GPOR

Introduction Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to provide the reader of the financial statements with a narrative from the perspective of management on the financial condition, results of operations, liquidity and certain other factors that may affect the Company's operating results. MD&A should be read in conjunction with the financial statements and related Notes included in Part I, Item 1. of this Form 10-Q. The following information updates the discussion of Gulfport’s financial condition provided in its 2025 Form 10-K and analyzes the changes in the results of operations between the periods of April 1, 2026 through June 30, 2026, January 1, 2026 through June 30, 2026, April 1, 2025 through June 30, 2025 and January 1, 2025 through June 30, 2025. For definitions of commonly used natural gas and oil terms found in this Form 10-Q, please refer to the “Definitions” provided in this report. Overview Gulfport is an independent natural gas-weighted exploration and production company with assets primarily located in the Appalachia and Anadarko basins. Our principal operations target the Utica and Marcellus formations in eastern Ohio and the SCOOP Woodford and Springer formations in central Oklahoma. Our strategy is to develop our assets in a safe, environmentally responsible manner, while generating sustainable cash flow, improving margins and operating efficiencies and returning capital to shareholders. To accomplish these goals, we generally allocate capital to projects we believe offer the highest rate of return and we deploy leading drilling and completion techniques and technologies in our development efforts. Recent Developments Appointment of Domenic J. Dell’Osso, Jr., as President, Chief Executive Officer and Director On May 28, 2026, Domenic J. Dell’Osso, Jr. was named President, CEO and Director. Following Mr. Dell’Osso’s appointment, the Office of the Chairman that was established by the Board of Directors on March 6, 2026 was discontinued. Credit Facility On May 1, 2026, Gulfport completed its semi-annual borrowing base redetermination under its Credit Facility during which the borrowing base was reaffirmed at $1.1 billion and elected commitments were increased to $1.1 billion. Ohio State Land Lease Acquisition In June 2026, Gulfport announced an agreement to acquire approximately 4,700 net undeveloped acres in Belmont County, Ohio for approximately $83.0 million through the Ohio Oil and Gas Land Management Commission State Land Lease Sale. The acreage is located in the core, liquids-rich Utica wet gas window, is adjacent to Gulfport's existing operations, and is expected to add approximately 16 net future drilling locations. The transaction remains subject to customary closing conditions. Geopolitical and Market Conditions Ongoing geopolitical instability, including the conflict involving Iran and heightened tensions in the Middle East, has contributed to increased volatility in global energy markets. While the Company does not have operations or assets in the affected regions, these events may impact commodity prices, global supply and demand dynamics, and overall market conditions. As of the date of this filing, the Company has not experienced any material direct impacts to its operations, liquidity or financial condition as a result of these developments. Tariffs and Trading Relationships In 2025 and 2026, the U.S. government threatened, announced and, in certain cases, rescinded, tariffs on several foreign jurisdictions and imports into the United States, which led, and may continue to lead, to the imposition of retaliatory tariffs and other measures taken by foreign jurisdictions. There is significant uncertainty as to the scope and durability of existing and future tariff measures, as well as the ultimate effects of the tariffs on economic conditions. 31 Table of Contents 2026 Operational and Financial Highlights During the second quarter of 2026, we had the following notable achievements: •Reported total net production of 962.8 MMcfe per day. •Turned to sales 10 gross (9.5 net) operated wells. •Generated $149.9 million of operating cash flows. •Repurchased 392,222 shares for $70.0 million. •Exited the quarter with total liquidity of $772.4 million. 2026 Production and Drilling Activity Production Volumes Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Natural gas (Mcf/day) Utica & Marcellus 755,485 736,420 SCOOP 122,873 154,939 Total 878,358 891,359 Oil and condensate (Bbl/day) Utica & Marcellus 3,080 6,135 SCOOP 1,123 1,708 Total 4,203 7,843 NGL (Bbl/day) Utica & Marcellus 4,331 4,555 SCOOP 5,531 6,759 Total 9,862 11,313 Combined (Mcfe/day) Utica & Marcellus 799,955 800,557 SCOOP 162,798 205,742 Total 962,753 1,006,299 Totals may not sum or recalculate due to rounding. Our total net production averaged approximately 962.8 MMcfe per day during the three months ended June 30, 2026, as compared to 1,006.3 MMcfe per day during the three months ended June 30, 2025. Production per day decreased primarily due to natural declines and the timing of our 2025 and 2026 development programs. 