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Here are 1-3 brief analogies for Gulfport Energy (GPOR):

• Imagine the natural gas exploration and production (E&P) division of a major integrated energy company like ExxonMobil or Chevron, but operating as an independent company.

• They are essentially a natural gas "mining company," much like Newmont mines for gold or Freeport-McMoRan mines for copper.

• Think of them as an independent energy producer, akin to EOG Resources, but exclusively specializing in natural gas from shale formations.

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• Natural Gas: Gulfport Energy's core product is the exploration, development, and production of natural gas for sale.
• Natural Gas Liquids (NGLs): These are valuable hydrocarbon byproducts, including ethane, propane, and butane, extracted and sold alongside natural gas.

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Gulfport Energy (GPOR) is an independent natural gas-weighted exploration and production company. As such, it sells its products (natural gas, NGLs, and crude oil) primarily to other companies rather than individuals.

According to Gulfport Energy's 2023 annual report (10-K filing), its major customers that accounted for 10% or more of its total revenues for the year ended December 31, 2023, are:

• Shell Energy North America (U.S.), L.P. – accounted for approximately 35% of total revenues. This entity is a subsidiary of Shell plc (NYSE: SHEL).
• Tenaska Marketing Ventures – accounted for approximately 29% of total revenues. This entity is a subsidiary of Tenaska, Inc., which is a privately held company and therefore does not have a public stock symbol.

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John Reinhart, President, Chief Executive Officer and Director

Mr. Reinhart joined Gulfport as President, Chief Executive Officer, and Director in January 2023. He brings over 30 years of oil and gas industry leadership experience. Most recently, he served as President and Chief Executive Officer of Montage Resources Corporation, where he led actions that positioned Montage as an attractive strategic partner before its merger with Southwestern Energy Company. Mr. Reinhart previously served as President and Chief Executive Officer of Blue Ridge Mountain Resources and as Chief Operating Officer at Ascent Resources. He began his career in the oil and gas industry at SLB and held operations roles at Chesapeake Energy Corporation, and also served in the United States Army.

Michael Hodges, Executive Vice President and Chief Financial Officer

Mr. Hodges joined Gulfport as Executive Vice President and Chief Financial Officer in April 2023. He has over 20 years of financial leadership experience in the oil and gas sector. Most recently, he was Senior Vice President, Finance and Accounting at Leon Capital Group. Prior to joining Leon Capital, Mr. Hodges served as Executive Vice President and Chief Financial Officer for Montage Resources Corporation until its merger with Southwestern Energy Company in November 2020. From 2012 until joining Montage Resources in 2018, he served as Chief Financial Officer for three upstream energy companies focused on near-term value creation through the acquisition and early-stage development of oil and natural gas resources, a pattern often associated with private equity-backed ventures.

Matthew Rucker, Executive Vice President and Chief Operating Officer

Mr. Rucker was promoted to Executive Vice President and Chief Operating Officer in February 2025, having joined Gulfport as Senior Vice President of Operations in March 2023. Previously, he served as Vice President, Production Operations at Javelin Energy Partners starting in July 2022. Prior to Javelin, Mr. Rucker was Executive Vice President and Chief Operating Officer of Montage Resources Corporation following its business combination with Blue Ridge Mountain Resources in June 2020. He also served as Vice President, Resource Planning and Development for Blue Ridge from 2016 to 2020 and began his career at Chesapeake Energy Corporation in 2007.

