GPOR on NYSE

GULFPORT ENERGY CORP

GULFPORT ENERGY CORP is an independent natural gas-weighted exploration and production company.1 It is headquartered in Oklahoma City, Oklahoma.1 Its shares trade on NYSE under the symbol GPOR.1

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Last updated Oct 21, 2026.

Overview

Compare with Viper Energy, Inc., Magnolia Oil & Gas Corp or Kosmos Energy, or pick any stock.

  • TickerGPOR on NYSE1
  • IndustryCrude Petroleum & Natural Gas1
  • HeadquartersOklahoma City, Oklahoma1
  • Business address713 Market Drive, Oklahoma City, Ok 731142
  • Filer categoryLarge accelerated filer2

Gulfport is an independent natural gas-weighted exploration and production company with assets primarily located in the Appalachia and Anadarko basins. Our principal operations target the Utica and Marcellus formations in eastern Ohio and the SCOOP Woodford and Springer formations in central Oklahoma. Gulfport's Predecessor was incorporated in the State of Delaware in July 1997. Our corporate headquarters are located in Oklahoma City, Oklahoma and shares of Gulfport's common stock trade on the New York Stock Exchange (“NYSE”) under the ticker symbol “GPOR”. Our corporate strategy is focused on the economic development of our asset base in an effort to generate sustainable free cash flow.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

42.2%Operating margin5
30.1%Net margin5
48.5%Revenue growth, 20255
23.3%Return on equity5
0.43×Debt to equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Natural Gas, Production brought in 80% of the revenue GULFPORT ENERGY CORP broke down this way in fiscal 2025.

  1. Natural Gas, Production$1.1B580%up 48% from 2024
  2. Oil and Condensate$133.6M510%up 32% from 2024
  3. Natural gas liquid sales$133.5M510%up 18% from 2024
Products and services by year
Products and services202320242025
Natural Gas, Production$831.8M$714.2M$1.1B
Oil and Condensate$99.9M$101.6M$133.6M
Natural gas liquid sales$119.7M$112.9M$133.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue25¢$358.9M
  • Other costs33¢$466.1M
  • Interest4¢$54.3M
  • Income tax8¢$115.5M
  • Profit30¢$427.8M

Out of $1.4B in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$803.2M

Out of $803.2M of cash from operations.5

Financial statements

Revenue6785$1.4B in 2025−9% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $1.6B$1.6B20192020: $866.5M$866.5M2020−45%2022: $1.3B$1.3B2022+54%2023: $1.8B$1.8B2023+35%2024: $958.1M$958.1M2024−47%2025: $1.4B$1.4B2025+48%
Operating income6785$600.4M in 2025
-$2.0B-$1.0B0$1.0B2019: -$1.7B-$1.7B20192020: -$1.4B-$1.4B2020−20%2022: $543.1M$543.1M20222023: $974.8M$974.8M2023+79%2024: -$236.8M-$236.8M20242025: $600.4M$600.4M2025
Net income6785$427.8M in 2025
-$3.0B-$2.0B-$1.0B0$1.0B$2.0B2019: -$2.0B-$2.0B20192020: -$1.6B-$1.6B2020−19%2022: $494.7M$494.7M20222023: $1.5B$1.5B2023+197%2024: -$261.4M-$261.4M20242025: $427.8M$427.8M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Net gain on natural gas, oil and NGL derivatives$99.1M$29.5M$740.3M
Total revenues$1.4B$958.1M$1.8B
Lease operating expenses$84.2M$70.1M$68.6M
Taxes other than income$29.9M$29.7M$33.7M
Transportation, gathering, processing and compression$358.9M$351.2M$348.6M
Depreciation, depletion and amortization$304.2M$325.7M$319.7M
Impairment of oil and natural gas properties$0$373.2M$0
General and administrative expenses$42.5M$42.6M$38.6M
Restructuring costs$0$0$4.8M
Accretion expense$2.4M$2.3M$2.8M
Total operating expenses$822.2M$1.2B$816.9M
INCOME (LOSS) FROM OPERATIONS$600.4M-$236.8M$974.8M
Interest expense$54.3M$60.0M$57.1M
Loss on debt extinguishment$0$13.4M$0
Other, net$2.8M$7.3M-$28.0M
Total other expense$57.1M$80.7M$29.1M
INCOME (LOSS) BEFORE INCOME TAXES$543.3M-$317.5M$945.8M
Current$0$0$0
Deferred$115.5M-$56.1M-$525.2M
Total income tax expense (benefit)$115.5M-$56.1M-$525.2M
NET INCOME (LOSS)$427.8M-$261.4M$1.5B
Dividends on preferred stock-$1.7M-$4.2M-$4.8M
Deemed dividend on preferred stock-$30.0M$0$0
Participating securities - preferred stock$0$0-$212.4M
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$396.2M-$265.6M$1.3B
Basic (in dollars per share)$21.74-$14.72$67.24
Diluted (in dollars per share)$21.48-$14.72$66.46
Weighted average common shares outstanding - Basic (shares)18.2M shares18.1M shares18.6M shares
Weighted average common shares outstanding - Diluted (shares)18.4M shares18.1M shares18.9M shares

