Company: GPOR
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-022951
Chunk: 76

Company: GULFPORT ENERGY CORP
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 76
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 general and administrative expenses for the three months ended March 31, 2025 compared to March 31, 2024, was primarily driven by lower legal expenses partially offset by increased headcount and compensation expenses.

Interest Expense (in thousands, except per unit)

Three Months Ended March 31, 2025Three Months Ended March 31, 2024% ChangeInterest on 2026 Senior Notes$514 $11,000 (95)%Interest on 2029 Senior Notes10,969 — 100 %Interest expense on Credit Facility1,685 3,721 (55)%Amortization of loan costs1,300 945 38 %Capitalized interest(1,430)(1,131)26 %Other318 468 (32)%Total interest expense$13,356 $15,003 (11)%Interest expense per Mcfe$0.16 $0.16 2 %

Due to the tender offer for the 2026 Senior Notes in the third quarter of 2024, interest paid on the 2026 Senior Notes decreased 95% for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The Company also incurred $11.0 million of interest on the 2029 Senior Notes for the three months ended March 31, 2025. Interest expense on our Credit Facility decreased 55% for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, as a result of a lower average interest rate and balance outstanding. Amortization of loan costs increased 38% for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, as a result of the Fourth Amendment to the Credit Facility which increased the elected commitments. See Note 4 of our consolidated financial statements for further details of our Credit Facility. The Company also capitalized $1.4 million and $1.1 million in interest expense for the three months ended March 31, 2025 and 2024, respectively.

Income Taxes

We recorded an income tax benefit of $0.2 million for the three months ended March 31, 2025 compared to income tax expense of $14.9 million for the three months ended March 31, 2024. See Note 14 of our consolidated financial statements for further discussion of our income tax benefit