Gulfport Energy (GPOR) 8-K Gulfport Energy Corporation Reports Second Quarter 2021 Financial and Operating Results

Exhibit 99.2

Three months and six months ended June 30, 2021

Supplemental Information of Gulfport Energy

Table of Contents:	Page:
Production Volumes by Asset Area		2
Production and Pricing		4
Consolidated Statements of Income		6
Consolidated Balance Sheets		8
Consolidated Statement of Cash Flows		10
2021E Guidance		11
Non-GAAP Reconciliations		12
Definitions		13
Adjusted Net Income		14
Adjusted EBITDA		16
Free Cash Flow		18
Recurring General and Administrative Expenses		20

Production Volumes by Asset Area : Three months ended, June 30, 2021

Production Volumes

	Successor		Predecessor		Non-GAAP Combined		Predecessor
	Period from May 18, 2021 through June 30, 2021		Period from April 1, 2021 through May 17, 2021		Three Months Ended June 30, 2021		Three Months Ended June 30, 2020
Natural gas (Mcf/day)
Utica		691,876		748,885		721,321		775,070
SCOOP		194,513		154,224		173,704		158,813
Other		127		29		76		53
Total		886,516		903,138		895,101		933,936
Oil and condensate (Bbl/day)
Utica		1,125		1,208		1,168		308
SCOOP		4,824		2,757		3,756		4,186
Other		71		24		47		83
Total		6,020		3,989		4,971		4,577
NGL (Bbl/day)
Utica		2,735		2,586		2,658		2,532
SCOOP		9,073		7,047		8,027		8,411
Other		4		2		2		2
Total		11,812		9,635		10,687		10,945
Combined (Mcfe/day)
Utica		715,042		771,649		744,279		792,106
SCOOP		277,897		213,043		244,401		234,396
Other		577		182		373		563
Total		993,516		984,874		989,053		1,027,065

Page 2

Production Volumes by Asset Area : Six months ended, June 30, 2021

Production Volumes

	Successor		Predecessor		Non-GAAP Combined		Predecessor
	Period from May 18, 2021 through June 30, 2021		Period from January 1, 2021 through May 17, 2021		Six Months Ended June 30, 2021		Six Months Ended June 30, 2020
Natural gas (Mcf/day)
Utica		691,876		780,791		759,176		780,426
SCOOP		194,513		126,294		142,878		159,349
Other		127		63		78		46
Total		886,516		907,148		902,132		939,821
Oil and condensate (Bbl/day)
Utica		1,125		1,336		1,285		450
SCOOP		4,824		2,508		3,071		4,680
Other		71		35		44		81
Total		6,020		3,879		4,400		5,211
NGL (Bbl/day)
Utica		2,735		2,638		2,661		2,865
SCOOP		9,073		6,200		6,899		8,692
Other		4		3		3		1
Total		11,812		8,841		9,563		11,558
Combined (Mcfe/day)
Utica		715,042		804,633		782,854		800,313
SCOOP		277,897		178,545		202,697		239,583
Other		577		288		358		536
Total		993,516		983,466		985,909		1,040,432

Page 3

Production and Pricing : Three months ended, June 30, 2021

The following table summarizes production and related pricing for the three months ended June 30, 2021, as compared to such data for the three months ended June 30, 2020:

