Gulfport Energy : Supplemental Tables Q3 2023

Three months and nine months ended September 30, 2023

Supplemental Information of Gulfport Energy

Table of Contents:	Page:
Production Volumes by Asset Area	2
Production and Pricing	4
Consolidated Statements of Income	6
Consolidated Balance Sheets	8
Consolidated Statement of Cash Flows	10
Full Year 2023E Guidance	12
Derivatives	13
Non-GAAP Reconciliations	14
Definitions	15
Adjusted Net Income	16
Adjusted EBITDA	18
Adjusted Free Cash Flow	20
Recurring General and Administrative Expenses	22

Production Volumes by Asset Area: Three months ended September 30, 2023

Production Volumes

	Three Months		Three Months
	Ended September		Ended September
	30, 2023	30, 2022
Natural gas (Mcf/day)
Utica	795,191	597,027
SCOOP	176,161		218,633
Total	971,352	815,660
Oil and condensate (Bbl/day)
Utica	528	646
SCOOP	2,667		3,721
Total	3,195	4,366
NGL (Bbl/day)
Utica	2,271	2,458
SCOOP	8,790		9,714
Total	11,061	12,172
Combined (Mcfe/day)
Utica	811,985	615,649
SCOOP	244,902		299,239
Total	1,056,887	914,888
Totals may not sum or recalculate due to rounding.

Page 2

Production Volumes by Asset Area: Nine months ended September 30, 2023

Production Volumes

	Nine Months Ended		Nine Months Ended
	September 30, 2023		September 30, 2022
Natural gas (Mcf/day)
Utica	755,372	664,967
SCOOP	198,616		200,847
Total	953,989	865,814
Oil and condensate (Bbl/day)
Utica	558	689
SCOOP	3,256		3,539
Total	3,813	4,228
NGL (Bbl/day)
Utica	2,466	2,252
SCOOP	9,921		9,275
Total	12,387	11,526
Combined (Mcfe/day)
Utica	773,512	682,611
SCOOP	277,676		277,730
Total	1,051,188	960,341
Totals may not sum or recalculate due to rounding.

Page 3

Production and Pricing: Three months ended September 30, 2023

The following table summarizes production and related pricing for the three months ended September 30, 2023, as compared to such data for the three months ended September 30, 2022:

		Three Months			Three Months
		Ended September			Ended September
Natural gas sales		30, 2023			30, 2022
Natural gas production volumes (MMcf)		89,364			75,041
Natural gas production volumes (MMcf) per day		971			816
Total sales	$	177,401	$	585,596
Average price without the impact of derivatives ($/Mcf)	$	1.99	$	7.80
Impact from settled derivatives ($/Mcf)	$	0.54		$	(4.72)
Average price, including settled derivatives ($/Mcf)	$	2.53	$	3.08
Oil and condensate sales
Oil and condensate production volumes (MBbl)		294			402
Oil and condensate production volumes (MBbl) per day		3			4
Total sales	$	22,896	$	36,050
Average price without the impact of derivatives ($/Bbl)	$	77.90	$	89.75
Impact from settled derivatives ($/Bbl)	$	(7.25)		$	(22.49)
Average price, including settled derivatives ($/Bbl)	$	70.65	$	67.26
NGL sales
NGL production volumes (MBbl)		1,018			1,120
NGL production volumes (MBbl) per day		11			12
Total sales	$	26,953	$	44,351
Average price without the impact of derivatives ($/Bbl)	$	26.49	$	39.61
Impact from settled derivatives ($/Bbl)	$	2.62		$	(2.53)
Average price, including settled derivatives ($/Bbl)	$	29.11	$	37.08
Natural gas, oil and condensate and NGL sales
Natural gas equivalents (MMcfe)		97,234			84,170
Natural gas equivalents (MMcfe) per day		1,057			915
Total sales	$	227,250	$	665,997
Average price without the impact of derivatives ($/Mcfe)	$	2.34	$	7.91
Impact from settled derivatives ($/Mcfe)	$	0.50		$	(4.35)
Average price, including settled derivatives ($/Mcfe)	$	2.84	$	3.56
Production Costs:
Average lease operating expenses ($/Mcfe)	$	0.16	$	0.18
Average taxes other than income ($/Mcfe)	$	0.07	$	0.20
Average transportation, gathering, processing and compression ($/Mcfe)	$	0.89		$	1.06
Total lease operating expenses, midstream costs and production taxes ($/Mcfe)	$	1.12	$	1.44

Page 4

Production and Pricing: Nine months ended September 30, 2023

The following table summarizes production and related pricing for the nine months ended September 30, 2023, as compared to such data for the nine months ended September 30, 2022:

