1. A smaller, US-focused natural gas producer, similar to a regional BP or Shell.

2. Like a specialized EOG Resources, dedicated to extracting natural gas and NGLs from specific US shale formations.

• Natural Gas: Gulfport Energy produces and sells natural gas extracted primarily from its Utica Shale and SCOOP properties.
• Crude Oil: The company engages in the production and sale of crude oil from its operational areas.
• Natural Gas Liquids (NGLs): Gulfport Energy produces and markets natural gas liquids, which are byproducts of natural gas processing.

Gulfport Energy (GPOR) primarily sells its produced natural gas, crude oil, and natural gas liquids (NGLs) to other companies rather than individuals. These customers typically include pipeline companies, local distribution companies, utilities, refiners, petrochemical companies, and marketers.

Based on recent public filings, a major customer of Gulfport Energy is:

• An affiliate of BP p.l.c. (NYSE: BP)

For the years ended December 31, 2023, and December 31, 2022, an affiliate of BP p.l.c. accounted for approximately 50% and 45%, respectively, of Gulfport Energy's total sales volumes of natural gas, crude oil, and NGLs. As of December 31, 2021, Gulfport Energy did not have a single customer that represented greater than 10% of its revenues.

• Antero Midstream Corporation (AM)
• MPLX LP (MPLX)
• EnLink Midstream, LLC (ENLC)
• Energy Transfer LP (ET)

Timothy J. Cutt, Chairman of the Board (Leading Office of the Chairman)

Mr. Cutt is currently the Chairman of the Board and is leading the Office of the Chairman following the departure of the former President and Chief Executive Officer. He previously served as Gulfport's Chief Executive Officer from May 2021 until January 2023.

Michael Hodges, Executive Vice President and Chief Financial Officer

Mr. Hodges joined Gulfport as Executive Vice President and Chief Financial Officer in April 2023. Before Gulfport, he was Senior Vice President, Finance and Accounting at Leon Capital Group. Prior to that, he served as the 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, Mr. Hodges was the Chief Financial Officer for three upstream energy companies, which focused on near-term value creation through the acquisition and early-stage development of oil and natural gas resources.

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

Mr. Craine joined Gulfport as Executive Vice President, General Counsel, and Corporate Secretary in May 2019. He has over 25 years of senior-level experience in securities, corporate, regulatory, governance, compliance, and litigation matters, particularly within the energy industry. Prior to Gulfport, he served as Deputy General Counsel – Chief Risk and Compliance Officer at Chesapeake Energy Corporation from 2013 to 2019. Before Chesapeake, Mr. Craine was a partner with Bracewell LLP, and an attorney with the SEC and the Financial Industry Regulatory Authority, where he held leadership positions in their Oil and Gas Task Forces.

Matthew Rucker, Executive Vice President and Chief Operating Officer

Mr. Rucker joined Gulfport as Senior Vice President of Operations in March 2023 and was promoted to Executive Vice President and Chief Operating Officer on February 24, 2025. Before Gulfport, he served as Vice President, Production Operations at Javelin Energy Partners starting in July 2022. Prior to Javelin, Mr. Rucker was the Executive Vice President, Chief Operating Officer of Montage Resources Corporation following its business combination with Blue Ridge Mountain Resources in June 2020. He began his career at Chesapeake Energy Corporation, holding various leadership and engineering roles from 2007 to 2016.

Michael Sluiter, Senior Vice President, Reservoir Engineering

Mr. Sluiter joined Gulfport as Senior Vice President of Reservoir Engineering in December 2018. He previously held various engineering positions at Noble Energy, Inc. from January 2012 to November 2018, including Business Development Engineering Advisor and Appalachian Reservoir Engineering Supervisor. Mr. Sluiter has over 18 years of experience in unconventional resource development, reservoir engineering, subsurface development, business development, and acquisitions, with prior roles at Noble Energy, Santos Australia, and Santos USA.

