powerpoint presentation...consequently, all of the forward-looking statements made in this...

INVESTOR PRESENTATIONJUNE 2020

FORWARD LOOKING STATEMENT

WWW.GULFPORTENERGY.COM 2

This presentation includes “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A ofthe 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 thataddress activities, events or developments that Gulfport expects or anticipates will or may occur in the future, including such things as the expected impact of the COVID-19pandemic on our business, our industry and the global economy, production and financial guidance, future capital expenditures (including the amount and nature thereof),business strategy and measures to implement strategy, repurchases of our outstanding debt, the timing and completion of asset sales, competitive strength, goals,expansion and growth of Gulfport's business and operations, plans, market conditions, references to future success, reference to intentions as to future matters and othersuch matters are forward-looking statements. These statements are based on certain assumptions and analyses made by Gulfport in light of its experience and itsperception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However,whether actual results and developments will conform with Gulfport's expectations and predictions is subject to a number of risks and uncertainties, general economic,market, credit or business conditions that might affect the timing and amount of the repurchase program; the opportunities (or lack thereof) that may be presented to andpursued by Gulfport; Gulfport’s ability to identify, complete and integrate acquisitions of properties and businesses; Gulfport’s ability to achieve the anticipated benefits of itsstrategic initiatives; competitive actions by other oil and gas companies; changes in laws or regulations; and other factors, many of which are beyond the control of Gulfport.Information concerning these and other factors can be found in the Company's filings with the Securities and Exchange Commission (“SEC”), including its Forms 10-K, 10-Q and 8-K. Consequently, all of the forward-looking statements made in this presentation are qualified by these cautionary statements and there can be no assurances thatthe actual results or developments anticipated by Gulfport will be realized, or even if realized, that they will have the expected consequences to or effects on Gulfport, itsbusiness or operations. Gulfport has no intention, and disclaims any obligation, to update or revise any forward-looking statements, whether as a result of new information,future results or otherwise.

Gulfport's estimated proved reserves as of December 31, 2019 were prepared by Netherland, Sewell & Associates, Inc. ("NSAI") and NSAI is an independent petroleumengineering firm.

EBITDA is a non-GAAP financial measure equal to net (loss) income, the most directly comparable GAAP financial measure, plus interest expense, income tax (benefit)expense, accretion expense, depreciation, depletion and amortization and impairment of oil and gas properties. Adjusted EBITDA is a non-GAAP financial measure equalto EBITDA less non-cash derivative loss (gain), rig terminations fees, gain on debt extinguishment, non-recurring general and administrative expenses and (income) lossfrom equity method investments. Cash flow from operating activities before changes in operating assets and liabilities is a non-GAAP financial measure equal to cashprovided by operating activity before changes in operating assets and liabilities and inclusive of capitalized expenses incurred during the given period. Free cash flow is anon-GAAP measure defined as cash flow from operating activities before changes in operating assets and liabilities (as defined above) less capital expenditures incurred.Adjusted net income is a non-GAAP financial measure equal to pre-tax net (loss) income less non-cash derivative loss (gain), impairment of oil and gas properties, rigterminations fees, gain on debt extinguishment and (income) loss from equity method investments. The Company has presented EBITDA, adjusted EBITDA, adjusted netincome, cash flow from operating activities before changes in operating assets and liabilities and free cash flow because it uses these measures as an integral part of itsinternal reporting to evaluate its performance and the performance of its senior management. These measures are considered important indicators of the operationalstrength of the Company's business and eliminate the uneven effect of considerable amounts of non-cash depletion, depreciation of tangible assets and amortization ofcertain intangible assets. A limitation of these measures, however, is that they do not reflect the periodic costs of certain capitalized tangible and intangible assets used ingenerating revenues in the Company's business. Management evaluates the costs of such tangible and intangible assets and the impact of related impairments throughother financial measures, such as capital expenditures, investment spending and return on capital. Therefore, the Company believes that these measures provide usefulinformation to its investors regarding its performance and overall results of operations. EBITDA, adjusted EBITDA, adjusted net income, cash flow from operating activitiesbefore changes in operating assets and liabilities and free cash flow are not intended to be performance measures that should be regarded as an alternative to, or moremeaningful than, either net income as an indicator of operating performance or to cash flows from operating activities as a measure of liquidity. In addition, EBITDA,adjusted EBITDA, adjusted net income and cash flow from operating activities before changes in operating assets and liabilities are not intended to represent fundsavailable for dividends, reinvestment or other discretionary uses, and should not be considered in isolation or as a substitute for measures of performance prepared inaccordance with GAAP. The EBITDA, adjusted EBITDA, adjusted net income, cash flow from operating activities before changes in operating assets and liabilities and freecash flow presented in this press release may not be comparable to similarly titled measures presented by other companies, and may not be identical to correspondingmeasures used in the Company's various agreements.