Compare GULFPORT ENERGY CORP with another company

Corporate structure

GULFPORT ENERGY CORP sits at the top of its group. 9 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of GULFPORT ENERGY CORP

  • State Street Corporation Filed SCHEDULE 13G on GULFPORT ENERGY CORP, latest Aug 7, 2026
  • BlackRock Filed SCHEDULE 13G/A on GULFPORT ENERGY CORP, latest Jul 8, 2026 (3 filings since Oct 22, 2024)
  • FMR LLC Filed SCHEDULE 13G/A on GULFPORT ENERGY CORP, latest May 6, 2026 (2 filings since Feb 12, 2025)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on GULFPORT ENERGY CORP, latest Mar 27, 2026 (2 filings since Apr 30, 2025)
  • Silver Point Capital, L.P. Filed SCHEDULE 13D/A on GULFPORT ENERGY CORP, latest Mar 4, 2026 (14 filings since Jun 23, 2023)
  • Wellington Management Company Filed SCHEDULE 13G/A on GULFPORT ENERGY CORP, latest Aug 12, 2025 (4 filings since Feb 8, 2024)
  • MACKAY SHIELDS LLC Filed SC 13G/A on GULFPORT ENERGY CORP, latest Apr 12, 2024 (4 filings since Jan 6, 2023)
  • JPMorgan Chase Filed SC 13G/A on GULFPORT ENERGY CORP, latest Nov 8, 2023 (3 filings since Jan 21, 2022)
  • AllianceBernstein Filed SC 13G/A on GULFPORT ENERGY CORP, latest Feb 14, 2023 (2 filings since Feb 14, 2022)
  • GULFPORT ENERGY CORP Oklahoma City, Oklahoma
    • Grizzly Holdings, Inc. Subsidiary · Delaware, United States
    • Gulfport Appalachia, LLC Subsidiary · Delaware, United States
    • Gulfport Energy Operating Corporation Subsidiary · Delaware, United States
    • Gulfport LA, Inc. Subsidiary · Delaware, United States
    • Gulfport MidCon, LLC Subsidiary · Delaware, United States
    • Mule Sky, LLC Subsidiary · Delaware, United States
    • Puma Resources, Inc. Subsidiary · Delaware, United States
    • Westhawk Minerals, LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What GULFPORT ENERGY CORP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$386.0K5 Dec 31, 2025$386.0K5 Dec 31, 20240%
Property and equipment, before depreciation$4.1B5 Dec 31, 2025$3.6B5 Dec 31, 2024+15.8%
Accumulated depreciation$1.9B5 Dec 31, 2025$1.6B5 Dec 31, 2024+19.4%
Property and equipment, net$2.3B5 Dec 31, 2025$2.0B5 Dec 31, 2024+13.0%
Operating-lease assets (leased space)$561.0K5 Dec 31, 2025$6.1M5 Dec 31, 2024−90.8%

Real estate and locations

ItemLatestA year beforeChange
Area of land10,240 acres5 Dec 31, 202510,240 acres8 Dec 31, 20240%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$1.8M5 Dec 31, 2025$1.5M5 Dec 31, 2024+23.1%

Properties, in its own words

Information regarding our properties is included in Item 1 and in the Supplemental Information on Oil and Gas Exploration and Production Activities in Note 20 of our consolidated financial statements.

