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DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2021. 
LocationDaily VolumeWeighted
Average Price
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2021NYMEX Henry Hub198,000 $2.85 
2022NYMEX Henry Hub140,740 $2.88 
2023NYMEX Henry Hub34,932 $3.24 
Oil(Bbl/d)($/Bbl)
Remaining 2021NYMEX WTI3,000 $57.67 
2022NYMEX WTI2,104 $66.23 
NGL(Bbl/d)($/Bbl)
Remaining 2021Mont Belvieu C33,100 $27.80 
2022Mont Belvieu C33,378 $35.09 
Below is a summary of the Company's sold natural gas call option positions as of September 30, 2021.
LocationDaily VolumeWeighted Average Price
Natural Gas(MMBtu/d)($/MMBtu)
2022NYMEX Henry Hub152,675 $2.90 
2023NYMEX Henry Hub627,675 $2.90 
Below is a summary of the Company's costless collar positions as of September 30, 2021.
LocationDaily VolumeWeighted Average Floor PriceWeighted Average Ceiling Price
Natural Gas(MMBtu/d)($/MMBtu)($/MMBtu)
Remaining 2021NYMEX Henry Hub610,000 $2.59 $3.02 
2022NYMEX Henry Hub406,747 $2.58 $2.91 
Oil(Bbl/d)($/Bbl)($/Bbl)
2022NYMEX WTI1,500 $55.00 $60.00 
Schedule of Natural Gas Basis Swap Positions
Below is a summary of the Company's natural gas basis swap positions as of September 30, 2021.
Gulfport PaysGulfport ReceivesDaily VolumeWeighted Average Fixed Spread
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2021Rex Zone 3NYMEX Plus Fixed Spread83,152 $(0.12)
2022Rex Zone 3NYMEX Plus Fixed Spread24,658 $(0.10)
Subsequent to September 30, 2021 and as of October 28, 2021, the Company entered into the following natural gas derivative contracts:
Type of Derivative InstrumentIndexDaily VolumeWeighted
Average Price
Natural Gas(MMBtu/d)($/MMBtu)
November 2021 - December 2021Basis SwapONG Minus Inside FERC20,000 $0.50
January 2022 - March 2022Basis SwapONG Minus Inside FERC20,000 $0.50
January 2023 - December 2023Fixed price swapNYMEX Henry Hub30,000 $3.58
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 September 30, 2021 and December 31, 2020:
SuccessorPredecessor
September 30, 2021December 31, 2020
Short-term derivative asset$2,142 $27,146 
Long-term derivative asset961 322 
Short-term derivative liability(560,722)(11,641)
Long-term derivative liability(272,935)(36,604)
Total commodity derivative position$(830,554)$(20,777)
Schedule of Net Gain (Loss) on Derivatives
The following tables present the gain and loss recognized in net (loss) gain on natural gas, oil and NGL derivatives in the accompanying consolidated statements of operations:
Net loss on derivative instruments
SuccessorPredecessor
Three Months Ended September 30, 2021Three Months Ended September 30, 2020
Natural gas derivatives - fair value losses$(517,799)$(84,390)
Natural gas derivatives - settlement (losses) gains(82,566)31,742 
Total losses on natural gas derivatives(600,365)(52,648)
Oil and condensate derivatives - fair value (losses) gains(1,590)723 
Oil and condensate derivatives - settlement losses(4,336)(1,505)
Total losses on oil and condensate derivatives(5,926)(782)
NGL derivatives - fair value losses(10,201)(288)
NGL derivatives - settlement losses(5,984)(105)
Total losses on NGL derivatives(16,185)(393)
Total losses on natural gas, oil and NGL derivatives$(622,476)$(53,823)
Net (loss) gain on derivative instruments
SuccessorPredecessor
Period from May 18, 2021 through September 30, 2021Period from January 1, 2021 through May 17, 2021Nine Months Ended September 30, 2020
Natural gas derivatives - fair value losses$(638,063)$(123,080)$(147,661)
Natural gas derivatives - settlement (losses) gains(89,255)(3,362)176,555 
Total (losses) gains on natural gas derivatives(727,318)(126,442)28,894 
Oil and condensate derivatives - fair value losses(6,947)(6,126)(4,289)
Oil and condensate derivatives - settlement (losses) gains(4,336)— 48,444 
Total (losses) gains on oil and condensate derivatives(11,283)(6,126)44,155 
NGL derivatives - fair value losses(17,549)(4,671)(620)
NGL derivatives - settlement (losses) gains(5,984)— 366 
Total losses on NGL derivatives(23,533)(4,671)(254)
Contingent consideration arrangement - fair value losses— — (1,381)
Total (losses) gains on natural gas, oil and NGL derivatives$(762,134)$(137,239)$71,414 
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.
Successor
As of September 30, 2021
Gross Assets (Liabilities)Gross Amounts
Presented in theSubject to MasterNet
Consolidated Balance SheetsNetting AgreementsAmount
Derivative assets$3,103 $(3,103)$— 
Derivative liabilities$(833,657)$3,103 $(830,554)
Predecessor
As of December 31, 2020
Gross Assets (Liabilities)Gross Amounts
Presented in theSubject to MasterNet
Consolidated Balance SheetsNetting AgreementsAmount
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.
Successor
As of September 30, 2021
Gross Assets (Liabilities)Gross Amounts
Presented in theSubject to MasterNet
Consolidated Balance SheetsNetting AgreementsAmount
Derivative assets$3,103 $(3,103)$— 
Derivative liabilities$(833,657)$3,103 $(830,554)
Predecessor
As of December 31, 2020
Gross Assets (Liabilities)Gross Amounts
Presented in theSubject to MasterNet
Consolidated Balance SheetsNetting AgreementsAmount
Derivative assets$27,468 $(25,730)$1,738 
Derivative liabilities$(48,245)$25,730 $(22,515)