MBbl) | 1,926 | 1,926 | |||||||||
| NGL production volumes (MBbl) per day | 11 | 11 | |||||||||
| Total sales | $ | 61,936 | $ | 59,553 | |||||||
| Average price without the impact of derivatives ($/Bbl) | $ | 32.15 | $ | 30.92 | |||||||
| Impact from settled derivatives ($/Bbl) | $ | 0.10 | $ | (0.85) | |||||||
| Average price, including settled derivatives ($/Bbl) | $ | 32.25 | $ | 30.07 | |||||||
| Natural gas, oil and condensate and NGL sales | |||||||||||
| Natural gas equivalents (MMcfe) | 177,321 | 175,208 | |||||||||
| Natural gas equivalents (MMcfe) per day | 980 | 968 | |||||||||
| Total sales | $ | 714,898 | $ | 655,097 | |||||||
| Average price without the impact of derivatives ($/Mcfe) | $ | 4.03 | $ | 3.74 | |||||||
| Impact from settled derivatives ($/Mcfe) | $ | (0.12) | $ | 0.05 | |||||||
| Average price, including settled derivatives ($/Mcfe) | $ | 3.91 | $ | 3.79 | |||||||
| Production Costs: | |||||||||||
| Average lease operating expenses ($/Mcfe) | $ | 0.25 | $ | 0.22 | |||||||
| Average taxes other than income ($/Mcfe) | $ | 0.09 | $ | 0.08 | |||||||
| Average transportation, gathering, processing and compression ($/Mcfe) | $ | 0.99 | $ | 0.97 | |||||||
| Total lease operating expenses, taxes other than income and midstream costs ($/Mcfe) | $ | 1.33 | $ | 1.26 | |||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | % Change | |||||||||||||||
| Natural gas | $ | 597,783 | $ | 522,742 | 14 | % | |||||||||||
| Oil and condensate | 55,179 | 72,802 | (24) | % | |||||||||||||
| NGL | 61,936 | 59,553 | 4 | % | |||||||||||||
| Natural gas, oil and condensate and NGL sales | $ | 714,898 | $ | 655,097 | 9 | % | |||||||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | ||||||||||
| Natural gas derivatives - fair value gains (losses) | $ | 66,229 | $ | (24,755) | |||||||
| Natural gas derivatives - settlement (losses) gains | (14,333) | 8,270 | |||||||||
| Total gains (losses) on natural gas derivatives | 51,896 | (16,485) | |||||||||
| Oil derivatives - fair value gains | 3,774 | 2,309 | |||||||||
| Oil derivatives - settlement (losses) gains | (6,781) | 2,915 | |||||||||
| Total (losses) gains on oil and condensate derivatives | (3,007) | 5,224 | |||||||||
| NGL derivatives - fair value (losses) gains | (3,224) | 2,449 | |||||||||
| NGL derivatives - settlement gains (losses) | 197 | (1,635) | |||||||||
| Total (losses) gains on NGL derivatives | (3,027) | 814 | |||||||||
| Total gains (losses) on natural gas, oil and NGL derivatives | $ | 45,862 | $ | (10,447) | |||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | % Change | |||||||||||||||
| Lease operating expenses | |||||||||||||||||
| Utica & Marcellus | $ | 34,897 | $ | 26,013 | 34 | % | |||||||||||
| SCOOP | 9,390 | 11,898 | (21) | % | |||||||||||||
| Total lease operating expenses | $ | 44,287 | $ | 37,911 | 17 | % | |||||||||||
| Lease operating expenses per Mcfe | |||||||||||||||||
| Utica & Marcellus | $ | 0.24 | $ | 0.19 | 26 | % | |||||||||||
| SCOOP | 0.32 | 0.33 | (3) | % | |||||||||||||
| Total lease operating expenses per Mcfe | $ | 0.25 | $ | 0.22 | 15 | % | |||||||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | % Change | |||||||||||||||
| Production taxes | $ | 10,720 | $ | 10,753 | — | % | |||||||||||
| Property taxes | 4,140 | 1,982 | 109 | % | |||||||||||||
| Other | 1,698 | 1,447 | 17 | % | |||||||||||||
| Total taxes other than income | $ | 16,558 | $ | 14,182 | 17 | % | |||||||||||
| Total taxes other than income per Mcfe | $ | 0.09 | $ | 0.08 | 15 | % | |||||||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | % Change | |||||||||||||||
| Transportation, gathering, processing and compression | $ | 175,193 | $ | 169,378 | 3 | % | |||||||||||
| Transportation, gathering, processing and compression per Mcfe | $ | 0.99 | $ | 0.97 | 2 | % | |||||||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | % Change | |||||||||||||||
| Depreciation, depletion and amortization of oil and gas properties | $ | 147,339 | $ | 138,213 | 7 | % | |||||||||||
| Depreciation, depletion and amortization of other property and equipment | 1,144 | 1,052 | 9 | % | |||||||||||||
