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.

• Generated $292.9 million in operating cash flows, $165.8 million net income, and $264.2 million adjusted EBITDA for the quarter.

• 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 $872 million in liquidity, including $2.9 million cash and $869.3 million revolver capacity, 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

• Q1 2026 adjusted EBITDA was $264.2 million and adjusted free cash flow was $118.9 million, with net income of $165.8 million.

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

• 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, with $182 million outstanding under the revolver and $650 million in 2029 senior notes.

• 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 reaffirmed at $1.23–$1.34/Mcfe, with lease operating expense guidance at $0.21–$0.25/Mcfe.

• Share repurchases and opportunistic acreage acquisitions remain capital allocation priorities, supported by free cash flow and revolver capacity.

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

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