Gulfport Energy : Supplemental Tables Q1 2024

Three months ended March 31, 2024

Supplemental Information of Gulfport Energy

Table of Contents:	Page:
Production Volumes by Asset Area	2
Production and Pricing	3
Consolidated Statements of Income	4
Consolidated Balance Sheets	5
Consolidated Statement of Cash Flows	7
2024E Guidance	8
Derivatives	9
Non-GAAP Reconciliations	10
Definitions	11
Adjusted Net Income	12
Adjusted EBITDA	13
Adjusted Free Cash Flow	14
Recurring General and Administrative Expenses	15

Production Volumes by Asset Area : Three months ended March 31, 2024

Production Volumes

	Three Months Ended		Three Months Ended
	March 31, 2024		March 31, 2023
Natural gas (Mcf/day)
Utica & Marcellus	811,357	718,815
SCOOP	162,207		225,592
Total	973,564	944,408
Oil and condensate (Bbl/day)
Utica & Marcellus	1,348	590
SCOOP	1,980		4,139
Total	3,329	4,729
NGL (Bbl/day)
Utica & Marcellus	1,981	2,690
SCOOP	8,050		11,406
Total	10,031	14,096
Combined (Mcfe/day)
Utica & Marcellus	831,333	738,498
SCOOP	222,389		318,861
Total	1,053,722	1,057,359
Totals may not sum or recalculate due to rounding.

Page 2

Production and Pricing : Three months ended March 31, 2024

The following table summarizes production and related pricing for the three months ended March 31, 2024, as compared to such data for the three months ended March 31, 2023:

		Three Months Ended			Three Months Ended
Natural gas sales		March 31, 2024			March 31, 2023
Natural gas production volumes (MMcf)		88,594			84,997
Natural gas production volumes (MMcf) per day		974			944
Total sales	$	188,286	$	282,534
Average price without the impact of derivatives ($/Mcf)	$	2.13	$	3.32
Impact from settled derivatives ($/Mcf)	$	0.75	$	-
Average price, including settled derivatives ($/Mcf)	$	2.88		$	3.32
Oil and condensate sales
Oil and condensate production volumes (MBbl)		303			426
Oil and condensate production volumes (MBbl) per day		3			5
Total sales	$	21,701	$	30,714
Average price without the impact of derivatives ($/Bbl)	$	71.64	$	72.16
Impact from settled derivatives ($/Bbl)	$	0.04	$	(1.04)
Average price, including settled derivatives ($/Bbl)	$	71.68		$	71.12
NGL sales
NGL production volumes (MBbl)		913			1,269
NGL production volumes (MBbl) per day		10			14
Total sales	$	28,106	$	39,912
Average price without the impact of derivatives ($/Bbl)	$	30.79	$	31.46
Impact from settled derivatives ($/Bbl)	$	(1.25)	$	0.77
Average price, including settled derivatives ($/Bbl)	$	29.54		$	32.23
Natural gas, oil and condensate and NGL sales
Natural gas equivalents (MMcfe)		95,889			95,162
Natural gas equivalents (MMcfe) per day		1,054			1,057
Total sales	$	238,093	$	353,160
Average price without the impact of derivatives ($/Mcfe)	$	2.48	$	3.71
Impact from settled derivatives ($/Mcfe)	$	0.68	$	-
Average price, including settled derivatives ($/Mcfe)	$	3.16		$	3.71
Production Costs:	$	0.18	$	0.21
Average lease operating expenses ($/Mcfe)
Average taxes other than income ($/Mcfe)	$	0.09	$	0.11
Average transportation, gathering, processing and compression ($/Mcfe)	$	0.90		$	0.92
Total lease operating expenses, taxes other than income and midstream	$	1.16	$	1.24
costs ($/Mcfe)

Totals may not sum or recalculate due to rounding.

Page 3

Consolidated Statements of Income: Three months ended March 31, 2024

(In thousands, except per share data)

(Unaudited)

		Three Months Ended			Three Months Ended
REVENUES:		March 31, 2024			March 31, 2023
$	188,286	$	282,534
Natural gas sales
Oil and condensate sales		21,701			30,714
Natural gas liquid sales		28,106			39,912
Net gain on natural gas, oil and NGL derivatives		45,136			378,061
Total revenues		283,229			731,221
OPERATING EXPENSES:		16,808			19,862
Lease operating expenses
Taxes other than income		8,260			10,695
Transportation, gathering, processing and compression		86,619			87,617
Depreciation, depletion and amortization		80,023			79,094
General and administrative expenses		9,198			8,733
Restructuring costs		-			1,869
Accretion expense		555			764
Total operating expenses		201,463			208,634
INCOME FROM OPERATIONS		81,766			522,587
OTHER EXPENSE (INCOME):		15,003			13,756
Interest expense
Other, net		(125)			(14,223)
Total other expense (income)		14,878			(467)
INCOME BEFORE INCOME TAXES		66,888			523,054
INCOME TAX EXPENSE:		-			-
Current
Deferred		14,853			-
Total income tax expense		14,853			-
NET INCOME	$	52,035		$	523,054
Dividends on preferred stock
	(1,105)			(1,307)
Participating securities - preferred stock		(7,532)			(86,221)
NET INCOME ATTRIBUTABLE TO COMMON	$	43,398	$	435,526
STOCKHOLDERS
NET INCOME PER COMMON SHARE:
$	2.39	$	23.08
Basic
Diluted	$	2.34	$	22.90
Weighted average common shares outstanding-Basic		18,193			18,868
Weighted average common shares outstanding-Diluted		18,604			19,049

