Slides
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Investor Presentation Augus t 2026
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GPOR | 2 Forward-Looking Statements & Non-GAAP Financial Measures This presentation includes “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Lit igation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve known and unknown risks, uncertainties and other fa ctors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “intends,” “believes,” “estimates,” “projects,” “predicts,” “potential” and similar expres sions intended to identify forward-looking statements. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that we expect or anticipate will or may occur in the future, including the expected impact of U.S. trade policy and its impact on broader economic conditions, the war in Ukraine, the conflicts in Iran, the disruptions in the Strait of Hormuz and the broader geopolitical t ension in the Middle East on our business, industry and the global economy, estimated future production and net revenues from oil and gas reserves and the present value thereof, future capital expenditures (including the amount and n ature thereof), share repurchases, business strategy and measures to implement strategy, competitive strength, goals, expansion and growth of our business and operations, plans, references to future success, reference to inten tions as to future matters and other such matters are forward-looking statements. Gulfport believes the expectations and forecasts reflected in the forward-looking statements are reasonable, Gulfport can give no assurance they will prove to have been correct. They can be affected by inaccurate or changed assumptions or by known or unknown risks and uncertainties. Important risks, assumptions and other important factors that could cause future results to differ materially from those expressed in the forward-looking statements are described under “Risk Factors” in Item 1A of Gulfport’s annual report on Form 10-K for the year ended December31, 2025 and any updates to those factors set forth in Gulfport’s subsequent quarterly reports on Form 10-Q or current reports on Form 8-K (available at https://www.gulfportenergy.com/investors/sec-filings). Gulfport undertakes no obligation to release publicly a ny revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events. Gulfport’s proved reserves and adjusted proved reserves are those quantities of natural gas, oil, and natural gas liquids, wh ich, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabil istic methods are used for the estimation. Gulfport’s estimate of its total proved reserves are internally generated and audited by Netherland, Sewell Associates, Inc., independent petroleum engineers. Factors affecting ultimate recovery include the scope of Gulfport’s ongoing drilling program, which will be directly affected by the availability of capital, drilling and production costs, avai lability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals, actual drilling results, including geological and mechanical factors affecting recovery rates, and other factors. Estimates may change significantly as development of Gulfport’s natural gas, oil and natural gas liquids assets provide additional data. Gulfport’s production forecasts and expectations for future periods are dependent upon many assumpti ons, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases . 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), manageme nt 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 practic able 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 per formance 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. T hese non-GAAP financial measures include adjusted EBITDA, adjusted free cash flow, recurring general and administrative expense and present value of estimated future net revenue. A reconciliation of each financial measure to i ts most directly comparable GAAP financial measure is included as part of this presentation. These non - GAAP measures should be considered in addition to, but not instead of, the financial statements prepared in accordance with G AAP.
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GPOR | 3 ~75% ~ 15% ~ 10% Utica Marcellus SCOOP 2026E Activity Gulfport Energy Overview 1. Market capitalization calculated as of 7/28/26 at a price of $153.40 per share using shares outstanding from the Company’s 2Q2026 10-Q filing. 2. Enterprise value calculated as of 7/28/26 at a price of $153.40 per share using shares outstanding, long-term debt and cash and cash equivalents from the Company’s 2Q2026 10-Q financial statements. 3. As of 6/30/26 and calculated as $1.1 million cash plus $771.3 million borrowing base availability, which takes into effect $280.0 million of borrowings on revolver and $48.7 million of letters of credit. 4. As of 6/30/26 using net debt to LTM Adjusted EBITDA. Net debt and Adjusted EBITDA are non-GAAP measures; see supplemental slides. Net debt is defined as total long-term debt minus cash and cash equivalents. 5. Adjusted free cash flow is a non-GAAP financial measure; see supplemental slides. Adjusted free cash flow excludes discretionary acreage acquisitions and common stock repurchases. Adjusted free cash flow yield is calculated using adjusted free cash flow divided by market capitalization using shares outstanding from the Company’s 2025 10-K filing. 