Company: GPOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008043
Chunk: 411

Company: GULFPORT ENERGY CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 411
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 to Financial Statements

From time to time the Company has sold natural gas call options in exchange for a premium, and used the associated premiums received to enhance the fixed price for a portion of the fixed price natural gas swaps. Each sold call option has an established ceiling price. If at the time of settlement the referenced settlement price exceeds the ceiling price, the Company pays its counterparty an amount equal to the difference between the referenced settlement price and the price ceiling multiplied by the hedged contract volumes. No payment is due from either party if the referenced settlement price is below the price ceiling. Below is a summary of the Company's open sold call option positions as of December 31, 2024: IndexDaily VolumeWeighted Average Ceiling PriceNatural Gas(MMBtu/d)($/MMBtu)2025NYMEX Henry Hub193,315 $5.80 In addition, the Company has entered into natural gas basis swap positions. These instruments are arrangements that guarantee a fixed price differential to NYMEX Henry Hub from a specified delivery point. The Company receives the fixed price differential and pays the floating market price differential to the counterparty for the hedged commodity. As of December 31, 2024, the Company had the following natural gas basis swap positions open:Gulfport PaysGulfport ReceivesDaily VolumeWeighted Average Fixed SpreadNatural Gas(MMBtu/d)($/MMBtu)2025Rex Zone 3NYMEX Plus Fixed Spread110,000 $(0.20)2025NGPL TXOKNYMEX Plus Fixed Spread40,000 $(0.29)2025TETCO M2NYMEX Plus Fixed Spread230,000 $(0.96)2025Transco Station 85NYMEX Plus Fixed Spread5,000 $0.38 2025TGP 500NYMEX Plus Fixed Spread10,000 $0.31 2026Rex Zone 3NYMEX Plus Fixed Spread40,000 $(0.19)2026NGPL TXOKNYMEX Plus Fixed Spread30,000 $(0.30)2026TETCO M2NYMEX Plus Fixed Spread130,000 $(0.98)2026Transco Station 85NYMEX Plus Fixed Spread5,000 $0.52 2026TGP 500NYMEX Plus Fixed Spread10,000 $0.54 Balance Sheet PresentationThe Company reports the fair value