Company: GPOR
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038172
Chunk: 20

Company: GULFPORT ENERGY CORP
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 20
---
 intend to allocate approximately $75.0 million to $100.0 million in discretionary acreage acquisitions for 2025 and early 2026.

Sources and Uses of Cash

The following table presents the major changes in cash and cash equivalents for the six months ended June 30, 2025 and 2024 (in thousands):

Six Months Ended June 30, 2025Six Months Ended June 30, 2024Net cash provided by operating activities$408,683 $311,487 Additions to oil and natural gas properties(253,000)(244,851)Debt activity, net(8,702)12,000 Repurchases of common stock(124,500)(53,795)Net cash payments on performance vesting restricted stock units(12,297)— Shares exchanged for tax 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.

47

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