Company: GPOR
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000874499-25-000006
Chunk: 9

Company: GULFPORT ENERGY CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 9
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 30, 2025 compared to the three months ended September 30, 2024. The Company also incurred $11.0 million of interest on the 2029 Senior Notes for the three months ended September 30, 2025 compared to $2.2 million for the three months ended September 30, 2024 due to the 2029 Senior Notes being issued in September 2024. Interest expense on our Credit Facility decreased 42% for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, as a result of a lower average interest rate and outstanding balance. Amortization of loan costs increased 30% for the three months ended September 30, 2025 compared to the three 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 $1.5 million and $1.2 million in interest expense for the three 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. The retirement of the 2026 Senior Notes resulted in a loss on debt extinguishment of $13.4 million, which included cash costs of $12.9 million.

Income Taxes

We recorded income tax expense of $31.4 million and income tax benefit of $3.8 million for the three months ended September 30, 2025 and September 30, 2024, respectively. On July 4, 2025, the OBBBA, which includes a broad range of tax reform provisions, was signed into law in the United States. The Company has completed its initial assessment of the OBBBA's provisions which are expected to affect the Company's current tax expense and deferred tax assets and liabilities. The Company has incorporated the provisions into the financial statements for the current period and is continuing to evaluate the full implications of these legislative changes. See Note 14