32 Table of Contents Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Natural gas (Mcf/day) Utica & Marcellus 769,093 711,829 SCOOP 122,896 152,907 Total 891,988 864,735 Oil and condensate (Bbl/day) Utica & Marcellus 2,808 5,005 SCOOP 1,164 1,565 Total 3,972 6,570 NGL (Bbl/day) Utica & Marcellus 5,075 4,028 SCOOP 5,568 6,614 Total 10,643 10,641 Combined (Mcfe/day) Utica & Marcellus 816,391 766,023 SCOOP 163,284 201,979 Total 979,675 968,002 Totals may not sum or recalculate due to rounding. Our total net production averaged approximately 979.7 MMcfe per day during the six months ended June 30, 2026, as compared to 968.0 MMcfe per day during the six months ended June 30, 2025. Production per day increased primarily due to the timing of our 2025 and 2026 development programs. Utica/Marcellus. We spud 7 gross (6.7 net) wells targeting the Utica formation during the three months ended June 30, 2026. In addition, we commenced sales on 4 gross (3.9 net) operated Utica wells and 4 gross (4.0 net) operated Marcellus wells. SCOOP. We did not spud any operated wells in the SCOOP during the three months ended June 30, 2026. We commenced sales on 2 gross (1.6 net) operated SCOOP wells. 33 Table of Contents RESULTS OF OPERATIONS Comparison of the Three Month Periods Ended June 30, 2026 and 2025 Natural Gas, Oil and Condensate and NGL Production and Pricing (sales totals in thousands) The following table summarizes our natural gas, oil and condensate and NGL production and related pricing for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. Some totals below may not sum or recalculate due to rounding. Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Natural gas sales Natural gas production volumes (MMcf) 79,931 81,114 Natural gas production volumes (MMcf) per day 878 891 Total sales $ 198,253 $ 241,236 Average price without the impact of derivatives ($/Mcf) $ 2.48 $ 2.97 Impact from settled derivatives ($/Mcf) $ 0.52 $ 0.22 Average price, including settled derivatives ($/Mcf) $ 3.00 $ 3.19 Oil and condensate sales Oil and condensate production volumes (MBbl) 382 714 Oil and condensate production volumes (MBbl) per day 4 8 Total sales $ 32,841 $ 41,543 Average price without the impact of derivatives ($/Bbl) $ 85.86 $ 58.20 Impact from settled derivatives ($/Bbl) $ (13.50) $ 3.38 Average price, including settled derivatives ($/Bbl) $ 72.36 $ 61.58 NGL sales NGL production volumes (MBbl) 897 1,030 NGL production volumes (MBbl) per day 10 11 Total sales $ 30,459 $ 28,736 Average price without the impact of derivatives ($/Bbl) $ 33.94 $ 27.91 Impact from settled derivatives ($/Bbl) $ (0.64) $ (0.26) Average price, including settled derivatives ($/Bbl) $ 33.30 $ 27.65 Natural gas, oil and condensate and NGL sales Natural gas equivalents (MMcfe) 87,610 91,573 Natural gas equivalents (MMcfe) per day 963 1,006 Total sales $ 261,553 $ 311,515 Average price without the impact of derivatives ($/Mcfe) $ 2.99 $ 3.40 Impact from settled derivatives ($/Mcfe) $ 0.40 $ 0.21 Average price, including settled derivatives ($/Mcfe) $ 3.39 $ 3.61 Production Costs: Average lease operating expenses ($/Mcfe) $ 0.23 $ 0.19 Average taxes other than income ($/Mcfe) $ 0.08 $ 0.08 Average transportation, gathering, processing and compression ($/Mcfe) $ 0.97 $ 0.94 Total lease operating expenses, taxes other than income and midstream costs ($/Mcfe) $ 1.28 $ 1.22 34 Table of Contents Natural Gas, Oil and Condensate and NGL Sales (in thousands) Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 % Change Natural gas $ 198,253 $ 241,236 (18) % Oil and condensate 32,841 41,543 (21) % NGL 30,459 28,736 6 % Natural gas, oil and condensate and NGL sales $ 261,553 $ 311,515 (16) % The decrease in natural gas sales without the impact of derivatives, when comparing the three months ended June 30, 2026 to the three months ended June 30, 2025, was due to a 17% decrease in realized prices and a 1% decrease in sales volumes. The realized price change was primarily driven by the decrease in the average Henry Hub gas index from $3.44 per Mcf in the three months ended June 30, 2025, to $2.89 per Mcf during the three months ended June 30, 2026. The 1% decrease in natural gas production was primarily due to the timing of our 2025 and 2026 development programs. The decrease in oil and condensate sales without the impact of derivatives, when comparing the three months ended June 30, 2026 to the three months ended June 30, 2025, was due to a 46% decrease in sales