	Successor			Predecessor			Non-GAAP Combined			Predecessor
	Period from May 18, 2021 through June 30, 2021			Period from April 1, 2021 through May 17, 2021			Three Months Ended June 30, 2021			Three Months Ended June 30, 2020
Natural gas sales
Natural gas production volumes (MMcf)		39,007			42,448			81,455			84,988
Natural gas production volumes (MMcf) per day		887			903			895			934
Total sales		111,718			109,069			220,787			140,688
Average price without the impact of derivatives ($/Mcf)		2.86			2.57			2.71			1.66
Impact from settled derivatives ($/Mcf)		(0.17	)		(0.08	)		(0.12	)		0.99
Average price, including settled derivatives ($/Mcf)		2.69			2.49			2.59			2.65
Oil and condensate sales
Oil and condensate production volumes (MBbl)		265			187			452			417
Oil and condensate production volumes (MBbl) per day		6			4			5			5
Total sales		17,587			10,867			28,454			8,390
Average price without the impact of derivatives ($/Bbl)		66.37			58.11			62.95			20.14
Impact from settled derivatives ($/Bbl)		—			—			—			97.12
Average price, including settled derivatives ($/Bbl)		66.37			58.11			62.95			117.26
NGL sales
NGL production volumes (MBbl)		520			453			973			996
NGL production volumes (MBbl) per day		12			10			11			11
Total sales		16,077			13,004			29,081			10,252
Average price without the impact of derivatives ($/Bbl)		30.92			28.71			29.89			10.29
Impact from settled derivatives ($/Bbl)		—			—			—			—
Average price, including settled derivatives ($/Bbl)		30.92			28.71			29.89			10.29
Natural gas, oil and condensate and NGL sales
Natural gas equivalents (MMcfe)		43,715			46,289			90,004			93,463
Natural gas equivalents (MMcfe) per day		994			985			989			1,027
Total sales		145,382			132,940			278,322			159,330
Average price without the impact of derivatives ($/Mcfe)		3.33			2.87			3.09			1.70
Impact from settled derivatives ($/Mcfe)		(0.15	)		(0.08	)		(0.11	)		1.33
Average price, including settled derivatives ($/Mcfe)		3.18			2.79			2.98			3.03
Production Costs:
Average lease operating expenses ($/Mcfe)	$	0.09		$	0.15		$	0.12		$	0.14
Average taxes other than income ($/Mcfe)	$	0.12		$	0.08		$	0.10		$	0.07
Average transportation, gathering, processing and compression ($/Mcfe)	$	0.95		$	1.19		$	1.07		$	1.22
Total lease operating expenses, midstream costs and production taxes ($/Mcfe)		1.16			1.42			1.29			1.43

Page 4

Production and Pricing : Six months ended, June 30, 2021

The following table summarizes production and related pricing for the six months ended June 30, 2021, as compared to such data for the six months ended June 30, 2020:

	Successor			Predecessor			Non-GAAP Combined			Predecessor
	Period from May 18, 2021 through June 30, 2021			Period from January 1, 2021 through May 17, 2021			Six Months Ended June 30, 2021			Six Months Ended June 30, 2020
Natural gas sales
Natural gas production volumes (MMcf)		39,007			124,279			163,286			171,047
Natural gas production volumes (MMcf) per day		887			907			902			940
Total sales		111,718			344,390			456,108			301,696
Average price without the impact of derivatives ($/Mcf)		2.86			2.77			2.79			1.76
Impact from settled derivatives ($/Mcf)		(0.17	)		(0.03	)		(0.06	)		0.85
Average price, including settled derivatives ($/Mcf)		2.69			2.74			2.73			2.61
Oil and condensate sales
Oil and condensate production volumes (MBbl)		265			531			796			948
Oil and condensate production volumes (MBbl) per day		6			4			4			5
Total sales		17,587			29,106			46,693			31,541
Average price without the impact of derivatives ($/Bbl)		66.37			54.81			58.66			33.26
Impact from settled derivatives ($/Bbl)		—			—			—			52.67
Average price, including settled derivatives ($/Bbl)		66.37			54.81			58.66			85.93
NGL sales
NGL production volumes (MBbl)		520			1,211			1,731			2,103
NGL production volumes (MBbl) per day		12			9			10			12
Total sales		16,077			36,780			52,857			27,165
Average price without the impact of derivatives ($/Bbl)		30.92			30.37			30.54			12.92
Impact from settled derivatives ($/Bbl)		—			—			—			—
Average price, including settled derivatives ($/Bbl)		30.92			30.37			30.54			12.92
Natural gas, oil and condensate and NGL sales
Natural gas equivalents (MMcfe)		43,715			134,735			178,450			189,359
Natural gas equivalents (MMcfe) per day		994			983			986			1,040
Total sales		145,382			410,276			555,658			360,402
Average price without the impact of derivatives ($/Mcfe)		3.33			3.05			3.11			1.90
Impact from settled derivatives ($/Mcfe)		(0.15	)		(0.02	)		(0.06	)		1.03
Average price, including settled derivatives ($/Mcfe)		3.18			3.03			3.05			2.93
Production Costs:
Average lease operating expenses ($/Mcfe)	$	0.09		$	0.14		$	0.13		$	0.15
Average taxes other than income ($/Mcfe)	$	0.12		$	0.09		$	0.10		$	0.07
Average transportation, gathering, processing and compression ($/Mcfe)	$	0.95		$	1.20		$	1.13		$	1.18
Total lease operating expenses, midstream costs and production taxes ($/Mcfe)		1.16			1.43			1.36			1.40

