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DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of open fixed price swap positions
Below is a summary of the Company's open fixed price swap positions as of December 31, 2021.
IndexDaily VolumeWeighted
Average Price
Natural Gas(MMBtu/d)($/MMBtu)
2022NYMEX Henry Hub140,740 $2.88 
2023NYMEX Henry Hub94,932 $3.41 
Oil(Bbl/d)($/Bbl)
2022NYMEX WTI2,104 $66.23 
2023NYMEX WTI1,000 $66.00 
NGL(Bbl/d)($/Bbl)
2022Mont Belvieu C33,378 $35.09 
2023Mont Belvieu C31,000 $33.77 
IndexDaily VolumeWeighted Average Floor PriceWeighted Average Ceiling Price
Natural Gas(MMBtu/d)($/MMBtu)($/MMBtu)
2022NYMEX Henry Hub476,664 $2.64 $3.22 
2023NYMEX Henry Hub85,000 $2.75 $4.25 
Oil(Bbl/d)($/Bbl)($/Bbl)
2022NYMEX WTI1,500 $55.00 $60.00 
IndexDaily VolumeWeighted Average Ceiling Price
Natural Gas(MMBtu/d)($/MMBtu)
2022NYMEX Henry Hub152,675 $2.90 
2023NYMEX Henry Hub507,925 $2.90 
2024NYMEX Henry Hub162,000 $3.00 
Schedule of natural gas basis swap positions As of December 31, 2021, the Company had the following natural gas basis swap positions open:
Gulfport PaysGulfport ReceivesDaily VolumeWeighted Average Fixed Spread
Natural Gas(MMBtu/d)($/MMBtu)
2022Rex Zone 3NYMEX Plus Fixed Spread24,658 $(0.10)
2022ONGNYMEX Plus Fixed Spread7,397 $0.50 
2023Rex Zone 3NYMEX Plus Fixed Spread10,000 $(0.22)
Subsequent to December 31, 2021 and as of February 25, 2022, the Company entered into the following natural gas, oil, and NGL derivative contracts:
PeriodType of Derivative InstrumentIndex
Daily Volume(1)
Weighted
Average Price
January 2023 - December 2023SwapsNYMEX WTI1,000 $69.78
January 2023 - December 2023SwapsNYMEX Henry Hub40,082 $3.56
January 2023 - December 2023SwapsMont Belvieu C31,000 $36.33
January 2023 - December 2023Basis SwapsRex Zone 310,000 $(0.20)
(1)    Volumes for gas instruments are presented in MMBtu while oil and NGL volumes are presented in Bbls.
Schedule of derivative instruments on a gross basis The following table presents the fair value of the Company's derivative instruments on a gross basis at December 31, 2021 and 2020 (in thousands):
SuccessorPredecessor
December 31, 2021December 31, 2020
Total short-term derivative instruments – asset$4,695 $27,146 
Total long-term derivative instruments – asset$18,664 $322 
Total short-term derivative instruments – liability$240,735 $11,641 
Total long-term derivative instruments – liability$184,580 $36,604 
Schedule of net gain (loss) on derivatives
The following table presents the gain and loss recognized in net gain (loss) on natural gas, oil and NGL derivatives in the accompanying consolidated statements of operations for the Successor Period, Predecessor Period, and the years ended December 31, 2020, and 2019 (in thousands):
SuccessorPredecessor
Period from May 18, 2021 through December 31, 2021Period from January 1, 2021 through May 17, 2021Year Ended December 31, 2020Year Ended December 31, 2019
Natural gas derivatives - fair value losses$(223,512)$(123,080)$(89,310)$89,576 
Natural gas derivatives - settlement (losses) gains(300,172)(3,362)113,075 104,874 
Total (losses) gains on natural gas derivatives(523,684)(126,442)23,765 194,450 
Oil and condensate derivatives - fair value losses(5,128)(6,126)(2,952)2,952 
Oil and condensate derivatives - settlement (losses) gains(9,720)— 46,462 4,083 
Total (losses) gains on oil and condensate derivatives(14,848)(6,126)43,510 7,035 
NGL derivatives - fair value losses(5,322)(4,671)(461)(7,541)
NGL derivatives - settlement (losses) gains(12,965)— (142)14,173 
Total losses on NGL derivatives(18,287)(4,671)(603)6,632 
Contingent consideration arrangement - fair value losses— — (1,381)243 
Total (losses) gains on natural gas, oil and NGL derivatives$(556,819)$(137,239)$65,291 $208,360 
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 December 31, 2021
Derivative instruments, grossNetting adjustmentsDerivative instruments, net
(In thousands)
Derivative assets$23,359 $(20,265)$3,094 
Derivative liabilities$(425,315)$20,265 $(405,050)
Predecessor
As of December 31, 2020
Derivative instruments, grossNetting adjustmentsDerivative instruments, net
(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.
Successor
As of December 31, 2021
Derivative instruments, grossNetting adjustmentsDerivative instruments, net
(In thousands)
Derivative assets$23,359 $(20,265)$3,094 
Derivative liabilities$(425,315)$20,265 $(405,050)
Predecessor
As of December 31, 2020
Derivative instruments, grossNetting adjustmentsDerivative instruments, net
(In thousands)
Derivative assets$27,468 $(25,730)$1,738 
Derivative liabilities$(48,245)$25,730 $(22,515)