Company Quick10K Filing
Gulfport Energy
Price2.90 EPS2
Shares165 P/E1
MCap478 P/FCF1
Net Debt2,067 EBIT280
TEV2,545 TEV/EBIT9
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-09
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-15
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-03-14
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-12
8-K 2020-11-16
8-K 2020-11-13
8-K 2020-11-02
8-K 2020-10-26
8-K 2020-10-15
8-K 2020-09-21
8-K 2020-08-04
8-K 2020-07-27
8-K 2020-07-16
8-K 2020-07-06
8-K 2020-06-01
8-K 2020-05-29
8-K 2020-05-01
8-K 2020-04-30
8-K 2020-04-30
8-K 2020-04-16
8-K 2020-03-11
8-K 2020-03-02
8-K 2020-02-27
8-K 2020-02-25
8-K 2020-02-06
8-K 2020-01-01
8-K 2019-12-17
8-K 2019-11-25
8-K 2019-11-16
8-K 2019-11-16
8-K 2019-10-31
8-K 2019-10-16
8-K 2019-08-21
8-K 2019-08-06
8-K 2019-08-01
8-K 2019-06-03
8-K 2019-05-02
8-K 2019-02-27
8-K 2019-01-17
8-K 2018-12-18
8-K 2018-11-28
8-K 2018-11-01
8-K 2018-08-01
8-K 2018-07-10
8-K 2018-05-30
8-K 2018-05-21
8-K 2018-05-08
8-K 2018-03-19
8-K 2018-02-21
8-K 2018-01-02

GPOR 10Q Quarterly Report

Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6.Exhibits
EX-31.1 gpor-09302020xex311.htm
EX-31.2 gpor-09302020xex312.htm
EX-32.1 gpor-09302020xex321.htm
EX-32.2 gpor-09302020xex322.htm

Gulfport Energy Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.50.2-0.1-0.3-0.6-0.92012201420172020
Rev, G Profit, Net Income
1.40.80.3-0.3-0.8-1.42012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
(Mark One)
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number 001-19514
Gulfport Energy Corporation
(Exact Name of Registrant As Specified in Its Charter)
Delaware73-1521290
(State or Other Jurisdiction of Incorporation or Organization)(IRS Employer Identification Number)
3001 Quail Springs Parkway
Oklahoma City,Oklahoma73134
(Address of Principal Executive Offices)(Zip Code)
(405) 252-4600
(Registrant Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareGPORNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files).     Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated filer  ¨     Accelerated filer   ý   
Non-accelerated filer  ¨    Smaller reporting company  
Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ý
As of November 5, 2020, 160,762,186 shares of the registrant’s common stock were outstanding.



Table of Contents

GULFPORT ENERGY CORPORATION
TABLE OF CONTENTS
 
  Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

1

Table of Contents



GULFPORT ENERGY CORPORATION
CONSOLIDATED BALANCE SHEETS
September 30, 2020December 31, 2019
(Unaudited)
(In thousands, except share data)
Assets
Current assets:
Cash and cash equivalents$51,043 $6,060 
Accounts receivable—oil and natural gas sales92,443 121,210 
Accounts receivable—joint interest and other15,421 47,975 
Prepaid expenses and other current assets51,187 4,431 
Short-term derivative instruments6,245 126,201 
Total current assets216,339 305,877 
Property and equipment:
Oil and natural gas properties, full-cost accounting, $1,526,941 and $1,686,666 excluded from amortization in 2020 and 2019, respectively
10,786,305 10,595,735 
Other property and equipment95,921 96,719 
Accumulated depletion, depreciation, amortization and impairment(8,779,704)(7,228,660)
Property and equipment, net2,102,522 3,463,794 
Other assets:
Equity investments 16,560 32,044 
Long-term derivative instruments1,098 563 
Deferred tax asset 7,563 
Operating lease assets2,012 14,168 
Operating lease assets—related parties 43,270 
Other assets37,028 15,540 
Total other assets56,698 113,148 
Total assets$2,375,559 $3,882,819 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities$295,359 $415,218 
Short-term derivative instruments24,164 303 
Current portion of operating lease liabilities1,757 13,826 
Current portion of operating lease liabilities—related parties 21,220 
Current maturities of long-term debt656 631 
Total current liabilities321,936 451,198 
Long-term derivative instruments63,803 53,135 
Asset retirement obligation62,935 60,355 
Uncertain tax position liability3,371 3,127 
Non-current operating lease liabilities255 342 
Non-current operating lease liabilities—related parties 22,050 
Long-term debt, net of current maturities2,068,036 1,978,020 
Total liabilities2,520,336 2,568,227 
Commitments and contingencies (Note 9)
Preferred stock - $0.01 par value; 5.0 million shares authorized (30 thousand authorized as redeemable 12% cumulative preferred stock, Series A), and none issued and outstanding
  
