XML 45 R34.htm IDEA: XBRL DOCUMENT v3.24.2.u1
DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
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, 2024. 
IndexDaily VolumeWeighted
Average Price
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2024NYMEX Henry Hub400,000 $3.77 
2025NYMEX Henry Hub210,000 $3.92 
2026NYMEX Henry Hub30,000 $3.62 
Oil(Bbl/d)($/Bbl)
Remaining 2024NYMEX WTI500 $77.50 
2025NYMEX WTI2,000 $74.50 
NGL(Bbl/d)($/Bbl)
Remaining 2024Mont Belvieu C32,500 $30.25 
2025Mont Belvieu C32,000 $30.09 
The Company has entered into natural gas and crude oil costless collars based off the NYMEX Henry Hub and NYMEX WTI indices. Below is a summary of the Company's costless collar positions as of June 30, 2024.
IndexDaily VolumeWeighted Average Floor PriceWeighted Average Ceiling Price
Natural Gas(MMBtu/d)($/MMBtu)($/MMBtu)
Remaining 2024NYMEX Henry Hub225,000 $3.36 $5.14 
2025NYMEX Henry Hub220,000 $3.37 $4.23 
Oil(Bbl/d)($/Bbl)($/Bbl)
Remaining 2024NYMEX WTI1,000 $62.00 $80.00 
Below is a summary of the Company's open sold call option positions as of June 30, 2024.
IndexDaily VolumeWeighted Average Price
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2024NYMEX Henry Hub202,000 $3.33 
2025NYMEX Henry Hub193,315 $5.80 
Schedule of Natural Gas Basis Swap Positions As of June 30, 2024, the Company had the following natural gas basis swap positions open:
Gulfport PaysGulfport ReceivesDaily VolumeWeighted Average Fixed Spread
Natural Gas(MMBtu/d)($/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 Spread230,000 $(0.94)
2025Rex Zone 3NYMEX Plus Fixed Spread90,000 $(0.21)
2025NGPL TXOKNYMEX Plus Fixed Spread40,000 $(0.29)
2025TETCO M2NYMEX Plus Fixed Spread210,000 $(0.96)
2026TETCO M2NYMEX Plus Fixed Spread40,000 $(1.06)
Subsequent to June 30, 2024, as of July 29, 2024, the Company entered into the following derivative contracts:
PeriodType of Derivative InstrumentIndex
Daily Volume
Weighted
Average Price
Natural Gas(MMBtu/d)($/MMBtu)
2025
Basis Swaps
TETCO M2
20,000 $(0.93)
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, 2024 and December 31, 2023 (in thousands):
June 30, 2024December 31, 2023
Short-term derivative asset$147,243 $233,226 
Long-term derivative asset38,220 47,566 
Short-term derivative liability(43,838)(21,963)
Long-term derivative liability(20,941)(18,602)
Total commodity derivative position$120,684 $240,227 
Schedule of Net Loss on Derivatives
The following table presents the gain and loss recognized in net gain (loss) on natural gas, oil and NGL derivatives in the accompanying consolidated statements of operations for the three and six months ended June 30, 2024 and 2023 (in thousands):
Net gain (loss) on derivative instruments
Three Months Ended June 30, 2024Three Months Ended June 30, 2023
Natural gas derivatives - fair value (losses) gains$(99,871)$37,792 
Natural gas derivatives - settlement gains91,251 49,444 
Total (losses) gains on natural gas derivatives(8,620)87,236 
Oil derivatives - fair value gains595 2,258 
Oil derivatives - settlement (losses) gains(271)369 
Total gains on oil and condensate derivatives324 2,627 
NGL derivatives - fair value (losses) gains(82)4,218 
NGL derivatives - settlement (losses) gains(237)2,707 
Total (losses) gains on NGL derivatives(319)6,925 
Total (losses) gains on natural gas, oil and NGL derivatives$(8,615)$96,788 
Net gain (loss) on derivative instruments
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
Natural gas derivatives - fair value (losses) gains$(111,349)$411,940 
Natural gas derivatives - settlement gains157,702 49,271 
Total gains on natural gas derivatives46,353 461,211 
Oil derivatives - fair value (losses) gains(1,865)6,990 
Oil derivatives - settlement losses(259)(74)
Total (losses) gains on oil and condensate derivatives(2,124)6,916 
NGL derivatives - fair value (losses) gains(6,330)3,033 
NGL derivatives - settlement (losses) gains(1,378)3,689 
Total (losses) gains on NGL derivatives(7,708)6,722 
Total gains on natural gas, oil and NGL derivatives$36,521 $474,849 
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, 2024
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$185,463 $(61,343)$124,120 
Derivative liabilities$(64,779)$61,343 $(3,436)
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 June 30, 2024
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$185,463 $(61,343)$124,120 
Derivative liabilities$(64,779)$61,343 $(3,436)
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)