Company: GPOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008043
Chunk: 70

Company: GULFPORT ENERGY CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1A
Chunk 70
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 or uses of cash differ from our assumptions, our liquidity could be adversely affected. See Note 4 of our consolidated financial statements for further discussion of our debt obligations, including principal and carrying amounts of our senior notes. 

As of December 31, 2024, we had $1.5 million of cash and cash equivalents compared to $1.9 million as of December 31, 2023, and a net working capital deficit of $114.2 million as of December 31, 2024, compared to net working capital of $52.4 million as of December 31, 2023. As of December 31, 2024, our net working capital deficit includes no debt due in the next 12 months. Our total principal amount of funded debt as of December 31, 2024, was $713.7 million compared to $668.0 million as of December 31, 2023. See Note 4 of our consolidated financial statements for further discussion of our debt obligations, including principal and carrying amounts of our notes.

As of February 20, 2025, we had $3.1 million of cash and cash equivalents, $10.0 million borrowings under our Credit Facility, $63.9 million of letters of credit outstanding, $25.7 million of outstanding 2026 Senior Notes and $650.0 million of outstanding 2029 Senior Notes.

Debt. In May 2021, we issued our 2026 Senior Notes. The 2026 Senior Notes are guaranteed on a senior unsecured basis by each of the Company’s subsidiaries that guarantee the Credit Facility. In September 2024, Gulfport Operating purchased approximately 95%, or $524.3 million, of the 2026 Senior Notes in a tender offer using net proceeds received from the private placement of the 2029 Senior Notes. This resulted in extending the maturity of substantially all of our senior notes from 2026 to 2029. 

Additionally, on May 1, 2023, the Company entered into that certain Joinder, Commitment Increase and Borrowing Base Redetermination Agreement, and Third Amendment to Credit Agreement (the “Third Amendment”) which amended the Company’s Credit Facility. The Third Amendment, among other things, (a) increased the aggregate elected commitment amounts under the Credit Facility to $900 million, (b) increased the borrowing base under the Credit Facility to $1.1 billion, (