Investors should note that Gulfport announces financial information in SEC filings, press releases and public conference calls. Gulfport may use the Investors section of itswebsite (www.gulfportenergy.com) to communicate with investors. It is possible that the financial and other information posted there could be deemed to be materialinformation. The information on Gulfport’s website is not part of this presentation.

GULFPORT COMPANY OVERVIEW


1. Market capitalization calculated as of the close of the market on 6/11/20 at a price of $1.77 per diluted share using shares outstanding from the Company’s 1Q20 financial statements

2. Enterprise value calculated as of the close of the market on 6/11/20 at a price of $1.77 per diluted share using shares outstanding, short-term debt, long-term debt, and cash and cash equivalents from the Company’s 1Q20 financial statements

3. Liquidity calculated as of 5/1/20 using pro forma borrowing base availability, letters of credit outstanding, cash and cash equivalents

4. SCOOP acreage includes ~42,000 Woodford and ~34,000 Springer net reservoir acres

5. Based on current development plan

6. As of 5/1/20

7. During the three months ended 3/31/20

Market Capitalization(1) ~$283 Million

Enterprise Value(2) ~$2.2 Billion

Liquidity(3) ~$269 Million

2020E Capital Expenditures ~$285 – $310 Million

Expect to generate free cash flow during 2H2020(6)

KEY STATISTICS

SCOOP

Acreage: ~76,000 Net Reservoir Acres(4)

YE 2019 Proved Reserves: 1.3 Net Tcfe

~23% of Gulfport’s total net production(7)

Utica Shale

Acreage: ~205,000 Net Acres

YE 2019 Proved Reserves: 3.2 Net Tcfe

~77% of Gulfport’s total net production(7)

CORE AREAS OF OPERATION

Total Company:

Acreage: ~280,000 Net Reservoir Acres(4)

Over 15 Years of Total Inventory(5)

1. As of 5/1/20

2. 4/1/20 – 12/31/20

3. July 2019 – present

4. Liquidity calculated as of 5/1/20 using pro forma borrowing base availability, letters of credit outstanding, cash and cash equivalents


LOWER

COST OF

PRODUCTION

• Actively working with vendors and service providers to improve efficiencies and

reduce costs

• Initiated plan to further reduce annual G&A expenses

• Optimizing midstream costs and reducing near-term F-T commitments

EXERCISE

CAPITAL DISCIPLINE

• Optimized production profile to take advantage of higher commodity price

environment in late 2020 and 2021

• New forecasted 2020 full year net production to average 1,000 MMcfe to 1,075

MMcfe per day

GENERATE

CASH FLOW

• Plan continues to generate positive free cash flow in 2020 at current strip prices(1)

• 495 Bbtu/d(2) of remaining 2020 natural gas production hedged at an average swap

price of $2.88/MMBtu

IMPROVE

BALANCE SHEET

• Repurchased $263 million(3) aggregate principal amount of unsecured notes for

$162 million cash providing annual cash interest reduction of $11 million

• Continuing to evaluate opportunities to improve balance sheet and cash flow profile

