XML 46 R35.htm IDEA: XBRL DOCUMENT v3.25.1

DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025: 

			Index						Daily Volume						Weighted Average Price
Natural Gas									(MMBtu/d)						($/MMBtu)
Remaining 2025			NYMEX Henry Hub						270,000						$	3.82
2026			NYMEX Henry Hub						200,000						$	3.64
Oil									(Bbl/d)						($/Bbl)
Remaining 2025			NYMEX WTI						3,000						$	73.29
NGL									(Bbl/d)						($/Bbl)
Remaining 2025			Mont Belvieu C3						2,669						$	29.94
2026			Mont Belvieu C3						1,496						$	30.33

The Company has entered into natural gas costless collars based off the NYMEX Henry Hub index. Below is a summary of the Company's costless collar positions as of March 31, 2025:

			Index						Daily Volume						Weighted Average Floor Price						Weighted Average Ceiling Price
Natural Gas									(MMBtu/d)						($/MMBtu)						($/MMBtu)
Remaining 2025			NYMEX Henry Hub						220,000						$	3.37					$	4.23
2026			NYMEX Henry Hub						150,000						$	3.58					$	4.48

March 31, 2025:

Index

Daily Volume

Weighted Average Price

Natural Gas

(MMBtu/d)

($/MMBtu)

Remaining 2025

NYMEX Henry Hub

191,127

$

5.81

Subsequent to March 31, 2025, as of April 30, 2025, the Company entered into the following derivative contracts:

Period

Type of Derivative Instrument

Index

Daily Volume

Weighted Average Price

Natural Gas

(MMBtu/d)

($/MMBtu)

2025

Costless Collars

NYMEX Henry Hub

17,818

$4.00 / $4.66

2026

Costless Collars

NYMEX Henry Hub

20,000

$4.00 / $4.52

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, 2025, the Company had the following natural gas basis swap positions open:

			Gulfport Pays						Gulfport Receives						Daily Volume						Weighted Average Fixed Spread
Natural Gas															(MMBtu/d)						($/MMBtu)
Remaining 2025			Rex Zone 3						NYMEX Plus Fixed Spread						110,000						$	(0.20)
Remaining 2025			NGPL TXOK						NYMEX Plus Fixed Spread						40,000						$	(0.29)
Remaining 2025			TETCO M2						NYMEX Plus Fixed Spread						230,000						$	(0.96)
Remaining 2025			Transco Station 85						NYMEX Plus Fixed Spread						5,000						$	0.38
Remaining 2025			TGP 500						NYMEX Plus Fixed Spread						10,000						$	0.31
2026			Rex Zone 3						NYMEX Plus Fixed Spread						80,000						$	(0.18)
2026			NGPL TXOK						NYMEX Plus Fixed Spread						30,000						$	(0.30)
2026			TETCO M2						NYMEX Plus Fixed Spread						130,000						$	(0.98)
2026			Transco Station 85						NYMEX Plus Fixed Spread						5,000						$	0.52
2026			TGP 500						NYMEX Plus Fixed Spread						10,000						$	0.54

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, 2025 and December 31, 2024 (in thousands):

			March 31, 2025						December 31, 2024
Short-term derivative asset			$	24,151					$	58,085
Long-term derivative asset			17,296						6,003
Short-term derivative liability			(142,393)						(41,889)
Long-term derivative liability			(48,595)						(35,081)
Total commodity derivative position			$	(149,541)					$	(12,882)

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, 2025 and 2024 (in thousands):

			Net gain (loss) on derivative instruments
			Three Months Ended March 31, 2025						Three Months Ended March 31, 2024
Natural gas derivatives - fair value losses			$	(133,664)					$	(11,479)
Natural gas derivatives - settlement (losses) gains			(9,025)						66,451
Total (losses) gains on natural gas derivatives			(142,689)						54,972
Oil and condensate derivatives - fair value losses			(6)						(2,460)
Oil and condensate derivatives - settlement gains			504						12
Total gains (losses) on oil and condensate derivatives			498						(2,448)
NGL derivatives - fair value losses			(2,988)						(6,247)
NGL derivatives - settlement losses			(1,369)						(1,141)
Total losses on NGL derivatives			(4,357)						(7,388)
Total (losses) gains on natural gas, oil and NGL derivatives			$	(146,548)					$	45,136

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, 2025
			Gross Assets (Liabilities) Presented in the Consolidated Balance Sheets						Gross Amounts Subject to Master Netting Agreements						Net Amount
Derivative assets			$	41,447					$	(41,447)					$	—
Derivative liabilities			$	(190,988)					$	41,447					$	(149,541)

			As of December 31, 2024
			Gross Assets (Liabilities) Presented in the Consolidated Balance Sheets						Gross Amounts Subject to Master Netting Agreements						Net Amount
Derivative assets			$	64,088					$	(49,343)					$	14,745
Derivative liabilities			$	(76,970)					$	49,343					$	(27,627)

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, 2025
			Gross Assets (Liabilities) Presented in the Consolidated Balance Sheets						Gross Amounts Subject to Master Netting Agreements						Net Amount
Derivative assets			$	41,447					$	(41,447)					$	—
Derivative liabilities			$	(190,988)					$	41,447					$	(149,541)

			As of December 31, 2024
			Gross Assets (Liabilities) Presented in the Consolidated Balance Sheets						Gross Amounts Subject to Master Netting Agreements						Net Amount
Derivative assets			$	64,088					$	(49,343)					$	14,745
Derivative liabilities			$	(76,970)					$	49,343					$	(27,627)

X

- References

No definition available.

+ Details

Name:	us-gaap_GeneralDiscussionOfDerivativeInstrumentsAndHedgingActivitiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-4

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

+ Details

Name:	us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-4

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

+ Details

Name:	us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

+ Details

Name:	us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 815
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

+ Details

Name:	us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration