Gulfport Energy Corporation (GPOR): Business Model Canvas [Dec-2025 Updated]

You're looking for the nuts and bolts of how Gulfport Energy Corporation is making money heading into late 2025, right? After two decades analyzing energy plays, I can tell you their model hinges on a sharp pivot: doubling down on low-cost, dry gas in the Utica while keeping the balance sheet tight, evidenced by their $903.7 million in liquidity as of Q3 2025. They're trading volume for capital efficiency, aiming for strong shareholder returns while keeping breakeven costs low-many locations below $2.50 per MMBtu. This canvas breaks down exactly how they manage key partnerships, their cost structure dominated by drilling and completion (D&C) and transport fees, and how they convert approximately 89% of their production into natural gas sales. Dive in below to see the full nine blocks of their operational strategy.

Gulfport Energy Corporation (GPOR) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep Gulfport Energy Corporation moving product and securing acreage. These partnerships are critical for everything from getting gas to market to funding the next well.

Third-party midstream operators for gathering, processing, and transportation

Gulfport Energy Corporation relies on these operators to move its production. You see the scale of these obligations in the long-term commitments.

As of March 31, 2025, the remaining contractual commitments for future firm transportation and gathering agreements totaled $1,149,299 thousand. This shows a significant, multi-year reliance on third-party infrastructure.

Still, these relationships aren't always smooth; unplanned third-party midstream outages and constraints impacted Gulfport Energy Corporation's second quarter 2025 net daily production by approximately 40 MMcfe per day. On the flip side, the Yankee pad is now gathered and processed under a new midstream agreement that helps with NGL extraction.

Oilfield service companies for drilling and hydraulic fracturing

These are the folks Gulfport Energy Corporation hires to actually drill and complete the wells. Their efficiency directly impacts Gulfport Energy Corporation's capital spend and operational tempo.

For the first quarter of 2025, capital expenditures related to operated drilling and completion activity were $148.6 million out of total CapEx of $159.8 million. In the second quarter of 2025, operated drilling and completion activity accounted for $118.2 million of the $124.2 million in total CapEx. You can see the service providers are getting faster; Gulfport Energy Corporation achieved an all-time high completion efficiency in April 2025 with 105.5 continuous pumping hours on a pad.

Financial institutions for the $1.1 billion revolving credit facility

The relationship with the lenders under the revolving credit facility is about maintaining liquidity and operational flexibility. The borrowing base is the key number here.

Gulfport Energy Corporation reaffirmed its borrowing base under the revolving credit facility at $1.1 billion on May 5, 2025, with elected commitments remaining at $1.0 billion. By September 30, 2025, liquidity stood at $903 million, with $900.3 million of that being borrowing base availability. As of that same date, borrowings outstanding under the facility were $51 million. The maturity date for this facility was extended to the earlier of May 1, 2027, or 91 days prior to the 2026 Senior Notes maturity.

Landowners and mineral rights holders for leasehold access

Securing acreage from landowners is fundamental to Gulfport Energy Corporation's inventory. They manage thousands of checks to these partners monthly.

As of late 2025, Gulfport Energy Corporation holds approximately ~210,000 net acres under lease in the core of the Utica Shale and about ~73,000 net reservoir acres in the core of the SCOOP. The company invested approximately $23.4 million on maintenance leasehold and land investment through September 30, 2025.

The net interest held by an owner is determined by dividing their net acres within a unit by the total unit acres and multiplying by the royalty rate stated in the lease.

Joint venture partners for non-operated drilling and completion activities

Non-operated activity represents working with partners where Gulfport Energy Corporation is not the primary operator. This involves shared costs and shared production.

For the first quarter of 2025, Gulfport Energy Corporation incurred approximately $1.2 million related to non-operated drilling and completion activities. This figure was approximately $0.3 million for the second quarter of 2025.

• For the six-month period ended June 30, 2025, non-operated drilling and completion activities accounted for approximately $1.5 million of incurred capital.

Finance: draft 13-week cash view by Friday.

Gulfport Energy Corporation (GPOR) - Canvas Business Model: Key Activities

You're looking at the core actions Gulfport Energy Corporation is taking to drive performance as of late 2025. It's all about disciplined execution in the field and smart capital deployment, so let's look at the hard numbers guiding those efforts.

