Quarterly report [Sections 13 or 15(d)]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

v3.26.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Sep. 30, 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 September 30, 2026, the results of operations for the three and nine months ended September 30, 2026 and 2025 and the cash flows for the nine months ended September 30, 2026 and 2025. The Company's 2025 Form 10-K 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 Company has substantially completed its assessment of ASU 2024-03 and plans to adopt the standard prospectively on January 1, 2027. Because the standard modifies disclosure requirements and does not change the recognition or measurement of amounts reported in the consolidated financial statements, the Company does not expect adoption to have an impact on its financial position, results of operations or cash flows. The Company expects the primary impact of adoption will be the inclusion of additional footnote disclosures related to the disaggregation of certain expense captions.
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 previously reported total assets, total liabilities, net income or total operating cash flows.
Accounts Payable and Accrued Liabilities (in thousands):
September 30, 2026 December 31, 2025
Revenue payable and suspense $ 140,130  $ 157,532 
Accounts payable 59,029  53,107 
Accrued capital expenditures 50,475  30,873 
Accrued transportation, gathering, processing and compression 42,830  38,544 
Other accrued liabilities 42,693  62,326 
Total accounts payable and accrued liabilities $ 335,157  $ 342,382 
Supplemental Cash Flow and Non-Cash Information (in thousands):
Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025
Supplemental disclosure of cash flow information:
Interest payments, net of amounts capitalized $ 55,104  $ 46,385 
Income taxes paid 795  2,400 
Changes in operating assets and liabilities, net:
Accounts receivable - oil, natural gas, and natural gas liquid sales $ 39,285  $ 33,952 
Accounts receivable - joint interest and other (2,803) 817 
Accounts payable and accrued liabilities (29,125) (17,612)
Prepaid expenses (266) (2,603)
Other assets (42) 1 
Total changes in operating assets and liabilities, net $ 7,049  $ 14,555 
Supplemental disclosure of non-cash transactions:
Capitalized stock-based compensation $ 1,830  $ 4,554 
Asset retirement obligation capitalized 543  520 
Asset retirement obligation removed due to settlements (74) (1,030)