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PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended
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Dec. 31, 2021
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, 2021 and 2020 are as follows (in thousands):
| Successor |  |  | Predecessor
| December 31, 2021 |  |  | December 31, 2020
Proved oil and natural gas properties | $ | 1,917,833 |  |  |  | $ | 9,359,866 |
Unproved properties | 211,007 |  |  |  | 1,457,043 |
Other depreciable property and equipment | 4,943 |  |  |  | 85,530 |
Land | 386 |  |  |  | 3,008 |
Total property and equipment | 2,134,169 |  |  |  | 10,905,447 |
Accumulated depletion, depreciation, amortization and impairment | (278,341) |  |  |  | (8,819,178) |
Property and equipment, net | $ | 1,855,828 |  |  |  | $ | 2,086,269 |
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, 2021 (in thousands):
| Costs Incurred in
| Period from May 18, 2021 through December 31, 2021 |  |  | Fresh Start Adjustments (May 17, 2021)(1) |  |  |  |  |  | Total
Acquisition costs | $ | 8,687 |  |  |  | $ | 202,296 |  |  |  |  |  |  | $ | 210,983 |
Exploration costs | — |  |  |  | — |  |  |  |  |  |  | — |
Development costs | 18 |  |  |  | — |  |  |  |  |  |  | 18 |
Capitalized interest | 6 |  |  |  | — |  |  |  |  |  |  | 6 |
Total oil and natural gas properties not subject to amortization | $ | 8,711 |  |  |  | $ | 202,296 |  |  |  |  |  |  | $ | 211,007 |
_____________________ (1) Reflects carrying values of our unproved properties as a result of the application of fresh start accounting upon emergence from bankruptcy (see Note 3 for additional information) that remain in unproved properties as of December 31, 2021. The following table summarizes the Company’s non-producing properties excluded from amortization by area as of December 31, 2021:
| Successor
| December 31, 2021
| (In thousands)
Utica | $ | 175,028 |
SCOOP | 35,975 |
Other | 4 |
| $ | 211,007 |
Schedule of asset retirement obligation | A reconciliation of the Company's asset retirement obligation for the Predecessor Period, the Successor Period, and the year ended December 31, 2020 is as follows (in thousands):
Asset retirement obligation, January 1, 2020 (Predecessor) |  | $ | 60,355 |
Liabilities incurred |  | 2,358 |
Liabilities removed due to divestitures |  | (2,213) |
Accretion expense |  | 3,066 |
Total asset retirement obligation, December 31, 2020 (Predecessor) |  | 63,566 |
Less: amounts reclassified to liabilities subject to compromise |  | (63,566) |
Total asset retirement obligation reflected as non-current liabilities, December 31, 2020 (Predecessor) |  | $ | — |
Asset retirement obligation at January 1, 2021 (Predecessor) |  | $ | 63,566 |
Liabilities incurred |  | 546 |
Accretion expense |  | 1,229 |
Ending balance as of May 17, 2021 (Predecessor) |  | $ | 65,341 |
Fresh start adjustments(1) |  | (46,257) |
Asset retirement obligation at May 18, 2021 (Successor) |  | $ | 19,084 |
Liabilities incurred |  | 204 |
Accretion expense |  | 1,214 |
Revisions in estimated cash flows(2) |  | 7,762 |
Asset retirement obligation at December 31, 2021 (Successor) |  | $ | 28,264 |
(1) As discussed in Note 3, the Company recorded its asset retirement obligation at fair value as of the Emergence Date. (2) Revisions represent changes in the present value of liabilities resulting from changes in estimated costs.

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- 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 No definition available. + Details
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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 + Details
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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=123726172&loc=d3e511914-122862 + Details
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