Company: GPOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008043
Chunk: 421

Company: GULFPORT ENERGY CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 421
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 of operations or cash flows. The final resolution of such matters could exceed amounts accrued, however, and actual results could differ materially from management’s estimates.

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Table of ContentsIndex to Financial Statements

Concentration of Credit RiskGulfport operates in the oil and natural gas industry principally in the states of Ohio and Oklahoma with sales to refineries, re-sellers such as marketers, and other end users. While certain of these customers are affected by periodic downturns in the economy in general or in their specific segment of the oil and gas industry, Gulfport believes that its level of credit-related losses due to such economic fluctuations has been immaterial and will continue to be immaterial to the Company’s results of operations in the long term.The Company maintains cash balances at several banks. Accounts at each institution are insured by the Federal Deposit Insurance Corporation. At December 31, 2024, Gulfport held no cash in excess of insured limits in these banks.

During the years ended December 31, 2024 and 2023, one customer accounted for approximately 15% and 12%, respectively, of the Company's total sales. During the year ended December 31, 2022, two customers accounted for approximately 31% of the Company's total sales. The Company does not believe that the loss of any of these customers would have a material adverse effect on its natural gas, oil and condensate and NGL sales as alternative customers are readily available. 

19.SUBSEQUENT EVENTS

Natural gas, Oil and NGL Derivative InstrumentsSubsequent to December 31, 2024 and as of February 20, 2025, the Company entered into the following derivative contracts:PeriodType of Derivative InstrumentIndexDaily VolumeWeightedAverage PriceNatural Gas(MMBtu/d)($/MMBtu)2025SwapsNYMEX Henry Hub18,301 $3.852026Basis SwapsRex Zone 340,000 $(0.17)Oil(Bbl/d)($/Bbl)2025SwapsNYMEX WTI1,000 $70.87

20.SUPPLEMENTAL INFORMATION ON OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES (UNAUDITED)

The Company is making the following supplemental disclosures of oil and gas activities, in accordance with the full cost method of accounting for its oil and gas exploration and development activities. The Company owns a 24.5% interest in Grizzly. However, Grizzly did not