Company: GPOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008043
Chunk: 97

Company: GULFPORT ENERGY CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 97
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 net cash flows purport to represent the fair value of our proved oil and gas reserves.

7

Table of ContentsIndex to Financial Statements

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

Proved Reserves, December 31, 20234,214 Sales of oil and natural gas reserves in place— Extensions and discoveries547 Revisions of prior reserve estimates(406)Current production(386)Proved Reserves, December 31, 20243,969 Total may not sum due to rounding.

Extensions and discoveries. These are additions to our proved reserves that result from extension of the proved acreage of previously discovered reservoirs through additional drilling in periods subsequent to discovery. Extensions of approximately 547 Bcfe of proved reserves were primarily attributable to the continued development of our Utica/Marcellus and SCOOP acreage. We added 46 PUD locations in the Utica/Marcellus which included 33 Utica locations for 341 Bcfe and 13 Marcellus locations for 92 Bcfe. In the SCOOP, we added 16 PUD locations for 114 Bcfe. 

Revisions of prior reserve estimates. Revisions represent changes in previous reserve estimates, either upward or downward, resulting from development plan changes, new information normally obtained from development drilling and production history or a change in economic factors, such as commodity prices, operating costs or development costs.

We experienced total downward revisions of 406 Bcfe in estimated proved reserves. These consisted of upward revisions of 16 Bcfe as a result of positive well performance and 171 Bcfe due to an increase in working interest and net revenue interest as a result of our successful leasing efforts through 2024. These were offset by downward revisions of 488 Bcfe which were associated with commodity price changes. Commodity prices experienced volatility throughout 2024 and the 12-month average price for natural gas decreased from $2.64 per MMBtu for 2023 to $2.13 per MMBtu for 2024, the 12-month average price for NGL decreased from $31.42 per barrel for 2023 to $31.30 per barrel for 2024, and the 12-month average price for crude oil decreased from $78.21 per barrel for 2023 to $76.32 per barrel for 2024. Additionally, downward revisions of 172 Bcfe were primarily