Company: GPOR
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000874499-25-000006
Chunk: 95

Company: GULFPORT ENERGY CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 95
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4, increased primarily due to the 6% increase in our production partially offset by a lower depletion rate resulting from a decline in our amortization base from the full cost ceiling test impairments incurred during 2024.

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 three 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 during the three months ended September 30, 2025.

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

Three Months Ended September 30, 2025Three Months Ended September 30, 2024% ChangeGeneral and administrative expenses, gross$22,113 $20,694 7 %Reimbursed from third parties(4,040)(3,720)9 %Capitalized general and administrative expenses(6,238)(6,495)(4)%General and administrative expenses, net$11,835 $10,479 13 %General and administrative expenses, net per Mcfe$0.11 $0.11 7 %

The increase in general and administrative expenses for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, was primarily driven by an increase in legal expense related to the matters disclosed in Note 9 of our consolidated financial statements.

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Interest Expense (in thousands, except per unit)

Three Months Ended September 30, 2025Three Months Ended September 30, 2024% ChangeInterest on 2026 Senior Notes$— $9,014 (100)%Interest on 2029 Senior Notes10,969 2,194 400 %Interest expense on Credit Facility2,557 4,423 (42)%Amortization of loan costs1,316 1,016 30 %Capitalized interest(1,536)(1,230)25 %Other284 449 (37)%Total interest expense$13,590 $15,866 (14)%Interest expense per Mcfe$0.13 $0.16 (19)%

Due to the tender offer for