	Nine Months Ended		Nine Months Ended
Natural gas sales	September 30, 2023		September 30, 2022
Natural gas production volumes (MMcf)		260,439			236,367
Natural gas production volumes (MMcf) per day		954			866
Total sales	$	619,181	$	1,529,898
Average price without the impact of derivatives ($/Mcf)	$	2.38	$	6.47
Impact from settled derivatives ($/Mcf)	$	0.37		$	(3.19)
Average price, including settled derivatives ($/Mcf)	$	2.75	$	3.28
Oil and condensate sales
Oil and condensate production volumes (MBbl)		1,041			1,154
Oil and condensate production volumes (MBbl) per day		4			4
Total sales	$	76,212	$	111,298
Average price without the impact of derivatives ($/Bbl)	$	73.21	$	96.42
Impact from settled derivatives ($/Bbl)	$	(2.29)		$	(27.26)
Average price, including settled derivatives ($/Bbl)	$	70.92	$	69.16
NGL sales
NGL production volumes (MBbl)		3,382			3,147
NGL production volumes (MBbl) per day		12			12
Total sales	$	92,935	$	143,741
Average price without the impact of derivatives ($/Bbl)	$	27.48	$	45.68
Impact from settled derivatives ($/Bbl)	$	1.88		$	(4.38)
Average price, including settled derivatives ($/Bbl)	$	29.36	$	41.30
Natural gas, oil and condensate and NGL sales
Natural gas equivalents (MMcfe)		286,974			262,173
Natural gas equivalents (MMcfe) per day		1,051			960
Total sales	$	788,328	$	1,784,937
Average price without the impact of derivatives ($/Mcfe)	$	2.75	$	6.81
Impact from settled derivatives ($/Mcfe)	$	0.35		$	(3.05)
Average price, including settled derivatives ($/Mcfe)	$	3.10	$	3.76
Production Costs:
Average lease operating expenses ($/Mcfe)	$	0.18	$	0.18
Average taxes other than income ($/Mcfe)	$	0.09	$	0.17
Average transportation, gathering, processing and compression ($/Mcfe)	$	0.91		$	1.00
Total lease operating expenses, midstream costs and production taxes ($/Mcfe)	$	1.18	$	1.35

Page 5

Consolidated Statements of Income: Three months ended September 30, 2023

(In thousands, except per share data)

(Unaudited)

		Three Months			Three Months
		Ended September			Ended September
		30, 2023			30, 2022
REVENUES:
Natural gas sales	$	177,401	$	585,596
Oil and condensate sales		22,896			36,050
Natural gas liquid sales		26,953			44,351
Net gain (loss) on natural gas, oil and NGL derivatives		39,417			(474,895)
Total revenues		266,667			191,102
OPERATING EXPENSES:
Lease operating expenses		15,627			15,363
Taxes other than income		7,216			16,529
Transportation, gathering, processing and compression		86,602			89,234
Depreciation, depletion and amortization		79,505			64,419
General and administrative expenses		9,894			8,752
Accretion expense		639			673
Total operating expenses		199,483			194,970
INCOME (LOSS) FROM OPERATIONS		67,184			(3,868)
OTHER EXPENSE (INCOME):
Interest expense		14,919			15,461
Other, net		(1,438)			(857)
Total other expense		13,481			14,604
INCOME (LOSS) BEFORE INCOME TAXES		53,703			(18,472)
INCOME TAX BENEFIT:
Current		-			-
Deferred		(554,741)			-
Total income tax benefit		(554,741)			-
NET INCOME (LOSS)	$	608,444	$	(18,472)
Dividends on preferred stock
	(1,133)			(1,309)
Participating securities - preferred stock		(89,756)			-
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON	$	517,555	$	(19,781)
STOCKHOLDERS
NET INCOME (LOSS) PER COMMON SHARE:
Basic	$	27.72	$	(1.01)
Diluted	$	27.37	$	(1.01)
Weighted average common shares outstanding-Basic		18,670			19,635
Weighted average common shares outstanding-Diluted		18,954			19,635

Page 6

Consolidated Statements of Income: Nine months ended September 30, 2023

(In thousands, except per share data)

(Unaudited)

	Nine Months Ended		Nine Months Ended
	September 30, 2023		September 30, 2022
REVENUES:
Natural gas sales	$	619,181	$	1,529,898
Oil and condensate sales		76,212			111,298
Natural gas liquid sales		92,935			143,741
Net gain (loss) on natural gas, oil and NGL derivatives		514,266			(1,436,317)
Total revenues		1,302,594			348,620
OPERATING EXPENSES:
Lease operating expenses		51,644			47,246
Taxes other than income		25,849			45,679
Transportation, gathering, processing and compression		259,883			261,778
Depreciation, depletion and amortization		238,747			189,305
General and administrative expenses		27,238			24,128
Restructuring costs		4,762			-
Accretion expense		2,117			2,057
Total operating expenses		610,240			570,193
INCOME (LOSS) FROM OPERATIONS		692,354			(221,573)
OTHER EXPENSE (INCOME):
Interest expense		42,402			43,679
Other, net		(20,492)			(11,385)
Total other expense		21,910			32,294
INCOME (LOSS) BEFORE INCOME TAXES		670,444			(253,867)
INCOME TAX BENEFIT:
Current		-			-
Deferred		(554,741)			-
Total income tax benefit		(554,741)			-
NET INCOME (LOSS)	$	1,225,185	$	(253,867)
Dividends on preferred stock
	(3,718)			(4,136)
Participating securities - preferred stock		(180,394)			-
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON	$	1,041,073	$	(258,003)
STOCKHOLDERS
NET INCOME (LOSS) PER COMMON SHARE:
Basic	$	55.72	$	(12.58)
Diluted	$	55.08	$	(12.58)
Weighted average common shares outstanding-Basic		18,686			20,514
Weighted average common shares outstanding-Diluted		18,937			20,514

