A huge turnaround for Gufport Energy Corp. was reported in the second quarter as the Oklahoma City-based energy firm went from a $500,000 net revenue loss in the first quarter to a reported $184.5 million of net income in the second quarter.
With a focus on gas and crude oil operations in the Appalachia and Anadarko basins, Gulfport reported $212.3 million of adjusted EBITDA and generated $231.4 million of net cash provided by operating activities and $64.6 million of adjusted free cash flow. In the first quarter, adjusted EBITDA was $218.3 million and net cash generated by operating activities totaled $177.3 million. The first quarter adjusted free cash flow was $36.6 million.
With the improved earnings, Gulfport plans an expansion of drilling opportunities.
“We are pleased to announce our plans to allocate $75 million to $100 million toward targeted discretionary acreage acquisition opportunities in the coming months, and anticipate this investment will expand our high-quality, low-breakeven inventory by more than two years,” President and CEO John Reinhart said.
“This represents the highest level of leasehold investment at Gulfport in more than six years, reinforcing our ongoing commitment to organically grow our inventory runway and increase development optionality.”
Gulfport also reported it expanded stock repurchases by 50% to $1.5 billion and allocated $75 million to $100 million toward discretionary acreage acquisitions.
The company’s second quarter total net production was 1,006.3 MMcfe a day, which represented an 8% increase over the first quarter of 2025. Total net liquids production was 19.2 MBbl a day, an increase of 26% over the first quarter of the year.
Drilling operations were stronger in Ohio, where Gulfport targets the Utica. Eight of the 14 gross wells turned to sales were there, while another four Ohio wells targeted the Marcellus. Only two wells in Oklahoma’s SCOOP were turned to sales. The company’s drilling report showed no new wells were spud, drilled or completed in the SCOOP during the quarter.
“Offsetting these production constraints, we continue to be pleased with the 2025 well results, highlighted by strong production performance across all five of our development areas,” Reinhart continued.
Capital investment was $124.2 million (on an incurred basis) for the second quarter of 2025, of which $118.2 million related to operated drilling and completion activity and $6.0 million related to maintenance leasehold and land investment. In addition, Gulfport invested approximately $6.9 million in discretionary acreage acquisitions and incurred approximately $300,000 related to non-operated drilling and completion activities.
For the six-month period ended June 30, 2025, capital investment was $284 million (on an incurred basis), of which $266.7 million related to operated drilling and completion activity and $17.2 million to maintenance leasehold and land investment. In addition, Gulfport invested approximately $6.9 million in discretionary acreage acquisitions and incurred approximately $1.5 million related to non-operated drilling and completion activities.