Gulfport Energy Files Q2 2024 10-Q

TL;DR

Gulfport Energy's Q2 2024 10-Q is in: check production and sales figures for gas, oil, and NGLs.

AI Summary

Gulfport Energy Corp. filed its 10-Q for the period ending June 30, 2024. The company reported its financial and operational results for the second quarter of 2024. Specific financial figures and operational metrics for natural gas, oil, and natural gas liquids production and sales are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational data for Gulfport Energy, crucial for understanding the company's current standing and future prospects in the energy market.

Risk Assessment

Risk Level: medium — As an energy company, Gulfport is subject to commodity price volatility and operational risks inherent in the oil and gas industry.

Key Numbers

• 20240630 — Period End Date (Quarterly reporting period)
• 20240807 — Filing Date (Date the report was submitted to the SEC)

Key Players & Entities

• GULFPORT ENERGY CORP (company) — Filer
• 0001628280-24-035423 (other) — Accession Number
• 20240630 (date) — Conformed Period of Report
• 20240807 (date) — Filed as of Date
• 0000874499 (other) — Central Index Key
• 14313 NORTH MAY AVENUE (address) — Business Address
• OKLAHOMA CITY (location) — Business Address City
• 73134 (other) — Business Address Zip

FAQ

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-20240630.htm (10-Q) — 1567KB
• gpor-06302024xex311.htm (EX-31.1) — 9KB
• gpor-06302024xex312.htm (EX-31.2) — 9KB
• gpor-06302024xex321.htm (EX-32.1) — 5KB
• gpor-06302024xex322.htm (EX-32.2) — 5KB
• 0001628280-24-035423.txt ( ) — 7840KB
• gpor-20240630.xsd (EX-101.SCH) — 51KB
• gpor-20240630_cal.xml (EX-101.CAL) — 84KB
• gpor-20240630_def.xml (EX-101.DEF) — 256KB
• gpor-20240630_lab.xml (EX-101.LAB) — 655KB
• gpor-20240630_pre.xml (EX-101.PRE) — 465KB
• gpor-20240630_htm.xml (XML) — 1097KB

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 7 Consolidated Statements of Cash Flows 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10 1. Summary of Significant Accounting Policies 10 2. Property and Equipment 12 3. Long-Term Debt 13 4. Mezzanine Equity 14 5. Equity 15 6. Stock-Based Compensation 16 7. Restructuring Costs 18 8. Earnings (Loss) Per Share 18 9. Commitments and Contingencies 19 10. Derivative Instruments 22 11. Fair Value Measurements 26 12. Revenue from Contracts with Customers 28 13. Leases 28 14. Income Taxes 30 15. Related Party Transactions 30 16. Subsequent Events 31

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 32 2024 Operational and Financial Highlights 32 2024 Production and Drilling Activity 33 Comparison of Quarter-to-Date 35 Comparison of Year-to-Date 39 Liquidity and Capital Resources 44

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 48

Controls and Procedures

Item 4. Controls and Procedures 49

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 50

Risk Factors

Item 1A. Risk Factors 50

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 50

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 50

Other Information

Item 5. Other Information 50

Exhibits

Item 6. Exhibits 51

Signatures

Signatures 52 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 six months ended June 30, 2024, and the six months ended June 30, 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 enhance

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View this 10-Q filing on SEC EDGAR