Company: GPOR
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038172
Chunk: 80

Company: GULFPORT ENERGY CORP
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 80
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 position, results of operations, both actual and forecasted, the reversal of deferred tax liabilities and tax planning strategies as well as the current and forecasted business economics of the oil and gas industry. Based upon the Company’s analysis, the Company currently believes that it is more likely than not that a portion of the Company's federal and state deferred tax assets will be utilized. The Company has an $82.6 million valuation allowance associated with its federal and state deferred tax assets.The Company will continue to evaluate both the positive and negative evidence on a quarterly basis in determining the need for a valuation allowance with respect to the deferred assets. Changes in positive and negative evidence, including differences between estimated and actual results, could result in changes in the valuation of the deferred tax assets that could have a material impact on the consolidated financial statements. Changes in existing tax laws could also affect actual tax results and the realization of deferred tax assets over time.

15.RELATED PARTY TRANSACTIONS

Share Repurchase ProgramOn March 20, 2024, the Company purchased 97,219 shares of its common stock from Silver Point Capital, L.P. for approximately $15.0 million. The repurchase is part of the Company's existing share Repurchase Program. Upon closing of the transaction on March 22, 2024, the repurchased common stock was canceled.On May 14, 2025, the Company purchased 76,986 shares of its common stock from Silver Point Capital, L.P. for approximately $15.0 million. The repurchase is part of the Company's existing share Repurchase Program. Upon closing of the transaction on May 20, 2025, the repurchased common stock was canceled.

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16.SUBSEQUENT EVENTS 

Natural Gas, Oil and NGL Derivative InstrumentsSubsequent to June 30, 2025, as of July 30, 2025, the Company entered into the following derivative contracts:PeriodType of Derivative InstrumentIndexDaily VolumeWeightedAverage PriceNatural Gas(MMBtu/d)($/MMBtu)2027Costless CollarNYMEX Henry Hub10,000 $3.75 / $4.522027SwapsNYMEX Henry Hub10,000 $4.042027Basis SwapsTETCO M220,000 $(0.97)2027Basis SwapsNGPL TXOK10,000 $(0.29)One Big Beautiful Bill ActOn July 4, 2025,