Company: GPOR
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000874499-25-000006
Chunk: 119

Company: GULFPORT ENERGY CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 119
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 compression265,768 263,048 Depreciation, depletion, and amortization222,481 241,401 Impairment of oil and natural gas properties— 30,487 General and administrative31,762 30,429 Interest expense40,677 46,027 Loss on debt extinguishment— 13,388 Other segment expenses(1)4,597 5,235 Income tax expense82,904 3,433 Total significant segment expenses729,000 706,402 Net income$295,395 $11,856 Capital expenditures(2)$415,639 $393,563 _____________________(1)    Other segment expenses include “Accretion expense” and “Other, net” from the consolidated statements of operations.(2)    Capital expenditures include capitalized general and administrative costs and capitalized interest expense.

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3.PROPERTY AND EQUIPMENT

The major categories of property and equipment and related accumulated DD&A are as follows (in thousands):September 30, 2025December 31, 2024Proved oil and natural gas properties$3,779,424 $3,349,805 Unproved properties208,050 221,650 Other depreciable property and equipment12,393 10,905 Land386 386 Total property and equipment4,000,253 3,582,746 Accumulated DD&A(1,786,883)(1,564,475)Property and equipment, net$2,213,370 $2,018,271 Oil and Natural Gas PropertiesUnder the full cost method of accounting, the Company is required to perform a ceiling test each quarter. The test determines a limit, or ceiling, on the book value of the Company's oil and natural gas properties. At September 30, 2025, the net book value of the Company's oil and gas properties was below the calculated ceiling. As a result, the Company did not record an impairment of its oil and natural gas properties for the three months ended September 30, 2025. At September 30, 2024, the net book value of the Company's oil and gas properties exceeded the calculated ceiling. As a result, the Company recorded a non-cash ceiling test impairment of its oil and natural gas properties of $30.5 million for the three months ended September 30, 2024. The impairment resulted from declines in the full cost ceiling