Gulfport Energy (GPOR) 10-Q 2 Nov 22 2022 Q3 Quarterly report Financial data

COVER

COVER - shares	9 Months Ended
	Sep. 30, 2022	Oct. 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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	86-3684669
Entity Address, Address Line One	713 Market Drive
Entity Address, City or Town	Oklahoma City,
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73114
City Area Code	405
Local Phone Number	252-4600
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	GPOR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		19,272,080
Amendment Flag	false
Entity Central Index Key	0000874499
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 8,287	$ 3,260
Accounts receivable—oil, natural gas, and natural gas liquids sales	317,528	232,854
Accounts receivable—joint interest and other	35,480	20,383
Prepaid expenses and other current assets	9,273	12,359
Short-term derivative instruments	53,342	4,695
Total current assets	423,910	273,551
Property and equipment:
Proved oil and natural gas properties	2,303,728	1,917,833
Unproved properties	184,075	211,007
Other property and equipment	6,153	5,329
Total property and equipment	2,493,956	2,134,169
Less: accumulated depletion, depreciation and amortization	(467,485)	(278,341)
Total property and equipment, net	2,026,471	1,855,828
Other assets:
Long-term derivative instruments	24,335	18,664
Operating lease assets	3,060	322
Other assets	21,570	19,867
Total other assets	48,965	38,853
Total assets	2,499,346	2,168,232
Current liabilities:
Accounts payable and accrued liabilities	466,563	394,011
Short-term derivative instruments	817,384	240,735
Current portion of operating lease liabilities	831	182
Total current liabilities	1,284,778	634,928
Non-current liabilities:
Long-term derivative instruments	299,150	184,580
Asset retirement obligation	30,367	28,264
Non-current operating lease liabilities	2,229	140
Long-term debt	728,101	712,946
Total non-current liabilities	1,059,847	925,930
Total liabilities	2,344,625	1,560,858
Commitments and contingencies (Note 7)
Mezzanine Equity:
Preferred stock - $0.0001 par value, 110.0 thousand shares authorized, 52.3 thousand issued and outstanding at September 30, 2022, and 57.9 thousand issued and outstanding at December 31, 2021	52,345	57,896
Stockholders’ Equity:
Common stock - $0.0001 par value, 42.0 million shares authorized, 19.4 million issued and outstanding at September 30, 2022, and 20.6 million issued and outstanding at December 31, 2021	2	2
Additional paid-in capital	472,846	692,521
Common stock held in reserve, 62 thousand shares at September 30, 2022, and 938 thousand shares at December 31, 2021	(1,996)	(30,216)
Accumulated deficit	(366,696)	(112,829)
Treasury stock, at cost - 20.4 thousand shares at September 30, 2022, and no shares at December 31, 2021	(1,780)	0
Total stockholders’ equity	102,376	549,478
Total liabilities, mezzanine equity and stockholders’ equity	$ 2,499,346	$ 2,168,232

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Temporary equity, par or stated value (in usd per share)	$ 0.0001	$ 0.0001
Temporary equity, shares authorized (in shares)	110,000	110,000
Temporary equity, shares issued (in shares)	52,300	57,900
Temporary equity, shares outstanding (in shares)	52,345	57,896
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	42,000,000	42,000,000
Common stock, shares, issued (in shares)	19,400,000	20,600,000
Common stock, shares, outstanding (in shares)	19,400,000	20,600,000
Common stock, capital shares reserved for future issuance (in shares)	62,000	938,000
Treasury stock shares (in shares)	20,400	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	May 17, 2021	Sep. 30, 2022
REVENUES:
Net loss on natural gas, oil and NGL derivatives	$ (474,895)	$ (622,476)	$ (762,134)	$ (137,239)	$ (1,436,317)
Total revenues	191,102	(242,528)	(236,804)	273,037	348,620
OPERATING EXPENSES:
Lease operating expenses	15,363	13,864	17,980	19,524	47,246
Taxes other than income	16,529	11,844	16,900	12,349	45,679
Transportation, gathering, processing and compression	89,234	84,435	125,811	161,086	261,778
Depreciation, depletion and amortization	64,419	62,573	94,935	62,764	189,305
Impairment of oil and natural gas properties			117,813	0	0
Impairment of other property and equipment			0	14,568	0
General and administrative expenses	8,752	16,691	23,209	19,175	24,128
Restructuring and liability management expenses	0	2,858	2,858	0	0
Accretion expense	673	488	714	1,229	2,057
Total operating expenses	194,970	192,753	400,220	290,695	570,193
LOSS FROM OPERATIONS	(3,868)	(435,281)	(637,024)	(17,658)	(221,573)
OTHER EXPENSE (INCOME):
Interest expense	15,461	16,351	25,245	4,159	43,679
Loss from equity method investments, net			0	342	0
Reorganization items, net			0	(266,898)	0
Other, net	(857)	9,031	7,980	1,713	(11,385)
Total other expense	14,604	25,382	33,225	(260,684)	32,294
(LOSS) INCOME BEFORE INCOME TAXES	(18,472)	(460,663)	(670,249)	243,026	(253,867)
Income tax expense	0	650	650	(7,968)	0
NET (LOSS) INCOME	(18,472)	(461,313)	(670,899)	250,994	(253,867)
Dividends on preferred stock	(1,309)	(2,095)	(3,126)	0	(4,136)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (19,781)	$ (463,408)	$ (674,025)	$ 250,994	$ (258,003)
NET LOSS PER COMMON SHARE:
Basic (in usd per share)	$ (1.01)	$ (22.50)	$ (32.87)	$ 1.56	$ (12.58)
Diluted (in usd per share)	$ (1.01)	$ (22.50)	$ (32.87)	$ 1.56	$ (12.58)
Weighted average common shares outstanding - Basic (in shares)	19,635	20,598	20,507	160,834	20,514
Weighted average common shares outstanding - Diluted (in shares)	19,635	20,598	20,507	160,834	20,514
Natural gas sales
REVENUES:
Revenue from contract with customer	$ 585,596	$ 301,516	$ 413,234	$ 344,390	$ 1,529,898
Oil and condensate sales
REVENUES:
Revenue from contract with customer	36,050	33,279	50,866	29,106	111,298
Natural gas liquid sales
REVENUES:
Revenue from contract with customer	$ 44,351	$ 45,153	$ 61,230	$ 36,780	$ 143,741

