Company: GPOR
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-022951
Chunk: 50

Company: GULFPORT ENERGY CORP
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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 by Gulfport or converted into common stock.The preferred stock has been classified as mezzanine equity in the accompanying consolidated balance sheets due to the redemption features noted above.Dividends and ConversionsDuring the three months ended March 31, 2025 and 2024, the Company paid $0.9 million and $1.1 million, respectively, of cash dividends to holders of our preferred stock. The following table summarizes activity of the Company's preferred stock for the three months ended March 31, 2025 and 2024:Three Months Ended March 31, 2025Three Months Ended March 31, 2024Preferred stock, beginning of period37,348 44,214 Conversion of preferred stock(4,461)(11)Preferred stock, end of period32,887 44,203 

6.EQUITY

In May 2021, the Company filed an amended and restated certificate of incorporation with the Delaware Secretary of State to provide for, among other things, (i) the authority to issue 42 million shares of common stock with a par value of $0.0001 per share and (ii) the designation of 110,000 shares of preferred stock, with a par value of $0.0001 per share and a Liquidation Preference of $1,000 per share.Common StockIn May 2021, Gulfport issued approximately 19.8 million shares of common stock and 1.7 million shares of common stock were issued to the Disputed Claims Reserve.In January 2024, the remaining 62,000 shares in the Disputed Claims Reserve were issued to certain claimants. There are no remaining shares in the Disputed Claims Reserve subsequent to the January 2024 issuance.

14

Share Repurchase ProgramIn November 2021 the Company's Board of Directors approved the Repurchase Program to acquire up to $100 million of common stock, which was subsequently increased to $1.0 billion and extended through December 31, 2025. Purchases under the Repurchase Program may be made from time to time in open market or privately negotiated transactions, and will be subject to available liquidity, market conditions, credit agreement restrictions, applicable legal requirements, contractual obligations and other factors. The Repurchase Program does not require the Company to acquire any specific number of shares of common stock. The Company intends to purchase shares under the Repurchase Program with available funds while maintaining sufficient liquidity to fund its capital development program. The Repurchase