Quarterly report [Sections 13 or 15(d)]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of Company
Gulfport Energy Corporation (the “Company” or “Gulfport”) is an independent natural gas-weighted exploration and production company focused on the exploration, acquisition and production of natural gas, crude oil and NGL in the United States with primary focus in the Appalachia and Anadarko basins. The Company's principal properties are located in eastern Ohio targeting the Utica and Marcellus and in central Oklahoma targeting the SCOOP Woodford and Springer formations.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of Gulfport were prepared in accordance with GAAP and the rules and regulations of the SEC.
This Quarterly Report on Form 10-Q (this “Form 10-Q”) relates to the financial position as of March 31, 2026, the results of operations for the three months ended March 31, 2026 and 2025 and the cash flows for three months ended March 31, 2026 and 2025. The Company's annual report on Form 10-K for the year ended December 31, 2025, should be read in conjunction with this Form 10-Q. The accompanying unaudited consolidated financial statements reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of our condensed consolidated financial statements and accompanying notes and include the accounts of our wholly-owned subsidiaries. Intercompany accounts and balances have been eliminated. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern.
Recent Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its financial disclosures.
Reclassification
Certain reclassifications have been made to prior period financial statements and related disclosures to conform to current period presentation. These reclassifications have no impact on previous reported total assets, total liabilities, net income or total operating cash flows.
Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities consisted of the following (in thousands):
March 31, 2026 December 31, 2025
Revenue payable and suspense $ 171,068  $ 157,532 
Accounts payable 67,639  53,107 
Accrued transportation, gathering, processing and compression 34,873  38,544 
Accrued capital expenditures 54,981  30,873 
Other accrued liabilities 40,733  62,326 
Total accounts payable and accrued liabilities $ 369,294  $ 342,382 
Supplemental Cash Flow and Non-Cash Information (in thousands)
Three Months Ended March 31, 2026 Three Months Ended March 31, 2025
Supplemental disclosure of cash flow information:
Interest payments, net of amounts capitalized $ 24,994  $ 21,059 
Changes in operating assets and liabilities, net:
Accounts receivable - oil, natural gas and natural gas liquid sales $ 55,662  $ (2,118)
Accounts receivable - joint interest and other (284) (20)
Accounts payable and accrued liabilities (10,007) (27,674)
Prepaid expenses 1,493  485 
Other assets (30) (33)
Total changes in operating assets and liabilities, net $ 46,834  $ (29,360)
Supplemental disclosure of non-cash transactions:
Capitalized stock-based compensation $ 97  $ 1,498 
Asset retirement obligation capitalized 243  53 
Asset retirement obligation removed due to settlements (74) (815)