Gulfport Energy (GPOR) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-19514
Entity Registrant Name	Gulfport Energy Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-1521290
Entity Address, Address Line One	3001 Quail Springs Parkway
Entity Address, City or Town	Oklahoma City,
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73134
City Area Code	405
Local Phone Number	252-4600
Trading Symbol	GPORQ
Title of 12(b) Security	Common Stock
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		160,892,447
Amendment Flag	false
Entity Central Index Key	0000874499
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 179,701	$ 89,861
Accounts receivable—oil and natural gas sales	133,996	119,879
Accounts receivable—joint interest and other	12,904	12,200
Prepaid expenses and other current assets	134,509	160,664
Short-term derivative instruments	12,422	27,146
Total current assets	473,532	409,750
Property and equipment:
Oil and natural gas properties, full-cost accounting, $1,413,774 and $1,457,043 excluded from amortization in 2021 and 2020, respectively	10,895,625	10,816,909
Other property and equipment	88,835	88,538
Accumulated depletion, depreciation, amortization and impairment	(8,874,899)	(8,819,178)
Property and equipment, net	2,109,561	2,086,269
Other assets:
Equity investments	27,044	24,816
Long-term derivative instruments	652	322
Operating lease assets	314	342
Other assets	16,545	18,372
Total other assets	44,555	43,852
Total assets	2,627,648	2,539,871
Current liabilities:
Accounts payable and accrued liabilities	310,172	244,903
Short-term derivative instruments	20,687	11,641
Current maturities of long-term debt	279,807	253,743
Total current liabilities	610,666	510,287
Non-current liabilities:
Long-term derivative instruments	43,267	36,604
Total non-current liabilities	43,267	36,604
Liabilities subject to compromise	2,261,453	2,293,480
Total liabilities	2,915,386	2,840,371
Commitments and contingencies (Note 8)
Preferred stock - $0.01 par value; 5.0 million shares authorized (30 thousand authorized as redeemable 12% cumulative preferred stock, Series A), and none issued and outstanding	0	0
Stockholders’ deficit:
Common stock - $0.01 par value, 200.0 million shares authorized, 160.9 million issued and outstanding at March 31, 2021 and 160.8 million at December 31, 2020	1,609	1,607
Paid-in capital	4,215,162	4,213,752
Accumulated other comprehensive loss	(40,430)	(43,000)
Accumulated deficit	(4,464,079)	(4,472,859)
Total stockholders’ deficit	(287,738)	(300,500)
Total liabilities and stockholders’ deficit	$ 2,627,648	$ 2,539,871

CONSOLIDATED BALANCE SHEETS (PA

CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Capitalized costs of oil and natural gas properties excluded from amortization	$ 1,413,774	$ 1,457,043
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Redeemable 12% cumulative preferred stock, shares authorized (in shares)	30,000	30,000
Preferred stock, dividend rate	12.00%	12.00%
Preferred stock Series A, issued (in shares)	0	0
Preferred stock Series A, outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares, issued (in shares)	160,900,000	160,800,000
Common stock, shares, outstanding (in shares)	160,900,000	160,800,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUES:
Net (loss) gain on natural gas, oil and NGL derivatives	$ (29,978,000)	$ 98,266,000
Total Revenues	247,358,000	299,338,000
OPERATING EXPENSES:
Lease operating expenses	12,653,000	14,695,000
Taxes other than income	8,704,000	6,637,000
Transportation, gathering, processing and compression	105,867,000	110,357,000
Depreciation, depletion and amortization	41,147,000	78,028,000
Impairment of oil and natural gas properties	0	553,345,000
Impairment of other property and equipment	14,568,000	0
General and administrative expenses	12,757,000	15,622,000
Accretion expense	805,000	741,000
Total Operating Expenses	196,501,000	779,425,000
INCOME (LOSS) FROM OPERATIONS	50,857,000	(480,087,000)
OTHER EXPENSE (INCOME):
Interest expense	3,261,000	32,990,000
Interest income	(143,000)	(152,000)
Gain on debt extinguishment	0	(15,322,000)
Loss from equity method investments, net	342,000	10,789,000
Reorganization items, net	38,721,000	0
Other expense	(104,000)	1,856,000
Total Other Expense	42,077,000	30,161,000
INCOME (LOSS) BEFORE INCOME TAXES	8,780,000	(510,248,000)
Income Tax Expense	0	7,290,000
NET INCOME (LOSS)	$ 8,780,000	$ (517,538,000)
NET INCOME (LOSS) PER COMMON SHARE:
Basic (in usd per share)	$ 0.05	$ (3.24)
Diluted (in usd per share)	$ 0.05	$ (3.24)
Weighted average common shares outstanding - Basic (in shares)	160,812,935	159,760,222
Weighted average common shares outstanding - Diluted (in shares)	160,812,935	159,760,222
Natural gas sales
REVENUES:
Revenue from contract with customer	$ 235,321,000	$ 161,008,000
Oil and condensate sales
REVENUES:
Revenue from contract with customer	18,239,000	23,151,000
Natural gas liquid sales
REVENUES:
Revenue from contract with customer	$ 23,776,000	$ 16,913,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 8,780	$ (517,538)
Foreign currency translation adjustment	2,570	(15,030)
Other comprehensive income (loss)	2,570	(15,030)
Comprehensive income (loss)	$ 11,350	$ (532,568)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' (DEFICIT) EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2019		159,711
Beginning balance at Dec. 31, 2019	$ 1,314,592	$ 1,597	$ 4,207,554	$ (46,833)	$ (2,847,726)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(517,538)				(517,538)
Other Comprehensive Income	(15,030)			(15,030)
Stock Compensation	2,104		2,104
Shares Repurchased (in shares)		(80)
Shares Repurchased	(79)	$ (1)	(78)
Issuance of Restricted Stock (in shares)		211
Issuance of Restricted Stock	0	$ 2	(2)
Ending balance (in shares) at Mar. 31, 2020		159,842
Ending balance at Mar. 31, 2020	$ 784,049	$ 1,598	4,209,578	(61,863)	(3,365,264)
Beginning balance (in shares) at Dec. 31, 2020	160,800	160,762
Beginning balance at Dec. 31, 2020	$ (300,500)	$ 1,607	4,213,752	(43,000)	(4,472,859)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	8,780
Other Comprehensive Income	2,570			2,570
Stock Compensation	1,419		1,419
Shares Repurchased (in shares)		(86)
Shares Repurchased	(8)	$ (1)	(7)
Issuance of Restricted Stock (in shares)		203
Issuance of Restricted Stock	$ 1	$ 3	(2)
Ending balance (in shares) at Mar. 31, 2021	160,900	160,878
Ending balance at Mar. 31, 2021	$ (287,738)	$ 1,609	$ 4,215,162	$ (40,430)	$ (4,464,079)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 8,780,000	$ (517,538,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depletion, depreciation and amortization	41,147,000	78,028,000
Impairment of oil and natural gas properties	0	553,345,000
Impairment of other property and equipment	14,568,000	0
Loss from equity investments	342,000	10,789,000
Gain on debt extinguishment	0	(15,322,000)
Net loss (gain) on derivative instruments	29,978,000	(98,266,000)
Net cash receipts on settled derivative instruments	125,000	70,733,000
Deferred income tax expense	0	7,290,000
Other, net	1,574,000	3,223,000
Changes in operating assets and liabilities, net	26,661,000	38,556,000
Net cash provided by operating activities	123,175,000	130,838,000
Cash flows from investing activities:
Additions to oil and natural gas properties	(56,895,000)	(113,744,000)
Proceeds from sale of oil and natural gas properties	15,000	44,383,000
Other, net	(296,000)	(448,000)
Net cash used in investing activities	(57,176,000)	(69,809,000)
Cash flows from financing activities:
Principal payments on pre-petition revolving credit facility	(2,202,000)	(180,000,000)
Borrowings on pre-petition revolving credit facility	26,050,000	125,000,000
Repurchase of senior notes	0	(10,204,000)
Other, net	(7,000)	(252,000)
Net cash provided by (used in) financing activities	23,841,000	(65,456,000)
Net increase (decrease) in cash, cash equivalents and restricted cash	89,840,000	(4,427,000)
Cash, cash equivalents and restricted cash at beginning of period	89,861,000	6,060,000
Cash, cash equivalents and restricted cash at end of period	$ 179,701,000	$ 1,633,000

BASIS OF PRESENTATION AND LIQUI

BASIS OF PRESENTATION AND LIQUIDITY, MANAGEMENT'S PLANS AND GOING CONCERN	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND LIQUIDITY, MANAGEMENT'S PLANS AND GOING CONCERN	BASIS OF PRESENTATION AND LIQUIDITY, MANAGEMENT'S PLANS AND GOING CONCERN Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by Gulfport Energy Corporation (the “Company” or “Gulfport”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), and reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of the results for the interim periods reported in all material respects, on a basis consistent with the annual audited consolidated financial statements. All such adjustments are of a normal, recurring nature. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles ("GAAP") have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. The consolidated financial statements should be read in conjunction with the consolidated financial statements and the summary of significant accounting policies and notes included in the Company’s most recent annual report on Form 10-K. Results for the three months ended March 31, 2021 are not necessarily indicative of the results expected for the full year. Voluntary Reorganization Under Chapter 11 of the Bankruptcy Code On November 13, 2020, Gulfport Energy Corporation, Gator Marine, Inc., Gator Marine Ivanhoe, Inc., Grizzly Holdings, Inc., Gulfport Appalachia, LLC, Gulfport Midcon, LLC, Gulfport Midstream Holdings, LLC, Jaguar Resources LLC, Mule Sky LLC, Puma Resources, Inc. and Westhawk Minerals LLC filed voluntary petitions of relief under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas. The Chapter 11 Cases are being administered jointly under the caption In re Gulfport Energy Corporation, et al., Case No. 20-35562 (DRJ). The debtors continue to operate their businesses as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court, in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. The commencement of a voluntary proceeding in bankruptcy constituted an event of default that accelerated the Company's obligations under the Company's Pre-Petition Revolving Credit Facility and the indentures governing the Company's senior notes, resulting in the principal and interest due thereunder becoming immediately due and payable. Subject to certain specific exceptions under the Bankruptcy Code, the filing of the Chapter 11 Cases automatically stayed all judicial or administrative actions against the Company and efforts by creditors to collect on or otherwise exercise rights or remedies with respect to pre-petition claims. Absent an order from the Bankruptcy Court, substantially all of the Debtors’ pre-petition liabilities are subject to settlement under the Bankruptcy Code. The Company has applied FASB ASC Topic 852 - Reorganizations ("ASC 852") in preparing the consolidated financial statements, which specifies the accounting and financial reporting requirements for entities reorganizing through Chapter 11 bankruptcy proceedings. These requirements include distinguishing transactions associated with the reorganization separate from activities related to the ongoing operations of the business. Accordingly, pre-petition liabilities that may be impacted by the Chapter 11 proceedings have been classified as liabilities subject to compromise on the consolidated balance sheets as of March 31, 2021 and December 31, 2020. Additionally, certain expenses, realized gains and losses and provisions for losses that are realized or incurred during the Chapter 11 Cases are recorded as reorganization items, net in the consolidated statements of operations for the three months ended March 31, 2021. Refer to Note 2 for more information on the events of the bankruptcy proceedings as well as the accounting and reporting impacts of the reorganization. Ability to Continue as a Going Concern The accompanying unaudited consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As discussed above, the filing of the Chapter 11 Cases constituted an event of default under the Company’s Pre-Petition Revolving Credit Facility and the indentures governing the Company's senior notes (the "Default"), resulting in the principal and interest due thereunder becoming immediately due and payable. The Company does not have sufficient cash on hand or available liquidity to repay these amounts due. These conditions and events raise substantial doubt about the Company’s ability to continue as a going concern. As part of the Chapter 11 Cases, the Company submitted the Plan to the Bankruptcy Court. The Company’s operations and its ability to develop and execute its business plan are subject to a high degree of risk and uncertainty associated with the Chapter 11 Cases. As discussed in Note 14 , an order was entered by the Bankruptcy Court confirming the Company's Plan on April 28, 2021 and it expects to emerge from bankruptcy in May 2021. However, there can be no assurance that the Company will consummate the confirmed Plan, and as a result, the Company has concluded that management’s plans do not alleviate substantial doubt about the Company’s ability to continue as a going concern. While operating as a debtor-in-possession, the Company may settle liabilities, subject to the approval of the Bankruptcy Court or as otherwise permitted in the ordinary course of business, for amounts other than those reflected in the accompanying consolidated financial statements. Further, the Plan or other bankruptcy proceedings could materially change the amounts and classifications of assets and liabilities reported in the consolidated financial statements, including liabilities subject to compromise which will be resolved in connection with the Chapter 11 Cases. The accompanying unaudited consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern or as a consequence of the Chapter 11 Cases. Impact on Previously Reported Results During the third quarter of 2020, the Company identified that certain firm transportation costs incurred in prior periods were misclassified as deducts to "natural gas sales" while they should have been included in "transportation, gathering, processing and compression" on its consolidated statements of operations. The Company assessed the materiality of this presentation on prior periods’ consolidated financial statements in accordance with the SEC Staff Accounting Bulletin No. 99, “Materiality”, codified in ASC Topic 250, “Accounting Changes and Error Corrections”. Based on this assessment, the Company concluded that the correction is not material to any previously issued financial statements. The correction had no impact on its consolidated balance sheets, consolidated statements of comprehensive income, consolidated statements of stockholders' equity or consolidated statements of cash flows. Additionally, the error had no impact on net loss or net loss per share. The Company will conform presentation of previously reported consolidated statements of operations in future filings. The following tables present the effect of the correction on all affected line items of our previously issued consolidated financial statements of operations for the three months ended March 31, 2020. Three months ended March 31, 2020 As Reported Adjustments As Revised (In thousands) Natural gas sales $ 108,547 $ 52,461 $ 161,008 Total Revenues $ 246,877 $ 52,461 $ 299,338 Transportation, gathering, processing and compression $ 57,896 $ 52,461 $ 110,357 Total Operating Expenses $ 726,964 $ 52,461 $ 779,425 Supplemental Cash Flow and Non-Cash Information Three months ended March 31, 2021 2020 Supplemental disclosure of cash flow information: (In thousands) Cash paid for reorganization items, net $ 21,367 $ — Interest payments $ 4,763 $ 14,034 Changes in operating assets and liabilities: (Increase) decrease in accounts receivable - oil and natural gas sales $ (14,117) $ 47,111 (Increase) decrease in accounts receivable - joint interest and other (478) 6,001 Increase (decrease) in accounts payable and accrued liabilities 15,555 (7,637) (Increase) decrease in prepaid expenses 26,356 (6,920) (Increase) decrease in other assets (655) 1 Total changes in operating assets and liabilities $ 26,661 $ 38,556 Supplemental disclosure of non-cash transactions: Capitalized stock-based compensation $ 630 $ 934 Asset retirement obligation capitalized $ 483 $ 381 Asset retirement obligation removed due to divestiture $ — $ (2,033) Interest capitalized $ — $ 187 Fair value of contingent consideration asset on date of divestiture $ — $ 23,090 Foreign currency translation gain (loss) on equity method investments $ 2,570 $ (15,030)