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	May 17, 2021	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (18,472)	$ (461,313)	$ (670,899)	$ 250,994	$ (253,867)
Foreign currency translation adjustment			0	2,570	0
Other comprehensive income	0	0	0	2,570	0
Comprehensive loss	$ (18,472)	$ (461,313)	$ (670,899)	$ 253,564	$ (253,867)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Common Stock Held in Reserve	Treasury Stock	Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings (Accumulated Deficit)
Beginning balance (in shares) at Dec. 31, 2020		160,762,000
Beginning balance at Dec. 31, 2020	$ (300,500)	$ 1,607	$ 0	$ 0	$ 4,213,752	$ (43,000)	$ (4,472,859)
Treasury stock beginning balance (in shares) at Dec. 31, 2020			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	8,780						8,780
Other comprehensive income	2,570					2,570
Stock compensation	1,419				1,419
Shares repurchased (in shares)		(86,000)
Shares repurchased	(8)	$ (1)			(7)
Issuance of restricted stock (in shares)		203,000
Issuance of restricted stock	1	$ 3			(2)
Treasury stock ending balance (in shares) at Mar. 31, 2021			0
Ending balance (in shares) at Mar. 31, 2021		160,879,000
Ending balance at Mar. 31, 2021	(287,738)	$ 1,609	$ 0	0	4,215,162	(40,430)	(4,464,079)
Beginning balance (in shares) at Dec. 31, 2020		160,762,000
Beginning balance at Dec. 31, 2020	(300,500)	$ 1,607	$ 0	0	4,213,752	(43,000)	(4,472,859)
Treasury stock beginning balance (in shares) at Dec. 31, 2020			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	250,994
Other comprehensive income	2,570
Treasury stock ending balance (in shares) at May. 17, 2021			(1,679,000)
Ending balance (in shares) at May. 17, 2021		21,525,000
Ending balance at May. 17, 2021	639,667	$ 2	$ (54,109)	0	693,774	0	0
Beginning balance (in shares) at Mar. 31, 2021		160,879,000
Beginning balance at Mar. 31, 2021	(287,738)	$ 1,609	$ 0	0	4,215,162	(40,430)	(4,464,079)
Treasury stock beginning balance (in shares) at Mar. 31, 2021			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	242,214						242,214
Stock compensation	5,095				5,095
Shares repurchased (in shares)		(10,000)
Issuance of restricted stock (in shares)		25,000
Accumulated other comprehensive income extinguishment	40,430					40,430
Cancellation of predecessor equity (in shares)		(160,894,000)
Cancellation of predecessor equity	0	$ (1,609)			(4,220,256)		4,221,865
Issuance of common stock held in reserve (in shares)		21,525,000
Issuance of common stock held in reserve	693,775	$ 2			693,773
Shares of common stock held in reserve (in shares)			(1,679,000)
Shares of common stock held in reserve	(54,109)		$ (54,109)
Treasury stock ending balance (in shares) at May. 17, 2021			(1,679,000)
Ending balance (in shares) at May. 17, 2021		21,525,000
Ending balance at May. 17, 2021	639,667	$ 2	$ (54,109)	0	693,774	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(209,586)						(209,586)
Conversion of preferred stock (in shares)		10,000
Conversion of preferred stock	147				147
Issuance of common stock held in reserve (in shares)			741,000
Issuance of common stock held in reserve	23,893		$ 23,893
Dividends on preferred stock	(1,031)				(1,031)
Treasury stock ending balance (in shares) at Jun. 30, 2021			(938,000)
Ending balance (in shares) at Jun. 30, 2021		21,535,000
Ending balance at Jun. 30, 2021	453,090	$ 2	$ (30,216)	0	692,890	0	(209,586)
Beginning balance (in shares) at May. 17, 2021		21,525,000
Beginning balance at May. 17, 2021	639,667	$ 2	$ (54,109)	0	693,774	0	0
Treasury stock beginning balance (in shares) at May. 17, 2021			(1,679,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(670,899)
Other comprehensive income	0
Treasury stock ending balance (in shares) at Sep. 30, 2021			(938,000)
Ending balance (in shares) at Sep. 30, 2021		21,535,000
Ending balance at Sep. 30, 2021	(8,931)	$ 2	$ (30,216)	0	692,182	0	(670,899)
Beginning balance (in shares) at Jun. 30, 2021		21,535,000
Beginning balance at Jun. 30, 2021	453,090	$ 2	$ (30,216)	0	692,890	0	(209,586)
Treasury stock beginning balance (in shares) at Jun. 30, 2021			(938,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(461,313)						(461,313)
Other comprehensive income	0
Stock compensation	1,387				1,387
Dividends on preferred stock	(2,095)				(2,095)
Treasury stock ending balance (in shares) at Sep. 30, 2021			(938,000)
Ending balance (in shares) at Sep. 30, 2021		21,535,000
Ending balance at Sep. 30, 2021	$ (8,931)	$ 2	$ (30,216)	0	692,182	0	(670,899)
Beginning balance (in shares) at Dec. 31, 2021	20,600,000	21,537,000
Beginning balance at Dec. 31, 2021	$ 549,478	$ 2	$ (30,216)	0	692,521	0	(112,829)
Treasury stock beginning balance (in shares) at Dec. 31, 2021	0		(938,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (491,975)						(491,975)
Conversion of preferred stock (in shares)		1,000
Conversion of preferred stock	18				18
Stock compensation	1,755				1,755
Shares repurchased (in shares)		(378,000)
Shares repurchased	(35,512)			(5,318)	(30,194)
Issuance of restricted stock (in shares)		2,000
Issuance of restricted stock	(80)				(80)
Issuance of common stock held in reserve (in shares)			876,000
Issuance of common stock held in reserve	28,220		$ 28,220
Dividends on preferred stock	(1,447)				(1,447)
Treasury stock ending balance (in shares) at Mar. 31, 2022			(62,000)
Ending balance (in shares) at Mar. 31, 2022		21,162,000
Ending balance at Mar. 31, 2022	$ 50,457	$ 2	$ (1,996)	(5,318)	662,573	0	(604,804)
Beginning balance (in shares) at Dec. 31, 2021	20,600,000	21,537,000
Beginning balance at Dec. 31, 2021	$ 549,478	$ 2	$ (30,216)	0	692,521	0	(112,829)
Treasury stock beginning balance (in shares) at Dec. 31, 2021	0		(938,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (253,867)
Conversion of preferred stock (in shares)	5,551
Other comprehensive income	$ 0
Treasury stock ending balance (in shares) at Sep. 30, 2022	(20,400)		(62,000)
Ending balance (in shares) at Sep. 30, 2022	19,400,000	19,402,000
Ending balance at Sep. 30, 2022	$ 102,376	$ 2	$ (1,996)	(1,780)	472,846	0	(366,696)
Beginning balance (in shares) at Mar. 31, 2022		21,162,000
Beginning balance at Mar. 31, 2022	50,457	$ 2	$ (1,996)	(5,318)	662,573	0	(604,804)
Treasury stock beginning balance (in shares) at Mar. 31, 2022			(62,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	256,580						256,580
Conversion of preferred stock (in shares)		342,000
Conversion of preferred stock	4,706				4,706
Stock compensation	2,145				2,145
Shares repurchased (in shares)		(1,382,000)
Shares repurchased	(127,510)			(2,491)	(125,019)
Issuance of restricted stock (in shares)		8,000
Issuance of restricted stock	(325)				(325)
Dividends on preferred stock	(1,380)				(1,380)
Treasury stock ending balance (in shares) at Jun. 30, 2022			(62,000)
Ending balance (in shares) at Jun. 30, 2022		20,130,000
Ending balance at Jun. 30, 2022	184,673	$ 2	$ (1,996)	(7,809)	542,700	0	(348,224)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(18,472)						(18,472)
Conversion of preferred stock (in shares)		60,000
Conversion of preferred stock	827				827
Other comprehensive income	0
Stock compensation	2,398				2,398
Shares repurchased (in shares)		(827,000)
Shares repurchased	(64,549)			6,029	(70,578)
Issuance of restricted stock (in shares)		39,000
Issuance of restricted stock	(1,192)				(1,192)
Dividends on preferred stock	$ (1,309)				(1,309)
Treasury stock ending balance (in shares) at Sep. 30, 2022	(20,400)		(62,000)
Ending balance (in shares) at Sep. 30, 2022	19,400,000	19,402,000
Ending balance at Sep. 30, 2022	$ 102,376	$ 2	$ (1,996)	$ (1,780)	$ 472,846	$ 0	$ (366,696)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2021	May 17, 2021	Sep. 30, 2022
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net (loss) income	$ (670,899)	$ 250,994	$ (253,867)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depletion, depreciation and amortization	94,935	62,764	189,305
Impairment of oil and natural gas properties	117,813	0	0
Impairment of other property and equipment	0	14,568	0
Loss from equity investments	0	342	0
Net loss on derivative instruments	762,134	137,239	1,436,317
Net cash payments on settled derivative instruments	(99,574)	(3,361)	(799,416)
Non-cash reorganization items, net	0	(446,012)	0
Other, net	1,488	1,727	8,303
Changes in operating assets and liabilities, net	(41,260)	153,894	(29,560)
Net cash provided by operating activities	164,637	172,155	551,082
Cash flows from investing activities:
Additions to oil and natural gas properties	(119,306)	(102,330)	(331,994)
Proceeds from sale of oil and natural gas properties	600	15	3,210
Other, net	2,562	4,484	(536)
Net cash used in investing activities	(116,144)	(97,831)	(329,320)
Cash flows from financing activities:
Debt issuance costs and loan commitment fees	(1,225)	(7,100)	(211)
Dividends on preferred stock	0	0	(4,136)
Proceeds from issuance of preferred stock	0	50,000	0
Repurchase of common stock under Repurchase Program	0	0	(225,791)
Other, net	(55)	(8)	(1,597)
Net cash used in financing activities	(103,425)	(104,768)	(216,735)
Net increase (decrease) in cash, cash equivalents and restricted cash	(54,932)	(30,444)	5,027
Cash, cash equivalents and restricted cash at beginning of period	59,417	89,861	3,260
Cash, cash equivalents and restricted cash at end of period	4,485	59,417	8,287
Revolving Credit Facility
Cash flows from financing activities:
Principals payments on credit facility	0	(318,961)	0
Borrowings on credit facility	0	26,050	0
Credit Facility
Cash flows from financing activities:
Principals payments on credit facility	0	0	(1,512,000)
Borrowings on credit facility	0	0	1,527,000
Exit Facility
Cash flows from financing activities:
Principals payments on credit facility	(409,000)	0	0
Borrowings on credit facility	306,855	302,751	0
D I P Credit Facility
Cash flows from financing activities:
Principals payments on credit facility	$ 0	$ (157,500)	$ 0

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Description of Company Gulfport Energy Corporation (the "Company" or "Gulfport") is an independent natural gas-weighted exploration and production company focused on the production of natural gas, crude oil and NGL in the United States. The Company's principal properties are located in eastern Ohio targeting the Utica and in central Oklahoma targeting the SCOOP Woodford and SCOOP Springer formations. Gulfport filed for voluntary reorganization under Chapter 11 of the Bankruptcy Code on November 13, 2020, and subsequently operated as a debtor-in-possession, in accordance with applicable provisions of the Bankruptcy Code, until its emergence on May 17, 2021. The Company refers to the post-emergence reorganized organization in the condensed financial statements and footnotes as the "Successor" for periods subsequent to May 17, 2021, and the pre-emergence organization as "Predecessor" for periods on or prior to May 17, 2021. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Gulfport were prepared in accordance with GAAP and the rules and regulations of the SEC. This Quarterly Report on Form 10-Q (this “Form 10-Q”) relates to the financial position and periods as of and for the three months ended September 30, 2022 ("Current Successor Quarter"), as of and for the nine months ended September 30, 2022 ("Current Successor YTD Period"), May 18, 2021 through September 30, 2021 (“Prior Successor Period”), the three months ended September 30, 2021 ("Prior Successor Quarter"), and January 1, 2021 through May 17, 2021 (“Prior Predecessor YTD Period”). The Company's annual report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”) should be read in conjunction with this Form 10-Q. The accompanying unaudited consolidated financial statements reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of our condensed consolidated financial statements and accompanying notes and include the accounts of our wholly-owned subsidiaries. Intercompany accounts and balances have been eliminated. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. Voluntary Reorganization Under Chapter 11 of the Bankruptcy Code In connection with the Company's emergence from bankruptcy and in accordance with ASC 852, the Company qualified for and applied fresh start accounting on the Emergence Date. For further information on the Company’s reorganization value and the resulting fresh start adjustments made on the Emergence Date, refer to the “Fresh Start Accounting” footnote in the notes to the consolidated financial statements in Item 8 of the Company’s 2021 Form 10-K. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): Successor September 30, 2022 December 31, 2021 Accounts payable and other accrued liabilities $ 202,838 $ 143,938 Revenue payable and suspense 222,729 180,857 Accrued contract rejection damages and shares held in reserve 40,996 69,216 Total accounts payable and accrued liabilities $ 466,563 $ 394,011 Reorganization Items, Net In the Prior Predecessor YTD Period, the Company incurred significant expenses related to its Chapter 11 filing. The amount of these items, which were incurred in reorganization items, net within the Company's accompanying consolidated statements of operations, significantly affected the Company's statements of operations. The Company also incurred adjustments for allowable claims related to its legal proceedings and executory contracts approved for rejection by the Bankruptcy Court. The following table summarizes the components in reorganization items, net included in the Company's consolidated statements of operations for the Current Successor YTD Period, Prior Successor Period, and Prior Predecessor YTD Period (in thousands): Successor Predecessor Nine Months Ended September 30, 2022 Period from May 18, 2021 through September 30, 2021 Period from January 1, 2021 through May 17, 2021 Legal and professional advisory fees $ — $ — $ 81,565 Net gain on liabilities subject to compromise — — (575,182) Fresh start adjustments, net — — 160,756 Elimination of predecessor accumulated other comprehensive income — — 40,430 Debt issuance costs — — 3,150 Other items, net — — 22,383 Reorganization items, net $ — $ — $ (266,898) Other, net Other, net included in the Company's consolidated statements of operations for the Current Successor YTD period included $11.5 million related to the TC claim distribution received in February 2022 as discussed in Note 7 . Supplemental Cash Flow and Non-Cash Information (in thousands) Successor Predecessor Nine Months Ended September 30, 2022 Period from May 18, 2021 through September 30, 2021 Period from January 1, 2021 through May 17, 2021 Supplemental disclosure of cash flow information: Cash paid for reorganization items, net $ — $ 42,202 $ 87,199 Interest payments $ 30,102 $ 6,465 $ 7,272 Changes in operating assets and liabilities: (Increase) decrease in accounts receivable - oil, natural gas, and natural gas liquids sales $ (84,674) $ (5,230) $ (60,832) (Increase) decrease in accounts receivable - joint interest and other $ (14,947) $ 5,536 $ (3,005) Increase (decrease) in accounts payable and accrued liabilities $ 65,648 $ (48,903) $ 79,193 Decrease in prepaid expenses $ 3,061 $ 7,231 $ 135,471 Decrease in other assets $ 1,352 $ 106 $ 3,067 Total changes in operating assets and liabilities $ (29,560) $ (41,260) $ 153,894 Supplemental disclosure of non-cash transactions: Capitalized stock-based compensation $ 2,141 $ 484 $ 930 Asset retirement obligation capitalized $ 53 $ 55 $ 546 Asset retirement obligation removed due to divestiture $ (7) $ — $ — Interest capitalized $ — $ 117 $ — Release of common stock held in reserve $ 28,220 $ 23,893 $ — Foreign currency translation gain on equity method investments $ — $ — $ 2,570

