Investor Presentation August 2021 Forward Looking Statements & Non-GAAP Financial Measures This presentation includes "forward-looking statements" for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements other than statements of historical fact. They include statements regarding Gulfport's current expectations, man ...

Table of Contents Index to Financial Statements UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-19514 Gulfport Energy Corporation (Exact Name of Registrant As Specified in Its Charter) (State or Ot ...

PART I FINANCIAL INFORMATION [Item 1. Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20(Unaudited)) Presents unaudited consolidated financial statements for Q2 and H1 2020, highlighting a going concern warning, property impairments, and debt structure [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to $2.58 billion as of June 30, 2020, driven by property impairments, causing stockholders' equity to fall to $231.3 million Consolidated Balance Sheet Summary (in thousands) | Account | June 30, 2020 (Unaudited) | December 31, 2019 | | :--- | :--- | :--- | | **Total Current Assets** | $151,901 | $305,877 | | **Property and equipment, net** | $2,370,366 | $3,463,794 | | **Total Assets** | **$2,580,257** | **$3,882,819** | | **Total Current Liabilities** | $328,120 | $451,198 | | **Long-term debt, net** | $1,910,318 | $1,978,020 | | **Total Liabilities** | **$2,348,917** | **$2,568,227** | | **Total Stockholders' Equity** | **$231,340** | **$1,314,592** | | **Total Liabilities and Stockholders' Equity** | **$2,580,257** | **$3,882,819** | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) Reports a Q2 2020 net loss of $561.1 million, driven by a $532.9 million impairment charge and a 63% decline in revenue Statement of Operations Highlights (in thousands, except per share data) | Metric | Q2 2020 | Q2 2019 | Six Months 2020 | Six Months 2019 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $132,410 | $458,994 | $379,287 | $779,572 | | **Impairment of oil and natural gas properties** | $532,880 | $0 | $1,086,225 | $0 | | **(Loss) Income from Operations** | ($555,750) | $218,456 | ($1,035,837) | $311,467 | | **Net (Loss) Income** | **($561,068)** | **$234,956** | **($1,078,606)** | **$297,198** | | **Diluted EPS** | **($3.51)** | **$1.47** | **($6.75)** | **$1.84** | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net operating cash flow for H1 2020 decreased to $247.2 million due to lower commodity prices, with reduced capital expenditures lowering investing cash use Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $247,222 | $399,769 | | **Net cash used in investing activities** | ($230,090) | ($510,225) | | **Net cash (used in) provided by financing activities** | ($20,375) | $78,936 | | **Net decrease in cash** | ($3,243) | ($31,520) | | **Cash at end of period** | $2,817 | $20,777 | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Provides critical context including a going concern warning, COVID-19 impacts, a $1.1 billion impairment charge, and details on debt and derivatives - **Going Concern Warning**: Management concluded there is substantial doubt about the Company's ability to continue as a going concern due to decreased commodity prices, reduced ability to access capital markets, and risk that its revolving credit facility may not be refinanced before it becomes a current liability at year-end 2020[28](index=28&type=chunk)[30](index=30&type=chunk) - **COVID-19 Impact**: The pandemic has led to decreased demand for oil and gas, significantly impairing the Company's ability to access capital; in response, Gulfport shut-in some production, reduced salaries, and implemented furloughs to preserve liquidity[23](index=23&type=chunk)[25](index=25&type=chunk)[27](index=27&type=chunk) - **Property Impairment**: The Company recorded a significant impairment of its oil and natural gas properties of **$532.9 million for Q2 2020** and **$1.1 billion for the first six months of 2020**, primarily due to reduced commodity prices[35](index=35&type=chunk) - **Debt Repurchases**: The Company repurchased $73.3 million in aggregate principal of its senior notes for $22.8 million during the first six months of 2020, recognizing a **$49.6 million gain on debt extinguishment**[59](index=59&type=chunk) - **Subsequent Event - Credit Facility Amendment**: On July 27, 2020, the Company amended its credit agreement to, among other things, permit the issuance of up to **$750 million in second lien debt**, subject to certain conditions[52](index=52&type=chunk)[159](index=159&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=45&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Conditions%20and%20Results%20of%20Operations) Discusses severe challenges from the COVID-19 