Gulfport Energy (GPOR) Q1 2025 earnings summary

Executive summary

• Q1 2025 net production averaged 929.3 MMcfe/d, with liquids production up 14% year-over-year to 15.2 MBbl/d, exceeding internal expectations and reaffirming full-year guidance focused on capital efficiency and shareholder returns.

• Repurchased approximately 341,000 shares for $60 million in Q1, with $355.9 million remaining under the $1 billion program; total repurchases since inception reached 5.9 million shares for $644 million.

• Shifted late-2025 capital allocation toward dry gas Utica drilling, deferring a Marcellus pad to 2026 to enhance 2026 economics and free cash flow.

• Maintained strong liquidity of $906.5 million at quarter-end, including $5.3 million cash and $901.1 million borrowing base availability.

• Focused on balance sheet strength, free cash flow generation, and returning substantially all adjusted free cash flow to shareholders via repurchases.

Financial highlights

• Adjusted EBITDA for Q1 2025 was $218.3 million; adjusted free cash flow was $36.6 million.

• Net cash from operating activities was $177.3 million, funding capital expenditures of $159.8 million.

• All-in realized price was $4.11 per Mcfe, a $0.45 premium to NYMEX Henry Hub; average price including settled derivatives was $3.99 per Mcfe.

• Cash operating costs were $1.31 per Mcfe, with lease operating expenses at $0.24 and transportation/processing at $0.99 per Mcfe.

• Market capitalization as of April 30, 2025, was $3.1 billion; enterprise value was $3.8 billion.

Outlook and guidance

• Full-year 2025 production guidance reaffirmed at 1,040–1,065 MMcfe/d, with natural gas volumes expected to rise ~20% by Q4 2025.

• 2025 capital expenditures expected at $370–$395 million, with $335–$355 million for drilling and completion and $35–$40 million for maintenance leasehold.

• Per-unit operating cost guidance for 2025 reaffirmed at $1.20–$1.29 per Mcfe.

• Plan to return substantially all adjusted free cash flow (excluding discretionary acreage acquisitions) to shareholders via repurchases.

• Management expects annual free cash flow, borrowing capacity, and cash on hand to provide sufficient liquidity for operations and capital needs.