Company: GPOR
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038172
Chunk: 87

Company: GULFPORT ENERGY CORP
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 87
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2025 development programs and the impact of unplanned, third-party midstream outages and constraints.

The increase in oil and condensate sales without the impact of derivatives, when comparing the three months ended June 30, 2025 to the three months ended June 30, 2024, was due to a 186% increase in sales volumes, partially offset by a 24% decrease in realized prices. The 186% increase in oil and condensate production was primarily due to commencement of sales on new wells targeting the Utica liquids window. The realized price change was primarily driven by the decrease in the average WTI crude index from $80.57 per barrel in the three months ended June 30, 2024, to $63.74 per barrel during the three months ended June 30, 2025.

The increase in NGL sales without the impact of derivatives, when comparing the three months ended June 30, 2025 to the three months ended June 30, 2024, was due to a 11% increase in sales volumes. The 11% increase in NGL production was primarily due to commencement of sales on new wells targeting the Utica liquids window.

Natural Gas, Oil and NGL Derivatives (in thousands)

Three Months Ended June 30, 2025Three Months Ended June 30, 2024Natural gas derivatives - fair value gains (losses)$108,909 $(99,871)Natural gas derivatives - settlement gains17,295 91,251 Total gains (losses) on natural gas derivatives126,204 (8,620)Oil derivatives - fair value gains2,315 595 Oil derivatives - settlement gains (losses)2,411 (271)Total gains on oil and condensate derivatives4,726 324 NGL derivatives - fair value gains (losses)5,437 (82)NGL derivatives - settlement losses(266)(237)Total gains (losses) on NGL derivatives5,171 (319)Total gains (losses) on natural gas, oil and NGL derivatives$136,101 $(8,615)

We recognize fair value changes on our natural gas, oil and NGL derivative instruments in each reporting period. The changes in fair value resulted from new positions and settlements that occurred during each period, as well as the relationship between contract prices and the associated forward curves. The significant change in the total gain (loss) for the