Company: GPOR
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038172
Chunk: 53

Company: GULFPORT ENERGY CORP
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 53
---
733 _____________________(1)    Other segment expenses include “Accretion expense” and “Other, net” from the consolidated statements of operations.(2)    Capital expenditures include capitalized general and administrative costs and capitalized interest expense.Six Months Ended June 30, 2025Six Months Ended June 30, 2024Total revenues$644,650 $464,346 Significant segment expensesLease operating expenses37,911 32,625 Taxes other than income14,182 15,278 Transportation, gathering, processing and compression169,378 173,148 Depreciation, depletion, and amortization139,265 158,576 General and administrative19,927 19,950 Interest expense27,087 30,161 Other segment expenses(1)1,404 1,519 Income tax expense51,494 7,266 Total significant segment expenses460,648 438,523 Net income$184,002 $25,823 Capital expenditures(2)$309,568 $282,808 _____________________(1)    Other segment expenses include “Accretion expense” and “Other, net” from the consolidated statements of operations.(2)    Capital expenditures include capitalized general and administrative costs and capitalized interest expense.

12

3.PROPERTY AND EQUIPMENT

The major categories of property and equipment and related accumulated DD&A are as follows (in thousands):June 30, 2025December 31, 2024Proved oil and natural gas properties$3,669,584 $3,349,805 Unproved properties211,626 221,650 Other depreciable property and equipment11,892 10,905 Land386 386 Total property and equipment3,893,488 3,582,746 Accumulated DD&A(1,703,691)(1,564,475)Property and equipment, net$2,189,797 $2,018,271 Oil and Natural Gas PropertiesUnder the full cost method of accounting, the Company is required to perform a ceiling test each quarter. The test determines a limit, or ceiling, on the book value of the Company's oil and natural gas properties. At June 30, 2025 and 2024, the net book value of the Company's oil and gas properties was below the calculated ceiling. As a result, the Company did not record an impairment of