6. Appalachia acreage includes ~238,000 Utica (pro forma for the state land acquisitions publicly announced in June 2026) and ~35,000 Marcellus net reservoir acres. SCOOP acreage includes ~44,000 Woodford and ~30,000 Springer net reservoir acres. Utica and Marcellus Net Reservoir Acres(6): ~273,000 YE25 Proved Reserves: 3.3 Net T cfe 2Q26 Net Production: ~800 MMcfe/day SCOOP Net Reservoir Acres(6): ~74,000 YE25 Proved Reserves: 0.9 Net T cfe 2Q26 Net Production: ~163 MMcfe/day Key Highlights NYSE: GPOR Market Cap(1): $2.7 Billion Enterprise Value (‘EV’)(2): $3.6 Billion Liquidity(3): ~$772 Million Leverage(4): ~1.0x 2026E T otal Operated Capital: ~$430 Million 2026E T otal Net Equivalent Production: 1.030 – 1.055 Bcfe/day Expect total net production to increase ~5% in 4Q2026 versus 4Q2025 Top-decile adjusted free cash flow yield(5) relative to natural gas peers Remaining Inventory: >700 gross operated >15 years of net inventory at attractive rates of return ~ 85% ~ 15% Utica / Marcellus SCOOP 2026E Production Mix2026E Operated D&C Capital
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GPOR | 4 14.1 MBbl/day 963 Mcfe/day $148.6 Million $6.4 Million $40.3 Million 14.6 MBbl/day 980 Mcfe/day $270.4 Million $125.4 Million ~1.0x 18.0 – 21.0 MBbl/day 1.030 – 1.055 Bcfe/day ~$430 Million Estimate >15%(3) increase year-over-year Targeting additional ~$140 million for 2026 Commitment to a conservative mid-cycle leverage profile 1. Excludes $1.0 million non-D&C capital and $0.6 million non-operated D&C capital for 2Q2026 and $1.1 million non -D&C capital and $0.7 million non-operated D&C capital for 1H2026. 2. Adjusted EBITDA and adjusted free cash flow are non -GAAP financial measures; see supplemental slides. Adjusted free cash flow ex cludes discretionary acreage acquisitions and equity repurchases. 3. Includes 1H2026 actuals and based upon $3.00 NYMEX / $80 WTI flat price case July – December. Includes current hedge position as of 7/28/26. 4. As of 6/30/26 using net debt to LTM Adjusted EBITDA. Net debt and Adjusted EBITDA are non -GAAP measures; see supplemental slides . Net debt is defined as total long-term debt minus cash and cash equivalents. 5. Ohio state lands acquisitions publicly announced in June 2026 and expected to close in 2H2026. Second Quarter 2026 Results T otal Liquids Net Production T otal Net Production Incurred Capital Expenditures(1) Adjusted Free Cash Flow(2) Discretionary Acreage Acquisitions Key Highlights • Expanded core Utica position with ~4,700 net undeveloped acres and ~16 high-return wet gas locations(5) • Initiated a new discretionary acreage acquisition program targeting an additional ~$140 million of investment during 2026, including ~$40 million deployed during 2Q2026 • Delivered production in line with expectations and expect meaningful liquids production growth in 2H2026 • Early results from the latest Marcellus development exceeded expectations, achieving stronger oil recoveries than nearby offset wells • Updated full-year base capital expenditures guidance to ~$430 million • Returned ~$70 million to shareholders through common stock repurchases in the second quarter and ~$243 million 1H2026 2Q2026 Full Year 2026E Guidance Leverage (Net Debt(4) to Adjusted EBITDA(2)) 1H2026 $70.0 Million $242.8 Million Substantial capacity remains under current repurchase authorization Common Share Repurchases New Program
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GPOR | 5 Proven Model for Long-Term Shareholder Value Creation Strengthen Inventory Depth Target value-accretive acreage acquisitions to enhance durability, create growth levers and long-term value Protect Financial Strength Conservative mid-cycle leverage and hedging supports durability through cycles Deliver Shareholder Returns Continue opportunistic share repurchases while preserving financial flexibility Increase Capital Efficiency Lower costs, shorter cycle times and productivity gains improve returns
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GPOR | 6 Significant Low Break-Even Inventory Expansion 1. Year-end inventory adjusted for annual development activity. 2. Based on assumed development cadence of approximately 20 to 25 wells per year and pro forma for the state land acquisitions publicly announced in June 2026. 3. PV-10 breakeven price includes all-in wells costs, gathering, processing, transport, pricing differentials, LOE and production taxes. WTI realization used for the analysis was $70/Bbl. Key Highlights >700 Gross Locations >15 years(2) net inventory breaks even under $2.50/MMBtu(3) High-quality, multi-basin portfolio >700 Gross Locations Utica Dry Gas Utica Wet Gas Utica Condensate Marcellus SCOOP Gross Undeveloped Inventory • Increased gross undeveloped inventory by more than 40% since year-end 2022 through targeted acreage acquisitions and Marcellus delineation • New discretionary acreage acquisition program expected to add ~40 net high-quality, low break-even locations and increase net inventory by ~2 years • Estimate >700 gross locations and over 15 years(2) of net inventory with break-even prices below $2.50/MMBtu Dec-22 Inventory 2023 Additions Dec-23 Inventory 2024 Additions Dec-24 Inventory 2025 Additions Dec-25 Inventory Ongoing Gross Locations Discretionary Acreage Marcellus Single Well U-Development >40% Increase in Gross Undeveloped Inventory Since 2022(1) Continuously adding high-quality inventory through acquisition, delineation and optimization ~500 ~550 ~560 >700 +75 +35 >170 (1) (1) (1) (1)
