Company: GPOR
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038172
Chunk: 11

Company: GULFPORT ENERGY CORP
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 11
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 2024 and 2025 development programs and the impact of unplanned, third-party midstream outages and constraints.

The increase in oil and condensate sales without the impact of derivatives, when comparing the six months ended June 30, 2025 to the six months ended June 30, 2024, was due to a 115% increase in sales volumes, partially offset by a 17% decrease in realized prices. The 115% increase in oil and condensate production was primarily due to commencement of sales on new wells targeting the Utica liquids window. The realized price change was driven by the decrease in the average WTI crude index from $78.77 per barrel in the six months ended June 30, 2024, to $67.58 per barrel in the six months ended June 30, 2025.

The increase in NGL sales without the impact of derivatives, when comparing the six months ended June 30, 2025 to the six months ended June 30, 2024, was due to a 5% increase in sales volumes and a 5% increase in realized prices. The 5% increase in NGL production was primarily due to commencement of sales on new wells targeting the Utica liquids window.

Natural Gas, Oil and NGL Derivatives (in thousands)

Six Months Ended June 30, 2025Six Months Ended June 30, 2024Natural gas derivatives - fair value losses$(24,755)$(111,349)Natural gas derivatives - settlement gains8,270 157,702 Total (losses) gains on natural gas derivatives(16,485)46,353 Oil derivatives - fair value gains (losses)2,309 (1,865)Oil derivatives - settlement gains (losses)2,915 (259)Total gains (losses) on oil and condensate derivatives5,224 (2,124)NGL derivatives - fair value gains (losses)2,449 (6,330)NGL derivatives - settlement losses(1,635)(1,378)Total gains (losses) on NGL derivatives814 (7,708)Total (losses) gains on natural gas, oil and NGL derivatives$(10,447)$36,521 

We recognize fair value changes on our natural gas, oil and NGL derivative instruments in each reporting period. The changes in fair value resulted from new positions and settlements that occurred