Operated drilling and completion (D&C) of horizontal wells

Gulfport Energy Corporation is actively managing its well construction to maximize efficiency. The company's 2025 plan reflected a significant focus on cost reduction in this area. For the full year 2025, the forecast for operated D&C capital per foot of completed lateral was expected to decrease by approximately 20% when compared to the full year 2024 figure. To give you context, the total capital investment for the nine-month period ended September 30, 2025, was $352.7 million incurred, with $329.3 million of that specifically related to operated base drilling and completion activity. For the third quarter alone, operated base D&C capital was $68.7 million out of total base capital expenditures of $74.9 million.

Here's a quick look at the capital breakdown for Q3 2025:

Strategic allocation of capital, shifting to dry gas Utica development

Gulfport Energy Corporation is dynamically adjusting its capital deployment based on commodity outlooks, leaning into natural gas. The company planned a shift in second half 2025 capital allocation toward natural gas drilling, focusing on the dry gas targets within the Utica Shale. This strategic pivot included updating the 2025 drilling plan to feature a four-well dry gas Utica pad while deferring a four-well Marcellus pad to 2026. As of Q3 2025, the net daily production mix was approximately 88% natural gas, aligning with the full-year 2025 forecast where natural gas comprised about 89% of total production. The evaluation of U-development in the Utica has been a key activity, unlocking an estimated 1 year of dry gas inventory and recently reaching total depth on two U-development wells, which unlocked 20 gross Utica dry gas locations.

The production profile as of Q3 2025 shows the core focus:

Discretionary acreage acquisitions to expand inventory, targeting $75-100 million spend

Gulfport Energy Corporation is actively using capital to secure future drilling inventory. The company reiterated plans to invest approximately $75 million - $100 million toward discretionary acreage acquisitions by the end of Q1 2026. This targeted spend is expected to expand net inventory by an incremental two years. You can see this activity in the quarterly spend reports; for instance, $15.7 million was deployed toward these acquisitions at the end of the third quarter of 2025, following $6.9 million spent in Q2 2025 on opportunistic discretionary acreage acquisitions.

Key inventory expansion metrics include:

• Targeted discretionary acreage acquisition spend range: $75 million - $100 million.
• Expected inventory runway extension from this spend: more than two years.
• Acreage acquisition deployment in Q3 2025: $15.7 million.
• Gross undeveloped Marcellus inventory increase: approximately 125 gross locations.

Commodity price hedging to mitigate market volatility

Mitigating market swings is a constant key activity, achieved through derivative contracts on expected future production volumes. Gulfport Energy Corporation uses fixed price swaps, primarily for oil, and collars for natural gas to lock in effective prices. For its projected 2025 natural gas production, the hedging structure included:

Based on the March 2025 strip prices, the estimated value of the 2025 hedges was approximately negative $89 million.

Optimizing drilling and completion efficiencies, improving D&C capital per foot by ~20%

The drive for efficiency is quantified by the goal to lower the cost to drill and complete wells. Gulfport Energy Corporation explicitly estimated that its full-year 2025 operated D&C capital per foot of completed lateral would decrease by approximately 20% compared to the full year 2024 level. This efficiency gain is supported by the company achieving notable improvements in drilling speed and completion efficiency. The company's 2024 operated D&C capital was $327.4 million, against which the 2025 efficiency target is measured.

The operational improvements are reflected in the following year-over-year comparison of production mix:

• Full Year 2024 Net Daily Production Mix: 92% natural gas.
• Full Year 2025 Forecasted Net Daily Production Mix: 89% natural gas.
• Q3 2025 Net Daily Production Mix: 88% natural gas, 4% oil and condensate.

Finance: draft 13-week cash view by Friday.

Gulfport Energy Corporation (GPOR) - Canvas Business Model: Key Resources

You're analyzing the core assets Gulfport Energy Corporation (GPOR) relies on to execute its strategy, which is heavily weighted toward natural gas development in premium basins. Honestly, these resources are what give the company its staying power and optionality.

The foundation of Gulfport Energy Corporation's operations rests on its premier acreage positions. The company focuses its efforts across three key areas, which are the engine for its long-term inventory depth.

Gulfport Energy Corporation has significant exposure in the Appalachia Basin, targeting both the Utica and Marcellus formations, primarily in Eastern Ohio. They also hold a core position in the Anadarko Basin in central Oklahoma, targeting the SCOOP Woodford and SCOOP Springer formations.