Item 2 of the 10-K filed Feb 25, 2026.4

Leadership

Who has led GULFPORT ENERGY CORP, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (41)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Grizzly Holdings, Inc. Delaware3
  • Gulfport Appalachia, LLC Delaware3
  • Gulfport Energy Operating Corporation Delaware3
  • Gulfport LA, Inc. Delaware3
  • Gulfport MidCon, LLC Delaware3
  • Mule Sky, LLC Delaware3
  • Puma Resources, Inc. Delaware3
  • Westhawk Minerals, LLC Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • WRT ENERGY CORPNov 6, 1996 to Mar 31, 19982

Timeline

  1. Aug 3, 20268-K Results of operations; Regulation FD disclosure62
  2. Jun 1, 2026New chief executive Domenic J. Dell'Osso Jr. becomes CEO13
  3. Jun 1, 20268-K Executive or director change; Shareholder vote63
  4. May 5, 20268-K Results of operations; Regulation FD disclosure64
  5. Mar 9, 20268-K Executive or director change; Regulation FD disclosure65
  6. Mar 4, 20268-K Regulation FD disclosure66
  7. Feb 24, 20268-K Results of operations; Regulation FD disclosure67
  8. Dec 4, 20258-K Regulation FD disclosure68
  9. Nov 4, 20258-K Results of operations; Regulation FD disclosure69
  10. Sep 8, 20258-K Other events70
  11. Aug 5, 20258-K Results of operations; Regulation FD disclosure71
  12. May 23, 20258-K Bylaws or fiscal year changed; Shareholder vote72
  13. May 15, 20258-K Regulation FD disclosure73
  14. Jan 25, 2023New chief executive John K. Reinhart becomes CEO14
  15. May 17, 2021New chief executive Timothy J. Cutt becomes CEO15
  16. Dec 27, 2018New chief executive David M. Wood becomes CEO16
  17. Sep 19, 2008New chief executive James D. Palm becomes CEO17

Calendar

Coming up

  1. Nov 3, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $3.13 a share, on Nov 4, 2025.74

When it reported results

  1. Aug 3, 2026Reported quarterly or annual results62
  2. May 5, 2026Reported quarterly or annual results64
  3. Feb 24, 2026Reported quarterly or annual results67
  4. Nov 4, 2025Reported quarterly or annual results69
  5. Aug 5, 2025Reported quarterly or annual results71
  6. May 6, 2025Reported quarterly or annual results75
  7. Feb 25, 2025Reported quarterly or annual results76
  8. Nov 5, 2024Reported quarterly or annual results77

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

327 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 44 major events, 163 insider forms, 35 large holders, 65 other. The latest 20:

  1. Sep 25, 20264 EDGAR
  2. Sep 24, 2026144 EDGAR
  3. Sep 23, 2026SD SPECIALIZED DISCLOSURE REPORT EDGAR
  4. Sep 3, 20264 EDGAR
  5. Aug 12, 20264 EDGAR
  6. Aug 10, 20264 EDGAR
  7. Aug 7, 2026SCHEDULE 13G EDGAR
  8. Aug 4, 202610-Q EDGAR
  9. Aug 3, 20268-K CURRENT REPORT EDGAR
  10. Jul 8, 2026SCHEDULE 13G/A EDGAR
  11. Jun 1, 20264 EDGAR
  12. Jun 1, 20264 EDGAR
  13. Jun 1, 20264 EDGAR
  14. Jun 1, 20264 EDGAR
  15. Jun 1, 20264 EDGAR
  16. Jun 1, 20264 EDGAR
  17. Jun 1, 20263 EDGAR
  18. Jun 1, 20264 EDGAR
  19. Jun 1, 20268-K CURRENT REPORT EDGAR
  20. Jun 1, 20264 EDGAR

