Company Overview - Gulfport Energy's Utica and Marcellus shale holdings include approximately 249,000 net reservoir acres with year-end 2024 proved reserves of 30 Tcfe and 3Q25 net production of approximately 917 MMcfe/day[7] - The company's SCOOP holdings include approximately 73,000 net reservoir acres with year-end 2024 proved reserves of 10 Tcfe and 3Q25 net production of approximately 203 MMcfe/day[7] - Gulfport Energy has a market capitalization of $35 billion and an enterprise value of $42 billion, with an EV/2026 EBITDA multiple of 42x[9] - The company's liquidity is approximately $903 million and leverage is approximately 081x[9] - Gulfport Energy estimates its 2025 total base capital to be approximately $390 million and total net equivalent production to be approximately 1,040 MMcfe/day[9] Financial Performance and Strategy - Gulfport Energy's equity repurchase program authorizes purchases up to $15 billion, with approximately $785 million repurchased as of September 30, 2025, retiring approximately 67 million shares[18] - The company expects to repurchase approximately $325 million of its outstanding equity during 2025, inclusive of approximately $125 million planned for 4Q2025[18] - Gulfport Energy estimates $28 billion to $36 billion in cumulative adjusted free cash flow from 2026E to 2030E under different NYMEX price scenarios[21] - The company plans to invest $75 million to $100 million on discretionary acreage acquisitions by the end of 1Q2026, expanding net inventory by approximately 2 years[31, 55] Operational Highlights - Gulfport Energy's gross undeveloped inventory has increased by more than 40% since year-end 2022, driven by targeted discretionary acreage acquisitions, Marcellus delineation, and U-development initiatives[31] - The company estimates approximately 700 gross locations and roughly 15 years of net inventory with break-evens below $250 per MMBtu[31] - Gulfport Energy expanded undeveloped Marcellus inventory by approximately 125 gross locations, an increase of 200% in Ohio Marcellus inventory[48]

Company Overview - Kimbell Royalty Partners offers a unique 101% annualized cash distribution yield[7] - Kimbell has completed over $20 billion in M&A transactions since its IPO in 2017, growing run-rate average daily production by ~8x and returning 66% of $1800/unit IPO price via quarterly cash distributions[15] - Kimbell's net royalty acre position is approximately 158,350 acres[17] Financial Highlights - Kimbell generated $688 million in oil, natural gas, and NGL revenues in Q4 2024[19] - Q4 2024 consolidated Adjusted EBITDA was $598 million[19] - Kimbell's Net Debt to TTM Consolidated Adjusted EBITDA is 08x as of 12/31/2024[17] Asset Base and Operations - Kimbell has interests in over 130,000 gross wells across over 17 million gross acres in the US[15] - Approximately 97% of all onshore rigs in the Lower 48 are in counties where Kimbell holds mineral interest positions[15] - Kimbell has identified 11,510 gross / 7771 net total upside locations on major properties alone as of December 31, 2024[48] Future Outlook - Kimbell estimates that approximately 100% of the distribution to be paid on March 25, 2025, is estimated to constitute non-taxable reductions to the tax basis of each distribution recipient's ownership interest in Kimbell[11] - The minerals industry presents a significant consolidation opportunity with approximately $742 billion in market size[17] - Kimbell estimates that only 65 net wells are needed per year to maintain production, reflecting over 14 years of drilling inventory including the major and minor locations[48]