Patrick K. Craine, Executive Vice President and Chief Legal and Administrative Officer

Mr. Craine has served as Executive Vice President and Chief Legal and Administrative Officer since 2021, and joined Gulfport in May 2019 as Executive Vice President, General Counsel and Corporate Secretary. He brings over 25 years of extensive senior-level experience in securities, corporate, regulatory, governance, compliance, and litigation matters, with a particular focus on the energy industry. Prior to Gulfport, Mr. Craine was Deputy General Counsel – Chief Risk and Compliance Officer at Chesapeake Energy Corporation from 2013 to 2019. Before that, he was a partner with Bracewell LLP. He also served as an attorney with the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Michael Sluiter, Senior Vice President of Reservoir Engineering

Mr. Sluiter joined Gulfport as Senior Vice President of Reservoir Engineering in December 2018. He has over 18 years of experience in unconventional resource development, reservoir engineering, subsurface development, business development, and acquisitions. Prior to Gulfport, he held various engineering positions at Noble Energy, Inc. from 2012 to 2018, including Business Development Engineering Advisor, Appalachian Reservoir Engineering Supervisor, and Permian Basin Business Unit Manager. Mr. Sluiter also worked at Santos Australia and Santos USA.

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The key risks to Gulfport Energy's business are primarily linked to the volatile nature of the energy industry and specific operational challenges.

1. Dependence on Commodity Prices: Gulfport Energy's financial performance is heavily reliant on the fluctuating prices of natural gas, oil, and natural gas liquids (NGLs), which constitute its primary revenue streams. Despite employing hedging strategies, the inherent volatility of these commodity markets can significantly impact the company's profitability and cash flow.
2. Market Competition: Operating in the intensely competitive oil and gas industry, Gulfport Energy faces challenges from numerous independent exploration and production companies, as well as larger integrated oil companies. Maintaining a competitive advantage in terms of cost efficiency, production volumes, and technological advancements is crucial for sustaining its market position and profitability.
3. Regulatory Changes and Environmental Contingencies: Gulfport Energy is susceptible to changes in governmental regulations and increased scrutiny regarding environmental matters. Such changes can lead to additional operational constraints, increased compliance costs, and potential liabilities. Furthermore, the company is involved in various lawsuits and disputes, including those related to royalty claims and environmental concerns, which could adversely affect its financial health and operations.

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The clear emerging threat for Gulfport Energy is the accelerating advancement and deployment of renewable energy technologies (primarily solar and wind) combined with increasingly cost-effective grid-scale battery storage solutions. This integrated system directly competes with natural gas for electricity generation, a primary market for Gulfport Energy's product. As these renewable and storage technologies achieve greater economies of scale and improve efficiency, often supported by significant government incentives and decarbonization policies, they pose a fundamental challenge to the long-term demand for natural gas, potentially leading to market share erosion and price pressure for natural gas producers like GPOR.

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Gulfport Energy (GPOR) primarily operates in the United States, focusing on the exploration, development, and production of natural gas, crude oil, and natural gas liquids (NGLs). Their principal properties are located in the Appalachia Basin (Utica and Marcellus formations in Eastern Ohio) and the Anadarko Basin (SCOOP Woodford and SCOOP Springer formations in central Oklahoma).

The addressable markets for their main products are as follows:

• Natural Gas: The U.S. natural gas market was valued at approximately $454.5 billion in 2024 and is projected to increase to $577.9 billion by 2032, with a compound annual growth rate (CAGR) of 3.2% from 2025 to 2032.
• Crude Oil: The global crude oil market was valued at $2.6 trillion in 2023 and is projected to reach $3.0 trillion by 2033, growing at a CAGR of 1.5%. North America is identified as the largest regional market for crude oil. Another source states the global crude oil market size in 2025 will reach $3,415.7 billion, with North America holding 25.45% of that market share.
• Natural Gas Liquids (NGLs): The U.S. Natural Gas Liquids market was estimated at $4.65 billion in 2023 and is expected to grow from $5 billion in 2024 to $9.5 billion by 2035, at a CAGR of 6.009% during the forecast period (2025-2035). The North American Natural Gas Liquids market is estimated to grow from $7.08 billion in 2024 to $11.53 billion in 2033, representing a CAGR of 5.57%.

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Gulfport Energy (GPOR) is poised for future revenue growth over the next 2-3 years, driven by a combination of increased production, strategic inventory expansion, enhanced capital efficiency, and improved realized commodity prices.

