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DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2023
General Discussion of Derivative Instruments and Hedging Activities [Abstract]  
Schedule of Open Fixed Price Swap Positions and Natural Gas Basis Swap Positions
The Company has entered into natural gas, crude oil and NGL fixed price swap contracts based off the NYMEX Henry Hub, NYMEX WTI and Mont Belvieu C3 indices. Below is a summary of the Company’s open fixed price swap positions as of March 31, 2023. 
IndexDaily VolumeWeighted
Average Price
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2023NYMEX Henry Hub220,145 $4.13 
2024NYMEX Henry Hub234,973 $4.26 
2025NYMEX Henry Hub20,000 $4.10 
Oil(Bbl/d)($/Bbl)
Remaining 2023NYMEX WTI3,000 $74.47 
NGL(Bbl/d)($/Bbl)
Remaining 2023Mont Belvieu C33,000 $38.07 
The Company has entered into natural gas costless collars based off the NYMEX Henry Hub natural gas index. Below is a summary of the Company's costless collar positions as of March 31, 2023.
IndexDaily VolumeWeighted Average Floor PriceWeighted Average Ceiling Price
Natural Gas(MMBtu/d)($/MMBtu)($/MMBtu)
Remaining 2023NYMEX Henry Hub285,000 $2.93 $4.78 
2024NYMEX Henry Hub180,000 $3.43 $5.49 
Below is a summary of the Company's open sold call option positions as of March 31, 2023.
IndexDaily VolumeWeighted Average Price
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2023NYMEX Henry Hub407,925 $3.21 
2024NYMEX Henry Hub202,000 $3.33 
2025NYMEX Henry Hub193,315 $5.80 
Schedule of Natural Gas Basis Swap Positions
In addition, the Company has entered into natural gas basis swap positions. These instruments are arrangements that guarantee a fixed price differential to NYMEX Henry Hub from a specified delivery point. The Company receives the fixed price differential and pays the floating market price differential to the counterparty for the hedged community. As of March 31, 2023, the Company had the following natural gas basis swap positions open:
Gulfport PaysGulfport ReceivesDaily VolumeWeighted Average Fixed Spread
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2023Rex Zone 3NYMEX Plus Fixed Spread140,000 $(0.22)
Remaining 2023NGPL TXOKNYMEX Plus Fixed Spread80,000 $(0.35)
Remaining 2023TETCO M2NYMEX Plus Fixed Spread170,145 $(0.91)
2024Rex Zone 3NYMEX Plus Fixed Spread70,000 $(0.15)
2024NGPL TXOKNYMEX Plus Fixed Spread60,000 $(0.31)
2024TETCO M2NYMEX Plus Fixed Spread69,945 $(0.89)
Subsequent to March 31, 2023 as of April 26, 2023, the Company entered into the following derivative contracts:
PeriodType of Derivative InstrumentIndexDaily Volume (MMBtu)Weighted
Average Price
2023Basis SwapsTETCO M213,382 $(0.88)
2024Basis SwapsRex Zone 320,000 $(0.15)
2025SwapsNYMEX Henry Hub50,000 $4.08
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 March 31, 2023 and December 31, 2022 (in thousands):
March 31, 2023December 31, 2022
Short-term derivative asset$137,869 $87,508 
Long-term derivative asset62,834 26,525 
Short-term derivative liability(80,858)(343,522)
Long-term derivative liability(90,044)(118,404)
Total commodity derivative position$29,801 $(347,893)
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 three months ended March 31, 2023 and 2022 (in thousands):
Net gain (loss) on derivative instruments
Three Months Ended March 31, 2023Three Months Ended March 31, 2022
Natural gas derivatives - fair value gains (losses)$374,148 $(619,319)
Natural gas derivatives - settlement losses(173)(111,157)
Total gains (losses) on natural gas derivatives373,975 (730,476)
Oil derivatives - fair value gains (losses)4,733 (29,853)
Oil derivatives - settlement losses(443)(8,144)
Total gains (losses) on oil derivatives4,290 (37,997)
NGL derivatives - fair value losses(1,186)(14,333)
NGL derivatives - settlement gains (losses)982 (5,745)
Total losses on NGL derivatives(204)(20,078)
Total gains (losses) on natural gas, oil and NGL derivatives$378,061 $(788,551)
Schedule of Recognized Derivative Assets The following tables present 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):
As of March 31, 2023
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$200,703 $(79,841)$120,862 
Derivative liabilities$(170,902)$79,841 $(91,061)
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)
Schedule of Recognized Derivative Liabilities The following tables present 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):
As of March 31, 2023
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$200,703 $(79,841)$120,862 
Derivative liabilities$(170,902)$79,841 $(91,061)
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)