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and December 31, 2021 are as follows (in thousands): Successor September 30, 2022 December 31, 2021 Proved oil and natural gas properties $ 2,303,728 $ 1,917,833 Unproved properties 184,075 211,007 Other depreciable property and equipment 5,767 4,943 Land 386 386 Total property and equipment 2,493,956 2,134,169 Accumulated DD&A and impairment (467,485) (278,341) Property and equipment, net $ 2,026,471 $ 1,855,828 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 September 30, 2022, the net book value of the Company's oil and gas properties was below the calculated ceiling for the period leading up to September 30, 2022. As a result, the Company did not record an impairment of its oil and natural gas properties for the Current Successor Quarter. The Company recorded impairment of its oil and natural gas properties of $117.8 million for the Prior Successor Period. Upon the application of fresh start accounting, the value of the Company's oil and natural gas properties were determined using forward strip oil and natural gas prices as of the Emergence Date. These prices were higher than the 12-month weighted average prices used in the full cost ceiling limitation at June 30, 2021, which led to the Prior Successor Period impairment charge. 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 $4.9 million and $5.1 million for the Current Successor Quarter and Prior Successor Quarter, respectively. Capitalized general and administrative costs were approximately $14.6 million, $7.3 million, and $8.0 million for the Current Successor YTD Period, Prior Successor Period, and Prior Predecessor YTD Period, respectively. 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. The following table summarizes the Company’s non-producing properties excluded from amortization by area as of September 30, 2022: Successor September 30, 2022 (In thousands) Utica $ 151,856 SCOOP 32,219 Total unproved properties $ 184,075 Asset Retirement Obligation The following table provides a reconciliation of the Company’s asset retirement obligation for the Current Successor YTD Period (in thousands): Asset retirement obligation at January 1, 2022 (Successor) $ 28,264 Liabilities incurred 53 Liabilities removed due to divestitures (7) Accretion expense 2,057 Asset retirement obligation at September 30, 2022 $ 30,367 The following table provides a reconciliation of the Company’s asset retirement obligation for the Prior Predecessor YTD Period and Prior Successor Period (in thousands): Asset retirement obligation at January 1, 2021 (Predecessor) $ 63,566 Liabilities incurred 546 Accretion expense 1,229 Ending balance as of May 17, 2021 (Predecessor) 65,341 Fresh start adjustments (1) (46,257) Asset retirement obligation at May 18, 2021 (Successor) 19,084 Liabilities incurred 56 Accretion expense 714 Asset retirement obligation at September 30, 2021 $ 19,854 _____________________ (1) The Company recorded its asset retirement obligation at fair value as of the Emergence Date.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2022
Long-Term Debt, Unclassified [Abstract]
DEBT	DEBT Debt consisted of the following items as of September 30, 2022 and December 31, 2021 (in thousands): Successor September 30, 2022 December 31, 2021 Credit Facility $ 179,000 $ 164,000 8.000% senior unsecured notes due 2026 550,000 550,000 Net unamortized debt issuance costs (899) (1,054) Total debt, net 728,101 712,946 Less: current maturities of long-term debt — — Total long-term debt, net $ 728,101 $ 712,946 Credit Facility On October 14, 2021, the Company entered into the Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and various lender parties ("Credit Facility"). The Credit Facility provided for an aggregate maximum principal amount of up to $1.5 billion, an initial borrowing base of $850.0 million and an initial aggregate elected commitment amount of $700.0 million. The credit agreement also provides for a $175.0 million sublimit of the aggregate commitments that is available for the issuance of letters of credit. The Credit Facility matures October 14, 2025. On May 2, 2022, the Company completed its semi-annual borrowing base redetermination and entered into the first amendment to its credit agreement (“Amendment”). The Amendment, among other things, (a) increased the borrowing base under the Credit Agreement from $850 million to $1.0 billion with the elected commitments remaining at $700 million, (b) amended certain covenants related to hedging to ease certain requirements and limitations, (c) amended the covenants governing restricted payments to (i) increase the Net Leverage Ratio allowing unlimited restricted payments from 1.00 to 1.00 to 1.25 to 1.00 and (ii) permit additional restricted payments to redeem preferred equity until December 31, 2022 provided certain leverage, no event of default or borrowing base deficiency and availability tests are met, and (d) provide for the transition from a LIBOR to a SOFR benchmark, with a 10 basis point credit spread adjustment for all tenors. The Credit Facility bears interest at a rate equal to, at the Company’s election, either (a) SOFR benchmark plus an applicable margin that varies from 2.75% to 3.75% per annum or (b) a base rate plus an applicable margin that varies from 1.75% to 2.75% per annum, based on borrowing base utilization. The Company is required to pay a commitment fee of 0.50% per annum on the average daily unused portion of the current aggregate commitments under the Credit Facility. The Company is also required to pay customary letter of credit and fronting fees. The borrowing base will be redetermined semiannually on or around May 1 and November 1 of each year. On October 31, 2022, the Company completed its semi-annual borrowing base redetermination as discussed in Note 13 . The credit agreement requires the Company to maintain as of the last day of each fiscal quarter (i) a net funded leverage ratio of less than or equal to 3.25 to 1.00, and (ii) a current ratio of greater than or equal to 1.00 to 1.00. The obligations under the Credit Facility, certain swap obligations and certain cash management obligations, are guaranteed by the Company and the wholly-owned domestic material subsidiaries of the Borrower (collectively, the “Guarantors” and, together with the Borrower, the “Loan Parties”) and secured by substantially all of the Loan Parties’ assets (subject to customary exceptions). The credit agreement also contains customary affirmative and negative covenants, including, among other things, as to compliance with laws (including environmental laws and anti-corruption laws), delivery of quarterly and annual financial statements and borrowing base certificates, conduct of business, maintenance of property, maintenance of insurance, entry into certain derivatives contracts, restrictions on the incurrence of liens, indebtedness, asset dispositions, restricted payments, and other customary covenants. These covenants are subject to a number of limitations and exceptions. As of September 30, 2022, the Company had $179.0 million outstanding borrowings under the Credit Facility, $113.2 million in letters of credit outstanding and was in compliance with all covenants under the Credit Facility. As of September 30, 2022, the Credit Facility bore interest at a weighted average rate of 6.23%. 2026 Senior Notes On the Emergence Date, pursuant to the terms of the Plan, the Company issued $550 million aggregate principal amount of its 8.000% senior notes due 2026. The notes are guaranteed on a senior unsecured basis by each of the Company's subsidiaries that guarantee the Credit Facility. Interest on the 2026 Senior Notes is payable semi-annually, on June 1 and December 1 of each year. The 2026 Senior Notes were issued under the Indentures, dated as of May 17, 2021, by and among the Issuer, UMB Bank, National Association, as trustee, and the Guarantors and mature on May 17, 2026. The covenants of the 1145 Indenture (other than the payment covenant) require that the Company comply with the covenants of the 4(a)(2) Indenture, as amended. The 4(a)(2) Indenture contains covenants limiting the Issuer’s and its restricted subsidiaries’ ability to (i) incur additional debt, (ii) pay dividends or distributions in respect of certain equity interests or redeem, repurchase or retire certain equity interests or subordinated indebtedness, (iii) make certain investments, (iv) create restrictions on distributions from restricted subsidiaries, (v) engage in specified sales of assets, (vi) enter into certain transactions among affiliates, (vii) engage in certain lines of business, (viii) engage in consolidations, mergers and acquisitions, (ix) create unrestricted subsidiaries and (x) incur or create liens. These covenants contain important exceptions, limitations and qualifications. At any time that the 2026 Senior Notes are rated investment grade, certain covenants will be terminated and cease to apply. Fair Value of Debt At September 30, 2022, the carrying value of the outstanding debt represented by the 2026 Senior Notes was $549.1 million. Based on the quoted market prices (Level 1), the fair value of the 2026 Senior Notes was determined to be $546.3 million at September 30, 2022.