CHAPTER 11 PROCEEDINGS

CHAPTER 11 PROCEEDINGS	3 Months Ended
	Mar. 31, 2021
Reorganizations [Abstract]
CHAPTER 11 PROCEEDINGS	CHAPTER 11 PROCEEDINGS Restructuring Support Agreement On November 13, 2020, the Debtors commenced the Chapter 11 Cases as described in Note 1 above. To ensure ordinary course operations, the Debtors have obtained approval from the Bankruptcy Court for certain first- and second-day motions, including motions to obtain customary relief intended to continue ordinary course operations after the Petition Date. In addition, the Debtors have received authority to use cash collateral of the lenders under the DIP Credit Facility. On November 13, 2020, the Debtors entered into a restructuring support agreement with (i) over 95% of the lenders (the “Consenting RBL Lenders”) party to the Pre-Petition Revolving Credit Facility, dated as of December 27, 2013, by and among the Company, as borrower, each of the lenders party thereto, the Bank of Nova Scotia, as administrative agent and issuing bank, the joint lead arrangers and joint bookrunners, the co-syndication agents, and the co-documentation agents and (ii) certain holders (the “Consenting Noteholders,” and, together with the Consenting RBL Lenders, the “Consenting Stakeholders”) holding over two-thirds of the Company’s (a) 6.625% senior notes due 2023, issued under that certain Indenture, dated as of April 21, 2015, (b) 6.000% senior notes due 2024, issued under that certain Indenture, dated as of October 14, 2016, (c) 6.375% senior notes due 2025, issued under that certain Indenture, dated as of December 21, 2016, and (d) 6.375% senior notes due 2026, issued under that certain Indenture, dated as of October 11, 2017 (collectively, the “Unsecured Notes”), each by and among the Company, the subsidiary guarantors party thereto, and UMB Bank, N.A. as successor trustee. The RSA outlines the key elements and actions the Company plans to take as part of Chapter 11 process, including equitizing a significant portion of its prepetition indebtedness and rejecting or renegotiating certain contracts which will result in a materially improved balance sheet and cost structure. The RSA contains certain covenants on the part of each of Gulfport and the Consenting Stakeholders, including commitments by the Consenting Stakeholders to vote in favor of the Plan and commitments of Gulfport and the Consenting Stakeholders to negotiate in good faith to finalize the documents and agreements governing the Restructuring. The RSA also places certain conditions on the obligations of the parties and provides that the RSA may be terminated upon the occurrence of certain events, including, without limitation, the failure to achieve certain milestones and certain breaches by the parties under the RSA. One such condition is the requirement of the Company to obtain certain levels of savings on certain midstream obligations (as set forth in the RSA) through rejection of such contracts and/or renegotiation of their terms. Plan of Reorganization On April 28, 2021, the Bankruptcy Court entered an order confirming the Amended Joint Chapter 11 Plan of Reorganization of Gulfport Energy Corporation and Its Debtor Subsidiaries (the "Plan"). The Company expects the effective date of the Plan will occur once all conditions precedent to the Plan have been satisfied (the "Effective Date"). Below is a summary of the material terms of the Plan as approved and confirmed by the Bankruptcy Court. This summary highlights only certain substantive provisions of the Plan and is not intended to be a complete description of the Plan. Capitalized terms used under this heading but not otherwise defined herein shall have the meaning given to such terms in the Plan, which has been included as an exhibit to this Form 10-Q: • the RBL Lenders and DIP Lenders, each with The Bank of Nova Scotia as administrative agent, have agreed that the RBL Credit Facility and DIP Facility, respectively, will convert into the $580 million Exit Facility upon the Effective Date, subject to the terms and conditions set forth in the Exit Facility Documentation; • certain members of the Ad Hoc Noteholder Group have agreed to backstop the Rights Offering of at least $50 million in exchange for New Preferred Stock; • Holders of Allowed General Unsecured Claims against Gulfport Parent will receive their Pro Rata share of: (a) $10 million in Cash, subject to adjustment by the Unsecured Claims Distribution Trustee; (b) 100% of the Mammoth Shares; and (c) 4% of the New Common Stock of the Reorganized Debtors, subject to dilution and certain adjustments; • Holders of Allowed Notes Claims against Gulfport Parent will waive their entitlement to a Cash recovery or any of the Mammoth Shares, and will cap their recovery at 96% of the New Common Stock of the Reorganized Debtors, which will be drawn first from the Gulfport Subsidiaries Equity Pool and then from the Gulfport Parent Equity Pool to the extent required due to dilution as a result of distributions made to General Unsecured Claims against Gulfport Subsidiaries (excluding distributions to Unsecured Surety Claims); • Holders of Allowed Notes Claims against Gulfport Subsidiaries and Allowed General Unsecured Claims against Gulfport Subsidiaries will receive their Pro Rata share of: (a) the Gulfport Subsidiaries Equity Pool; (b) the New Unsecured Notes; and (c) the Rights Offering Subscription Rights; • a Class of Convenience Claims consisting of (a) Allowed General Unsecured Claims of $300,000 or less or (b) Allowed General Unsecured Claims over $300,000 that the applicable Holder has irrevocably elected to have reduced to $300,000 and treated as Convenience Claims, will share in a $3,000,000 Cash distribution pool, which the Unsecured Claims Distribution Trustee may increase by an additional $2,000,000 by reducing the Gulfport Parent Cash Pool; • an Unsecured Claims Distribution Trustee will administer a trust to make distributions to Allowed General Unsecured Claims and Allowed Convenience Claims and to exercise certain consent rights with respect to the settlement and Allowance of disputed General Unsecured Claims and Convenience Claims; • each Intercompany Claim shall be cancelled in exchange for the distributions contemplated by the Plan to Holders of Claims against and Interests in the respective Debtor entities and shall be considered settled pursuant to Bankruptcy Rule 9019; • each Holder of an Intercompany Interest shall receive no recovery or distribution and shall be Reinstated solely to the extent necessary to maintain the Debtors’ prepetition corporate structure for the ultimate benefit of the Holders of New Common Stock and New Preferred Stock; and • the Existing Interests in Gulfport Parent will be cancelled, released, and extinguished, and will be of no further force or effect, without any distribution. DIP Credit Facility Pursuant to the RSA, the Consenting RBL Lenders have agreed to provide the Company with a senior secured superpriority debtor-in-possession revolving credit facility in an aggregate principal amount of $262.5 million consisting of (a) $105 million of new money and (b) $157.5 million to roll up a portion of the existing outstanding obligations under the Pre-Petition Revolving Credit Facility. The proceeds of the DIP Credit Facility may be used for, among other things, post-petition working capital, permitted capital investments, general corporate purposes, letters of credit, administrative costs, premiums, expenses and fees for the transactions contemplated by the Chapter 11 Cases and payment of court approved adequate protection obligations. The DIP Credit Facility was approved by the Bankruptcy Court on a final basis on December 18, 2020. See Note 5 for additional information. Executory Contracts Subject to certain exceptions, under the Bankruptcy Code, the Company may assume, assign, or reject certain executory contracts and unexpired leases subject to the approval of the Bankruptcy Court and certain other conditions. Generally, the rejection of an executory contract or unexpired lease is treated as a pre-petition breach of such executory contract or unexpired lease and, subject to certain exceptions, relieves the Company from performing its future obligations under such executory contract or unexpired lease but entitles the contract counterparty or lessor to a pre-petition general unsecured claim for damages caused by such deemed breach. Counterparties to rejected contracts or leases may assert unsecured claims in the Bankruptcy Court against the Company's estate for such damages. Generally, the assumption of an executory contract or unexpired lease requires the Company to cure existing monetary defaults under such executory contract or unexpired lease and provide adequate assurance of future performance. Accordingly, any description of an executory contract or unexpired lease with the Company, including where applicable a quantification of the Company's obligations under any such executory contract or unexpired lease of the Company, is qualified by any overriding rejection rights it has under the Bankruptcy Code. Potential Claims The Company has filed with the Bankruptcy Court schedules and statements setting forth, among other things, the assets and liabilities of the Company and each of its subsidiaries, subject to the assumptions filed in connection therewith. These schedules and statements may be subject to further amendment or modification after filing. Certain holders of pre-petition claims that are not governmental units were required to file proofs of claim by the deadline for general claims, which was set by the Bankruptcy Court as January 26, 2021. Governmental units are required to file proof of claims by May 12, 2021, the deadline that was set by the Bankruptcy Court. As of April 30, 2021, the Debtors have received approximately 2,700 proofs of claim for an aggregate amount of approximately $13 billion. The Company will continue to evaluate these claims throughout the Chapter 11 process and recognize or adjust amounts in future financial statements as necessary using the best information available at such time. Differences between amounts scheduled by the Company and claims by creditors will ultimately be reconciled and resolved in connection with the claims resolution process. In light of the expected number of creditors, the claims resolution process may take considerable time to complete and likely will continue after the Company emerges from bankruptcy. Financial Statement Classification of Liabilities Subject to Compromise The accompanying consolidated balance sheets as of March 31, 2021 and December 31, 2020 include amounts classified as liabilities subject to compromise, which represent liabilities the Company anticipates will be allowed as claims in the Chapter 11 Cases. These amounts represent the Company's current estimate of known or potential obligations to be resolved in connection with the Chapter 11 Cases, and may differ from actual future settlement amounts paid. Differences between liabilities estimated and claims filed, or to be filed, will be investigated and resolved in connection with the claims resolution process. The Company will continue to evaluate these liabilities throughout the Chapter 11 process and adjust amounts as necessary. Such adjustments may be material. Liabilities subject to compromise includes amounts related to the rejection of various executory contracts. Additional amounts may be included in liabilities subject to compromise in future periods if additional executory contracts and/or unexpired leases are rejected. The nature of many of the potential claims arising under the Company's executory contracts and unexpired leases has not been determined at this time, and therefore, such claims are not reasonably estimable at this time and may be material. Damages related to rejected contracts are accounted for after they have been approved for rejection by the Bankruptcy Court. The following table summarizes the components of liabilities subject to compromise included on the Company's consolidated balance sheets as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (in thousands) Debt subject to compromise $ 2,003,004 $ 2,005,219 Accounts payable and accrued liabilities 134,344 164,939 Asset retirement obligations 64,854 63,566 Accrued interest on debt subject to compromise 55,159 55,634 Other liabilities 4,092 4,122 Liabilities subject to compromise $ 2,261,453 $ 2,293,480 Interest Expense The Company has discontinued recording interest on debt instruments classified as liabilities subject to compromise as of the Petition Date. The contractual interest expense on liabilities subject to compromise not accrued in the consolidated statements of operations was approximately $28.5 million for the three months ended March 31, 2021. Reorganization Items, Net The Company has incurred and will continue to incur significant expenses, gains and losses associated with the reorganization, primarily the write-off of unamortized debt issuance costs, debt and equity financing fees, adjustments to allowed claims and legal and professional fees incurred subsequent to the Chapter 11 filings related to the restructuring process. The amount of these items, which are being incurred in reorganization items, net within the Company's accompanying audited consolidated statements of operations, are expected to significantly affect the Company's statements of operations. The Company has incurred adjustments for allowable claims related to its legal proceedings and executory contracts approved for rejections by the Bankruptcy Court, with additional adjustments possible in future periods. The following table summarizes the components in reorganization items, net included in the Company's consolidated statements of operations for the three months ended March 31, 2021: Three months ended March 31, 2021 (in thousands) Legal and professional fees $ 40,783 Adjustment to allowed claims 2,088 Gain on settlement of pre-petition accounts payable (4,150) Reorganization items, net $ 38,721

