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PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

The major categories of property and equipment and related accumulated DD&A and impairment as of December 31, 2022 and 2021 are as follows (in thousands):

			Successor
			December 31, 2022						December 31, 2021
Proved oil and natural gas properties			$	2,418,666					$	1,917,833
Unproved properties			178,472						211,007
Other depreciable property and equipment			5,977						4,943
Land			386						386
Total property and equipment			2,603,501						2,134,169
Accumulated DD&A and impairment			(545,771)						(278,341)
Property and equipment, net			$	2,057,730					$	1,855,828

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, 2022 (in thousands):

			Costs Incurred in
			Year Ended December 31, 2022						Period from May 18, 2021 through December 31, 2021									Fresh Start Adjustments (May 17, 2021)(1)						Total
Acquisition costs			$	17,288					$	8,687								$	152,456					$	178,431
Exploration costs			—						—									—						—
Development costs			16						25									—						41
Capitalized interest			—						—									—						—
Total oil and natural gas properties not subject to amortization			$	17,304					$	8,712								$	152,456					$	178,472

_____________________

(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, 2022.

The following table summarizes the Company’s non-producing properties excluded from amortization by area as of December 31, 2022 and December 31, 2021 (in thousands):

			Successor
			December 31, 2022						December 31, 2021
Utica			$	147,370					$	175,028
SCOOP			31,102						35,975
Other			—						4
			$	178,472					$	211,007

Schedule of asset retirement obligation

A reconciliation of the Company's asset retirement obligation for the year ended December 31, 2022, Prior Successor Period and Prior Predecessor Period is as follows (in thousands):

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
Liabilities incurred			96
Liabilities removed due to divestitures			(7)
Accretion expense			2,746
Revisions in estimated cash flows(2)			2,072
Asset retirement obligation at December 31, 2022 (Successor)			$	33,171

_____________________

(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.

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.

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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 https://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))
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