Here's a quick breakdown of the acreage that underpins their development plan:

• Utica Shale: Approximately 208,000 net reservoir acres in the core of the dry gas, wet gas, and condensate windows.
• Marcellus Shale: Approximately 20,500 net reservoir acres identified for development, overlaying the Utica. The company recently increased its Ohio Marcellus drillable inventory by approximately 125 gross locations, a near 200% increase.
• SCOOP: A sizeable position totaling approximately 73,000 net reservoir acres in the core of the play in central Oklahoma.

This resource base translates directly into a long-term inventory runway. Gulfport Energy Corporation now estimates it holds approximately 700 gross locations across its asset base. This represents roughly 15 years of net inventory, with break-evens consistently below $2.50 per MMBtu. This inventory growth of more than 40% in gross undeveloped locations since year-end 2022 is a direct result of team execution and targeted acquisitions.

The financial flexibility derived from this resource base is substantial. As of Q3 2025, Gulfport Energy Corporation reported $903.7 million in liquidity. This strong balance sheet, coupled with a leverage ratio of 0.81x as of Q3 2025, provides the capacity to fund capital programs and return capital. The company demonstrated this commitment by planning to allocate approximately $125 million to common stock repurchases in Q4 2025, targeting $325 million for the full year 2025.

The ability to move product is a critical, though often less visible, resource. While specific long-term firm contract volumes aren't detailed here, the effectiveness of their marketing and transportation strategy is evident in their realized pricing. Gulfport Energy Corporation's all-in realized price for Q3 2025 was $3.37 per Mcfe, which included a premium of $0.30 above the NYMEX Henry Hub index price. This premium points directly to advantageous firm capacity and marketing arrangements for both their natural gas and liquids volumes.

Finally, the human capital-the experienced technical and operational teams-is essential for unlocking value from these unconventional resources. Their success is quantified by recent operational achievements:

• Total net production reached 1,119.7 MMcfe per day in Q3 2025.
• Net liquids production increased 15% quarter-over-quarter to 22.0 MBbl per day in Q3 2025.
• The team successfully tested U-development in the Utica, reaching total depth on two wells and unlocking 20 gross Utica dry gas locations.

The Key Resources can be summarized like this:

Finance: draft 13-week cash view by Friday.

Gulfport Energy Corporation (GPOR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Gulfport Energy Corporation attracts and retains its customer base and investors as of late 2025. It all boils down to reliable supply backed by cost discipline and a clear commitment to returning capital.

Gulfport Energy Corporation provides a reliable supply of natural gas, NGLs, and crude oil to end-markets, anchored by its production profile. For the third quarter of 2025, total net production reached 1,119.7 MMcfe per day. The full-year 2025 forecast projected total net daily equivalent production to be approximately 1.04 Bcfe per day, with the production mix heavily weighted toward natural gas, which comprised about 89% of total production for the full year 2025 outlook.

The company drives high-margin production through rigorous cost control. The competitive per-unit operating cost reported for the third quarter of 2025 was $1.21 per Mcfe. This cost structure is a key differentiator in the upstream sector.

This operational efficiency supports capital-efficient growth, which is characterized by delivering flat overall production while simultaneously increasing the output of higher-value products. Gulfport Energy Corporation expected to deliver flat year-over-year net daily equivalent production for 2025, targeting a range of 1.04 Bcfe to 1.065 Bcfe per day. This was coupled with a forecast for net daily liquids production to increase by over 30% compared to full year 2024, aiming for a range of 18.0 to 20.5 MBbl per day. The third quarter of 2025 specifically showed a 15% sequential rise in net liquids production to 22.0 MBbl per day.

Here's a quick look at the key operational metrics supporting these propositions as of Q3 2025:

Gulfport Energy Corporation demonstrates a strong commitment to shareholder returns via common stock repurchases. For the full fiscal year 2025, the company projected allocating approximately $325 million toward common stock repurchases. This included a planned incremental allocation of approximately $125 million for the fourth quarter of 2025 alone. The total authorization for repurchases was expanded to $1.5 billion through the end of 2026. As of September 30, 2025, the company had already deployed approximately $785 million under the program since its inception.

The foundation for future value is its low-breakeven inventory. Gulfport Energy Corporation estimates its total undeveloped inventory to be approximately 700 gross locations, which translates to roughly 15 years of net inventory. A significant portion of these locations have break-evens below $2.50 per MMBtu. The company also validated its U-development drilling concept in the Utica, unlocking an additional approximately 20 gross dry gas locations.

