XML 64 R43.htm IDEA: XBRL DOCUMENT v3.24.0.1
DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023.
IndexDaily VolumeWeighted
Average Price
Natural Gas(MMBtu/d)($/MMBtu)
2024NYMEX Henry Hub324,973 $4.05 
2025NYMEX Henry Hub180,000 $4.00 
2026NYMEX Henry Hub30,000 $3.62 
Oil(Bbl/d)($/Bbl)
2024NYMEX WTI500 $77.50 
NGL(Bbl/d)($/Bbl)
2024Mont Belvieu C32,500 $30.25 
2025Mont Belvieu C31,000 $30.03 
IndexDaily VolumeWeighted Average Floor PriceWeighted Average Ceiling Price
Natural Gas(MMBtu/d)($/MMBtu)($/MMBtu)
2024NYMEX Henry Hub225,000 $3.36 $5.14 
2025NYMEX Henry Hub100,000 $3.62 $4.54 
Oil(Bbl/d)($/Bbl)($/Bbl)
2024NYMEX WTI1,000 $62.00 $80.00 
IndexDaily VolumeWeighted Average Ceiling Price
Natural Gas(MMBtu/d)($/MMBtu)
2024NYMEX Henry Hub202,000 $3.33 
2025NYMEX Henry Hub193,315 $5.80 
Schedule of Natural Gas Basis Swap Positions As of December 31, 2023, the Company had the following natural gas basis swap positions open:
Gulfport PaysGulfport ReceivesDaily VolumeWeighted Average Fixed Spread
Natural Gas(MMBtu/d)($/MMBtu)
2024Rex Zone 3NYMEX Plus Fixed Spread150,000 $(0.15)
2024NGPL TXOKNYMEX Plus Fixed Spread70,000 $(0.31)
2024TETCO M2NYMEX Plus Fixed Spread179,945 $(0.93)
Subsequent to December 31, 2023 and as of February 26, 2024, the Company entered into the following derivative contracts:
PeriodType of Derivative InstrumentIndex
Daily Volume
Weighted
Average Price
Natural Gas
(MMBtu/d)($/MMBtu)
2024
Swaps
NYMEX Henry Hub
40,219 $2.66
2024
Basis Swaps
TETCO M2
18,306 $(0.90)
2025
Basis Swaps
TETCO M2
100,000 $(0.99)
2025
Costless Collars
NYMEX Henry Hub
30,000 
$3.25 / $4.03
NGL
(Bbl/d)($/Bbl)
2025
Swaps
Mont Belvieu C3
1,000 $30.14
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, 2023 and December 31, 2022 (in thousands):
Successor
December 31, 2023December 31, 2022
Short-term derivative asset$233,226 $87,508 
Long-term derivative asset47,566 26,525 
Short-term derivative liability(21,963)(343,522)
Long-term derivative liability(18,602)(118,404)
Total commodity derivative position$240,227 $(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 years ended December 31, 2023, December 31, 2022, Prior Successor Period and Prior Predecessor Period (in thousands):
SuccessorPredecessor
Year Ended December 31, 2023Year Ended December 31, 2022Period from May 18, 2021 through December 31, 2021Period from January 1, 2021 through May 17, 2021
Natural gas derivatives - fair value gains (losses)$584,563 $32,797 $(223,512)$(123,080)
Natural gas derivatives - settlement gains (losses)146,381 (1,002,098)(300,172)(3,362)
Total gains (losses) on natural gas derivatives730,944 (969,301)(523,684)(126,442)
Oil and condensate derivatives - fair value gains (losses)5,971 6,618 (5,128)(6,126)
Oil and condensate derivatives - settlement losses(3,272)(39,163)(9,720)— 
Total gains (losses) on oil and condensate derivatives2,699 (32,545)(14,848)(6,126)
NGL derivatives - fair value (losses) gains
(2,414)14,648 (5,322)(4,671)
NGL derivatives - settlement gains (losses)9,090 (12,549)(12,965)— 
Total gains (losses) on NGL derivatives6,676 2,099 (18,287)(4,671)
Total gains (losses) on natural gas, oil and NGL derivatives$740,319 $(999,747)$(556,819)$(137,239)
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, 2023
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$280,792 $(30,866)$249,926 
Derivative liabilities$(40,565)$30,866 $(9,699)
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)
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, 2023
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$280,792 $(30,866)$249,926 
Derivative liabilities$(40,565)$30,866 $(9,699)
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)