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PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
Schedule of Property and Equipment | The major categories of property and equipment and related accumulated DD&A are as follows (in thousands):
| Successor
| December 31, 2023 |  | December 31, 2022
Proved oil and natural gas properties | $ | 2,904,519 |  |  | $ | 2,418,666 |
Unproved properties | 204,233 |  |  | 178,472 |
Other depreciable property and equipment | 8,779 |  |  | 5,977 |
Land | 386 |  |  | 386 |
Total property and equipment | 3,117,917 |  |  | 2,603,501 |
Accumulated DD&A | (865,618) |  |  | (545,771) |
Property and equipment, net | $ | 2,252,299 |  |  | $ | 2,057,730 |
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, 2023 (in thousands):
| Costs Incurred in
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |  | Period from May 18, 2021 through December 31, 2021 |  |  | Fresh Start Adjustments (May 17, 2021)(1) |  | Total
Acquisition costs | $ | 58,002 |  |  | $ | 17,288 |  |  | $ | 8,687 |  |  |  | $ | 117,270 |  |  | $ | 201,247 |
Exploration costs | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Development costs | 535 |  |  | 6 |  |  | 15 |  |  |  | — |  |  | 556 |
Capitalized interest | 2,430 |  |  | — |  |  | — |  |  |  | — |  |  | 2,430 |
Total oil and natural gas properties not subject to amortization | $ | 60,967 |  |  | $ | 17,294 |  |  | $ | 8,702 |  |  |  | $ | 117,270 |  |  | $ | 204,233 |
_____________________ (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, 2023. The following table summarizes the Company’s non-producing properties excluded from amortization by area (in thousands):
| Successor
| December 31, 2023 |  | December 31, 2022
Utica & Marcellus | $ | 177,888 |  |  | $ | 147,370 |
SCOOP | 26,345 |  |  | 31,102 |
Total unproved properties | $ | 204,233 |  |  | $ | 178,472 |
Schedule of Asset Retirement Obligation | The following table provides a reconciliation of the Company's asset retirement obligation for the years ended December 31, 2023 and December 31, 2022 (in thousands):
| Successor
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022
Asset retirement obligation, beginning of period | $ | 33,171 |  |  | $ | 28,264 |
Liabilities incurred | 588 |  |  | 96 |
Liabilities settled | (604) |  |  | — |
Liabilities removed due to divestitures | (919) |  |  | (7) |
Accretion expense | 2,782 |  |  | 2,746 |
Revisions in estimated cash flows(1) | (5,077) |  |  | 2,072 |
Asset retirement obligation, end of period | $ | 29,941 |  |  | $ | 33,171 |
_____________________ (1) Revisions represent changes in the present value of liabilities resulting from changes in estimated costs.

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- 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. + References No definition available. + Details
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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 -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-1 + Details
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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 -Topic 932 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-10(c)(7)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479664/932-10-S99-1 + Details
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