MEZZANINE EQUITY AND EQUITY

MEZZANINE EQUITY AND EQUITY	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
MEZZANINE EQUITY AND EQUITY	MEZZANINE EQUITY AND EQUITY On the Emergence Date, the Company filed an amended and restated certificate of incorporation with the Delaware Secretary of State to provide for, among other things, (i) the authority to issue 42 million shares of common stock with a par value of $0.0001 per share and (ii) the designation of 110,000 shares of preferred stock, with a par value of $0.0001 per share and a liquidation preference of $1,000 per share ("Liquidation Preference"). Mezzanine Equity Preferred Stock On the Emergence Date, the Successor issued 55,000 shares of preferred stock. Holders of preferred stock are entitled to receive cumulative quarterly dividends at a rate of 10% per annum of the Liquidation Preference with respect to cash dividends and 15% per annum of the Liquidation Preference with respect to dividends paid in kind as additional shares of preferred stock (“PIK Dividends”). Gulfport currently has the option to pay either cash or PIK dividends on a quarterly basis. Each holder of shares of preferred stock has the right (the “Conversion Right”), at its option and at any time, to convert all or a portion of the shares of preferred stock that it holds into a number of shares of common stock equal to the quotient obtained by dividing (x) the product obtained by multiplying (i) the Liquidation Preference times (ii) an amount equal to one (1) plus the Per Share Makewhole Amount (as defined in the Preferred Terms) on the date of conversion, by (y) $14.00 per share (as may be adjusted under the Preferred Terms) (the “Conversion Price”). The shares of preferred stock outstanding at September 30, 2022 would convert to approximately 3.7 million shares of common stock if all holders of preferred stock exercised their Conversion Right. Gulfport shall have the right, but not the obligation, to redeem all, but not less than all, of the outstanding shares of preferred stock by notice to the holders of preferred stock, at the greater of (i) the aggregate value of the preferred stock, calculated by the Current Market Price (as defined in the Preferred Terms) of the number of shares of common stock into which, subject to redemption, such preferred stock would have been converted if such shares were converted pursuant to the Conversion Right at the time of such redemption and (ii) (y) if the date of such redemption is on or prior to the three year anniversary of the Emergence Date, the sum of the Liquidation Preference plus the sum of all unpaid PIK Dividends through the three year anniversary of the Emergence Date, or (x) if the date of such redemption is after the three year anniversary of the Emergence Date, the Liquidation Preference (the “Redemption Price”). Following the Emergence Date, if there is a Fundamental Change (as defined in the Preferred Terms), Gulfport is required to redeem all, but not less than all, of the outstanding shares of preferred stock by cash payment of the Redemption Price per share of preferred stock within three (3) business days of the occurrence of such Fundamental Change. Notwithstanding the foregoing, in the event of a redemption pursuant to the preceding sentence, if Gulfport lacks sufficient cash to redeem all outstanding shares of preferred stock, the Company is required to redeem a pro rata portion of each holder’s shares of preferred stock. The preferred stock has no stated maturity and will remain outstanding indefinitely unless repurchased or redeemed by Gulfport or converted into common stock. The preferred stock has been classified as mezzanine equity in the accompanying consolidated balance sheets due to the redemption features noted above. Dividends and Conversions During the Current Successor YTD Period, the company paid $4.1 million of cash dividends to holders of our preferred stock. The following table summarizes activity of the Company’s preferred stock for the Current Successor YTD Period: Preferred stock at December 31, 2021 57,896 Conversion of preferred stock (5,551) Preferred stock at September 30, 2022 52,345 Equity Common Stock On the Emergence Date, all existing shares of the Predecessor's common stock were cancelled. The Successor issued approximately 19.8 million shares of common stock and 1.7 million shares of common stock were issued to the Disputed Claims reserve. In January 2022 approximately 876,000 shares in the Disputed Claims reserve at December 31, 2021 were issued to certain claimants. As of September 30, 2022, approximately 62,000 shares continue to be held in the Disputed Claims reserve and may be issued upon finalization of remaining claims. Share Repurchase Program In November 2021 the Company's Board of Directors approved a stock repurchase program to acquire up to $100 million of its common stock and increased the authorization from $100 million to $200 million in April 2022 and from $200 million to $300 million in July 2022 ("Repurchase Program"). Purchases under the Repurchase Program may be made from time to time in open market or privately negotiated transactions, and will be subject to available liquidity, market conditions, credit agreement restrictions, applicable legal requirements, contractual obligations and other factors. The Repurchase Program does not require the Company to acquire any specific number of shares of common stock. The Company intends to purchase shares under the Repurchase Program with available funds while maintaining sufficient liquidity to fund its capital development program. The Repurchase Program is authorized to extend through June 30, 2023, and may be suspended from time to time, modified, extended or discontinued by the board of directors at any time. The following table summarizes activity under the Repurchase Program for the Current Successor Quarter and Current Successor YTD Period (number of shares and dollar value of shares purchased shown in thousands): Total Number of Shares Purchased Dollar Value of Shares Purchased Average Price Paid Per Share First quarter 2022 438 $ 35,512 $ 81.06 Second quarter 2022 1,416 127,510 90.06 Third quarter 2022 753 64,549 85.72 Total 2,607 $ 227,571 $ 87.29

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATIONOn the Emergence Date, the Company's Predecessor common stock was cancelled and the Company's Successor common stock was issued. Accordingly, the Company's then existing stock-based compensation awards were also cancelled. Stock-based compensation for the Predecessor and Successor periods are not comparable. Successor Stock-Based Compensation As of the Emergence Date, the board of directors adopted the Incentive Plan with a share reserve equal to 2.8 million shares of common stock. The Incentive Plan provides for the grant of incentive stock options, nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, dividend equivalents and performance awards or any combination of the foregoing. The Company has granted both restricted stock units and performance vesting restricted stock units to employees and directors pursuant to the Incentive Plan, as discussed below. During the Current Successor Quarter and the Current Successor YTD Period, the Company's stock-based compensation expense was $2.4 million and $6.3 million, of which the Company capitalized $0.8 million and $2.1 million, respectively, relating to its exploration and development efforts. During the Prior Successor Quarter and the Prior Successor Period, the Company's stock-based compensation expense was $1.4 million, of which the Company capitalized $0.5 million relating to its exploration and development efforts. Stock compensation expense, net of the amounts capitalized, is included in general and administrative expenses in the accompanying consolidated statements of operations. As of September 30, 2022, the Company has awarded an aggregate of approximately 268,000 restricted stock units and approximately 191,000 performance vesting restricted stock units, net of forfeited awards, under the Incentive Plan. The following table summarizes restricted stock unit activity for the Current Successor YTD Period: Number of Weighted Number of Unvested Performance Vesting Restricted Stock Units Weighted Unvested shares as of January 1, 2022 198,413 $ 66.04 153,138 $ 48.54 Granted 2,154 73.83 — — Vested (3,074) 65.75 — — Forfeited/canceled (1,157) 66.89 — — Unvested shares as of March 31, 2022 196,336 $ 67.16 153,138 $ 48.54 Granted 76,038 97.55 37,666 66.82 Vested (10,817) 63.53 — — Forfeited/canceled (3,752) 75.70 — — Unvested shares as of June 30, 2022 257,805 $ 75.37 190,804 $ 52.15 Granted — — — — Vested (52,701) 66.18 — — Forfeited/canceled (3,265) 85.36 — — Unvested shares as of September 30, 2022 201,839 $ 77.60 190,804 $ 52.15 Successor Restricted Stock Units Restricted stock units awarded under the Incentive Plan generally vest ratably over a period of 3 or 4 years in the case of employees and 4 years in the case of directors upon the recipient meeting applicable service requirements. Stock-based compensation expense is 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 the grant. Unrecognized compensation expense as of September 30, 2022 was $14.1 million. The expense is expected to be recognized over a weighted average period of 2.38 years. Successor Performance Vesting Restricted Stock Units The Company has awarded performance vesting restricted stock units to certain of its executive officers under the Incentive Plan. The number of shares of common stock issued pursuant to the award will be based on a combination of (i) the Company's total shareholder return ("TSR") and (ii) the Company's relative total shareholder return ("RTSR") for the performance period. Participants will earn from 0% to 200% of the target award based on the Company's TSR and RTSR ranking compared to the TSR 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 three-year performance period, subject to earlier termination of the performance period in the event of a change in control. The grant date fair values were determined using the Monte Carlo simulation method and are being recorded ratably over the performance period. The table below summarizes the assumptions used in the Monte Carlo simulation to determine the grant date fair value of awards granted during the Current Successor YTD Period: Grant date April 29, 2022 Forecast period (years) 3 Risk-free interest rates 2.9% Implied equity volatility 88.4% Stock price on the date of grant $93.98 Unrecognized compensation expense as of September 30, 2022, related to performance vesting restricted shares was $6.5 million. The expense is expected to be recognized over a weighted average period of 1.95 years. Predecessor Stock-Based Compensation The Predecessor granted restricted stock units to employees and directors pursuant to the 2019 Amended and Restated Incentive Stock Plan (the "2019 Plan"). During the Prior Predecessor YTD Period, the Company’s stock-based compensation cost was $4.4 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 Prior Predecessor YTD Period: Number of Weighted Number of Weighted Unvested shares as of January 1, 2021 1,702,513 $ 4.74 840,595 $ 4.07 Granted — — — — Vested (227,132) 8.45 — — Forfeited/canceled (1,475,381) 4.16 (840,595) 4.07 Unvested shares as of May 17, 2021 — $ — — $ — Predecessor Restricted Stock Units Restricted stock units awarded under the 2019 Plan generally vested over a period of one year in the case of directors and three years in the case of employees and vesting was 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. All unrecognized compensation expense was recognized as of the Emergence Date. Predecessor Performance Vesting Restricted Stock Units The Company previously awarded performance vesting restricted stock units to certain of its executive officers under the 2019 Plan. The number of shares of common stock issued pursuant to the award was based on RTSR. RTSR is an incentive measure whereby participants will earn from 0% to 200% of the target award based on the Company’s TSR ranking compared to the TSR of the companies in the Company’s designated peer group at the end of the performance period. Awards were to 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. All unrecognized compensation expense was recognized as of the Emergence Date.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic income or loss per share attributable to common stockholders is computed as (i) net income or loss less (ii) dividends paid to holders of preferred stock less (iii) net income or loss attributable to participating securities divided by (iv) weighted average basic shares outstanding. Diluted net income or loss per share attributable to common stockholders is computed as (i) basic net income or loss attributable to common stockholders plus (ii) diluted adjustments to income allocable to participating securities divided by (iii) weighted average diluted shares outstanding. The "if-converted" method is used to determine the dilutive impact for the Company's convertible preferred stock and the treasury stock method is used to determine the dilutive impact of unvested restricted stock. There were no potential shares of common stock that were considered dilutive for the Current Successor Quarter, Current Successor YTD Period, Prior Successor Period, Prior Successor Quarter, or Prior Predecessor YTD Period. There were 3.7 million shares of potential common shares issuable due to the Company's convertible preferred stock for each of the Current Successor Quarter and Current Successor YTD Period. There were 1.2 million and 1.5 million shares of restricted stock that were considered anti-dilutive during the Current Successor Quarter and Current Successor YTD Period, respectively. Reconciliations of the components of basic and diluted net (loss) income per common share are presented in the tables below (in thousands): Successor Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Net loss $ (18,472) $ (461,313) Dividends on preferred stock (1,309) (2,095) Net loss attributable to common stockholders $ (19,781) $ (463,408) Basic Shares 19,635 20,598 Basic and Dilutive EPS $ (1.01) $ (22.50) Successor Predecessor Nine Months Ended September 30, 2022 Period from May 18, 2021 through September 30, 2021 Period from January 1, 2021 through May 17, 2021 Net (loss) income $ (253,867) $ (670,899) $ 250,994 Dividends on preferred stock (4,136) (3,126) — Net (loss) income attributable to common stockholders $ (258,003) $ (674,025) $ 250,994 Basic Shares 20,514 20,507 160,834 Basic and Dilutive EPS $ (12.58) $ (32.87) $ 1.56

