Company: GPOR
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000874499-25-000006
Chunk: 99

Company: GULFPORT ENERGY CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 99
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 to the nine months ended September 30, 2024, was due to a 86% increase in sales volumes, partially offset by a 16% decrease in realized prices. The 86% increase in oil and condensate production was primarily due to commencement of sales on new wells targeting the Utica and Marcellus liquids windows. The realized price change was driven by the decrease in the average WTI crude index from $77.54 per barrel in the nine months ended September 30, 2024, to $66.70 per barrel in the nine months ended September 30, 2025.

The increase in NGL sales without the impact of derivatives, when comparing the nine months ended September 30, 2025 to the nine months ended September 30, 2024, was due to a 18% increase in sales volumes and a 3% increase in realized prices. The 18% increase in NGL production was primarily due to commencement of sales on new wells targeting the Utica and Marcellus liquids windows.

Natural Gas, Oil and NGL Derivatives (in thousands)

Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024Natural gas derivatives - fair value gains (losses)$9,113 $(168,516)Natural gas derivatives - settlement gains39,420 242,645 Total gains on natural gas derivatives48,533 74,129 Oil derivatives - fair value (losses) gains(365)4,832 Oil derivatives - settlement gains (losses)5,217 (166)Total gains on oil and condensate derivatives4,852 4,666 NGL derivatives - fair value gains (losses)4,307 (2,771)NGL derivatives - settlement losses(1,335)(1,537)Total gains (losses) on NGL derivatives2,972 (4,308)Total gains on natural gas, oil and NGL derivatives$56,357 $74,487 

We recognize fair value changes on our natural gas, oil and NGL derivative instruments in each reporting period. The changes in fair value resulted from new positions and settlements that occurred during each period, as well as the relationship between contract prices and the associated forward curves. The significant change in the total gain for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, was primarily the result