MAINTAIN

STRONG LIQUIDITY

• ~$269 million of liquidity(4), adequate to fund 2020 capital plans at strip pricing(1)

• Minimal reliance on revolver to support 2020 operations

• Can keep production flat in 2021 with ~$300 MM in capex and be cash flow neutral

around ~$2.65 gas price

GULFPORT’S STRATEGY IN CURRENT ENVIRONMENT

GULFPORT IS POSITIONING ITSELF TO PRESERVE VALUE AND MAXIMIZE FINANCIAL FLEXIBILITY AND OPTIONALITY IN LOW PRICE ENVIRONMENT

2017 2018 2019 1Q'20

To

tal W

ell

Co

sts

($

/ft)

2017 2018 2019 1Q'20

To

tal W

ell

Co

sts

($

/ft)

2017 2018 2019 2020E

$/M

cfe

LOE Midstream Recurring G&A

1. Utilizing the midpoint of 2020 guidance

2. Gross operated incurred costs through first quarter of 2020

COST REDUCTION EFFORTS


PER UNIT OPERATING EXPENSE

$1.06$0.97

$0.90 $0.90

SCOOP WELL COSTS(2)UTICA WELL COSTS(2)

(1)

KEY HIGHLIGHTS

• Making every effort to reduce per unit LOE and midstream

expense during 2020 despite declining production

• Identifying areas to improve LOE including reduction in

contract labor, water reuse and contract renegotiations

• Optimizing midstream costs and reducing near-term

F-T commitments

• Initiated plan to further reduce annual G&A expenses

• Well costs per lateral foot reported in the first quarter are a

testament to ongoing initiatives to reduce costs

FOCUSED ON CREATING AN EFFICIENT, LOW COST COMPANY

THAT CAN GENERATE SUSTAINABLE RETURNS

$980$1,080

$-

$100

$200

$300

$400

$500

$600

$700

2020 2021 2022 2023 2024 2025 2026

($ M

illio

ns)

$-

$100

$200

$300

$400

$500

$600

$700

CreditFacilty

Bank Debt L/CsOutstanding

Cash Liquidity

($ M

illio

ns)

Face Value Cash Spend

Se

nio

r N

ote

s R

ep

urc

hase

d($

Mill

ion

s)

2023 2024 2025 2026

MINIMAL RELIANCE ON REVOLVER TO FUND OPERATIONS PROVIDES OPTIONALITY

MAINTAIN ADEQUATE

LIQUIDITY POSITION

EXERCISE CAPITAL

DISCIPLINE

1. Spring borrowing base redetermination effective 5/1/20

2. As of 5/1/20

3. July 2019 – present

FOCUSED ON FINANCIAL STRENGTH


L/Cs Outstanding

Revolver - Drawn Gulfport Senior Notes

Revolving Credit Facility

Interest Rate 6.625% 6.000% 6.375% 6.375%

$263.4

$161.6• Adequate liquidity to fund 2020

capital plan at current strip pricing(2)

• Continue to look for opportunities to

reduce leverage profile

• No near-term debt maturities

$108

$269

$327

$4

(3)

(2)

KEY HIGHLIGHTS

(1)

$325

$580$508

$375

(1)

(2)

(2)

(2)

(2)

(2)

$101.8 MM

Discount

Capture

Note: Guidance for the year ending 12/31/20 is based on multiple assumptions and certain analyses made by the Company in light of its experience and perception of historical trends and current conditions and may change due to future developments. Actual results

may not conform to the Company’s expectations and predictions. Please refer to page 2 for more detail of forward looking statements.

