Gulfport Energy (GPOR) Q4 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in 2025, with total net production of 1.04 Bcfe/day and a 29% increase in liquids production year-over-year.

• Expanded undeveloped inventory by over 40% since 2022, now exceeding 700 gross locations and 15 years of net inventory.

• Maintained a strong balance sheet with $806 million liquidity and leverage at or below 0.9x at year-end 2025.

• Enhanced shareholder returns through significant equity repurchases, with $920 million repurchased and $580 million remaining under authorization.

• Focused on disciplined, return-focused capital allocation and prioritizing high-return Utica and Marcellus development for 2026.

Financial highlights

• Adjusted EBITDA for 2025 was $878.5 million, with $324.7 million adjusted free cash flow and $427.8 million net income.

• Q4 2025 Adjusted EBITDA was $235 million, with $120 million of Adjusted Free Cash Flow generated.

• Full year 2025 capital expenditures totaled $463.2 million, with per unit operating cost at $1.25/Mcfe.

• Proved reserves at year-end 2025 were 4.3 Tcfe, with a PV-10 of $5.0 billion, up 7% from 2024.

• Q4 all-in realized price was $3.65 per MCFE, including a $0.10 premium to NYMEX Henry Hub.

Outlook and guidance

• 2026 production guidance: 1.030–1.055 Bcfe/d, with Q4 2026 expected to be up ~5% from Q4 2025.

• Adjusted free cash flow expected to increase over 40% year-over-year in 2026.

• Capital expenditures planned at $400–$430 million, including $35–$40 million for maintenance, land, and seismic.

• Plan to repurchase over $140 million of common stock in Q1 2026 while maintaining leverage at or below 1.0x.

• Per unit operating costs for 2026 forecast at $1.23–$1.34 per MCFE; lease operating expense guidance: $0.21–$0.25/Mcfe.