Company: GPOR
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-022951
Chunk: 43

Company: GULFPORT ENERGY CORP
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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,194 Net (loss) income$(464)$52,035 Capital expenditures(2)$170,025 $133,075 _____________________(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.

3.PROPERTY AND EQUIPMENT

The major categories of property and equipment and related accumulated DD&A are as follows (in thousands):March 31, 2025December 31, 2024Proved oil and natural gas properties$3,524,497 $3,349,805 Unproved properties215,154 221,650 Other depreciable property and equipment11,448 10,905 Land386 386 Total property and equipment3,751,485 3,582,746 Accumulated DD&A and impairment(1,630,039)(1,564,475)Property and equipment, net$2,121,446 $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 March 31, 2025 and 2024, 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 March 31, 2025 or 2024. General and administrative costs capitalized to the full cost pool represent management’s estimate of costs incurred directly related to exploration and development activities such as geological and other administrative costs associated with overseeing the exploration and development activities. All general and administrative costs not directly associated with exploration and development activities are charged to expense as they are incurred. Capitalized general and administrative costs were approximately $6.2 million and $5.7 million for the three months ended March 31, 2025 and 2024, respectively.The Company evaluates the costs excluded from its amortization calculation at least annually. Individually insignificant unevaluated properties are grouped for evaluation and periodically transferred to evaluated properties over a timeframe consistent with their expected development schedule. 

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The following table summarizes the Company’s non-producing properties excluded from amortization by area (in thousands):March 31, 2025December