Company: GPOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008043
Chunk: 453

Company: GULFPORT ENERGY CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 453
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, crude oil and NGL production. All derivative instruments are recognized as assets or liabilities in the consolidated balance sheets, measured at fair value. The Company does not apply hedge accounting to derivative instruments. Accordingly, the changes in fair value are recognized in the consolidated statements of operations in the period of change. Gains and losses on derivatives are included in cash flows from operating activities. Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Significant estimates with regard to these financial statements include the estimate of proved oil and gas reserve quantities and the related present value of estimated future net cash flows there from, the amount and timing of asset retirement obligations, the realization of deferred tax assets, the fair value determination of acquired assets and liabilities and the realization of future net operating loss carryforwards available as reductions of income tax expense. The estimate of the Company’s oil and gas reserves is used to compute depletion, depreciation, amortization and impairment of oil and gas properties. Although management believes these estimates are reasonable, actual results could differ from these estimates. ReclassificationCertain reclassifications have been made to prior period financial statements and related disclosures to conform to current period presentation. These reclassifications have no impact on previous reported total assets, total liabilities, net income (loss) or total operating cash flows.Supplemental Cash Flow and Non-Cash Information (in thousands)Year Ended December 31, 2024Year Ended December 31, 2023Year Ended December 31, 2022Supplemental disclosure of cash flow information:Interest payments, net of amounts capitalized$46,406 $53,820 $57,685 Changes in operating assets and liabilities, net:Accounts receivable - oil, natural gas, and natural gas liquids sales(33,463)155,925 (45,550)Accounts receivable - joint interest and other13,494 (743)(1,095)Accounts payable and accrued liabilities4,067 (126,329)59,879 Prepaid expenses667 (215)4,863 Other assets23 63 1,330 Total changes in operating assets and liabilities, net$(15,212)$28,701 $19,427 Supplemental disclosure of non-cash transactions:Capitalized stock-based compensation$5,