During strenuous exercise, fish develop substantial proton and lactate loads. Although acidosis is usually rapidly corrected during recovery (1–2 h), lactate levels often remain elevated for up to 8–12 h. The quantitative role of the liver in clearance of the lactate load during recovery from exercise in fish has received little direct examination. The purposes of this study were (1) to attempt to quantify hepatic contribution to lactate clearance, and (2) to identify factors that regulate hepatic gluconeogenesis during recovery from exercise in fish. Both in vivo and in vitro (isolated hepatocytes) approaches were used. Important blood parameters (pHe, Ccoco2, [lactate], [glucose], [epinephrine] and [norepinephrine]) were measured in the gulf toadfish (Opsanus beta Goode and Bean) during recovery from strenuous exercise, and they conformed to the general patterns for sluggish benthic species noted in earlier studies. When toadfish hepatocytes wereexposed to simulated post-exercise conditions in vitro, gluconeogenesis from lactate was stimulated by over 2.5-fold in ‘0–1 h-’ and ‘l-2h-post-exercise periods’. Variation of the extracellular parameters in controlled combinations indicated that exercise-induced changes in [glucose], [epinephrine], [norepinephrine], Pcoco2 and [HCO3−] had no significant effects on rates of gluconeogenesis.The observed stimulation of gluconeogenesis could be induced independently byeither decreased pH (which lowered Km for lactate) or increased [lactate] (bysimple hyperbolic kinetic effects), but the effects were not additive. Despite thispotentially adaptive stimulation of gluconeogenesis, I estimate, based on observedin vitro rates and in vivo estimates of lactate load, that hepatic gluconeogenesisaccounts for less than 2% of the lactate load clearance in toadfish.