Gulfport Energy Reports 30.4% Revenue Decline and Net Loss in Q1 2025

Gulfport Energy Corporation reported its financial results for the first quarter of 2025, revealing a total revenue of $197.0 million, a decrease of 30.4% from $283.2 million in the same period of 2024. The decline in revenue was primarily attributed to a significant loss of $146.5 million on natural gas, oil, and NGL derivatives, compared to a gain of $45.1 million in the previous year. The company recorded a net loss of $1.3 million attributable to common stockholders, contrasting sharply with a net income of $43.4 million in the first quarter of 2024. This resulted in a basic and diluted loss per share of $0.07, compared to earnings of $2.39 per share in the prior year.

In terms of operational performance, Gulfport's total net production averaged approximately 929.3 MMcfe per day, down from 1,053.7 MMcfe per day in the first quarter of 2024. The decrease in production was primarily due to natural declines and the timing of development programs. The company turned to sales seven gross operated wells during the quarter, contributing to a 50% increase in natural gas sales to $281.5 million, driven by a 76% increase in realized natural gas prices. However, oil and condensate sales increased by 44% to $31.3 million, while NGL sales rose by 10% to $30.8 million.

Gulfport's financial position showed some improvements, with cash and cash equivalents increasing to $5.3 million from $1.5 million at the end of 2024. The company also reduced its outstanding borrowings under its Credit Facility to $35.0 million, down from $38.0 million. The total principal amount of funded debt stood at $710.7 million as of March 31, 2025. The company has continued its share repurchase program, buying back 340,664 shares for $60.0 million during the quarter, bringing the total repurchased shares to 5.9 million for $644.1 million since the program's inception.

Looking ahead, Gulfport plans to maintain its focus on capitalizing on its existing properties while managing commodity price volatility through derivative instruments. The company expects to incur capital expenditures of approximately $335 million to $355 million for drilling and completion activities in 2025, with an additional $35 million to $40 million for maintenance leasehold and land investment. Gulfport aims to achieve production levels of approximately 1,040 to 1,065 MMcfe per day in 2025, reflecting its commitment to operational efficiency and shareholder returns.