Company: GPOR
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038172
Chunk: 81

Company: GULFPORT ENERGY CORP
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 81
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 the President signed into law the legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”), which introduces significant changes to U.S. federal tax law. Key provisions of the OBBBA that may be relevant to the Company include modifications to the limitations on the deductibility of interest expense under Section 163(j) of the Internal Revenue Code, changes to the treatment of research and development expenditures under Section 174A of the Internal Revenue Code and adjustments to bonus depreciation rules.The Company is currently assessing the potential impact of the OBBBA. The effects of the legislation will be reflected in the Company’s financial statements in the period that includes the enactment date, which is the third quarter of 2025.Expanded Common Stock Repurchase ProgramOn August 4, 2025, the Company's Board of Directors approved an increase to the authorized Repurchase Program from $1.0 billion to $1.5 billion (including the redemption of preferred stock noted below) and extended the authorization through December 31, 2026. Redemption of Preferred StockOn August 5, 2025, Gulfport issued a notice of redemption for its preferred stock for cash. The optional redemption will be effective on September 5, 2025 (the "Redemption Date") with respect to any shares of the preferred stock that have not been converted and remain outstanding at that date. Shares of preferred stock may be converted to common stock pursuant to their terms up to, but not including, the Redemption Date. The total cash amount payable by Gulfport in connection with the redemption will vary depending on the number of shares of preferred stock converted prior to the Redemption Date and the price of Gulfport's common stock.

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ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Introduction

Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to provide the reader of the financial statements with a narrative from the perspective of management on the financial condition, results of operations, liquidity and certain other factors that may affect the Company's operating results. MD&A should be read in conjunction with the financial statements and related Notes included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

The following information updates the discussion of Gulfport’s financial condition provided in its Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”) and analyzes the changes in the results