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT The major categories of property and equipment and related accumulated DD&A and impairment as of March 31, 2021 and December 31, 2020 are as follows: March 31, 2021 December 31, 2020 (In thousands) Oil and natural gas properties $ 10,895,625 $ 10,816,909 Other depreciable property and equipment 85,827 85,530 Land 3,008 3,008 Total property and equipment 10,984,460 10,905,447 Accumulated DD&A and impairment (8,874,899) (8,819,178) Property and equipment, net $ 2,109,561 $ 2,086,269 Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter. The test determines a limit, or ceiling, on the book value of the Company's oil and natural gas properties. At March 31, 2021, the net book value of the Company's oil and gas properties was below the calculated ceiling for the period leading up to March 31, 2021. As a result, the Company recorded no impairment of its oil and natural gas properties for the three months ended March 31, 2021. The Company recorded an impairment of its oil and natural gas properties of $553.3 million for the three months ended March 31, 2020. Certain general and administrative costs are capitalized to the full cost pool and represent management’s estimate of costs incurred directly related to exploration and development activities. All general and administrative costs not capitalized are charged to expense as they are incurred. Capitalized general and administrative costs were approximately $5.5 million and $5.4 million for the three months ended March 31, 2021 and 2020, respectively. The following table summarizes the Company’s unevaluated properties excluded from amortization by area at March 31, 2021: March 31, 2021 (In thousands) Utica $ 761,397 SCOOP 651,451 Other 926 $ 1,413,774 At December 31, 2020, approximately $1.5 billion of unevaluated properties were not subject to amortization. The Company evaluates the costs excluded from its amortization calculation at least annually. Individually insignificant unevaluated properties are grouped for evaluation and periodically transferred to evaluated properties over a timeframe consistent with their expected development schedule. Impairment of Other Property and Equipment During the three months ended March 31, 2021, the Company recorded an impairment of $14.6 million related to its corporate headquarters as a result of changes in the expected future use. Asset Retirement Obligation A reconciliation of the Company’s asset retirement obligation for the three months ended March 31, 2021 and 2020 is as follows: March 31, 2021 March 31, 2020 (In thousands) Asset retirement obligation, beginning of period $ 63,566 $ 60,355 Liabilities incurred 483 381 Liabilities removed due to divestitures — (2,033) Accretion expense 805 741 Total asset retirement obligation as of end of period $ 64,854 $ 59,444 Less: amounts reclassified to liabilities subject to compromise $ (64,854) $ — Total asset retirement obligation reflected as non-current liabilities $ — $ 59,444

EQUITY INVESTMENTS

EQUITY INVESTMENTS	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
EQUITY INVESTMENTS	EQUITY INVESTMENTS Investments accounted for by the equity method consist of the following as of March 31, 2021 and December 31, 2020: Carrying value Loss from equity method investments Approximate ownership % March 31, 2021 December 31, 2020 Three months ended March 31, 2021 2020 (In thousands) Investment in Grizzly Oil Sands ULC 24.5 % $ 27,044 $ 24,816 $ (342) $ (143) Investment in Mammoth Energy Services, Inc. 21.5 % — — — (10,646) $ 27,044 $ 24,816 $ (342) $ (10,789) The tables below summarize financial information for the Company’s equity investments as of March 31, 2021 and December 31, 2020. Summarized balance sheet information: March 31, 2021 December 31, 2020 (In thousands) Current assets $ 462,478 $ 483,303 Noncurrent assets $ 1,079,557 $ 1,092,495 Current liabilities $ 125,359 $ 132,978 Noncurrent liabilities $ 124,628 $ 148,240 Summarized results of operations: Three months ended March 31, 2021 2020 (In thousands) Gross revenue $ 66,805 $ 97,383 Net loss $ (13,606) $ (85,031) Grizzly Oil Sands ULC The Company, through its wholly owned subsidiary Grizzly Holdings, owns an approximate 24.5% interest in Grizzly, a Canadian unlimited liability company. As of March 31, 2021, Grizzly had approximately 830,000 acres under lease in the Athabasca, Peace River and Cold Lake oil sands regions of Alberta, Canada. The Company reviewed its investment in Grizzly for impairment at March 31, 2021 and 2020 and determined no impairment was required. The Company has not paid any cash calls since its election to cease funding further capital calls in 2019. Grizzly’s functional currency is the Canadian dollar. The Company’s investment in Grizzly increased by $2.6 million as a result of a foreign currency translation gain and decreased by $14.7 million as a result of a foreign currency translation loss for the three months ended March 31, 2021 and 2020, respectively. Mammoth Energy Services, Inc. At March 31, 2021, the Company owned 9,829,548 shares, or approximately 21.5%, of the outstanding common stock of Mammoth Energy Services, Inc. ("Mammoth Energy"). The approximate fair value of the Company's investment in Mammoth Energy at March 31, 2021 was $52.3 million based on the quoted market price of Mammoth Energy's common stock. At March 31, 2020, the Company's share of net loss of Mammoth was in excess of the carrying value of its investment. As such, the Company's investment value was reduced to zero at March 31, 2020. During the first quarter of 2021, the Company's