Page 4

Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)

		March 31, 2024			December 31, 2023
Assets
Current assets:	$	8,209	$	1,929
Cash and cash equivalents
Accounts receivable-oil, natural gas, and natural gas liquids sales		85,022			122,479
Accounts receivable-joint interest and other		26,366			22,221
Prepaid expenses and other current assets		5,334			16,951
Short-term derivative instruments		228,579			233,226
Total current assets		353,510			396,806
Property and equipment:
Oil and natural gas properties, full-cost method		3,033,571			2,904,519
Proved oil and natural gas properties
Unproved properties		207,644			204,233
Other property and equipment		9,984			9,165
Total property and equipment		3,251,199			3,117,917
Less: accumulated depletion, depreciation and amortization		(945,646)			(865,618)
Total property and equipment, net		2,305,553			2,252,299
Other assets:		45,617			47,566
Long-term derivative instruments
Deferred tax asset		510,303			525,156
Operating lease assets		11,099			14,299
Other assets		28,000			31,487
Total other assets		595,019			618,508
Total assets	$	3,254,082		$	3,267,613

Page 5

Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)

March 31, 2024

December 31, 2023

Liabilities, Mezzanine Equity and Stockholders' Equity
Current liabilities:	$
Accounts payable and accrued liabilities
Short-term derivative instruments
Current portion of operating lease liabilities
Total current liabilities
Non-current liabilities:
Long-term derivative instruments
Asset retirement obligation
Non-current operating lease liabilities
Long-term debt
Total non-current liabilities	$
Total liabilities
Commitments and contingencies
Mezzanine equity:

Preferred stock - $0.0001 par value, 110.0 thousand shares authorized,

1. thousand issued and outstanding at March 31, 2024, and

1. thousand issued and outstanding at December 31, 2023

Stockholders' equity:

Common stock - $0.0001 par value, 42.0 million shares authorized,

18.1 million issued and outstanding at March 31, 2024, and 18.3 million issued and outstanding at December 31, 2023

Additional paid-in capital
Common stock held in reserve, 0 shares at March 31, 2024, and 62.0
thousand shares at December 31, 2023
Retained earnings	$
Total stockholders' equity
Total liabilities, mezzanine equity and stockholders' equity	$

290,144	$	309,532
37,607		21,963
9,949		12,959
337,700		344,454
16,547		18,602
30,710		29,941
1,150		1,340
636,442		667,382
684,849		717,265
1,022,549	$	1,061,719
44,203		44,214
2		2
288,450		315,726
-		(1,996)
1,898,878		1,847,948
2,187,330	$	2,161,680
3,254,082	$	3,267,613

Page 6

Consolidated Statement of Cash Flows: Three months ended March 31, 2024

(In thousands)

(Unaudited)

		Three Months Ended			Three Months Ended
		March 31, 2024			March 31, 2023
Cash flows from operating activities:	$	52,035	$	523,054
Net income
Adjustments to reconcile net income to net cash provided by
operating activities:		80,023			79,094
Depletion, depreciation and amortization
Net gain on derivative instruments		(45,136)			(378,061)
Net cash receipts on settled derivative instruments		65,322			367
Deferred income tax expense		14,853			-
Stock-based compensation expense		2,403			2,205
Other, net		1,568			2,637
Changes in operating assets and liabilities, net		16,954			74,759
Net cash provided by operating activities		188,022			304,055
Cash flows from investing activities:		(118,146)			(130,400)
Additions to oil and natural gas properties
Proceeds from sale of oil and natural gas properties		-			2,463
Other, net		(806)			(644)
Net cash used in investing activities		(118,952)			(128,581)
Cash flows from financing activities:		(303,000)			(313,000)
Principal payments on Credit Facility
Borrowings on Credit Facility		272,000			168,000
Debt issuance costs and loan commitment fees		(107)			(7)
Dividends on preferred stock		(1,105)			(1,307)
Repurchase of common stock under Repurchase Program		(14,491)			(32,672)
Repurchase of common stock under Repurchase Program - related		(15,002)			-
party
Shares exchanged for tax withholdings		(1,085)			(287)
Net cash used in financing activities		(62,790)			(179,273)
Net change in cash and cash equivalents		6,280			(3,799)
Cash and cash equivalents at beginning of period		1,929			7,259
Cash and cash equivalents at end of period	$	8,209		$	3,460

Page 7

2024E Guidance

Gulfport's 2024 guidance assumes commodity strip prices as of April 16, 2024, adjusted for applicable commodity and location differentials, and no property acquisitions or divestitures.