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GPOR | 7 Inventory Expansion Adding High-Quality Resource Depth 1. Based on flat $3.75 / MMBtu natural gas and $70 / Bbl oil. Average internal rates of returns based on actual planned lateral lengths and type curves for each defined development area over the next five years of development. 2. Based on assumed development cadence of approximately 20 to 25 wells per year and pro forma for the state land acquisitions publicly announced in June 2026. Key Highlights • Strategic acreage acquisitions have added quality inventory, optionality to near-term development and strengthened the long-term value of the Company • Peer activity and learnings from Gulfport’s development has expanded Marcellus resource viability to the north, increasing Marcellus inventory by ~200% Attractive Rates of Return(1) Strategic Acreage Acquisitions Marcellus development and delineation capturing significant value, >4 years(2) of drillable inventory Discretionary acreage acquisitions and recent state land acquisitions have added >5 years(2) since 2022, within the wet gas and dry gas windows Legend Gulfport Utica Acreage Legend Gulfport Marcellus Acreage Marcellus Development Marcellus North Ongoing Assessment Marcellus Core Recent target areas include Belmont and Monroe Counties Marcellus Delineation 0% 50% 100% 150% - Marcellus Utica Condensate Utica Wet Gas Utica Dry Gas Expected Rates of Return Net Wells Developed Over Next 5 Years Existing Inventory Inventory Additions Expected Average IRR Utica dry gas, Utica liquids and Marcellus providing returns >80%+ IRR Inventory Expansion Adding High-Quality Resource Depth
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GPOR | 8 EQT RRC GPOR Ascent AR EXE CNX INR CRK Inventory Life at Next 12-Month Activity Level (Years) <$2.00 $2.00-$2.25 $2.25-$2.50 $2.50-$2.75 $2.75-$3.00 $3.00-$3.25 Premium Additions Positioned for Near-Term Development Wet Gas Focus Area High-Return, Five-Year Development Plan(2) Enverus 1Q2026 Inventory Life Breakeven(1) Dry Gas Focus AreaKey Highlights • Recent inventory additions are concentrated in core wet gas and dry gas fairways with existing infrastructure support, positioning for near- term development • Expanded inventory further strengthens Gulfport's portfolio, with leading weighted-average break-even economics relative to peers 1. Sourced from Enverus Intelligence Research 1Q2026 Gas NAV Compass. 2. Based on flat $3.75 / MMBtu natural gas and $70 / Bbl oil. Average internal rates of returns based on actual planned lateral lengths and type curves for each defined development area over the next five years of development. Legend Gulfport Utica Acreage 0% 50% 100% 150% 0% 100% 2027 2028 2029 2030 2031 Expected Rates of Return Allocation of Development Program Existing Inventory Marcellus Inventory Additions Expected Average IRR
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GPOR | 9 2023 2024 2025 $3.00 $3.50 2 $4.00 ($ MM) Completed Available Delivering Value For Shareholders Equity Repurchase Program $1.5 Billion Stock Repurchase Authorization ~$337 million Available under authorization ~$1.2 billion Repurchased as of June 30, 2026, retiring ~8.6 million shares(4) at an average price of $135.09 per share 2026E Adjusted Free Cash Flow Generation(1,5) • Established shareholder return framework and equity repurchase program authorizes purchases up to $1.5 billion • Adjusted free cash flow(1) generation estimated to increase >15%(6) during 2026 compared to FY 2025 • Continue returning adjusted free cash flow(1) to shareholders, guided by returns, market conditions and mid-cycle leverage profile Equity Repurchases 1. Adjusted free cash flow is a non-GAAP financial measure; see supplemental slides. Excludes discretionary acreage acquisitions an d common stock repurchases. 2. Includes $18.4 million to satisfy tax withholding requirements incurred upon vesting of initial emergence performance stock u nits granted to certain executive officers in 2021. 3. Includes $12.3 million of cash utilized to settle performance stock units that were granted to certain executive officers in 2022. 4. Includes redemption of preferred equity totaling $31.3 million for ~180,000 shares of common stock on an as -converted basis based on redemption price of $174.22. 5. 2026E FCF sensitivities includes 1H2026 actuals and based upon flat price cases July – December. Does not assume changes in cost structure or activity levels at different commodity prices and includes current hedge position as of 7/28/26. 6. Based on $3.00 NYMEX / $80 WTI flat price case referenced above. Return of Capital ($MM) FY 2023 FY 2024 FY 2025 Annual adjusted free cash flow(1) $199 $257 $325 Less: discretionary acreage acquisitions ($48) ($45) ($63) Less: equity repurchases executed ($149) ($203)(2) ($349)(3,4) Remaining adjusted free cash flow(1) available $2 $9 ($87) % of adjusted free cash flow returned to shareholders 99% 96% 100%+ Year-end leverage 0.98x 0.97x 0.90x 2026E Adjusted Free Cash Flow >15% growth Y-o-Y >30% growth Y-o-Y >40% growth Y-o-Y $4.00 Gas / $80.00 Oil $3.50 Gas / $80.00 Oil $3.00 Gas / $80.00 OilGas $2.74 $2.27 $3.43 Oil $77.61 $75.72 $64.77
