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Gulfport Energy Corp
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October 2023 Investor Presentation
| Michael Moore | Page 3 of 11 |
May 01, 2024
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"October 2023 Investor Presentation"
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GPOR | 3 2023E Activity Gulfport Energy Overview 1. Market capitalization calculated as of 10/26/23 at a price of $124.79 per share using shares outstanding from the Company’s 3Q2023 10-Q filing. 2. Enterprise value calculated as of 10/26/23 at a price of $124.79 per share using shares outstanding, long-term debt, preferred stock and cash and cash equivalents from the Company’s 3Q2023 financial statements. The impact of the conversion of the 45,329 outstanding preferred shares would increase common shares outstanding by ~3.2 million common shares and increase the EV / 2024 Adjusted EBITDA multiple by 0.4x to 3.7x. 3. As of 9/30/23 and calculated as $8.3 million cash plus $738.1 million borrowing base availability, which takes into effect $95.0 million of borrowings on revolver and $66.9 million of letters of credit. 4. As of 9/30/23 using net debt to TTM Adjusted EBITDA. Net debt is a non-GAAP measure. It is defined as total long-term debt minus cash and cash equivalents. 5. Adjusted free cash flow is a non-GAAP financial measure; see supplemental slides. Adjusted free cash flow excludes discretionary acreage acquisitions and common share repurchases. Adjusted free cash flow yield is calculated using adjusted free cash flow based upon forward pricing and basis marks on October 17, 2023, divided by current market capitalization on 10/26/23 using shares outstanding from the Company’s 3Q2023 10-Q. 6. SCOOP acreage includes ~42,000 Woodford and 32,000 Springer net reservoir acres. 7. EBITDA estimate sourced from Factset as of 10/26/2023. 8. Excludes discretionary acreage acquisitions. Utica YE22 Net Acres: ~188,000 YE22 Proved Reserves: 2.9 Net Tcfe 3Q23 Net Production: ~812 MMcfe/day SCOOP YE22 Net Reservoir Acres (6) : ~74,000 YE22 Proved Reserves: 1.1 Net Tcfe 3Q23 Net Production: ~245 MMcfe/day Key Highlights NYSE: GPOR Market Cap (1) : $2.3 Billion Enterprise Value (‘EV’) (2) : $3.0 Billion EV / 2024 EBITDA (2,7) : 3.3x Liquidity (3) : ~$746.4 Million Leverage (4) : 0.9x D&C Capital: $385 – $395 Million Maintenance Leasehold Capital (8) : $50 – $60 Million 2023 Total Base Capital: $435 - $455 Million 2023 Total Net Production: 1,045 – 1,055 MMcfe/day ~90% Natural Gas 2023 Adjusted Free Cash Flow Yield (5) : ~9% Remaining Inventory: ~500 gross operated >10 years of inventory at attractive rates of return 75% 25% Utica / Marcellus SCOOP 71% 7% 10% 12% Utica Marcellus SCOOP Land 2023E Production Mix 2023E Capital Program (8)