Company: GPOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008043
Chunk: 60

Company: GULFPORT ENERGY CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1A
Chunk 60
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Additionally, on September 12, 2024, the Company entered into the Commitment Increase, Borrowing Base Reaffirmation Agreement, and Fourth Amendment to Credit Agreement (the “Fourth Amendment”), which amended the Company’s Third Amended and Restated Credit Agreement. The Fourth Amendment, among other things, (a) increased the aggregate elected commitment amounts under the Credit Facility to $1.0 billion, (b) reaffirmed the borrowing base under the Credit Facility at $1.1 billion, (c) extended the maturity date under the Credit Facility to September 12, 2028, and (d) reduced the pricing grid 50 bps.

Stock Repurchase Program

On November 4, 2024, the Company's Board of Directors approved an increase to the authorized Repurchase Program from $650.0 million to $1.0 billion and extended the authorization through December 31, 2025. During the year ended December 31, 2024, the Company repurchased 1.2 million shares for $184.5 million at a weighted average price of $153.35 per share. As of December 31, 2024, the Company repurchased 5.6 million shares for $584.1 million at a weighted average price of $104.88 per share since the inception of the Repurchase Program.

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Table of ContentsIndex to Financial Statements

2024 Operational and Financial Highlights 

During 2024, we had the following notable achievements:

•Reported total net production of 1,054 MMcfe per day.

•Generated $650.0 million of operating cash flows.

•Turned to sales 19 gross operated (17.8 net) wells.

•Expanded common share repurchase program to $1.0 billion and returned $184.5 million to shareholders through the repurchase of 1.2 million shares at a weighted average price of $153.35 per share.

•Extended the maturity of substantially all long-term senior notes from 2026 to 2029.

•Extended the maturity of the Credit Facility to 2028 and increased the available commitments under the Credit Facility by $100 million.

•Exited the year with total liquidity of $899.7 million.

•Achieved MIQ certification for all Appalachian assets for the second consecutive year.

•Reported year-end estimated net proved reserves of 4.0 Tcfe.

Business and Industry Outlook 

The Company's primary focus going