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GPOR | 10 0% 5% 10% 15% GPOR Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 FCF Yield 2026 2027 Base Assumptions (2026E Guidance) Upside Potential Net Production: Low single digit growth of 0% – 5% Improving base decline, reduced cycle times, and potential uplift from deferred production associated with known downtime Cash Costs: $1.35 – $1.48 / Mcfe Reducing per unit cash costs which includes LOE, GP&T, taxes other than income and G&A T otal Capital: ~$395MM Operated D&C ~$35MM Maintenance Land Continued efficiencies, cost reductions and lower maintenance capital spend Differentials: Natural Gas: $0.15 - $0.30 off NYMEX Oil: $6.00 - $7.00 off WTI NGL: 40% - 50% of WTI Optimizing marketing strategy to maximize realizations Commodity Prices: Flat price scenarios Commodity price improvements 5-Year Adjusted Free Cash Flow Generation Potential 2026E – 2030E Cumulative Adjusted Free Cash Flow(1,2,3,6) as % of Market Cap(6) Adjusted Free Cash Flow Yield(4,5) 1. Adjusted free cash flow is a non-GAAP financial measure; see supplemental slides. Excludes discretionary acreage acquisitions and common stock repurchases. 2. Based upon flat price cases and base assumptions per year. Includes current hedge position as of 7/28/26. 3. No payment of cash income taxes assumed in illustration. Company does not currently anticipate paying significant cash income taxes over next five years (estimating <10% of cumulative 5-year adjusted free cash flow). 4. Sourced from J.P. Morgan E&P Valuation Analysis utilizing J.P. Morgan estimates & Bloomberg Finance L.P.; Strip pricing and share prices as of 6/29/26. Peers include AR, CNX, EQT, EXE, NFG, & RRC. 5. Adjusted FCF Yield is calculated using estimated adjusted free cash flow divided by current market capitalization. 6. Market capitalization calculated as of 7/28/26 at a price of $153.40 per share using shares outstanding from the Company’s 2Q2026 10-Q filing. • Sustainable free cash generation underpinned by high-quality assets • Meaningful adjusted free cash flow profile expected to generate a substantial portion of Company’s market capitalization (6) over the next five years • Delivering highest adjusted free cash flow yield among natural gas peers Key Highlights 0% 50% 100% 3.5 3.75 4$4.00 Gas / $70.00 Oil $3.50 Gas / $70.00 Oil $3.00 Gas / $70.00 Oil >50% >75% >100%
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GPOR | 11 - 1,200 1Q2026A 2Q2026A 3Q2026E 4Q2026E MMcfe/day Natural Gas NGL Oil - 1,200 4Q2025A 4Q2026E Capital Program • Total operated D&C capital of ~$395 million • Forecast investing ~$35 million on maintenance land and seismic • New discretionary acreage acquisition program targeting an additional ~$140 million(1) during 2026, focusing on opportunities that enhance our core position and strengthen the durability of our asset base Production • Forecast ~5% production increase in 4Q2026 versus 4Q2025 • Expect full year total net daily equivalent production in the range of 1.030 – 1.055 Bcfe/day • Increasing liquids production in 2H2026 driven by highly economic wet gas area of the Utica and liquids-rich Marcellus $0 $200 1Q2026A 2Q2026A 3Q2026E 4Q2026E $ Millions Utica Marcellus SCOOP Maintenance Land & Seismic 2026 Capital Program and Production Outlook Total Capital Expenditures Total Net Production 1. Includes $40.3 million deployed in the second quarter of 2026.
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GPOR | 12 2026 Development Plan Overview • Significantly extended Utica inventory since year-end 2022 • Discretionary acreage acquisitions have added >5 years(1), within the core wet gas and dry gas windows of the play • Announced new discretionary acreage acquisition program targeting to add ~2 net years in the wet gas and dry gas window • Validation of U-development unlocked ~1 year(1) of dry gas inventory • Plan to drill 18 gross wells and turn-to-sales 20 gross wells during 2026 Utica Key Highlights • Marcellus development is within Utica footprint and captures value enhancement through stacked pay synergies and liquids optionality • Estimate 95 – 105 net locations, >4 years(1) of drillable inventory • Plan to drill 6 gross wells and turn-to-sales 4 gross wells during 2026 Marcellus Key Highlights 1. Based on assumed development cadence of approximately 20 to 25 wells per year and pro forma for the state land acquisitions publicly announced in June 2026. • Targeting high return, liquids-rich development in the SCOOP • Completed 2026 development program and recently turned-to-sales 2 gross wells SCOOP Key Highlights Legend Gulfport Utica Acreage Pads Turned-in-Line 2-Well Pad U-Development Spud: 4Q2025 TIL: 1Q2026 3-Well Pad Spud: 3Q2025 TIL: 1Q2026 4-Well Pad Spud: 1Q2026 TIL: Late 2Q2026 4-Well Pad Spud: 1Q2026 TIL: 3Q2026 4-Well Pad Spud: 2Q2026 TIL: 3Q2026 3-Well Pad Spud: 2Q2026 TIL: 4Q2026 3-Well Pad Spud: 3Q2026 Marcellus 2-Well Pad Spud: 3Q2025 3-Well Pad Spud: 4Q2026 Marcellus 4-Well Pad Spud: 4Q2025 TIL: 2Q2026
