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Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

The major categories of property and equipment and related accumulated depletion, depreciation, amortization and impairment as of December 31, 2020 and 2019 are as follows:

			December 31,
			2020						2019
			(In thousands)
Oil and natural gas properties			$	10,816,909					$	10,595,735
Other depreciable property and equipment			85,530						91,198
Land			3,008						5,521
Total property and equipment			10,905,447						10,692,454
Accumulated depletion, depreciation, amortization and impairment			(8,819,178)						(7,228,660)
Property and equipment, net			$	2,086,269					$	3,463,794

Schedule of oil and gas properties not subject to amortization

The following is a summary of Gulfport’s oil and natural gas properties not subject to amortization as of December 31, 2020:

			Costs Incurred in
			2020						2019						2018						Prior to 2018						Total
			(In thousands)
Acquisition costs			$	18,485					$	8,067					$	98,876					$	1,330,895					$	1,456,323
Exploration costs			—						—						—						—						—
Development costs			—						—						—						—						—
Capitalized interest			—						121						172						427						720
Total oil and natural gas properties not subject to amortization			$	18,485					$	8,188					$	99,048					$	1,331,322					$	1,457,043

The following table summarizes the Company’s non-producing properties excluded from amortization by area as of December 31, 2020:

			December 31, 2020
			(In thousands)
Utica			$	793,441
SCOOP			662,614
Other			988
			$	1,457,043

Schedule of asset retirement obligation

A reconciliation of the Company's asset retirement obligation for the years ended December 31, 2020 and 2019 is as follows:

			December 31,
			2020						2019
			(In thousands)
Asset retirement obligation, beginning of period			$	60,355					$	79,952
Liabilities incurred			2,358						5,935
Liabilities settled			—						(273)
Liabilities removed due to divestitures			(2,213)						(30,146)
Accretion expense			3,066						3,939
Revisions in estimated cash flows			—						948
Total asset retirement obligation as of end of period			63,566						60,355
Less: amounts reclassified to liabilities subject to compromise			(63,566)						—
Total asset retirement obligation reflected as non-current liabilities			$	—					$	60,355

X

- Definition

Tabular disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

+ References

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- Definition

Tabular disclosure of the carrying amount of a liability for asset retirement obligations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849

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- Definition

Tabular disclosure of the capitalized costs of unproved properties and major development projects that are excluded from capitalized costs being amortized. This includes the total costs excluded and, at a minimum, these categories of costs: acquisition costs, exploration costs, development costs in the case of significant development projects, and capitalized interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 932
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-10(c)(7)(ii))
-URI http://asc.fasb.org/extlink&oid=120398226&loc=d3e511914-122862

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