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2021
Long-term Debt, Unclassified [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt consisted of the following items as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (In thousands) DIP credit facility $ 157,500 $ 157,500 Pre-petition revolving credit facility 316,759 292,910 6.625% senior unsecured notes due 2023 324,583 324,583 6.000% senior unsecured notes due 2024 579,568 579,568 6.375% senior unsecured notes due 2025 507,870 507,870 6.375% senior unsecured notes due 2026 374,617 374,617 Building loan 21,914 21,914 Total Debt 2,282,811 2,258,962 Less: current maturities of long-term debt (279,807) (253,743) Less: amounts reclassified to liabilities subject to compromise (2,003,004) (2,005,219) Total Debt reflected as long term $ — $ — Chapter 11 Proceedings Filing of the Chapter 11 Cases constituted an event of default with respect to certain of our secured and unsecured debt obligations. As a result of the Chapter 11 Cases, the principal and interest due under these debt instruments became immediately due and payable. However, Section 362 of the Bankruptcy Code stays the creditors from taking any action as a result of the default. The principal amounts from the Senior Notes, Building Loan and Pre-Petition Revolving Credit Facility, other than letters of credit drawn on the Pre-Petition Revolving Credit Facility after the Petition Date, have been classified as liabilities subject to compromise on the accompanying consolidated balance sheets as of March 31, 2021 and December 31, 2020. Debtor-in-Possession Credit Agreement Pursuant to the RSA, the Consenting RBL Lenders have agreed to provide the Company with a senior secured superpriority debtor-in-possession revolving credit facility in an aggregate principal amount of $262.5 million consisting of (a) $105 million of new money and (b) $157.5 million to roll up a portion of the existing outstanding obligations under the Pre-Petition Revolving Credit Facility. The terms and conditions of the DIP Credit Facility are set forth in that certain form of credit agreement governing the DIP Credit Facility. The proceeds of the DIP Credit Facility may be used for, among other things, post-petition working capital, permitted capital investments, general corporate purposes, letters of credit, administrative costs, premiums, expenses and fees for the transactions contemplated by the Chapter 11 Cases and payment of court approved adequate protection obligations. The DIP Credit Facility was approved by the Bankruptcy Court on a final basis on December 18, 2020. As of March 31, 2021, $157.5 million was outstanding under the DIP Credit Facility and the total availability for future borrowings under this facility, after giving effect to an aggregate of $28.5 million letters of credit, was $76.5 million. Borrowings under the DIP Credit Facility will mature, and the lending commitments thereunder will terminate, upon the earliest to occur of: (a) August 30, 2021; (b) three (3) business days after the Petition Date, if the Interim Order and Hedging Order have not been entered prior to the expiration of such period; (c) thirty five (35) days (or a later date consented to by the Administrative Agent and the Majority Lenders in their sole discretion) after the entry of the Interim Order, if the Bankruptcy Court has not entered the Final Order on or prior to such date; (d) the effective date of an Approved Plan of Reorganization, (e) the consummation of a sale of all or substantially all of the equity and/or assets of the Debtors and budgeted and necessary expenses of the estates; (f) the date of the payment in full, in cash, of all Obligations (and the termination of all Commitments in accordance with the terms hereof); and (g) the date of termination of all Commitments and/or the acceleration of all of the Obligations under the Agreement and the other Loan Documents following the occurrence and during the continuance of an Event of Default. Borrowings under the DIP Credit Facility bear interest at a eurodollar rate or base rate, at our election, plus an applicable margin of 4.50% per annum for eurodollar loans and 3.50% per annum for base rate loans. At March 31, 2021, amounts borrowed under the DIP credit facility bore interest at a weighted average rate of 5.50%. In addition to paying interest on outstanding principal and letters of credit posted under the DIP Credit Facility, we are required to pay a commitment fee of 0.50% per annum to the lenders of the DIP Credit Facility in respect of the unutilized DIP commitments thereunder and a letter of credit fee equal to 0.20% per annum. The DIP Credit Facility includes negative covenants that, subject to significant exceptions, limit the Company's ability and the ability of its restricted subsidiaries to, among other things, (i) create liens on assets, property revenues, (ii) make investments, (iii) incur additional indebtedness, (iv) engage in mergers, consolidations, liquidations and dissolutions, (v) sell assets, (vi) pay dividends and distributions or repurchase capital stock, (vii) cease for any reason to be the operator of its properties, (viii) enter into letters of credit without prior written consent, (ix) enter into certain commodity hedging contracts except commodity hedging contracts with terms approved by the Bankruptcy Court in the hedging order or certain interest rate contracts, (x) change lines of business, (xi) engage in certain transactions with affiliates and (xii) incur more than a certain amount in capital expenditures in any calendar month. The DIP Credit Facility includes certain customary representations and warranties, affirmative covenants and events of default, including but not limited to defaults on account of nonpayment, breaches of representations and warranties and covenants, certain bankruptcy-related events, certain events under ERISA, material judgments and a change in control. If an event of default occurs, the lenders under the DIP Credit Facility will be entitled to take various actions, including the acceleration of all amounts due under the DIP Credit Facility and all actions permitted to be taken under the loan documents or application of law. In addition, the DIP Credit Facility is subject to various other financial performance covenants, including compliance with certain financial metrics and adherence to a budget approved by the Company's DIP Credit Facility lenders. Pre-Petition Revolving Credit Facility The Company has entered into a senior secured revolving credit facility agreement, as amended, with The Bank of Nova Scotia, as the lead arranger and administrative agent and certain lenders from time to time party thereto. On October 8, 2020, the Company's borrowing base under its Pre-Petition Revolving Credit Facility was reduced from $700 million to $580 million, thereby significantly reducing the Company's available liquidity. On October 15, 2020, the Company elected to not pay interest on certain Senior Notes outstanding triggering a default under the credit agreement. There was $316.8 million of outstanding borrowings under the Pre-Petition Revolving Credit Facility as of March 31, 2021 that were not rolled up into the DIP Credit Facility. This amount of indebtedness will remain outstanding throughout the Chapter 11 Cases and will continue to accrue interest at the default interest rate on amounts drawn after the Petition Date. The Company made certain adequate protection payments of $2.2 million on its Pre-Petition Revolving Credit Facility during the three months ended March 31, 2021 which reduced the amount of outstanding borrowings under the Pre-Petition Revolving Credit Facility classified as liabilities subject to compromise as of March 31, 2021 in the accompanying consolidated balance sheets. During the first quarter of 2021, $26.1 million was drawn on letters of credit secured by the Company's Pre-Petition Revolving Credit Facility by certain of its firm transportation contract counterparties. As these were post-petition activities, these letters of credit drawn are included in current portion of long-term debt in the accompanying consolidated balance sheets. At March 31, 2021 the Company included $99.1 million in prepaid and other current assets in the accompanying consolidated balance sheets as an offset for the drawn letters of credit. A portion of the drawn letters of credit were netted against accounts payable to the Company's firm transportation contract counterparties. Additionally, as of March 31, 2021, the Company had an aggregate of $121.2 million of letters of credit outstanding and no availability for future borrowings under its Pre-Petition Revolving Credit Facility. This facility is secured by substantially all of the Company's assets. All of the Company's wholly-owned subsidiaries, excluding Grizzly Holdings and Mule Sky, guarantee our obligations under our revolving credit facility. At March 31, 2021, amounts borrowed under the revolving credit facility bore interest at a weighted average rate of 3.12%. Capitalization of Interest The Company did not capitalize interest expense for the three months ended March 31, 2021 and capitalized approximately $0.2 million in interest expense related to its unevaluated oil and natural gas properties during the three months ended March 31, 2020. Fair Value of Debt At March 31, 2021, the carrying value of the outstanding debt represented by the Notes was approximately $1.8 billion. Based on the quoted market prices (Level 1), the fair value of the Notes was determined to be approximately $1.6 billion at March 31, 2021.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The Company has granted restricted stock units to employees and directors pursuant to the 2019 Amended and Restated Incentive Stock Plan ("2019 Plan"), as discussed below. During the three months ended March 31, 2021, the Company’s stock-based compensation cost was $3.0 million, of which the Company capitalized $0.6 million relating to its exploration and development efforts. During the three months ended March 31, 2020, the Company’s stock-based compensation cost was $2.1 million of which the Company capitalized $0.9 million relating to its exploration and development efforts. Stock compensation costs, net of the amounts capitalized, are included in general and administrative expenses in the accompanying consolidated statements of operations. The following table summarizes restricted stock unit activity for the three months ended March 31, 2021: Number of Weighted Number of Weighted Unvested shares as of January 1, 2021 1,702,513 $ 4.74 840,595 $ 4.07 Granted — — — — Vested (202,583) 8.32 — — Forfeited/canceled (19,707) 3.61 — — Unvested shares as of March 31, 2021 1,480,223 $ 4.26 840,595 $ 4.07 Restricted Stock Units Restricted stock units awarded under the 2019 Plan generally vest over a period of one year in the case of directors and three years in the case of employees and vesting is dependent upon the recipient meeting applicable service requirements. Stock-based compensation costs are recorded ratably over the service period. The grant date fair value of restricted stock units represents the closing market price of the Company's common stock on the date of grant. Unrecognized compensation expense as of March 31, 2021 related to restricted stock units was $4.0 million. The expense is expected to be recognized over a weighted average period of 1.12 years. Performance Vesting Restricted Stock Units The Company has awarded performance vesting units to certain of its executive officers under the 2019 Plan. The number of shares of common stock issued pursuant to the award will be based on relative total shareholder return ("RTSR"). RTSR is an incentive measure whereby participants will earn from 0% to 200% of the target award based on the Company’s RTSR ranking compared to the RTSR of the companies in the Company’s designated peer group at the end of the performance period. Awards will be earned and vested over a performance period measured from January 1, 2019 to December 31, 2021, subject to earlier termination of the performance period in the event of a change in control. Unrecognized compensation expense as of March 31, 2021 related to performance vesting restricted shares was $1.1 million. The expense is expected to be recognized over a weighted average period of 1.04 years. 2020 Cash Retention Incentives On August 4, 2020, the Company's Board of Directors authorized a redesign of the incentive compensation program for the Company's workforce, including for its current named executive officers. In connection with a comprehensive review of the Company’s compensation programs and in consultation with its independent compensation consultant and legal advisors, the Board of Directors determined that significant changes were appropriate to retain and motivate the Company’s employees as a result of the ongoing uncertainty and unprecedented disruption in the oil and gas industry. All unpaid amounts previously awarded pursuant to the 2020 Incentive Plan and all restricted stock units granted in 2020 issued to the Company's named executive officers were cancelled and replaced with cash retention incentives. These cash retention incentives are equally weighted between achievement of certain specified performance metrics and a service period. Of the cash retention incentives, 50% may be clawed back on an after-tax basis if an executive officer terminates employment for any reason other than a qualifying termination prior to the earlier of July 31, 2021, a change in control or completion of a restructuring, and the remaining 50% will be subject to repayment on an after-tax basis if established performance metrics are not met over performance periods from August 1, 2020 through July 31, 2021. In total, $13.5 million in cash retention incentives were paid to the Company's executives in August 2020. The transactions were considered a modification to the previously issued equity- and liability-classified awards, and the previously issued equity-classified awards were reclassified as liability awards. The after-tax value of the cash incentives paid to the Company's executives of was capitalized to prepaid expenses and other current assets in the accompanying consolidated balance sheets and will be amortized over the remaining service period. Unrecognized compensation expense as of March 31, 2021 related to these payments was $2.1 million.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	EARNINGS (LOSS) PER SHARE Reconciliations of the components of basic and diluted net income (loss) per common share are presented in the tables below: Three months ended March 31, 2021 2020 (In thousands, except share data) Net income (loss) $ 8,780 $ (517,538) Basic Shares 160,812,935 159,760,222 Basic EPS $ 0.05 $ (3.24) Effect of dilutive securities: Stock options and awards — — Dilutive Shares 160,812,935 159,760,222 Dilutive EPS $ 0.05 $ (3.24) There were no potential shares of common stock that were considered dilutive for the three months ended March 31, 2021. There were 1,552,423 potential shares of common stock that were considered anti-dilutive for the three months ended March 31, 2020.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Future Firm Transportation and Gathering Agreements The Company has contractual commitments with pipeline companies for future gathering and transportation of natural gas from the Company's producing wells to downstream markets. Under certain of these agreements, the Company has minimum daily volume commitments. The Company is also obligated under certain of these arrangements to pay a demand charge for firm capacity rights on pipeline systems regardless of the amount of pipeline capacity utilized by the Company. If the Company does not utilize the capacity, it often can release it to other counterparties, thus reducing the cost of these commitments. Commitments related to future firm transportation and gathering agreements are not recorded as obligations in the accompanying consolidated balance sheets; however, they are reflected in the Company's estimates of proved reserves. Additionally, one of the requirements provided for in the RSA is that the Company must permanently reduce its future demand reservation fees owed over the life of all of its firm transportation agreements, taken as a whole, by at least 50% of the amount of all such fees owed on October 31, 2020, as calculated on a PV-10 basis. Additionally, the Company must reduce the future firm transportation demand reservation volumes over the life of all of its firm transportation agreements, taken as a whole, by at least 35%. Since the filing of the Chapter 11 Cases in November 2020, the Company has successfully renegotiated or terminated certain of its midstream contracts and commitments, significantly reducing its transportation expenses. As of March 31, 2021, the Company was still negotiating certain of its midstream contracts pending emergence from Chapter 11. However, there can be no assurances the Company will successfully renegotiate or terminate any additional midstream contracts. The below table reflects the Company's obligations as of March 31, 2021 excluding contemplation of any contracts yet to be terminated or renegotiated throughout the Chapter 11 Cases. A summary of these commitments at March 31, 2021 are set forth in the table below: (In thousands) Remaining 2021 $ 242,253 2022 324,048 2023 322,241 2024 302,116 2025 215,119 Thereafter 1,575,874 Total $ 2,981,651 Future Firm Sales Commitments The Company has entered into various firm sales contracts to deliver and sell natural gas. The Company expects to fulfill its delivery commitments primarily with production from proved developed reserves. The Company's operated production has generally been sufficient to satisfy its delivery commitments during the periods presented, and it expects its operated production will continue to be the primary means of fulfilling its future commitments. However, where the Company's operated production is not sufficient to satisfy its delivery commitments, it can and may use spot market purchases to satisfy the commitments. A summary of these volume commitments at March 31, 2021 are set forth in the table below: (MMBtu per day) Remaining 2021 61,000 2022 49,000 2023 17,000 Total 127,000 Litigation and Regulatory Proceedings The Company is involved in a number of litigation and regulatory proceedings including those described below. Many of these proceedings are in early stages, and many of them seek or may seek damages and penalties, the amount of which is indeterminate. The Company's total accrued liabilities in respect of litigation and regulatory proceedings is determined on a case-by-case basis and represents an estimate of probable losses after considering, among other factors, the progress of each case or proceeding, its experience and the experience of others in similar cases or proceedings, and the opinions and views of legal counsel. Significant judgment is required in making these estimates and their final liabilities may ultimately be materially different. The Company, along with a number of other oil and gas companies, has been named as a defendant in two separate complaints, one filed by the State of Louisiana and the Parish of Cameron in the 38th Judicial District Court for the Parish of Cameron on February 9, 2016 and the other filed by the State of Louisiana and the District Attorney for the 15th Judicial District of the State of Louisiana in the 15th Judicial District Court for the Parish of Vermilion on July 29, 2016 (together, the "Complaints"). The Complaints allege that certain of the defendants’ operations violated the State and Local Coastal Resources Management Act of 1978, as amended, and the rules, regulations, orders and ordinances adopted thereunder (the "CZM Laws") by causing substantial damage to land and waterbodies located in the coastal zone of the relevant Parish. The plaintiffs seek damages and other appropriate relief under the CZM Laws, including the payment of costs necessary to clear, re-vegetate, detoxify and otherwise restore the affected coastal zone of the relevant Parish to its original condition, actual restoration of such coastal zone to its original condition, and the payment of reasonable attorney fees and legal expenses and interest. The United States District Court for the Western District of Louisiana issued orders remanding the cases to their respective state court, and the defendants have appealed the remand orders to the 5th Circuit Court of Appeals. In September 2019, a stockholder of Mammoth Energy filed a derivative action on behalf of Mammoth Energy against members of Mammoth Energy’s board of directors, including a director designated by the Company, and its significant stockholders, including the Company, in the United States District Court for the Western District of Oklahoma. The complaint alleges, among other things, that the members of Mammoth Energy’s board of directors breached their fiduciary duties and violated the Securities Exchange Act of 1934, as amended, in connection with Mammoth Energy’s activities in Puerto Rico following Hurricane Maria. The complaint seeks unspecified damages, the payment of reasonable attorney fees and legal expenses and interest and to force Mammoth Energy and its board of directors to make specified corporate governance reforms. In October 2019, Kelsie Wagner, in her capacity as trustee of various trusts and on behalf of the trusts and other similarly situated royalty owners, filed an action against the Company in the District Court of Grady County, Oklahoma. The suit alleges that the Company underpaid royalty owners and seeks unspecified damages for violations of the Oklahoma Production Revenue Standards Act and fraud. This matter was administratively terminated on December 2, 2020. In March 2020, Robert F. Woodley, individually and on behalf of all others similarly situated, filed a federal securities class action against the Company, David M. Wood, Keri Crowell and Quentin R. Hicks in the United States District Court for the Southern District of New York. The complaint alleges that the Company made materially false and misleading statements regarding the Company’s business and operations in violation of the federal securities laws and seeks unspecified damages, the payment of reasonable attorneys’ fees, expert fees and other costs, pre-judgment and post-judgment interest, and such other and further relief that may be deemed just and proper. The Company filed a lawsuit against Stingray Pressure Pumping LLC, a subsidiary of Mammoth Energy (“Stingray”), for breach of contract and to terminate the Master Services Agreement for pressure pumping services, effective as of October 1, 2014, as amended (the “Master Services Agreement”), between Stingray and the Company. In March 2020, Stingray filed a counterclaim against the Company in the Superior Court of the State of Delaware. The counterclaim alleges that the Company has breached the Master Services Agreement. The counterclaim seeks actual damages, and Stingray filed claims in the Chapter 11 proceedings exceeding $80 million related to breach of contract damages, attorneys' fees and interest. In April 2020, Bryon Lefort, individually and on behalf of similarly situated individuals, filed an action against the Company in the United States District Court for the Southern District of Ohio Eastern Division. The complaint alleges that the Company violated the Fair Labor Standards Act (“FLSA”), the Ohio Wage Act and the Ohio Prompt Pay Act by classifying the plaintiffs as independent contractors and paying them a daily rate with no overtime compensation for hours worked in excess of 40 hours per week. The complaint seeks to recover unpaid regular and overtime wages, liquidated damages in an amount equal to six percent of all unpaid overtime compensation, the payment of reasonable attorney fees and legal expenses and pre-judgment and post-judgment interest, and such other damages that may be owed to the workers, and claims were filed in the Chapter 11 proceedings totaling $5.8 million. In August 2020, Muskie filed an action against the Company in the Superior Court of the State of Delaware for breach of contract. The complaint alleges that the Company breached its obligation to purchase a certain amount of proppant sand each month or make designated shortfall payments under the Sand Supply Agreement, effective October 1, 2014, as amended (the “Sand Supply Agreement”), between Muskie and the Company, and seeks payment of unpaid shortfall payments, and Muskie filed a claim in the Chapter 11 proceedings for $3.4 million. As part of its Chapter 11 Cases and restructuring efforts as discussed in Note 2 Business Operations The Company is involved in various lawsuits and disputes incidental to its business operations, including commercial disputes, personal injury claims, royalty claims, property damage claims and contract actions. Environmental Contingencies The nature of the oil and gas business carries with it certain environmental risks for Gulfport and its subsidiaries. Gulfport and its subsidiaries have implemented various policies, programs, procedures, training and audits to reduce and mitigate environmental risks. They conduct periodic reviews, on a company-wide basis, to assess changes in their environmental risk profile. Environmental reserves are established for environmental liabilities for which economic losses are probable and reasonably estimable. The Company manages its exposure to environmental liabilities in acquisitions by using an evaluation process that seeks to identify pre-existing contamination or compliance concerns and address the potential liability. Depending on the extent of an identified environmental concern, they may, among other things, exclude a property from the transaction, require the seller to remediate the property to their satisfaction in an acquisition or agree to assume liability for the remediation of the property. Other Matters Based on management’s current assessment, they are of the opinion that no pending or threatened lawsuit or dispute relating to its business operations is likely to have a material adverse effect on their future consolidated financial position, results of operations or cash flows. The final resolution of such matters could exceed amounts accrued, however, and actual results could differ materially from management’s estimates.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	3 Months Ended
	Mar. 31, 2021
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS Natural Gas, Oil and Natural Gas Liquids Derivative Instruments The Company seeks to mitigate risks related to unfavorable changes in natural gas, oil and NGL prices, which are subject to significant and often volatile fluctuation, by entering into over-the-counter fixed price swaps, basis swaps, collars and various types of option contracts. These contracts allow the Company to mitigate the impact of declines in future natural gas, oil and NGL prices by effectively locking in floor price for a certain level of the Company’s production. However, these hedge contracts also limit the benefit to the Company in periods when the future market prices of natural gas, oil and NGL that are higher than the hedged prices. Fixed price swaps are settled monthly based on differences between the fixed price specified in the contract and the referenced settlement price. When the referenced settlement price is less than the price specified in the contract, the Company receives an amount from the counterparty based on the price difference multiplied by the volume. Similarly, when the referenced settlement price exceeds the price specified in the contract, the Company pays the counterparty an amount based on the price difference multiplied by the volume. The prices contained in these fixed price swaps are based on the NYMEX Henry Hub for natural gas, the NYMEX West Texas Intermediate for oil and Mont Belvieu for propane, pentane and ethane. Below is a summary of the Company’s open fixed price swap positions as of March 31, 2021. Location Daily Volume Weighted Remaining 2021 NYMEX Henry Hub 351,316 $ 2.73 Location Daily Volume Weighted Remaining 2021 NYMEX WTI 1,505 $ 53.07 Location Daily Volume Weighted Remaining 2021 Mont Belvieu C3 2,074 $ 27.80 2022 Mont Belvieu C3 496 $ 27.30 In the second half of 2019, the Company sold 2022 and 2023 natural gas call options in exchange for a premium, and used the associated premiums to enhance the fixed price on certain natural gas swaps that settled in 2020. Each call option has an established ceiling price of $2.90/MMBtu. If monthly NYMEX natural gas prices settle above the $2.90 ceiling price, the Company is required to pay the option counterparty an amount equal to the difference between the referenced NYMEX natural gas settlement price and $2.90 multiplied by the hedged contract volumes. Below is a summary of the Company's sold call option positions as of March 31, 2021. Location Daily Volume Weighted Average Price 2022 NYMEX Henry Hub 152,675 $ 2.90 2023 NYMEX Henry Hub 627,675 $ 2.90 The Company entered into costless collars based off the NYMEX Henry Hub natural gas index. Each two-way price collar has a set floor and ceiling price for the hedged production. If the applicable monthly price indices are outside of the ranges set by the floor and ceiling prices in the various collars, the Company will cash-settle the difference with the hedge counterparty. Below is a summary of the Company's costless collar positions as of March 31, 2021. Location Daily Volume (MMBtu/day) Weighted Average Floor Price Weighted Average Ceiling Price Remaining 2021 NYMEX Henry Hub 390,509 $ 2.54 $ 2.93 2022 NYMEX Henry Hub 186,438 $ 2.63 $ 3.04 In addition, the Company entered into natural gas basis swap hedge contracts. If the applicable monthly price indices are outside of the ranges set forth in the various natural gas basis swap contracts, the Company will cash-settle the difference with the hedge counterparty. Below is a summary of the Company's basis swap positions as of March 31, 2021. Gulfport Pays Gulfport Receives Daily Volume Weighted Average Fixed Spread Remaining 2021 Rex Zone 3 NYMEX Plus Fixed Spread 85,309 $ (0.22) Remaining 2021 Tetco M2 NYMEX Plus Fixed Spread 32,384 $ (0.63) 2022 Rex Zone 3 NYMEX Plus Fixed Spread 14,795 $ (0.10) Balance Sheet Presentation The Company reports the fair value of derivative instruments on the consolidated balance sheets as derivative instruments under current assets, noncurrent assets, current liabilities and noncurrent liabilities on a gross basis. The Company determines the current and noncurrent classification based on the timing of expected future cash flows of individual trades. The following table presents the fair value of the Company’s derivative instruments on a gross basis at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (In thousands) Short-term derivative asset $ 12,422 $ 27,146 Long-term derivative asset 652 322 Short-term derivative liability (20,687) (11,641) Long-term derivative liability (43,267) (36,604) Total commodity derivative position $ (50,880) $ (20,777) Gains and Losses The following table presents the gain and loss recognized in net (loss) gain on natural gas, oil and NGL derivatives in the accompanying consolidated statements of operations for the three months ended March 31, 2021 and 2020. Net (loss) gain on derivative instruments Three months ended March 31, 2021 2020 (In thousands) Natural gas derivatives $ (25,413) $ 45,853 Oil derivatives (1,731) 52,874 NGL derivatives (2,834) 920 Contingent consideration arrangement — (1,381) Total $ (29,978) $ 98,266 Offsetting of Derivative Assets and Liabilities As noted above, the Company records the fair value of derivative instruments on a gross basis. 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. As of March 31, 2021 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount (In thousands) Derivative assets $ 13,074 $ (13,074) $ — Derivative liabilities $ (63,954) $ 13,074 $ (50,880) As of December 31, 2020 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount (In thousands) Derivative assets $ 27,468 $ (25,730) $ 1,738 Derivative liabilities $ (48,245) $ 25,730 $ (22,515) Concentration of Credit Risk By using derivative instruments that are not traded on an exchange, the Company is exposed to the credit risk of its counterparties. Credit risk is the risk of loss from counterparties not performing under the terms of the derivative instrument. When the fair value of a derivative instrument is positive, the counterparty is expected to owe the Company, which creates credit risk. To minimize the credit risk in derivative instruments, it is the Company’s policy to enter into derivative contracts only with counterparties that are creditworthy financial institutions deemed by management as competent and competitive market makers. The Company’s derivative contracts are with multiple counterparties to lessen its exposure to any individual counterparty. Additionally, the Company uses master netting agreements to minimize credit risk exposure. The creditworthiness of the Company’s counterparties is subject to periodic review. None of the Company’s derivative instrument contracts contain credit-risk related contingent features. Other than as provided by the Company’s revolving credit facility, the Company is not required to provide credit support or collateral to any of its counterparties under its derivative instruments, nor are the counterparties required to provide credit support to the Company.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company records certain financial and non-financial assets and liabilities on the balance sheet at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. Market or observable inputs are the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs. Fair value measurements are classified and disclosed in one of the following categories: Level 1 – Quoted prices in active markets for identical assets and liabilities. Level 2 – Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 – Significant inputs to the valuation model are unobservable. Valuation techniques that maximize the use of observable inputs are favored. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the fair value hierarchy. Reclassifications of fair value between Level 1, Level 2 and Level 3 of the fair value hierarchy, if applicable, are made at the end of each quarter. Financial assets and liabilities The following tables summarize the Company’s financial and non-financial assets and liabilities by valuation level as of March 31, 2021 and December 31, 2020: March 31, 2021 Level 1 Level 2 Level 3 (In thousands) Assets: Derivative Instruments $ — $ 13,074 $ — Contingent consideration arrangement $ — $ — $ 6,000 Total assets $ — $ 13,074 $ 6,000 Liabilities: Derivative Instruments $ — $ 63,954 $ — December 31, 2020 Level 1 Level 2 Level 3 (In thousands) Assets: Derivative Instruments $ — $ 27,468 $ — Contingent consideration arrangement $ — $ — $ 6,200 Total assets $ — $ 27,468 $ 6,200 Liabilities: Derivative Instruments $ — $ 48,245 $ — The Company estimates the fair value of all derivative instruments using industry-standard models that consider various assumptions, including current market and contractual prices for the underlying instruments, implied volatility, time value, nonperformance risk, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument and can be supported by observable data. The Company's SCOOP water infrastructure sale, which closed in the first quarter of 2020, included a contingent consideration arrangement. As of March 31, 2021, the fair value of the contingent consideration was $6.0 million, of which $1.3 million is included in prepaid expenses and other assets and $4.7 million is included in other assets in the accompanying consolidated balance sheets. The fair value of the contingent consideration arrangement is calculated using discounted cash flow techniques and is based on internal estimates of the Company's future development program and water production levels. Given the unobservable nature of the inputs, the fair value measurement of the contingent consideration arrangement is deemed to use Level 3 inputs. The Company has elected the fair value option for this contingent consideration arrangement and, therefore, records changes in fair value in earnings. The Company recognized an immaterial gain and a gain of $0.2 million on changes in fair value of the contingent consideration during the three months ended March 31, 2021 and 2020, respectively, which is included in other expense (income) in the accompanying consolidated statements of operations. Non-financial assets and liabilities The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with oil and gas properties. Given the unobservable nature of the inputs, including plugging costs and reserve lives, the initial measurement of the asset retirement obligation liability is deemed to use Level 3 inputs. See Note 3 for further discussion of the Company’s asset retirement obligations. Asset retirement obligations incurred during the three months ended March 31, 2021 were approximately $0.5 million. As discussed in Note 3 , the Company recorded an impairment during the three months ended March 31, 2021 on its corporate headquarters. The estimated fair value of the building was primarily based on third party estimates and, therefore, is deemed to use Level 3 inputs. Fair value of other financial instruments

