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Gulfport Energy Corp
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May 2025 Investor Presentation
| Michael Moore | Page 3 of 11 |
May 31, 2025
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"May 2025 Investor Presentation"
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GPOR | 3 2025E Activity Gulfport Energy Overview 1. Market capitalization calculated as of 4/30/25 at a price of $172.50 per share using shares outstanding from the Company’s 1Q2025 10-Q filing. 2. Enterprise value calculated as of 4/30/25 at a price of $172.50 per share using shares outstanding, long-term debt, preferred stock and cash and cash equivalents from the Company’s 1Q2025 10-Q financial statements. The impact of the conversion of the 32,887 outstanding preferred shares would increase common shares outstanding by ~2.3 million common shares and increase the EV / 2026 Adjusted EBITDA multiple by 0.37x to 4.1x. 3. As of 3/31/25 and calculated as $5.3 million cash plus $901.1 million borrowing base availability, which takes into effect $35.0 million of borrowings on revolver and $63.9 million of letters of credit. 4. As of 3/31/25 using net debt to LTM Adjusted EBITDA. Net debt and Adjusted EBITDA are non-GAAP measures. Net debt 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 stock repurchases. Adjusted free cash flow yield is calculated using adjusted free cash flow divided by market capitalization using shares outstanding from the Company’s 1Q2025 10-Q filing. 6. Appalachia acreage includes ~208,000 Utica and ~20,500 Marcellus net reservoir acres. SCOOP acreage includes ~43,000 Woodford and ~30,000 Springer net reservoir acres. 7. EBITDA estimate sourced from Factset as of 4/30/25. Utica and Marcellus YE24 Net Reservoir Acres (6) : ~228,500 YE24 Proved Reserves: 3.0 Net Tcfe 1Q25 Net Production: ~731 MMcfe/day SCOOP YE24 Net Reservoir Acres (6) : ~73,000 YE24 Proved Reserves: 1.0 Net T cfe 1Q25 Net Production: ~198 MMcfe/day Key Highlights NYSE: GPOR Market Cap (1) : $3.1 Billion Enterprise Value (‘EV’) (2) : $3.8 Billion EV / 2026 EBITDA (2,7) : 3.8x Liquidity (3) : ~$906 Million Leverage (4) : 0.92x D&C Capital: $335 – $355 Million Maintenance Leasehold Capital: $35 – $40 Million 2025E T otal Base Capital: $370 - $395 Million 2025E T otal Net Equivalent Production: 1,040 – 1,065 MMcfe/day 2025E Net Liquids Production: 18.0 – 20.5 MBbl/day ~89% Natural Gas Top-decile adjusted free cash flow yield (5) relative to natural gas peers Remaining Inventory: ~500 gross operated >12 years of net inventory at attractive rates of return ~80% ~20% Utica / Marcellus SCOOP ~83% ~7% ~10% Utica / Marcellus SCOOP Land 2025E Production Mix 2025E Capital Program Reaffirmed