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PROPERTY AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
The major categories of property and equipment and related accumulated DD&A are as follows (in thousands):
December 31, 2024December 31, 2023
Proved oil and natural gas properties$3,349,805 $2,904,519 
Unproved properties221,650 204,233 
Other depreciable property and equipment10,905 8,779 
Land386 386 
Total property and equipment3,582,746 3,117,917 
Accumulated DD&A and impairment(1,564,475)(865,618)
Property and equipment, net$2,018,271 $2,252,299 
Schedule of Oil and Gas Properties Not Subject to Amortization
The following table summarizes the Company’s non-producing properties excluded from amortization by area (in thousands):
December 31, 2024December 31, 2023
Utica & Marcellus$197,513 $177,888 
SCOOP24,137 26,345 
Total unproved properties$221,650 $204,233 
The following is a summary of Gulfport’s oil and natural gas properties not subject to amortization as of December 31, 2024 (in thousands):
Costs Incurred in
202420232022Prior to 2022Total
Acquisition costs$58,742 $58,002 $17,288 $82,695 $216,727 
Exploration costs— — — — — 
Development costs1,472 556 — — 2,028 
Capitalized interest2,895 — — — 2,895 
Total oil and natural gas properties not subject to amortization$63,109 $58,558 $17,288 $82,695 $221,650 
Schedule of Asset Retirement Obligation
The following table provides a reconciliation of the Company's asset retirement obligation for the years ended December 31, 2024 and 2023 (in thousands):
Year Ended December 31, 2024Year Ended December 31, 2023
Asset retirement obligation, beginning of period$29,941 $33,171 
Liabilities incurred682 588 
Liabilities settled— (604)
Liabilities removed due to divestitures— (919)
Accretion expense2,307 2,782 
Revisions in estimated cash flows(1)
19 (5,077)
Asset retirement obligation, end of period$32,949 $29,941 
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(1)    Revisions represent changes in the present value of liabilities resulting from changes in estimated costs.