Gulfport Energy Q3 2024 Update

TL;DR

Gulfport Energy's Q3 2024 filing is out, showing production numbers for gas, oil, and NGLs.

AI Summary

Gulfport Energy Corp. reported its third-quarter results for the period ending September 30, 2024. The company's filing details production volumes for natural gas, oil, and natural gas liquids, along with sales figures. Specific financial and operational data for the third quarter of 2024 and comparative periods are presented.

Why It Matters

This filing provides investors with key operational and financial metrics for Gulfport Energy, crucial for understanding the company's performance in the energy sector.

Risk Assessment

Risk Level: medium — The energy sector is subject to volatile commodity prices and regulatory changes, which can significantly impact a company's financial performance.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Third quarter of 2024)
• 2023-09-30 — Prior Year Reporting Period End Date (Third quarter of 2023)
• 2024-01-01 — Year-to-Date Start Date (Nine months ended September 30, 2024)
• 2023-01-01 — Prior Year-to-Date Start Date (Nine months ended September 30, 2023)

Key Players & Entities

• GULFPORT ENERGY CORP (company) — Filer
• 0001628280-24-045496 (other) — Accession Number
• 20240930 (date) — Conformed Period of Report
• 20241106 (date) — Filed as of Date
• 14313 NORTH MAY AVENUE (address) — Business Address
• OKLAHOMA CITY (location) — Business City
• 73134 (zip_code) — Business 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-20240930.htm (10-Q) — 1748KB
• gpor-09302024xex311.htm (EX-31.1) — 9KB
• gpor-09302024xex312.htm (EX-31.2) — 9KB
• gpor-09302024xex321.htm (EX-32.1) — 5KB
• gpor-09302024xex322.htm (EX-32.2) — 5KB
• 0001628280-24-045496.txt ( ) — 8389KB
• gpor-20240930.xsd (EX-101.SCH) — 53KB
• gpor-20240930_cal.xml (EX-101.CAL) — 88KB
• gpor-20240930_def.xml (EX-101.DEF) — 263KB
• gpor-20240930_lab.xml (EX-101.LAB) — 672KB
• gpor-20240930_pre.xml (EX-101.PRE) — 475KB
• gpor-20240930_htm.xml (XML) — 1223KB

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 15 5. Equity 16 6. Stock-Based Compensation 17 7. Restructuring Costs 20 8. Earnings (Loss) Per Share 20 9. Commitments and Contingencies 21 10. Derivative Instruments 24 11. Fair Value Measurements 28 12. Revenue from Contracts with Customers 30 13. Leases 30 14. Income Taxes 32 15. Related Party Transactions 32 16. Subsequent Events 33

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 34 2024 Operational and Financial Highlights 35 2024 Production and Drilling Activity 35 Comparison of Quarter-to-Date 37 Comparison of Year-to-Date 42 Liquidity and Capital Resources 47

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 51

Controls and Procedures

Item 4. Controls and Procedures 52

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 53

Risk Factors

Item 1A. Risk Factors 53

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 53

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 53

Other Information

Item 5. Other Information 53

Exhibits

Item 6. Exhibits 54

Signatures

Signatures 56 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 . Indenture dated May 17, 2021 between Gulfport Operating, 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 May 17, 2026. 2026 Senior Notes Indentures . Collectively, the 1145 Indenture and the 4(a)(2) Indenture governing the 2026 Senior Notes. 2029 Senior Notes . 6.750% Senior Notes due September 1, 2029. 2029 Senior Notes Indenture. Indenture dated September 13, 2024 between Gulfport Operating, UMB Bank, National Association, as trustee, and the guarantors party thereto. 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 Gulfport Operating, 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

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 as of September 30, 2024, the results of operations for the three and nine months ended September 30, 2024 and 2023 and cash flows for the nine months ended September 30, 2024 and 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 a

View Full Filing

View this 10-Q filing on SEC EDGAR