Company: GPOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008043
Chunk: 98

Company: GULFPORT ENERGY CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 98
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 a result of development schedule changes with some PUD well design changes. The schedule changes moved the development of 11 Utica/Marcellus PUD locations and 6 SCOOP PUD locations beyond the SEC requirement of developing these wells five years from initial booking. The development schedule changes reflect our ongoing commitment to optimizing the long-term plan to best develop our asset and maximize cash flow and overall economic returns. These locations excluded from our SEC reserves report remain in Gulfport's development plan. Finally, upward revisions of 67 Bcfe were a result of a combination of various economic assumption updates.

Additional information regarding estimates of proved reserves, proved developed reserves and proved undeveloped reserves at December 31, 2024, 2023 and 2022, and changes in proved reserves during the last three years are contained in the Supplemental Information on Oil and Gas Exploration and Production Activities, or Supplemental Information, in Note 20 of our consolidated financial statements.

Proved Undeveloped Reserves 

As of December 31, 2024, our PUDs totaled 1,478 Bcf of natural gas, 15 MMBbl of oil and 49 MMBbl of NGL, for a total of 1,861 Bcfe. Approximately 80% and 20% of our PUD reserves at year-end 2024 were located in Utica/Marcellus and SCOOP, respectively. Our PUDs will be converted from undeveloped to developed as the applicable wells commence production or when there are no material incremental completion capital expenditures associated with such proved developed reserves. 

We record PUD locations only after a development plan has been approved by our senior management and Board of Directors to complete the associated development drilling within five years from the time of initial booking. The PUD locations identified in our development plan are determined based on an analysis of the information that we have available at that time. After a development plan has been adopted, we may periodically make adjustments to the approved development plan due to events and circumstances that have occurred subsequent to the time the plan was approved. These circumstances may include changes in commodity price outlook and costs, delays in the availability of infrastructure, well permitting delays and new data from recently completed wells. 

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Table of ContentsIndex to Financial Statements

The following table summarizes the changes in our estimated proved undeveloped reserves during 2024 (in Bcfe):

Proved Undeveloped Reserves, December 31, 20232,011 Sales