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DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
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, 2025. 
IndexDaily VolumeWeighted
Average Price
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2025NYMEX Henry Hub270,000 $3.82 
2026NYMEX Henry Hub310,000 $3.80 
2027NYMEX Henry Hub120,000 $3.94 
Oil(Bbl/d)($/Bbl)
Remaining 2025NYMEX WTI3,000 $73.29 
NGL(Bbl/d)($/Bbl)
Remaining 2025Mont Belvieu C33,000 $29.89 
2026Mont Belvieu C32,496 $30.91 
The Company has entered into natural gas costless collars based off the NYMEX Henry Hub index. Below is a summary of the Company's costless collar positions as of September 30, 2025.
IndexDaily VolumeWeighted Average Floor PriceWeighted Average Ceiling Price
Natural Gas(MMBtu/d)($/MMBtu)($/MMBtu)
Remaining 2025NYMEX Henry Hub240,000 $3.42 $4.27 
2026NYMEX Henry Hub150,000 $3.61 $4.35 
2027NYMEX Henry Hub110,000 $3.75 $4.27 
September 30, 2025.
IndexDaily VolumeWeighted Average Price
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2025NYMEX Henry Hub173,478 $5.93 
Schedule of Natural Gas Basis Swap Positions As of September 30, 2025, the Company had the following natural gas basis swap positions open:
Gulfport PaysGulfport ReceivesDaily VolumeWeighted Average Fixed Spread
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2025Rex Zone 3NYMEX Plus Fixed Spread110,000 $(0.20)
Remaining 2025NGPL TXOKNYMEX Plus Fixed Spread40,000 $(0.29)
Remaining 2025TETCO M2NYMEX Plus Fixed Spread230,000 $(0.96)
Remaining 2025Transco Station 85NYMEX Plus Fixed Spread10,000 $0.45 
Remaining 2025TGP 500NYMEX Plus Fixed Spread20,000 $0.41 
2026Rex Zone 3NYMEX Plus Fixed Spread80,000 $(0.18)
2026NGPL TXOKNYMEX Plus Fixed Spread30,000 $(0.30)
2026TETCO M2NYMEX Plus Fixed Spread150,000 $(0.97)
2026Transco Station 85NYMEX Plus Fixed Spread10,000 $0.56 
2026TGP 500NYMEX Plus Fixed Spread20,000 $0.56 
2027NGPL TXOKNYMEX Plus Fixed Spread10,000 $(0.29)
2027TETCO M2NYMEX Plus Fixed Spread40,000 $(0.93)
Subsequent to September 30, 2025, as of October 29, 2025, the Company entered into the following derivative contracts:
PeriodType of Derivative InstrumentIndexDaily VolumeWeighted
Average Price
Natural Gas(MMBtu/d)($/MMBtu)
2026
Basis Swaps
TETCO M2
20,000 $(0.82)
2027
Swaps
NYMEX Henry Hub
10,000 $4.00
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, 2025 and December 31, 2024 (in thousands):
September 30, 2025December 31, 2024
Short-term derivative asset$44,556 $58,085 
Long-term derivative asset16,378 6,003 
Short-term derivative liability(30,898)(41,889)
Long-term derivative liability(29,864)(35,081)
Total commodity derivative position$172 $(12,882)
Schedule of Net Loss on Derivatives
The following tables present 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, 2025 and 2024 (in thousands):
Net gain (loss) on derivative instruments
Three Months Ended September 30, 2025Three Months Ended September 30, 2024
Natural gas derivatives - fair value gains (losses)$33,868 $(57,168)
Natural gas derivatives - settlement gains31,150 84,943 
Total gains on natural gas derivatives65,018 27,775 
Oil derivatives - fair value (losses) gains(2,674)6,698 
Oil derivatives - settlement gains2,302 93 
Total (losses) gains on oil and condensate derivatives(372)6,791 
NGL derivatives - fair value gains1,858 3,559 
NGL derivatives - settlement gains (losses)300 (159)
Total gains on NGL derivatives2,158 3,400 
Total gains on natural gas, oil and NGL derivatives$66,804 $37,966 
Net gain (loss) on derivative instruments
Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
Natural gas derivatives - fair value gains (losses)$9,113 $(168,516)
Natural gas derivatives - settlement gains39,420 242,645 
Total gains on natural gas derivatives48,533 74,129 
Oil derivatives - fair value (losses) gains(365)4,832 
Oil derivatives - settlement gains (losses)5,217 (166)
Total gains on oil and condensate derivatives4,852 4,666 
NGL derivatives - fair value gains (losses)4,307 (2,771)
NGL derivatives - settlement losses(1,335)(1,537)
Total gains (losses) on NGL derivatives2,972 (4,308)
Total gains on natural gas, oil and NGL derivatives$56,357 $74,487 
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, 2025
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$60,934 $(51,468)$9,466 
Derivative liabilities$(60,762)$51,468 $(9,294)
As of December 31, 2024
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet 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 September 30, 2025
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$60,934 $(51,468)$9,466 
Derivative liabilities$(60,762)$51,468 $(9,294)
As of December 31, 2024
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$64,088 $(49,343)$14,745 
Derivative liabilities$(76,970)$49,343 $(27,627)