Company: GPOR
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038172
Chunk: 101

Company: GULFPORT ENERGY CORP
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 101
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, see Note 10 of our consolidated financial statements for further discussion of derivatives and hedging activities. 

46

Capital Expenditures. Our capital expenditures have historically been related to the execution of our drilling and completion activities in addition to certain lease acquisition activities. Our capital investment strategy is focused on prudently developing our existing properties to generate sustainable cash flow considering current and forecasted commodity prices. For the six months ended June 30, 2025, the Company's incurred capital expenditures totaled $290.8 million related to operated activities, of which $266.7 million related to drilling and completion activities, $17.2 million related to maintenance leasehold and land investment and $6.9 million related to discretionary acreage acquisitions.

Our operated drilling and completion capital expenditures for 2025 are currently estimated to be in the range of $335.0 million to $355.0 million. Also, we currently expect to spend approximately $35.0 million to $40.0 million in 2025 for maintenance leasehold and land investment, which is focused on near-term drilling programs and facilitating increases in our working interests and lateral footage in units we plan to drill in 2025, 2026 and 2027. Our capital program is expected to deliver  1,040 to 1,065 MMcfe per day of production in 2025; due to the impact of unplanned, third-party midstream outages and constraints we are currently trending toward the low end of our production guidance range.

Additionally, we are pursuing accretive acreage opportunities that expand our resource footprint and provide optionality to our near-term development plans and intend to allocate approximately $75.0 million to $100.0 million in discretionary acreage acquisitions for 2025 and early 2026.

Sources and Uses of Cash

The following table presents the major changes in cash and cash equivalents for the six months ended June 30, 2025 and 2024 (in thousands):

Six Months Ended June 30, 2025Six Months Ended June 30, 2024Net cash provided by operating activities$408,683 $311,487 Additions to oil and natural gas properties(253,000)(244,851)Debt activity, net(8,702)12,000 Repurchases of common stock(124,500)(53,795)Net cash payments on performance vesting restricted stock units(12,297)— Shares exchanged for tax