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DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024. 
IndexDaily VolumeWeighted
Average Price
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2024NYMEX Henry Hub376,836 $3.85 
2025NYMEX Henry Hub200,000 $3.94 
2026NYMEX Henry Hub30,000 $3.62 
Oil(Bbl/d)($/Bbl)
Remaining 2024NYMEX WTI500 $77.50 
NGL(Bbl/d)($/Bbl)
Remaining 2024Mont Belvieu C32,500 $30.25 
2025Mont Belvieu C32,000 $30.09 
The Company has entered into natural gas and crude oil costless collars based off the NYMEX Henry Hub and NYMEX WTI indices. Below is a summary of the Company's costless collar positions as of March 31, 2024.
IndexDaily VolumeWeighted Average Floor PriceWeighted Average Ceiling Price
Natural Gas(MMBtu/d)($/MMBtu)($/MMBtu)
Remaining 2024NYMEX Henry Hub225,000 $3.36 $5.14 
2025NYMEX Henry Hub180,000 $3.39 $4.33 
Oil(Bbl/d)($/Bbl)($/Bbl)
Remaining 2024NYMEX WTI1,000 $62.00 $80.00 
Below is a summary of the Company's open sold call option positions as of March 31, 2024.
IndexDaily VolumeWeighted Average Price
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2024NYMEX Henry Hub202,000 $3.33 
2025NYMEX Henry Hub193,315 $5.80 
Schedule of Natural Gas Basis Swap Positions
In addition, the Company has entered into natural gas basis swap positions. These instruments are arrangements that guarantee a fixed price differential to NYMEX Henry Hub from a specified delivery point. The Company receives the fixed price differential and pays the floating market price differential to the counterparty for the hedged commodity. As of March 31, 2024, the Company had the following natural gas basis swap positions open:
Gulfport PaysGulfport ReceivesDaily VolumeWeighted Average Fixed Spread
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2024Rex Zone 3NYMEX Plus Fixed Spread150,000 $(0.15)
Remaining 2024NGPL TXOKNYMEX Plus Fixed Spread70,000 $(0.31)
Remaining 2024TETCO M2NYMEX Plus Fixed Spread196,618 $(0.92)
2025NGPL TXOKNYMEX Plus Fixed Spread30,000 $(0.27)
2025TETCO M2NYMEX Plus Fixed Spread120,000 $(0.98)
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, 2024 and December 31, 2023 (in thousands):
March 31, 2024December 31, 2023
Short-term derivative asset$228,579 $233,226 
Long-term derivative asset45,617 47,566 
Short-term derivative liability(37,607)(21,963)
Long-term derivative liability(16,547)(18,602)
Total commodity derivative position$220,042 $240,227 
Schedule of Net Gain (Loss) on Derivatives
The following table presents the gain and loss recognized in net gain (loss) on natural gas, oil and NGL derivatives in the accompanying consolidated statements of operations for the three months ended March 31, 2024 and 2023 (in thousands):
Net gain (loss) on derivative instruments
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
Natural gas derivatives - fair value (losses) gains$(11,479)$374,148 
Natural gas derivatives - settlement gains (losses)66,451 (173)
Total gains on natural gas derivatives54,972 373,975 
Oil and condensate derivatives - fair value (losses) gains(2,460)4,733 
Oil and condensate derivatives - settlement gains (losses)12 (443)
Total (losses) gains on oil and condensate derivatives(2,448)4,290 
NGL derivatives - fair value losses(6,247)(1,186)
NGL derivatives - settlement (losses) gains(1,141)982 
Total losses on NGL derivatives(7,388)(204)
Total gains on natural gas, oil and NGL derivatives$45,136 $378,061 
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, 2024
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$274,196 $(48,216)$225,980 
Derivative liabilities$(54,154)$48,216 $(5,938)
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)
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, 2024
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$274,196 $(48,216)$225,980 
Derivative liabilities$(54,154)$48,216 $(5,938)
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)