GULFPORT ENERGY CORP
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
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3. Property and Equipment
- PROPERTY AND EQUIPMENT
The major categories of property and equipment and related accumulated DD&A are as follows (in thousands):
| September 30, 2026 | December 31, 2025 | |
|---|---|---|
| Proved oil and natural gas properties | $4,416,238 | $3,902,539 |
| Unproved properties | 338,381 | 232,959 |
| Other depreciable property and equipment | 13,604 | 12,622 |
| Land | 386 | 386 |
| Total property and equipment | 4,768,609 | 4,148,506 |
| Accumulated DD&A | (2,101,766) | (1,868,481) |
| Property and equipment, net | $2,666,843 | $2,280,025 |
Oil and Natural Gas Properties
Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter. The test determines a limit, or ceiling, on the book value of the Company's oil and natural gas properties. At September 30, 2026 and 2025, the net book value of the Company's oil and gas properties was below the calculated ceiling. As a result, the Company did not record an impairment of its oil and natural gas properties for the three or nine months ended September 30, 2026 or 2025.
General and administrative costs capitalized to the full cost pool represent management’s estimate of costs incurred directly related to exploration and development activities such as geological and other administrative costs associated with overseeing the exploration and development activities. All general and administrative costs not directly associated with exploration and development activities are charged to expense as they are incurred. Capitalized general and administrative costs were approximately $6.1 million and $18.2 million for the three and nine months ended September 30, 2026, respectively, and $6.2 million and $18.9 million for the three and nine months ended September 30, 2025, respectively.
The Company evaluates the costs excluded from its amortization calculation at least annually. Individually insignificant unevaluated properties are grouped for evaluation and periodically transferred to evaluated properties over a timeframe consistent with their expected development schedule. Individually significant unevaluated properties are evaluated separately and transferred each quarter based upon their expected development schedule.
The following table summarizes the Company’s non-producing properties excluded from amortization by area (in thousands):
| September 30, 2026 | December 31, 2025 | |
|---|---|---|
| Utica & Marcellus | $317,674 | $210,185 |
| SCOOP | 20,707 | 22,774 |
| Total unproved properties | $338,381 | $232,959 |
Asset Retirement Obligation
The following table provides a reconciliation of the Company’s asset retirement obligation (in thousands):
| Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | |
|---|---|---|
| Asset retirement obligation, beginning of period | $32,912 | $32,949 |
| Liabilities incurred | 543 | 520 |
| Liabilities settled and divested | (74) | (1,673) |
| Accretion expense | 1,851 | 1,802 |
| Total asset retirement obligation, end of period | $35,232 | $33,598 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.