GULFPORT 2020 GUIDANCE


KEY HIGHLIGHTS

1. Based upon current forward pricing at 5/1/20 and basis marks

2. This is a non-GAAP measure. Represents total recurring G&A before capitalization and compares to 2019 full year of

$74.1 million. Capitalized G&A is expected to be 30% to 35% of total G&A

2020E BUDGET

Year Ending

12/31/20

Forecasted Incurred Capital Expenditures

Budgeted Incurred Operated D&C Expenditures - $MM $255 $270

Budgeted Incurred Non-Op D&C Expenditures - $MM $10 $15

Budgeted Incurred Land Expenditures - $MM $20 $25

Total Incurred Capital Expenditures - $MM $285 $310

Forecasted Realizations

(before the effects of hedges and including transportation)(1)

Natural Gas (Differential to NYMEX) - $/Mcf ($0.70) ($0.80)

NGL (% of WTI) 30% 35%

Oil (Differential to NYMEX WTI) - $/Bbl ($4.50) ($5.00)

Projected Operating Costs

Lease Operating Expense - $/Mcfe $0.14 $0.16

Production Taxes - $/Mcfe $0.05 $0.07

Midstream Gathering & Processing - $/Mcfe $0.55 $0.60

Recurring General & Administrative(2) - $MM $69 $74

• Optimized production profile to take advantage of

higher commodity price environment in late 2020 and

2021

• Now planning more completion activity late 2020 in the

Utica to take advantage of strong prices in the winter

• Costs savings YTD on D&C activities allows us to add

activity and still be at the midpoint of capital guidance

range

• Plan continues to generate positive free cash flow in

2020 at current strip prices(1)

As a result of

cost saving initiatives,

expect to be at or below

low end of guidance range

15%

6%

3%

4%

4%

13%

32%

10%

12% Permian

Eagle Ford

Bakken

SCOOP / STACK

DJ / Niobrara

Haynesville

Marcellus

Utica

Other

• Reduction in capital spending from oil-weighted companies

has resulted in expectations for material associated gas

production declines

• Natural gas companies holding production relatively flat to

2019 levels

• Current rig count is below 2016 lows

• Natural gas prices have risen sharply since February

• Outlook for natural gas indicating supply declines with

limited demand loss

• Cautiously optimistic of macro natural gas environment

1. Source: Baker Hughes

2. Source: EIA December 2019 Dry Gas Shale Production

MACRO NATURAL GAS


NATURAL GAS FUTURES STRIP

DRY GAS SHALE PRODUCTION(2)RIG COUNT(1)

KEY HIGHLIGHTS

Basin YE2017 YE2018 YE2019 6/5/20Decline

since

YE2019

Permian 410 485 403 141 (65%)

Eagle Ford 68 81 68 13 (81%)

Bakken 46 57 52 12 (77%)

SCOOP / STACK 81 69 25 7 (72%)

DJ / Niobrara 26 31 19 5 (74%)

Haynesville 46 53 45 31 (30%)

Marcellus 51 61 40 28 (31%)

Utica 26 18 11 9 (15%)

Others 185 211 128 38 (70%)

Total 937 1,065 791 284 (64%)

Oil

We

igh

ted

Gas

We

igh

ted

Oil

Weighted

Gas

Weighted

$1.50

$1.75

$2.00

$2.25

$2.50

$2.75

$3.00

$3.25

12/31/2019 1/31/2020 2/28/2020

3/31/2020 4/30/2020 6/10/2020

APPENDIX

Mexican

Exports

Canadian

Exports

Power

Generation

Power

Generation

LNG Exports

& Industrial

Demand

Utility

Demand

MARKETING OVERVIEW


KEY HIGHLIGHTS

• Low cost supply basins serviced by trusted midstream

partners

• In the Utica, partnered with MPLX, Summit, and EQT

Midstream

• In the SCOOP, partnered with Intensity, Enable, DCP

and ONEOK

• Midstream assets are well connected to downstream

takeaway

• Agreements allow access to a variety of pipeline

interconnects

• Right sized and favorably priced firm portfolio

• Focused on delivery point diversity and associated

costs

• Commitments align well with individual assets

production profiles

• Access to diversified marketplaces in both basins and the end

markets reached

• LNG

• Mexican Exports

• Industrial Demand

• Increasing power generation and utility loads

33%

35%to

30%

1Q'20 2020E

% o

f W

TI

STRONG PRICE REALIZATIONS


OIL PRICE DIFFERENTIAL

NGL REALIZATION

NATURAL GAS DIFFERENTIALKEY HIGHLIGHTS

($0.69)