Page 5

Consolidated Statements of Income: Three months ended, June 30, 2021

(In thousands, except per share data)

(Unaudited)

	Successor			Predecessor
	Period from May 18, 2021 through June 30, 2021			Period from April 1, 2021 through May 17, 2021			Three Months Ended June 30, 2020
REVENUES:
Natural gas sales	$	111,718		$	109,069		$	140,688
Oil and condensate sales		17,587			10,867			8,390
Natural gas liquid sales		16,077			13,004			10,252
Net (loss) gain on natural gas, oil and NGL derivatives		(139,658	)		(107,261	)		26,971
Total Revenues		5,724			25,679			186,301
OPERATING EXPENSES:
Lease operating expenses		4,116			6,871			13,078
Taxes other than income		5,056			3,645			6,300
Transportation, gathering, processing and compression		41,376			55,219			113,865
Depreciation, depletion and amortization		32,362			21,617			64,790
Impairment of oil and natural gas properties		117,813			—			532,880
General and administrative expenses		6,518			6,418			9,766
Restructuring and liability management expenses		—			—			617
Accretion expense		226			424			755
Total Operating Expenses		207,467			94,194			742,051
(LOSS) INCOME FROM OPERATIONS		(201,743	)		(68,515	)		(555,750	)
OTHER EXPENSE (INCOME):
Interest expense		8,894			898			32,366
Gain on debt extinguishment		—			—			(34,257	)
Loss from equity method investments, net		—			—			45
Reorganization items, net		—			(305,617	)		—
Other expense		(1,051	)		1,958			7,164
Total Other Expense		7,843			(302,761	)		5,318
(LOSS) INCOME BEFORE INCOME TAXES		(209,586	)		234,246			(561,068	)
Income tax benefit		—			(7,968	)		—
NET (LOSS) INCOME	$	(209,586	)	$	242,214		$	(561,068	)
Dividends on New Preferred Stock	$	(1,031	)	$	—		$	—
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(210,617	)	$	242,214		$	(561,068	)
NET INCOME (LOSS) PER COMMON SHARE:
Basic	$	(10.36	)	$	1.51		$	(3.51	)
Diluted	$	(10.36	)	$	1.51		$	(3.51	)
Weighted average common shares outstanding—Basic		20,321		$	160,887			159,934
Weighted average common shares outstanding—Diluted		20,321			160,887			159,934

Page 6

Consolidated Statements of Income: Six months ended, June 30, 2021

(In thousands, except per share data)

(Unaudited)

	Successor			Predecessor
	Period from May 18, 2021 through June 30, 2021			Period from January 1, 2021 through May 17, 2021			Six Months Ended June 30, 2020
REVENUES:
Natural gas sales	$	111,718		$	344,390		$	301,696
Oil and condensate sales		17,587			29,106			31,541
Natural gas liquid sales		16,077			36,780			27,165
Net (loss) gain on natural gas, oil and NGL derivatives		(139,658	)		(137,239	)		125,237
Total Revenues		5,724			273,037			485,639
OPERATING EXPENSES:
Lease operating expenses		4,116			19,524			27,773
Taxes other than income		5,056			12,349			12,937
Transportation, gathering, processing and compression		41,376			161,086			224,222
Depreciation, depletion and amortization		32,362			62,764			142,818
Impairment of oil and natural gas properties		117,813			—			1,086,225
Impairment of other property and equipment		—			14,568			—
General and administrative expenses		6,518			19,175			25,388
Restructuring and liability management expenses		—			—			617
Accretion expense		226			1,229			1,496
Total Operating Expenses		207,467			290,695			1,521,476
(LOSS) INCOME FROM OPERATIONS		(201,743	)		(17,658	)		(1,035,837	)
OTHER EXPENSE (INCOME):
Interest expense		8,894			4,159			65,356
Gain on debt extinguishment		—			—			(49,579	)
Loss from equity method investments, net		—			342			10,834
Reorganization items, net		—			(266,898	)		—
Other expense		(1,051	)		1,711			8,868
Total Other Expense (Income)		7,843			(260,686	)		35,479
(LOSS) INCOME BEFORE INCOME TAXES		(209,586	)		243,028			(1,071,316	)
Income tax (benefit) expense		—			(7,968	)		7,290
NET (LOSS) INCOME	$	(209,586	)	$	250,996		$	(1,078,606	)
Dividends on New Preferred Stock	$	(1,031	)	$	—		$	—
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(210,617	)	$	250,996		$	(1,078,606	)
NET (LOSS) INCOME PER COMMON SHARE:
Basic	$	(10.36	)	$	1.56		$	(6.75	)
Diluted	$	(10.36	)	$	1.56		$	(6.75	)
Weighted average common shares outstanding—Basic		20,321			160,834			159,847
Weighted average common shares outstanding—Diluted		20,321			160,834			159,847