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
REVENUE FROM CONTRACTS WITH CUSTOMERS	REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue Recognition The Company’s revenues are primarily derived from the sale of natural gas, oil and condensate and NGL. Sales of natural gas, oil and condensate and NGL are recognized in the period that the performance obligations are satisfied. The Company generally considers the delivery of each unit (MMBtu or Bbl) to be separately identifiable and represents a distinct performance obligation that is satisfied at the time control of the product is transferred to the customer. Revenue is measured based on consideration specified in the contract with the customer, and excludes any amounts collected on behalf of third parties. These contracts typically include variable consideration that is based on pricing tied to market indices and volumes delivered in the current month. As such, this market pricing may be constrained (i.e., not estimable) at the inception of the contract but will be recognized based on the applicable market pricing, which will be known upon transfer of the goods to the customer. The payment date is usually within 30 days of the end of the calendar month in which the commodity is delivered. Gathering, processing and compression fees attributable to gas processing, as well as any transportation fees, including firm transportation fees, incurred to deliver the product to the purchaser, are presented as midstream, gathering and processing expense in the accompanying consolidated statements of operations. Transaction Price Allocated to Remaining Performance Obligations A significant number of the Company's product sales are short-term in nature generally through evergreen contracts with contract terms of one year or less. These contracts typically automatically renew under the same provisions. For those contracts, the Company has utilized the practical expedient allowed in the new revenue accounting standard that exempts the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. For product sales that have a contract term greater than one year, the Company has utilized the practical expedient that exempts the Company from disclosure of the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under these sales contracts, each unit of product generally represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. Currently, the Company's product sales that have a contractual term greater than one year have no long-term fixed consideration. Contract Balances Receivables from contracts with customers are recorded when the right to consideration becomes unconditional, generally when control of the product has been transferred to the customer. Receivables from contracts with customers were $134.0 million and $119.9 million as of March 31, 2021 and December 31, 2020, respectively, and are reported in accounts receivable - oil and natural gas sales on the consolidated balance sheets. The Company currently has no assets or liabilities related to its revenue contracts, including no upfront or rights to deficiency payments. Prior-Period Performance Obligations The Company records revenue in the month production is delivered to the purchaser. However, settlement statements for certain sales may be received for 30 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production that was delivered to the purchaser and the price that will be received for the sale of the product. The differences between the estimates and the actual amounts for product sales is recorded in the month that payment is received from the purchaser. For the three months ended March 31, 2021, revenue recognized in the reporting period related to performance obligations satisfied in prior reporting periods was not material.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
LEASES	LEASES Nature of Leases The Company has operating leases on certain equipment and field offices with remaining lease durations in excess of one year. The Company recognizes a right-of-use asset and lease liability on the balance sheet for all leases with lease terms of greater than one year. Short-term leases that have an initial term of one year or less are not capitalized. The Company has entered into contracts for drilling rigs with varying terms with third parties to ensure operational continuity, cost control and rig availability in its operations. The Company has concluded its drilling rig contracts are operating leases as the assets are identifiable and the Company has the right to control the identified assets. The Company's drilling rig commitments are typically structured with an initial term of less than one year to two years, although at March 31, 2021, the Company did not have any active long-term drilling rig contracts in place. The Company rents office space for its field locations and certain other equipment from third parties, which expire at various dates through 2024. These agreements are typically structured with non-cancelable terms of one Discount Rate As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company's incremental borrowing rate reflects the estimated rate of interest that it would pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Maturities of operating lease liabilities as of March 31, 2021 were as follows: (In thousands) Remaining 2021 $ 97 2022 115 2023 90 2024 30 Total lease payments $ 332 Less: Imputed interest (18) Total $ 314 Lease cost for the three months ended March 31, 2021 and 2020 consisted of the following: Three months ended March 31, 2021 2020 (In thousands) Operating lease cost $ 32 $ 4,082 Variable lease cost — 224 Short-term lease cost 2,189 2,810 Total lease cost (1) $ 2,221 $ 7,116 (1) The majority of the Company's total lease cost was capitalized to the full cost pool, and the remainder was included in general and administrative expenses in the accompanying consolidated statements of operations. Supplemental cash flow information for the three months ended March 31, 2021 and 2020 related to leases was as follows: Three months ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities (In thousands) Operating cash flows from operating leases $ 31 $ 36 Investing cash flow from operating leases $ — $ 3,997 Investing cash flow from operating leases—related party $ — $ 6,800

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company records its quarterly tax provision based on an estimate of the annual effective tax rate expected to apply to continuing operations for the various jurisdictions in which it operates. The tax effects of certain items, such as tax rate changes, significant unusual or infrequent items, and certain changes in the assessment of the realizability of deferred taxes, are recognized as discrete items in the period in which they occur and are excluded from the estimated annual effective tax rate. For the three months ended March 31, 2021, the Company's estimated annual effective tax rate before discrete items was approximately 0% as a result of the valuation allowance on its deferred tax assets. At each reporting period, the Company weighs all available positive and negative evidence to determine whether its deferred tax assets are more likely than not to be realized. A valuation allowance for deferred tax assets, including net operating losses, is recognized when it is more likely than not that some or all of the benefit from the deferred tax assets will not be realized. To assess that likelihood, the Company uses estimates and judgment regarding future taxable income and considers the tax laws in the jurisdiction where such taxable income is generated, to determine whether a valuation allowance is

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Chapter 11 Proceedings Update T he Bankruptcy Court entered an order confirming the Plan o n April 28, 2021. In support of the Plan, the enterprise value of the Successor was estimated and approved by the Bankruptcy Court to be in the range of $1.3 billion to $1.9 billion . Upon emergence from bankruptcy, which is expected to occur in May 2021, Gulfport expects to qualify for fresh-start reporting. In order to qualify for fresh start-reporting (i) the holders of existing voting shares of the Company prior to its emergence must receive less than 50% of the voting shares of the Company outstanding following its emergence from bankruptcy and (ii) the reorganization value of our assets immediately prior to confirmation of the plan of reorganization must be less than the post-petition liabilities and allowed claims. Under the principles of fresh-start reporting, a new reporting entity will be considered to have been created, and, as a result, the Company will allocate the reorganization value of the Company to its individual assets, including property, plant and equipment, based on their estimated fair values. Gulfport cannot currently estimate the financial effect of emergence from bankruptcy on its financial statements, although it expects to record material adjustments related to its Plan and the application of fresh-start reporting guidance upon the Effective Date. Natural Gas, Oil and Natural Gas Liquids Derivative Instruments Subsequent to March 31, 2021 and as of April 30, 2021, the Company entered into the following natural gas and oil derivative contracts as it completed minimum hedging requirements as provided for in the RSA: Period Type of Derivative Instrument Index Daily Volume (1) Weighted November 2021 - March 2022 Basis Swaps Rex Zone 3 40,000 $ (0.10) April 2022 - December 2022 Costless Collars NYMEX Henry Hub 139,773 $2.40/$2.60 January 2022 - December 2022 Costless Collars NYMEX WTI 1,500 $55.00/$60.00 (1) Volume units for gas instruments are presented as MMBtu/day and oil is presented in Bbls/day.

BASIS OF PRESENTATION AND LIQ_2

BASIS OF PRESENTATION AND LIQUIDITY, MANAGEMENT'S PLANS AND GOING CONCERN (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by Gulfport Energy Corporation (the “Company” or “Gulfport”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), and reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of the results for the interim periods reported in all material respects, on a basis consistent with the annual audited consolidated financial statements. All such adjustments are of a normal, recurring nature. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles ("GAAP") have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.
Impact on Previously Reported Results	Impact on Previously Reported ResultsDuring the third quarter of 2020, the Company identified that certain firm transportation costs incurred in prior periods were misclassified as deducts to "natural gas sales" while they should have been included in "transportation, gathering, processing and compression" on its consolidated statements of operations. The Company assessed the materiality of this presentation on prior periods’ consolidated financial statements in accordance with the SEC Staff Accounting Bulletin No. 99, “Materiality”, codified in ASC Topic 250, “Accounting Changes and Error Corrections”. Based on this assessment, the Company concluded that the correction is not material to any previously issued financial statements. The correction had no impact on its consolidated balance sheets, consolidated statements of comprehensive income, consolidated statements of stockholders' equity or consolidated statements of cash flows. Additionally, the error had no impact on net loss or net loss per share. The Company will conform presentation of previously reported consolidated statements of operations in future filings.

