Company: GPOR
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038172
Chunk: 97

Company: GULFPORT ENERGY CORP
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 97
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 of internally generated cash flows from operations and access to debt markets, and our primary uses of cash have been for development of our oil and natural gas properties, share repurchases and dividend payments on our preferred stock.

We believe our annual free cash flow generation, borrowing capacity under the Credit Facility and cash on hand will provide sufficient liquidity to fund our operations, capital expenditures, interest expense and share repurchases or redemptions during the next 12 months and the foreseeable future.

To the extent actual operating results, realized commodity prices or uses of cash differ from our assumptions, our liquidity could be adversely affected. See Note 4 of our consolidated financial statements for further discussion of our debt obligations, including the principal and carrying amounts of our senior notes. 

As of June 30, 2025, we had $3.8 million of cash and cash equivalents, $55.0 million of outstanding borrowings under our Credit Facility, $63.9 million of letters of credit outstanding, and $650.0 million of outstanding 2029 Senior Notes. Our total principal amount of funded debt as of June 30, 2025 was $705.0 million. 

As of July 30, 2025 we had $3.0 million of cash and cash equivalents, $29.0 million in borrowings under our Credit Facility, $63.9 million of letters of credit outstanding, and $650 million of outstanding 2029 Senior Notes. 

Debt. In May 2021, we issued our 2026 Senior Notes. The 2026 Senior Notes were guaranteed on a senior unsecured basis by each of the Company's subsidiaries that guarantee the Credit Facility. In September 2024, Gulfport Operating purchased approximately 95%, or $524.3 million, of the 2026 Senior Notes in a tender offer using net proceeds received from the private placement of the 2029 Senior Notes. In May 2025, the Company redeemed the remaining balance of its 2026 Senior Notes at par for $25.7 million. No additional fees or penalties were incurred as a result of the early redemption. 

Additionally, on May 1, 2023, the Company entered into that certain Joinder, Commitment Increase and Borrowing Base Redetermination Agreement, and Third Amendment to Credit Agreement (the “Third Amendment”) which amended the Company’s Credit Facility. The Third Amendment, among other things, (a) increased the aggregate elected commitment amounts under the Credit Facility to $900