pandemic, including a going concern warning, production decreases, a quarterly net loss, and strained liquidity [Overview and COVID-19 Impact](index=45&type=section&id=Overview%20and%20COVID-19%20Impact) Details significant headwinds from the COVID-19 pandemic, leading to a going concern warning and cost-saving actions to preserve liquidity - The company's ability to access capital markets and refinance existing debt has been significantly impaired by the COVID-19 pandemic and low commodity prices, leading to a **substantial doubt about its ability to continue as a going concern**[182](index=182&type=chunk)[234](index=234&type=chunk) - In response to market conditions, the company shut-in a portion of its low-margin, liquids-weighted production in Q2 2020 and implemented tiered salary reductions and furloughs[178](index=178&type=chunk)[181](index=181&type=chunk) - The company expects it will be unable to meet its minimum volume obligations under existing firm transportation contracts due to reduced production, which will result in significant fees[183](index=183&type=chunk)[302](index=302&type=chunk) [Production and Drilling Activity](index=49&type=section&id=Production%20and%20Drilling%20Activity) Q2 2020 net production decreased 24% YoY to 1,027.1 MMcfe/day due to reduced development and voluntary shut-ins Average Daily Production by Area (Q2 2020 vs Q2 2019) | Area | Q2 2020 (Mcfe/day) | Q2 2019 (Mcfe/day) | % Change | | :--- | :--- | :--- | :--- | | Utica Shale | 792,106 | 1,050,724 | (25)% | | SCOOP | 234,396 | 298,343 | (21)% | | **Total** | **1,027,065** | **1,358,989** | **(24)%** | - In the first half of 2020, Gulfport spud 12 gross (11.1 net) wells in the Utica Shale and 6 gross (5.2 net) wells in the SCOOP[189](index=189&type=chunk)[191](index=191&type=chunk) [Results of Operations](index=51&type=section&id=Results%20of%20Operations) Financial results deteriorated in H1 2020, with a Q2 net loss of $561.1 million driven by a large non-cash impairment charge Key Operational Metrics per Mcfe (Q2 2020 vs Q2 2019) | Metric ($/Mcfe) | Q2 2020 | Q2 2019 | | :--- | :--- | :--- | | Avg. sales price (w/o derivatives) | $1.13 | $2.33 | | Lease operating expenses | $0.17 | $0.18 | | Midstream gathering & processing | $0.64 | $0.58 | | DD&A | $0.69 | $1.01 | - A non-cash impairment charge of **$532.9 million in Q2 2020** and **$1.1 billion for the first six months of 2020** was the primary driver of the net loss, resulting from a significant decline in commodity prices[194](index=194&type=chunk)[206](index=206&type=chunk)[228](index=228&type=chunk) - The decrease in loss from equity method investments was primarily due to a $125.4 million impairment charge on the Mammoth Energy investment taken in Q2 2019, which was not repeated in 2020 as the investment value was written down to zero in Q1 2020[47](index=47&type=chunk)[208](index=208&type=chunk) [Liquidity and Capital Resources](index=63&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is severely constrained with $2.8 million in cash, a working capital deficit, and substantial doubt about its going concern status - As of June 30, 2020, the company had **$2.8 million in cash**, a net working capital deficit of $176.2 million, and $252.9 million of borrowing capacity under its revolving credit facility[236](index=236&type=chunk) - The 2020 capital expenditure budget for drilling and completion is estimated at **$265.0 million to $285.0 million**, a reduction of more than 50% from 2019 levels[246](index=246&type=chunk) - Net cash from operating activities for the first six months of 2020 was **$247.2 million**, down from $399.8 million in the prior-year period, due to lower realized prices and production volumes[248](index=248&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=68&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Exposed to significant market risk from commodity prices and interest rates, mitigated through derivative instruments like swaps and collars Open Derivative Positions as of June 30, 2020 | Year | Type | Commodity | Daily Volume | Avg. Price/Spread | | :--- | :--- | :--- | :--- | :--- | | 2020 | Swaps | Natural Gas (NYMEX) | 357,000 MMBtu | $2.86 | | 2021 | Collars | Natural Gas (NYMEX) | 250,000 MMBtu | $2.46 / $2.81 | | 2022 | Sold Calls | Natural Gas (NYMEX) | 628,000 MMBtu | $2.90 | | 2023 | Sold Calls | Natural Gas (NYMEX) | 628,000 MMBtu | $2.90 | | 2020 | Swaps | Oil (WTI) | 3,000 Bbls | $35.49 | | 2020 | Swaps | NGL (C3) | 1,500 Bbls | $20.27 | - The company is exposed to interest rate risk on its revolving credit facility, which had **$123.0 million in borrowings outstanding** at a weighted average rate of 2.44% as of June 30, 2020[269](index=269&type=chunk) - In August 2020, the company entered into additional natural gas fixed price swaps for Q4 2020, covering 100,000 MMBtu/day at an average price of $2.38 per MMBtu[162](index=162&type=chunk)[266](index=266&type=chunk) [Item 4. Controls and Procedures](index=70&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were deemed not effective as of June 30, 2020, due to a previously disclosed material weakness - The CEO and CFO concluded that **disclosure controls and procedures were not effective** as of June 30, 2020[271](index=271&type=chunk) - The ineffectiveness is due to a **material weakness** identified in Q4 2019 concerning the accounting for unevaluated oil and gas property costs[271](index=271&type=chunk)[272](index=272&type=chunk) - Management is actively implementing a remediation plan to address the material weakness[272](index=272&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=71&type=section&id=Item%201.%20Legal%20Proceedings) Involved in multiple legal proceedings, including environmental lawsuits, shareholder actions, a contract dispute, and an SEC investigation - Gulfport is a defendant in lawsuits filed by the State of Louisiana concerning alleged environmental damage to the coastal zone[83](index=83&type=chunk)[277](index=277&type=chunk) - The company is involved in a contract dispute with Stingray Pressure Pumping (a subsidiary of Mammoth Energy), with Stingray seeking approximately **$28 million in damages** as of June 2020[89](index=89&type=chunk)[284](index=284&type=chunk) - The SEC has an ongoing investigation into actions by former company management, including alleged improper use of company assets[92](index=92&type=chunk)[287](index=287&type=chunk) [Item 1A. Risk Factors](index=73&type=section&id=Item%201A.%20Risk%20Factors) Highlights severe financial stability threats, including credit facility refinancing risk, COVID-19 impacts, and penalties from unmet contract obligations - There is a substantial risk that the company will be **unable to refinance its revolving credit facility**, which matures in December 2021, on reasonable terms, contributing to the 'going concern' uncertainty[296](index=296&type=chunk) - The COVID-19 outbreak poses numerous risks, including reduced revenue from lower demand, operational disruptions, and difficulty accessing capital markets[297](index=297&type=chunk) - The company expects to be unable to meet its delivery obligations under firm transportation contracts due to reduced production, which will result in **significant fees** and may materially harm operations[302](index=302&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=74&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Repurchased 27,294 shares in Q2 2020 to satisfy tax withholding on vested employee stock units, while the formal buyback program remains suspended Issuer Repurchases of Equity Securities (Q2 2020) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2020 | 18,338 | $0.72 | | May 2020 | 0 | $0.00 | | June 2020 | 8,956 | $1.69 | | **Total** | **27,294** | **$1.04** | - The shares were repurchased to satisfy tax withholding requirements upon the vesting of restricted stock unit awards[305](index=305&type=chunk) - The company's formal stock repurchase program was suspended in Q4 2019, and a May 2020 credit facility amendment prohibits further repurchases under it[306](index=306&type=chunk) [Item 3. Defaults Upon Senior Securities](index=75&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported during the period - Not applicable; no defaults were reported[307](index=307&type=chunk) [Item 4. Mine Safety Disclosures](index=75&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company's operations - Not applicable[308](index=308&type=chunk) [Item 5. Other Information](index=76&type=section&id=Item%205.%20Other%20Information) The Board authorized a redesigned incentive compensation program for its workforce in response to unprecedented industry disruption - On August 4, 2020, the Board authorized a redesigned incentive compensation program to retain and motivate employees amid industry disruption[310](index=310&type=chunk) - Executives participating must forfeit previous 2020 incentive awards; the new compensation is subject to repayment clauses based on continued employment and the achievement of new performance metrics[310](index=310&type=chunk) [Item 6. Exhibits](index=77&type=section&id=Item%206.%20Exhibits) Lists all exhibits filed with the Form 10-Q, including credit agreement amendments and executive certifications - Lists key documents filed with the report, including the Fifteenth and Sixteenth Amendments to the Credit Agreement[313](index=313&type=chunk)[316](index=316&type=chunk) - Includes certifications from the CEO and CFO pursuant to Rule 13a-14(a) and Section 1350 of the U.S. Code[316](index=316&type=chunk)