The value proposition is further supported by its financial discipline:

• Generated $103.4 million in adjusted free cash flow in Q3 2025.
• Forecasted adjusted free cash flow generation potential of 80-110% of its current market capitalization cumulatively from 2026 through 2030 under various scenarios.
• Maintained financial leverage at or below 1.0x target.

Gulfport Energy Corporation (GPOR) - Canvas Business Model: Customer Relationships

Long-term, contract-based sales agreements with commodity purchasers are managed alongside market exposure through hedging instruments.

Gulfport Energy Corporation's production mix for the first quarter of 2025 was heavily weighted toward natural gas.

The company enters into commodity derivative contracts on a portion of expected future production volumes to mitigate exposure to commodity price fluctuations. Gulfport Energy Corporation repurchased approximately 438.3 thousand shares of common stock in the third quarter of 2025 for approximately $76.3 million.

Dedicated investor relations provide transparency on the capital return strategy, which is a key focus area for Gulfport Energy Corporation.

• Investor Relations Contact: Jessica Antle, Vice President of Investor Relations.
• Total stock repurchase authorization expanded to $1.5 billion.
• Planned common stock repurchases for the fourth quarter of 2025: approximately $125 million.
• Total planned common stock repurchases for full year 2025: approximately $325 million.
• Cumulative equity repurchases since March 2022 (inclusive of preferred stock redemption): $785 million as of September 30, 2025.

Gulfport Energy Corporation aims to maintain financial leverage at or below one times at year-end 2025.

Transactional relationships for spot sales of produced hydrocarbons are managed through the volume not covered by derivative contracts, allowing for direct market realization, though specific spot sales volumes are not explicitly detailed in the latest reports.

Managed relationships with midstream providers are critical to ensure flow assurance, as evidenced by proactive capital deployment to mitigate future issues.

• Proactive discretionary development capital allocated in 2025 to mitigate Q1 2026 production impact: approximately $35 million.
• Production impact from unplanned third-party midstream outages in Q2 2025: approximately 40 MMcfe per day.
• Gulfport Energy Corporation has a history of joint ventures with midstream service providers, such as a 2015 Utica Shale Midstream Joint Venture with Rice Energy.

Digital communication for financial reporting and sustainability updates is maintained through multiple channels.

Gulfport Energy Corporation published its 2024 - 2025 Corporate Sustainability Report on November 4, 2025. Financial updates are communicated via SEC filings, press releases, and conference calls, such as the Third Quarter 2025 Earnings Release on November 4, 2025. The company provides email alerts for investors, analysts, and other stakeholders via its website, www.gulfportenergy.com.

Gulfport Energy Corporation (GPOR) - Canvas Business Model: Channels

You're looking at how Gulfport Energy Corporation (GPOR) gets its product-mostly natural gas-from the wellhead to the buyer as of late 2025. It's all about the pipes and the contracts that move the molecules.

Major interstate and intrastate natural gas pipelines

Gulfport Energy Corporation relies heavily on established pipeline networks to move its production, which averaged 1,119.7 MMcfe per day in the third quarter of 2025. The company's primary producing areas in the Utica/Marcellus (accounting for 916.8 MMcfe per day in Q3 2025) feed into these systems.

The key takeaway routes for natural gas volumes destined for the Gulf Coast, which serves the growing LNG corridor and industrial demand centers, involve specific major interstate pipelines:

• Up to 15% of Gulfport Energy Corporation's natural gas has firm delivery to the Gulf Coast.
• Transport occurs via Tennessee Gas Pipeline Co.'s TGP 500 Leg pool.
• Transport also utilizes Transcontinental Gas Pipe Line Co.'s Transco Zone 5.

These connections historically offered premiums of 30-40 cents above Henry Hub in future periods. The Appalachian Basin, where Gulfport operates, has seen significant takeaway capacity additions, such as the Mountain Valley Pipeline, which can move up to 2.0 Bcf/d to an interconnect with Transco.

Third-party natural gas processing plants and NGL fractionation facilities

The physical movement and initial separation of products are handled by third parties, which can sometimes cause friction in the system. The company's Q2 2025 production was curtailed by approximately 40 MMcfe per day due to unplanned third-party midstream issues, which specifically included processing plant outages and involuntary throughput reductions.