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GPOR | 13 • Diversified and right-sized takeaway capacity • 565,000 MMBtu/d(1,3) of firm takeaway from the Utica • 200,000 MMBtu/d(1) of firm takeaway from the SCOOP • Strategic connectivity to premium basin egress pipelines provides netback enhancement while maintaining exposure to in-basin demand growth opportunities • Premium Gulf Coast transportation allows delivery to growing LNG demand center and industrial corridor at NYMEX-plus pricing • Proactively hedge in-basin exposure to secure pricing Advantaged Firm Portfolio Provides Access to Diverse Markets 1. Primary reservation volume only. Excludes zero-leg and secondary-leg reservation volume. Assumes run-rate gross reservation volume on a MMBtu/d basis. 2. Percentages represent approximate gross production exposure to basin regions. 3. Includes strategic release of 60,000 MMBtu/d on June 1, 2026. Regional Exposure(1) Bal 2026E(2) Midwest 390,000(3) MMBtu/d firm takeaway 30% - 40% Gulf Coast 175,000 MMBtu/d firm takeaway 10% - 15% MidCon 200,000 MMBtu/d firm takeaway 15% - 20% In-Basin Exposure 30% – 40% MidCon SCOOP Basin (NGPL TexOK, OGT, NGPL Midcon) Premium Gulf Coast (TGP 500L, Transco St 85) Midwest (Chicago CG, REX Z3, Lebanon) Utica Basin (Tetco M2, TGP 200L)
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GPOR | 14 $0 $200 $400 $600 $800 $1,000 2026 2027 2028 2029 ($ Millions) No Maturities Until 2028 Second Quarter 2026 Overview Strong Capital Structure and Financial Profile 1. As of 6/30/26 and calculated as $1.1 million cash plus $771.3 million borrowing base availability, which takes into effect $280.0 million of borrowings on revolver and $48.7 million of letters of credit. 2. As of 6/30/26 using net debt to TTM Adjusted EBITDA. Net debt is defined as total long-term debt minus cash and cash equivalents. Adjusted EBITDA and net debt are non-GAAP measures; see supplemental slides. 3. Includes redemption of preferred equity totaling $31.3 million for ~180,000 shares of common stock on an as-converted basis based on redemption price of $174.22. As of June 30, 2026(1) Coupon 6.750% $650 Outstanding L/Cs Total Elected Commitments Senior Notes Cash and Liquidity • $1.1 million of cash equivalents • ~$772 million of liquidity(1) Debt • $280 million borrowings under credit facility • $650 million of senior notes due 2029 • Leverage of ~1.0x(2) Equity • Redeemed 2,449 shares of preferred stock for ~$31.3 million on September 5, 2025 • Prior to redemption date, 28,907 shares of preferred stock were converted into, ~2.1 million shares of common stock • No shares of preferred stock remain outstanding • Common stock: 17.7 million shares • Equity repurchase program authorized for up to $1.5 billion • Repurchased ~$1.2 billion(3) as of June 30, 2026 since inception $1.1B Borrowing Base $1,100 Borrowings under Credit Facility Elected Commitment Under Credit Facility $1.1B Borrowing Base
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GPOR | 15 • Achieved overall “A” rating for Appalachia assets from MiQ for third consecutive year • Expanded MiQ-certified methane monitoring across 100% of Gulfport’s production, reflecting the Company's commitment to transparent emissions measurement and management • Continued to lower Scope 1 methane intensity(1), improving by 20% year- over-year and 33% since 2022 • Conducted climate risk assessment and integrated climate-related risk into Enterprise Risk Management (ERM) program Focused on Continuous Improvement and Responsible Stewardship • Reduced combined total recordable incident rate by 44% year-over-year, exceeding Company wide targets and recording the strongest annual safety performance to date • Partnered with organizations that support Gulfport’s key focus areas: education, health and human services, environmental stewardship and military and veterans • Paid over $235 million in royalties to local landowners and working interest owners in 2024 • Experienced 7-member board including 6 independent directors • 40% of directors identifying as gender or ethnically diverse • Maintained separation of Chief Executive Officer and Chair roles while retaining Lead Independent Director • Continued environmental, safety and governance short-term compensation incentive metrics with a 30% weighting EnvironmentalSocial Governance Reduced Combined Total Recordable Incident Rate 54 % since 2022 Vendor Code of Conduct can be found on Gulfport’s website Improved Methane Intensity Rate 33% (1) since 2022 For additional information please refer to Gulfport’s Corporate Sustainability Report Note: More details on our initiatives can be found on the Gulfport website: www.gulfportenergy.com 1. Reported full year 2024 and based on EPA required Subpart W reporting. www.gulfportenergy.com/sustainability
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Appendix