Page 7

Consolidated Balance Sheets

(In thousands)

(Unaudited)

	September 30, 2023		December 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	8,325	$	7,259
Accounts receivable-oil, natural gas, and natural gas liquids sales		106,731			278,404
Accounts receivable-joint interest and other		12,364			21,478
Prepaid expenses and other current assets		8,173			7,621
Short-term derivative instruments		136,706			87,508
Total current assets		272,299			402,270
Property and equipment:
Oil and natural gas properties, full-cost method
Proved oil and natural gas properties		2,802,653			2,418,666
Unproved properties		196,947			178,472
Other property and equipment		8,120			6,363
Total property and equipment		3,007,720			2,603,501
Less: accumulated depletion, depreciation and amortization		(784,635)			(545,771)
Total property and equipment, net		2,223,085			2,057,730
Other assets:
Long-term derivative instruments		32,687			26,525
Deferred tax asset		554,741			-
Operating lease assets		17,466			26,713
Other assets		36,668			21,241
Total other assets		641,562			74,479
Total assets	$	3,136,946	$	2,534,479

Page 8

Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)

	September 30, 2023		December 31, 2022
Liabilities, Mezzanine Equity and Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities	$	310,584	$	437,384
Short-term derivative instruments		50,947			343,522
Current portion of operating lease liabilities		12,932			12,414
Total current liabilities		374,463			793,320
Non-current liabilities:
Long-term derivative instruments		54,020			118,404
Asset retirement obligation		34,270			33,171
Non-current operating lease liabilities		4,534			14,299
Long-term debt		644,324			694,155
Total non-current liabilities		737,148			860,029
Total liabilities	$	1,111,611	$	1,653,349
Commitments and contingencies (Note 9)
Mezzanine Equity:
Preferred stock - $0.0001 par value, 110.0 thousand shares authorized,
45.3 thousand issued and outstanding at September 30, 2023, and 52.3 thousand		45,329			52,295
issued and outstanding at December 31, 2022
Stockholders' Equity:
Common stock - $0.0001 par value, 42.0 million shares authorized, 18.7 million
issued and outstanding at September 30, 2023, and 19.1 million issued and		2			2
outstanding at December 31, 2022
Additional paid-in capital		379,102			449,243
Common stock held in reserve, 62.0 thousand shares at September 30, 2023, and		(1,996)			(1,996)
62.0 thousand shares at December 31, 2022
Retained Earnings		1,603,339			381,872
Treasury stock, at cost - 3.7 thousand shares at September 30, 2023, and		(441)			(286)
3.9 thousand shares at December 31, 2022
Total stockholders' equity	$	1,980,006		$	828,835
Total liabilities, mezzanine equity and stockholders' equity	$	3,136,946	$	2,534,479

Page 9

Consolidated Statement of Cash Flows: Three months ended September 30, 2023

(In thousands)

(Unaudited)

		Three Months			Three Months
		Ended September			Ended September
Cash flows from operating activities:		30, 2023			30, 2022
Net income (loss)	$	608,444	$	(18,472)
Adjustments to reconcile net income to net cash provided by operating
activities:
Depletion, depreciation and amortization		79,505			64,419
Net (gain) loss on derivative instruments		(39,417)			474,895
Net cash receipts (payments) on settled derivative instruments		49,061			(365,950)
Deferred income tax benefit		(554,741)			-
Other, net		4,043			3,232
Changes in operating assets and liabilities, net		9,379			9,758
Net cash provided by operating activities		156,274			167,882
Cash flows from investing activities:
Additions to oil and natural gas properties		(137,726)			(150,207)
Proceeds from sale of oil and natural gas properties		(1)			2,630
Other, net		(661)			(478)
Net cash used in investing activities		(138,388)			(148,055)
Cash flows from financing activities:
Principal payments on Credit Facility		(230,000)			(676,000)
Borrowings on Credit Facility		226,000			731,000
Debt issuance costs and loan commitment fees		(45)			(42)
Dividends on preferred stock		(1,131)			(1,308)
Repurchase of common stock under Repurchase Program		(8,241)			(70,579)
Other, net		(1,413)			(1,192)
Net cash used in financing activities		(14,830)			(18,121)
Net increase in cash and cash equivalents		3,056			1,706
Cash and cash equivalents at beginning of period		5,269			6,581
Cash and cash equivalents at end of period	$	8,325		$	8,287

Page 10