Gulfport Energy Reports Fourth Quarter and Full Year 2024 Financial and Operating Results and Provides 2025 Operational and Financial Guidance

About this update from Gulfport Energy Corporation

OKLAHOMA CITY, February 25, 2025 --( BUSINESS WIRE )--Gulfport Energy Corporation (NYSE: GPOR) ("Gulfport" or the "Company") today reported financial and operating results for the three and twelve months ended December 31, 2024 and provided its 2025 outlook. Full Year 2025 Outlook "Building on our momentum from last year, the 2025 development program reflects significant efficiency gains that we expect will allow us to increase operated activity while maintaining total base capital invested and improve our annual operated D&C capital per foot of completed lateral by approximately 20% when compared to 2024. The 2025 plan highlights our transition from delineation to development mode in the Marcellus and includes development targeting the Utica lean condensate acreage recently acquired through our discretionary acreage acquisitions. We forecast this activity to deliver total net liquids production growth of over 30% year over year, increasing our liquids production, as a percent of total production, to double digits and positioning the Company to capture a significant increase in expected adjusted free cash flow generation while maintaining exposure to an improving natural gas environment. The Company plans to remain consistent in our adjusted free cash flow allocation framework and will continue to return substantially all of our 2025 adjusted free cash flow, excluding discretionary acreage acquisitions, through common stock repurchases," commented John Reinhart, President and CEO. Fourth Quarter 2024 Full Year 2024 and Recent Highlights Reinhart continued, "Gulfport's 2024 development program delivered attractive results highlighted by our high-quality resource base and the continued improvement of operating efficiencies leading to strong financial results for the full year. We repurchased approximately 7% of our total common shares outstanding through our ongoing stock repurchase program while maintaining a strong balance sheet and continuing accretive inventory additions in the Utica liquids-rich window, adding over a year of largely lean condensate inventory. After adjusting for adjusted free cash flow utilized for discretionary acreage acquisitions, the Company allocated substantially all of our adjusted free cash flow to repurchasing our common stock during 2024, returning approximately 96% of our adjusted free cash flow to shareholders throughout the year." A company presentation to accompany the Gulfport earnings conference call can be accessed by clicking here . Operational Update The table below summarizes Gulfport's operated drilling and completion activity for the full year of 2024: Gulfport’s net daily production for the full year of 2024 averaged 1.05 Bcfe per day, primarily consisting of 841.7 MMcfe per day in the Utica and Marcellus and 212.4 MMcfe per day in the SCOOP. For the full year of 2024, Gulfport’s net daily production mix was comprised of approximately 92% natural gas, 6% natural gas liquids ("NGL") and 2% oil and condensate. Capital Investment Capital investment was $385.3 million (on an incurred basis) for the full year of 2024, of which $327.4 million related to drilling and completion ("D&C") activity and $57.9 million related to maintenance leasehold and land investment. In addition, Gulfport invested approximately $44.8 million in discretionary acreage acquisitions. Common Stock Repurchase Program Gulfport repurchased approximately 491 thousand shares of common stock during the fourth quarter for approximately $80.1 million. As of February 20, 2025, the Company had repurchased approximately 5.6 million shares of common stock at a weighted average price of $105.57 per share since the program initiated in March 2022, totaling approximately $593.2 million in aggregate. The Company currently has approximately $406.8 million of remaining capacity under the share repurchase program. Financial Position and Liquidity As of December 31, 2024, Gulfport had approximately $1.5 million of cash and cash equivalents, $38.0 million of borrowings under its revolving credit facility, $63.8 million of letters of credit outstanding, $25.7 million of outstanding 2026 senior notes and $650.0 million of outstanding 2029 senior notes. Gulfport’s liquidity at December 31, 2024, totaled approximately $899.7 million, comprised of the $1.5 million of cash and cash equivalents and approximately $898.2 million of available borrowing capacity under its revolving credit facility. During 2024, the Company paid $4.2 million of cash dividends to holders of its preferred stock. 2025 Guidance Gulfport released operational guidance and outlook for the full year 2025, including full year expense estimates and projections for production and capital expenditures. Gulfport's 2025 guidance assumes commodity strip prices as of January 27, 2025, adjusted for applicable commodity and location differentials, and no property acquisitions or divestitures. 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 . Estimated Proved Reserves Gulfport reported year end 2024 total proved reserves of 4.0 Tcfe, consisting of 3.4 Tcf of natural gas, 22.1 MMBbls of oil and 80.1 MMBbls of natural gas liquids. Gulfport’s year end 2024 total proved reserves decreased approximately 6% when compared to its 2023 total proved reserves, largely a result of downward revisions associated with commodity price changes. The table below provides information regarding the components driving the 2024 net proved reserve adjustments: Proved developed reserves totaled approximately 2,109 Bcfe as of December 31, 2024 or approximately 53% of Gulfport’s proved reserves. Proved undeveloped reserves totaled approximately 1,861 Bcfe as of December 31, 2024. The table below summarizes the Company’s 2024 net proved reserves: The following table reconciles the standardized measure of future net cash flows to the PV-10 value of Gulfport’s proved reserves: Fourth Quarter and Full Year 2024 Conference Call Gulfport will host a teleconference and webcast to discuss its fourth quarter and full year 2024 results, as well as its 2025 outlook, beginning at 10:00 a.m. ET (9:00 a.m. CT) on Wednesday, February 26, 2025. 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 February 26, 2025 to March 12, 2025, by calling 877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13751354. Financial Statements and Guidance Documents Fourth quarter and full year 2024 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 news release includes non-GAAP financial measures. Such non-GAAP measures should be not 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 SCOOP Springer formations. Forward Looking Statements 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. Forward-looking statements are statements other than statements of historical fact. They include statements regarding Gulfport’s current expectations, management's outlook guidance or forecasts of future events, projected cash flow and liquidity, inflation, share repurchases and other return of capital plans, its ability to enhance cash flow and financial flexibility, future production and commodity mix, plans and objectives for future operations, the ability of our employees, portfolio strength and operational leadership to create long-term value and the assumptions on which such statements are based. 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, 2024 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20250225861642/en/ Contacts Investor Contact: Jessica Antle – Vice President, Investor Relations [email protected] 405-252-4550

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