Company: GPOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008043
Chunk: 339

Company: GULFPORT ENERGY CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7A
Chunk 339
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945,760 $494,701 Expected income tax at statutory rate(66,668)198,610 103,887 State income taxes4,765 (2,581)2,227 Remeasurement of state deferred tax asset54 — 13,869 Return to provision5,800 (5,592)(17,075)Other differences1,857 1,982 1,117 Change in valuation allowance due to current year activity(1,885)(717,575)(104,025)Income tax benefit recorded$(56,077)$(525,156)$— For the year ended December 31, 2024, the Company's effective tax rate was 18% and an income tax benefit of $56.1 million. For the year ended December 31, 2023, the Company's effective tax rate was (56)% and an income tax benefit of $525.2 million. For the year ended December 31, 2022, the Company's effective tax rate was 0%. The higher effective income tax rate for the year ended December 31, 2024, is primarily related to the valuation allowance the Company released during the year ended December 31, 2023.

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Table of ContentsIndex to Financial Statements

The tax effects of temporary differences and net operating loss carryforwards, which give rise to deferred tax assets and liabilities at December 31, 2024 and December 31, 2023 are estimated as follows (in thousands): Year Ended December 31, 2024Year Ended December 31, 2023Deferred tax assets:Net operating loss carryforward and tax credits$345,770 $399,017 Oil and gas property basis difference194,412 143,769 Investment in pass through entities65,210 68,114 Stock-based compensation expense1,821 1,262 Change in fair value of derivative instruments6,106 — Other assets56,849 52,730 Total deferred tax assets670,168 664,892 Valuation allowance for deferred tax assets(83,695)(85,757)Deferred tax assets, net of valuation allowance586,473 579,135 Deferred tax liabilities:Change in fair value of derivative instruments3,401 50,448 Right of use asset1,281 3,003 Other558 528 Total deferred tax liabilities5,240 53,979 Net