Stockholders’ equity:
Common stock - $0.01 par value, 200.0 million shares authorized, 160.8 million issued and outstanding at September 30, 2020 and 159.7 million at December 31, 2019
1,607 1,597 
Paid-in capital4,212,241 4,207,554 
Accumulated other comprehensive loss(51,330)(46,833)
Accumulated deficit(4,307,295)(2,847,726)
Total stockholders’ equity(144,777)1,314,592 
Total liabilities and stockholders’ equity$2,375,559 $3,882,819 

See accompanying notes to consolidated financial statements.
2

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GULFPORT ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) 
 Three months ended September 30,Nine months ended September 30,
2020201920202019
(In thousands)
REVENUES:
Natural gas sales$155,163 $269,798 $456,859 $876,411 
Oil and condensate sales16,012 24,550 47,553 93,942 
Natural gas liquid sales18,824 20,324 45,989 78,136 
Net (loss) gain on natural gas, oil and NGL derivatives(53,823)27,074 71,414 178,169 
Total Revenues136,176 341,746 621,815 1,226,658 
OPERATING EXPENSES:
Lease operating expenses15,274 22,473 46,946 64,668 
Production taxes4,028 6,565 12,432 22,584 
Midstream gathering and processing expenses110,567 135,006 334,789 382,643 
Depreciation, depletion and amortization51,551 163,270 194,369 406,654 
Impairment of oil and natural gas properties270,874 571,442 1,357,099 571,442 
General and administrative expenses20,524 13,198 46,546 34,982 
Restructuring and liability management8,984  9,601  
Accretion expense774 747 2,270 3,173 
Total Operating Expenses482,576 912,701 2,004,052 1,486,146 
LOSS FROM OPERATIONS(346,400)(570,955)(1,382,237)(259,488)
OTHER EXPENSE (INCOME):
Interest expense34,321 35,556 99,677 107,595 
Interest income(52)(338)(282)(649)
Gain on debt extinguishment (23,600)(49,579)(23,600)
Loss from equity method investments, net153 43,082 10,987 164,391 
Other expense141 3,194 9,239 3,757 
Total Other Expense34,563 57,894 70,042 251,494 
LOSS BEFORE INCOME TAXES(380,963)(628,849)(1,452,279)(510,982)
Income Tax (Benefit) Expense (144,047)7,290 (323,378)
NET LOSS$(380,963)$(484,802)$(1,459,569)$(187,604)
NET LOSS PER COMMON SHARE:
Basic$(2.37)$(3.04)$(9.12)$(1.17)
Diluted$(2.37)$(3.04)$(9.12)$(1.17)
Weighted average common shares outstanding—Basic160,683 159,548 160,053 160,554 
Weighted average common shares outstanding—Diluted160,683 159,548 160,053 160,554 

See accompanying notes to consolidated financial statements.

3

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GULFPORT ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited)
 Three months ended September 30,Nine months ended September 30,
2020201920202019
(In thousands)
Net loss$(380,963)$(484,802)$(1,459,569)$(187,604)
Foreign currency translation adjustment3,661 (2,064)(4,497)5,347 
Other comprehensive income (loss)3,661 (2,064)(4,497)5,347 
Comprehensive loss$(377,302)$(486,866)$(1,464,066)$(182,257)

See accompanying notes to consolidated financial statements.

