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What were the key takeaways from Gulfport Energy's earnings call?

What factors drove the changes in Gulfport Energy's revenue and profit?

What is Gulfport Energy's latest dividend and current dividend yield?

- **Inventory Expansion**: Ohio Marcellus inventory doubled, adding 120-130 gross locations, and U-development unlocked 20 gross wells, extending net inventory to 15 years.
- **Financial Strength**: Completed $31.3 million preferred stock redemption, repurchased $76.3 million in Q3, and plan $125 million in Q4 buybacks, maintaining <1x leverage.
- **Operational Excellence**: Adjusted EBITDA of $213 million, free cash flow of $103 million, and all-in realized price $0.30/Mcfe above NYMEX.
- **Growth Catalysts**: 2025 capital allocation includes $30 million for U-development and $35 million to mitigate 2026 midstream impacts, with 2026 guidance to be announced in February.
- **Shareholder Returns**: Returned $785 million to shareholders since 2022, with 2025 buybacks expected to exceed $325 million.

**【CEO Summary Section】**
- Gulfport achieved a 15% year-over-year increase in revenue, driven by North American market recovery and strategic inventory additions.
- Expanded Ohio Marcellus inventory by 200%, adding 120-130 gross locations with no incremental land cost.
- Validated U-development feasibility with 2 successful wells, unlocking 20 gross locations and enhancing dry gas inventory.
- Total gross undeveloped inventory increased by 40% since 2022, now at ~100 gross locations, with net inventory extended to 15 years.
- Completed redemption of $31.3 million preferred stock, simplifying capital structure, and announced $125 million in Q4 share buybacks.
- 2025 capital allocation includes $30 million for U-development and $35 million to mitigate 2026 midstream impacts.

**【CFO Financial Commentary】**
- Adjusted EBITDA of $213 million and free cash flow of $103 million in Q3, with net cash from operations exceeding capital expenditures.
- All-in realized price of $3.37/Mcfe, outperforming NYMEX by $0.30, driven by differentiated marketing and firm transportation agreements.
- Financial leverage at 0.81x, liquidity of $903 million, and borrowing base reaffirmed at $1.1 billion.
- Repurchased 438,000 shares in Q3, totaling $76.3 million, with cumulative buybacks of $785 million since 2022.
- Maintained strong balance sheet, with plans to allocate $325 million to share buybacks in 2025.

**【Q&A Key Highlights】**
- **Well Performance**: U-development wells achieved 60%+ IRR, with production results aligned with type curves. Marcellus North delineation expected to begin in early 2026.
- **Capital Allocation**: Prioritized inventory expansion over M&A, with high returns on organic opportunities (e.g., $100 million+ in 2023-2025).
- **Production Shape**: Front-loaded capital program expected to mitigate 2026 midstream constraints, with Q4 2025 activity supporting 2026 volumes.
- **NGL Marketing**: New midstream agreement in Marcellus yielded strong NGL recoveries, with wet gas Utica wells also outperforming expectations.
- **Strategic Flexibility**: Maintained financial flexibility to capitalize on future opportunities, including $903 million in liquidity.


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