($0.70)to

($0.80)

1Q'20 2020E

$ M

cf b

elo

w

NY

ME

X

($2.55)($4.50)

to($5.00)

1Q'20 2020E

$ B

blb

elo

wW

TI

• Reiterated expected 2020 natural gas differential, oil

differential and expected 2020 NGL realized price guidance

• Before the impact of hedges and inclusive of

transportation costs

• As a result of cost saving initiatives, expect to be at or

below the low end of expected natural gas differential

• Large portion of SCOOP oil volumes sold under term

contracts versus month-to-month agreements

• Provides flow assurance and have not had any

transportation issues to date

• Continue to work with midstream providers to optimize

contracts through the remainder of 2020

• Reiterate full year guidance range of ($4.50) to ($5.00)

below WTI

• Strong hedge position resulted in a realized settlement gain

of ~$70 million or $0.74/Mcfe in 1Q20

13% 10%18% 16%

11%11%

14% 13%6% 11%

5% 8%

28%

46% 34% 39%

42%

22%29% 24%

Mont BelvieuBarrel Makeup

2020E UticaNGL Barrel

Makeup

2020E SCOOPNGL Barrel

Makeup

2020E TotalNGL Barrel

Makeup

C5+ NC4 Normal ButaneIC4 IsoButane C3 PropaneC2 Purity Ethane

• Gulfport forecasts realizing ~30% to 35% of

WTI for NGLs during 2020

• SCOOP barrel provides a strong baseload with

pipeline access to Mont Belvieu

• Utica purity products provide clarity into market

dynamics

NGL MARKETING OVERVIEW


NGL BARREL COMPOSITION

KEY HIGHLIGHTSEdmonton

Markets

Midwest

Markets

Ontario

Markets

Northeast

Markets

Mid-Atlantic

Markets

Gulf Coast

Markets

Marcus Hook

Chesapeake

Africa

Asia

South Am.

EuropeRail

Pipe

Truck

HEDGED PRODUCTION


HEDGE BOOK(1)

1. As of 5/6/20

2. 4/1/2020 – 12/31/2020

3. Counterparty has option to call

2Q20 3Q20 4Q20 2020(2) 2021 2022 2023

Natural Gas Contract Summary:

Natural Gas Swaps (NYMEX)

Volume (BBtupd) 774 345 370 495 - - -

Price ($/MMBtu) $ 2.91 $ 2.91 $ 2.80 $ 2.88 $ - $ - $ -

Natural Gas Collars (NYMEX)

Volume (BBtupd) - - - - 250 - -

Weighted Average Floor ($/MMBtu) $ - $ - $ - $ - $ 2.46 $ - $ -

Weighted Average Cieling ($/MMBtu) $ - $ - $ - $ - $ 2.81 $ - $ -

Natural Gas Call Options (NYMEX)(3)

Volume (BBtupd) - - - - - 628 628

Price ($/MMBtu) $ - $ - $ - $ - $ - $ 2.90 $ 2.90

Basis Contract Summary:

OGT

Volume (BBtupd) 10 10 10 10 - - -

Differential ($/MMBtu) $ (0.54) $ (0.54) $ (0.54) $ (0.54) $ - $ - $ -

Transco Zone 4

Volume (BBtupd) 60 60 60 60 - - -

Differential ($/MMBtu) $ (0.05) $ (0.05) $ (0.05) $ (0.05) $ - $ - $ -

Oil Contract Summary:

Oil Swaps (WTI)

Volume (Bblpd) - 2,000 2,000 1,338 - - -

Price ($/Bbl) $ - $ 35.60 $ 35.60 $ 35.60 $ - $ - $ -

NGL Contract Summary:

