Company: GPOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008043
Chunk: 4

Company: GULFPORT ENERGY CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1A
Chunk 4
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 net) operated horizontal wells and commence sales on approximately 4 gross (4.0 net) operated horizontal wells. In the SCOOP, we intend to complete drilling on approximately two gross (1.8 net) operated horizontal wells and commence sales on two gross (1.8 net) operated horizontal wells. We expect to fund these expenditures with our operating cash flow and borrowings under our Credit Facility. 

We expect this drilling program to result in approximately 1,040 to 1,065 MMcfe per day of production in 2025.

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Table of ContentsIndex to Financial Statements

Additionally, in 2025, we expect a continuation of shareholder return actions through our Repurchase Program. During 2024, we repurchased 1.2 million shares for $184.5 million at a weighted average price of $153.35 per share, leaving $415.9 million remaining on our Repurchase Program, which expires on December 31, 2025.

Operating Areas

Utica/Marcellus - The Utica covers hydrocarbon-bearing rock formations located in the Appalachian Basin of the United States and Canada. We have approximately 208,000 net reservoir acres located primarily in Belmont, Harrison, Jefferson and Monroe Counties in eastern Ohio where the Utica ranges in thickness from 600 to over 750 feet.

The Marcellus covers hydrocarbon-bearing rock formations that overlay the Utica. We have identified approximately 20,500 net reservoir acres of our existing leasehold for Marcellus development and have 22 PUD Marcellus locations within our Utica operating area. In 2023 we drilled, completed, and turned to sales two Marcellus wells and have plans to drill eight Marcellus wells and complete and turn to sales four Marcellus wells in 2025. Our Marcellus development area is approximately 3,500 to 4,500 feet shallower than the Utica. During 2024, we produced approximately 842 MMcfe per day net to our interests in Utica/Marcellus and it accounted for approximately 80% of our total production.

SCOOP - The SCOOP is a defined area that encompasses many of the top hydrocarbon producing counties in Oklahoma within the Anadarko Basin. The SCOOP play mainly targets the Devonian to Mississippian aged Woodford, Sycamore and Springer formations. We have approximately 73,000 net reservoir acres (comprised of approximately 43,000 in the Wood