Company: GPOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008043
Chunk: 184

Company: GULFPORT ENERGY CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1A
Chunk 184
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 gains on natural gas derivatives33,607 730,944 Oil and condensate derivatives - fair value gains2,351 5,971 Oil and condensate derivatives - settlement gains (losses)166 (3,272)Total gains on oil and condensate derivatives2,517 2,699 NGL derivatives - fair value losses(4,442)(2,414)NGL derivatives - settlement (losses) gains(2,155)9,090 Total (losses) gains on NGL derivatives(6,597)6,676 Total gains on natural gas, oil and NGL derivatives$29,527 $740,319 

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 during each period, as well as the relationship between contract prices and the associated forward curves. The significant change in the total gain for the year ended December 31, 2024 compared to the year ended December 31, 2023, was primarily the result of changes in futures pricing for oil, natural gas, and NGLs during each period. The fair value losses of our hedging program totaled $253.1 million for the year ended December 31, 2024 compared to gains of $588.1 million for the year ended December 31, 2023. Settlement gains (losses) in the table above represent realized cash gains or losses to the instruments described in Note 12 of our consolidated financial statements. Our hedging program generated cash receipts of $282.6 million for the year ended December 31, 2024, compared to cash receipts of $152.2 million for the year ended December 31, 2023.

Lease Operating Expenses (in thousands, except per unit)

Year Ended December 31, 2024Year Ended December 31, 2023% ChangeLease operating expensesUtica & Marcellus$48,321 $44,394 9 %SCOOP21,791 24,254 (10)%Total lease operating expenses$70,112 $68,648 2 %Lease operating expenses per McfeUtica & Marcellus$0.16 $0.16 — %SCOOP0.28 0.25 12 %Total lease operating expenses per Mcfe$0.18 $0