Gulfport Energy Appoints Nick Delazzo As CEO Amid Record Q1 2026 Results
Nick Delazzo joins the executive team on 28 May 2026, bringing over two decades of industry experience to a company that has strengthened its balance sheet and operational efficiency.
Gulfport Energy has announced the appointment of Nick Delazzo as President and Chief Executive Officer, effective 28 May 2026. The board unanimously agreed to the move following a thorough search process, citing Delazzo's extensive background in the energy sector and his proven track record of operational and financial discipline. He is expected to engage with employees and shareholders in the coming months, with his first quarterly call scheduled for August.
The company delivered a record first quarter of 2026, generating adjusted EBITDA of $264 million and adjusted free cash flow of $119 million. These results were driven by strong commodity pricing and the continued development of a high-quality asset base. Average production for the period stood at 997 million cubic feet equivalent per day, keeping the company on track to meet its full-year guidance of 1.03 to 1.055 billion cubic feet equivalent per day.
Capital allocation remained a priority during the quarter, with Gulfport repurchasing 866,000 shares for approximately $172.8 million. This transaction marks the highest quarterly investment in the company's history and represents a significant portion of the market capitalisation. Management noted that the balance sheet strength allows for dynamic capital deployment, combining share repurchases with strategic land acquisitions to maximise shareholder value.
On the operational front, the company completed eight gross wells across its core regions, including the Utica, Marcellus, and SCOOP Woodford plays. Drilling teams achieved notable efficiency gains, setting a new company record for the fastest Utica top-hole drilling at 5.4 days. In the SCOOP region, the team achieved a spud-to-rig-release time of approximately 40 days per well, surpassing internal expectations of 55 days.
Gulfport also concluded its discretionary acreage acquisition program, investing approximately $102 million over the past four quarters to secure more than two years of high-quality inventory in Belmont and Monroe Counties. This strategic land bank, acquired at an average cost of just over $2 million per net location, provides the flexibility to convert locations into producing assets in the short term.
The company reaffirmed its full-year 2026 production guidance and per-unit operating cost targets of $1.23 to $1.34 per Mcfe. Liquidity was strengthened following a spring borrowing base redetermination, with total liquidity increasing by $100 million to reach $872 million. This position includes $2.9 million in cash and $869.3 million in revolver capacity, supporting a net leverage ratio of approximately 0.9 times.
