Gulfport Energy (GPOR) Q1 2026 earnings summary

Executive summary

• Net production reached 996.8 MMcfe per day in Q1 2026, up 7% year-over-year, with 91% natural gas, 7% NGL, and 2% oil and condensate, driven by development program timing.

• Net income was $165.8 million and adjusted EBITDA totaled $264.2 million for the quarter, with adjusted free cash flow of $118.9 million.

• Share repurchases totaled $172.8 million in Q1, the highest quarterly repurchase in company history, with over $1.1 billion repurchased since program inception.

• Ended the quarter with $772.2 million in liquidity, increasing to $872.2 million pro forma for increased credit commitments, and reaffirmed a $1.1 billion borrowing base.

• CEO transition occurred in March 2026, with Domenic J. Dell'Osso, Jr. appointed effective May 28, 2026.

Financial highlights

• Total revenues rose 122% to $437.5 million in Q1 2026, mainly due to higher natural gas prices and volumes.

• Adjusted EBITDA for Q1 2026 was $264.2 million, with adjusted free cash flow of $118.9 million.

• Lease operating expenses were $0.27/Mcfe, and transportation, gathering, processing, and compression expense was $1.01/Mcfe.

• Liquidity at quarter-end was $872 million, including $2.9 million cash and $869.3 million borrowing capacity.

• Market capitalization as of April 29, 2026, was $3.5 billion; enterprise value was $4.3 billion.

Outlook and guidance

• Full-year 2026 production guidance reaffirmed at 1.03–1.055 Bcfe/d, with Q4 2026 net daily equivalent production expected to grow ~5% over Q4 2025.

• Per unit operating cost guidance for 2026 remains $1.23–$1.34/Mcfe, with costs expected to decline as production accelerates.

• Liquids production expected to increase to low teens percentage in the back half of 2026, with 18.0–21.0 MBbl/day liquids guidance.

• Share repurchases will remain a capital allocation priority, supported by free cash flow and revolver capacity, with leverage targeted at or below 1x.

• 2026 operated drilling and completion capital expenditures are estimated at $365–$390 million.