C3 Propane Swaps

Volume (Bblpd) 500 500 500 500 - - -

Price ($/Gal) $ 0.52 $ 0.52 $ 0.52 $ 0.52 $ - $ - $ -

89% Natural Gas

43%

1%

56%

PDP PDNP PUD

4,528

Bcfe

8% NGL

45%

55%

PDP PUD

40%

2%

58%

PDP PDNP PUD

TOTAL SEC NET

PROVED RESERVES

74% Natural Gas

20% NGL

6% Oil

1,305

Bcfe

SCOOP SEC NET

PROVED RESERVES

UTICA SEC NET

PROVED RESERVES

1% Oil

96% Natural Gas3% NGL

3,221

Bcfe

2019 PROVED RESERVE SUMMARY


1. Per Company reserve report for year ending 12/31/19. Prices utilized for the reserve report were $55.85/Bbl of oil and $2.58/MMBtu of natural gas

Net Reserves as of December 31, 2019(1)

Gas Oil NGL Total SEC PV-10

(Bcf) (MMBbls) (MMBbls) (Bcfe) ($MM)

Proved Developed Producing 1,739.5 7.4 29.1 1,958.2 $1,360

Proved Developed Non-Producing 17.8 0.5 0.8 25.8 $23

Proved Undeveloped 2,291.0 10.5 31.6 2,543.6 $320

Total Proved Reserves 4,048.3 18.4 61.5 4,527.6 $1,704

3% Oil

COVID-19 RESPONSE PLAN


KEY HIGHLIGHTS

• Top priority is the safety and health of Gulfport employees,

contractors, and the communities in which it operates

• All office personnel are working remotely

• Employees have remained fully committed as they

work from home and continue being engaged in day-to-

day business

• Taking additional safeguards to protect the health and

safety of the portion of the workforce whose jobs

cannot be completed remotely

• All office locations have been proactive with supply needs

• Masks, sanitizers, disinfectants, hand washing stations

• Anyone entering any office location must receive clearance

prior to entering the building

• Require mask usage, social distancing and contact

tracing for any corporate office access

• Utilize Respiratory Action Plan and CDC Guidelines when

dealing with suspected cases

• Created an internal dashboard dedicated to COVID-19 news

and information for employees

• Supported by federal, state and local websites and

guidelines

• Formed a Return-to-Work Task Force to evaluate when and

how to most safely and methodically reopen our facilities

GOVERNANCESOCIALENVIRONMENTAL & SAFETY

COMMITTED TO SUSTAINABILITY


• Employee and contractor combined

Total Recordable Incident Rate

decreased 36% compared to 2018

• Completed 100% of SCOOP wells

with recycled water during 2019

• Gulfport reported a methane intensity

rate of .17% in 2018(1)

• 64% below the industry

average for our sector and

below the ONE Future 2025

goal of .28%

• Renewed management team with a

focus on building long-term

shareholder value

• Board refreshment process ensures

shareholders are represented by new,

diverse voices with strong expertise

and qualifications

• 7 of 8 directors are independent

• 5 have joined the Board in the

last 3 years

• Added Sustainability Committee

• Adopted Corporate Governance

Guidelines and a Board Diversity

Policy

• Supporting and investing in our local

communities

• Partnered with local foundations and

established the Gulfport Energy Fund

of Ohio and the Gulfport Energy Fund

of Oklahoma

• Funded projects focusing on

education, youth development,

health, human services and the

environment

• 121 grants have been awarded,

impacting over 50,000 people

• Gulfport is proud to support

campaigns for nonprofit agencies in

Oklahoma and Ohio through volunteer

efforts as well as financial and in-kind

donations

“The key tenants to any successful business is its priority on safety and environmental protection. Publishing our first ever Corporate

Sustainability Report allows us to be more transparent about our health, safety, and environmental record and practices, and also

provides us with an opportunity to highlight our community outreach efforts.”

