Gulfport Lifts Liquids to 23.5 MBbl a Day

The Tip Desk · November 10, 2026 · 3 min read

Adjusted EBITDA was $226.5 million and adjusted free cash flow was $89.0 million in the third quarter.

Gulfport Energy Corporation (GPOR) reported adjusted EBITDA of $226.5 million for the three months ended September 30, 2026, up from $179.1 million in the second quarter, as a back-half-weighted turn-in-line schedule lifted production and shifted the mix toward liquids.

The independent natural gas-weighted producer generated $183.6 million of net cash provided by operating activities and $89.0 million of adjusted free cash flow, compared with $149.9 million and $6.4 million, respectively, in the prior quarter. Net income attributable to common stockholders was $96.4 million, or $5.45 a share on a diluted basis, versus $81.4 million, or $4.45 a share, a year earlier.

Net daily production averaged 1,057.2 MMcfe per day, up approximately 10% from 962.8 MMcfe per day in the second quarter. President and CEO Nick Dell’Osso said the increase was led by new liquids-rich wet gas Utica pads. Net liquids production was 23.5 MBbl per day, an increase of approximately 67% over the second quarter. Liquids represented approximately 13% of total volumes, versus a first-quarter mix of about 7% NGL and 2% oil. The third-quarter mix was approximately 87% natural gas, 10% NGL and 3% oil and condensate.

Utica and Marcellus combined production was 889.5 MMcfe per day, versus 833.0 MMcfe per day in the first quarter. SCOOP combined production was 167.7 MMcfe per day. Dell’Osso said the higher-value mix, combined with strong realized liquids pricing and a disciplined cost structure, translated into stronger margins and earnings.

Total revenues were $362.5 million, down from $379.7 million a year earlier. Natural gas sales were $221.7 million. Oil and condensate sales were $45.3 million, and NGL sales were $57.0 million. The net gain on natural gas, oil and NGL derivatives was $38.5 million. Average price including settled derivatives was $3.71/Mcfe. Oil and condensate averaged $71.78 a barrel including settled derivatives, and NGL averaged $35.83 a barrel. Total lease operating expenses, taxes other than income and midstream costs were $1.30/Mcfe.

Capital expenditures were $111.7 million, including $103.5 million of operated drilling and completion and $8.2 million of maintenance land and seismic, down from $148.6 million in the second quarter. Gulfport also invested approximately $46.9 million in discretionary acreage and completed previously announced Ohio state land lease acquisitions totaling $83.0 million. The company said it expects to complete its $140 million 2026 discretionary acreage program by year-end. Full-year 2026 guidance remains 1.030–1.055 Bcfe/day, 18.0–21.0 MBbl/day of liquids, about 89% gas, and about $430 million of base capital expenditures.

The board expanded the stock repurchase authorization by 33% to $2.0 billion. Gulfport repurchased approximately 218.7 thousand shares for about $36.2 million in the third quarter. Remaining capacity was approximately $800 million as of September 30, 2026. Liquidity totaled approximately $645.6 million, including $2.6 million of cash and about $643.1 million of available borrowing capacity. The fall borrowing base redetermination reaffirmed the borrowing base and elected commitments at $1.1 billion.

During the fourth quarter, Gulfport signed a firm sales agreement for 50,000 MMBtu per day beginning in 2028. Combined with a previously executed 10-year agreement for 65,000 MMBtu per day beginning in mid-2027, the company said it has contracted approximately 10% of forecasted net production at a premium to historical realizations. Dell’Osso said the company is evaluating a more continuous two-rig Appalachia development program for 2027 and plans to share a full 2027 outlook in February.