Key Highlights

  • The quarter produced USD 96.4 million of Net Income and USD 226.5 million of adjusted EBITDA, plus USD 183.6 million of operating cash and adjusted free Cash Flow totaling USD 89.0 million.
  • Liquids production reached 23.5 thousand barrels per day, about 67% higher than in the second quarter, as liquids-rich Utica wells came online and total output grew near 10% sequentially.
  • Repurchases retired roughly 218.7 thousand shares for about USD 36.2 million, and the board lifted the buyback ceiling by 33% to USD 2.0 billion.
  • Realized pricing including settled hedges averaged USD 3.71 per Mcfe, compared with USD 3.37 previously, even as output of 1,057.2 MMcfe per day trailed the 1,119.7 MMcfe seen a year earlier.

A Richer Product Mix Boosts Gulfport's Quarter

Results for the third quarter of 2026, published by Gulfport Energy (NYSE:GPOR) on November 4, 2026, showed USD 96.4 million of Earnings and USD 226.5 million of adjusted EBITDA. Daily production averaged about 1,057.2 MMcfe, Gas accounted for about 87% of the output, NGLs roughly 10% and oil plus condensate about 3%. Back-half-loaded well completions pushed volumes up close to 10% from the prior quarter, and liquids now represent around 13% of the total. Against the third quarter of 2025, output slipped roughly 5.6% (calculated), moving from 1,119,678 Mcfe per day to 1,057,217. Gas realized USD 2.63 per Mcf before hedges, while NGL pricing reached USD 35.81 per barrel, versus USD 27.89 previously.

Drilling Budget, Land Purchases and Buyback Activity

The company, which develops natural gas, oil and NGL reserves across the Appalachia and Anadarko basins with core acreage in eastern Ohio, put USD 111.7 million into capital projects. Operated drilling and completion absorbed USD 103.5 million, optional acreage acquisitions took USD 46.9 million, and Ohio state land Lease purchases cost USD 83.0 million. Management expects to wrap its USD 140 million 2026 acreage plan by year-end. Since March 2022 the buyback has retired around 8.8 million shares for roughly USD 1.2 billion, leaving approximately USD 800 million under the expanded ceiling. Midstream charges, covering transport, gathering, processing and compression, went up to USD 1.02 per Mcfe, from USD 0.94.

Revolver Dependence, Borrowing Base and the 2027 Outlook

Gulfport leans on its revolver more than on cash. At September 30, 2026 it held roughly USD 2.6 million of cash, owed USD 419.0 million under the Facility and carried USD 650.0 million of 2029 senior notes, leaving Liquidity near USD 645.6 million. The October 30, 2026 borrowing base review left commitments at USD 1.1 billion. Interest cost climbed to USD 0.18 per Mcfe from USD 0.13. Looking ahead, the company agreed to a firm sales deal for 50,000 MMBtu per day starting in 2028, lifting premium-priced contracts to roughly 10% of forecast output, and it is evaluating a two-rig Appalachia schedule for 2027. The full outlook arrives in February, and the Earnings Call is scheduled for November 5, 2026.

Where Things Stand

Yes, if the liquids climb holds, although total volumes remain below last year's pace. Gulfport earned USD 96.4 million as newly connected wet gas pads boosted liquids and margins, and the company states that production and capital are on track. Cash is thin, however, with USD 419.0 million drawn on the revolver and interest cost per Mcfe rising. Upcoming checkpoints include the November 5 call, fourth-quarter output, finishing the acreage spending, and the February 2027 outlook.