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments Future Firm Transportation and Gathering Agreements The Company has contractual commitments with midstream and 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. Working interest owners and royalty interest owners, where appropriate, will be responsible for their proportionate share of these costs. Commitments related to future firm transportation and gathering agreements are not recorded as obligations in the accompanying consolidated balance sheets; however, costs associated with utilized future firm transportation and gathering agreements are reflected in the Company's estimates of proved reserves. A summary of these commitments at September 30, 2022 are set forth in the table below, excluding contracts in the process of being rejected as discussed in the Litigation and Regulatory Proceedings section below (in thousands): Remaining 2022 $ 58,483 2023 229,733 2024 220,708 2025 139,706 2026 136,235 Thereafter 889,674 Total $ 1,674,539 Contingencies 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. In accordance with ASC Topic 450, Contingencies , an accrual is recorded for a material loss contingency when its occurrence is probable and damages are reasonably estimable based on the anticipated most likely outcome or the minimum amount within a range of possible outcomes. Litigation and Regulatory Proceedings As part of its Chapter 11 Cases and restructuring efforts, the Company filed motions to reject certain firm transportation agreements between the Company and affiliates of TC Energy Corporation ("TC") and Rover Pipeline LLC ("Rover") (jointly, the “Pending Motions to Reject”). During the third quarter of 2021, Gulfport finalized a settlement agreement with TC that was approved by the Bankruptcy Court on September 21, 2021. Pursuant to the settlement agreement, Gulfport and TC agreed that the firm transportation contracts between Gulfport and TC would be rejected without any further payment or obligation by Gulfport or TC, and TC assigned its damages claims from such rejection to Gulfport. In exchange, Gulfport agreed to make a payment of $43.8 million in cash to TC. The $43.8 million was paid to TC on October 7, 2021. Gulfport expects to receive distributions for a significant portion of such amounts through future distributions with respect to the assigned claims pursuant to the terms of the Plan that became effective in May 2021. Any future distributions will be recognized once received by Gulfport. In February 2022, Gulfport received an initial distribution of $11.5 million from the above-mentioned claim, which is included in Other, net in the accompanying consolidated statements of operations. The timing and amount of any future distributions are not certain, and the total amount received will be impacted by the bankruptcy trustee's distributions and other bankruptcy claims. The Pending Motions to Reject were removed to the United States District Court for the Southern District of Texas (the “District Court”) by TC and Rover prior to the TC settlement. On July 13, 2022, the District Court referred the Pending Motion to Reject with respect to Rover back to the Bankruptcy Court. The Company believes that the Pending Motion to Reject with respect to Rover will be ultimately granted, and that the Company does not have any ongoing obligation pursuant to the contract; however, if the Company is not permitted to reject the Rover firm transportation contract, it could be required to post additional credit assurance and be liable for demand charges, attorneys' fees and interest. The Company has been named as a defendant in three separate complaints, two filed by Siltstone Resources, LLC, and the third filed by the Ohio Public Works Commission (OPWC) (together, the "Complaints"). The Complaints all arise from restrictive covenants in favor of OPWC generally prohibiting any transfer and any use inconsistent with a green park space. OPWC filed crossclaims against Gulfport in the Siltstone matters alleging that the transfer of the mineral rights and the development of oil and gas on the property violated these restrictive covenants. On June 19, 2018, October 25, 2019, and March 15, 2019, each trial court in the Complaints entered judgment in favor of the Company and other defendants, finding the restrictive covenants only applied to the surface estate. OPWC appealed each judgement to the respective Ohio Courts of Appeal where the trial court decisions were reversed in favor of OPWC. The Company and certain other parties to the Complaints appealed the appellate court decisions to the Ohio Supreme Court. On February 23, 2022, the Ohio Supreme Court affirmed the first appellate decision and remanded the case back to the trial court. The other two complaints are still pending before the Ohio Supreme Court. OPWC is seeking both injunctive relief to enforce the restrictive covenants and equitable relief. Liquidated damages were successfully discharged in the Company’s Chapter 11 proceedings through May 17, 2021. The scope and consequence of any injunctive relief that may be granted is not certain, but may have an adverse impact on the Company's operations associated with the leases subject to the Complaints. 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. On January 11, 2022, the court granted Gulfport's motion to dismiss and the case was closed by the court on February 14, 2022. The plaintiffs appealed the district court ruling, and the appellate court affirmed the lower court's motion to dismiss on October 27, 2022. The Company, along with other oil and gas companies, have been named as a defendant in J&R Passmore, LLC, individually and on behalf of all others similarly situated, in the United States District Court for the Southern District of Ohio on December 6, 2018. Plaintiffs assert their respective leases are limited to the Marcellus and Utica shale geological formations and allege that Defendants have willfully trespassed and illegally produced oil, natural gas, and other hydrocarbon products beyond these respective formations. Plaintiffs seek the full value of any production from below the Marcellus and Utica shale formations, unspecified damages from the diminution of value to their mineral estate, unspecified punitive damages, and the payment of reasonable attorney fees, legal expenses, and interest. On April 27, 2021, the Bankruptcy Court for the Southern District of Texas approved a settlement agreement in which the plaintiffs fully released the Company from all claims for amounts allegedly owed to the plaintiffs through the effective date of the Company’s Chapter 11 plan, which occurred on May 17, 2021. The plaintiffs are continuing to pursue alleged damages after May 17, 2021. 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. The Company conducts 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	9 Months Ended
	Sep. 30, 2022
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS Natural Gas, Oil and NGL 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 a floor price for a certain level of the Company’s production. However, these hedge contracts also limit the benefit to the Company in periods of favorable price movements. The volume of production subject to commodity derivative instruments and the mix of the instruments are frequently evaluated and adjusted by management in response to changing market conditions. Gulfport may enter into commodity derivative contracts up to limitations set forth in its Credit Facility. The Company generally enters into commodity derivative contracts for approximately 50% to 75% of its forecasted annual production by the end of the first quarter of each fiscal year. The Company typically enters into commodity derivative contracts for the next 12 to 24 months. Gulfport does not enter into commodity derivative contracts for speculative purposes. 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 WTI for oil and Mont Belvieu for propane. The Company does not currently have any commodity derivative transactions that have margin requirements or collateral provisions that would require payments prior to the scheduled settlement dates. The Company's commodity derivative contract counterparties are typically financial institutions and energy trading firms with investment-grade credit ratings. Gulfport routinely monitors and manages its exposure to counterparty risk by requiring specific minimum credit standards for all counterparties, actively monitoring counterparties' public credit ratings and avoiding the concentration of credit exposure by transacting with multiple counterparties. The Company has master netting agreements with some counterparties that allow the offsetting of receivables and payables in a default situation. Below is a summary of the Company’s open fixed price swap positions as of September 30, 2022. Index Daily Volume Weighted Natural Gas (MMBtu/d) ($/MMBtu) Remaining 2022 NYMEX Henry Hub 270,000 $ 2.96 2023 NYMEX Henry Hub 165,014 $ 3.64 2024 NYMEX Henry Hub 54,973 $ 3.98 Oil (Bbl/d) ($/Bbl) Remaining 2022 NYMEX WTI 3,000 $ 66.03 2023 NYMEX WTI 3,000 $ 74.47 NGL (Bbl/d) ($/Bbl) Remaining 2022 Mont Belvieu C3 4,000 $ 36.62 2023 Mont Belvieu C3 3,000 $ 38.07 The Company entered into costless collars based off the NYMEX WTI and Henry Hub oil and natural gas indices. 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 September 30, 2022. Index Daily Volume Weighted Average Floor Price Weighted Average Ceiling Price Natural Gas (MMBtu/d) ($/MMBtu) ($/MMBtu) Remaining 2022 NYMEX Henry Hub 389,500 $ 2.54 $ 2.96 2023 NYMEX Henry Hub 285,000 $ 2.93 $ 4.78 2024 NYMEX Henry Hub 80,000 $ 3.63 $ 7.02 Oil (Bbl/d) ($/Bbl) ($/Bbl) Remaining 2022 NYMEX WTI 1,500 $ 55.00 $ 60.00 In the third quarter of 2019, the Company sold call options in exchange for a premium, and used the associated premiums received to enhance the fixed price for a portion of the fixed price natural gas swaps primarily for 2020. Each short call option has an established ceiling price. When the referenced settlement price is above the price ceiling established by these short call options, the Company pays its counterparty an amount equal to the difference between the referenced settlement price and the price ceiling multiplied by the hedged contract volumes. No payment is due from either party if the referenced settlement price is below the price ceiling. Below is a summary of the Company's open sold call option positions as of September 30, 2022. Index Daily Volume Weighted Average Price Natural Gas (MMBtu/d) ($/MMBtu) Remaining 2022 NYMEX Henry Hub 152,675 $ 2.90 2023 NYMEX Henry Hub 407,925 $ 2.90 2024 NYMEX Henry Hub 202,000 $ 3.33 2025 NYMEX Henry Hub 33,315 $ 4.65 In addition, the Company entered into natural gas basis swap positions. As of September 30, 2022, the Company had the following natural gas swap positions open: Gulfport Pays Gulfport Receives Daily Volume Weighted Average Fixed Spread Natural Gas (MMBtu/d) ($/MMBtu) 2023 Rex Zone 3 NYMEX Plus Fixed Spread 40,000 $ (0.21) 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 September 30, 2022 and December 31, 2021 (in thousands): Successor September 30, 2022 December 31, 2021 Short-term derivative asset $ 53,342 $ 4,695 Long-term derivative asset 24,335 18,664 Short-term derivative liability (817,384) (240,735) Long-term derivative liability (299,150) (184,580) Total commodity derivative position $ (1,038,857) $ (401,956) Gains and Losses The following tables present the gain and loss recognized in net loss on natural gas, oil and NGL derivatives in the accompanying consolidated statements of operations for the Current Successor Quarter, Current Successor YTD Period, Prior Successor Quarter, Prior Successor Period, and Prior Predecessor YTD Period (in thousands): Net loss on derivative instruments Successor Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Natural gas derivatives - fair value losses $ (161,532) $ (517,799) Natural gas derivatives - settlement losses (354,084) (82,566) Total losses on natural gas derivatives (515,616) (600,365) Oil derivatives - fair value gains (losses) 33,545 (1,590) Oil derivatives - settlement losses (9,035) (4,336) Total gains (losses) on oil and condensate derivatives 24,510 (5,926) NGL derivatives - fair value gains (losses) 19,043 (10,201) NGL derivatives - settlement losses (2,832) (5,984) Total gains (losses) on NGL derivatives 16,211 (16,185) Total losses on natural gas, oil and NGL derivatives $ (474,895) $ (622,476) Net loss on derivative instruments Successor Predecessor Nine Months Ended September 30, 2022 Period from May 18, 2021 through September 30, 2021 Period from January 1, 2021 through May 17, 2021 Natural gas derivatives - fair value losses $ (659,193) $ (638,063) $ (123,080) Natural gas derivatives - settlement losses (754,177) (89,255) (3,362) Total losses on natural gas derivatives (1,413,370) (727,318) (126,442) Oil derivatives - fair value gains (losses) 8,076 (6,947) (6,126) Oil derivatives - settlement losses (31,460) (4,336) — Total losses on oil and condensate derivatives (23,384) (11,283) (6,126) NGL derivatives - fair value gains (losses) 14,216 (17,549) (4,671) NGL derivatives - settlement losses (13,779) (5,984) — Total gains (losses) on NGL derivatives 437 (23,533) (4,671) Total losses on natural gas, oil and NGL derivatives $ (1,436,317) $ (762,134) $ (137,239) Offsetting of Derivative Assets and Liabilities As noted above, the Company records the fair value of derivative instruments on a gross basis. The following tables present the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value (in thousands): Successor As of September 30, 2022 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount Derivative assets $ 77,677 $ (72,718) $ 4,959 Derivative liabilities $ (1,116,533) $ 72,718 $ (1,043,815) Successor As of December 31, 2021 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount Derivative assets $ 23,359 $ (20,265) $ 3,094 Derivative liabilities $ (425,315) $ 20,265 $ (405,050) 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 spread between multiple counterparties to lessen its exposure to any individual counterparty. Additionally, the Company uses master netting agreements to minimize credit risk exposure. The

