Gulfport Energy Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Gulfport Energy Corp. has filed its 2023 annual report detailing its financial performance and operational data for the fiscal year ending December 31, 2023.</b>

AI Summary

GULFPORT ENERGY CORP (GPOR) filed a Annual Report (10-K) with the SEC on February 28, 2024. Gulfport Energy Corp. filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company's primary business is crude petroleum and natural gas extraction. Gulfport Energy Corp. was formerly known as WRT Energy Corp. and Western Resource Technologies Inc. The filing includes data on natural gas, oil, and natural gas liquids sales for 2023, 2022, and parts of 2021.

Why It Matters

For investors and stakeholders tracking GULFPORT ENERGY CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Gulfport Energy's financial health, operational activities, and strategic positioning within the energy sector for the past fiscal year. Investors and analysts can use this report to assess the company's production levels, sales figures, and historical financial data, which are crucial for evaluating its market performance and future prospects.

Risk Assessment

Risk Level: medium — GULFPORT ENERGY CORP shows moderate risk based on this filing. The company operates in the volatile crude petroleum and natural gas industry, which is subject to significant price fluctuations and regulatory changes, as indicated by its SIC code and the nature of its business.

Analyst Insight

Review the detailed production and sales data for natural gas, oil, and natural gas liquids to understand revenue drivers and potential growth areas.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-28 — Filing Date (Date of submission)
• 141 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• GULFPORT ENERGY CORP (company) — Filer name
• WRT ENERGY CORP (company) — Former company name
• WESTERN RESOURCE TECHNOLOGIES INC (company) — Former company name
• 1311 (industry_code) — Standard Industrial Classification for Crude Petroleum & Natural Gas

FAQ

Risk Factors

• Commodity Price Volatility [high — market]: The company's financial performance is highly dependent on the fluctuating prices of natural gas, oil, and natural gas liquids.
• Environmental and Regulatory Compliance [medium — regulatory]: Operations are subject to extensive federal, state, and local environmental and safety regulations, which can impact costs and operational flexibility.

Industry Context

Gulfport Energy Corp. operates in the upstream segment of the oil and gas industry, focusing on the exploration, development, and production of natural gas, crude oil, and natural gas liquids.

Regulatory Implications

The company is subject to various federal, state, and local regulations governing oil and gas exploration and production, including environmental protection and safety standards.

What Investors Should Do

1. Analyze the company's production volumes and sales revenue for natural gas, oil, and NGLs for the fiscal year 2023.
2. Examine any disclosed risk factors related to commodity prices, regulatory changes, or operational challenges.
3. Review historical financial data presented in the filing to identify trends in revenue, profitability, and asset management.

Key Dates

• 2024-02-28: 10-K Filing — Annual report submission for fiscal year 2023

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides a detailed overview of Gulfport Energy's financial condition and operational results for the fiscal year.)

SIC Code 1311

Standard Industrial Classification code for Crude Petroleum & Natural Gas extraction. (Identifies Gulfport Energy's core business operations within the energy sector.)

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year ending December 31, 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value per share GPOR The New York S
• $550 million — ") as opposed to its share of the up to $550 million aggregate principal amount of our Senio
• $262.5 million — ity in an aggregate principal amount of $262.5 million. Disputed Claims Reserve. Reserve use
• $580 million — and elected commitment amount of up to $580 million. Exit Facility. Senior secured reserv
• $180 million — n aggregate maximum principal amount of $180 million. GAAP . Accounting principles general
• $650 million — ock repurchase program to acquire up to $650 million of Gulfport's outstanding Common Stock.