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GPOR | 17 Utica 73% Marcellus 5% SCOOP 22% SEC YE 2025 YE 2025 YE 20252 YE 20253 PDP PDNP PUD ~$3.6 Billion ~$3.5 Billion(4) ~$4.4 Billion(4) ~$5.2 Billion(4) 2025 Proved Reserve Summary 1. Per Company reserve report for year ending 12/31/25. 2. Proved undeveloped reserves, under SEC reserve reporting guidelines, only includes wells scheduled to be drilled within the next five years. 3. PV-10 is a non-GAAP measure; see supplemental slides. 4. Flat price cases at stated price scenarios. Net Reserves as of December 31, 2025(1) Gas Oil NGL Total (Bcf) (MMBbls) (MMBbls) (Bcfe) Proved Developed Producing 2,089 8 32 2,329 Proved Developed Non-Producing 68 0 1 75 Proved Undeveloped(2) 1,455 16 50 1,848 Total Proved Reserves 3,612 24 83 4,253 Proved Reserve Components SEC Year End Proved Reserves PV-10(3,4) $3.75 Gas / $70.00 Oil $3.25 Gas / $70.00 Oil $3.39 Gas / $66.01 Oil $4.25 Gas / $70.00 Oil Nat Gas 85% NGL 12% Oil 3% PDP 55% PDNP 2% PUD 43% Commodity Category Basin
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GPOR | 18 Incurred Capital Expenditures – $ millions Operated D&C Capital Expenditures ~$395 Maintenance Land and Seismic ~$35 T otal Capital Expenditures ~$430 Production Net Daily Gas Equivalent – Bcfe/day 1.030 1.055 Net Daily Liquids Production – MBbls/day 18.0 21.0 % Gas ~89% Realizations (before hedges)(1) Natural Gas (Differential to NYMEX) - $/Mcf ($0.15) ($0.30) NGL (% of WTI) 40% 50% Oil (Differential to NYMEX WTI) - $/Bbl ($6.00) ($7.00) Expenses Lease Operating Expense - $/Mcfe $0.21 $0.25 Taxes Other Than Income - $/Mcfe $0.07 $0.09 GPT&C - $/Mcfe $0.95 $1.00 Recurring Cash G&A(2) - $/Mcfe $0.12 $0.14 Full Year 2026 Guidance FY 2026E Note: Guidance for the year ending 12/31/26 is based on multiple assumptions and certain analyses made by the Company based o n its experience and perception of historical trends and current conditions and may change due to future developments. Actual re sults may not conform to the Company’s expectations and predictions. Please refer to page 2 for more detail of forward -looking statements. 1. Based upon current forward pricing at July 15, 2026 and basis marks. 2. Recurring cash G&A is a non-GAAP financial measures; see supplemental slides. 3. Adjusted free cash flow is a non-GAAP financial measures; see supplemental slides. Excludes discretionary acreage acquisitions and common stock repurchases. • Significant increase in adjusted free cash flow(3) generation in current commodity market(1) • Continue to evaluate capital allocation opportunities competitively between strategic inventory expansion and opportunistic share repurchases, with each decision guided by returns, market conditions and financial position 2026E Adjusted Free Cash Flow Generation Guidance FY 2026E Guidance
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GPOR | 19 Tetco M2 Basis Rex Zone 3 Basis NGPL TXOK Basis TGP 500 Basis Transco Station 85 Basis Swaps Swaps Swaps Swaps Swaps Volume MMBtu/d Avg. Price $/MMBtu Volume MMBtu/d Avg. Price $/MMBtu Volume MMBtu/d Avg. Price $/MMBtu Volume MMBtu/d Avg. Price $/MMBtu Volume MMBtu/d Avg. Price $/MMBtu 3Q 2026 170,000 ($0.95) 80,000 ($0.18) 30,000 ($0.30) 20,000 $0.56 10,000 $0.56 4Q 2026 170,000 ($0.95) 80,000 ($0.18) 30,000 ($0.30) 20,000 $0.56 10,000 $0.56 FY 2026(2) 170,000 ($0.95) 80,000 ($0.18) 30,000 ($0.30) 20,000 $0.56 10,000 $0.56 1Q 2027 130,000 ($0.82) 90,000 ($0.20) 40,000 ($0.33) - - - - 2Q 2027 130,000 ($0.82) 90,000 ($0.20) 40,000 ($0.33) - - - - 3Q 2027 130,000 ($0.82) 90,000 ($0.20) 40,000 ($0.33) - - - - 4Q 2027 130,000 ($0.82) 90,000 ($0.20) 40,000 ($0.33) - - - - FY 2027 130,000 ($0.82) 90,000 ($0.20) 40,000 ($0.33) - - - - 1Q 2028 40,000 ($0.71) 30,000 ($0.23) - - - - - - 2Q 2028 40,000 ($0.71) 30,000 ($0.23) - - - - - - 3Q 2028 40,000 ($0.71) 30,000 ($0.23) - - - - - - 4Q 2028 40,000 ($0.71) 30,000 ($0.23) - - - - - - FY 2028 40,000 ($0.71) 30,000 ($0.23) - - - - - - Hedged Production Natural Gas, Oil and Propane Hedge Summary(1) 1. As of 7/28/26. 2. July 2026 – December 2026. Basis Hedge Summary(1) Natural Gas Oil Propane Swaps Collars Swaps Collars Swaps Volume MMBtu/d Avg. Price $/MMBtu Volume MMBtu/d Avg. Put $/MMBtu Avg. Call $/MMBtu Volume Bbl/d Avg. Price $/Bbl Volume Bbl/d Avg. Put $/Bbl Avg. Call $/Bbl Volume Bbl/d Avg. Price $/Bbl 3Q 2026 430,000 $3.73 150,000 $3.61 $4.35 2,000 $72.19 1,913 $62.37 $76.22 3,250 $30.98 4Q 2026 480,000 $3.77 150,000 $3.61 $4.35 2,000 $72.19 2,250 $64.44 $77.62 3,250 $30.98 FY 2026(2) 455,000 $3.75 150,000 $3.61 $4.35 2,000 $72.19 2,082 $63.49 $76.98 3,250 $30.98 1Q 2027 240,000 $3.86 140,000 $3.75 $4.24 2,250 $68.92 300 $55.00 $68.00 2,000 $29.64 2Q 2027 240,000 $3.86 110,000 $3.75 $4.27 2,250 $68.92 300 $55.00 $68.00 2,000 $29.64 3Q 2027 210,000 $3.93 110,000 $3.75 $4.27 2,250 $68.92 300 $55.00 $68.00 2,000 $29.64 4Q 2027 210,000 $3.93 110,000 $3.75 $4.27 2,250 $68.92 300 $55.00 $68.00 2,000 $29.64 FY 2027 224,877 $3.89 117,397 $3.75 $4.26 2,250 $68.92 300 $55.00 $68.00 2,000 $29.64 1Q 2028 90,000 $3.74 - - - 750 $71.43 - - - - - 2Q 2028 90,000 $3.74 - - - 750 $71.43 - - - - - 3Q 2028 90,000 $3.74 - - - 750 $71.43 - - - - - 4Q 2028 90,000 $3.74 - - - 750 $71.43 - - - - - FY 2028 90,000 $3.74 - - - 750 $71.43 - - - - -