| Total depreciation, depletion and amortization | $ | 148,483 | $ | 139,265 | 7 | % | |||||||||||
| Depreciation, depletion and amortization per Mcfe | $ | 0.84 | $ | 0.79 | 5 | % | |||||||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | % Change | |||||||||||||||
| General and administrative expenses, gross | $ | 40,998 | $ | 40,838 | — | % | |||||||||||
| Reimbursed from third parties | (8,564) | (8,246) | 4 | % | |||||||||||||
| Capitalized general and administrative expenses | (12,065) | (12,665) | (5) | % | |||||||||||||
| General and administrative expenses, net | $ | 20,369 | $ | 19,927 | 2 | % | |||||||||||
| General and administrative expenses, net per Mcfe | $ | 0.11 | $ | 0.11 | 1 | % | |||||||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | % Change | |||||||||||||||
| Interest on 2026 Senior Notes | $ | — | $ | 777 | (100) | % | |||||||||||
| Interest on 2029 Senior Notes | 21,938 | 21,938 | — | % | |||||||||||||
| Interest expense on Credit Facility | 9,270 | 4,007 | 131 | % | |||||||||||||
| Amortization of loan costs | 2,756 | 2,613 | 5 | % | |||||||||||||
| Capitalized interest | (3,157) | (2,877) | 10 | % | |||||||||||||
| Other | 371 | 629 | (41) | % | |||||||||||||
| Total interest expense | $ | 31,178 | $ | 27,087 | 15 | % | |||||||||||
| Interest expense per Mcfe | $ | 0.18 | $ | 0.15 | 14 | % | |||||||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | ||||||||||
| Net cash provided by operating activities | $ | 442,847 | $ | 408,683 | |||||||
| Additions to oil and natural gas properties | (312,787) | (253,000) | |||||||||
| Debt activity, net | 133,000 | (8,702) | |||||||||
| Repurchases of common stock | (242,343) | (124,500) | |||||||||
| Net cash payments on performance vesting restricted stock units | — | (12,297) | |||||||||
| Shares exchanged for tax withholdings | (19,579) | (5,228) | |||||||||
| Dividends on preferred stock | — | (1,666) | |||||||||
| Other | (1,897) | (969) | |||||||||
| Net change in cash and cash equivalents | $ | (759) | $ | 2,321 | |||||||
| Cash and cash equivalents at end of period | $ | 1,054 | $ | 3,794 | |||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | ||||||||||
| Oil and Natural Gas Property Cash Expenditures: | |||||||||||
| Drilling and completion costs | $ | 204,055 | $ | 215,498 | |||||||
| Leasehold and seismic acquisitions | 90,674 | 22,429 | |||||||||
| Other | 18,058 | 15,073 | |||||||||
| Total oil and natural gas property expenditures | $ | 312,787 | $ | 253,000 | |||||||
| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | ||||
| ITEM 4. | CONTROLS AND PROCEDURES | ||||
| ITEM 1. | LEGAL PROCEEDINGS | ||||
| ITEM 1A. | RISK FACTORS | ||||
| ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | ||||
| Period | Total Number of Shares Purchased(1) | Average Price Paid per Share | Total number of shares purchased as part of publicly announced plans or programs | Approximate maximum dollar value of shares that may yet be purchased under the plans or programs | |||||||||||||||||||
| April 1 - April 30 | 103,966 | $ | 196.38 | 101,933 | $ | 386,835,000 | |||||||||||||||||
| May 1 - May 31 | 172,108 | $ | 177.32 | 169,200 | $ | 356,835,000 | |||||||||||||||||
| June 1 - June 30 | 121,089 | $ | 165.17 | 121,089 | $ | 336,835,000 | |||||||||||||||||
| Total | 397,163 | $ | 178.60 | 392,222 | |||||||||||||||||||
| ITEM 3. | DEFAULTS UPON SENIOR SECURITIES | ||||
| ITEM 4. | MINE SAFETY DISCLOSURES | ||||
| ITEM 5. | OTHER INFORMATION | ||||
| ITEM 6. | EXHIBITS | ||||
| 104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | X | ||||||||||||||||||||||||||||||||||||
| + | Management contract, compensatory plan or arrangement. | ||||
| GULFPORT ENERGY CORPORATION | ||||||||
| By: | /s/ Michael Hodges | |||||||
| Michael Hodges Chief Financial Officer | ||||||||
| /s/ Domenic J. Dell'Osso, Jr. | |||||
| Domenic J. Dell'Osso, Jr. | |||||
| Chief Executive Officer | |||||
| /s/ Michael Hodges | |||||
| Michael Hodges | |||||
| Chief Financial Officer | |||||
| /s/ Domenic J. Dell'Osso, Jr. | |||||
| Domenic J. Dell'Osso, Jr. | |||||
| Chief Executive Officer | |||||
| /s/ Michael Hodges | |||||
| Michael Hodges | |||||
| Chief Financial Officer | |||||