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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended
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Mar. 31, 2025
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 and periods as of and for the three months ended March 31, 2025, and the three months ended March 31, 2024. The Company's annual report on Form 10-K for the year ended December 31, 2024, 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 December 2023, the FASB issued ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures (Topic 740). The amendment requires entities to disclose on an annual basis additional categories of information about federal, state, and foreign income taxes in the rate reconciliation table and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. The ASU is effective for annual periods beginning after December 15, 2024, and the resulting new annual disclosure requirements will be reflected in our annual report on Form 10-K for the year ending December 31, 2025. 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 at March 31, 2025 and December 31, 2024 (in thousands):
| March 31, 2025 |  | December 31, 2024
Revenue payable and suspense | $ | 146,332 |  |  | $ | 139,703 |
Accounts payable | 52,596 |  |  | 34,668 |
Accrued capital expenditures | 59,544 |  |  | 20,229 |
Accrued transportation, gathering, processing and compression | 33,676 |  |  | 36,170 |
Other accrued liabilities | 42,205 |  |  | 67,311 |
Total accounts payable and accrued liabilities | $ | 334,353 |  |  | $ | 298,081 |
Supplemental Cash Flow and Non-Cash Information (in thousands)
| Three Months Ended March 31, 2025 |  | Three Months Ended March 31, 2024
Supplemental disclosure of cash flow information: |  |  |
Interest payments, net of amounts capitalized | $ | 21,059 |  |  | $ | 3,124 |
Changes in operating assets and liabilities, net: |  |  |
Accounts receivable - oil, natural gas and natural gas liquid sales | $ | (2,118) |  |  | $ | 37,457 |
Accounts receivable - joint interest and other | (20) |  |  | (4,145) |
Accounts payable and accrued liabilities | (27,674) |  |  | (16,656) |
Prepaid expenses | 485 |  |  | 299 |
Other assets | (33) |  |  | (1) |
Total changes in operating assets and liabilities, net | $ | (29,360) |  |  | $ | 16,954 |
Supplemental disclosure of non-cash transactions: |  |  |
Capitalized stock-based compensation | $ | 1,498 |  |  | $ | 1,183 |
Asset retirement obligation capitalized | 53 |  |  | 214 |
Asset retirement obligation removed due to settlements | (815) |  |  | — |
Release of common stock held in reserve | — |  |  | 1,996 |

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- Definition The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/235/tableOfContent + Details
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