Company: GPOR
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000874499-25-000006
Chunk: 124

Company: GULFPORT ENERGY CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 124
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 material subsidiaries of the Borrower (collectively, the “Guarantors” and, together with the Borrower, the “Loan Parties”) and secured by substantially all of the Loan Parties’ assets (subject to customary exceptions).The Credit Facility also contains customary affirmative and negative covenants, including, among other things, as to compliance with laws (including environmental laws and anti-corruption laws), delivery of quarterly and annual financial statements and borrowing base certificates, conduct of business, maintenance of property, maintenance of insurance, entry into certain derivatives contracts, restrictions on the incurrence of liens, indebtedness, asset dispositions, restricted payments, and other customary covenants. These covenants are subject to a number of limitations and exceptions.

15

As of September 30, 2025, the Company had $51.0 million outstanding borrowings under the Credit Facility, $48.7 million in letters of credit outstanding and was in compliance with all covenants under the credit agreement.For the three and nine months ended September 30, 2025, the Credit Facility bore interest at a weighted average rate of 6.45% and 6.62%, respectively. For the three and nine months ended September 30, 2024, the Credit Facility bore interest at a weighted average rate of 8.43% and 8.37%, respectively.The borrowing base is redetermined semiannually on or around May 1 and November 1 of each year.Capitalization of Interest       The Company capitalized $1.5 million and $4.4 million in interest expense for the three and nine months ended September 30, 2025, respectively and $1.2 million and $3.6 million for the three and nine months ended September 30, 2024, respectively.Fair Value of Debt At September 30, 2025, the carrying value of the outstanding debt represented by the 2029 Senior Notes was $640.7 million. Based on the quoted market prices (Level 1), the fair value of the 2029 Senior Notes was determined to be $667.7 million at September 30, 2025.

5.MEZZANINE EQUITY

The Company's amended and restated certificate of incorporation provides for, among other things, (i) the authority to issue 42 million shares of common stock with a par value of $0.0001 per share and (ii) the designation of