Company: GPOR
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000874499-25-000006
Chunk: 88

Company: GULFPORT ENERGY CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 88
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1.0 billion.

Share Repurchase Program and Redemption of Preferred Stock

On August 4, 2025, the Company's Board of Directors approved an increase to the authorized Repurchase Program from $1.0 billion to $1.5 billion (including the redemption of preferred stock noted below) and extended the authorization through December 31, 2026. 

On August 5, 2025, Gulfport issued a notice of redemption for its preferred stock for cash. During the period between the date of notice of the redemption and the Redemption Date, 28,907 shares of preferred stock were converted into approximately 2.1 million shares of common stock. On the Redemption Date, the Company redeemed the remaining 2,449 shares of preferred stock for cash totaling $31.3 million. Additionally, direct transaction-related costs of $1.1 million were incurred as part of the redemption. 

During the three months ended September 30, 2025, the Company repurchased 438,266 shares for $76.3 million at a weighted average price of $174.01 per share. As of September 30, 2025, the Company repurchased 6.7 million shares for $785.4 million at a weighted average price of $117.45 per share since the inception of the Repurchase Program.

34

Tariffs and Trading Relationships

Since the initial U.S. government announcement regarding tariffs in April 2025, the U.S. government has implemented and subsequently announced and modified, delayed or rescinded multiple tariffs on several foreign jurisdictions, which has increased uncertainty regarding the ultimate effect of the tariffs on economic conditions. Certain foreign jurisdictions have likewise threatened, and in some cases implemented, tariffs on U.S. goods. In August 2025, the U.S. Court of Appeals for the Federal Circuit determined that several tariffs imposed under the administration exceed presidential authority and therefore are invalid, though the decision has been stayed pending U.S. Supreme Court review. Current uncertainties about tariffs and their effects on trading relationships may affect costs for and availability of raw materials, contribute to inflation in the markets in which we operate, delay access to capital markets and increase the likelihood of an economic downturn. Although we are continuing to monitor the economic effects of such announcements and developments, as well as opportunities to mitigate their related impacts, costs and other effects associated with the tariffs and retaliatory tariffs remain uncertain.

One Big Beautiful Bill Act

On July 4, 2025, the President signed