Key Drivers of Future Revenue Growth:

1. Increased Production Volumes: Gulfport Energy anticipates an uptick in its overall production. The company reported an 11% increase in total net production in Q3 2025 over the previous quarter. For the full year 2025, Gulfport forecasts total net production of approximately 1.04 Bcfe per day. Specifically, net daily liquids production is estimated to grow by over 30% compared to full-year 2024, and natural gas production is expected to increase by approximately 20% by the fourth quarter of 2025 compared to the first quarter of 2025.
2. Strategic Inventory Expansion and Development: The company has significantly expanded its gross undeveloped inventory by over 40% since year-end 2022, now holding approximately 700 gross locations, which represents about 15 years of net inventory with break-evens below $2.50 per MMBtu. Gulfport plans to invest $75-100 million in targeted discretionary acreage acquisitions by the end of Q1 2026, which is expected to expand its net inventory by an incremental two years. This includes doubling its net Marcellus inventory in Ohio and successful appraisal of Utica development validating new well designs.
3. Enhanced Capital Efficiency and Cost Reductions: Gulfport expects to achieve significant capital efficiencies. The full-year drilling and completion capital per foot of completed lateral is projected to decrease by approximately 20% compared to full-year 2024, with around 10% reductions in well costs. The company also reported substantial drilling efficiencies in Q1 2025, with average drilling footage per day improving approximately 28% over full-year 2024, and achieved all-time high completion efficiencies in April 2025.
4. Improved Realized Commodity Prices and Marketing Strategies: Gulfport's revenue growth is also supported by its ability to realize favorable commodity prices. The company noted improved access to the growing LNG corridor and firm transportation agreements, which are expected to boost realized natural gas prices. In Q1 2025, Gulfport realized a natural gas price equivalent of $4.11 per Mcfe before hedges, representing a $0.45 per Mcfe premium to NYMEX Henry Hub. Management has also indicated a strategic shift in drilling activity towards dry gas Utica development in late 2025 to maximize returns and capitalize on an improving natural gas environment.

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Share Repurchases

• Gulfport Energy's board of directors expanded its stock repurchase authorization by 50% to $1.5 billion through December 31, 2026.
• As of June 30, 2025, the company had repurchased approximately $709.1 million of common stock since the program's inception in March 2022.
• The company plans to allocate approximately $125 million to common stock repurchases in the fourth quarter of 2025.

Share Issuance

• Gulfport Energy redeemed all outstanding shares of its Series A Convertible Preferred Stock by September 5, 2025, a transaction costing approximately $379 million and effectively removing about 2.2 million potential common shares.
• Between the notice of redemption and September 5, 2025, 28,907 shares of preferred stock were converted into approximately 2.1 million shares of common stock.

Inbound Investments

• Wellington Management Group LLP acquired an additional 1,409,215 shares of Gulfport Energy Corp on September 30, 2024.
• Several institutional investors and hedge funds, including Bryce Point Capital LLC, Canoe Financial LP, and Y Intercept Hong Kong Ltd, acquired new or increased positions in Gulfport Energy during the second quarter of 2025.

Outbound Investments

• Gulfport Energy plans to allocate $75 million to $100 million towards discretionary acreage acquisitions, which are anticipated to extend its inventory runway by more than two years.
• In 2024, Gulfport invested approximately $44.8 million in discretionary acreage acquisitions.
• The company invested approximately $15.7 million in discretionary acreage acquisitions during the third quarter of 2025.

Capital Expenditures

• Gulfport Energy's planned total base capital expenditures for 2025 are estimated to be between $370 million and $395 million, including $35 million to $40 million for maintenance leasehold and land investment.
• For the full year 2024, capital investment was $385.3 million, with $327.4 million allocated to drilling and completion activities and $57.9 million to maintenance leasehold and land investment.
• The primary focus of 2025 capital expenditures is to optimize development programs, transition to development mode in the Marcellus, and target Utica lean condensate acreage, with an expectation of over 30% year-over-year net liquids production growth.