Annual report [Section 13 and 15(d), not S-K Item 405]

PROPERTY AND EQUIPMENT (Tables)

v3.25.0.1
PROPERTY AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
The major categories of property and equipment and related accumulated DD&A are as follows (in thousands):
December 31, 2024 December 31, 2023
Proved oil and natural gas properties $ 3,349,805  $ 2,904,519 
Unproved properties 221,650  204,233 
Other depreciable property and equipment 10,905  8,779 
Land 386  386 
Total property and equipment 3,582,746  3,117,917 
Accumulated DD&A and impairment (1,564,475) (865,618)
Property and equipment, net $ 2,018,271  $ 2,252,299 
Schedule of Oil and Gas Properties Not Subject to Amortization
The following table summarizes the Company’s non-producing properties excluded from amortization by area (in thousands):
December 31, 2024 December 31, 2023
Utica & Marcellus $ 197,513  $ 177,888 
SCOOP 24,137  26,345 
Total unproved properties $ 221,650  $ 204,233 
The following is a summary of Gulfport’s oil and natural gas properties not subject to amortization as of December 31, 2024 (in thousands):
Costs Incurred in
2024 2023 2022 Prior to 2022 Total
Acquisition costs $ 58,742  $ 58,002  $ 17,288  $ 82,695  $ 216,727 
Exploration costs —  —  —  —  — 
Development costs 1,472  556  —  —  2,028 
Capitalized interest 2,895  —  —  —  2,895 
Total oil and natural gas properties not subject to amortization $ 63,109  $ 58,558  $ 17,288  $ 82,695  $ 221,650 
Schedule of Asset Retirement Obligation
The following table provides a reconciliation of the Company's asset retirement obligation for the years ended December 31, 2024 and 2023 (in thousands):
Year Ended December 31, 2024 Year Ended December 31, 2023
Asset retirement obligation, beginning of period $ 29,941  $ 33,171 
Liabilities incurred 682  588 
Liabilities settled —  (604)
Liabilities removed due to divestitures —  (919)
Accretion expense 2,307  2,782 
Revisions in estimated cash flows(1)
19  (5,077)
Asset retirement obligation, end of period $ 32,949  $ 29,941 
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(1)    Revisions represent changes in the present value of liabilities resulting from changes in estimated costs.