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GPOR | 20 Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Net income (GAAP) $ 87,102 $ 184,466 $ 252,924 $ 184,002 Adjustments: Interest expense 15,792 13,731 31,178 27,087 Income tax expense 24,016 51,670 68,699 51,494 DD&A and accretion 73,671 74,230 149,699 140,470 Non-cash derivative (gain) loss (25,838) (116,661) (66,779) 19,997 Non-recurring general and administrative expenses - cash 1,543 666 2,857 1,031 Stock-based compensation expenses 2,692 3,263 2,888 6,303 Other, net 155 901 1,853 199 Adjusted EBITDA (Non-GAAP) $ 179,133 $ 212,266 $ 443,319 $ 430,583 Adjusted EBITDA is a non-GAAP financial measure equal to net income (loss), the most directly comparable GAAP financial measure, plus interest expense, income tax expense (benefit), depreciation, depletion and amortization, impairment and accretion, net non-cash derivative loss (gain), non-recurring general and administrative expenses comprised of expenses related to the continued administration of our prior Chapter 11 filing, costs associated with the Chief Executive Officer transition, stock-based compensation, loss on debt extinguishment and other items which include non-material expenses. Below is a reconciliation of net income (loss) (a GAAP measure) to Adjusted EBITDA. This non -GAAP measure should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Adjusted EBITDA (In thousands) (Unaudited)
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GPOR | 21 (In thousands) (Unaudited) Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Net cash provided by operating activity (GAAP) $ 149,929 $ 231,403 $ 442,847 $ 408,683 Adjustments: Interest expense 15,792 13,731 31,178 27,087 Non-recurring general and administrative expenses – cash 1,543 666 2,857 1,031 Current income tax (benefit) expense (244) 274 826 105 Other, net (1,077) (571) (745) (2,446) Changes in operating assets and liabilities, net Accounts receivable - oil, natural gas, and natural gas liquids sales (14,611) (29,446) (70,273) (27,328) Accounts receivable - joint interest and other 4,077 3,001 4,361 3,021 Accounts payable and accrued liabilities 21,197 (10,345) 31,204 17,329 Prepaid expenses 2,526 3,545 1,033 3,060 Other assets 1 8 31 41 Total changes in operating assets and liabilities $ 13,190 $ (33,237) $ (33,644) $ (3,877) Adjusted EBITDA (Non-GAAP) $ 179,133 $ 212,266 $ 443,319 $ 430,583 Interest expense (15,792) (13,731) (31,178) (27,087) Current income tax benefit (expense) 244 (274) (826) (105) Capitalized expenses incurred(1) (6,949) (6,273) (13,800) (12,438) Capital expenditures incurred, excluding discretionary acreage acquisitions (2,3,4) (150,225) (127,399) (272,164) (289,762) Adjusted free cash flow (Non-GAAP) $ 6,411 $ 64,589 $ 125,351 $ 101,191 Adjusted Free Cash Flow 1. Includes cash capitalized general and administrative expense and incurred capitalized interest expenses. 2. Incurred capital expenditures and cash capital expenditures may vary from period to period due to the cash payment cycle. 3. For the three months ended June 30, 2026, includes $1.0 million and $0.6 million of non -D&C capital and non-operated capital expenditures, respectively. For the six months ended June 30, 2026, includes $1.1 million and $0.7 million of non -D&C capital and non-operated capital expenditures, respectively. Additionally, excludes targeted discretionary acreage acquisitions of $40.3 million and $79.7 million for three months and six months ended June 30, 2026, respectively. Discretionary acreage acquisition expenditures included $39.5 million associated with the completion of the prior year's program and $40.3 million associated with the 2026 discretionary acreage acquisition program that is targeting $140 million o f acreage acquisitions through the end of the year. 4. For the three months ended June 30, 2025, includes $2.9 million and $0.3 million of non -D&C capital and non-operated capital expenditures, respectively. For the six months ended June 30, 2025, includes $4.3 million and $1.5 million of non -D&C capital and non-operated capital expenditures, respectively. Additionally, excludes targeted discretionary acreage acquisitions of $6.9 million. Adjusted free cash flow is a non-GAAP measure defined as adjusted EBITDA plus certain non-cash items that are included in net cash provided by (used in) operating activities but excluded from adjusted EBITDA less interest expense, current income tax expense (benefit), capitalized expenses incurred and capital expenditures incurred, excluding discretionary acreage acquisitions. Gulfport includes ranges of expectations for adjusted free cash flow for 2026. We are unable, however, to provide a quantitative reconciliation of the forward-looking non-GAAP measure to its most directly comparable forward-looking GAAP measure because management cannot reliably quantify certain of the necessary components of such forward-looking GAAP measure. Accordingly, Gulfport is relying on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K to exclude such reconciliation. Items excluded in net cash provided by operating activities to arrive at adjusted free cash flow include interest expense, income taxes, capitalized expenses as well as one-time items or items whose timing or amount cannot be reasonably estimated. Below is a reconciliation of net cash provided by operating activities (the most comparable GAAP measure) to adjusted free cash flow. This non-GAAP measure should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP.
