Company: GPOR
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000874499-25-000006
Chunk: 15

Company: GULFPORT ENERGY CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 15
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 (in thousands, except per unit)

Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024% ChangeInterest on 2026 Senior Notes$777 $31,014 (97)%Interest on 2029 Senior Notes32,906 2,194 1400 %Interest expense on Credit Facility6,564 12,001 (45)%Amortization of loan costs3,929 2,910 35 %Capitalized interest(4,412)(3,603)22 %Other913 1,511 (40)%Total interest expense$40,677 $46,027 (12)%Interest expense per Mcfe$0.15 $0.16 (8)%

Due to the tender offer for the 2026 Senior Notes in the third quarter of 2024 and the redemption of the remaining balance in the second quarter of 2025, interest paid on the 2026 Senior Notes decreased 97% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The Company also incurred $32.9 million of interest on the 2029 Senior Notes for the nine months ended September 30, 2025. Interest expense on our Credit Facility decreased 45% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, as a result of a lower average interest rate and outstanding balance. Amortization of loan costs increased 35% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, as a result of the Fourth Amendment to the Credit Facility and the issuance of the 2029 Senior Notes. See Note 4 of our consolidated financial statements for further details of our Credit Facility and 2029 Senior Notes. The Company also capitalized $4.4 million and $3.6 million in interest expense for the nine months ended September 30, 2025 and September 30, 2024, respectively.

Loss on Debt Extinguishment 

In September 2024, Gulfport Operating purchased and retired $524.3 million of the 2026 Senior Notes in a tender offer using net proceeds from the 2029 Senior Notes offering. The 2026 Senior Notes were purchased at an average price equal to 102.3% of the principal amount