Page 7

Consolidated Balance Sheets

(In thousands, except share data)

	Successor			Predecessor
	June 30, 2021			December 31, 2020
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	9,389		$	89,861
Restricted cash		29,135			—
Accounts receivable—oil and natural gas sales		140,663			119,879
Accounts receivable—joint interest and other		10,695			12,200
Prepaid expenses and other current assets		24,737			160,664
Short-term derivative instruments		2,223			27,146
Total current assets		216,842			409,750
Property and equipment:
Oil and natural gas properties, full-cost method
Proved oil and natural gas properties		1,737,778			9,359,866
Unproved properties		224,214			1,457,043
Other property and equipment		6,914			88,538
Total property and equipment		1,968,906			10,905,447
Less: accumulated depletion, depreciation and amortization		(150,175	)		(8,819,178	)
Total property and equipment, net		1,818,731			2,086,269
Other assets:
Equity investments		—			24,816
Long-term derivative instruments		3,014			322
Operating lease assets		44			342
Other assets		27,557			18,372
Total other assets		30,615			43,852
Total assets	$	2,066,188		$	2,539,871

Page 8

Consolidated Balance Sheets

(In thousands, except share data)

	Successor			Predecessor
	June 30, 2021			December 31, 2020
	(Unaudited)
Liabilities, Mezzanine Equity and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable and accrued liabilities	$	397,800		$	244,903
Short-term derivative instruments		192,730			11,641
Current portion of operating lease liabilities		39			—
Current maturities of long-term debt		60,000			253,743
Total current liabilities		650,569			510,287
Non-current liabilities:
Long-term derivative instruments		113,470			36,604
Asset retirement obligation		19,347			—
Non-current operating lease liabilities		5			—
Long-term debt, net of current maturities		773,847			—
Total non-current liabilities		906,669			36,604
Liabilities subject to compromise		—			2,293,480
Total liabilities	$	1,557,238		$	2,840,371
Mezzanine Equity:
New Preferred Stock - $0.0001 par value; 110 thousand shares authorized, 55.9 thousand issued and outstanding at June 30, 2021		55,860			—
Stockholders’ equity (deficit):
Predecessor common stock - $0.01 par value, 200.0 million shares authorized, 160.8 million at December 31, 2020		—			1,607
Predecessor accumulated other comprehensive loss		—			(43,000	)
New Common Stock - $0.0001 par value, 42.0 million shares authorized, 20.6 million issued and outstanding at June 30, 2021		2			—
Additional paid-in capital		693,919			4,213,752
New Common Stock held in reserve, 937 thousand shares		(30,216	)		—
Accumulated deficit		(210,615	)		(4,472,859	)
Total stockholders’ equity (deficit)	$	453,090		$	(300,500	)
Total liabilities, mezzanine equity and stockholders’ equity (deficit)	$	2,066,188		$	2,539,871

Page 9

Consolidated Statement of Cash Flows: Six months ended, June 30, 2021

(In thousands)

(Unaudited)