4

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GULFPORT ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)

Paid-in
Capital
Accumulated Other
Comprehensive (Loss) Income
Accumulated
Deficit
Total Stockholders’
Equity
Common Stock
 SharesAmount
(In thousands)
Balance at January 1, 2020159,711 $1,597 $4,207,554 $(46,833)$(2,847,726)$1,314,592 
Net Loss— — — — (517,538)(517,538)
Other Comprehensive Loss— — — (15,030)— (15,030)
Stock Compensation— — 2,104 — — 2,104 
Shares Repurchased(80)(1)(78)— — (79)
Issuance of Restricted Stock211 2 (2)— —  
Balance at March 31, 2020159,842 $1,598 $4,209,578 $(61,863)$(3,365,264)$784,049 
Net Loss— — — — (561,068)(561,068)
Other Comprehensive Income— — — 6,872 — 6,872 
Stock Compensation— — 1,515 — — 1,515 
Shares Repurchased(27)— (28)— — (28)
Issuance of Restricted Stock301 3 (3)— —  
Balance at June 30, 2020160,116 $1,601 $4,211,062 $(54,991)$(3,926,332)$231,340 
Net Loss— — — — (380,963)(380,963)
Other Comprehensive Income— — — 3,661 — 3,661 
Stock Compensation— — 1,314 — — 1,314 
Shares Repurchased(136)(2)(127)— — (129)
Issuance of Restricted Stock782 8 (8)— —  
Balance at September 30, 2020160,762 $1,607 $4,212,241 $(51,330)$(4,307,295)$(144,777)
(Continued on next page)

























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GULFPORT ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)
(Unaudited)

Paid-in
Capital
Accumulated
Other
Comprehensive (Loss) Income
Accumulated
Deficit
Total
Stockholders’
Equity
Common Stock
 SharesAmount
(In thousands)
Balance at January 1, 2019162,986 $1,630 $4,227,532 $(56,026)$(845,368)$3,327,768 
Net Income— — — — 62,242 62,242 
Other Comprehensive Income— — — 3,801 — 3,801 
Stock Compensation— — 2,785 — — 2,785 
Shares Repurchased(3,619)(37)(28,293)— — (28,330)
Issuance of Restricted Stock55 1 (1)— —  
Balance at March 31, 2019159,422 $1,594 $4,202,023 $(52,225)$(783,126)$3,368,266 
Net Income— — — — 234,956 234,956 
Other Comprehensive Income— — — 3,610 — 3,610 
Stock Compensation— — 2,846 — — 2,846 
Shares Repurchased(297)(3)(2,267)— — (2,270)
Issuance of Restricted Stock271 3 (3)— —  
Balance at June 30, 2019159,396 $1,594 $4,202,599 $(48,615)$(548,170)$3,607,408 
Net Loss— — — — (484,802)(484,802)
Other Comprehensive Loss— — — (2,064)— (2,064)
Stock Compensation— — 2,651 — — 2,651 
Shares Repurchased(36)— (89)— — (89)
Issuance of Restricted Stock349 3 (3)— —  
Balance at September 30, 2019159,709 $1,597 $4,205,158 $(50,679)$(1,032,972)$3,123,104 

