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PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

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.

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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Tabular disclosure of the carrying amount of a liability for asset retirement obligations.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 410
-SubTopic 20
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
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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.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
-SubTopic 10
-Name Accounting Standards Codification
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