Company: GPOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008043
Chunk: 458

Company: GULFPORT ENERGY CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 458
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 impairment.General and administrative costs capitalized to the full cost pool represent management’s estimate of costs incurred directly related to exploration and development activities such as geological and other administrative costs associated with overseeing the exploration and development activities. All general and administrative costs not directly associated with exploration and development activities were charged to expense as they were incurred. Capitalized general and administrative costs were approximately $25.3 million, $22.8 million and $20.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. The average depletion rate per Mcfe, which is a function of capitalized costs, future development costs and the related underlying reserves in the periods presented, was $0.84, $0.83 and $0.74 per Mcfe for the years ended December 31, 2024, 2023 and 2022, respectively.The following table summarizes the Company’s non-producing properties excluded from amortization by area (in thousands):December 31, 2024December 31, 2023Utica & Marcellus$197,513 $177,888 SCOOP24,137 26,345 Total unproved properties$221,650 $204,233 

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Table of ContentsIndex to Financial Statements

The following is a summary of Gulfport’s oil and natural gas properties not subject to amortization as of December 31, 2024 (in thousands):Costs Incurred in202420232022Prior to 2022TotalAcquisition costs$58,742 $58,002 $17,288 $82,695 $216,727 Exploration costs— — — — — Development costs1,472 556 — — 2,028 Capitalized interest2,895 — — — 2,895 Total oil and natural gas properties not subject to amortization$63,109 $58,558 $17,288 $82,695 $221,650 The Company evaluates the costs excluded from its amortization calculation at least annually. Subject to industry conditions and the level of the Company’s activities, the inclusion of most of the above referenced costs into the Company’s amortization calculation typically occurs within three years to five years. However, the majority of the Company's non-producing leases in the Utica/Marcellus have five-year extension terms, which could extend this time frame beyond five years.Asset Retirement ObligationThe