volumes, partially offset by a 48% increase in realized prices. The 46% decrease in oil and condensate production was primarily due to natural declines and timing of our 2025 and 2026 development programs. The realized price change was primarily driven by the increase in the average WTI crude index from $63.74 per barrel in the three months ended June 30, 2025, to $92.85 per barrel during the three months ended June 30, 2026. The increase in NGL sales without the impact of derivatives, when comparing the three months ended June 30, 2026 to the three months ended June 30, 2025, was due to a 22% increase in realized prices, partially offset by a 13% decrease in sales volumes. The 13% decrease in NGL production was primarily due to natural declines and timing of our 2025 and 2026 development programs. Natural Gas, Oil and NGL Derivatives (in thousands) Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Natural gas derivatives - fair value gains $ 8,636 $ 108,909 Natural gas derivatives - settlement gains 41,573 17,295 Total gains on natural gas derivatives 50,209 126,204 Oil derivatives - fair value gains 13,654 2,315 Oil derivatives - settlement (losses) gains (5,165) 2,411 Total gains on oil and condensate derivatives 8,489 4,726 NGL derivatives - fair value gains 3,548 5,437 NGL derivatives - settlement losses (571) (266) Total gains on NGL derivatives 2,977 5,171 Total gains on natural gas, oil and NGL derivatives $ 61,675 $ 136,101 We recognize fair value changes on our natural gas, oil and NGL derivative instruments in each reporting period. The changes in fair value resulted from new positions and settlements that occurred during each period, as well as the relationship between contract prices and the associated forward curves. The significant change in the total gain (loss) for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, was primarily the result of changes in futures pricing for natural gas, oil and NGLs during each period. See Note 10 of our consolidated financial statements for hedged volumes and pricing. 35 Table of Contents Lease Operating Expenses (in thousands, except per unit) Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 % Change Lease operating expenses Utica & Marcellus $ 15,581 $ 12,421 25 % SCOOP 4,250 5,207 (18) % Total lease operating expenses $ 19,831 $ 17,628 12 % Lease operating expenses per Mcfe Utica & Marcellus $ 0.21 $ 0.17 24 % SCOOP 0.29 0.28 4 % Total lease operating expenses per Mcfe $ 0.23 $ 0.19 18 % The increase in our total LOE for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, was primarily the result of an increase in compression, repairs and maintenance and labor expenses in our Utica operations. Taxes Other Than Income (in thousands, except per unit) Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 % Change Production taxes $ 4,830 $ 5,316 (9) % Property taxes 1,931 1,554 24 % Other 613 686 (11) % Total taxes other than income $ 7,374 $ 7,556 (2) % Total taxes other than income per Mcfe $ 0.08 $ 0.08 2 % The decrease in total taxes other than income for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, was primarily related to a decrease in natural gas sales as discussed above. Transportation, Gathering, Processing and Compression (in thousands, except per unit) Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 % Change Transportation, gathering, processing and compression $ 84,626 $ 86,508 (2) % Transportation, gathering, processing and compression per Mcfe $ 0.97 $ 0.94 2 % Transportation, gathering, processing and compression for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, decreased primarily as a result of a 4% decrease in total production volumes. Depreciation, Depletion and Amortization (in thousands, except per unit) Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 % Change Depreciation, depletion and amortization of oil and gas properties $ 72,463 $ 73,123 (1) % Depreciation, depletion and amortization of other property and equipment 590 520 13 % Total depreciation, depletion and amortization $ 73,053 $ 73,643 (1) % Depreciation, depletion and amortization per Mcfe $ 0.83 $ 0.80 4 % Depreciation, depletion and amortization of our oil and gas properties for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, decreased primarily due to lower production volumes. The decrease was partially offset by a higher depletion rate driven by our drilling and development activities subsequent to the second quarter of 2025. 