Company: GPOR
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000874499-25-000006
Chunk: 22

Company: GULFPORT ENERGY CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 22
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 months ended September 30, 2025, we spud 21 gross (20.9 net) operated wells and commenced sales from 26 gross (26.0 net) operated wells in the Utica and Marcellus for a total incurred cost of approximately $320.8 million. During the nine months ended September 30, 2025, we completed drilling and commenced sales from two gross (1.8 net) operated wells in the SCOOP for a total incurred cost of approximately $27.0 million.

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Drilling and completion costs discussed above reflect incurred costs while drilling and completion costs presented in the table below reflect cash payments for drilling and completions. Incurred capital expenditures and cash capital expenditures may vary from period to period due to the cash payment cycle. Cash capital expenditures for the nine months ended September 30, 2025 and 2024, were as follows (in thousands):

Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024Oil and Natural Gas Property Cash Expenditures:Drilling and completion costs$323,737 $267,802 Leasehold acquisitions38,246 89,931 Other20,916 19,177 Total oil and natural gas property expenditures$382,899 $376,910 

Debt activity, net. In the nine months ended September 30, 2025, the Company had $1.0 billion and $994.0 million in borrowings and repayments, respectively, on its Credit Facility. In September 2024, the Company purchased $524.3 million of the 2026 Senior Notes in a tender offer. 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. The Company also issued $650.0 million aggregate principal amount of its 6.750% senior notes due 2029. In May 2025, the Company redeemed the remaining balance of its 2026 Senior Notes at par for $25.7 million. No additional fees or penalties were incurred as a result of the early redemption. The final payment, including accrued interest, totaled $26.6 million. As of October 29, 2025 the Company had $33.0 million in borrowings outstanding on its Credit Facility.

Debt issuance and loan commitment fees. During the nine months ended September