Company: GPOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008043
Chunk: 187

Company: GULFPORT ENERGY CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1A
Chunk 187
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General and administrative expenses, gross$82,478 $75,180 10 %Reimbursed from third parties(14,582)(13,770)6 %Capitalized general and administrative expenses(25,338)(22,810)11 %General and administrative expenses, net$42,558 $38,600 10 %General and administrative expenses, net per Mcfe$0.11 $0.10 10 %

The increase in total and per unit general and administrative expenses for the year ended December 31, 2024, compared to the year ended December 31, 2023, was primarily driven by increases in employee compensation and headcount.

Restructuring Costs

During the year ended December 31, 2023, Gulfport recognized $4.8 million in personnel-related restructuring expenses associated with changes in the organizational structure and leadership team resulting from the appointment of Gulfport's new CEO in January 2023. Of these expenses, $1.3 million resulted from accelerated vesting of share-based grants, which are non-cash charges. The organizational changes were completed in the second quarter of 2023 and there are no remaining employee termination liabilities associated with these changes.

Interest Expense (in thousands, except per unit)

Year Ended December 31, 2024Year Ended December 31, 2023% ChangeInterest on 2026 Senior Notes$31,417 $44,000 (29)%Interest on 2029 Senior Notes13,163 — 100 %Interest on Credit Facility14,143 13,810 2 %Amortization of loan costs4,208 3,256 29 %Capitalized interest(4,771)(4,147)15 %Other1,822 150 1115 %Total interest expense$59,982 $57,069 5 %Interest expense per Mcfe$0.16 $0.15 7 %

Due to the tender offer for the 2026 Senior Notes in the third quarter of 2024 described below, interest paid on the 2026 Senior Notes decreased 29% for the year ended December 31, 2024, compared to the year ended December 31, 2023. The Company also paid $13.2 million of interest on the 2029 Senior Notes for the year ended December 31, 2024. Interest expense on our Credit Facility increased 2