Gulfport Energy Corp (NYSE: GPOR)

Gulfport Energy Corp is an independent natural gas weighted exploration and production company focused on the development of hydrocarbon reserves in the Appalachian and Anadarko basins. The company's primary assets are located in eastern Ohio, targeting the Utica and Marcellus formations, and in central Oklahoma, targeting the SCOOP Woodford and Springer formations. Gulfport engages in the acquisition, drilling, completion, and operation of wells to produce natural gas, oil, and natural gas liquids for sale. As of December 31, 2024, the company reported proved reserves of approximately 4.0 trillion cubic feet equivalent, with a standardized measure of $1.75 billion.

Gulfport generates revenue primarily from the sale of natural gas, oil, and natural gas liquids produced from its operated wells. The company markets its production under both spot and term contracts to a variety of purchasers, including major customers such as Vitol Inc. Revenue is derived from the volume of hydrocarbons sold multiplied by the prevailing market prices, adjusted for any settled derivative contracts. The company also engages in gathering, processing, and transportation services to enhance the value of its production and secure reliable market access.

The company operates through the following segments: Utica/Marcellus and SCOOP.

• Utica/Marcellus: This segment focuses on the exploration and production of natural gas, oil, and NGLs from the Utica and Marcellus formations in eastern Ohio, utilizing approximately 208,000 net reservoir acres for Utica development and 20,500 net acres for Marcellus development, contributing about 80% of total production.

• SCOOP: This segment concentrates on the development of natural gas, oil, and NGLs from the SCOOP play in the Anadarko Basin of central Oklahoma, leveraging approximately 73,000 net reservoir acres across the Woodford and Springer formations and accounting for roughly 20% of total production.

Gulfport competes within the highly competitive U. S. upstream oil and gas industry, facing competition from larger integrated majors and independent producers that possess greater financial and operational resources. The company seeks to differentiate itself through a disciplined capital allocation strategy focused on high return projects, the use of advanced drilling and completion techniques, and a commitment to generating sustainable free cash flow to strengthen its balance sheet and return capital to shareholders.

Gulfport's customer base includes a diverse mix of energy traders, utilities, and industrial consumers that purchase its natural gas, oil, and NGL output under both short term and long term contracts. Notable customers identified in the filing include Vitol Inc., which accounted for 15% of the company's sales in 2024.