The 327 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

65 open-market trades by officers, directors and large owners since October 2021: 4 buys and 61 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 24, 2026Cutt Timothy J.DirectorSale2,500$158.98$397.4KForm 4
Sep 2, 2026Willrath MatthewVP & CAOSale325$182.69$59.4KForm 4
Aug 7, 2026DELL'OSSO DOMENIC J JRPresident & CEOBuy1,600$160.61$257.0KForm 4
Apr 2, 2026Martinez Jason JosephDirectorSale400$213.40$85.4KForm 4
Mar 24, 2026Zitkus LesterSVP, LandSale1,873$213.90$400.6KForm 4
Mar 5, 2026Willrath MatthewVP & CAOSale497$215.28$107.0KForm 4
Mar 5, 2026Craine Patrick K.CLAO and Corp SecretarySale2,000$209.09$418.2KForm 4
Mar 5, 2026SLUITER MICHAELSVP of Reservoir EngineeringSale2,055$213.10$437.9KForm 4
Mar 4, 2026Cutt Timothy J.DirectorSale2,500$209.13$522.8KForm 4
Mar 3, 2026Silver Point Capital L.P.DirectorSale84,416$204.22$17.2MForm 4
Mar 2, 2026SLUITER MICHAELSVP of Reservoir EngineeringSale9,933$210.00$2.1MForm 4
Mar 2, 2026Cutt Timothy J.DirectorSale5,000$208.73$1.0MForm 4
Mar 2, 2026HODGES MICHAEL LEVP & CFOSale16,769$210.70$3.5MForm 4
Mar 2, 2026Silver Point Capital L.P.DirectorSale759,740$204.22$155.2MForm 4
Jan 7, 2026Zitkus LesterSVP, LandSale4,745$185.69$881.1KForm 4
Jan 6, 2026Rucker MatthewEVP & COOSale10,732$186.61$2.0MForm 4
Jan 5, 2026Craine Patrick K.CLAO and Corp SecretarySale11,929$191.87$2.3MForm 4
Dec 30, 2025Cutt Timothy J.DirectorSale2,500$214.74$536.9KForm 4
Dec 2, 2025MULE EDWARD ADirectorSale45,546$219.56$10.0MForm 4
Dec 1, 2025MULE EDWARD ADirectorSale244,489$219.56$53.7MForm 4

All 65 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025John Reinhart$919.7K$7.3M87
2025Michael Hodges$530.8K$2.9M87
2025Patrick Craine$511.8K$2.4M87
2025Michael Sluiter$426.8K$1.8M87
2025Matthew Rucker$487.3K$22.1K87
2024Former President and$875.7K$9.0M87
2024Executive VicePresident and$508.7K$3.6M87
2024ExecutiveVice President and$429.4K$2.7M87
2024Senior VicePresident of$409.7K$2.1M87
2023Chief Executive Officer$706.1K$5.5M87
2023Chief Financial Officer$345.1K$3.0M87
2023Chief Legal and Administrative Officer$482.0K$2.5M87
2023Reservoir Engineering$387.6K$2.0M87
2023Chief Operating Officer$309.9K$2.0M87

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Silver Point Capital L.P.2,607,269$442.5M45.4%+770
BlackRock, Inc.2,273,018$385.7M0.0%+1,109,277
State Street Corp990,939$168.2M0.0%+226,122
Fmr LLC861,942$146.3M0.0%−53,592
Vanguard Capital Management LLC666,018$113.0M0.0%−33,052
Dimensional Fund Advisors LP627,469$106.5M0.0%−2,630
Nomura Asset Management International Inc.558,718$94.8M0.1%−31,055
Victory Capital Management Inc530,564$90.0M0.1%−7,721
Jennison Associates LLC527,245$89.5M0.1%−93,602
Adage Capital Partners Gp, L.l.c.470,059$79.8M0.1%+10,000
Vanguard Portfolio Management LLC454,113$77.1M0.0%+143,147
HITE Hedge Asset Management LLC403,403$68.5M3.8%+255,201
Arrowstreet Capital, Limited Partnership388,730$66.0M0.0%−10,201
Geode Capital Management, LLC386,941$65.7M0.0%+9,272
Principal Financial Group Inc377,228$64.0M0.0%+67,211
Jpmorgan Chase & Co372,534$62.0M0.0%+15,534
Palo Duro Investment Partners, LP357,893$60.7M11.7%+5,790
Assenagon Asset Management S.A.344,030$58.4M0.0%−123,389
American Century Companies Inc338,550$57.5M0.0%+136,921
Whitebox Advisors LLC274,627$46.6M2.3%+55,000
Westwood Holdings Group Inc248,569$42.2M0.3%−22,393
Frontier Capital Management Co LLC240,790$40.9M0.4%+18,841
Charles Schwab Investment Management Inc239,555$40.7M0.0%−565
Jupiter Topco LLC239,182$40.6M0.0%New
Hancock Prospecting Pty Ltd227,500$38.6M0.7%New

