Annual report [Section 13 and 15(d), not S-K Item 405]

PROPERTY AND EQUIPMENT (Tables)

v3.25.4
PROPERTY AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
The major categories of property and equipment and related accumulated DD&A are as follows (in thousands):
December 31, 2025 December 31, 2024
Proved oil and natural gas properties $ 3,902,539  $ 3,349,805 
Unproved properties 232,959  221,650 
Other depreciable property and equipment 12,622  10,905 
Land 386  386 
Total property and equipment 4,148,506  3,582,746 
Accumulated DD&A and impairment (1,868,481) (1,564,475)
Property and equipment, net $ 2,280,025  $ 2,018,271 
Schedule of Oil and Gas Properties Not Subject to Amortization
The following table summarizes the Company’s non-producing properties excluded from amortization by area (in thousands):
December 31, 2025 December 31, 2024
Utica & Marcellus $ 210,185  $ 197,513 
SCOOP 22,774  24,137 
Total unproved properties $ 232,959  $ 221,650 
The following is a summary of Gulfport’s oil and natural gas properties not subject to amortization as of December 31, 2025 (in thousands):
Costs Incurred in
2025 2024 2023 Prior to 2023 Total
Acquisition costs $ 65,239  $ 58,722  $ 58,002  $ 41,715  $ 223,678 
Exploration costs —  —  —  —  — 
Development costs 3,820  1,246  418  —  5,484 
Capitalized interest 3,612  185  —  —  3,797 
Total oil and natural gas properties not subject to amortization $ 72,671  $ 60,153  $ 58,420  $ 41,715  $ 232,959 
Schedule of Asset Retirement Obligation
The following table provides a reconciliation of the Company's asset retirement obligation for the years ended December 31, 2025 and 2024 (in thousands):
Year Ended December 31, 2025 Year Ended December 31, 2024
Asset retirement obligation, beginning of period $ 32,949  $ 29,941 
Liabilities incurred 559  682 
Liabilities settled (3,026) — 
Accretion expense 2,421  2,307 
Revisions in estimated cash flows(1)
9  19 
Asset retirement obligation, end of period $ 32,912  $ 32,949 
_____________________
(1)    Revisions represent changes in the present value of liabilities resulting from changes in estimated costs.