Company: GPOR
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000874499-25-000006
Chunk: 101

Company: GULFPORT ENERGY CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 101
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 a total and per unit basis primarily as a result of an increase in the proportion of natural gas liquids and oil and condensate sales. 

Depreciation, Depletion and Amortization (in thousands, except per unit)

Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024% ChangeDepreciation, depletion and amortization of oil and gas properties$220,893 $240,279 (8)%Depreciation, depletion and amortization of other property and equipment1,588 1,122 42 %Total depreciation, depletion and amortization$222,481 $241,401 (8)%Depreciation, depletion and amortization per Mcfe$0.80 $0.84 (4)%

The total and per unit depreciation, depletion and amortization of our oil and gas properties for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, decreased primarily due to a lower depletion rate resulting from a decline in our amortization base from the full cost ceiling test impairments recorded during 2024, combined with a decrease in our production as noted above.

45

Impairment of Oil and Natural Gas Properties

At September 30, 2024, the net book value of our oil and gas properties exceeded the calculated ceiling. As a result, we recorded a non-cash ceiling test impairment of $30.5 million for the nine months ended September 30, 2024. The impairment resulted from declines in the full cost ceiling, which primarily resulted from the significant decrease in the 12-month average trailing price for natural gas. We did not record an impairment in the first or second quarters of 2024 or during the nine months ended September 30, 2025.

General and Administrative Expenses (in thousands, except per unit)

Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024% ChangeGeneral and administrative expenses, gross$62,953 $59,921 5 %Reimbursed from third parties(12,287)(10,962)12 %Capitalized general and administrative expenses(18,904)(18,530)2 %General and administrative expenses, net$31,762 $30,429 4 %General and administrative expenses, net per Mcfe$0.11 $0.11 8 %

The increase in general and