Company: GPOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008043
Chunk: 183

Company: GULFPORT ENERGY CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1A
Chunk 183
---
 decrease in the average Henry Hub gas index from $2.74 per Mcf in the year ended December 31, 2023, to $2.27 per Mcf during the year ended December 31, 2024. The 1% increase in natural gas production was primarily due to our 2023 and 2024 development programs in the Utica/Marcellus partially offset by natural declines and limited activity in the SCOOP.

The increase in oil and condensate sales without the impact of derivatives when comparing the year ended December 31, 2024, to the year ended December 31, 2023, was due to a 7% increase in sales volumes, partially offset by a 5% decrease in realized oil prices. The 7% increase in oil and condensate production was primarily due to commencement of sales on new wells targeting the Utica liquids window. The realized price change was primarily driven by the decrease in the average WTI crude index from $77.62 per barrel in the year ended December 31, 2023, to $75.72 per barrel during the year ended December 31, 2024.

The decrease in NGL sales without the impact of derivatives when comparing the year ended December 31, 2024, to the year ended December 31, 2023, was due to a 13% decrease in NGL sales volumes, partially offset by an 8% increase in realized prices. The 13% decrease in NGL production was primarily due to natural declines and limited 2023 development in the SCOOP. The realized price change was primarily driven by the increase in the average Mont Belvieu NGL index from $30.07 per barrel in the year ended December 31, 2023, to $32.73 per barrel during the year ended December 31, 2024.

44

Table of ContentsIndex to Financial Statements

Natural Gas, Oil and NGL Derivatives (in thousands)

The total natural gas, oil and NGL volumes hedged for the year ended December 31, 2024 and 2023, represented approximately 80% and 95%, respectively, of our total sales volumes for the applicable year.

Year Ended December 31, 2024Year Ended December 31, 2023Natural gas derivatives - fair value (losses) gains$(251,019)$584,563 Natural gas derivatives - settlement gains284,626 146,381 Total