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2022
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 (unadjusted) in active markets for identical assets and liabilities that the Company has the ability to access at the measurement date. 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 September 30, 2022 and December 31, 2021 (in thousands): Successor September 30, 2022 Level 1 Level 2 Level 3 Assets: Derivative instruments $ — $ 77,677 $ — Contingent consideration arrangement — — 4,900 Total assets $ — $ 77,677 $ 4,900 Liabilities: Derivative instruments $ — $ 1,116,533 $ — Successor December 31, 2021 Level 1 Level 2 Level 3 Assets: Derivative instruments $ — $ 23,359 $ — Contingent consideration arrangement — — 5,800 Total assets $ — $ 23,359 $ 5,800 Liabilities: Derivative instruments $ — $ 425,315 $ — 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 adjusted the fair value of its derivative instruments as a fresh start adjustment at the Emergence Date as a result of changes in the Company's credit adjustment to reflect its new credit standing at emergence. The Company's SCOOP water infrastructure sale, which closed in the first quarter of 2020, included a contingent consideration arrangement. As of September 30, 2022, the fair value of the contingent consideration was $4.9 million, of which $0.6 million is included in prepaid expenses and other assets and $4.3 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 losses of $0.3 million and $1.2 million for the Current Successor Quarter and Prior Successor Quarter, respectively, with respect to this contingent consideration arrangement. The Company recognized losses of $0.4 million, $0.1 million and a nominal gain for the Current Successor YTD Period, Prior Successor Period, and Prior Predecessor YTD Period, respectively, with respect to this contingent consideration arrangement. These fair value changes are 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 2 for further discussion of the Company’s asset retirement obligations. Fair value of other financial instruments

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	9 Months Ended
	Sep. 30, 2022
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, condensate and NGL. These sales 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 transportation, gathering, processing and compression 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 renew automatically under the same provisions. For those contracts, the Company has utilized the practical expedient allowed in the 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 $317.5 million and $232.9 million as of September 30, 2022 and December 31, 2021, respectively, and are reported in accounts receivable - oil, natural gas, and natural gas liquids 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 each of the periods presented, revenue recognized in the reporting periods related to performance obligations satisfied in prior reporting periods was not material.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
LEASES	LEASES Nature of Leases The Company has operating leases on certain equipment 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 Comp any has concluded its d rilling rig contracts are operating leases as the assets are identifiable and the Company has the right to control the identified assets. However, at September 30, 2022, the Company did not have any active long-term drilling rig contracts in place. The Company rents office space for its corporate headquarters, field locations and certain other equipment from third parties, which expire at various dates through 2026. 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. Future amounts due under operating lease liabilities as of September 30, 2022 were as follows (in thousands): Remaining 2022 $ 247 2023 966 2024 824 2025 824 2026 550 Total lease payments $ 3,411 Less: imputed interest (351) Total $ 3,060 The tables below summarize lease cost for the periods presented (in thousands): Successor Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Operating lease cost $ 187 $ 10 Variable lease cost — — Short-term lease cost 8,035 2,873 Total lease cost (1) $ 8,222 $ 2,883 Successor Predecessor Nine Months Ended September 30, 2022 Period from May 18, 2021 through September 30, 2021 Period from January 1, 2021 through May 17, 2021 Operating lease cost $ 287 $ 18 $ 41 Variable lease cost — — — Short-term lease cost 26,817 5,033 4,496 Total lease cost (1) $ 27,104 $ 5,051 $ 4,537 _____________________ (1) The majority of the Company's total lease cost was capitalized to the full cost pool, and the remainder was included in either lease operating expenses or general and administrative expenses in the accompanying consolidated statements of operations. Supplemental cash flow information related to leases was as follows (in thousands): Successor Predecessor Nine Months Ended September 30, 2022 Period from May 18, 2021 through September 30, 2021 Period from January 1, 2021 through May 17, 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 354 $ 46 $ 48

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022, which, among other things, implements a 15% minimum tax on book income of certain large corporations, a 1% excise tax on net stock repurchases and several tax incentives to promote clean energy. Based on our current analysis of the provisions, we do not believe this legislation will have a material impact on our consolidated financial statements. 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 nine months ended September 30, 2022, the Company's estimated annual effective tax rate remained nominal as a result of the valuation allowance on its deferred tax assets. The effective tax rate for the period was 0%, which differs from the statutory rate of 21% primarily as a result of the valuation allowance on the Company's 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 required. Such evidence can include current financial position, results of operations, both actual and forecasted, the reversal of deferred tax liabilities and tax planning strategies as well as the current and forecasted business economics of the oil and gas industry. Based upon the Company’s analysis, the Company determined a full valuation allowance was necessary against its net deferred tax assets as of September 30, 2022. The Company will continue to evaluate whether the valuation allowance is needed in future reporting periods. The valuation allowance will remain until it is determined that the net deferred tax assets are more likely than not to be realized. Future events or new evidence which may lead us to conclude that it is more likely than not that its net deferred tax assets will be realized include, but are not limited to, cumulative historical pre-tax earnings, improvements in oil prices, and taxable events that could result from one or more transactions. The valuation allowance does not prevent future utilization of the tax attributes if the Company recognizes taxable income. As long as the Company concludes that the valuation allowance against its net deferred tax assets is necessary, the Company likely will not have any additional deferred income tax expense or benefit. Elements of the Plan provided that the Company’s indebtedness related to Predecessor Senior Notes and certain general unsecured claims were exchanged for New Common Stock in settlement of those claims. Absent an exception, a debtor recognizes CODI upon discharge of its outstanding indebtedness for an amount of consideration that is less than its adjusted issue price. The IRC provides that a debtor in a Chapter 11 bankruptcy case may exclude CODI from taxable income, but must reduce certain of its tax attributes by the amount of any CODI realized as a result of the consummation of a plan of reorganization. The amount of CODI realized by a taxpayer is determined based on the fair market value of the consideration received by the creditors in settlement of outstanding indebtedness. As a result of the market value of equity upon emergence from Chapter 11 bankruptcy proceedings, the estimated amount of CODI and historical interest expense haircut is approximately $661 million, which will reduce the value of the Company’s net operating losses. The actual reduction in tax attributes does not occur until the first day of the Company’s tax year subsequent to the date of emergence, or January 1, 2022. The reduction of net operating losses is expected to be fully offset by a corresponding decrease in valuation allowance. Emergence from Chapter 11 bankruptcy proceedings resulted in a change in ownership for purposes of IRC Section 382. The Company is applying rules under IRC Section 382(l)(5) that allow the Company to mitigate the limitations imposed under the regulations with respect to the Company’s remaining tax attributes. The Company’s deferred tax assets and liabilities, prior to the valuation allowance, have been computed on such basis. Additionally, under IRC Section 382(l)(5), an ownership change subsequent to the Company’s emergence could severely limit or effectively eliminate its ability to realize the value of its tax attributes.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Credit Facility Redetermination On October 31, 2022, the Company completed its semi-annual borrowing base redetermination during which the borrowing base was reconfirmed at $1.0 billion with the elected commitments remaining at $700 million.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Gulfport were prepared in accordance with GAAP and the rules and regulations of the SEC. This Quarterly Report on Form 10-Q (this “Form 10-Q”) relates to the financial position and periods as of and for the three months ended September 30, 2022 ("Current Successor Quarter"), as of and for the nine months ended September 30, 2022 ("Current Successor YTD Period"), May 18, 2021 through September 30, 2021 (“Prior Successor Period”), the three months ended September 30, 2021 ("Prior Successor Quarter"), and January 1, 2021 through May 17, 2021 (“Prior Predecessor YTD Period”). The Company's annual report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”) should be read in conjunction with this Form 10-Q. The accompanying unaudited consolidated financial statements reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of our condensed consolidated financial statements and accompanying notes and include the accounts of our wholly-owned subsidiaries. Intercompany accounts and balances have been eliminated. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern.