	Successor			Predecessor
	Period from May 18, 2021 through June 30, 2021			Period from January 1, 2021 through May 17, 2021			Six Months Ended June 30, 2020
Cash flows from operating activities:
Net income (loss)	$	(209,586	)	$	250,996		$	(1,078,606	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depletion, depreciation and amortization		32,362			62,764			142,818
Impairment of oil and natural gas properties		117,813			—			1,086,225
Impairment of other property and equipment		—			14,568			—
Loss from equity investments		—			342			10,834
Gain on debt extinguishment		—			—			(49,579	)
Net loss (gain) on derivative instruments		139,658			137,239			(125,237	)
Net cash receipts on settled derivative instruments		(6,689	)		(3,361	)		195,232
Non-cash reorganization items, net		—			(446,012	)		—
Deferred income tax expense		—			—			7,290
Other, net		(397	)		1,725			9,844
Changes in operating assets and liabilities, net		(34,796	)		153,894			48,401
Net cash provided by operating activities		38,365			172,155			247,222
Cash flows from investing activities:
Additions to oil and natural gas properties		(40,424	)		(102,330	)		(274,851	)
Proceeds from sale of oil and natural gas properties		225			15			45,185
Other, net		(77	)		4,484			(424	)
Net cash used in investing activities		(40,276	)		(97,831	)		(230,090	)
Cash flows from financing activities:
Principal payments on pre-petition revolving credit facility		—			(318,961	)		(323,000	)
Borrowings on pre-petition revolving credit facility		—			26,050			326,000
Borrowings on exit credit facility		113,249			302,751			—
Principal payments on exit credit facility		(131,000	)		—			—
Principal payments on DIP credit facility		—			(157,500	)		—
Debt issuance costs and loan commitment fees		(1,206	)		(7,100	)		—
Repurchase of senior notes		—			—			(22,827	)
Proceeds from issuance of New Preferred Stock		—			50,000			—
Other, net		(25	)		(8	)		(548	)
Net cash used in financing activities		(18,982	)		(104,768	)		(20,375	)
Net decrease in cash, cash equivalents and restricted cash		(20,893	)		(30,444	)		(3,243	)
Cash, cash equivalents and restricted cash at beginning of period		59,417			89,861			6,060
Cash, cash equivalents and restricted cash at end of period	$	38,524		$	59,417		$	2,817

Page 10

2021E Guidance

Gulfport’s 2021 guidance assumes commodity strip prices as of July 7, 2021, adjusted for applicable commodity and location differentials, and no property acquisitions or divestitures.

	Year Ending
	12/31/21
	Low			High
Production
Average Daily Gas Equivalent (MMcfepd)		975			1,000
% Gas		~90%
Realizations (before hedges)
Natural Gas (Differential to NYMEX Settled Price) ($/Mcf)	$	(0.10	)	$	(0.20	)
NGL (% of WTI)		45	%		50	%
Oil (Differential to NYMEX WTI) ($/Bbl)	$	(3.00	)	$	(4.00	)
Operating Costs
Lease operating expense ($/Mcfe)	$	0.13		$	0.15
Taxes other than income ($/Mcfe)	$	0.11		$	0.13
Transportation, gathering, processing and compression(1) ($/Mcfe)	$	0.92		$	0.96
Recurring general and administrative(2,3) (in millions)	$	45.0		$	47.0

(1) Assumes rejection of TC Energy & Rover firm transportation agreements.

(2) Recurring G&A includes capitalization. It excludes non-cash stock compensation and expenses related to certain legal and restructuring charges.

	Total
Capital Expenditures (incurred)	(in millions)
D&C	$	270	$	290
Leasehold and Land		$20
Total	$	290	$	310
Free Cash Flow(3)	$	290	$	310

(3) This is a non-GAAP measure. Reconciliations of these non-GAAP measures and other disclosures are provided with the supplemental financial tables available on our website at www.gulfportenergy.com.

Page 11

Non-GAAP Reconciliations

Gulfport’s management uses certain non-GAAP financial measures for planning, forecasting and evaluating business and financial performance, and believes that they are useful tool to assess Gulfport’s operating results. Although these are not measures of performance calculated in accordance with generally accepted accounting principles (GAAP), management believes that these financial measures are useful to an investor in evaluating Gulfport because (i) analysts utilize these metrics when evaluating company performance and have requested this information as of a recent practicable date, (ii) these metrics are widely used to evaluate a company’s operating performance, and (iii) we want to provide updated information to investors. Investors should not view these metrics as a substitute for measures of performance that are calculated in accordance with GAAP. In addition, because all companies do not calculate these measures identically, these measures may not be comparable to similarly titled measures of other companies.

These non-GAAP financial measures include Adjusted Net Income, Adjusted EBITDA, Free Cash Flow, and Recurring General and Administrative Expense Before Capitalization. A reconciliation of each financial measure to its most directly comparable GAAP financial measure is included in the tables below. These non-GAAP measure should be considered in addition to, but not instead of, the financial statements prepared in accordance with GAAP.

Page 12

Definitions

Adjusted Net Income is a non-GAAP financial measure equal to (loss) income before income taxes less reorganization items, non-cash derivative loss, impairments of oil and gas properties, property and equipment, contractual charges on midstream disputes, non-recurring general and administrative expenses, gain on debt extinguishment, loss from equity method investments and other items which include rig termination fees, stock-based compensation and other non-material expenses.