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

3 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jan 9, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseSale$1,001 - $15,000+17.1%Report
Jul 18, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−35.5%Report
Jul 7, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−34.9%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How GULFPORT ENERGY CORP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGULFPORT ENERGY CORP1
  • CIK0000874499
  • Employer ID (EIN)86-36846694
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)1311 Crude Petroleum & Natural Gas1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address713 Market Drive, Oklahoma City, OK 731141
  • Phone40584888071
  • Shares outstanding17,683,866 as of Jul 28, 202610
  • Public float$3.1B as of Jun 30, 20254
  • AuditorGRANT THORNTON LLP, Oklahoma City, Oklahoma PCAOB ID 248; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceNov 6, 19961
  • Filings1,448 in all: 4 (479), 8-K (267), SC 13G/A (86), 10-Q (77), 3 (54), SC 13G (39), CORRESP (36), SC 13D/A (36)1
    All 69 form types

    UPLOAD (31), 144 (29), 424B5 (26), 10-K (25), DEF 14A (21), EFFECT (20), DEFA14A (15), DEF 14C (14), 10QSB (13), POS AM (12), 424B3 (8), PRE 14C (8), S-8 POS (8), 8-K/A (6), DFAN14A (6), FWP (6), S-3 (6), S-3/A (6), S-3ASR (6), S-8 (6), SC 13D (6), SCHEDULE 13D/A (6), 10KSB (5), CT ORDER (5), S-4 (5), SCHEDULE 13G/A (5), 144/A (4), 4/A (4), 5 (4), ARS (4), POSASR (4), PRE 14A (4), 10KSB/A (3), 424B4 (3), S-1/A (3), SCHEDULE 13G (3), SD (3), T-3/A (3), 10-K/A (2), 8-A12B (2), PREC14A (2), REGDEX (2), SB-2/A (2), 10-Q/A (1), 10QSB/A (1), 25-NSE (1), 3/A (1), 424B1 (1), 424B7 (1), CERT (1), DEFA14C (1), NT 10-K (1), NT 10-Q (1), NTN 10Q (1), PRER14A (1), PX14A6G (1), S-1 (1), S-4/A (1), SB-2 (1), SEC STAFF ACTION (1), T-3 (1)

  • Latest filingsAnnual report (10-K) Feb 25, 2026
    Quarterly report (10-Q) Aug 4, 2026
    Proxy statement (DEF 14A) Apr 8, 2026
    Latest 8-K (8-K) Aug 3, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.0001 par value per shareGPORThe New York Stock Exchange

From the cover page of the 10-K filed Feb 25, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks GULFPORT ENERGY CORP names in Item 1A of its 10-K filed Feb 25, 2026: 34 risks under these headings, as written.4

