Gulfport Energy Corporation

What they do

Gulfport develops natural gas, oil and NGL reserves in the Appalachia and Anadarko basins. Its Utica/Marcellus operations cover approximately 223,000 net reservoir acres in eastern Ohio, and it also operates in the SCOOP play in central Oklahoma. The company targets high-return projects and uses advanced drilling and completion techniques.

Revenue drivers

• Natural gas sales — Primary revenue source; natural gas made up the bulk of total net production of 962.8 MMcfe/d in Q2 2026.
• NGL sales — Contributed 9,862 Bbl/d in Q2 2026, with SCOOP and Utica/Marcellus each providing meaningful volumes.
• Oil and condensate sales — Lower but still significant; Q2 2026 averaged 4,203 Bbl/d, down from 7,843 Bbl/d in Q2 2025.

Recent performance

In Q2 2026, Gulfport reported net income of $87.1 million and adjusted EBITDA of $179.1 million. Net cash provided by operating activities was $149.9 million, with adjusted free cash flow of $6.4 million. Total net production averaged 962.8 MMcfe per day, down from 1,006.3 MMcfe per day in Q2 2025. Capital expenditures totaled $148.6 million, including $141.7 million of operated drilling and completion costs. The company exited the quarter with total liquidity of $772.4 million.

Strategy

Gulfport prioritizes free cash flow generation, capital discipline, and returning capital to shareholders. It is expanding its core Utica inventory through the Ohio state land lease acquisition and a new discretionary acreage program targeted at $140 million for the remainder of 2026. The company also plans to reduce cycle times and operating costs to improve margins. A $1.5 billion share repurchase program is authorized through December 2026.

Risks

• Commodity price volatility — Natural gas, oil and NGL prices fluctuate widely; in 2025 Henry Hub ranged from $2.65 to $9.86 per MMBtu.
• Execution on acreage acquisitions — The discretionary acreage program and Ohio land lease remain subject to closing conditions and may not deliver expected returns.
• Geopolitical and tariff uncertainty — Ongoing conflicts and tariff measures could impact energy markets and the company's costs or demand.
• Regulatory and tax changes — The One Big Beautiful Bill Act changes interest deductibility and bonus depreciation, which could affect financial results.

Outlook

For 2026, Gulfport expects full-year base capital expenditures of approximately $430 million, including $35 million for maintenance land and seismic. Production is guided to 1.030–1.055 Bcfe per day. The company plans to deploy an additional $140 million on discretionary acreage through year-end, expecting to add about 40 net high-quality locations. Management anticipates increased liquids production in H2 2026 from new wet gas Utica pads.