36 Table of Contents General and Administrative Expenses (in thousands, except per unit) Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 % Change General and administrative expenses, gross $ 21,721 $ 21,639 — % Reimbursed from third parties (4,517) (4,280) 6 % Capitalized general and administrative expenses (6,543) (6,433) 2 % General and administrative expenses, net $ 10,661 $ 10,926 (2) % General and administrative expenses, net per Mcfe $ 0.12 $ 0.12 2 % General and administrative expenses for the three months ended June 30, 2026 remained comparable to the three months ended June 30, 2025, as lower legal expenses were offset by costs associated with the CEO transition discussed in Note 2 of our consolidated financial statements. Interest Expense (in thousands, except per unit) Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 % Change Interest on 2026 Senior Notes $ — $ 263 (100) % Interest on 2029 Senior Notes 10,969 10,969 — % Interest expense on Credit Facility 4,987 2,322 115 % Amortization of loan costs 1,418 1,313 8 % Capitalized interest (1,732) (1,447) 20 % Other 150 311 (52) % Total interest expense $ 15,792 $ 13,731 15 % Interest expense per Mcfe $ 0.18 $ 0.15 20 % Total interest expense for the three months ended June 30, 2026 increased 15% compared to the three months ended June 30, 2025, which was primarily due to higher borrowings on our Credit Facility. See Note 4 of our consolidated financial statements for further details regarding our long-term debt. Income Taxes We recorded income tax expense of $24.0 million and $51.7 million for the three months ended June 30, 2026 and June 30, 2025, respectively. See Note 14 of our consolidated financial statements for further discussion of our income tax expense. 37 Table of Contents Comparison of the Six Month Periods Ended June 30, 2026 and 2025 Natural Gas, Oil and Condensate and NGL Production and Pricing (sales totals in thousands) The following table summarizes our natural gas, oil and condensate, and NGL production and related pricing for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Some totals below may not sum or recalculate due to rounding. Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Natural gas sales Natural gas production volumes (MMcf) 161,450 156,517 Natural gas production volumes (MMcf) per day 892 865 Total sales $ 597,783 $ 522,742 Average price without the impact of derivatives ($/Mcf) $ 3.70 $ 3.34 Impact from settled derivatives ($/Mcf) $ (0.09) $ 0.05 Average price, including settled derivatives ($/Mcf) $ 3.61 $ 3.39 Oil and condensate sales Oil and condensate production volumes (MBbl) 719 1,189 Oil and condensate production volumes (MBbl) per day 4 7 Total sales $ 55,179 $ 72,802 Average price without the impact of derivatives ($/Bbl) $ 76.76 $ 61.22 Impact from settled derivatives ($/Bbl) $ (9.43) $ 2.46 Average price, including settled derivatives ($/Bbl) $ 67.33 $ 63.68 NGL sales NGL production volumes (MBbl) 1,926 1,926 NGL production volumes (MBbl) per day 11 11 Total sales $ 61,936 $ 59,553 Average price without the impact of derivatives ($/Bbl) $ 32.15 $ 30.92 Impact from settled derivatives ($/Bbl) $ 0.10 $ (0.85) Average price, including settled derivatives ($/Bbl) $ 32.25 $ 30.07 Natural gas, oil and condensate and NGL sales Natural gas equivalents (MMcfe) 177,321 175,208 Natural gas equivalents (MMcfe) per day 980 968 Total sales $ 714,898 $ 655,097 Average price without the impact of derivatives ($/Mcfe) $ 4.03 $ 3.74 Impact from settled derivatives ($/Mcfe) $ (0.12) $ 0.05 Average price, including settled derivatives ($/Mcfe) $ 3.91 $ 3.79 Production Costs: Average lease operating expenses ($/Mcfe) $ 0.25 $ 0.22 Average taxes other than income ($/Mcfe) $ 0.09 $ 0.08 Average transportation, gathering, processing and compression ($/Mcfe) $ 0.99 $ 0.97 Total lease operating expenses, taxes other than income and midstream costs ($/Mcfe) $ 1.33 $ 1.26 38 Table of Contents Natural Gas, Oil and Condensate and NGL Sales (in thousands) Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 % Change Natural gas $ 597,783 $ 522,742 14 % Oil and condensate 55,179 72,802 (24) % NGL 61,936 59,553 4 % Natural gas, oil and condensate and NGL sales $ 714,898 $ 655,097 9 % The increase in natural gas sales without the impact of derivatives, when comparing the six months ended June 30, 2026 to the six months ended June 30, 2025, was due to an 11% increase in realized prices and a 3% increase in sales volumes. The realized price change was primarily driven by the increase in the average Henry Hub gas index from $3.55 per Mcf in the six months ended June 30, 2025, to $3.92 per Mcf in the six months ended June 30, 2026. The 3% increase in natural gas production was primarily due to the timing of our 2025 and 2026 development programs. The decrease in oil and condensate sales without the impact of derivatives, when comparing the six months ended June 30, 2026 to the six months ended June 30, 2025, was due to a 40% decrease in sales volumes, partially offset by a 25% increase in realized prices. The 40% decrease in oil and condensate production was