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DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022.
IndexDaily VolumeWeighted
Average Price
Natural Gas(MMBtu/d)($/MMBtu)
2023NYMEX Henry Hub229,973 $4.28 
2024NYMEX Henry Hub174,973 $4.41 
Oil(Bbl/d)($/Bbl)
2023NYMEX WTI3,000 $74.47 
NGL(Bbl/d)($/Bbl)
2023Mont Belvieu C33,000 $38.07 
IndexDaily VolumeWeighted Average Floor PriceWeighted Average Ceiling Price
Natural Gas(MMBtu/d)($/MMBtu)($/MMBtu)
2023NYMEX Henry Hub285,000 $2.93 $4.78 
2024NYMEX Henry Hub90,000 $3.67 $6.87 
IndexDaily VolumeWeighted Average Ceiling Price
Natural Gas(MMBtu/d)($/MMBtu)
2023NYMEX Henry Hub407,925 $2.90 
2024NYMEX Henry Hub202,000 $3.33 
2025NYMEX Henry Hub33,315 $4.65 
Schedule of natural gas basis swap positions As of December 31, 2022, the Company had the following natural gas basis swap positions open:
Gulfport PaysGulfport ReceivesDaily VolumeWeighted Average Fixed Spread
Natural Gas(MMBtu/d)($/MMBtu)
2023Rex Zone 3NYMEX Plus Fixed Spread60,000 $(0.22)
2023NGPL TXOKNYMEX Plus Fixed Spread20,000 $(0.40)
2023TETCO M2NYMEX Plus Fixed Spread40,082 $(1.01)
2024TETCO M2NYMEX Plus Fixed Spread9,973 $(1.03)
Subsequent to December 31, 2022 and as of February 23, 2023, the Company entered into the following derivative contracts:
PeriodType of Derivative InstrumentIndexDaily Volume (MMBtu)Weighted
Average Price
2023Basis SwapsTETCO M276,219 $(0.85)
2023Basis SwapsRex Zone 359,452 $(0.22)
2023Basis SwapsNGPL TXOK42,685 $(0.34)
2024SwapsNYMEX Henry Hub30,000 $3.90
2024Costless CollarsNYMEX Henry Hub60,000 
$3.17 / $3.96
Additionally, subsequent to year end, the Company restructured a portion of its natural gas sold call position by buying back a portion of its 2023 natural gas sold call position, and selling additional natural gas calls for 2023 and 2025. The following table summarizes these transactions:
PeriodType of Derivative InstrumentIndexDaily Volume (MMBtu)Weighted
Average Price
2023Purchased Gas Call OptionsNYMEX Henry Hub134,137 $2.90
2023Sold Gas Call OptionsNYMEX Henry Hub134,137 $3.70
2025Sold Gas Call OptionsNYMEX Henry Hub160,000 $6.04
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, 2022 and 2021 (in thousands):
Successor
December 31, 2022December 31, 2021
Short-term derivative asset$87,508 $4,695 
Long-term derivative asset26,525 18,664 
Short-term derivative liability(343,522)(240,735)
Long-term derivative liability(118,404)(184,580)
Total commodity derivative position$(347,893)$(401,956)
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 year ended December 31, 2022, Prior Successor Period, Prior Predecessor Period and year ended December 31, 2020 (in thousands):
SuccessorPredecessor
Year Ended December 31, 2022Period from May 18, 2021 through December 31, 2021Period from January 1, 2021 through May 17, 2021Year Ended December 31, 2020
Natural gas derivatives - fair value gains (losses)$32,797 $(223,512)$(123,080)$(89,310)
Natural gas derivatives - settlement (losses) gains(1,002,098)(300,172)(3,362)113,075 
Total (losses) gains on natural gas derivatives(969,301)(523,684)(126,442)23,765 
Oil and condensate derivatives - fair value gains (losses)6,618 (5,128)(6,126)(2,952)
Oil and condensate derivatives - settlement (losses) gains(39,163)(9,720)— 46,462 
Total (losses) gains on oil and condensate derivatives(32,545)(14,848)(6,126)43,510 
NGL derivatives - fair value gains (losses)14,648 (5,322)(4,671)(461)
NGL derivatives - settlement losses(12,549)(12,965)— (142)
Total gains (losses) on NGL derivatives2,099 (18,287)(4,671)(603)
Contingent consideration arrangement - fair value losses— — — (1,381)
Total (losses) gains on natural gas, oil and NGL derivatives$(999,747)$(556,819)$(137,239)$65,291 
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 (in thousands):
Successor
As of December 31, 2022
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$114,033 $(80,345)$33,688 
Derivative liabilities$(461,926)$80,345 $(381,581)
Successor
As of December 31, 2021
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$23,359 $(20,265)$3,094 
Derivative liabilities$(425,315)$20,265 $(405,050)
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 (in thousands):
Successor
As of December 31, 2022
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$114,033 $(80,345)$33,688 
Derivative liabilities$(461,926)$80,345 $(381,581)
Successor
As of December 31, 2021
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$23,359 $(20,265)$3,094 
Derivative liabilities$(425,315)$20,265 $(405,050)