Company: GPOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008043
Chunk: 483

Company: GULFPORT ENERGY CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 483
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. The Company recognized an immaterial gain for the year ended December 31, 2024 and a loss of $1.4 million for the year ended December 31, 2023, with respect to this contingent consideration arrangement. These fair value changes are included in Other, net in the accompanying consolidated statements of operations.Non-financial assets and liabilitiesThe initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with oil and gas properties. Given the unobservable nature of the inputs, including plugging costs and reserve lives, the initial measurement of the asset retirement obligation liability is deemed to use Level 3 inputs. See Note 3 for further discussion of the Company’s asset retirement obligations. Asset retirement obligations incurred were $0.7 million and $0.6 million for the years ended December 31, 2024 and 2023, respectively.Fair value of other financial instruments 

The carrying amounts on the accompanying consolidated balance sheet for cash and cash equivalents, accounts receivable and accounts payable and accrued liabilities are carried at cost, which approximates market value due to their short-term nature. Long-term debt related to the Company's Credit Facility is carried at cost, which approximates market value based on the borrowing rates currently available to the Company with similar terms and maturities. 

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Table of ContentsIndex to Financial Statements

16.RELATED PARTY TRANSACTIONS

Stock Repurchase ProgramThe following table summarizes the Company's purchases of its common stock from Silver Point Capital, L.P. for the years ended December 31, 2023 and 2024 (dollar value of shares purchased shown in thousands):Date of TransactionShares RepurchasedRepurchase AmountClosing DateJune 22, 2023(1)215,060$20,430 June 26, 2023December 07, 2023146,455$20,000 December 11, 2023March 19, 202497,219$15,002 March 19, 2024September 19, 2024170,000$24,863 September 25, 2024November 21, 2024150,000$26,340 December 03, 2024December 19, 202479,410$12,929 December 26, 2024_____________________(1)    Concurrent with the closing of the June 2023 offering transaction discussed in Note 6