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DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Open Fixed Price Swap Positions Below is a summary of the Company's open fixed price swap positions as of December 31, 2024:
IndexDaily VolumeWeighted
Average Price
Natural Gas(MMBtu/d)($/MMBtu)
2025NYMEX Henry Hub250,000 $3.82 
2026NYMEX Henry Hub200,000 $3.64 
Oil(Bbl/d)($/Bbl)
2025NYMEX WTI2,000 $74.50 
NGL(Bbl/d)($/Bbl)
2025Mont Belvieu C32,504 $29.97 
2026Mont Belvieu C3496 $29.51 
IndexDaily VolumeWeighted Average Floor PriceWeighted Average Ceiling Price
Natural Gas(MMBtu/d)($/MMBtu)($/MMBtu)
2025NYMEX Henry Hub220,000 $3.37 $4.23 
2026NYMEX Henry Hub90,000 $3.35 $4.10 
IndexDaily VolumeWeighted Average Ceiling Price
Natural Gas(MMBtu/d)($/MMBtu)
2025NYMEX Henry Hub193,315 $5.80 
Schedule of Natural Gas Basis Swap Positions As of December 31, 2024, the Company had the following natural gas basis swap positions open:
Gulfport PaysGulfport ReceivesDaily VolumeWeighted Average Fixed Spread
Natural Gas(MMBtu/d)($/MMBtu)
2025Rex Zone 3NYMEX Plus Fixed Spread110,000 $(0.20)
2025NGPL TXOKNYMEX Plus Fixed Spread40,000 $(0.29)
2025TETCO M2NYMEX Plus Fixed Spread230,000 $(0.96)
2025Transco Station 85NYMEX Plus Fixed Spread5,000 $0.38 
2025TGP 500NYMEX Plus Fixed Spread10,000 $0.31 
2026Rex Zone 3NYMEX Plus Fixed Spread40,000 $(0.19)
2026NGPL TXOKNYMEX Plus Fixed Spread30,000 $(0.30)
2026TETCO M2NYMEX Plus Fixed Spread130,000 $(0.98)
2026Transco Station 85NYMEX Plus Fixed Spread5,000 $0.52 
2026TGP 500NYMEX Plus Fixed Spread10,000 $0.54 
Subsequent to December 31, 2024 and as of February 20, 2025, the Company entered into the following derivative contracts:
PeriodType of Derivative InstrumentIndex
Daily Volume
Weighted
Average Price
Natural Gas
(MMBtu/d)($/MMBtu)
2025
Swaps
NYMEX Henry Hub
18,301 $3.85
2026
Basis Swaps
Rex Zone 3
40,000 $(0.17)
Oil
(Bbl/d)($/Bbl)
2025
Swaps
NYMEX WTI
1,000 $70.87
Schedule of Derivative Instruments On a Gross Basis The following table presents the fair value of the Company's derivative instruments on a gross basis at December 31, 2024 and December 31, 2023 (in thousands):
December 31, 2024December 31, 2023
Short-term derivative asset$58,085 $233,226 
Long-term derivative asset6,003 47,566 
Short-term derivative liability(41,889)(21,963)
Long-term derivative liability(35,081)(18,602)
Total commodity derivative position$(12,882)$240,227 
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 years ended December 31, 2024, 2023 and 2022 (in thousands):
Year Ended December 31, 2024Year Ended December 31, 2023Year Ended December 31, 2022
Natural gas derivatives - fair value (losses) gains
$(251,019)$584,563 $32,797 
Natural gas derivatives - settlement gains (losses)
284,626 146,381 (1,002,098)
Total gains (losses) on natural gas derivatives
33,607 730,944 (969,301)
Oil and condensate derivatives - fair value gains
2,351 5,971 6,618 
Oil and condensate derivatives - settlement gains (losses)166 (3,272)(39,163)
Total gains (losses) on oil and condensate derivatives
2,517 2,699 (32,545)
NGL derivatives - fair value (losses) gains
(4,442)(2,414)14,648 
NGL derivatives - settlement (losses) gains(2,155)9,090 (12,549)
Total (losses) gains on NGL derivatives
(6,597)6,676 2,099 
Total gains (losses) on natural gas, oil and NGL derivatives
$29,527 $740,319 $(999,747)
Schedule of Recognized Derivative Assets The following table presents 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 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)
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 table presents 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 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)
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)