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DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Sep. 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 September 30, 2024. 
IndexDaily VolumeWeighted
Average Price
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2024NYMEX Henry Hub400,000 $3.77 
2025NYMEX Henry Hub250,000 $3.82 
2026NYMEX Henry Hub160,000 $3.59 
Oil(Bbl/d)($/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 $30.09 
The Company has entered into natural gas and crude oil costless collars based off the NYMEX Henry Hub and NYMEX WTI indices. Below is a summary of the Company's costless collar positions as of September 30, 2024.
IndexDaily VolumeWeighted Average Floor PriceWeighted Average Ceiling Price
Natural Gas(MMBtu/d)($/MMBtu)($/MMBtu)
Remaining 2024NYMEX Henry Hub225,000 $3.36 $5.14 
2025NYMEX Henry Hub220,000 $3.37 $4.23 
2026NYMEX Henry Hub70,000 $3.31 $4.06 
Oil(Bbl/d)($/Bbl)($/Bbl)
Remaining 2024NYMEX WTI1,000 $62.00 $80.00 
Below is a summary of the Company's open sold call option positions as of September 30, 2024.
IndexDaily VolumeWeighted Average Price
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2024NYMEX Henry Hub202,000 $3.33 
2025NYMEX Henry Hub193,315 $5.80 
Schedule of Natural Gas Basis Swap Positions As of September 30, 2024, the Company had the following natural gas basis swap positions open:
Gulfport PaysGulfport ReceivesDaily VolumeWeighted Average Fixed Spread
Natural Gas(MMBtu/d)($/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 Spread230,000 $(0.96)
2026TETCO M2NYMEX Plus Fixed Spread110,000 $(0.99)
Subsequent to September 30, 2024, as of October 28, 2024, the Company entered into the following derivative contracts:
PeriodType of Derivative InstrumentIndex
Daily Volume
Weighted
Average Price
Natural Gas
(MMBtu/d)($/MMBtu)
2025
Basis Swaps
Rex Zone 3
20,000 $(0.18)
2025
Basis Swaps
TGP 500
10,000 $0.31
2025
Basis Swaps
Transco Station 85
5,000 $0.38
2026
Basis Swaps
Rex Zone 3
40,000 $(0.19)
2026
Basis Swaps
TGP 500
10,000 $0.54
2026
Basis Swaps
Transco Station 85
5,000 $0.52
2026
Basis Swaps
TETCO M2
20,000 $(0.94)
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 September 30, 2024 and December 31, 2023 (in thousands):
September 30, 2024December 31, 2023
Short-term derivative asset$111,076 $233,226 
Long-term derivative asset23,073 47,566 
Short-term derivative liability(36,758)(21,963)
Long-term derivative liability(23,618)(18,602)
Total commodity derivative position$73,773 $240,227 
Schedule of Net Loss on Derivatives
The following table presents the gain and loss recognized in net gain (loss) on natural gas, oil and NGL derivatives in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (in thousands):
Net gain (loss) on derivative instruments
Three Months Ended September 30, 2024Three Months Ended September 30, 2023
Natural gas derivatives - fair value (losses) gains$(57,168)$4,534 
Natural gas derivatives - settlement gains84,943 48,522 
Total gains on natural gas derivatives27,775 53,056 
Oil derivatives - fair value gains (losses)6,698 (8,414)
Oil derivatives - settlement gains (losses)93 (2,130)
Total gains (losses) on oil and condensate derivatives6,791 (10,544)
NGL derivatives - fair value gains (losses)3,559 (5,763)
NGL derivatives - settlement (losses) gains(159)2,668 
Total gains (losses) on NGL derivatives3,400 (3,095)
Total gains on natural gas, oil and NGL derivatives$37,966 $39,417 
Net gain (loss) on derivative instruments
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
Natural gas derivatives - fair value (losses) gains$(168,516)$416,473 
Natural gas derivatives - settlement gains242,645 97,794 
Total gains on natural gas derivatives74,129 514,267 
Oil derivatives - fair value gains (losses)4,832 (1,424)
Oil derivatives - settlement losses(166)(2,204)
Total gains (losses) on oil and condensate derivatives4,666 (3,628)
NGL derivatives - fair value losses(2,771)(2,730)
NGL derivatives - settlement (losses) gains(1,537)6,357 
Total (losses) gains on NGL derivatives(4,308)3,627 
Total gains on natural gas, oil and NGL derivatives$74,487 $514,266 
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 September 30, 2024
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$134,149 $(56,232)$77,917 
Derivative liabilities$(60,376)$56,232 $(4,144)
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 September 30, 2024
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$134,149 $(56,232)$77,917 
Derivative liabilities$(60,376)$56,232 $(4,144)
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)