Adjusted 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, depreciation, depletion and amortization and impairment of oil and gas properties, property and equipment, reorganization items, non-cash derivative loss, contractual charges on midstream disputes, non-recurring general and administrative expenses, gain on debt extinguishment, loss from equity method investments and other items which include rig termination fees, stock-based compensation and other non-material expenses.

Free Cash Flow is a non-GAAP measure defined as Adjusted EBITDA plus certain non-cash items that are included in Net Cash Provided by (Used in) Operating Activities but excluded from Adjusted EBITDA less interest expense, capital expenses incurred and capital expenditures incurred. Gulfport includes a Free Cash Flow estimate for 2021. We are unable, however, to provide a quantitative reconciliation of the forward-looking non-GAAP measure to its most directly comparable forward-looking GAAP measure because management cannot reliably quantify certain of the necessary components of such forward-looking GAAP measure.

Recurring General and Administrative Expense is a non-GAAP financial measure equal to general and administrative expense (GAAP) plus capitalized general and administrative expense, less non-recurring general and administrative expense. Gulfport includes a Recurring General and Administrative Expense estimate for 2021. We are unable, however, to provide a quantitative reconciliation of the forward-looking non-GAAP measure to its most directly comparable forward-looking GAAP measure because management cannot reliably quantify certain of the necessary components of such forward-looking GAAP measure.

Page 13

Adjusted Net Income: Three months ended, June 30, 2021

(In thousands)

(Unaudited)

	Successor			Predecessor			Non-GAAP Combined			Predecessor
	Period from May 18, 2021 through June 30, 2021			Period from April 1, 2021 through May 17, 2021			Three Months Ended June 30, 2021			Three Months Ended June 30, 2020
Pre-Tax Net (Loss) Income	$	(209,586	)	$	234,246		$	24,660		$	(561,068	)
Adjustments:
Reorganization items, net		—			(305,617	)		(305,617	)		—
Non-cash derivative loss		132,969			103,775			236,744			97,529
Impairments		117,813			—			117,813			532,880
Contractual charges on midstream disputes		—			10,843			10,843			—
Non-recurring general and administrative expense		4,045			2,438			6,483			3,201
Gain on debt extinguishment		—			—			—			(34,257	)
Loss from equity method investments		—			—			—			45
Other, net		(1,051	)		2,332			1,281			8,979
Adjusted Net Income (Non-GAAP)	$	44,190		$	48,017		$	92,207		$	47,309
Dividends on New Preferred Stock	$	(1,031	)	$	—		$	(1,031	)	$	—
Participating Securities - New Preferred Stock(1)	$	(8,115	)	$	—		$	(15,995	)	$	—
Adjusted Net Income Attributable to Common Stockholders (Non-GAAP)	$	35,044		$	48,017		$	75,181		$	47,309
Adjusted Net Income Per Common Share, Diluted (Non-GAAP)(2)	$	1.72		$	0.30		$	3.70		$	0.29

(1) For the Non-GAAP combined period, the Company calculated the impact of participating securities using the Adjusted Net Income amount of the Non-GAAP combined period.

(2) For the Non-GAAP combined period, the Company used the Successor’s diluted weighted average share count to calculate per share amounts.

Page 14

Adjusted Net Income: Six months ended, June 30, 2021

(In thousands)

(Unaudited)

	Successor			Predecessor			Non-GAAP Combined			Predecessor
	Period from May 18, 2021 through June 30, 2021			Period from January 1, 2021 through May 17, 2021			Six Months Ended June 30, 2020			Six Months Ended June 30, 2020
Pre-Tax Net (Loss) Income	$	(209,586	)	$	243,028		$	33,442		$	(1,071,316	)
Adjustments:
Reorganization items, net		—			(266,898	)		(266,898	)		—
Non-cash derivative loss		132,969			133,878			266,847			68,615
Impairments		117,813			—			117,813			1,086,225
Contractual charges on midstream disputes		—			30,351			30,351			—
Non-recurring general and administrative expense		4,045			8,923			12,968			7,723
Gain on debt extinguishment		—			—			—			(49,579	)
Loss from equity method investments		—			342			342			10,834
Other, net		(1,051	)		3,207			2,156			14,673
Adjusted Net Income (Non-GAAP)	$	44,190		$	152,831		$	197,021		$	67,175
Dividends on New Preferred Stock	$	(1,031	)	$	—		$	(1,031	)	$	—
Participating Securities - New Preferred Stock(1)	$	(8,115	)	$	—		$	(33,198	)	$	—
Adjusted Net Income Attributable to Common Stockholders (Non-GAAP)	$	35,044		$	152,831		$	162,792		$	67,175
Adjusted Net Income Per Common Share, Diluted (Non-GAAP)(2)	$	1.72		$	0.95		$	8.01		$	0.42

(1) For the Non-GAAP combined period, the Company calculated the impact of participating securities using the Adjusted Net Income amount of the Non-GAAP combined period.

