Company: GPOR
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-022951
Chunk: 82

Company: GULFPORT ENERGY CORP
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 82
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 net) operated wells and commenced sales from seven gross (6.99 net) operated wells targeting the Utica formation for a total incurred cost of approximately $129.8 million. During the three months ended March 31, 2025, we did not spud or commence sales on any operated wells in the SCOOP and had one operated drilling rig running for a total incurred cost of approximately $18.8 million.

Drilling and completion costs discussed above reflect incurred costs while drilling and completion costs presented in the table below reflect cash payments for drilling and completions. Incurred capital expenditures and cash capital expenditures may vary from period to period due to the cash payment cycle. Cash capital expenditures for the three months ended March 31, 2025 and 2024, were as follows (in thousands):

Three Months Ended March 31, 2025Three Months Ended March 31, 2024Oil and Natural Gas Property Cash Expenditures:Drilling and completion costs$90,859 $93,685 Leasehold acquisitions11,207 18,360 Other6,165 6,101 Total oil and natural gas property expenditures$108,231 $118,146 

Debt activity, net. In the three months ended March 31, 2025, the Company had $125.0 million and $128.0 million in borrowings and repayments, respectively, on its Credit Facility. As of April 30, 2025 the Company had $5.0 million in borrowings outstanding on its Credit Facility.

Repurchases of common stock. During the three months ended March 31, 2025, the Company repurchased 340,664 shares for approximately $60.0 million under the Repurchase Program at a weighted average price of $176.13 per share. For the same period in 2024, the Company repurchased 210,075 shares for $29.5 million at a weighted average price of $140.39 per share. As of April 30, 2025, we repurchased 5,954,014 shares for approximately $651.6 million under the Repurchase Program at a weighted average price of $109.44 per share. 

Dividends on preferred stock. During the three months ended March 31, 2025, the Company paid $0.9 million of cash dividends to holders of our preferred stock compared to $1.1 million in the three months ended March 31, 202