Company: GPOR
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038172
Chunk: 5

Company: GULFPORT ENERGY CORP
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 5
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 %Natural gas, oil and condensate and NGL sales$311,515 $189,732 64 %

The increase in natural gas 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 82% increase in realized prices, partially offset by a 8% decrease in sales volumes. The realized price change was primarily driven by the increase in the average Henry Hub gas index from $1.89 per Mcf in the three months ended June 30, 2024, to $3.44 per Mcf during the three months ended June 30, 2025. The 8% decrease in natural gas production was primarily due to natural declines partially offset by our 2024 and 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