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GPOR | 22 (In thousands) (Unaudited) Three Months June 30, 2026 Three Months Ended June 30, 2025 Cash Non-Cash Total Cash Non-Cash Total General and administrative expense (GAAP) $ 7,969 $ 2,692 $ 10,661 $ 7,663 $ 3,263 $ 10,926 Capitalized general and administrative expense 5,218 1,325 6,543 4,826 1,607 6,433 Non-recurring general and administrative expense (1,543) — (1,543) (666) — (666) Recurring General and Administrative Expense (Non-GAAP) $ 11,644 $ 4,017 $ 15,661 $ 11,823 $ 4,870 $ 16,693 (In thousands) (Unaudited) Six Months June 30, 2026 Six Months Ended June 30, 2025 Cash Non-Cash Total Cash Non-Cash Total General and administrative expense (GAAP) $ 17,481 $ 2,888 $ 20,369 $ 13,624 $ 6,303 $ 19,927 Capitalized general and administrative expense 10,643 1,422 12,065 9,560 3,105 12,665 Non-recurring general and administrative expense(1) (2,857) 4,507 1,650 (1,031) — (1,031) Recurring General and Administrative Expense (Non-GAAP) $ 25,267 $ 8,817 $ 34,084 $ 22,153 $ 9,408 $ 31,561 Recurring General and Administrative (G&A) Expense Recurring general and administrative expense is a non-GAAP financial measure equal to general and administrative expense (GAAP) plus capitalized general and administrative expense, less non-recurring general and administrative expenses comprised of expenses related to the continued administration of our prior Chapter 11 filing and cost s associated with the Chief Executive Officer transition. Gulfport includes a recurring cash general and administrative expense estimate for 2026. We are unable, however, to provide a quantitative reconciliation of the forward -looking non-GAAP measure to its most directly comparable forward-looking GAAP measure because management cannot reliably quantify certain of the necessary components of such forward -looking GAAP measure. Accordingly, Gulfport is relying on the exception provided by Item 10(e)(1)( i) (B) of Regulation S-K to exclude such reconciliation. Items excluded in general and administrative expense to arrive at recurring general and admin istrative expense include capitalized expenses as well as one -time items or items whose timing or amount cannot be reasonably estimated. Below is a reconciliation of general and administrative expense (the most comparable GAAP measure) to recurring general and a dministrative expense. This non-GAAP measure should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. 1. For the six months ended June 30, 2026, non-cash includes the impact of the forfeiture of unvested restricted stock units and pe rformance vesting restricted stock units due to the departure of the Company’s Chief Executive Officer on March 6, 2026.
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GPOR | 23 Present value of estimated future net revenue (PV-10) Note: Reserves as of December 31, 2025 utilized prices of $66.01/Bbl of oil, $31.07/Bbl for NGLs and $3.39/MMBtu of natural gas. Reserves as of December 31, 2024 utilized prices of $76.32/Bbl of oil, $31.30/Bbl for NGLs and $2.13/MMBtu of natural gas. Prices are determined in accordance with the SEC requirement to use the unweighted arithmetic average of the first day-of-the-month price for the preceding twelve months without giving effect to derivative transactions. PV – 10 is a non-GAAP measure derived from standardized measure of discounted future new cash flows (GAAP). Management uses PV-10, which is calculated without deducting estimated future income tax expenses, as a measure of the value of the Company's current proved reserves and to compare relative values among peer companies. We also understand that securities analysts and rating agencies use this measure in similar ways. While estimated future net revenue and the present value thereof are based on prices, costs and discount factors which may be consi stent from company to company, the standardized measure of discounted future net cash flows is dependent on the unique tax situation of each individual company. PV-10 should not be considered in isolation or as a substitute for the standardized measure of discounted future net cash flows or any other measure of a company's financial or operating performance presented in accordance with GAAP. A reconciliation of the standardized measure of discounted future net cash flows to PV-10 is presented below. Neither PV-10 nor the standardized measure of discounted future net cash flows purport to represent the fair value of our proved oil and gas reserves. (In thousands) (Unaudited) December 31, 2025 December 31, 2024 Proved Developed Proved Undeveloped Total Proved Proved Developed Proved Undeveloped Total Proved Estimated future net revenue $3,816 $3,145 $6,961 $1,620 $1,876 $3,496 Present value of estimated future net revenue (PV-10) $2,291 $1,331 $3,622 $1,059 $699 $1,757 Standardized measure $3,403 $1,747
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Thank You. Investor Relations 405.252.4550 investor_relations@gulfportenergy.com www.gulfportenergy.com