primarily due to natural declines and timing of our 2025 and 2026 development programs. The realized price change was driven by the increase in the average WTI crude index from $67.58 per barrel in the six months ended June 30, 2025, to $82.57 per barrel in the six months ended June 30, 2026. The increase in NGL sales without the impact of derivatives, when comparing the six months ended June 30, 2026 to the six months ended June 30, 2025, was due to a 4% increase in realized prices. Natural Gas, Oil and NGL Derivatives (in thousands) Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Natural gas derivatives - fair value gains (losses) $ 66,229 $ (24,755) Natural gas derivatives - settlement (losses) gains (14,333) 8,270 Total gains (losses) on natural gas derivatives 51,896 (16,485) Oil derivatives - fair value gains 3,774 2,309 Oil derivatives - settlement (losses) gains (6,781) 2,915 Total (losses) gains on oil and condensate derivatives (3,007) 5,224 NGL derivatives - fair value (losses) gains (3,224) 2,449 NGL derivatives - settlement gains (losses) 197 (1,635) Total (losses) gains on NGL derivatives (3,027) 814 Total gains (losses) on natural gas, oil and NGL derivatives $ 45,862 $ (10,447) We recognize fair value changes on our natural gas, oil and NGL derivative instruments in each reporting period. The changes in fair value resulted from new positions and settlements that occurred during each period, as well as the relationship between contract prices and the associated forward curves. The significant change in the total gain (loss) for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, was primarily the result of changes in futures pricing for natural gas, oil and NGLs during each period. See Note 10 of our consolidated financial statements for hedged volumes and pricing. 39 Table of Contents Lease Operating Expenses (in thousands, except per unit) Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 % Change Lease operating expenses Utica & Marcellus $ 34,897 $ 26,013 34 % SCOOP 9,390 11,898 (21) % Total lease operating expenses $ 44,287 $ 37,911 17 % Lease operating expenses per Mcfe Utica & Marcellus $ 0.24 $ 0.19 26 % SCOOP 0.32 0.33 (3) % Total lease operating expenses per Mcfe $ 0.25 $ 0.22 15 % The increase in our total and per unit LOE for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, was primarily the result of an increase in compression, water disposal, labor expenses and workovers. Taxes Other Than Income (in thousands, except per unit) Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 % Change Production taxes $ 10,720 $ 10,753 — % Property taxes 4,140 1,982 109 % Other 1,698 1,447 17 % Total taxes other than income $ 16,558 $ 14,182 17 % Total taxes other than income per Mcfe $ 0.09 $ 0.08 15 % The increase in total taxes other than income for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, was primarily related to changes in estimates of our property taxes. Transportation, Gathering, Processing and Compression (in thousands, except per unit) Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 % Change Transportation, gathering, processing and compression $ 175,193 $ 169,378 3 % Transportation, gathering, processing and compression per Mcfe $ 0.99 $ 0.97 2 % Transportation, gathering, processing and compression for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 increased on a total and per unit basis primarily as a result of a 1% increase in total production volumes. Depreciation, Depletion and Amortization (in thousands, except per unit) Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 % Change Depreciation, depletion and amortization of oil and gas properties $ 147,339 $ 138,213 7 % Depreciation, depletion and amortization of other property and equipment 1,144 1,052 9 % Total depreciation, depletion and amortization $ 148,483 $ 139,265 7 % Depreciation, depletion and amortization per Mcfe $ 0.84 $ 0.79 5 % The total and per unit depreciation, depletion and amortization of our oil and gas properties for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 increased primarily due to a higher depletion rate resulting from increases in the amortization base associated with our drilling and development activities. 