Company: GPOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008043
Chunk: 227

Company: GULFPORT ENERGY CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 227
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 credit facility, which could limit our liquidity and ability to fund development activities.

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Table of ContentsIndex to Financial Statements

See Item 7A. “Quantitative and Qualitative Disclosures about Market Risk” for further information regarding our open derivative instruments at December 31, 2024.

Sources and Uses of Cash

The following table presents the major changes in cash and cash equivalents for the year ended December 31, 2024 and 2023 (in thousands):

Year Ended December 31, 2024Year Ended December 31, 2023Net cash provided by operating activities$650,033 $723,181 Additions to oil and natural gas properties(454,098)(537,360)Debt activity, net32,761 (27,000)Debt issuance and loan commitment fees(14,933)(7,068)Repurchases of common stock(184,477)(149,165)Dividends on preferred stock(4,230)(4,840)Shares exchanged for tax withholdings(23,614)(3,207)Other(1,898)129 Net change in cash and cash equivalents$(456)$(5,330)Cash and cash equivalents at end of period$1,473 $1,929 

Net cash provided by operating activities. Net cash provided by operating activities was $650.0 million for the year ended December 31, 2024, compared to $723.2 million for the year ended December 31, 2023. The decrease was primarily the result of a decrease in our natural gas revenues.

Additions to oil and natural gas properties. During the year ended December 31, 2024, we spud 20 gross (19.7 net) operated wells and commenced sales from 16 gross (15.4 net) operated wells targeting the Utica formation for a total cost incurred of approximately $259.8 million. During the year ended December 31, 2024, we spud 2 gross (1.8 net) operated wells and commenced sales from 3 gross (2.4 net) operated wells in the SCOOP for a total incurred cost of approximately $63.8 million. Additionally, the Company incurred $57.9 million related to maintenance leasehold and land investment and $44.8 million related to discretionary acreage acquisitions.

Drilling and completion costs discussed above reflect incurred costs while drilling and completion costs presented