Company: GPOR
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038172
Chunk: 82

Company: GULFPORT ENERGY CORP
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 82
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 of operations between the periods of April 1, 2025 through June 30, 2025, January 1, 2025 through June 30, 2025, April 1, 2024 through June 30, 2024 and January 1, 2024 through June 30, 2024. For definitions of commonly used natural gas and oil terms found in this Quarterly Report on Form 10-Q, please refer to the “Definitions” provided in this report. 

Overview

Gulfport is an independent natural gas-weighted exploration and production company with assets primarily located in the Appalachia and Anadarko basins. Our principal properties are located in eastern Ohio targeting the Utica and Marcellus and in central Oklahoma targeting the SCOOP Woodford and Springer formations. Our strategy is to develop our assets in a safe, environmentally responsible manner, while generating sustainable cash flow, improving margins and operating efficiencies and returning capital to shareholders. To accomplish these goals, we allocate capital to projects we believe offer the highest rate of return and we deploy leading drilling and completion techniques and technologies in our development efforts.  

Recent Developments 

Credit Facility

On May 5, 2025, Gulfport completed its semi-annual borrowing base redetermination under its Credit Facility during which the borrowing base was reaffirmed at $1.1 billion with elected commitments remaining at $1.0 billion.

Share Repurchase Program and Redemption of Preferred Stock

During the three months ended June 30, 2025, the Company repurchased 338,886 shares for $65.0 million at a weighted average price of $191.80 per share. As of June 30, 2025, the Company repurchased 6.2 million shares for $709.1 million at a weighted average price of $113.48 per share since the inception of the Repurchase Program.

On August 4, 2025, the Company's Board of Directors approved an increase to the authorized Repurchase Program from $1.0 billion to $1.5 billion (including the redemption of preferred stock noted below) and extended the authorization through December 31, 2026. 

On August 5, 2025, Gulfport issued a notice of redemption for its preferred stock for cash. The optional redemption will be effective on September 5, 2025 (the "Redemption Date") with respect to any shares of the preferred stock that have not been converted