GULFPORT ENERGY CORP has recently released its 10-Q report. Gulfport Energy Corporation acquires, explores for, and produces natural gas, crude oil, and natural gas liquids in the United States. Its main properties are in the Utica and Marcellus formations in eastern Ohio and the SCOOP Woodford and Springer formations in central Oklahoma; the company was incorporated in 1997 and is based in Oklahoma City.
In Item 2, management said the first quarter of 2026 was marked by higher production, stronger natural gas pricing, and a large share repurchase. Net production averaged 996.8 MMcfe per day, up from 929.3 MMcfe per day a year earlier, with natural gas output rising to 905,770 Mcf per day from 837,816 Mcf per day. Gulfport turned to sales five gross, or 4.96 net, operated wells during the quarter, including five Utica wells, and spud nine gross, or 8.86 net, operated wells in the Utica and Marcellus plus two gross, or 1.60 net, operated wells in the SCOOP.
Operating cash flow for the quarter was $292.9 million, and total liquidity at March 31, 2026 was $772.2 million. The company repurchased 866,279 shares for $172.8 million at a weighted average price of $199.45 per share in the quarter; since the program began, it has repurchased 8.2 million shares for $1.1 billion at an average price of $133.02 per share. On May 1, 2026, Gulfport completed its semi-annual borrowing base redetermination, reaffirming the borrowing base at $1.1 billion and increasing elected commitments to $1.1 billion.
Revenue from natural gas, oil and NGL sales rose to $453.3 million from $343.6 million a year earlier. Natural gas sales increased 42% to $399.5 million, driven by a 31% increase in realized natural gas prices to $4.90 per Mcf before derivatives and an 8% increase in sales volumes to 81.5 Bcf. Oil and condensate sales fell 29% to $22.3 million as volumes dropped to 336,000 barrels from 475,000 barrels, while NGL sales edged up 2% to $31.5 million.
Including settled derivatives, the average natural gas price was $4.22 per Mcf versus $3.61 a year earlier. Gulfport reported a total loss on natural gas, oil and NGL derivatives of $15.8 million, compared with a $146.5 million loss in the prior-year quarter. Natural gas derivatives produced a $1.7 million gain in the quarter, versus a $142.7 million loss a year earlier.
Lease operating expenses increased 21% to $24.5 million, or $0.27 per Mcfe, from $20.3 million, or $0.24 per Mcfe, mainly because of higher compression, water hauling, and labor costs. Taxes other than income rose 39% to $9.2 million, or $0.10 per Mcfe, while transportation, gathering, processing and compression costs increased 9% to $90.6 million, or $1.01 per Mcfe.
Depreciation, depletion and amortization climbed 15% to $75.4 million, or $0.84 per Mcfe, from $65.6 million, or $0.78 per Mcfe, reflecting a higher depletion rate tied to drilling and development activity after the first quarter of 2025. Net general and administrative expenses increased 8% to $9.7 million, with higher employee compensation, legal expenses, and CEO search costs partly offset by lower stock compensation expense. Interest expense rose 15% to $15.4 million, mainly because of higher borrowings on the credit facility.
Gulfport also disclosed that on March 6, 2026, President, Chief Executive Officer, and Director John Reinhart resigned effective immediately. The board formed an Office of the Chairman led by Timothy J. Cutt, with Michael Hodges, Matthew Rucker, and Patrick Craine also serving in executive oversight roles while the company searches for a permanent CEO. Today the company's shares have moved -5.71% to a price of $184.075. Check out the company's full 10-Q submission here.