40 Table of Contents General and Administrative Expenses (in thousands, except per unit) Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 % Change General and administrative expenses, gross $ 40,998 $ 40,838 — % Reimbursed from third parties (8,564) (8,246) 4 % Capitalized general and administrative expenses (12,065) (12,665) (5) % General and administrative expenses, net $ 20,369 $ 19,927 2 % General and administrative expenses, net per Mcfe $ 0.11 $ 0.11 1 % The increase in general and administrative expenses for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, was primarily driven by expenses associated with the CEO transition discussed in Note 2 of our consolidated financial statements, partially offset by forfeiture of unvested equity awards in connection with the departure of the Company’s former CEO, as discussed in Note 7 of our consolidated financial statements. Interest Expense (in thousands, except per unit) Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 % Change Interest on 2026 Senior Notes $ — $ 777 (100) % Interest on 2029 Senior Notes 21,938 21,938 — % Interest expense on Credit Facility 9,270 4,007 131 % Amortization of loan costs 2,756 2,613 5 % Capitalized interest (3,157) (2,877) 10 % Other 371 629 (41) % Total interest expense $ 31,178 $ 27,087 15 % Interest expense per Mcfe $ 0.18 $ 0.15 14 % Total interest expense for the six months ended June 30, 2026 increased 15% compared to the six months ended June 30, 2025, which was primarily due to higher borrowings on our Credit Facility. See Note 4 of our consolidated financial statements for further details regarding our long-term debt. Income Taxes We recorded income tax expense of $68.7 million and $51.5 million for the six months ended June 30, 2026 and June 30, 2025, respectively. See Note 14 of our consolidated financial statements for further discussion of our income tax expense. 41 Table of Contents Liquidity and Capital Resources Overview. We strive to maintain sufficient liquidity to ensure financial flexibility, withstand commodity price volatility, fund our development projects, operations and capital expenditures and return capital to shareholders. We utilize derivative contracts to reduce the financial impact of commodity price volatility and provide a level of certainty to the Company’s cash flows. We generally fund our operations, planned capital expenditures and any share repurchases with cash flow from our operating activities, cash on hand, and borrowings under our Credit Facility. Additionally, we may access debt and equity markets and sell properties to enhance our liquidity. There is no guarantee that the debt or equity capital markets will be available to us on acceptable terms or at all. For the three and six months ended June 30, 2026, our primary sources of capital resources and liquidity have consisted of internally generated cash flows from operations and access to our Credit Facility, and our primary uses of cash have been for development of our oil and natural gas properties, share repurchases and interest payments. We believe our annual free cash flow generation, borrowing capacity under the Credit Facility and cash on hand will provide sufficient liquidity to fund our operations, working capital, capital expenditures, interest expense and share repurchases during the next 12 months and the foreseeable future. To the extent actual operating results, realized commodity prices or uses of cash differ from our assumptions, our liquidity could be adversely affected. See Note 4 of our consolidated financial statements for further discussion of our debt obligations, including the principal and carrying amounts of our senior notes. As of June 30, 2026, we had $1.1 million of cash and cash equivalents, $280.0 million of outstanding borrowings under our Credit Facility, $48.7 million of letters of credit outstanding and $650.0 million of outstanding 2029 Senior Notes. Our total principal amount of funded debt as of June 30, 2026 was $930.0 million. As of July 28, 2026 we had $3.5 million of cash and cash equivalents, $265.0 million in borrowings under our Credit Facility, $48.7 million of letters of credit outstanding and $650 million of outstanding 2029 Senior Notes. Debt. As of June 30, 2026, we were in compliance with all financial covenants and had approximately $771.3 million of availability under the Credit Facility. The Credit Facility is subject to semi‑annual borrowing base redeterminations primarily based on projected future cash flows. See Note 4 of our consolidated financial statements for additional discussion of our outstanding debt. Dividends on Preferred Stock. We redeemed the remaining outstanding balance of our preferred stock on September 5, 2025. We paid $0.8 million and $1.7 million of cash dividends to our holders of our preferred stock during the three and six months ended June 30, 2025, respectively. Supplemental Guarantor Financial Information. The 2029 Senior Notes are guaranteed on a senior unsecured basis by Gulfport and certain of Gulfport’s wholly owned subsidiaries (collectively, the “2029 Senior Notes Guarantors” and, together with the 2026 Senior Notes Guarantors, the “Guarantors”) and certain future subsidiaries of Gulfport that become borrowers or guarantors under any credit agreement with an aggregate principal amount outstanding or