1. Commodity Price Volatility: Gulfport Energy's financial performance is highly dependent on the volatile market prices of natural gas, crude oil, and natural gas liquids (NGLs). Prolonged periods of low commodity prices can severely impact the company's revenue, cash flow, and proved reserves, directly affecting its financial condition and ability to fund operations.
2. Concentration of Operations and Regional Risks: The company's principal properties and production are concentrated in specific geographic regions, primarily the Utica Shale in Eastern Ohio and the SCOOP formation in Oklahoma. This geographical concentration exposes Gulfport Energy to basin-specific risks, including localized infrastructure limitations, potential changes in state or regional regulations, and adverse weather events that could disrupt operations and impact production volumes.
3. Regulatory and Environmental Risks: Gulfport Energy is subject to extensive federal, state, and local environmental laws and regulations. Changes in these regulations, particularly those related to methane emissions, hydraulic fracturing, or other aspects of oil and gas production, could significantly increase compliance costs, impose operational restrictions, or delay permitting for new projects, thereby negatively impacting the company's financial results and operational flexibility.

The accelerating global transition towards renewable energy sources and electrification, driven by technological advancements, declining costs, and government policies aimed at decarbonization, poses a clear emerging threat. This shift could lead to reduced long-term demand for natural gas, crude oil, and natural gas liquids (NGLs), which are Gulfport Energy's primary products, potentially impacting asset value and profitability.

Gulfport Energy Corporation's main products include natural gas, crude oil, and natural gas liquids (NGL), primarily produced from its properties in the Utica Shale in Eastern Ohio and the SCOOP in Oklahoma. The addressable markets for these products are largely within the United States.

Natural Gas

• The U.S. natural gas market size is projected to be approximately US$473.4 billion in 2025 and is forecast to reach US$601.8 billion by 2032.
• Specifically for Ohio, the natural gas distribution industry is estimated at $7.3 billion in 2026. Ohio's natural gas production was nearly 2.2 trillion cubic feet in 2024. The Marcellus/Utica region, which includes Eastern Ohio, accounts for about one-third of the nation's daily natural gas output, with Eastern Ohio contributing approximately 5 billion cubic feet per day (Bcf/d) of this production.

Crude Oil

• The global crude oil market was valued at USD 751.72 billion in 2024 and is projected to grow to USD 867.16 billion by 2033.
• While a specific market size for crude oil alone in the U.S. is not readily available, the broader U.S. oil and gas market was valued at USD 1.61 trillion in 2025 and is expected to reach approximately USD 2.24 trillion by 2034.
• U.S. crude oil production was around 13.2 million barrels per day (Mt/d) in 2024 and is expected to reach approximately 13.5 Mt/d in 2025. Oklahoma's crude oil production was 393,000 barrels a day in October 2024.

Natural Gas Liquids (NGL)

• The North America Natural Gas Liquids (NGL) market is estimated to grow from USD 7.08 billion in 2024 to USD 11.53 billion by 2033, with the United States holding a dominant share of 92.8% in 2024.
• The global Natural Gas Liquids market size was valued at USD 17.55 billion in 2026 and is projected to reach USD 27.72 billion by 2034. North America held approximately 37% of the market share in 2024.
• U.S. NGL production is forecast to increase from 6.85 million barrels per day (bpd) in 2024 to 6.92 million bpd in 2025. The Point Pleasant-Utica Shale in Eastern Ohio contains an estimated 985 million barrels of natural gas liquids.

Expected Drivers of Future Revenue Growth for Gulfport Energy (GPOR) over the Next 2-3 Years

Gulfport Energy (GPOR) is poised for revenue growth over the next two to three years, driven by several strategic initiatives and anticipated market conditions. These include an increase in production volumes, particularly liquids, disciplined capital allocation in high-return areas, strategic acreage acquisitions to expand drilling inventory, and an expected favorable commodity price environment with improved natural gas price realizations.