(2) For the Non-GAAP combined period, the Company used the Successor’s diluted weighted average share count to calculate per share amounts.

Page 15

Adjusted EBITDA: Three months ended, June 30, 2021

(In thousands)

(Unaudited)

	Successor			Predecessor			Non-GAAP Combined			Predecessor
	Period from May 18, 2021 through June 30, 2021			Period from April 1, 2021 through May 17, 2021			Three Months Ended June 30, 2021			Three Months Ended June 30, 2020
Net (loss) income (GAAP)	$	(209,586	)	$	242,214		$	32,628		$	(561,068	)
Adjustments:
Interest expense		8,894			898			9,792			32,366
Income tax (benefit) expense		—			(7,968	)		(7,968	)		—
DD&A and impairment		150,401			22,041			172,442			598,425
Reorganization items, net		—			(305,617	)		(305,617	)		—
Non-cash derivative loss		132,969			103,775			236,744			97,529
Contractual charges on midstream disputes		—			10,843			10,843			—
Non-recurring general and administrative expenses		4,045			2,438			6,483			3,201
Gain on debt extinguishment		—			—			—			(34,257	)
Loss from equity method investments		—			—			—			45
Other, net		(1,051	)		2,332			1,281			8,979
Adjusted EBITDA (Non-GAAP)	$	85,672		$	70,956		$	156,628		$	145,220

Page 16

Adjusted EBITDA: Six months ended, June 30, 2021

(In thousands)

(Unaudited)

	Successor			Predecessor			Non-GAAP Combined			Predecessor
	Period from May 18, 2021 through June 30, 2021			Period from January 1, 2021 through May 17, 2021			Six Months Ended June 30, 2021			Six Months Ended June 30, 2020
Net (loss) income (GAAP)	$	(209,586	)	$	250,996		$	41,410		$	(1,078,606	)
Adjustments:
Interest expense		8,894			4,159			13,053			65,356
Income tax (benefit) expense		—			(7,968	)		(7,968	)		7,290
DD&A and impairment		150,401			78,561			228,962			1,230,539
Reorganization items, net		—			(266,898	)		(266,898	)		—
Non-cash derivative loss		132,969			133,878			266,847			68,615
Contractual charges on midstream disputes		—			30,351			30,351			—
Non-recurring general and administrative expenses		4,045			8,923			12,968			7,723
Gain on debt extinguishment		—			—			—			(49,579	)
Loss from equity method investments		—			342			342			10,834
Other, net		(1,051	)		3,207			2,156			14,673
Adjusted EBITDA (Non-GAAP)	$	85,672		$	235,551		$	321,223		$	276,845

Page 17

Free Cash Flow: Three months ended, June 30, 2021

(In thousands)

(Unaudited)

	Successor			Predecessor			Non-GAAP Combined			Predecessor
	Period from May 18, 2021 through June 30, 2021			Period from April 1, 2021 through May 17, 2021			Three Months Ended June 30, 2021			Three Months Ended June 30, 2020
Net cash provided by operating activity (GAAP)	$	38,365		$	48,980		$	87,345		$	116,384
Adjustments:
Interest expense		8,894			898			9,792			32,366
Current Income tax benefit		—			(7,968	)		(7,968	)		—
Cash reorganization items, net		—			140,395			140,395			—
Non-recurring general and administrative expenses		4,045			2,438			6,483			3,201
Contractual charges on midstream disputes		—			10,843			10,843			—
Other, net		(428	)		2,603			2,175			3,114
Changes in operating assets and liabilities, net		34,796			(127,233	)		(92,437	)		(9,845	)
Adjusted EBITDA (non-GAAP)	$	85,672		$	70,956		$	156,628		$	145,220
Interest expense		(8,894	)		(898	)		(9,792	)		(32,366	)
Capitalized expenses incurred(1)		(2,176	)		(2,498	)		(4,674	)		(8,685	)
Capital expenditures incurred(2)		(32,116	)		(35,696	)		(67,812	)		(53,988	)
Free cash flow (non-GAAP)	$	42,486		$	31,864		$	74,350		$	50,181

