Company: GPOR
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-022951
Chunk: 73

Company: GULFPORT ENERGY CORP
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 73
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The increase in oil and condensate sales without the impact of derivatives when comparing the three months ended March 31, 2025, to the three months ended March 31, 2024, was due to a 57% increase in sales volumes, partially offset by an 8% decrease in realized prices. The 57% 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 $76.96 per barrel in the three months ended March 31, 2024, to $71.42 per barrel during the three months ended March 31, 2025.

The increase in NGL sales without the impact of derivatives when comparing the three months ended March 31, 2025, to the three months ended March 31, 2024, was due to a 12% increase in realized prices, partially offset by a 2% decrease in NGL sales volumes. The realized price change was driven by the increase in the average Mont Belvieu NGL index from $30.46 per barrel in the three months ended March 31, 2024, to $34.42 per barrel during the three months ended March 31, 2025. The 2% decrease in NGL production was primarily due to natural declines partially offset by our 2024 and 2025 development programs.

Natural Gas, Oil and NGL Derivatives (in thousands)

Three Months Ended March 31, 2025Three Months Ended March 31, 2024Natural gas derivatives - fair value losses$(133,664)$(11,479)Natural gas derivatives - settlement (losses) gains(9,025)66,451 Total (losses) gains on natural gas derivatives(142,689)54,972 Oil and condensate derivatives - fair value losses(6)(2,460)Oil and condensate derivatives - settlement gains504 12 Total gains (losses) on oil and condensate derivatives498 (2,448)NGL derivatives - fair value losses(2,988)(6,247)NGL derivatives - settlement losses(1,369)(1,141)Total losses on NGL derivatives(4,357)(7,388)Total (losses) gains on natural gas, oil and NGL derivatives$(146,548)$45,136