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DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2023
General Discussion of Derivative Instruments and Hedging Activities [Abstract]  
Schedule of Open Fixed Price Swap Positions and Natural Gas Basis Swap Positions Below is a summary of the Company’s open fixed price swap positions as of June 30, 2023. 
IndexDaily VolumeWeighted
Average Price
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2023NYMEX Henry Hub250,000 $4.12 
2024NYMEX Henry Hub304,973 $4.08 
2025NYMEX Henry Hub110,000 $4.09 
Oil(Bbl/d)($/Bbl)
Remaining 2023NYMEX WTI3,000 $74.47 
NGL(Bbl/d)($/Bbl)
Remaining 2023Mont Belvieu C33,000 $38.07 
The Company has entered into natural gas costless collars based off the NYMEX Henry Hub natural gas index. Below is a summary of the Company's costless collar positions as of June 30, 2023.
IndexDaily VolumeWeighted Average Floor PriceWeighted Average Ceiling Price
Natural Gas(MMBtu/d)($/MMBtu)($/MMBtu)
Remaining 2023NYMEX Henry Hub285,000 $2.93 $4.78 
2024NYMEX Henry Hub180,000 $3.43 $5.49 
2025NYMEX Henry Hub60,000 $3.67 $4.65 
Below is a summary of the Company's open sold call option positions as of June 30, 2023.
IndexDaily VolumeWeighted Average Price
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2023NYMEX Henry Hub407,925 $3.21 
2024NYMEX Henry Hub202,000 $3.33 
2025NYMEX Henry Hub193,315 $5.80 
Schedule of Natural Gas Basis Swap Positions As of June 30, 2023, the Company had the following natural gas basis swap positions open:
Gulfport PaysGulfport ReceivesDaily VolumeWeighted Average Fixed Spread
Natural Gas(MMBtu/d)($/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 Spread210,000 $(0.91)
2024Rex Zone 3NYMEX Plus Fixed Spread90,000 $(0.15)
2024NGPL TXOKNYMEX Plus Fixed Spread60,000 $(0.31)
2024TETCO M2NYMEX Plus Fixed Spread89,945 $(0.91)
Subsequent to June 30, 2023, as of July 27, 2023, the Company entered into the following derivative contracts:
PeriodType of Derivative InstrumentIndexDaily Volume (MMBtu)Weighted
Average Price
2024Basis SwapsRex Zone 340,000 $(0.15)
2024Basis SwapsNGPL TXOK10,000 $(0.27)
2024SwapsMont Belvieu C3500 $29.13
2024Costless CollarsNYMEX WTI1,000 
$62.00 / $80.00
2025Costless CollarsNYMEX Henry Hub20,000 
$3.60 / $4.20
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 June 30, 2023 and December 31, 2022 (in thousands):
June 30, 2023December 31, 2022
Short-term derivative asset$140,686 $87,508 
Long-term derivative asset54,308 26,525 
Short-term derivative liability(59,367)(343,522)
Long-term derivative liability(61,557)(118,404)
Total commodity derivative position$74,070 $(347,893)
Schedule of Net 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 and six months ended June 30, 2023 and 2022 (in thousands):
Net gain (loss) on derivative instruments
Three Months Ended June 30, 2023Three Months Ended June 30, 2022
Natural gas derivatives - fair value gains$37,792 $121,659 
Natural gas derivatives - settlement gains (losses)49,444 (288,936)
Total gains (losses) on natural gas derivatives87,236 (167,277)
Oil derivatives - fair value gains2,258 4,383 
Oil derivatives - settlement gains (losses)369 (14,281)
Total gains (losses) on oil and condensate derivatives2,627 (9,898)
NGL derivatives - fair value gains4,218 9,506 
NGL derivatives - settlement gains (losses)2,707 (5,202)
Total gains on NGL derivatives6,925 4,304 
Total gains (losses) on natural gas, oil and NGL derivatives$96,788 $(172,871)
Net gain (loss) on derivative instruments
Six Months Ended June 30, 2023Six Months Ended June 30, 2022
Natural gas derivatives - fair value gains (losses)$411,940 $(497,660)
Natural gas derivatives - settlement gains (losses)49,271 (400,093)
Total gains (losses) on natural gas derivatives461,211 (897,753)
Oil derivatives - fair value gains (losses)6,990 (25,470)
Oil derivatives - settlement gains (losses)(74)(22,425)
Total gains (losses) on oil and condensate derivatives6,916 (47,895)
NGL derivatives - fair value gains (losses)3,033 (4,827)
NGL derivatives - settlement gains (losses)3,689 (10,947)
Total gains (losses) on NGL derivatives6,722 (15,774)
Total gains (losses) on natural gas, oil and NGL derivatives$474,849 $(961,422)
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 June 30, 2023
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$194,994 $(73,391)$121,603 
Derivative liabilities$(120,924)$73,391 $(47,533)
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 June 30, 2023
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$194,994 $(73,391)$121,603 
Derivative liabilities$(120,924)$73,391 $(47,533)
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)