The production mix sold through these channels in Q3 2025 was approximately 88% natural gas, 8% NGL, and 4% oil and condensate. The liquids component, which requires fractionation, is growing; net daily liquids production reached 22.0 MBbl per day in Q3 2025, up approximately 15% over Q2 2025.

Direct sales to marketers and end-users (e.g., utilities)

The realized price Gulfport Energy Corporation achieves reflects the effectiveness of its sales strategy, whether direct or through marketers. For the first quarter of 2025, the company realized a natural gas price equivalent, before hedges, of $4.11 per Mcfe. This represented a $0.45 per Mcfe premium to the NYMEX Henry Hub benchmark, suggesting strong pricing power or favorable basis realizations into end-user markets like utilities.

Crude oil and condensate trucking and pipeline connections

The liquids stream, comprising crude oil and condensate, is a focus area for Gulfport Energy Corporation, with management forecasting total net liquids production growth of over 30% year-over-year for 2025. The Kage development pad in Harrison County, Ohio, showed strong oil performance, delivering approximately 65% more oil after 120 days under revised managed pressure flowback compared to a nearby development.

The table below summarizes the liquids production volumes, which must be transported via a combination of trucking and pipeline connections to refineries or condensate processors:

Commodity trading desks for derivative contract execution

Gulfport Energy Corporation actively uses its commodity trading desk to manage price volatility by executing derivative contracts against future production volumes. This is a critical channel for locking in cash flow certainty.

Here are the key figures related to their hedging program as of the first half of 2025:

• Swaps covered approximately 29% of projected 2025 natural gas production.
• The average swap price for the covered 2025 production was noted in March 2025 reports.
• The company plans to allocate approximately $125 million to common stock repurchases in Q4 2025, supported by strong free cash flow generation.

The company's liquidity at September 30, 2025, totaled approximately $903.7 million, which provides a buffer against potential negative swings in unhedged commodity prices.

Gulfport Energy Corporation (GPOR) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Gulfport Energy Corporation's output, which is heavily weighted toward natural gas. The customer base is segmented by the type of commodity they purchase and their role in the energy chain.

The production profile for Gulfport Energy Corporation as of late 2025 shows a clear focus on the gas market, which dictates the primary customer types. For the three months ended September 30, 2025, the net daily production mix was:

The primary purchasers of Gulfport Energy Corporation's output include entities that need large, reliable volumes of gas and liquids for power, heat, and processing.

Natural gas utilities and local distribution companies (LDCs)

These customers require the vast majority of Gulfport Energy Corporation's production, which was approximately 88% natural gas in the third quarter of 2025. These LDCs use the gas to serve residential and commercial end-users.

Industrial and power generation end-users in the US

This segment buys gas directly or through intermediaries for fueling power plants or industrial processes. Gulfport Energy Corporation's production is sold to purchasers under both spot and term transactions.

Commodity marketers and traders requiring large-volume supply

Marketers aggregate volumes to sell to end-users or manage risk. In 2024, one major customer, Vitol Inc., accounted for 15% of Gulfport Energy Corporation's total natural gas, oil, and NGL sales before hedging. Vitol Inc. was also a major customer in 2023 at 12% of sales. These marketing activities help aggregate volumes and improve flexibility.

Refiners and petrochemical plants purchasing NGLs and crude oil

This group purchases the smaller, but growing, liquids component of Gulfport Energy Corporation's output, which was 8% NGLs and 4% oil and condensate in the third quarter of 2025. Oil production sales contracts are generally shorter term in nature.

Institutional and retail investors (as capital providers/shareholders)

These customers provide the necessary capital base for Gulfport Energy Corporation's operations and growth initiatives, including discretionary acreage acquisitions and capital returns. As of September 30, 2025, Gulfport Energy Corporation maintained approximately $903.7 million in liquidity. The company's market capitalization as of November 4, 2025, was $3.5 billion. Institutional conviction is strong; for instance, Silver Point Capital held a position valued at approximately $677 million as of the end of the third quarter of 2025. Gulfport Energy Corporation planned to allocate approximately $125 million to common stock repurchases in the fourth quarter of 2025, contributing to total 2025 repurchases estimated around $325 million.

The investor segment is served through capital allocation, with Gulfport Energy Corporation planning to return substantially all of its adjusted free cash flow, excluding discretionary acreage acquisitions, through common stock repurchases.