– David Wood, President and CEO (2019 Corporate Sustainability Report)

1. Data will be updated for 2019 year-end results once finalized

53.8%

57.0%

62.7%

2017 2018 2019

Pro

du

ce

d W

ate

rA

nn

ua

l R

ecyclin

g

Three Months Ended March 31,

2020 2019

(In thousands)

Net (loss) income $ (517,538) $ 62,242

Interest expense 32,990 35,621

Income tax expense 7,290 -

Accretion expense 741 1,067

Depreciation, depletion and amortization 78,028 118,433

Impairment of oil and gas properties 553,345 -

EBITDA $ 154,856 $ 217,363

EBITDA $ 154,856 $ 217,363

Adjustments:

Non-cash derivative gain $ (28,914) $ (4,791)

Non-cash derivative loss on contingent payments 1,381 -

Rig termination fees 1,649 -

Gain on debt extinguishment (15,322) -

Non-recurring general and administrative expenses 3,905 538

Loss (income) from equity method investments 10,789 (4,273)

Adjusted EBITDA $ 128,344 $ 208,837

EBITDA is a non-GAAP financial measure equal to net (loss) income, the most directly comparable GAAP financial measure, plus

interest expense, income tax expense, accretion expense, depreciation, depletion and amortization and impairment of oil and gas

properties. Adjusted EBITDA is a non-GAAP financial measure equal to EBITDA less non-cash derivative (gain) loss, rig termination

fees, gain on debt extinguishment, non-recurring general and administrative expenses and loss (income) from equity method

investments.

NON-GAAP FINANCIAL MEASURES




Cash flow from operating activities before changes in operating assets and liabilities is a non-GAAP financial measure equal to cash

provided by operating activity before changes in operating assets and liabilities and inclusive of capitalized expenses incurred during

the given period. Free cash flow is a non-GAAP measure defined as cash flow from operating activities before changes in operating

assets and liabilities less capital expenditures incurred.

1. Includes capitalized general and administrative expense incurred and capitalized interest expenses incurred.

2. Incurred capital expenditures and cash capital expenditures may vary from period to period due to the cash payment cycle.


2020 2019

(In thousands)

Cash provided by operating activity $ 130,838 $ 239,765

Adjustments:

Changes in operating assets and liabilities (38,556) (62,505)

Capitalized expenses incurred(1) (5,618) (8,461)

Operating cash flow $ 86,664 $ 168,799

Capital expenditures incurred(2) (135,305) (274,946)

Free cash flow $ (48,641) $ (106,147)



Adjusted net income is a non-GAAP financial measure equal to (loss) income before income taxes less non-cash derivative

(gain) loss, impairment of oil and gas properties, rig termination fees, gain on debt extinguishment, non-recurring general and

administrative expenses and loss (income) from equity method investments.


2020 2019

(In thousands, except share data)

(Loss) income before income taxes $ (510,248) $ 62,242

Adjustments:

Non-cash derivative gain $ (28,914) $ (4,791)

Non-cash derivative loss on contingent payments 1,381 -

Impairment of oil and gas properties 553,345 -

Rig termination fees 1,649 -

Gain on debt extinguishment (15,322) -

Non-recurring general and administrative expenses 3,905 538

Loss (income) from equity method investments 10,789 (4,273)

Pre-tax net income excluding adjustments $ 16,585 $ 53,716

Adjusted net income $ 16,585 $ 53,716

Adjusted net income per common share:

Basic $ 0.10 $ 0.33

Diluted $ 0.10 $ 0.33

Basic weighted average shares outstanding 159,760,222 162,823,997

Diluted weighted average shares outstanding 161,312,645 163,099,409

GULFPORT ENERGY HEADQUARTERS

3001 Quail Springs Parkway

Oklahoma City, OK 73134

www.gulfportenergy.com

INVESTOR RELATIONS

(405) 252-4550

[email protected]

powerpoint presentation...consequently, all of the forward-looking statements made in this...

Documents