BASIS OF PRESENTATION AND LIQ_3

BASIS OF PRESENTATION AND LIQUIDITY, MANAGEMENT'S PLANS AND GOING CONCERN (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The following tables present the effect of the correction on all affected line items of our previously issued consolidated financial statements of operations for the three months ended March 31, 2020. Three months ended March 31, 2020 As Reported Adjustments As Revised (In thousands) Natural gas sales $ 108,547 $ 52,461 $ 161,008 Total Revenues $ 246,877 $ 52,461 $ 299,338 Transportation, gathering, processing and compression $ 57,896 $ 52,461 $ 110,357 Total Operating Expenses $ 726,964 $ 52,461 $ 779,425
Schedule of Cash Flow, Supplemental Disclosures	Supplemental Cash Flow and Non-Cash Information Three months ended March 31, 2021 2020 Supplemental disclosure of cash flow information: (In thousands) Cash paid for reorganization items, net $ 21,367 $ — Interest payments $ 4,763 $ 14,034 Changes in operating assets and liabilities: (Increase) decrease in accounts receivable - oil and natural gas sales $ (14,117) $ 47,111 (Increase) decrease in accounts receivable - joint interest and other (478) 6,001 Increase (decrease) in accounts payable and accrued liabilities 15,555 (7,637) (Increase) decrease in prepaid expenses 26,356 (6,920) (Increase) decrease in other assets (655) 1 Total changes in operating assets and liabilities $ 26,661 $ 38,556 Supplemental disclosure of non-cash transactions: Capitalized stock-based compensation $ 630 $ 934 Asset retirement obligation capitalized $ 483 $ 381 Asset retirement obligation removed due to divestiture $ — $ (2,033) Interest capitalized $ — $ 187 Fair value of contingent consideration asset on date of divestiture $ — $ 23,090 Foreign currency translation gain (loss) on equity method investments $ 2,570 $ (15,030)

CHAPTER 11 PROCEEDINGS (Tables)

CHAPTER 11 PROCEEDINGS (Tables)	3 Months Ended
	Mar. 31, 2021
Reorganizations [Abstract]
Schedule of Liabilities Subject to Compromise	The following table summarizes the components of liabilities subject to compromise included on the Company's consolidated balance sheets as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (in thousands) Debt subject to compromise $ 2,003,004 $ 2,005,219 Accounts payable and accrued liabilities 134,344 164,939 Asset retirement obligations 64,854 63,566 Accrued interest on debt subject to compromise 55,159 55,634 Other liabilities 4,092 4,122 Liabilities subject to compromise $ 2,261,453 $ 2,293,480
Schedule of Reorganization Items	The following table summarizes the components in reorganization items, net included in the Company's consolidated statements of operations for the three months ended March 31, 2021: Three months ended March 31, 2021 (in thousands) Legal and professional fees $ 40,783 Adjustment to allowed claims 2,088 Gain on settlement of pre-petition accounts payable (4,150) Reorganization items, net $ 38,721

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	The major categories of property and equipment and related accumulated DD&A and impairment as of March 31, 2021 and December 31, 2020 are as follows: March 31, 2021 December 31, 2020 (In thousands) Oil and natural gas properties $ 10,895,625 $ 10,816,909 Other depreciable property and equipment 85,827 85,530 Land 3,008 3,008 Total property and equipment 10,984,460 10,905,447 Accumulated DD&A and impairment (8,874,899) (8,819,178) Property and equipment, net $ 2,109,561 $ 2,086,269
Schedule of Non-Producing Properties Excluded from Amortization by Area	The following table summarizes the Company’s unevaluated properties excluded from amortization by area at March 31, 2021: March 31, 2021 (In thousands) Utica $ 761,397 SCOOP 651,451 Other 926 $ 1,413,774
Schedule of Asset Retirement Obligation	A reconciliation of the Company’s asset retirement obligation for the three months ended March 31, 2021 and 2020 is as follows: March 31, 2021 March 31, 2020 (In thousands) Asset retirement obligation, beginning of period $ 63,566 $ 60,355 Liabilities incurred 483 381 Liabilities removed due to divestitures — (2,033) Accretion expense 805 741 Total asset retirement obligation as of end of period $ 64,854 $ 59,444 Less: amounts reclassified to liabilities subject to compromise $ (64,854) $ — Total asset retirement obligation reflected as non-current liabilities $ — $ 59,444

EQUITY INVESTMENTS (Tables)

EQUITY INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	Investments accounted for by the equity method consist of the following as of March 31, 2021 and December 31, 2020: Carrying value Loss from equity method investments Approximate ownership % March 31, 2021 December 31, 2020 Three months ended March 31, 2021 2020 (In thousands) Investment in Grizzly Oil Sands ULC 24.5 % $ 27,044 $ 24,816 $ (342) $ (143) Investment in Mammoth Energy Services, Inc. 21.5 % — — — (10,646) $ 27,044 $ 24,816 $ (342) $ (10,789)
Schedule of Equity Investments - Balance Sheet	The tables below summarize financial information for the Company’s equity investments as of March 31, 2021 and December 31, 2020. Summarized balance sheet information: March 31, 2021 December 31, 2020 (In thousands) Current assets $ 462,478 $ 483,303 Noncurrent assets $ 1,079,557 $ 1,092,495 Current liabilities $ 125,359 $ 132,978 Noncurrent liabilities $ 124,628 $ 148,240
Schedule of Equity Investments - Income Statement	Summarized results of operations: Three months ended March 31, 2021 2020 (In thousands) Gross revenue $ 66,805 $ 97,383 Net loss $ (13,606) $ (85,031)

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2021
Long-term Debt, Unclassified [Abstract]
Schedule of Long-Term Debt	Long-term debt consisted of the following items as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (In thousands) DIP credit facility $ 157,500 $ 157,500 Pre-petition revolving credit facility 316,759 292,910 6.625% senior unsecured notes due 2023 324,583 324,583 6.000% senior unsecured notes due 2024 579,568 579,568 6.375% senior unsecured notes due 2025 507,870 507,870 6.375% senior unsecured notes due 2026 374,617 374,617 Building loan 21,914 21,914 Total Debt 2,282,811 2,258,962 Less: current maturities of long-term debt (279,807) (253,743) Less: amounts reclassified to liabilities subject to compromise (2,003,004) (2,005,219) Total Debt reflected as long term $ — $ —

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Restricted Stock Activity	The following table summarizes restricted stock unit activity for the three months ended March 31, 2021: Number of Weighted Number of Weighted Unvested shares as of January 1, 2021 1,702,513 $ 4.74 840,595 $ 4.07 Granted — — — — Vested (202,583) 8.32 — — Forfeited/canceled (19,707) 3.61 — — Unvested shares as of March 31, 2021 1,480,223 $ 4.26 840,595 $ 4.07

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Reconciliations of the components of basic and diluted net income (loss) per common share are presented in the tables below: Three months ended March 31, 2021 2020 (In thousands, except share data) Net income (loss) $ 8,780 $ (517,538) Basic Shares 160,812,935 159,760,222 Basic EPS $ 0.05 $ (3.24) Effect of dilutive securities: Stock options and awards — — Dilutive Shares 160,812,935 159,760,222 Dilutive EPS $ 0.05 $ (3.24)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Service Commitments	A summary of these commitments at March 31, 2021 are set forth in the table below: (In thousands) Remaining 2021 $ 242,253 2022 324,048 2023 322,241 2024 302,116 2025 215,119 Thereafter 1,575,874 Total $ 2,981,651
Schedule of Long-Term Purchase Commitments	A summary of these volume commitments at March 31, 2021 are set forth in the table below: (MMBtu per day) Remaining 2021 61,000 2022 49,000 2023 17,000 Total 127,000

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021. Location Daily Volume Weighted Remaining 2021 NYMEX Henry Hub 351,316 $ 2.73 Location Daily Volume Weighted Remaining 2021 NYMEX WTI 1,505 $ 53.07 Location Daily Volume Weighted Remaining 2021 Mont Belvieu C3 2,074 $ 27.80 2022 Mont Belvieu C3 496 $ 27.30 Location Daily Volume Weighted Average Price 2022 NYMEX Henry Hub 152,675 $ 2.90 2023 NYMEX Henry Hub 627,675 $ 2.90 Location Daily Volume (MMBtu/day) Weighted Average Floor Price Weighted Average Ceiling Price Remaining 2021 NYMEX Henry Hub 390,509 $ 2.54 $ 2.93 2022 NYMEX Henry Hub 186,438 $ 2.63 $ 3.04
Schedule of Natural Gas Basis Swap Positions	Below is a summary of the Company's basis swap positions as of March 31, 2021. Gulfport Pays Gulfport Receives Daily Volume Weighted Average Fixed Spread Remaining 2021 Rex Zone 3 NYMEX Plus Fixed Spread 85,309 $ (0.22) Remaining 2021 Tetco M2 NYMEX Plus Fixed Spread 32,384 $ (0.63) 2022 Rex Zone 3 NYMEX Plus Fixed Spread 14,795 $ (0.10) Subsequent to March 31, 2021 and as of April 30, 2021, the Company entered into the following natural gas and oil derivative contracts as it completed minimum hedging requirements as provided for in the RSA: Period Type of Derivative Instrument Index Daily Volume (1) Weighted November 2021 - March 2022 Basis Swaps Rex Zone 3 40,000 $ (0.10) April 2022 - December 2022 Costless Collars NYMEX Henry Hub 139,773 $2.40/$2.60 January 2022 - December 2022 Costless Collars NYMEX WTI 1,500 $55.00/$60.00 (1) Volume units for gas instruments are presented as MMBtu/day and oil is presented in Bbls/day.
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, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (In thousands) Short-term derivative asset $ 12,422 $ 27,146 Long-term derivative asset 652 322 Short-term derivative liability (20,687) (11,641) Long-term derivative liability (43,267) (36,604) Total commodity derivative position $ (50,880) $ (20,777)
Schedule of Net Gain (Loss) on Derivatives	The following table presents the gain and loss recognized in net (loss) gain on natural gas, oil and NGL derivatives in the accompanying consolidated statements of operations for the three months ended March 31, 2021 and 2020. Net (loss) gain on derivative instruments Three months ended March 31, 2021 2020 (In thousands) Natural gas derivatives $ (25,413) $ 45,853 Oil derivatives (1,731) 52,874 NGL derivatives (2,834) 920 Contingent consideration arrangement — (1,381) Total $ (29,978) $ 98,266
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. As of March 31, 2021 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount (In thousands) Derivative assets $ 13,074 $ (13,074) $ — Derivative liabilities $ (63,954) $ 13,074 $ (50,880) As of December 31, 2020 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount (In thousands) Derivative assets $ 27,468 $ (25,730) $ 1,738 Derivative liabilities $ (48,245) $ 25,730 $ (22,515)
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. As of March 31, 2021 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount (In thousands) Derivative assets $ 13,074 $ (13,074) $ — Derivative liabilities $ (63,954) $ 13,074 $ (50,880) As of December 31, 2020 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount (In thousands) Derivative assets $ 27,468 $ (25,730) $ 1,738 Derivative liabilities $ (48,245) $ 25,730 $ (22,515)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Financial and Non-Financial Assets and Liabilities by Valuation Level	The following tables summarize the Company’s financial and non-financial assets and liabilities by valuation level as of March 31, 2021 and December 31, 2020: March 31, 2021 Level 1 Level 2 Level 3 (In thousands) Assets: Derivative Instruments $ — $ 13,074 $ — Contingent consideration arrangement $ — $ — $ 6,000 Total assets $ — $ 13,074 $ 6,000 Liabilities: Derivative Instruments $ — $ 63,954 $ — December 31, 2020 Level 1 Level 2 Level 3 (In thousands) Assets: Derivative Instruments $ — $ 27,468 $ — Contingent consideration arrangement $ — $ — $ 6,200 Total assets $ — $ 27,468 $ 6,200 Liabilities: Derivative Instruments $ — $ 48,245 $ —

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Schedule of Operating Lease Liability	Maturities of operating lease liabilities as of March 31, 2021 were as follows: (In thousands) Remaining 2021 $ 97 2022 115 2023 90 2024 30 Total lease payments $ 332 Less: Imputed interest (18) Total $ 314
Schedule of Lease Cost	Lease cost for the three months ended March 31, 2021 and 2020 consisted of the following: Three months ended March 31, 2021 2020 (In thousands) Operating lease cost $ 32 $ 4,082 Variable lease cost — 224 Short-term lease cost 2,189 2,810 Total lease cost (1) $ 2,221 $ 7,116 (1) The majority of the Company's total lease cost was capitalized to the full cost pool, and the remainder was included in general and administrative expenses in the accompanying consolidated statements of operations. Supplemental cash flow information for the three months ended March 31, 2021 and 2020 related to leases was as follows: Three months ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities (In thousands) Operating cash flows from operating leases $ 31 $ 36 Investing cash flow from operating leases $ — $ 3,997 Investing cash flow from operating leases—related party $ — $ 6,800

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Schedule of Natural Gas Basis Swap Positions	Below is a summary of the Company's basis swap positions as of March 31, 2021. Gulfport Pays Gulfport Receives Daily Volume Weighted Average Fixed Spread Remaining 2021 Rex Zone 3 NYMEX Plus Fixed Spread 85,309 $ (0.22) Remaining 2021 Tetco M2 NYMEX Plus Fixed Spread 32,384 $ (0.63) 2022 Rex Zone 3 NYMEX Plus Fixed Spread 14,795 $ (0.10) Subsequent to March 31, 2021 and as of April 30, 2021, the Company entered into the following natural gas and oil derivative contracts as it completed minimum hedging requirements as provided for in the RSA: Period Type of Derivative Instrument Index Daily Volume (1) Weighted November 2021 - March 2022 Basis Swaps Rex Zone 3 40,000 $ (0.10) April 2022 - December 2022 Costless Collars NYMEX Henry Hub 139,773 $2.40/$2.60 January 2022 - December 2022 Costless Collars NYMEX WTI 1,500 $55.00/$60.00 (1) Volume units for gas instruments are presented as MMBtu/day and oil is presented in Bbls/day.