commitment amount in excess of $15 million. The 2029 Senior Notes Guarantors are 100% owned by the Parent, and the guarantees are full, unconditional, joint and several. There are no significant restrictions on the ability of the Parent or the 2029 Senior Notes Guarantors to obtain funds from each other in the form of a dividend or loan. The guarantees rank (i) senior in right of payment to any future subordinated indebtedness of Gulfport Operating or the 2029 Senior Notes Guarantors, (ii) pari passu in right of payment with all existing and future unsecured senior indebtedness of Gulfport Operating or the 2029 Senior Notes Guarantors, (iii) effectively junior to any secured indebtedness of Gulfport Operating or the 2029 Senior Notes Guarantors, including indebtedness under the credit agreement, to the extent of the value of the collateral securing such indebtedness, and (iv) structurally subordinated in right of payment to all indebtedness and other liabilities of Gulfport Operating’s subsidiaries that are not 2029 Senior Notes Guarantors. SEC Regulation S-X Rule 13-01 requires the presentation of “Summarized Financial Information” to replace the “Condensed Consolidating Financial Information” required under Rule 3-10. Rule 13-01 allows the omission of Summarized Financial Information if assets, liabilities and results of operations of the Guarantors are not materially different than the corresponding amounts presented in our consolidated financial statements. The Parent and Guarantor subsidiaries comprise our material operations. Therefore, we concluded that the presentation of the Summarized Financial Information is not required as our Summarized Financial Information of the Guarantors is not materially different from our consolidated financial statements. 42 Table of Contents Derivatives and Hedging Activities. Our results of operations and cash flows are impacted by changes in market prices for natural gas, oil and NGL. To mitigate a portion of the exposure to adverse market changes, we have entered into various derivative instruments. Our natural gas, oil and NGL derivative activities, when combined with our sales of natural gas, oil and NGL, allow us to predict with greater certainty the total revenue we will receive. See Item 3. “Quantitative and Qualitative Disclosures About Market Risk” for further discussion on the impact of commodity price risk on our financial position. Additionally, see Note 10 of our consolidated financial statements for further discussion of derivatives and hedging activities. Capital Expenditures. Our capital expenditures have historically been related to the execution of our drilling and completion activities in addition to certain lease acquisition activities. Additionally, we pursue accretive acreage opportunities that expand our resource footprint and provide optionality to our near-term development plans. Our capital investment strategy is focused on prudently developing our existing properties to generate sustainable cash flow considering current and forecasted commodity prices. For the six months ended June 30, 2026, the Company's incurred capital expenditures totaled $350.1 million related to operated activities, of which $259.6 million related to drilling and completion activities, $10.8 million related to maintenance land and seismic investments and $79.7 million related to discretionary acreage acquisitions. 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 $140.0 million of acreage acquisitions through the end of the year. Our operated drilling and completion capital expenditures for 2026 are currently estimated to be approximately $395.0 million. Also, we currently expect to spend approximately $35.0 million in 2026 for maintenance land and seismic investments, primarily focused on near-term drilling programs and facilitating increases in our working interests and lateral footage in units we plan to drill in 2026, 2027 and 2028. We expect this capital program to result in approximately 1.030 to 1.055 Bcfe per day of production in 2026. Sources and Uses of Cash The following table presents the major changes in cash and cash equivalents (in thousands): Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Net cash provided by operating activities $ 442,847 $ 408,683 Additions to oil and natural gas properties (312,787) (253,000) Debt activity, net 133,000 (8,702) Repurchases of common stock (242,343) (124,500) Net cash payments on performance vesting restricted stock units — (12,297) Shares exchanged for tax withholdings (19,579) (5,228) Dividends on preferred stock — (1,666) Other (1,897) (969) Net change in cash and cash equivalents $ (759) $ 2,321 Cash and cash equivalents at end of period $ 1,054 $ 3,794 Net cash provided by operating activities. Net cash provided by