See accompanying notes to consolidated financial statements.
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GULFPORT ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Nine months ended September 30,
20202019
(In thousands)
Cash flows from operating activities:
Net loss$(1,459,569)$(187,604)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depletion, depreciation and amortization194,369 406,654 
Impairment of oil and natural gas properties1,357,099 571,442 
Loss from equity investments10,987 164,532 
Gain on debt extinguishment(49,579)(23,600)
Net gain on derivative instruments(71,414)(178,169)
Net cash receipts on settled derivative instruments225,364 80,744 
Deferred income tax expense (benefit)7,290 (323,378)
Other, net12,753 15,242 
Changes in operating assets and liabilities:
Decrease in accounts receivable—oil and natural gas sales28,767 97,543 
Decrease (increase) in accounts receivable—joint interest and other32,827 (18,830)
(Increase) decrease in prepaid expenses and other current assets(45,620)4,359 
(Decrease) increase in accounts payable and accrued liabilities(40,552)8,567 
Other, net(2,721)(147)
Net cash provided by operating activities200,001 617,355 
Cash flows from investing activities:
Additions to oil and natural gas properties(337,979)(646,535)
Proceeds from sale of oil and natural gas properties46,932 10,864 
Additions to other property and equipment(591)(4,694)
Proceeds from sale of other property and equipment942 204 
Contributions to equity method investments (432)
Distributions from equity method investments 1,945 
Net cash used in investing activities(290,696)(638,648)
Cash flows from financing activities:
Principal payments on borrowings(372,484)(550,500)
Borrowings on line of credit531,857 640,000 
Repurchases of senior notes(22,827)(79,480)
Payments for repurchases of stock under approved stock repurchase program (30,000)
Other, net(868)(900)
Net cash provided by (used in) financing activities135,678 (20,880)
Net increase (decrease) in cash, cash equivalents and restricted cash44,983 (42,173)
Cash, cash equivalents and restricted cash at beginning of period6,060 52,297 
Cash, cash equivalents and restricted cash at end of period$51,043 $10,124 
Supplemental disclosure of cash flow information:
Interest payments$73,979 $85,272 
Income tax receipts$ $(1,794)
Supplemental disclosure of non-cash transactions:
Capitalized stock-based compensation$2,189 $3,313 
Asset retirement obligation capitalized$2,343 $6,846 
Asset retirement obligation removed due to divestiture$(2,033)$(30,035)
Interest capitalized$907 $2,782 
Fair value of contingent consideration asset on date of divestiture$23,090 $1,137 
Foreign currency translation (loss) gain on equity method investments$(4,497)$5,347 
 See accompanying notes to consolidated financial statements.
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GULFPORT ENERGY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.BASIS OF PRESENTATION, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND LIQUIDITY, MANAGEMENT'S PLANS AND GOING CONCERN
Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared by Gulfport Energy Corporation (the “Company” or “Gulfport”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), and reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of the results for the interim periods reported in all material respects, on a basis consistent with the annual audited consolidated financial statements. All such adjustments are of a normal, recurring nature. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles ("GAAP") have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.
The consolidated financial statements should be read in conjunction with the consolidated financial statements and the summary of significant accounting policies and notes included in the Company’s most recent annual report on Form 10-K. Results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results expected for the full year.
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 loss or total operating cash flows.
COVID-19
In March 2020, the World Health Organization classified the outbreak of COVID-19 as a pandemic and recommended containment and mitigation measures worldwide. The measures have led to worldwide shutdowns and halting of commercial and interpersonal activity, as governments around the world have imposed regulations in efforts to control the spread of COVID-19 such as shelter-in-place orders, quarantines, executive orders and similar restrictions.
Gulfport remains focused on protecting the health and well-being of its employees and the communities in which it operates while assuring the continuity of its business operations. The Company implemented preventative measures and developed corporate and field response plans to minimize unnecessary risk of exposure and prevent infection. Additionally, the Company has a crisis management team for health, safety and environmental matters and personnel issues, and has established a COVID-19 Response Team to address various impacts of the situation, as they have been developing. Gulfport has modified certain business practices (including remote working for its corporate employees and restricted employee business travel) to conform to government restrictions and best practices encouraged by the Centers for Disease Control and Prevention, the World Health Organization and other governmental and regulatory authorities. In May 2020, the Company began its phased transition back to the office for its corporate employees. As part of this transition, the Company put into place preventative measures to focus on social distancing and minimizing unnecessary risk of exposure. As of the date of this filing, Gulfport has transitioned the vast majority of its employees back to the corporate office; however, the Company continues to provide a balanced work schedule that allows for a significant portion of the work week to be performed remotely. The Company will continue to monitor trends and governmental guidelines and may adjust its return to office plans accordingly to ensure the health and safety of its employees. As a result of its business continuity measures, the Company has not experienced significant disruptions in executing its business operations in 2020.
On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act did not have a material impact on the Company’s consolidated financial statements. Gulfport is closely monitoring the impact of COVID-19 on all aspects of its business and the current commodity price environment and is unable to predict the impact it will have on its future financial position or operating results.
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Industry Conditions, Liquidity, Management's Plans and Going Concern
Decreased demand for oil and natural gas as a result of the COVID-19 pandemic has put further downward pressure on commodity pricing. In the current depressed commodity price environment and period of economic uncertainty, the Company has taken the following operational and financial measures in 2020 to improve its balance sheet and preserve liquidity:
Reduced 2020 capital spending by more than 50% as compared to 2019
Focused on operational efficiencies to reduce operating costs; including significant improvements in development and completion costs per lateral foot
Repurchased $73.3 million of unsecured notes at a discount
Evaluated economics across our portfolio and shut-in certain non-economical production in the second quarter of 2020
Reduced corporate general and administrative costs significantly through pay reductions, furloughs and reductions in force.
Although management’s actions listed above have helped to improve the Company's liquidity and leverage profile, continued macro headwinds including the depressed state of energy capital markets and the extraordinarily low commodity price environments present significant risks to the Company's ability to fund its operations going forward. Additionally, subsequent to September 30, 2020, on October 8, 2020, the Company's borrowing base under its revolving credit facility was reduced for the second time during 2020. The October redetermination reduced the Company's borrowing base from $700 million to $580 million, thereby significantly reducing available liquidity.
