Company: GPOR
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038172
Chunk: 102

Company: GULFPORT ENERGY CORP
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 102
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 withholdings(5,228)(21,584)Dividends on preferred stock(1,666)(2,200)Other(969)(1,753)Net change in cash and cash equivalents$2,321 $(696)Cash and cash equivalents at end of period$3,794 $1,233 

Net cash provided by operating activities. Net cash flow provided by operating activities was $408.7 million for the six months ended June 30, 2025, as compared to $311.5 million for the six months ended June 30, 2024. The increase was primarily the result of increases in natural gas revenues.

Additions to oil and natural gas properties. During the six months ended June 30, 2025, we spud 12 gross (12.0 net) operated wells and commenced sales from 19 gross (19.0 net) operated wells in the Utica and Marcellus for a total incurred cost of approximately $244.4 million. During the six months ended June 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 $22.3 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 six months ended June 30, 2025 and 2024, were as follows (in thousands):

Six Months Ended June 30, 2025Six Months Ended June 30, 2024Oil and Natural Gas Property Cash Expenditures:Drilling and completion costs$215,498 $178,864 Leasehold acquisitions22,429 53,291 Other15,073 12,696 Total oil and natural gas property expenditures$253,000 $244,851 

Debt activity, net. In the six months ended June 30, 2025, the Company had $431.0 million and $414.0 million in borrowings and repayments, respectively, on its Credit Facility. 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