Company: GPOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008043
Chunk: 212

Company: GULFPORT ENERGY CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 212
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, prioritizing free cash flow generation and preserving our strong financial position, while returning capital to shareholders and increasing our resource depth through incremental leasehold opportunities.

In 2024, natural gas prices continued to be volatile as spot prices ranged from $1.21 to $13.20 per MMBtu. Henry Hub averaged $2.19 per MMBtu in 2024 vs $2.53 per MMBtu in 2023. As we look into 2025, we expect continued volatility in natural gas prices. To mitigate our exposure to commodity market volatility and to help provide a level of certainty around our financial strength, we have entered into a combination of natural gas swaps and collars, representing approximately 46% of our expected 2025 production, at an average floor price of $3.59 per Mcf.

Our 2025 capital expenditure program is expected to be in a range of $370 million to $395 million. 

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Table of ContentsIndex to Financial Statements

Results of Operations 

Comparison of the Year Ended December 31, 2024 and 2023 

We reported net loss of $261.4 million for the year ended December 31, 2024, compared to a net income of $1.5 billion for the year ended December 31, 2023. The material changes that led to the decrease in net loss are further discussed by category on the following pages. Some totals and changes throughout the below section may not sum or recalculate due to rounding. 

Natural Gas, Oil and Condensate and NGL Production and Pricing (sales totals in thousands)

Year Ended December 31, 2024Year Ended December 31, 2023Natural gas (MMcf/day)Utica & Marcellus production volumes810 766 SCOOP production volumes157 194 Total production volumes968 960 Total sales$714,160 $831,812 Average price without the impact of derivatives ($/Mcf)$2.02 $2.37 Impact from settled derivatives ($/Mcf)$0.80 $0.42 Average price, including settled derivatives ($/Mcf)$2.82 $2.79 Oil and condensate (MBbl/day)Utica & Marcellus production volumes2 1 SCOOP production volumes2 3 Total production volumes4 4 Total sales$101,589 $99,854 Average price without the impact of derivatives ($/