Company: GPOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008043
Chunk: 68

Company: GULFPORT ENERGY CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1A
Chunk 68
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% for the year ended December 31, 2024, compared to the year ended December 31, 2023, as a result of a higher average balance outstanding. Amortization of loan costs increased 29% for the year ended December 31, 2024, compared to the year ended December 31, 2023, as a result of the Third Amendment to the Credit Facility which increased the elected commitments and borrowing base and the Fourth Amendment to the Credit Facility which increased the elected commitments. The Company also capitalized $4.8 million and $4.1 million in interest expense for the years ended December 31, 2024 and 2023, respectively.

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Table of ContentsIndex to Financial Statements

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 tendered 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.

Other, net (in thousands)

Year Ended December 31, 2024Year Ended December 31, 2023% ChangeOther, net$7,336 $(27,982)(126)%

Other, net in the Company's consolidated statements of operations for the year ended December 31, 2024, included approximately $4.9 million related to changes in the Company's legal reserves for certain litigation and regulatory proceedings. Additionally, Other, net included approximately $1.9 million write-down of certain of its pipe inventory that the Company does not expect to utilize in its drilling and completion activities.

 As part of its Chapter 11 Cases and restructuring efforts, the Company filed motions to reject certain firm transportation agreements between the Company and affiliates of TC Energy Corporation (“TC”) and Rover Pipeline LLC (“Rover”). During the first quarter of 2023, Gulfport finalized a settlement agreement with Rover that was approved by the Bankruptcy Court on February 21, 2023. Pursuant to the settlement agreement, Gulfport and Rover agreed that the firm transportation contracts between them would be rejected. As part of the settlement, Gulfport paid a $1.0 million administrative claim, which is included in Other, net