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

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

Page 18

Free Cash Flow: Six months ended, June 30, 2021

(In thousands)

(Unaudited)

	Successor			Predecessor			Non-GAAP Combined			Predecessor
	Period from May 18, 2021 through June 30, 2021			Period from January 1, 2021 through May 17, 2021			Six Months Ended June 30, 2021			Six Months Ended June 30, 2020
Net cash provided by operating activity (GAAP)	$	38,365		$	172,155		$	210,520		$	247,222
Adjustments:
Interest expense		8,894			4,159			13,053			65,356
Current Income tax benefit		—			(7,968	)		(7,968	)		—
Cash reorganization items, net		—			179,114			179,114			—
Non-recurring general and administrative expenses		4,045			8,923			12,968			7,723
Contractual charges on midstream disputes		—			30,351			30,351			—
Other, net		(428	)		2,711			2,283			4,945
Changes in operating assets and liabilities, net		34,796			(153,894	)		(119,098	)		(48,401	)
Adjusted EBITDA (non-GAAP)	$	85,672		$	235,551		$	321,223		$	276,845
Interest expense		(8,894	)		(4,159	)		(13,053	)		(65,356	)
Capitalized expenses incurred(1)		(2,176	)		(8,020	)		(10,196	)		(14,302	)
Capital expenditures incurred(2)		(32,116	)		(108,408	)		(140,524	)		(189,293	)
Free cash flow (non-GAAP)	$	42,486		$	114,964		$	157,450		$	7,894

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

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

Page 19

Recurring General and Administrative Expenses:

Three and Six months ended, June 30, 2021

(In thousands)

(Unaudited)

	Successor								Predecessor								Non-GAAP Combined								Predecessor
	Period from May 18, 2021 through June 30, 2021								Period from April 1, 2021 through May 17, 2021								Three Months Ended June 30, 2021								Three Months Ended June 30, 2020
	Cash			Non- Cash		Total			Cash			Non- Cash		Total			Cash			Non- Cash		Total			Cash			Non- Cash		Total
General and administrative expense (GAAP)	$	6,518		$	—	$	6,518		$	6,039		$	379	$	6,418		$	12,557		$	379	$	12,936		$	8,568		$	1,198	$	9,766
Capitalized general and administrative expense		2,177			—		2,177			2,200			298		2,498		$	4,377		$	298	$	4,675			7,205			957		8,162
Non-recurring general and administrative expense(1)		(4,045	)		—		(4,045	)		(2,438	)		—		(2,438	)	$	(6,483	)	$	—	$	(6,483	)		(3,201	)		—		(3,201	)
Recurring general and administrative before capitalization	$	4,650		$	—	$	4,650		$	5,801		$	677	$	6,478		$	10,451		$	677	$	11,128		$	12,572		$	2,155	$	14,727

(1) Includes non-recurring general and administrative expenses related to certain legal and restructuring charges.

	Successor								Predecessor								Non-GAAP Combined								Predecessor
	Period from May 18, 2021 through June 30, 2021								Period from January 1, 2021 through May 17, 2021								Six Months Ended June 30, 2021								Six Months Ended June 30, 2020
	Cash			Non- Cash		Total			Cash			Non- Cash		Total			Cash			Non- Cash		Total			Cash			Non- Cash		Total
General and administrative expense (GAAP)	$	6,518		$	—	$	6,518		$	18,002		$	1,173	$	19,175		$	24,520		$	1,173	$	25,693		$	23,020		$	2,368	$	25,388
Capitalized general and administrative expense		2,177			—		2,177			7,097			922		8,019		$	9,274		$	922	$	10,196			11,701			1,891		13,592
Non-recurring general and administrative expense(1)		(4,045	)		—		(4,045	)		(8,923	)		—		(8,923	)	$	(12,968	)	$	—	$	(12,968	)		(7,723	)		—		(7,723	)
Recurring general and administrative before capitalization	$	4,650		$	—	$	4,650		$	16,176		$	2,095	$	18,271		$	20,826		$	2,095	$	22,921		$	26,998		$	4,259	$	31,257

(1) Includes non-recurring general and administrative expenses related to certain legal and restructuring charges.

Page 20