Company: GPOR
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-022951
Chunk: 7

Company: GULFPORT ENERGY CORP
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 7
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 three months ended March 31, 2024, decreased primarily due to a lower depletion rate resulting from a decline in our amortization base from the full cost ceiling test impairments recorded during 2024, combined with a decrease in our production as noted above.

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

Three Months Ended March 31, 2025Three Months Ended March 31, 2024% ChangeGeneral and administrative expenses, gross$19,199 $18,442 4 %Reimbursed from third parties(3,966)(3,538)12 %Capitalized general and administrative expenses(6,232)(5,706)9 %General and administrative expenses, net$9,001 $9,198 (2)%General and administrative expenses, net per Mcfe$0.11 $0.10 12 %

The decrease in general and administrative expenses for the three months ended March 31, 2025 compared to March 31, 2024, was primarily driven by lower legal expenses partially offset by increased headcount and compensation expenses.

Interest Expense (in thousands, except per unit)

Three Months Ended March 31, 2025Three Months Ended March 31, 2024% ChangeInterest on 2026 Senior Notes$514 $11,000 (95)%Interest on 2029 Senior Notes10,969 — 100 %Interest expense on Credit Facility1,685 3,721 (55)%Amortization of loan costs1,300 945 38 %Capitalized interest(1,430)(1,131)26 %Other318 468 (32)%Total interest expense$13,356 $15,003 (11)%Interest expense per Mcfe$0.16 $0.16 2 %

Due to the tender offer for the 2026 Senior Notes in the third quarter of 2024, interest paid on the 2026 Senior Notes decreased 95% for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The Company also incurred $11.0 million of interest on the 2029 Senior Notes for the three months ended March 31, 2025. Interest expense on our Credit Facility decreased 55% for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, as a