COVER PAGE - shares |
9 Months Ended | |
|---|---|---|
Sep. 30, 2019 |
Oct. 25, 2019 |
|
| Cover page. | ||
| Document Type | 10-Q/A | |
| Document Quarterly Report | true | |
| Document Period End Date | Sep. 30, 2019 | |
| Document Transition Report | false | |
| Entity File Number | 000-19514 | |
| Entity Registrant Name | Gulfport Energy Corp | |
| Entity Incorporation, State or Country Code | DE | |
| Entity Tax Identification Number | 73-1521290 | |
| Entity Address, Address Line One | 3001 Quail Springs Parkway | |
| Entity Address, City or Town | Oklahoma City, | |
| Entity Address, State or Province | OK | |
| Entity Address, Postal Zip Code | 73134 | |
| City Area Code | 405 | |
| Local Phone Number | 252-4600 | |
| Title of 12(b) Security | Common stock, par value $0.01 per share | |
| Trading Symbol | GPOR | |
| Security Exchange Name | NASDAQ | |
| Entity Current Reporting Status | Yes | |
| Entity Interactive Data Current | Yes | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Small Business | false | |
| Entity Emerging Growth Company | false | |
| Entity Shell Company | false | |
| Entity Common Stock, Shares Outstanding | 159,709,221 | |
| Entity Central Index Key | 0000874499 | |
| Current Fiscal Year End Date | --12-31 | |
| Document Fiscal Year Focus | 2019 | |
| Document Fiscal Period Focus | Q3 | |
| Amendment Flag | true | |
| Amendment Description | This Amendment No. 1 to the Quarterly Report on Form 10-Q/A (the “Amendment”) is being filed by Gulfport Energy Corporation (the "Company") to amend the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, which was originally filed with the Securities and Exchange Commission (the "SEC") on November 1, 2019 (the “Original Filing”). The Amendment sets forth the information in Original Filing in its entirety, as adjusted for the effects of the restatement described below.On February 25, 2020, the Audit Committee of the Company's Board of Directors, in conjunction with senior management, concluded that the Company's unaudited consolidated financial statements as of and for the periods ended September 30, 2019 included in the Company's quarterly report on Form 10-Q for the quarterly period ended September 30, 2019 should be restated to correct the error discussed below and should no longer be relied upon.In the course of preparing the consolidated financial statements for the year ended December 31, 2019, the Company identified a misstatement of its depreciation, depletion and amortization and impairment of oil and gas properties as of September 30, 2019 of approximately $554 million ($436 million net of the tax benefit) related to unrecorded transfers of its unevaluated oil and natural gas properties into the amortization base. This error impacted the related calculations of the Company's depreciation, depletion and amortization and impairment of oil and natural gas properties for the three and nine month periods ended September 2019. Net (loss) income and income tax benefit have also been impacted. This Amendment is being filed solely to (i) restate the consolidated financial statements for the misstatement described above to the consolidated financial statements (and to make corresponding changes to the Risk Factors and Management's Discussion and Analysis of Financial Condition and Results of Operations sections in this Amendment) and (ii) amend Item 4 (Controls and Procedures).The following sections in the Original Filing are revised in this Amendment to reflect the restatement:•Part I - Item 1. Consolidated Financial Statements•Part I - Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations•Part I - Item 4. Controls and Procedures•Part II - Item 1A. Risk Factors•Part II - Item 6. ExhibitsOur consolidated financial statements as of September 30, 2019 and for the three and nine month periods then ended have been restated to correctly reflect the unproved oil and natural gas properties excluded from amortization and accumulated depletion, depreciation, amortization and impairment in the consolidated balance sheet and the depreciation, depletion and amortization, impairment of oil and natural gas properties, income tax benefit and net loss in the consolidated statements of operations and consolidated statements of cash flows and other related effects on the consolidated financial statements and related footnotes. See restated Note 1 for the adjustments to the consolidated financial statements related to this misstatement. The Company has also made corresponding amendments to Management's Discussion and Analysis of Financial Conditions and Results of Operations. This Amendment resulted from a material weakness in internal control over financial reporting. As such, Item 4 of Part I has been amended for our assessment of the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15(b) under the Exchange Act. This Amendment includes new certifications from the Company’s Chief Executive Officer and President and Chief Financial Officer dated as of the date of filing of this Amendment, as required by Sections 302 and 906 of the Sarbanes-Oxley act of 2002. The certifications are included in this Amendment as Exhibits 31.1, 31.2, 32.1 and 32.2.This Amendment does not reflect events occurring after the filing of the Original Filing, or modify or update those disclosures affected by subsequent events, except for the effects of the restatement. Disclosures not affected by the restatement are unchanged and reflect the disclosures made at the time of the Original Filing. Accordingly, this Amended Form 10-Q should be read in conjunction with our filings with the SEC subsequent to the date on which we filed the Original Filing with the SEC. |