GULFPORT ENERGY CORP
For the period ended Jun 30, 2026. Filed Aug 4, 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.
Jun 30, 2026 · Filed Aug 4, 2026
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1. 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 June 30, 2026, the results of operations for the three and six months ended June 30, 2026 and 2025 and the cash flows for the six months ended June 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 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 previously reported total assets, total liabilities, net income or total operating cash flows.
Accounts Payable and Accrued Liabilities (in thousands):
| June 30, 2026 | December 31, 2025 | |
|---|---|---|
| Revenue payable and suspense | $139,691 | $157,532 |
| Accounts payable | 65,061 | 53,107 |
| Accrued capital expenditures | 73,892 | 30,873 |
| Accrued transportation, gathering, processing and compression | 38,247 | 38,544 |
| Other accrued liabilities | 50,130 | 62,326 |
| Total accounts payable and accrued liabilities | $367,021 | $342,382 |
Supplemental Cash Flow and Non-Cash Information (in thousands):
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | |
|---|---|---|
| Supplemental disclosure of cash flow information: | ||
| Interest payments, net of amounts capitalized | $28,695 | $23,191 |
| Income taxes paid | $795 | $2,400 |
| Changes in operating assets and liabilities, net: | ||
| Accounts receivable - oil, natural gas, and natural gas liquid sales | $70,273 | $27,328 |
| Accounts receivable - joint interest and other | (4,361) | (3,021) |
| Accounts payable and accrued liabilities | (31,204) | (17,329) |
| Prepaid expenses | (1,033) | (3,060) |
| Other assets | (31) | (41) |
| Total changes in operating assets and liabilities, net | $33,644 | $3,877 |
| Supplemental disclosure of non-cash transactions: | ||
| Capitalized stock-based compensation | $1,422 | $3,105 |
| Asset retirement obligation capitalized | 372 | 222 |
| Asset retirement obligation removed due to settlements | (74) | (1,030) |
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