Considering the factors above, there is substantial doubt about the Company’s ability to maintain, repay, refinance or restructure its $2.1 billion of long-term debt. The Company elected not to make an interest payment of $17.4 million due October 15, 2020 on its 6.000% senior unsecured notes maturing 2024 (the “2024 Notes”). The Company elected not to make an interest payment of $10.8 million due November 2, 2020 on its 6.625% senior unsecured notes maturing 2023 (the "2023 Notes"). The elections to defer the interest payments do not constitute an “Event of Default” as defined under the indentures governing the 2024 Notes and 2023 Notes (the “Indentures”) if the interest payments are made within 30 days of the due date. If the Company does not make such interest payments within such 30-day period, there will be an event of default under the Indentures upon expiration of the grace period and there can be no assurance that it will have sufficient funds to pay such interest payments prior to such time.
Additionally, on October 15, 2020, the Company entered into the First Forbearance Agreement and Amendment to the Amended and Restated Credit Agreement (the "First Forbearance Agreement"). Pursuant to the First Forbearance Agreement, the lender parties have agreed to (i) temporarily waive any default in connection with the non-payment of interest on the 2024 Notes within 30 days of becoming due (the “Specified Default”) prior to its occurrence without any further action and (ii) forbear from exercising certain of their default-related rights and remedies against the Company and the other loan parties with respect to any default in connection with the Specified Default, in each case, until the earlier of October 29, 2020 or another event that would trigger the end of the forbearance period. On October 26, 2020, the Company entered into the Second Forbearance Agreement and Amendment to Amended and Restated Credit Agreement (the "Second Forbearance Agreement"), which extends the First Forbearance Agreement. Pursuant to the Second Forbearance Agreement, the lender parties have agreed to (i) temporarily waive any default in connection with the Specified Default prior to its occurrence without any further action, (ii) expand the definition of "Specified Default" to include the failure to make the interest payment on the 2023 Notes within 30 days of becoming due and (iii) extend the agreement to forbear from exercising certain of their default-related rights and remedies against the Company and the other loan parties with respect to any default in connection with the Specified Default, in each case, until the earlier of November 13, 2020 or another event that would trigger the end of the forbearance period.
Moreover, the Company's existing revolving credit facility matures in December 2021 and therefore will become a current liability at year end 2020 unless the Company is able to refinance the credit facility with a new credit facility or other financing. Considering the current state of the first lien market and the Company's elevated leverage profile, there is substantial risk that a refinancing will not be available to the Company on reasonable terms. A current liability under the revolving credit facility at year end 2020 may result in a qualified audit opinion which could result in a default under the terms of the current revolving credit facility.
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Failure to meet the Company's obligations under its existing indebtedness or failure to comply with any of its covenants, if not waived, would result in an event of default under such indebtedness and result in the potential acceleration of outstanding indebtedness thereunder and, with respect to the revolving credit facility, the potential foreclosure on the collateral securing such debt, and could cause a cross-default under its other outstanding indebtedness. As a result of these uncertainties and other factors, management has concluded that there is substantial doubt about the Company's ability to continue as a going concern over the next twelve months from the issuance of these financial statements.
The Company has engaged financial and legal advisors to assist with the evaluation of a range of liability management alternatives. Additionally, the Company maintains an active dialogue with its senior lenders and bondholders regarding liability management alternatives to improve its balance sheet. There can be no assurances that the Company will be able to successfully complete a liability management transaction that materially improves the Company’s leverage profile or liquidity position.
The consolidated financial statements (i) have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities and other commitments in the normal course of business and (ii) do not include any adjustments to reflect the possible future effects of the uncertainty on the recoverability or classification of recorded asset amounts or the amounts or classifications of liabilities.
Impact on Previously Reported Results
During the third quarter of 2020, the Company identified that certain transportation activities during the three and nine months ended September 30, 2019 were misclassified between "natural gas sales" and "midstream gathering and processing expenses" on its consolidated statements of operations. The Company assessed the materiality of this presentation on prior periods’ consolidated financial statements in accordance with the SEC Staff Accounting Bulletin No. 99, “Materiality”, codified in Accounting Standards Codification (“ASC”) Topic 250, “Accounting Changes and Error Corrections.” Based on this assessment, the Company concluded that the correction is not material to any previously issued financial statements. The correction had no impact on its consolidated balance sheets, consolidated statements of comprehensive income, consolidated statements of stockholders' equity or consolidated statements of cash flows. Additionally, the error had no impact on net loss or net loss per share. The Company will conform presentation of previously reported consolidated statements of operations and condensed consolidating statements of operations in future filings. The following tables present the effect of the correction on all affected line items of our previously issued consolidated financial statements of operations for the three and nine months ended September 30, 2019.
Three months ended September 30, 2019
As ReportedAdjustmentsAs Revised
(In thousands)
Natural gas sales$213,227 $56,571 $269,798 
Total Revenues$285,175 $56,571 $341,746 
Midstream gathering and processing expenses$78,435 $56,571 $135,006 
Total Operating Expenses(1)
$856,130 $56,571 $912,701 
Nine months ended September 30, 2019
As ReportedAdjustmentsAs Revised
(In thousands)
Natural gas sales$714,500 $161,911 $876,411 
Total Revenues$1,064,747 $161,911 $1,226,658 
Midstream gathering and processing expenses$220,732 $161,911 $382,643 
Total Operating Expenses(1)
$1,324,235 $161,911 $1,486,146 
(1)Reflects additional immaterial presentation change made in the fourth quarter of 2019.
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Recently Adopted Accounting Standards
On January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. The Company adopted the new standard using the prospective transition method, and it did not have a material impact on the Company's consolidated financial statements and related disclosures.
2.PROPERTY AND EQUIPMENT
The major categories of property and equipment and related accumulated depletion, depreciation, amortization ("DD&A") and impairment as of September 30, 2020 and December 31, 2019 are as follows:
September 30, 2020December 31, 2019
(In thousands)
Oil and natural gas properties$10,786,305 $10,595,735 
Accumulated DD&A and impairment(8,735,750)(7,191,957)
Oil and natural gas properties, net2,050,555 3,403,778 
Other depreciable property and equipment91,101 91,198 
Land4,820 5,521 
Accumulated DD&A(43,954)(36,703)
Other property and equipment, net51,967 60,016 
Property and equipment, net$2,102,522 $3,463,794 

Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter. The test determines a limit, or ceiling, on the book value of the Company's oil and natural gas properties. At September 30, 2020, the net book value of the Company's oil and gas properties was above the calculated ceiling primarily as a result of reduced commodity prices for the period leading up to September 30, 2020. As a result, the Company was required to record impairments of its oil and natural gas properties of $270.9 million and $1.4 billion for the three and nine months ended September 30, 2020, respectively. The Company was required to record impairments of its oil and natural gas properties of $571.4 million in each of the three and nine months ended September 30, 2019.
Based on prices for the last nine months and the short-term pricing outlook for the fourth quarter of 2020, recognition of an additional full cost impairment in the fourth quarter of 2020 is possible. The amount of any future impairments is difficult to predict as it depends on future commodity prices, production rates, proved reserves, evaluation of costs excluded from amortization, future development costs and production costs. Any future full cost impairments are not expected to have an impact to the Company's future cash flows or liquidity.
General and administrative costs capitalized to the full cost pool represent management’s estimate of costs incurred directly related to exploration and development activities such as geological and other costs associated with overseeing exploration and development activities. All general and administrative costs not directly associated with exploration and development activities are charged to expense as they are incurred. Capitalized general and administrative costs were approximately $6.2 million and $19.8 million for the three and nine months ended September 30, 2020, respectively, and $9.8 million and $26.3 million for the three and nine months ended September 30, 2019, respectively.
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The following table summarizes the Company’s unevaluated properties excluded from amortization by area at September 30, 2020:
September 30, 2020
(In thousands)
Utica$850,643 
SCOOP674,280 
Other2,018 
$1,526,941 
At December 31, 2019, approximately $1.7 billion of unevaluated properties were not subject to amortiza