Company: GPOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008043
Chunk: 78

Company: GULFPORT ENERGY CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1A
Chunk 78
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.2 million shares for approximately $184.5 million under the Repurchase Program at a weighted average price of $153.35 per share. For the same period in 2023, the Company repurchased 1.5 million shares for $148.9 million at a weighted average price of $101.53 per share. As of February 20, 2025, we repurchased 5.6 million shares for approximately $593.2 million under the Repurchase Program at a weighted average price of $105.57 per share. 

Dividends on preferred stock. During the year ended December 31, 2024, the Company paid $4.2 million of cash dividends to holders of our preferred stock compared to $4.8 million in the year ended December 31, 2023.

Shares exchanged for tax withholdings. During the year ended December 31, 2024, the Company paid $23.6 million of shares exchanged for tax withholdings compared to $3.2 million in the year ended December 31, 2023. The increase in shares traded for taxes was primarily due to the vesting of certain PSU awards as discussed in Note 7 of our consolidated financial statements.

Other. During the year ended December 31, 2024, the Company incurred other expenses of $1.9 million, as compared to other income of $0.1 million paid during the year ended December 31, 2023. The change was primarily related to proceeds from sales of oil and gas properties of $2.6 million during the year ended December 31, 2023.

Critical Accounting Policies and Estimates

The preparation of financial statements in accordance with accounting principles generally accepted in the United States require us to make estimates and assumptions. The accounting estimates and assumptions we consider to be most significant to our financial statements are discussed below. Our management has discussed each critical accounting estimate with the Audit Committee of our Board of Directors.

Oil and Natural Gas Properties. We use the full cost method of accounting for oil and natural gas operations. Accordingly, all costs, including non-productive costs and certain general and administrative costs directly associated with acquisition, exploration and development of oil and natural gas properties, are capitalized. 

Under the full cost method, capitalized costs are amortized on a composite unit-of-production method based on proved oil and natural gas reserves. If we maintain the same level of production year over year, the depreciation, depletion and amortization expense may be significantly different if our