Filing Documents

• gpor-20231231.htm (10-K) — 3232KB
• gpor-20231231xex1024.htm (EX-10.24) — 69KB
• gpor-20231231xex21.htm (EX-21) — 8KB
• gpor-20231231xex231.htm (EX-23.1) — 4KB
• gpor-20231231xex232gt.htm (EX-23.2) — 3KB
• gpor-20231231xex311.htm (EX-31.1) — 9KB
• gpor-20231231xex312.htm (EX-31.2) — 9KB
• gpor-20231231xex321.htm (EX-32.1) — 5KB
• gpor-20231231xex322.htm (EX-32.2) — 4KB
• gpor-20231231xex971.htm (EX-97.1) — 27KB
• gpor-20231231xex991.htm (EX-99.1) — 112KB
• gpor-20231231_g1.jpg (GRAPHIC) — 124KB
• image.jpg (GRAPHIC) — 10KB
• image1.jpg (GRAPHIC) — 20KB
• nsaigulfportconsent10_imaga.jpg (GRAPHIC) — 55KB
• nsailogo.jpg (GRAPHIC) — 100KB
• 0001628280-24-007527.txt (&nbsp;) — 16481KB
• gpor-20231231.xsd (EX-101.SCH) — 112KB
• gpor-20231231_cal.xml (EX-101.CAL) — 146KB
• gpor-20231231_def.xml (EX-101.DEF) — 506KB
• gpor-20231231_lab.xml (EX-101.LAB) — 1195KB
• gpor-20231231_pre.xml (EX-101.PRE) — 825KB
• gpor-20231231_htm.xml (XML) — 2515KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 1 SUMMARY RISK FACTORS 2 PART I 4

RISK FACTORS

ITEM 1A. RISK FACTORS 20

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 36 ITEM 1C. C YBERSECU RITY 36

PROPERTIES

ITEM 2. PROPERTIES 37

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 37

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 37 PART II 38

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 38

RESERVED

ITEM 6. RESERVED 39

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 39 RESULTS OF OPERATIONS 43 LIQUIDITY AND CAPITAL RESOURCES 48 CRITICAL ACCOUNTING POLICIES AND ESTIMATES 53

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 55

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 57

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 111

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 111

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 114

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 114 PART III 114

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 114

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 114

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 114

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 114

PRINCIPAL ACCOUNTING FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 114 PART IV 115

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 115

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 118

Signatures

Signatures 119 Table of Contents Inde x to Financial Statements DEFINITIONS Unless the context otherwise indicates, references to "us," "we," "our," "ours," "Gulfport," the "Company" and "Registrant" refer to Gulfport Energy Corporation and its consolidated subsidiaries. All monetary values, other than per unit and per share amounts, are stated in thousands of U.S. dollars unless otherwise specified. In addition, the following are other abbreviations and definitions of certain terms used within this Annual Report on Form 10-K: 1145 Indenture . Agreement dated May 17, 2021 between the Company, UMB Bank, National Association, as trustee, and the guarantors party thereto, under section 1145 of the Bankruptcy Code for our 8.0% Senior Notes due 2026. 2019 Plan. 2019 Amended and Restated Stock Incentive Plan. 2023 Notes. 6.625% Senior Notes due 2023. 2024 Notes. 6.000% Senior Notes due 2024. 2025 Notes. 6.375% Senior Notes due 2025. 2026 Notes. 6.375% Senior Notes due 2026. 2026 Senior Notes . 8.0% Senior Notes due 2026. 4(a)(2) Indenture . Certain eligible holders have made an election entitling such holders to receive senior notes issued pursuant to an indenture, dated as of May 17, 2021, by and among the Company, UMB Bank, National Association, as trustee, and the guarantors party thereto, under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act") as opposed to its share of the up to $550 million aggregate principal amount of our Senior Notes due 2026. The 4(a)(2) Indenture's terms are substantially similar to the terms of the 1145 Indenture. The primary differences between the terms of the 4(a)(2) Indenture and the terms of the 1145 Indenture are that (i) affiliates of the Issuer holding 4(a)(2) Notes are permitted to vote in determining whether the holders of the required principal amount of indenture securities have concurred in any direction or consent under the 4(a)(2) Indenture, while affiliates of the Issuer ho

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Form 10-K may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward looking statements by terms such as "may," "will," "should," "could," "would," "expects," "plans," "anticipates," "intends," "believes," "estimates," "projects," "predicts," "potential" and similar expressions intended to identify forward-looking statements. All statements, other than statements of historical facts, included in this Form 10-K that address activities, events or developments that we expect or anticipate will or may occur in the future, including the expected impact of the war in Ukraine and the Israel-Hamas war on our business, our industry and the global economy, estimated future production and net revenues from oil and gas reserves and the present value thereof, future capital expenditures (including the amount and nature thereof), share repurchases, business strategy and measures to implement strategy, competitive strength, goals, expansion and growth of our business and operations, plans, references to future success, reference to intentions as to future matters and other such matters are forward-looking statements. These forward-looking statements are largely based on our expectations and beliefs concerning future events, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known m

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