Gulfport Energy Corporation Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

Supplemental cash flow and non-cash information (in thousands)


	Successor						Predecessor
	Year Ended December 31, 2023		Year Ended December 31, 2022		Period from May 18, 2021 through December 31, 2021		Period from January 1, 2021 through May 17, 2021
Supplemental disclosure of cash flow information:
Cash paid for reorganization items, net	$	—	$	—	$	85,706	$	87,199
Interest payments, net of amounts capitalized	57,967		57,685		33,295		7,272
Income tax receipts	—		—		(9,381)		—
Changes in operating assets and liabilities, net:
Accounts receivable - oil, natural gas, and natural gas liquids sales	155,925		(45,550)		(52,143)		(60,832)
Accounts receivable - joint interest and other	(743)		(1,095)		(5,178)		(3,005)
Accounts payable and accrued liabilities	(126,329)		59,879		(72,912)		79,193
Prepaid expenses	(215)		4,863		13,559		135,471
Other assets	63		1,330		3,630		3,067
Total changes in operating assets and liabilities, net	$	28,701	$	19,427	$	(113,044)	$	153,894
Supplemental disclosure of non-cash transactions:
Capitalized stock-based compensation	$	4,046	$	2,948	$	1,101	$	930
Asset retirement obligation capitalized	588		2,169		7,964		546
Asset retirement obligation removed due to divestiture and settlements	(1,267)		(7)		—		—
Asset retirement obligation revisions	(5,077)		2,072		7,762		—
Release of Common Stock held in reserve	—		28,220		23,893		—
Foreign currency translation gain on equity method investments	—		—		—		2,570

Accounts payable and accrued liabilities consisted of the following (in thousands):


	Successor
	December 31, 2023		December 31, 2022
Revenue payable and suspense	$	148,598	$	222,991
Accounts payable	43,517		37,807
Accrued capital expenditures	38,322		36,464
Accrued transportation, gathering, processing, and compression	32,849		56,138
Accrued contract rejection damages and shares held in reserve	1,996		40,996
Other accrued liabilities	44,250		42,988
Total accounts payable and accrued liabilities	$	309,532	$	437,384