• Increased Production Volumes, with a Focus on Liquids: Gulfport Energy anticipates a notable increase in its production volumes. The company forecasts its fourth-quarter 2026 net daily equivalent production to grow by approximately 5% compared to the fourth quarter of 2025. Furthermore, net daily liquids production is estimated to increase by about 5% over the full year 2025, with projections ranging from 18.0 to 21.0 thousand barrels per day (MBbl per day). The full-year net daily equivalent production for 2026 is expected to be between 1.030 and 1.055 billion cubic feet equivalent per day (Bcfe per day). While overall 2026 production is expected to be relatively flat year-over-year, the targeted growth in liquids and the sequential increase in Q4 2026 position the company for favorable production trends heading into 2027.
• Strategic Capital Allocation in High-Return Development Areas: The company's 2026 development plan emphasizes disciplined, return-focused capital allocation, prioritizing its most attractive opportunities. More than 75% of Gulfport's 2026 turn-in-line program is centered on high-return Utica dry gas and wet gas assets. Planned investments include discretionary appraisal projects, such as DUC (drilled but uncompleted) activity and recompletion opportunities on historical Utica development, along with its first "U-development" in the Utica. Additionally, approximately $10 million is allocated to initiate activity in the Marcellus North development area, aiming to evaluate phase windows and production mix for future planning. These targeted investments are expected to enhance adjusted free cash flow generation.
• Accretive Discretionary Acreage Acquisitions for Inventory Expansion: Gulfport Energy is actively pursuing accretive discretionary acreage acquisitions to expand its core drilling inventory. The company's acquisition program is expected to reach approximately $100 million by the end of the first quarter of 2026, which is projected to add over two years of additional core drilling inventory at its current development pace. This ongoing strategy of expanding its resource base, which has already seen growth inventory increase by over 40% since 2022, provides significant optionality for future development and production growth.
• Favorable Commodity Price Environment and Improved Price Realizations: The company anticipates benefiting from a strengthening commodity price environment. The U.S. Energy Information Administration (EIA) expects Henry Hub natural gas prices to average $4.31 per MMBtu in 2026, an increase from $3.52 in 2025. Furthermore, Gulfport forecasts a 25% improvement in its natural gas differential for 2026 compared to 2025, expecting realizations of $0.15 to $0.30 per Mcf below NYMEX Henry Hub, indicating a tightening differential outlook. These improved price realizations, combined with its strategic development in high-return dry gas and wet gas areas, are expected to contribute positively to revenue.

Share Repurchases

• Since March 2022, Gulfport Energy has repurchased approximately 7.4 million shares for an aggregate of approximately $920.4 million.
• In the fourth quarter of 2025, Gulfport repurchased 665,000 shares for approximately $135 million.
• The company plans to deploy more than $140 million towards equity repurchases in the first quarter of 2026. The share repurchase program was expanded to $1.5 billion, with approximately $579.6 million remaining capacity as of December 31, 2025.

Share Issuance

• In May 2021, Gulfport issued approximately 19.8 million shares of common stock and 1.7 million shares to the Disputed Claims Reserve.
• In January 2024, the remaining 62,000 shares in the Disputed Claims Reserve were issued.
• Gulfport completed the optional redemption of all outstanding shares of preferred stock during the third quarter of 2025, totaling 2,449 shares at an aggregate redemption value of approximately $31.3 million.

Outbound Investments

• Gulfport plans to complete its discretionary acreage acquisition program, totaling approximately $100 million, by the end of the first quarter of 2026, with $62.9 million deployed by year-end 2025.
• This discretionary acreage program is expected to add over two years of core drilling inventory.

Capital Expenditures

• Full-year capital expenditures for 2025, excluding discretionary acreage, totaled approximately $463 million, including $354 million for base operated drilling and completion (D&C) and $35 million for maintenance land.
• Total capital spend projected for 2026 is between $400 million and $430 million.
• The 2026 capital program prioritizes high-return Utica dry and wet gas assets, constituting over 75% of the development program, and includes approximately $35 million to $40 million for maintenance land and seismic.