Company: GPOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008043
Chunk: 131

Company: GULFPORT ENERGY CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1A
Chunk 131
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 associated with such proved developed reserves. 

We record PUD locations only after a development plan has been approved by our senior management and Board of Directors to complete the associated development drilling within five years from the time of initial booking. The PUD locations identified in our development plan are determined based on an analysis of the information that we have available at that time. After a development plan has been adopted, we may periodically make adjustments to the approved development plan due to events and circumstances that have occurred subsequent to the time the plan was approved. These circumstances may include changes in commodity price outlook and costs, delays in the availability of infrastructure, well permitting delays and new data from recently completed wells. 

8

Table of ContentsIndex to Financial Statements

The following table summarizes the changes in our estimated proved undeveloped reserves during 2024 (in Bcfe):

Proved Undeveloped Reserves, December 31, 20232,011 Sales of oil and natural gas reserves in place— Extensions and discoveries547 Conversion to proved developed reserves(341)Revisions of prior reserve estimates(357)Proved Undeveloped Reserves, December 31, 20241,861 Total may not sum due to rounding.

Extensions and discoveries. Our extensions of approximately 547 Bcfe were primarily attributed to the addition of 62 PUD locations as a result of our current five-year development plan that is focused on generating sustainable cash flow. These additions included 46 PUD locations in the Utica/Marcellus and 16 PUD locations in the SCOOP.

Conversion to proved developed reserves. Our 2024 development activities resulted in the conversion of approximately 341 Bcfe into proved developed producing reserves, attributable to 16 PUD locations in the Utica and 5 PUD locations in the SCOOP. These 21 PUDs represent a conversion rate of 13% for 2024.

Revision of prior reserve estimates. We experienced total downward revisions of 357 Bcfe in estimated proved undeveloped reserves. This included 300 Bcfe of downward revisions associated with commodity price changes. Commodity prices experienced volatility throughout 2024 and the 12-month average price for natural gas decreased from $2.64 per MMBtu for 2023 to $2.13 per MMBtu for 2024, the 12-month average price for NGL decreased from $31.42 per barrel for 2023 to $31.30 per barrel for 2024,