Gulfport Energy: 2Q26 Flash: Advancing Inventory Expansion Efforts; CFO Transition Appears Benign; Stock Reaction-Mixed

Research evidence excerpt

Gulfport Energy: 2Q26 Flash: Advancing Inventory Expansion Efforts; CFO Transition Appears Benign; Stock Reaction-Mixed

J P M O R G A N North America Equity Research

03 August 2026

Gulfport Energy Overweight

GPOR, GPOR US

2Q26 Flash: Advancing Inventory Expansion Efforts; Price (03 Aug 26):$163.84

CFO Transition Appears Benign; Stock Reaction-Mixed

Oil & Gas Exploration & Production

JPM View: Stock Reaction – Mixed. GPOR’s 2Q26 print featured a meaningful Arun Jayaram AC

update on the company’s inventory expansion efforts, highlighted by its previously (1-212) 622-8541

announced OH state land acquisitions and the announcement of a new acreage arun.jayaram@jpmchase.com

acquisition program. After completing its prior ~$102 MM discretionary acreage Pankaj Bhatter, CFA

program in 1Q, GPOR announced a new $140 MM acreage acquisition target for (1-212) 622-3795

this year, which includes ~$40 MM deployed in 2Q26. The company expects this pankaj.bhatter@jpmchase.com

level of investment will add ~40 net locations that compete for near-term capital Jack Jerusalmi

within the company’s portfolio. Ahead of the 2Q release, GPOR also announced (1-212) 622-6552

jack.jerusalmi@jpmorgan.com

that it had acquired ~4,700 net undeveloped acres through the Ohio lease sale for J.P. Morgan Securities LLC

~$83 MM, adding ~16 net wet gas locations (normalized to 15K’ laterals)

concentrated within its highest-return tier development opportunities. The total

purchase price equates to ~$17,500 per net acre, or $5.1 MM per net location, with

development expected to commence in 2027. Together with the new discretionary

acreage program, GPOR expects to increase its total Utica net inventory by more

than 20% and extend its development runway by >2.5 years (~56 net locations in