BASIS OF PRESENTATION AND LIQ_4

BASIS OF PRESENTATION AND LIQUIDITY, MANAGEMENT'S PLANS AND GOING CONCERN (Schedule of Error Corrections and Prior Period Adjustments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Revenues	$ 247,358	$ 299,338
Transportation, gathering, processing and compression	105,867	110,357
Total Operating Expenses	196,501	779,425
Natural gas sales
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue	$ 235,321	161,008
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Revenues		246,877
Transportation, gathering, processing and compression		57,896
Total Operating Expenses		726,964
As Reported | Natural gas sales
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue		108,547
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Revenues		52,461
Transportation, gathering, processing and compression		52,461
Total Operating Expenses		52,461
Adjustments | Natural gas sales
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue		$ 52,461

BASIS OF PRESENTATION AND LIQ_5

BASIS OF PRESENTATION AND LIQUIDITY, MANAGEMENT'S PLANS AND GOING CONCERN (Supplemental Cash and Non Cash Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Supplemental disclosure of cash flow information:
Cash paid for reorganization items, net	$ 21,367	$ 0
Interest payments	4,763	14,034
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable - oil and natural gas sales	(14,117)	47,111
(Increase) decrease in accounts receivable - joint interest and other	(478)	6,001
Increase (decrease) in accounts payable and accrued liabilities	15,555	(7,637)
(Increase) decrease in prepaid expenses	26,356	(6,920)
(Increase) decrease in other assets	(655)	1
Total changes in operating assets and liabilities	26,661	38,556
Supplemental disclosure of non-cash transactions:
Capitalized stock-based compensation	630	934
Asset retirement obligation capitalized	483	381
Asset retirement obligation removed due to divestiture	0	(2,033)
Interest capitalized	0	187
Fair value of contingent consideration asset on date of divestiture		23,090
Foreign currency translation gain (loss) on equity method investments	$ 2,570	$ (15,030)

CHAPTER 11 PROCEEDINGS (Details

CHAPTER 11 PROCEEDINGS (Details) $ in Thousands	Apr. 30, 2021USD ($)claim	Apr. 28, 2021USD ($)	Mar. 31, 2021USD ($)	Nov. 13, 2020
Debt Instrument [Line Items]
Debtor-in-possession financing, percentage of lenders involved				95.00%
Debtor-in-possession financing, letters of credit outstanding			$ 262,500
Debtor-in-possession financing, amount arranged			105,000
Debtor-in-possession financing, borrowings outstanding			157,500
Contractual interest expense			$ 28,500
Subsequent Event
Debt Instrument [Line Items]
Rights offering, agreed backstop amount		$ 50,000
Cash received by holders of an allowed general unsecured claim		$ 10,000
Percentage of the equity method investment received		100.00%
Percentage of the new common stock received		4.00%
Cap percentage of new common stock received		96.00%
Cash distribution pool		$ 3,000
Increase in additional cash distribution pool		2,000
Number of claims | claim	2,700
Claims amount	$ 13,000,000
Maximum | Subsequent Event
Debt Instrument [Line Items]
Allowed general unsecured claims		300
6.625% senior unsecured notes due 2023 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate			6.625%
6.000% senior unsecured notes due 2024 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate			6.00%
6.375% Senior Notes Due 2025 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate			6.375%
6.375% senior unsecured notes due 2026 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate			6.375%
Exit Facility | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, amount		$ 580,000

CHAPTER 11 PROCEEDINGS (Company

CHAPTER 11 PROCEEDINGS (Company's Audited Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Reorganizations [Abstract]
Debt subject to compromise	$ 2,003,004	$ 2,005,219
Accounts payable and accrued liabilities	134,344	164,939
Asset retirement obligations	64,854	63,566	$ 0
Accrued interest on debt subject to compromise	55,159	55,634
Other liabilities	4,092	4,122
Liabilities subject to compromise	$ 2,261,453	$ 2,293,480

CHAPTER 11 PROCEEDINGS (Compa_2

CHAPTER 11 PROCEEDINGS (Company's Audited Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reorganizations [Abstract]
Legal and professional fees	$ 40,783
Adjustment to allowed claims	2,088
Gain on settlement of pre-petition accounts payable	(4,150)
Reorganization items, net	$ 38,721	$ 0

PROPERTY AND EQUIPMENT (Schedul

PROPERTY AND EQUIPMENT (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Oil and natural gas properties	$ 10,895,625	$ 10,816,909
Other depreciable property and equipment	85,827	85,530
Land	3,008	3,008
Total property and equipment	10,984,460	10,905,447
Accumulated DD&A and impairment	(8,874,899)	(8,819,178)
Property and equipment, net	$ 2,109,561	$ 2,086,269

PROPERTY AND EQUIPMENT (Narrati

PROPERTY AND EQUIPMENT (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Impairment of oil and natural gas properties	$ 0	$ 553,345,000
Capitalized general and administrative costs	5,500,000	$ 5,400,000
Non-producing leasehold costs	1,413,774,000		$ 1,457,043,000
Impairment of corporate headquarters	$ 14,600,000

PROPERTY AND EQUIPMENT (Summary

PROPERTY AND EQUIPMENT (Summary of Non-producing Properties Excluded from Amortization by Area) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total non-producing properties not subject to amortization	$ 1,413,774	$ 1,457,043
Utica
Property, Plant and Equipment [Line Items]
Total non-producing properties not subject to amortization	761,397
SCOOP
Property, Plant and Equipment [Line Items]
Total non-producing properties not subject to amortization	651,451
Other
Property, Plant and Equipment [Line Items]
Total non-producing properties not subject to amortization	$ 926

PROPERTY AND EQUIPMENT (Sched_2

PROPERTY AND EQUIPMENT (Schedule of Asset Retirement Obligation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligation, beginning of period	$ 63,566	$ 60,355
Liabilities incurred	483	381
Liabilities removed due to divestitures	0	(2,033)
Accretion expense	805	741
Total asset retirement obligation as of end of period	64,854	59,444
Less: amounts reclassified to liabilities subject to compromise	(64,854)	0	$ (63,566)
Total asset retirement obligation reflected as non-current liabilities	$ 0	$ 59,444

EQUITY INVESTMENTS (Investments

EQUITY INVESTMENTS (Investments Accounted for by the Equity Method) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 27,044,000		$ 24,816,000
Loss from equity method investments	$ (342,000)	$ (10,789,000)
Investment in Grizzly Oil Sands ULC
Schedule of Equity Method Investments [Line Items]
Approximate ownership %	24.50%
Carrying value	$ 27,044,000		24,816,000
Loss from equity method investments	$ (342,000)	(143,000)
Investment in Mammoth Energy Services, Inc.
Schedule of Equity Method Investments [Line Items]
Approximate ownership %	21.50%
Carrying value	$ 0	0	$ 0
Loss from equity method investments	$ 0	$ (10,646,000)

EQUITY INVESTMENTS (Equity Inve

EQUITY INVESTMENTS (Equity Investments Balance Sheet Disclosure) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Current assets	$ 473,532	$ 409,750
Current liabilities	610,666	510,287
Noncurrent liabilities	43,267	36,604
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Current assets	462,478	483,303
Noncurrent assets	1,079,557	1,092,495
Current liabilities	125,359	132,978
Noncurrent liabilities	$ 124,628	$ 148,240

EQUITY INVESTMENTS (Equity In_2

EQUITY INVESTMENTS (Equity Investment Income Statement Disclosure) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Gross revenue	$ 247,358	$ 299,338
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Gross revenue	66,805	97,383
Net loss	$ (13,606)	$ (85,031)

EQUITY INVESTMENTS (Narrative)

EQUITY INVESTMENTS (Narrative) (Details) a in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)ashares	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 27,044,000		$ 24,816,000
Investment in Grizzly Oil Sands ULC
Schedule of Equity Method Investments [Line Items]
Equity investment, ownership interest	24.50%
Equity method investment, impairment	$ 0	$ 0
Amount of cash paid for equity investments	0
Increase (decrease) due to foreign currency translation adjustment	2,600,000	(14,700,000)
Equity investments	$ 27,044,000		24,816,000
Investment in Mammoth Energy Services, Inc.
Schedule of Equity Method Investments [Line Items]
Equity investment, ownership interest	21.50%
Equity method investment, ownership (in shares) | shares	9,829,548
Approximate fair value, quoted market price	$ 52,300,000
Equity investments	0	0	$ 0
Distributions from equity method investments	$ 0	$ 0
Athabasca, Peace River And Cold Lake Oil Sands Regions | Investment in Grizzly Oil Sands ULC
Schedule of Equity Method Investments [Line Items]
Gas and oil area, reserve (in acres) | a	830

LONG-TERM DEBT (Summary of Long

LONG-TERM DEBT (Summary of Long-Term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total Debt	$ 2,282,811	$ 2,258,962
Less: current maturities of long-term debt	(279,807)	(253,743)
Less: amounts reclassified to liabilities subject to compromise	(2,003,004)	(2,005,219)
Total Debt reflected as long term	0	0
6.625% senior unsecured notes due 2023 | Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 324,583	324,583
Stated interest rate	6.625%
6.000% senior unsecured notes due 2024 | Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 579,568	579,568
Stated interest rate	6.00%
6.375% senior unsecured notes due 2025 | Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 507,870	507,870
Stated interest rate	6.375%
6.375% senior unsecured notes due 2026 | Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 374,617	374,617
Stated interest rate	6.375%
Building loan
Debt Instrument [Line Items]
Long-term debt	$ 21,914	21,914
Revolving Credit Agreement | DIP credit facility
Debt Instrument [Line Items]
Long-term debt	157,500	157,500
Revolving Credit Agreement | Pre-petition revolving credit facility
Debt Instrument [Line Items]
Long-term debt	$ 316,759	$ 292,910

LONG-TERM DEBT (Narrative) (Det

LONG-TERM DEBT (Narrative) (Details)	3 Months Ended
	Mar. 31, 2021USD ($)day	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Oct. 08, 2020USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Debtor-in-possession financing, letters of credit outstanding	$ 262,500,000
Debtor-in-possession financing, amount arranged	105,000,000
Debtor-in-possession financing, borrowings outstanding	$ 157,500,000
Debtor-in-possession financing, number of business days after petition date to terminate | day	3
Debtor-in-possession financing, number of dates after the entry of the interim order to terminate | day	35
Interest capitalized	$ 0	$ 187,000
Oil and Gas Properties
Debt Instrument [Line Items]
Interest capitalized	0	$ 200,000
Senior Notes | Carry Value
Debt Instrument [Line Items]
Carrying value of notes	1,800,000,000
Senior Notes | Fair Value | Level 1
Debt Instrument [Line Items]
Carrying value of notes	$ 1,600,000,000
DIP credit facility | Revolving Credit Agreement
Debt Instrument [Line Items]
Weight average interest rate	5.50%
DIP credit facility | Revolving Credit Agreement | Eurodollar
Debt Instrument [Line Items]
Variable interest rate	4.50%
DIP credit facility | Revolving Credit Agreement | Base Rate
Debt Instrument [Line Items]
Variable interest rate	3.50%
Revolving Credit Agreement | DIP credit facility
Debt Instrument [Line Items]
Long-term debt	$ 157,500,000		$ 157,500,000
Remaining borrowing capacity	76,500,000
Revolving Credit Agreement | Pre-petition revolving credit facility
Debt Instrument [Line Items]
Long-term debt	316,759,000		$ 292,910,000
Revolving Credit Agreement | Pre-petition revolving credit facility | Nova Scotia, Amegy, KeyBank
Debt Instrument [Line Items]
Long-term debt	316,800,000
Remaining borrowing capacity	0
Letter of Credit | DIP credit facility
Debt Instrument [Line Items]
Credit facility outstanding	$ 28,500,000
Letter of Credit | DIP credit facility | Revolving Credit Agreement
Debt Instrument [Line Items]
Commitment fee percentage	0.20%
Letter of Credit | Pre-petition revolving credit facility | Nova Scotia, Amegy, KeyBank
Debt Instrument [Line Items]
Credit facility outstanding	$ 121,200,000
Proceeds from line of credit	26,100,000
Letter of Credit | Pre-petition revolving credit facility | Nova Scotia, Amegy, KeyBank | Prepaid Expenses and Other Current Assets
Debt Instrument [Line Items]
Credit facility outstanding	$ 99,100,000
Revolving Credit Facility | DIP credit facility | Revolving Credit Agreement
Debt Instrument [Line Items]
Commitment fee percentage	0.50%
Revolving Credit Facility | Pre-petition revolving credit facility
Debt Instrument [Line Items]
Elected commitment amount				$ 580,000,000	$ 700,000,000
Repayments of lines of credit	$ 2,200,000
Revolving Credit Facility | Pre-petition revolving credit facility | Revolving Credit Agreement | Nova Scotia, Amegy, KeyBank
Debt Instrument [Line Items]
Weight average interest rate	3.12%