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consisted of the following at September 30, 2022 and December 31, 2021 (in thousands): Successor September 30, 2022 December 31, 2021 Accounts payable and other accrued liabilities $ 202,838 $ 143,938 Revenue payable and suspense 222,729 180,857 Accrued contract rejection damages and shares held in reserve 40,996 69,216 Total accounts payable and accrued liabilities $ 466,563 $ 394,011
Fresh Start Adjustments	The following table summarizes the components in reorganization items, net included in the Company's consolidated statements of operations for the Current Successor YTD Period, Prior Successor Period, and Prior Predecessor YTD Period (in thousands): Successor Predecessor Nine Months Ended September 30, 2022 Period from May 18, 2021 through September 30, 2021 Period from January 1, 2021 through May 17, 2021 Legal and professional advisory fees $ — $ — $ 81,565 Net gain on liabilities subject to compromise — — (575,182) Fresh start adjustments, net — — 160,756 Elimination of predecessor accumulated other comprehensive income — — 40,430 Debt issuance costs — — 3,150 Other items, net — — 22,383 Reorganization items, net $ — $ — $ (266,898)
Schedule of Cash Flow, Supplemental Disclosures	Supplemental Cash Flow and Non-Cash Information (in thousands) Successor Predecessor Nine Months Ended September 30, 2022 Period from May 18, 2021 through September 30, 2021 Period from January 1, 2021 through May 17, 2021 Supplemental disclosure of cash flow information: Cash paid for reorganization items, net $ — $ 42,202 $ 87,199 Interest payments $ 30,102 $ 6,465 $ 7,272 Changes in operating assets and liabilities: (Increase) decrease in accounts receivable - oil, natural gas, and natural gas liquids sales $ (84,674) $ (5,230) $ (60,832) (Increase) decrease in accounts receivable - joint interest and other $ (14,947) $ 5,536 $ (3,005) Increase (decrease) in accounts payable and accrued liabilities $ 65,648 $ (48,903) $ 79,193 Decrease in prepaid expenses $ 3,061 $ 7,231 $ 135,471 Decrease in other assets $ 1,352 $ 106 $ 3,067 Total changes in operating assets and liabilities $ (29,560) $ (41,260) $ 153,894 Supplemental disclosure of non-cash transactions: Capitalized stock-based compensation $ 2,141 $ 484 $ 930 Asset retirement obligation capitalized $ 53 $ 55 $ 546 Asset retirement obligation removed due to divestiture $ (7) $ — $ — Interest capitalized $ — $ 117 $ — Release of common stock held in reserve $ 28,220 $ 23,893 $ — Foreign currency translation gain on equity method investments $ — $ — $ 2,570

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and December 31, 2021 are as follows (in thousands): Successor September 30, 2022 December 31, 2021 Proved oil and natural gas properties $ 2,303,728 $ 1,917,833 Unproved properties 184,075 211,007 Other depreciable property and equipment 5,767 4,943 Land 386 386 Total property and equipment 2,493,956 2,134,169 Accumulated DD&A and impairment (467,485) (278,341) Property and equipment, net $ 2,026,471 $ 1,855,828
Schedule of Non-Producing Properties Excluded from Amortization by Area	The following table summarizes the Company’s non-producing properties excluded from amortization by area as of September 30, 2022: Successor September 30, 2022 (In thousands) Utica $ 151,856 SCOOP 32,219 Total unproved properties $ 184,075
Schedule of Asset Retirement Obligation	The following table provides a reconciliation of the Company’s asset retirement obligation for the Current Successor YTD Period (in thousands): Asset retirement obligation at January 1, 2022 (Successor) $ 28,264 Liabilities incurred 53 Liabilities removed due to divestitures (7) Accretion expense 2,057 Asset retirement obligation at September 30, 2022 $ 30,367 The following table provides a reconciliation of the Company’s asset retirement obligation for the Prior Predecessor YTD Period and Prior Successor Period (in thousands): Asset retirement obligation at January 1, 2021 (Predecessor) $ 63,566 Liabilities incurred 546 Accretion expense 1,229 Ending balance as of May 17, 2021 (Predecessor) 65,341 Fresh start adjustments (1) (46,257) Asset retirement obligation at May 18, 2021 (Successor) 19,084 Liabilities incurred 56 Accretion expense 714 Asset retirement obligation at September 30, 2021 $ 19,854 _____________________ (1) The Company recorded its asset retirement obligation at fair value as of the Emergence Date.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2022
Long-Term Debt, Unclassified [Abstract]
Schedule of Debt	Debt consisted of the following items as of September 30, 2022 and December 31, 2021 (in thousands): Successor September 30, 2022 December 31, 2021 Credit Facility $ 179,000 $ 164,000 8.000% senior unsecured notes due 2026 550,000 550,000 Net unamortized debt issuance costs (899) (1,054) Total debt, net 728,101 712,946 Less: current maturities of long-term debt — — Total long-term debt, net $ 728,101 $ 712,946

MEZZANINE EQUITY AND EQUITY (Ta

MEZZANINE EQUITY AND EQUITY (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Movement on Temporary Equity	The following table summarizes activity of the Company’s preferred stock for the Current Successor YTD Period: Preferred stock at December 31, 2021 57,896 Conversion of preferred stock (5,551) Preferred stock at September 30, 2022 52,345
Schedule of Stockholders Equity	The following table summarizes activity under the Repurchase Program for the Current Successor Quarter and Current Successor YTD Period (number of shares and dollar value of shares purchased shown in thousands): Total Number of Shares Purchased Dollar Value of Shares Purchased Average Price Paid Per Share First quarter 2022 438 $ 35,512 $ 81.06 Second quarter 2022 1,416 127,510 90.06 Third quarter 2022 753 64,549 85.72 Total 2,607 $ 227,571 $ 87.29

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity	The following table summarizes restricted stock unit activity for the Current Successor YTD Period: Number of Weighted Number of Unvested Performance Vesting Restricted Stock Units Weighted Unvested shares as of January 1, 2022 198,413 $ 66.04 153,138 $ 48.54 Granted 2,154 73.83 — — Vested (3,074) 65.75 — — Forfeited/canceled (1,157) 66.89 — — Unvested shares as of March 31, 2022 196,336 $ 67.16 153,138 $ 48.54 Granted 76,038 97.55 37,666 66.82 Vested (10,817) 63.53 — — Forfeited/canceled (3,752) 75.70 — — Unvested shares as of June 30, 2022 257,805 $ 75.37 190,804 $ 52.15 Granted — — — — Vested (52,701) 66.18 — — Forfeited/canceled (3,265) 85.36 — — Unvested shares as of September 30, 2022 201,839 $ 77.60 190,804 $ 52.15 The following table summarizes restricted stock unit activity for the Prior Predecessor YTD Period: Number of Weighted Number of Weighted Unvested shares as of January 1, 2021 1,702,513 $ 4.74 840,595 $ 4.07 Granted — — — — Vested (227,132) 8.45 — — Forfeited/canceled (1,475,381) 4.16 (840,595) 4.07 Unvested shares as of May 17, 2021 — $ — — $ —
Schedule of Grant Date Fair Value of Awards Granted	The table below summarizes the assumptions used in the Monte Carlo simulation to determine the grant date fair value of awards granted during the Current Successor YTD Period: Grant date April 29, 2022 Forecast period (years) 3 Risk-free interest rates 2.9% Implied equity volatility 88.4% Stock price on the date of grant $93.98

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Reconciliations of the components of basic and diluted net (loss) income per common share are presented in the tables below (in thousands): Successor Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Net loss $ (18,472) $ (461,313) Dividends on preferred stock (1,309) (2,095) Net loss attributable to common stockholders $ (19,781) $ (463,408) Basic Shares 19,635 20,598 Basic and Dilutive EPS $ (1.01) $ (22.50) Successor Predecessor Nine Months Ended September 30, 2022 Period from May 18, 2021 through September 30, 2021 Period from January 1, 2021 through May 17, 2021 Net (loss) income $ (253,867) $ (670,899) $ 250,994 Dividends on preferred stock (4,136) (3,126) — Net (loss) income attributable to common stockholders $ (258,003) $ (674,025) $ 250,994 Basic Shares 20,514 20,507 160,834 Basic and Dilutive EPS $ (12.58) $ (32.87) $ 1.56

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Service Commitments	A summary of these commitments at September 30, 2022 are set forth in the table below, excluding contracts in the process of being rejected as discussed in the Litigation and Regulatory Proceedings section below (in thousands): Remaining 2022 $ 58,483 2023 229,733 2024 220,708 2025 139,706 2026 136,235 Thereafter 889,674 Total $ 1,674,539

