Gulfport Energy Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Gulfport Energy Corp. filed its Q1 2024 10-Q, detailing financial and operational performance for the period ending March 31, 2024.</b>

AI Summary

GULFPORT ENERGY CORP (GPOR) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Gulfport Energy Corp. reported its Q1 2024 results on a 10-Q filing. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial data and operational metrics for the quarter are detailed. The company's business address is 14313 North May Avenue, Suite 100, Oklahoma City, OK 73134. Gulfport Energy Corp. was formerly known as WRT Energy Corp. and Western Resource Technologies Inc.

Why It Matters

For investors and stakeholders tracking GULFPORT ENERGY CORP, this filing contains several important signals. This filing provides investors with the latest financial statements and management's discussion of results, crucial for understanding the company's current performance and outlook. The detailed operational data, including production figures, will help analysts assess the company's efficiency and resource management in the current market environment.

Risk Assessment

Risk Level: medium — GULFPORT ENERGY CORP shows moderate risk based on this filing. The company operates in the volatile oil and gas industry, which is subject to significant price fluctuations and regulatory changes, impacting financial performance and operational stability.

Analyst Insight

Monitor the company's production volumes and commodity prices in the upcoming quarters to assess its ability to maintain profitability and manage operational costs.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-05-01 — Filing Date (Filed as of Date)
• 2024-01-01 — Quarter Start Date (Reporting period)
• 2023-03-31 — Prior Year Quarter End Date (Comparison period)

Key Players & Entities

• GULFPORT ENERGY CORP (company) — Filer name
• 0000874499 (company) — Central Index Key
• 1311 (company) — Standard Industrial Classification
• WRT ENERGY CORP (company) — Former company name
• WESTERN RESOURCE TECHNOLOGIES INC (company) — Former company name
• Oklahoma City (company) — Business address city
• OK (company) — Business address state
• 73134 (company) — Business address zip

FAQ

Industry Context

Gulfport Energy Corp. operates in the crude petroleum and natural gas sector, focusing on the exploration, acquisition, and production of oil and natural gas properties.

Regulatory Implications

The company is subject to SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) detailing financial performance and business operations.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements, including revenue, expenses, and cash flows.
2. Analyze the operational data presented, such as production volumes and commodity prices, to understand performance drivers.
3. Examine any management discussion and analysis (MD&A) sections for insights into the company's strategy and outlook.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing is a 10-Q for the first quarter of 2024, providing an update since the last quarterly report.

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
• $650 million — ock repurchase program to acquire up to $650 million of Gulfport's outstanding common stock.

Filing Documents

• gpor-20240331.htm (10-Q) — 1127KB
• gpor-03312024xex311.htm (EX-31.1) — 9KB
• gpor-03312024xex312.htm (EX-31.2) — 9KB
• gpor-03312024xex321.htm (EX-32.1) — 5KB
• gpor-03312024xex322.htm (EX-32.2) — 5KB
• 0001628280-24-019538.txt (&nbsp;) — 6658KB
• gpor-20240331.xsd (EX-101.SCH) — 48KB
• gpor-20240331_cal.xml (EX-101.CAL) — 83KB
• gpor-20240331_def.xml (EX-101.DEF) — 253KB
• gpor-20240331_lab.xml (EX-101.LAB) — 614KB
• gpor-20240331_pre.xml (EX-101.PRE) — 446KB
• gpor-20240331_htm.xml (XML) — 844KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Consolidated Financial Statements (Unaudited)

Item 1. Consolidated Financial Statements (Unaudited): 4 Consolidated Balance Sheets 4 Consolidated Statements of Operations 5 Consolidated Statements of Stockholders' Equity 6 Consolidated Statements of Cash Flows 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 1. Summary of Signific ant Accounting Policies 8 2. Property and Equipment 10 3. L o ng-Term Debt 11 4. Mezzanine Equity 12 5. Equity 13 6. Stock-Based Compensation 14 7. Restructuring Costs 16 8. Earnings Per Share 16 9. Commitments and Contingencies 17 10. Derivative Instruments 18 11. Fair Value Measurements 21 12. Revenue from Contracts with Customers 24 13. Leases 24 14. Income Taxes 26 15. Related Party Transactions 26 16. Subsequent Events 26

Management's Discussion and Analysis of Financial Conditions and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations 27 2024 Operation and Financial Highlights 28 2024 Production and Drilling Activity 28 Comparison of Quarter-to-Date 29 Liquidity and Capital Resources 34

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 37

Controls and Procedures

Item 4. Controls and Procedures 38

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 39

Risk Factors

Item 1A. Risk Factors 39

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 39

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 39

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 40

Signatures

Signatures 41 i Table of Contents 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 Quarterly Report on Form 10-Q: 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. 2026 Senior Notes . 8.0% Senior Notes due 2026. 4(a)(2) Indenture . Certain eligible holders 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 holding 1145 Notes will not be permitted to vote on such matters under the 1145 Indenture, (ii) the covenants of the 1145 Indenture (other than the payment covenant) require that the Issuer comply with the covenants of the 4(a)(2) Indenture, as amended, and (iii) the 11

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Company Gulfport Energy Corporation (the "Company" or "Gulfport") is an independent natural gas-weighted exploration and production company focused on the production of natural gas, crude oil and NGL in the United States. The Company's principal properties are located in eastern Ohio targeting the Utica and Marcellus and in central Oklahoma targeting the SCOOP Woodford and Springer formations. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Gulfport were prepared in accordance with GAAP and the rules and regulations of the SEC. This Quarterly Report on Form 10-Q (this "Form 10-Q") relates to the financial position and periods as of and for the three months ended March 31, 2024, and the three months ended March 31, 2023. The Company's annual report on Form 10-K for the year ended December 31, 2023, should be read in conjunction with this Form 10-Q. The accompanying unaudited consolidated financial statements reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of our condensed consolidated financial statements and accompanying notes and include the accounts of our wholly-owned subsidiaries. Intercompany accounts and balances have been eliminated. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. Recently Issued Accounting Pronouncements and Disclosure Rules In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (Topic 280). The amendments require disclosure for each reportable segment, the significant expense categories and amounts that are regularly provided to the chief operating decision-maker (CODM) and included in each reported measure of a segment's profit or loss. Additionally, this ASU e

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View this 10-Q filing on SEC EDGAR