Gulfport Energy Corporation (NYSE:GPOR) Q2 2020 Earnings Conference Call August 5, 2020 10:00 AM ET Company Participants Jessica Antle – Director-Investor Relations David Wood – Chief Executive Officer and President Quentin Hicks – Executive Vice President and Chief Financial Officer Conference Call Participants Operator Greetings, and welcome to Gulfport's Second Quarter 2020 Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal pres ...

Gul INVESTOR PRESENTATION JUNE 2020 FORWARD LOOKING STATEMENT This presentation includes "forward-looking statements" for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that Gulfport expects or anticipates will or may occur in the fut ...

Financial Data and Key Metrics Changes - For Q1 2020, Gulfport reported approximately $16.6 million of adjusted net income and generated $128.3 million of adjusted EBITDA [16] - Operating cash flow before changes in working capital totaled $86.7 million, with a capital outspend of roughly $50 million for the quarter [16][21] - The company improved its balance sheet by reducing total long-term debt by approximately $79.6 million as of March 31, 2020, compared to year-end 2019 [21] Business Line Data and Key Metrics Changes - Average daily production for Q1 2020 was 1.05 billion cubic feet of gas equivalent per day, composed of 90% gas, 7% natural gas liquids, and 3% oil [34] - In the Utica, the company spud seven gross wells and achieved an average spud to rig release of 17.7 days, down 10.6% from 2019 [24] - In the SCOOP, the average spud to rig release was 37.4 days, a decrease of 32% compared to the 2019 program average [26] Market Data and Key Metrics Changes - The COVID-19 pandemic has caused severe demand declines for fossil fuels, leading to oil prices at 20-year lows and an expected decline in associated gas production [13] - Natural gas prices are expected to remain range-bound between $2.60 to $2.90 per MMBtu, with a potential tightening of the gas supply-demand balance as U.S. gas production declines [15] - Realized natural gas price before hedges was approximately $0.59 per Mcfe, below NYMEX prices, which was better than the guidance range of $0.70 to $0.80 per Mcf [34] Company Strategy and Development Direction - Gulfport remains committed to maximizing cash flow generation, reducing costs, and ensuring strong liquidity through 2020 [16] - The company plans to shut-in a portion of its operated production due to low prices, forecasting an impact of less than 20 million cubic feet of gas equivalent per day [18] - The management team is focused on increasing scale and efficiencies to maximize returns, aiming to transform Gulfport into a sizable natural gas-weighted producer [55] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the short-term and long-term impacts of COVID-19 on domestic gas demand, while remaining optimistic about a potential gas price rally [14] - The company is exploring opportunities to reshape production to align with better pricing, indicating that production guidance for 2020 should no longer be relied upon [19] - The management team emphasized the importance of maintaining a strong strategic hedging program to support long-term economic development [40] Other Important Information - Gulfport has a tax benefits preservation plan in place to protect its federal net operating losses (NOLs) from being limited due to ownership changes [51][52] - The company has retired approximately $73 million of senior notes for $23 million in cash spend, reducing its net debt by $50 million [49] Q&A Session Summary Question: Thoughts on hedges for 2021 - Management aims to build a strong hedge position as close to $3 as possible, with a focus on adding collars and swaps [57][59] Question: Production cadence for 2020 - The plan is to have higher production in the second half of the year, moving peak production from Q2 to Q3 and Q4 [77][78] Question: Impact of non-op shut-ins - The majority of production is operated, making non-op components relatively small and not significantly impactful [71][73] Question: Duration of potential shut-ins in Utica - The production curtailed is about 20 million cubic feet equivalent, with plans to bring wells back online as oil prices improve [81] Question: Plans for the rig in SCOOP - The rig is planned to remain active throughout the year, with all completion work in SCOOP already finished [84] Question: Capital allocation towards revolver versus bond repurchases - Management is focused on generating free cash flow and will evaluate the best allocation towards debt repayment and bond repurchases [92][94] Question: Market dynamics in Appalachia - Management believes that gas prices will stabilize around $2.60 to $2.90, with potential for increased activity as prices rise [99]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 000-19514 Gulfport Energy Corporation (Exact Name of Registrant As Specified in Its Charter) Delaware 73-1521290 (State or Other J ...

Gult INVESTOR PRESENTATION MAY 2020 FORWARD LOOKING STATEMENT This presentation includes "forward-looking statements" for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that Gulfport expects or anticipates will or may occur in the fut ...

Gulfport Energy Corporation (NYSE:GPOR) Q4 2019 Earnings Conference Call February 28, 2020 10:00 AM ET Company Participants Jessica Antle – Director-Investor Relations David Wood – Chief Executive Officer and President Quentin Hicks – Executive Vice President and Chief Financial Officer Donnie Moore – Executive Vice President and Chief Operating Officer Conference Call Participants Neal Dingmann – SunTrust Holly Stewart – Scotia Howard Weil Jason Wangler – Imperial Capital Jane Trotsenko – Stifel Dun McInto ...

Gult INVESTOR PRESENTATION FEBRUARY 2020 FORWARD LOOKING STATEMENT This presentation includes "forward-looking statements" for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that Gulfport expects or anticipates will or may occur in th ...