Company: GPOR
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038172
Chunk: 99

Company: GULFPORT ENERGY CORP
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 99
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 basis. 

The Company paid $0.8 million and $1.7 million of cash dividends to holders of our preferred stock during the three and six months ended June 30, 2025, respectively, and $1.1 million and $2.2 million during the three and six months ended June 30, 2024, respectively. 

Redemption of Preferred Stock. On August 5, 2025, Gulfport issued a notice of redemption for its preferred stock for cash. The optional redemption will be effective on the Redemption Date with respect to any shares of the preferred stock that have not been converted and remain outstanding at that date. Shares of preferred stock may be converted to common stock pursuant to their terms up to, but not including, the Redemption Date. The total cash amount payable by Gulfport in connection with the redemption will vary depending on the number of shares of preferred stock converted prior to the Redemption Date and the price of Gulfport's common stock.

Supplemental Guarantor Financial Information. The 2026 Senior Notes were guaranteed on a senior unsecured basis by all existing consolidated subsidiaries that guarantee our Credit Facility or certain other debt (the “2026 Senior Notes Guarantors”). The 2026 Senior Notes were not guaranteed by Grizzly Holdings or Mule Sky, LLC. The 2026 Senior Notes Guarantors were 100% owned by the Parent, and the guarantees are full, unconditional, joint and several. There were no significant restrictions on the ability of the Parent or the 2026 Senior Notes Guarantors to obtain funds from each other in the form of a dividend or loan. The guarantees rank equally in the right of payment with all of the senior indebtedness of the subsidiary guarantors and senior in the right of payment to any future subordinated indebtedness of the subsidiary guarantors. The 2026 Senior Notes and the guarantees were effectively subordinated to all of our and the subsidiary guarantors' secured indebtedness (including all borrowings and other obligations under our amended and restated credit agreement) to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to all indebtedness and other liabilities of any of our subsidiaries that do not guarantee the 2026 Senior Notes.

The 2029 Senior Notes are guaranteed on a senior unsecured basis by Gulfport and certain of Gulfport’s wholly owned subsidiaries (collectively, the “2029 Senior Notes Guarantors” and, together with the 2026 Senior Notes Guarant