operating activities was $442.8 million for the six months ended June 30, 2026, as compared to $408.7 million for the six months ended June 30, 2025. The increase was primarily the result of increases in natural gas revenues, partially offset by an increase in operating expenses. Additions to oil and natural gas properties. During the six months ended June 30, 2026, we spud 16 gross (15.6 net) operated wells and commenced sales from 13 gross (12.8 net) operated wells targeting the Utica and Marcellus for a total incurred cost of approximately $233.0 million. During the six months ended June 30, 2026, we spud and commenced sales from 2 gross (1.6 net) operated wells in the SCOOP for a total incurred cost of approximately $26.6 million. 43 Table of Contents Drilling and completion costs discussed above reflect incurred costs while drilling and completion costs presented in the table below reflect cash payments for drilling and completions. Incurred capital expenditures and cash capital expenditures may vary from period to period due to the cash payment cycle. Cash capital expenditures were as follows (in thousands): Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Oil and Natural Gas Property Cash Expenditures: Drilling and completion costs $ 204,055 $ 215,498 Leasehold and seismic acquisitions 90,674 22,429 Other 18,058 15,073 Total oil and natural gas property expenditures $ 312,787 $ 253,000 Debt activity, net. In the six months ended June 30, 2026, the Company had $932.0 million and $799.0 million in borrowings and repayments, respectively, on its Credit Facility. In May 2025, the Company redeemed the remaining balance of its 2026 Senior Notes at par for $25.7 million. No additional fees or penalties were incurred as a result of the early redemption. The final payment, including accrued interest, totaled $26.6 million. As of July 28, 2026 the Company had $265.0 million in borrowings outstanding on its Credit Facility. Repurchases of common stock. During the six months ended June 30, 2026, the Company repurchased 1,258,501 shares for approximately $242.8 million under the Repurchase Program at a weighted average price of $192.91 per share. For the same period in 2025, the Company repurchased 679,550 shares for $125.0 million at a weighted average price of $183.95 per share. Net cash payments on performance vesting restricted stock units. During the six months ended June 30, 2025, the Company settled certain performance vesting restricted stock units awards that were granted in 2022 in cash for $12.3 million, as discussed in Note 7 of our consolidated financial statements. Shares exchanged for tax withholdings. During the six months ended June 30, 2026, the Company paid $19.6 million of shares exchanged for tax withholdings compared to $5.2 million in the six months ended June 30, 2025. The increase in shares traded for taxes was primarily due to the vesting of certain performance vesting restricted stock units, as discussed in Note 7 of our consolidated financial statements. Dividends on preferred stock. During the six months ended June 30, 2025, the Company paid $1.7 million of cash dividends to holders of our preferred stock. The Company redeemed the remaining outstanding balance of our preferred stock on September 5, 2025. Contractual and Commercial Obligations We have various contractual obligations in the normal course of our operations and financing activities, as discussed in Note 9 of our consolidated financial statements. There have been no other material changes to our contractual obligations from those disclosed in our 2025 Form 10-K. Off-balance Sheet Arrangements We may enter into off-balance sheet arrangements and transactions that can give rise to material off-balance sheet obligations. As of June 30, 2026, our material off-balance sheet arrangements and transactions include $48.7 million in letters of credit outstanding against our Credit Facility and $44.4 million in surety bonds issued. Both the letters of credit and surety bonds are being used as financial assurance, primarily for certain firm transportation agreements. Additionally, the Company entered into various contractual commitments to purchase inventory and other material to be used in future activities. There are no other transactions, arrangements or other relationships with unconsolidated entities or other persons that are reasonably likely to materially affect our liquidity or availability of our capital resources. See Note 9 of our consolidated financial statements for further discussion of the various financial guarantees we have issued. Critical Accounting Policies and Estimates As of June 30, 2026, there have been no significant changes in our critical accounting policies from those disclosed in our 2025 Form 10-K. 44 Table of Contents