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) $ in Millions	Aug. 04, 2020	Mar. 31, 2021	Mar. 31, 2020	Aug. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost		$ 3	$ 2.1
Capitalized stock-based compensation cost		0.6	$ 0.9
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 4
Weighted average period of expense recognition period		1 year 1 month 13 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 1.1
Weighted average period of expense recognition period		1 year 14 days
Percent of target based award, minimum		0.00%
Percent of target based award, maximum		200.00%
Incentive Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of cash retention incentives clawed back	50.00%
Percentage of cash retention incentives repaid	50.00%
Cash retention				$ 13.5
Cash incentives net		$ 2.1
Minimum | Restricted Stock | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Maximum | Restricted Stock | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years

STOCK-BASED COMPENSATION (Restr

STOCK-BASED COMPENSATION (Restricted Stock Award and Unit Activity) (Details)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Restricted Stock
Number of Unvested Restricted Shares
Beginning balance (in shares) | shares	1,702,513
Granted (in shares) | shares	0
Vested (in shares) | shares	(202,583)
Forfeited/canceled (in shares) | shares	(19,707)
Ending balance (in shares) | shares	1,480,223
Weighted Average Grant Date Fair Value
Beginning balance (in usd per share) | $ / shares	$ 4.74
Granted (in usd per share) | $ / shares	0
Vested (in usd per share) | $ / shares	8.32
Forfeited/canceled (in usd per share) | $ / shares	3.61
Ending balance (in usd per share) | $ / shares	$ 4.26
Performance Shares
Number of Unvested Restricted Shares
Beginning balance (in shares) | shares	840,595
Granted (in shares) | shares	0
Vested (in shares) | shares	0
Forfeited/canceled (in shares) | shares	0
Ending balance (in shares) | shares	840,595
Weighted Average Grant Date Fair Value
Beginning balance (in usd per share) | $ / shares	$ 4.07
Granted (in usd per share) | $ / shares	0
Vested (in usd per share) | $ / shares	0
Forfeited/canceled (in usd per share) | $ / shares	0
Ending balance (in usd per share) | $ / shares	$ 4.07

EARNINGS (LOSS) PER SHARE (Deta

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Basic
Net income (loss)	$ 8,780	$ (517,538)
Basic Shares (in shares)	160,812,935	159,760,222
Basic EPS (in usd per share)	$ 0.05	$ (3.24)
Effect of dilutive securities:
Stock options and awards	$ 0	$ 0
Dilutive Shares (in shares)	160,812,935	159,760,222
Dilutive EPS (in usd per share)	$ 0.05	$ (3.24)
Anti-dilutive shares (in shares)	0	1,552,423

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2020USD ($)	Mar. 31, 2021USD ($)claim
Commitments And Contingencies [Line Items]
Percentage decrease in future demand reservation fees		50.00%
Percentage decrease in future demand reservation volume		35.00%
Number of claims filed | claim		2
Loss contingency, damages sought	$ 5.8
Loss contingency, damages sought, percentages of unpaid overtime compensation	6.00%
Stingray Pressure Pumping LLC v. Gulfport Energy Corporation
Commitments And Contingencies [Line Items]
Loss contingency, damages sought		$ 80
Muskie v. Company
Commitments And Contingencies [Line Items]
Loss contingency, damages sought		3.4
TC Energy Corporation and Rover Pipeline LLC v. Gulfport Energy Corporation
Commitments And Contingencies [Line Items]
Loss contingency, damages sought		$ 57

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Schedule of Firm Transportation Contracts) (Details) - Transportation Commitment $ in Thousands	Mar. 31, 2021USD ($)
Other Commitments [Line Items]
Remaining 2021	$ 242,253
2022	324,048
2023	322,241
2024	302,116
2025	215,119
Thereafter	1,575,874
Total	$ 2,981,651

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES (Schedule of Firm Sales Contracted with Third Parties) (Details) MMBTU in Thousands	Mar. 31, 2021MMBTU
Commitments and Contingencies Disclosure [Abstract]
Remaining 2021 (MMBtu per day)	61
2022 (MMBtu per day)	49
2023 (MMBtu per day)	17
Total (MMBtu per day)	127

DERIVATIVE INSTRUMENTS (Schedul

DERIVATIVE INSTRUMENTS (Schedule of Derivative Instruments) (Details)	3 Months Ended
	Mar. 31, 2021MMBTU$ / bbl$ / MMBTUbbl
NYMEX Henry Hub - Remaining 2021
Derivative [Line Items]
Daily Volume (MMBtu/day)	351,316
Weighted average price (in usd per MMBtu or Bbl) | $ / MMBTU	2.73
NYMEX WTI - Remaining 2021
Derivative [Line Items]
Daily Volume (Bbl/day) | bbl	1,505
Weighted average price (in usd per MMBtu or Bbl) | $ / bbl	53.07
Mont Belvieu C3 - Remaining 2021
Derivative [Line Items]
Daily Volume (Bbl/day) | bbl	2,074
Weighted average price (in usd per MMBtu or Bbl) | $ / bbl	27.80
Mont Belvieu C3 - 2022
Derivative [Line Items]
Daily Volume (Bbl/day) | bbl	496
Weighted average price (in usd per MMBtu or Bbl) | $ / bbl	27.30
NYMEX Henry Hub - 2022 | Short | Call Option
Derivative [Line Items]
Daily Volume (MMBtu/day)	152,675
Weighted average price (in usd per MMBtu or Bbl) | $ / MMBTU	2.90
NYMEX Henry Hub - 2023 | Short | Call Option
Derivative [Line Items]
Daily Volume (MMBtu/day)	627,675
Weighted average price (in usd per MMBtu or Bbl) | $ / MMBTU	2.90
NYMEX Henry Hub - Remaining 2021 Index1
Derivative [Line Items]
Daily Volume (MMBtu/day)	390,509
Weighted average floor price (in usd per MMBtu) | $ / MMBTU	2.54
Weighted average ceiling price (in usd per MMBtu) | $ / bbl	2.93
NYMEX Henry Hub 2022 Index2
Derivative [Line Items]
Daily Volume (MMBtu/day)	186,438
Weighted average floor price (in usd per MMBtu) | $ / MMBTU	2.63
Weighted average ceiling price (in usd per MMBtu) | $ / bbl	3.04
Basis Swap, Rex Zone 3 - Remaining 2021
Derivative [Line Items]
Daily Volume (MMBtu/day)	85,309
Weighted average price (in usd per MMBtu or Bbl) | $ / MMBTU	(0.22)
Basis Swap, Tetco M2 - Remaining 2021
Derivative [Line Items]
Daily Volume (MMBtu/day)	32,384
Weighted average price (in usd per MMBtu or Bbl) | $ / MMBTU	(0.63)
Basis Swap, Rex Zone 3 - 2022
Derivative [Line Items]
Daily Volume (MMBtu/day)	14,795
Weighted average price (in usd per MMBtu or Bbl) | $ / bbl	(0.10)

DERIVATIVE INSTRUMENTS (Narrati

DERIVATIVE INSTRUMENTS (Narrative) (Details)	Dec. 31, 2019$ / MMBTU
NYMEX
Derivative [Line Items]
Weighted average price (in usd per MMBtu or Bbl)	2.90

DERIVATIVE INSTRUMENTS (Derivat

DERIVATIVE INSTRUMENTS (Derivative Instruments in Financial Position) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Short-term derivative asset	$ 12,422	$ 27,146
Long-term derivative asset	652	322
Short-term derivative liability	(20,687)	(11,641)
Long-term derivative liability	(43,267)	(36,604)
Commodity Contracts
Derivatives, Fair Value [Line Items]
Short-term derivative asset	12,422	27,146
Long-term derivative asset	652	322
Short-term derivative liability	(20,687)	(11,641)
Long-term derivative liability	(43,267)	(36,604)
Total net (liability) asset derivative position	$ (50,880)	$ (20,777)

DERIVATIVE INSTRUMENTS (Gain an

DERIVATIVE INSTRUMENTS (Gain and Loss on Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Net (loss) gain on natural gas, oil and NGL derivatives	$ (29,978)	$ 98,266
Natural gas derivatives
Derivative [Line Items]
Net (loss) gain on natural gas, oil and NGL derivatives	(25,413)	45,853
Oil derivatives
Derivative [Line Items]
Net (loss) gain on natural gas, oil and NGL derivatives	(1,731)	52,874
NGL derivatives
Derivative [Line Items]
Net (loss) gain on natural gas, oil and NGL derivatives	(2,834)	920
Contingent consideration arrangement
Derivative [Line Items]
Net (loss) gain on natural gas, oil and NGL derivatives	$ 0	$ (1,381)

DERIVATIVE INSTRUMENTS (Sched_2

DERIVATIVE INSTRUMENTS (Schedule of Offsetting) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Derivative asset, gross asset	$ 13,074	$ 27,468
Derivative asset, netting adjustment	(13,074)	(25,730)
Derivative asset, net	0	1,738
Derivative liability, gross liability	(63,954)	(48,245)
Derivative liability, netting adjustment	13,074	25,730
Derivative liability, net	$ (50,880)	$ (22,515)

FAIR VALUE MEASUREMENTS (Assets

FAIR VALUE MEASUREMENTS (Assets and Liabilities Valuation Level) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets:
Contingent consideration arrangement	$ 6,000
Level 1
Assets:
Derivative Instruments	0	$ 0
Contingent consideration arrangement	0	0
Total assets	0	0
Liabilities:
Derivative Instruments	0	0
Level 2
Assets:
Derivative Instruments	13,074	27,468
Contingent consideration arrangement	0	0
Total assets	13,074	27,468
Liabilities:
Derivative Instruments	63,954	48,245
Level 3
Assets:
Derivative Instruments	0	0
Contingent consideration arrangement	6,000	6,200
Total assets	6,000	6,200
Liabilities:
Derivative Instruments	$ 0	$ 0

Fair Value Measurements - (Narr

Fair Value Measurements - (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration arrangement	$ 6,000
Contingent consideration, gain (loss) due to change in value		$ 200
Asset retirement obligation capitalized	483	$ 381
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration arrangement	6,000		$ 6,200
Asset retirement obligation capitalized	500
Prepaid Expenses and Other Current Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration arrangement	1,300
Other Noncurrent Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration arrangement	$ 4,700

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Performance obligation period	However, settlement statements for certain sales may be received for 30 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production that was delivered to the purchaser and the price that will be received for the sale of the product
Receivables from customers	$ 133,996	$ 119,879
Maximum
Disaggregation of Revenue [Line Items]
Performance obligation period	30 days

LEASES (Narrative) (Details)

LEASES (Narrative) (Details)	Mar. 31, 2021
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	2 years 9 months 18 days
Weighted-average discount rate - operating leases	4.22%
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Minimum | Drilling Rig
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	5 years
Maximum | Drilling Rig
Lessee, Lease, Description [Line Items]
Lease term	2 years

LEASES (Maturities of Lease Lia

LEASES (Maturities of Lease Liabilities) (Details) $ in Thousands	Mar. 31, 2021USD ($)
Leases [Abstract]
Remaining 2021	$ 97
2022	115
2023	90
2024	30
Total lease payments	332
Less: Imputed interest	(18)
Total	$ 314

LEASES (Lease Cost) (Details)

LEASES (Lease Cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating lease cost	$ 32	$ 4,082
Variable lease cost	0	224
Short-term lease cost	2,189	2,810
Total lease cost	$ 2,221	$ 7,116

LEASES (Other Information) (Det

LEASES (Other Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ 31	$ 36
Investing cash flow from operating leases	0	3,997
Investing cash flow from operating leases—related party	$ 0	$ 6,800

INCOME TAXES (Details)

INCOME TAXES (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Income Tax Disclosure [Abstract]
Effective tax rate	0.00%
Valuation allowance for deferred tax assets	$ 911.4

SUBSEQUENT EVENT (Narrative) (D

SUBSEQUENT EVENT (Narrative) (Details) - Subsequent Event $ in Billions	Apr. 28, 2021USD ($)
Minimum
Subsequent Event [Line Items]
Bankruptcy claims, amount of claims filed	$ 1.3
Maximum
Subsequent Event [Line Items]
Bankruptcy claims, amount of claims filed	$ 1.9

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	1 Months Ended	3 Months Ended
	Apr. 30, 2021MMBTU$ / MMBTU	Mar. 31, 2021MMBTU$ / bbl
Basis Swap, Rex Zone 3 - 2022
Subsequent Event [Line Items]
Daily volume (in MMBtu) | MMBTU		14,795
Weighted average price (in usd per MMBtu or Bbl) | $ / bbl		(0.10)
Basis Swap, Rex Zone 3 - 2022 | Subsequent Event
Subsequent Event [Line Items]
Daily volume (in MMBtu) | MMBTU	40,000
Weighted average price (in usd per MMBtu or Bbl) | $ / MMBTU	(0.10)
NYMEX Henry Hub 2022 Index1 | Subsequent Event
Subsequent Event [Line Items]
Daily volume (in MMBtu) | MMBTU	139,773
NYMEX Henry Hub 2022 Index1 | Subsequent Event | Minimum
Subsequent Event [Line Items]
Weighted average price (in usd per MMBtu or Bbl) | $ / MMBTU	2.40
NYMEX Henry Hub 2022 Index1 | Subsequent Event | Maximum
Subsequent Event [Line Items]
Weighted average price (in usd per MMBtu or Bbl) | $ / MMBTU	2.60
NYMEX Henry Hub 2022 Index2
Subsequent Event [Line Items]
Daily volume (in MMBtu) | MMBTU		186,438
NYMEX Henry Hub 2022 Index2 | Subsequent Event
Subsequent Event [Line Items]
Daily volume (in MMBtu) | MMBTU	1,500
NYMEX Henry Hub 2022 Index2 | Subsequent Event | Minimum
Subsequent Event [Line Items]
Weighted average price (in usd per MMBtu or Bbl) | $ / MMBTU	55
NYMEX Henry Hub 2022 Index2 | Subsequent Event | Maximum
Subsequent Event [Line Items]
Weighted average price (in usd per MMBtu or Bbl) | $ / MMBTU	60