The company's total proved reserves as of year-end 2024 were 4.0 Tcfe.

Gulfport Energy Corporation (GPOR) - Canvas Business Model: Cost Structure

You're looking at the major drains on Gulfport Energy Corporation's cash flow, the things that make up the cost side of their business engine. It's a mix of commitments you can't easily change and costs that swing with how much you drill.

High fixed costs are definitely present due to long-term gathering, processing, and transportation contracts. These agreements lock in capacity regardless of short-term production fluctuations. For context on these midstream costs, Gulfport Energy Corporation's guidance for the full year 2024 showed Transportation, gathering, processing and compression expense at \$0.91 per Mcfe.

The other side of the coin is the significant variable costs in drilling and completion (D&C) activities. This is where capital allocation decisions hit the cost structure directly. Look at the nine-month period ending September 30, 2025: total base capital investment was \$352.7 million (on an incurred basis), with \$329.3 million specifically tied to operated base D&C activity. This shows D&C is the largest component of their capital spending, making it highly variable based on their development plan.

Here's a quick look at some of the concrete capital and debt-related costs we see in the recent filings:

When you look at overhead, the General and administrative (G&A) expenses are projected around \$50 million for 2025. For comparison against the 2024 guidance, recurring cash G&A expenses were projected at \$0.15 per Mcfe for the full year 2024.

Debt servicing is a non-negotiable cost. You have the interest expense on outstanding debt, which includes the \$650 million of 2029 senior notes. The actual interest paid on just those notes for the first nine months of 2025 was \$32.9 million.

Finally, day-to-day operational costs include Lease operating expenses (LOE), which are projected around \$79 million for 2025. To give you a sense of the per-unit cost, Gulfport Energy Corporation's LOE in the first quarter of 2025 was \$0.20 per Mcfe.

The cost structure is heavily influenced by these key areas:

• High fixed commitment to gathering and transport contracts.
• Variable D&C spending driven by development plans.
• Projected G&A spend near \$50 million for 2025.
• Debt interest tied to the \$650 million 2029 notes.
• Projected LOE around \$79 million for 2025.

Finance: draft 13-week cash view by Friday.

Gulfport Energy Corporation (GPOR) - Canvas Business Model: Revenue Streams

You're looking at how Gulfport Energy Corporation actually brings in the money, which is all about what they pull out of the ground and how they manage the price risk around those commodities. It's a straightforward model, but the execution on pricing and volume is what matters for your analysis.

The core of Gulfport Energy Corporation's revenue comes from the Sale of natural gas. This is the big driver. For the full year 2025 outlook, natural gas is expected to comprise approximately 89% of total net production volumes. To be fair, the Q3 2025 actual mix was slightly lower at about 88% natural gas, but the overall strategy leans heavily on gas sales.

The remaining portion of production feeds the other key revenue components:

• Sale of natural gas liquids (NGLs) and crude oil/condensate. Liquids are growing in importance. Gulfport Energy Corporation forecasted total net liquids production growth of over 30% year-over-year for 2025. In the third quarter of 2025, net liquids production hit 22.0 MBbl per day.
• Realized gains from commodity derivative contracts (hedging). This smooths out volatility. Gulfport Energy Corporation's all-in realized price in Q3 2025 was $3.37 per Mcfe, which included the impact of cash-settled derivatives.

Here's a quick look at the production composition and some of the hedging details for the remaining 2025 period, based on recent filings:

The company is successfully capturing better pricing than the benchmark. Gulfport Energy Corporation's Q3 2025 all-in realized price represented a $0.30 premium to the NYMEX Henry Hub Index price. This outperformance is attributed to its hedge position, liquids pricing, and marketing optionality. You should note that up to 15% of their natural gas has firm delivery to the Gulf Coast, which executives noted provides exposure to significant premiums of 30-40 cents above Henry Hub in future periods.

Finally, the result of this production and pricing strategy is strong cash generation. Gulfport Energy Corporation projected Adjusted Free Cash Flow generation of over $600 million for 2025, with one specific projection at $4.50 Henry Hub reaching $667 million before discretionary acreage spending. For the nine months ended September 30, 2025, the company generated $204.6 million in year-to-date Adjusted Free Cash Flow, with Q3 alone contributing $103.4 million. That's solid cash flow for funding capital returns, like the planned $125 million allocation to common stock repurchases in Q4 2025.