gpor-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-19514

Gulfport Energy Corporation

(Exact name of registrant as specified in its charter)


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)

(405) 252-4600

(Registrant telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated filer ý Accelerated filer ¨ Non-accelerated filer ¨

Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes ý No ¨

As of April 29, 2026, 17,969,641 shares of the registrant’s common stock were outstanding.

Table of Contents

GULFPORT ENERGY CORPORATION

TABLE OF CONTENTS


		Page
PART I FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements (Unaudited):	4

	Consolidated Balance Sheets	4

	Consolidated Statements of Operations	5

	Consolidated Statements of Stockholders’ Equity	6

	Consolidated Statements of Cash Flows	7

	Notes to Consolidated Financial Statements	8

	1. Summary of Significant Accounting Policies	8

	2. Segment Information	9

	3. Property and Equipment	10

	4. Long-Term Debt	11

	5. Mezzanine Equity	12

	6. Equity	13

	7. Stock-Based Compensation	13

	8. Earnings Per Share	15

	9. Commitments and Contingencies	16

	10. Derivative Instruments	18

	11. Fair Value Measurements	22

	12. Revenue from Contracts with Customers	24

	13. Leases	25

	14. Income Taxes	26

	15. Related Party Transactions	26

	16. Subsequent Events	26

Item 2.	Management’s Discussion and Analysis of Financial Conditions and Results of Operations	27

	2026 Operational and Financial Highlights	28

	2026 Production and Drilling Activity	28

	Comparison of Quarter-to-Date	29

	Liquidity and Capital Resources	32

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36

Item 4.	Controls and Procedures	37

PART II OTHER INFORMATION

Item 1.	Legal Proceedings	38

Item 1A.	Risk Factors	38

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38

Item 3.	Defaults Upon Senior Securities	38

Item 4.	Mine Safety Disclosures	38

Item 5.	Other Information	38

Item 6.	Exhibits	41

Signatures		42

Table of Contents

DEFINITIONS


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.

Table of Contents


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. Refers to West Texas Intermediate.

Table of Contents

Cautionary Note Regarding Forward-Looking Statements

This Form 10-Q may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. 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 Form 10-Q 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 and the conflict in the Middle East on our business, our 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.

These forward-looking statements are largely based on our expectations and beliefs concerning future events, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control.

Although we believe our estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. In addition, management's assumptions about future events may prove to be inaccurate. Management cautions all readers that the forward-looking statements contained in this Form 10-Q are not guarantees of future performance, and we cannot assure any reader that those statements will be realized or the forward-looking events and circumstances will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to the factors listed in Item 1A. “Risk Factors” and Item 7. “Management's Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025 and elsewhere in this Form 10-Q. All forward-looking statements speak only as of the date of this Form 10-Q.

All forward-looking statements, expressed or implied, included in this Quarterly Report are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.

Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this Quarterly Report.

We may use the Investors section of our 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 our website is not part of this Quarterly Report on Form 10-Q.

Table of Contents

GULFPORT ENERGY CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)


	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	2,921	$	1,813
Accounts receivable—oil, natural gas, and natural gas liquids sales	128,987		184,649
Accounts receivable—joint interest and other	9,566		9,282
Prepaid expenses and other current assets	8,221		7,952
Short-term derivative instruments	75,086		45,155
Total current assets	224,781		248,851
Property and equipment:
Oil and natural gas properties, full-cost method
Proved oil and natural gas properties	4,054,885		3,902,539
Unproved properties	251,020		232,959
Other property and equipment	13,565		13,008
Total property and equipment	4,319,470		4,148,506
Less: accumulated depletion, depreciation and amortization	(1,943,856)		(1,868,481)
Total property and equipment, net	2,375,614		2,280,025
Other assets:
Long-term derivative instruments	36,209		15,303
Deferred tax asset	422,125		465,738
Operating lease assets	358		561
Other assets	16,324		19,062
Total other assets	475,016		500,664
Total assets	$	3,075,411	$	3,029,540
Liabilities, Mezzanine Equity and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities	$	369,294	$	342,382
Short-term derivative instruments	32,822		21,865
Current portion of operating lease liabilities	351		550
Total current liabilities	402,467		364,797
Non-current liabilities:
Long-term derivative instruments	7,856		8,916
Asset retirement obligation	33,679		32,912
Non-current operating lease liabilities	7		10
Long-term debt	823,717		788,187
Total non-current liabilities	865,259		830,025
Total liabilities	$	1,267,726	$	1,194,822
Commitments and contingencies (Note 9)
Mezzanine equity:
Preferred stock - $0.0001 par value, 110.0 thousand shares authorized, 0.0 thousand issued and outstanding at March 31, 2026, and 0.0 thousand issued and outstanding at December 31, 2025	—		—
Stockholders’ equity:
Common stock - $0.0001 par value, 42.0 million shares authorized, 18.1 million issued and outstanding at March 31, 2026, and 18.8 million issued and outstanding at December 31, 2025	2		2
Additional paid-in capital	—		—
Retained earnings	1,810,707		1,834,716
Treasury stock, at cost - 14.1 thousand shares at March 31, 2026 and 0 shares at December 31, 2025	(3,024)		—
Total stockholders’ equity	$	1,807,685	$	1,834,718
Total liabilities, mezzanine equity and stockholders’ equity	$	3,075,411	$	3,029,540

See accompanying notes to consolidated financial statements.

Table of Contents

GULFPORT ENERGY CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands)

(Unaudited)


	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
REVENUES:
Natural gas sales	$	399,530	$	281,506
Oil and condensate sales	22,338		31,259
Natural gas liquid sales	31,477		30,817
Net loss on natural gas, oil and NGL derivatives	(15,813)		(146,548)
Total revenues	437,532		197,034
OPERATING EXPENSES:
Lease operating expenses	24,456		20,283
Taxes other than income	9,184		6,626
Transportation, gathering, processing and compression	90,567		82,870
Depreciation, depletion and amortization	75,430		65,622
General and administrative expenses	9,708		9,001
Accretion expense	598		618
Total operating expenses	209,943		185,020
INCOME FROM OPERATIONS	227,589		12,014
OTHER EXPENSE (INCOME):
Interest expense	15,386		13,356
Other, net	1,698		(702)
Total other expense (income)	17,084		12,654
INCOME (LOSS) BEFORE INCOME TAXES	210,505		(640)
INCOME TAX EXPENSE (BENEFIT):
Current	1,070		(169)
Deferred	43,613		(7)
Total income tax expense (benefit)	44,683		(176)
NET INCOME (LOSS)	$	165,822	$	(464)
Dividends on preferred stock	—		(862)
Participating securities - preferred stock	—		—
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	165,822	$	(1,326)
NET INCOME (LOSS) PER COMMON SHARE:
Basic	$	8.94	$	(0.07)
Diluted	$	8.87	$	(0.07)
Weighted average common shares outstanding—Basic	18,554		17,881
Weighted average common shares outstanding—Diluted	18,695		17,881

See accompanying notes to consolidated financial statements.

Table of Contents

GULFPORT ENERGY CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)


	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


	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

SEC Form 10-Q filed by Gulfport Energy Corporation