Company: GPOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008043
Chunk: 396

Company: GULFPORT ENERGY CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 396
---
 cash management obligations, are guaranteed by the Company and the wholly-owned domestic material subsidiaries of the Borrower (collectively, the “Guarantors” and, together with the Borrower, the “Loan Parties”) and secured by substantially all of the Loan Parties’ assets (subject to customary exceptions).The Credit Facility also contains customary affirmative and negative covenants, including, among other things, as to compliance with laws (including environmental laws and anti-corruption laws), delivery of quarterly and annual financial statements and borrowing base certificates, conduct of business, maintenance of property, maintenance of insurance, entry into certain derivatives contracts, restrictions on the incurrence of liens, indebtedness, asset dispositions, restricted payments, and other customary covenants. These covenants are subject to a number of limitations and exceptions.As of December 31, 2024, the Company had $38.0 million outstanding borrowings under the Credit Facility, $63.8 million in letters of credit outstanding and was in compliance with all covenants under the credit agreement.For the years ended December 31, 2024 and 2023, the Credit Facility bore interest at a weighted average rate of 8.23% and 8.15%, respectively.Interest ExpenseThe following schedule shows the components of interest expense for the years ended December 31, 2024, 2023 and 2022 (in thousands):Year Ended December 31, 2024Year Ended December 31, 2023Year Ended December 31, 2022Cash paid for interest$51,177 $57,967 $57,685 Change in accrued interest9,368 (7)(826)Capitalized interest(4,771)(4,147)— Amortization of loan costs4,208 3,256 2,914 Other— — — Total interest expense$59,982 $57,069 $59,773 

73

Table of ContentsIndex to Financial Statements

The Company capitalized $4.8 million and $4.1 million in interest expense for the years ended December 31, 2024 and 2023, respectively, to undeveloped oil and natural gas properties. The Company did not capitalize interest expense for the year ended December 31, 2022. Fair Value of DebtAt December 31, 2024, the carrying value of the outstanding debt represented by the 2026 Senior Notes and 2029 Senior Notes were