  • Financial, Liquidity and Commodity Price Risks
  • Natural gas, oil and NGL prices fluctuate widely, and lower prices for an extended period of time are likely to have a material adverse effect on our business.
  • Our commodity price risk management activities may limit the benefit we would receive from increases in commodity prices, may require us to provide collateral for derivative liabilities and involve risk that our counterparties may be unable to satisfy their obligations to us.
  • Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase.
  • Our debt and other financial commitments may limit our financial and operating flexibility.
  • Our development, acquisition and exploration operations require substantial capital and we may be unable to obtain needed capital or financing on satisfactory terms or at all, which could lead to a loss of properties and a decline in our oil and natural gas reserves.
  • Under our method of accounting for oil and natural gas properties, declines in commodity prices may result in impairment of asset value.
  • A change of control could limit our use of net operating losses to reduce future taxable income.
  • Industry, Business and Operational Risks
  • The oil and gas development, exploration and production industry is very competitive, and some of our competitors have greater financial and other resources than we do.
  • The actual quantities of and future net revenues from our proved reserves may be less than our estimates.
  • Our development and exploratory drilling efforts and our well operations may not be profitable or achieve our targeted returns.
The other 24 risks
  • Part of our strategy involves using the latest available horizontal drilling and completion techniques; therefore, the results of our planned drilling in these plays are subject to risks associated with drilling and completion techniques and drilling results may not meet our expectations for reserves or production.
  • Our undeveloped leasehold acreage must be drilled before the lease's expiration date in order to hold the lease by production. In highly competitive markets for leasehold acreage, failure to drill sufficient wells to hold acreage could result in a substantial lease renewal cost or, if renewal is not feasible, loss of our lease and prospective drilling opportunities.
  • Oil and natural gas operations are uncertain and involve substantial costs and risks. Operating hazards and uninsured risks may result in substantial losses and could prevent us from realizing profits.
  • Multi-well pad drilling may result in volatility in our operating results and delay the conversion of our PUD reserves.
  • We are not the operator of all of our oil and natural gas properties and therefore are not in a position to control the timing of development efforts, the associated costs or the rate of production of the reserves on such properties.
  • Oil and natural gas production operations, especially those using hydraulic fracturing, are substantially dependent on the availability of water. Our ability to produce natural gas, oil and NGL economically and in commercial quantities could be impaired if we are unable to acquire adequate supplies of water for our operations or are unable to dispose of or recycle the water we use economically and in an environmentally safe manner.
  • All of our producing properties are located in eastern Ohio and central Oklahoma, making us vulnerable to risks associated with operating in only these regions.
  • The loss of one or more of the purchasers of our production could adversely affect our business, results of operations, financial condition and cash flows.
  • The unavailability, high cost or shortages of rigs, equipment, raw materials, supplies, oilfield services or personnel may restrict our operations.
  • Our operations may be adversely affected by pipeline, trucking and gathering system capacity constraints and may be subject to interruptions that could adversely affect our cash flow.
  • We are required to pay fees to some of our midstream service providers based on minimum volumes regardless of actual volume throughput.
  • A deterioration in general economic, business or industry conditions would have a material adverse effect on our results of operations, liquidity and financial condition.
  • Terrorist activities could materially and adversely affect our business and results of operations.
  • Cyber-attacks targeting systems and infrastructure used by the oil and gas industry and related regulations may adversely impact our operations and, if we are unable to obtain and maintain adequate protection for our data, our business may be harmed.
  • We may engage in acquisition and divestiture activities that involve substantial risks.
  • Environmental, Legal and Regulatory Risks
  • We are subject to extensive governmental regulation and ongoing regulatory changes, which could adversely impact our business.
  • Legislation or regulatory initiatives intended to address seismic activity could restrict our drilling and production activities, as well as our ability to dispose of produced water gathered from such activities, which could have a material adverse effect on our business.
  • Increased attention to sustainability matters may impact our business, financial results, or stock price.
  • Future U.S. and state tax legislation may adversely affect our business, results of operations, financial condition and cash flow.
  • Risks Associated with an Investment in Us
  • The market price of our securities is subject to volatility.
  • Future sales or the availability for sale of substantial amounts of our common stock, or the perception that these sales may occur, could adversely affect the trading price of our common stock and could impair our ability to raise capital through future sales of equity securities.
  • Certain of our stockholders own a significant portion of our outstanding equity securities and their interests may not always coincide with the interests of other holders of the common stock.
  • There may be future dilution of our common stock, which could adversely affect the market price of our common stock.
  • Our amended and restated certificate of incorporation provides, subject to certain exceptions, that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for certain stockholder litigation matters, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or stockholders.

Legal proceedings

The Company is involved in various commercial and regulatory claims, litigation and other legal proceedings that arise in the ordinary course of its business.

While the ultimate outcome of the pending proceedings, disputes or claims, and any resulting impact on us, cannot be predicted with certainty, we believe that none of these matters, if ultimately decided adversely, will have a material adverse effect on our financial condition, cash flows or results of operations.

The information with respect to this Item 3. “Legal Proceedings” is set forth in Note 18 of our consolidated financial statements.

The opening of Item 3, Legal Proceedings.4

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