Company: GPOR
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-022951
Chunk: 61

Company: GULFPORT ENERGY CORP
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 61
---
MEX Plus Fixed Spread5,000 $0.52 2026TGP 500NYMEX Plus Fixed Spread10,000 $0.54 Balance Sheet PresentationThe Company reports the fair value of derivative instruments on the consolidated balance sheets as derivative instruments under current assets, noncurrent assets, current liabilities and noncurrent liabilities on a gross basis. The Company determines the current and noncurrent classification based on the timing of expected future cash flows of individual trades. The following table presents the fair value of the Company’s derivative instruments on a gross basis at March 31, 2025 and December 31, 2024 (in thousands):March 31, 2025December 31, 2024Short-term derivative asset$24,151 $58,085 Long-term derivative asset17,296 6,003 Short-term derivative liability(142,393)(41,889)Long-term derivative liability(48,595)(35,081)Total commodity derivative position$(149,541)$(12,882)

22

Gains and LossesThe following table presents the gain and loss recognized in net gain (loss) on natural gas, oil and NGL derivatives in the accompanying consolidated statements of operations for the three months ended March 31, 2025 and 2024 (in thousands):Net gain (loss) on derivative instrumentsThree Months Ended March 31, 2025Three Months Ended March 31, 2024Natural gas derivatives - fair value losses$(133,664)$(11,479)Natural gas derivatives - settlement (losses) gains(9,025)66,451 Total (losses) gains on natural gas derivatives(142,689)54,972 Oil and condensate derivatives - fair value losses(6)(2,460)Oil and condensate derivatives - settlement gains504 12 Total gains (losses) on oil and condensate derivatives498 (2,448)NGL derivatives - fair value losses(2,988)(6,247)NGL derivatives - settlement losses(1,369)(1,141)Total losses on NGL derivatives(4,357)(7,388)Total (losses) gains on natural gas, oil and NGL derivatives$(146,548)$45,136 Offsetting of Derivative Assets and LiabilitiesAs noted above, the Company records the fair value of derivative instruments on a gross basis. The following tables present the gross amounts of recognized derivative assets