Company: GPOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008043
Chunk: 422

Company: GULFPORT ENERGY CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 422
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 have any material activity or proved reserves in the years presented below. As such, amounts related to Grizzly have been omitted below.The following table provides historical revenue and cost information relating to the Company’s oil and gas operations located entirely in the United States:Capitalized Costs Related to Oil and Gas Producing Activities (in thousands)Year Ended December 31, 2024Year Ended December 31, 2023Proved properties$3,349,805 $2,904,519 Unproved properties221,650 204,233 Total oil and natural gas properties3,571,455 3,108,752 Accumulated depletion and amortization(1,559,546)(862,253)Net capitalized costs$2,011,909 $2,246,499 

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Table of ContentsIndex to Financial Statements

Costs Incurred in Oil and Gas Property Acquisition, Development and Exploratory Activities (in thousands)Year Ended December 31, 2024Year Ended December 31, 2023Year Ended December 31, 2022Acquisition$89,646 $93,905 $29,675 Development373,284 419,431 441,458 Exploratory— — — Total$462,930 $513,336 $471,133 Capitalized interest is included as part of the cost of oil and natural gas properties. The Company capitalized $4.8 million and $4.1 million for the years ended December 31, 2024 and 2023, respectively, based on the Company's weighted average cost of borrowings used to finance expenditures. The Company did not capitalize interest expense for the year ended December 31, 2022.In addition to capitalized interest, the Company capitalized internal costs totaling $25.3 million, $22.8 million and $20.2 million during the years ended December 31, 2024, 2023, and 2022, respectively, which were directly related to the acquisition, exploration and development of the Company's oil and natural gas properties.Results of Operations for Producing Activities (in thousands)The following table sets forth the revenues and expenses related to the production and sale of oil and natural gas. The income tax expense is calculated by applying the current statutory tax rates to the revenues after deducting costs, which include depreciation, depletion and amortization allowances, after giving effect to the permanent differences. The results of operations exclude general office