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DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2021
General Discussion of Derivative Instruments and Hedging Activities [Abstract]  
Schedule of Open Fixed Price Swap Positions and Natural Gas Basis Swap Positions Below is a summary of the Company’s open fixed price swap positions as of March 31, 2021. 
LocationDaily Volume
(MMBtu/day)		Weighted
Average Price
Remaining 2021NYMEX Henry Hub351,316 $2.73 
LocationDaily Volume
(Bbl/day)		Weighted
Average Price
Remaining 2021NYMEX WTI1,505 $53.07 
LocationDaily Volume
(Bbl/day)		Weighted
Average Price
Remaining 2021Mont Belvieu C32,074 $27.80 
2022Mont Belvieu C3496 $27.30 
Below is a summary of the Company's sold call option positions as of March 31, 2021.
LocationDaily Volume
(MMBtu/day)		Weighted Average Price
2022NYMEX Henry Hub152,675 $2.90 
2023NYMEX Henry Hub627,675 $2.90 
Below is a summary of the Company's costless collar positions as of March 31, 2021.
LocationDaily Volume (MMBtu/day)Weighted Average Floor PriceWeighted Average Ceiling Price
Remaining 2021NYMEX Henry Hub390,509 $2.54 $2.93 
2022NYMEX Henry Hub186,438 $2.63 $3.04 
Schedule of Natural Gas Basis Swap Positions Below is a summary of the Company's basis swap positions as of March 31, 2021.
Gulfport PaysGulfport ReceivesDaily Volume
(MMBtu/day)		Weighted Average Fixed Spread
Remaining 2021Rex Zone 3NYMEX Plus Fixed Spread85,309 $(0.22)
Remaining 2021Tetco M2NYMEX Plus Fixed Spread32,384 $(0.63)
2022Rex Zone 3NYMEX Plus Fixed Spread14,795 $(0.10)
Subsequent to March 31, 2021 and as of April 30, 2021, the Company entered into the following natural gas and oil derivative contracts as it completed minimum hedging requirements as provided for in the RSA:
PeriodType of Derivative InstrumentIndex
Daily Volume(1)
Weighted
Average Price
November 2021 - March 2022Basis SwapsRex Zone 340,000 $(0.10)
April 2022 - December 2022Costless CollarsNYMEX Henry Hub139,773 
$2.40/$2.60
January 2022 - December 2022Costless CollarsNYMEX WTI1,500 
$55.00/$60.00
(1)    Volume units for gas instruments are presented as MMBtu/day and oil is presented in Bbls/day.
Schedule of Derivative Instruments in Balance Sheet The following table presents the fair value of the Company’s derivative instruments on a gross basis at March 31, 2021 and December 31, 2020:
March 31, 2021December 31, 2020
(In thousands)
Short-term derivative asset$12,422 $27,146 
Long-term derivative asset652 322 
Short-term derivative liability(20,687)(11,641)
Long-term derivative liability(43,267)(36,604)
Total commodity derivative position$(50,880)$(20,777)
Schedule of Net Gain (Loss) on Derivatives
The following table presents the gain and loss recognized in net (loss) gain on natural gas, oil and NGL derivatives in the accompanying consolidated statements of operations for the three months ended March 31, 2021 and 2020.
Net (loss) gain on derivative instruments
Three months ended March 31,
20212020
(In thousands)
Natural gas derivatives$(25,413)$45,853 
Oil derivatives(1,731)52,874 
NGL derivatives(2,834)920 
Contingent consideration arrangement— (1,381)
Total$(29,978)$98,266 
Schedule of Recognized Derivative Assets The following table presents the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value.
As of March 31, 2021
Gross Assets (Liabilities)Gross Amounts
Presented in theSubject to MasterNet
Consolidated Balance SheetsNetting AgreementsAmount
(In thousands)
Derivative assets$13,074 $(13,074)$— 
Derivative liabilities$(63,954)$13,074 $(50,880)
As of December 31, 2020
Gross Assets (Liabilities)Gross Amounts
Presented in theSubject to MasterNet
Consolidated Balance SheetsNetting AgreementsAmount
(In thousands)
Derivative assets$27,468 $(25,730)$1,738 
Derivative liabilities$(48,245)$25,730 $(22,515)
Schedule of Recognized Derivative Liabilities The following table presents the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value.
As of March 31, 2021
Gross Assets (Liabilities)Gross Amounts
Presented in theSubject to MasterNet
Consolidated Balance SheetsNetting AgreementsAmount
(In thousands)
Derivative assets$13,074 $(13,074)$— 
Derivative liabilities$(63,954)$13,074 $(50,880)
As of December 31, 2020
Gross Assets (Liabilities)Gross Amounts
Presented in theSubject to MasterNet
Consolidated Balance SheetsNetting AgreementsAmount
(In thousands)
Derivative assets$27,468 $(25,730)$1,738 
Derivative liabilities$(48,245)$25,730 $(22,515)