	Year Ending
	December 31, 2024
Production	Low			High
Average daily gas equivalent (MMcfepd)	1,045	1,080
% Gas		~92%
Realizations (before hedges)
Natural gas (differential to NYMEX settled price) ($/Mcf)	$(0.20)	$(0.35)
NGL (% of WTI)	35%	40%
Oil (differential to NYMEX WTI) ($/Bbl)	$(4.75)	$(5.75)
Operating costs
Lease operating expense ($/Mcfe)	$0.17	$0.19
Taxes other than income ($/Mcfe)	$0.08	$0.10
Transportation, gathering, processing and compression ($/Mcfe)	$0.90	$0.94
Recurring cash general and administrative(1,2) ($/Mcfe)	$0.11	$0.13
Capital expenditures (incurred)		Total
(in millions)
D&C	$330	$360
Maintenance leasehold and land	$50	$60
Total base capital expenditures	$380	$420

1. Recurring cash G&A includes capitalization. It excludes non-cash stock compensation and expenses related to the continued administration of our prior Chapter 11 filing.
2. This is a non-GAAP measure. Reconciliations of these non-GAAP measures and other disclosures are provided with the supplemental financial tables available on our website at www.gulfportenergy.com.

Page 8

Derivatives

The below details Gulfport's hedging positions as of April 25, 2024:

									Full			Full
	2Q2024	3Q2024	4Q2024			Year			Year
Natural Gas Contract Summary (NYMEX):	2024(1)			2025
Fixed Price Swaps
Volume (BBtupd)		330		400		400			377			200
Weighted Average Price ($/MMBtu)	$	4.04	$	3.77	$	3.77	$	3.85	$	3.94
Fixed Price Collars
Volume (BBtupd)		225		225		225			225			180
Weighted Average Floor Price ($/MMBtu)	$	3.36	$	3.36	$	3.36	$	3.36	$	3.39
Weighted Average Ceiling Price ($/MMBtu)	$	5.14	$	5.14	$	5.14	$	5.14	$	4.33
Fixed Price Calls Sold
Volume (BBtupd)		202		202		202			202			193
Weighted Average Price ($/MMBtu)	$	3.33	$	3.33	$	3.33	$	3.33	$	5.80
Rex Zone 3 Basis
Volume (BBtupd)		150		150		150			150			-
Differential ($/MMBtu)	$	(0.15)	$	(0.15)	$	(0.15)	$	(0.15)	$	-
Tetco M2 Basis
Volume (BBtupd)		210		190		190			197			120
Differential ($/MMBtu)	$	(0.93)	$	(0.92)	$	(0.92)	$	(0.92)	$	(0.98)
NGPL TX OK Basis
Volume (BBtupd)		70		70		70			70			30
Differential ($/MMBtu)	$	(0.31)	$	(0.31)	$	(0.31)	$	(0.31)	$	(0.27)
Oil Contract Summary (WTI):
Fixed Price Swaps
Volume (Bblpd)		500		500		500			500			-
Weighted Average Price ($/Bbl)	$	77.50	$	77.50	$	77.50	$	77.50	$	-
Fixed Price Collars
Volume (Bblpd)		1,000		1,000		1,000			1,000			-
Weighted Average Floor Price ($/Bbl)	$	62.00	$	62.00	$	62.00	$	62.00	$	-
Weighted Average Ceiling Price ($/Bbl)	$	80.00	$	80.00	$	80.00	$	80.00	$	-
NGL Contract Summary:
C3 Propane Fixed Price Swaps
Volume (Bblpd)		2,500		2,500		2,500			2,500			2,000
Weighted Average Price ($/Bbl)	$	30.25	$	30.25	$	30.25	$	30.25	$	30.09

(1) April 2024 - December 2024.

Page 9

Non-GAAP Reconciliations

Gulfport's management uses certain non-GAAP financial measures for planning, forecasting and evaluating business and financial performance, and believes that they are useful tools to assess Gulfport's operating results. Although these are not measures of performance calculated in accordance with generally accepted accounting principles (GAAP), management believes that these financial measures are useful to an investor in evaluating Gulfport because (i) analysts utilize these metrics when evaluating company performance and have requested this information as of a recent practicable date, (ii) these metrics are widely used to evaluate a company's operating performance, and (iii) we want to provide updated information to investors. Investors should not view these metrics as a substitute for measures of performance that are calculated in accordance with GAAP. In addition, because all companies do not calculate these measures identically, these measures may not be comparable to similarly titled measures of other companies.

These non-GAAP financial measures include adjusted net income, adjusted EBITDA, adjusted free cash flow, and recurring general and administrative expense. A reconciliation of each financial measure to its most directly comparable GAAP financial measure is included in the tables below. These non-GAAP measure should be considered in addition to, but not instead of, the financial statements prepared in accordance with GAAP.

Page 10