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Schedule of Open Fixed Price Swap Positions and Natural Gas Basis Swap Positions	Below is a summary of the Company’s open fixed price swap positions as of September 30, 2022. Index Daily Volume Weighted Natural Gas (MMBtu/d) ($/MMBtu) Remaining 2022 NYMEX Henry Hub 270,000 $ 2.96 2023 NYMEX Henry Hub 165,014 $ 3.64 2024 NYMEX Henry Hub 54,973 $ 3.98 Oil (Bbl/d) ($/Bbl) Remaining 2022 NYMEX WTI 3,000 $ 66.03 2023 NYMEX WTI 3,000 $ 74.47 NGL (Bbl/d) ($/Bbl) Remaining 2022 Mont Belvieu C3 4,000 $ 36.62 2023 Mont Belvieu C3 3,000 $ 38.07 The Company entered into costless collars based off the NYMEX WTI and Henry Hub oil and natural gas indices. 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 September 30, 2022. Index Daily Volume Weighted Average Floor Price Weighted Average Ceiling Price Natural Gas (MMBtu/d) ($/MMBtu) ($/MMBtu) Remaining 2022 NYMEX Henry Hub 389,500 $ 2.54 $ 2.96 2023 NYMEX Henry Hub 285,000 $ 2.93 $ 4.78 2024 NYMEX Henry Hub 80,000 $ 3.63 $ 7.02 Oil (Bbl/d) ($/Bbl) ($/Bbl) Remaining 2022 NYMEX WTI 1,500 $ 55.00 $ 60.00 Index Daily Volume Weighted Average Price Natural Gas (MMBtu/d) ($/MMBtu) Remaining 2022 NYMEX Henry Hub 152,675 $ 2.90 2023 NYMEX Henry Hub 407,925 $ 2.90 2024 NYMEX Henry Hub 202,000 $ 3.33 2025 NYMEX Henry Hub 33,315 $ 4.65
Schedule of Natural Gas Basis Swap Positions	In addition, the Company entered into natural gas basis swap positions. As of September 30, 2022, the Company had the following natural gas swap positions open: Gulfport Pays Gulfport Receives Daily Volume Weighted Average Fixed Spread Natural Gas (MMBtu/d) ($/MMBtu) 2023 Rex Zone 3 NYMEX Plus Fixed Spread 40,000 $ (0.21)
Schedule of Derivative Instruments in Balance Sheet	The following table presents the fair value of the Company’s derivative instruments on a gross basis at September 30, 2022 and December 31, 2021 (in thousands): Successor September 30, 2022 December 31, 2021 Short-term derivative asset $ 53,342 $ 4,695 Long-term derivative asset 24,335 18,664 Short-term derivative liability (817,384) (240,735) Long-term derivative liability (299,150) (184,580) Total commodity derivative position $ (1,038,857) $ (401,956)
Schedule of Net Loss on Derivatives	The following tables present the gain and loss recognized in net loss on natural gas, oil and NGL derivatives in the accompanying consolidated statements of operations for the Current Successor Quarter, Current Successor YTD Period, Prior Successor Quarter, Prior Successor Period, and Prior Predecessor YTD Period (in thousands): Net loss on derivative instruments Successor Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Natural gas derivatives - fair value losses $ (161,532) $ (517,799) Natural gas derivatives - settlement losses (354,084) (82,566) Total losses on natural gas derivatives (515,616) (600,365) Oil derivatives - fair value gains (losses) 33,545 (1,590) Oil derivatives - settlement losses (9,035) (4,336) Total gains (losses) on oil and condensate derivatives 24,510 (5,926) NGL derivatives - fair value gains (losses) 19,043 (10,201) NGL derivatives - settlement losses (2,832) (5,984) Total gains (losses) on NGL derivatives 16,211 (16,185) Total losses on natural gas, oil and NGL derivatives $ (474,895) $ (622,476) Net loss on derivative instruments Successor Predecessor Nine Months Ended September 30, 2022 Period from May 18, 2021 through September 30, 2021 Period from January 1, 2021 through May 17, 2021 Natural gas derivatives - fair value losses $ (659,193) $ (638,063) $ (123,080) Natural gas derivatives - settlement losses (754,177) (89,255) (3,362) Total losses on natural gas derivatives (1,413,370) (727,318) (126,442) Oil derivatives - fair value gains (losses) 8,076 (6,947) (6,126) Oil derivatives - settlement losses (31,460) (4,336) — Total losses on oil and condensate derivatives (23,384) (11,283) (6,126) NGL derivatives - fair value gains (losses) 14,216 (17,549) (4,671) NGL derivatives - settlement losses (13,779) (5,984) — Total gains (losses) on NGL derivatives 437 (23,533) (4,671) Total losses on natural gas, oil and NGL derivatives $ (1,436,317) $ (762,134) $ (137,239)
Schedule of Recognized Derivative Assets	The following tables present the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value (in thousands): Successor As of September 30, 2022 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount Derivative assets $ 77,677 $ (72,718) $ 4,959 Derivative liabilities $ (1,116,533) $ 72,718 $ (1,043,815) Successor As of December 31, 2021 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount Derivative assets $ 23,359 $ (20,265) $ 3,094 Derivative liabilities $ (425,315) $ 20,265 $ (405,050)
Schedule of Recognized Derivative Liabilities	The following tables present the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value (in thousands): Successor As of September 30, 2022 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount Derivative assets $ 77,677 $ (72,718) $ 4,959 Derivative liabilities $ (1,116,533) $ 72,718 $ (1,043,815) Successor As of December 31, 2021 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount Derivative assets $ 23,359 $ (20,265) $ 3,094 Derivative liabilities $ (425,315) $ 20,265 $ (405,050)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and December 31, 2021 (in thousands): Successor September 30, 2022 Level 1 Level 2 Level 3 Assets: Derivative instruments $ — $ 77,677 $ — Contingent consideration arrangement — — 4,900 Total assets $ — $ 77,677 $ 4,900 Liabilities: Derivative instruments $ — $ 1,116,533 $ — Successor December 31, 2021 Level 1 Level 2 Level 3 Assets: Derivative instruments $ — $ 23,359 $ — Contingent consideration arrangement — — 5,800 Total assets $ — $ 23,359 $ 5,800 Liabilities: Derivative instruments $ — $ 425,315 $ —

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Schedule of Operating Lease Liability	Future amounts due under operating lease liabilities as of September 30, 2022 were as follows (in thousands): Remaining 2022 $ 247 2023 966 2024 824 2025 824 2026 550 Total lease payments $ 3,411 Less: imputed interest (351) Total $ 3,060
Schedule of Lease Cost	The tables below summarize lease cost for the periods presented (in thousands): Successor Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Operating lease cost $ 187 $ 10 Variable lease cost — — Short-term lease cost 8,035 2,873 Total lease cost (1) $ 8,222 $ 2,883 Successor Predecessor Nine Months Ended September 30, 2022 Period from May 18, 2021 through September 30, 2021 Period from January 1, 2021 through May 17, 2021 Operating lease cost $ 287 $ 18 $ 41 Variable lease cost — — — Short-term lease cost 26,817 5,033 4,496 Total lease cost (1) $ 27,104 $ 5,051 $ 4,537 _____________________ (1) The majority of the Company's total lease cost was capitalized to the full cost pool, and the remainder was included in either lease operating expenses or general and administrative expenses in the accompanying consolidated statements of operations. Supplemental cash flow information related to leases was as follows (in thousands): Successor Predecessor Nine Months Ended September 30, 2022 Period from May 18, 2021 through September 30, 2021 Period from January 1, 2021 through May 17, 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 354 $ 46 $ 48

BASIS OF PRESENTATION - Schedul

BASIS OF PRESENTATION - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Accounts payable and other accrued liabilities	$ 202,838	$ 143,938
Revenue payable and suspense	222,729	180,857
Accrued contract rejection damages and shares held in reserve	40,996	69,216
Total accounts payable and accrued liabilities	$ 466,563	$ 394,011

BASIS OF PRESENTATION - Stateme

BASIS OF PRESENTATION - Statements of Operations (Details) - USD ($) $ in Thousands	4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2021	May 17, 2021	Sep. 30, 2022
Reorganization, Chapter 11 [Line Items]
Legal and professional advisory fees	$ 0	$ 81,565	$ 0
Net gain on liabilities subject to compromise	0	(575,182)	0
Reorganization items, net	0	(266,898)	0
Elimination of predecessor accumulated other comprehensive income	0	40,430	0
Debt issuance costs	0	3,150	0
Other items, net	0	22,383	0
Fresh Start Adjustments
Reorganization, Chapter 11 [Line Items]
Reorganization items, net	$ 0	$ 160,756	$ 0

BASIS OF PRESENTATION - Narrati

BASIS OF PRESENTATION - Narrative (Details) - USD ($) $ in Millions		1 Months Ended
	Oct. 07, 2021	Feb. 28, 2022
Accounting Policies [Abstract]
Litigation amount settlement	$ 43.8	$ 11.5

BASIS OF PRESENTATION - Supplem

BASIS OF PRESENTATION - Supplemental Cash and Non Cash Information (Details) - USD ($) $ in Thousands	1 Months Ended	4 Months Ended	5 Months Ended	9 Months Ended
	Jun. 30, 2021	Sep. 30, 2021	May 17, 2021	Sep. 30, 2022
Supplemental disclosure of cash flow information:
Cash paid for reorganization items, net		$ 42,202	$ 87,199	$ 0
Interest payments		6,465	7,272	30,102
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable - oil, natural gas, and natural gas liquids sales		(5,230)	(60,832)	(84,674)
(Increase) decrease in accounts receivable - joint interest and other		5,536	(3,005)	(14,947)
Increase (decrease) in accounts payable and accrued liabilities		(48,903)	79,193	65,648
Decrease in prepaid expenses		7,231	135,471	3,061
Decrease in other assets		106	3,067	1,352
Total changes in operating assets and liabilities		(41,260)	153,894	(29,560)
Supplemental disclosure of non-cash transactions:
Capitalized stock-based compensation		484	930	2,141
Asset retirement obligation capitalized		55	546	53
Asset retirement obligation removed due to divestiture	$ 0		0	(7)
Interest capitalized		117	0	0
Release of common stock held in reserve		23,893	0	28,220
Foreign currency translation gain on equity method investments		$ 0	$ 2,570	$ 0

PROPERTY AND EQUIPMENT - Schedu

PROPERTY AND EQUIPMENT - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Proved oil and natural gas properties	$ 2,303,728	$ 1,917,833
Unproved properties	184,075	211,007
Other depreciable property and equipment	5,767	4,943
Land	386	386
Total property and equipment	2,493,956	2,134,169
Accumulated DD&A and impairment	(467,485)	(278,341)
Total property and equipment, net	$ 2,026,471	$ 1,855,828

PROPERTY AND EQUIPMENT - Narrat

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	May 17, 2021	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Impairment of oil and natural gas properties			$ 117,813	$ 0	$ 0
Capitalized general and administrative costs	$ 4,900	$ 5,100	$ 7,300	$ 8,000	$ 14,600

PROPERTY AND EQUIPMENT - Summar

PROPERTY AND EQUIPMENT - Summary of Non-producing Properties Excluded from Amortization by Area (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Total unproved properties	$ 184,075
Utica
Property, Plant and Equipment [Line Items]
Total unproved properties	151,856
SCOOP
Property, Plant and Equipment [Line Items]
Total unproved properties	$ 32,219

PROPERTY AND EQUIPMENT - Sche_2

PROPERTY AND EQUIPMENT - Schedule of Asset Retirement Obligation (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	May 17, 2021	Sep. 30, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 65,341			$ 65,341	$ 63,566	$ 28,264
Beginning balance	19,084			19,084
Liabilities incurred				56	546	53
Liabilities removed due to divestitures	0				0	(7)
Accretion expense		$ 673	$ 488	714	1,229	2,057
Ending balance		$ 30,367	$ 19,854	19,854	65,341	$ 30,367
Fresh Start Adjustments
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ (46,257)			$ (46,257)
Ending balance					$ (46,257)

DEBT - Summary of Debt (Details

DEBT - Summary of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Net unamortized debt issuance costs	$ (899)	$ (1,054)
Total debt, net	728,101	712,946
Less: current maturities of long-term debt	0	0
Total long-term debt, net	728,101	712,946
Line of Credit
Debt Instrument [Line Items]
Long-term debt	179,000	164,000
Credit Facility | Line of Credit
Debt Instrument [Line Items]
Long-term debt	179,000
A8.0Senior Unsecured Notes Due 2026
Debt Instrument [Line Items]
Long-term debt	$ 550,000	$ 550,000

DEBT - Narrative (Details)

DEBT - Narrative (Details) - USD ($) $ in Thousands			9 Months Ended
	May 02, 2022	Oct. 14, 2021	Sep. 30, 2022	Dec. 31, 2021	May 17, 2021
Senior Notes | Carrying Value
Debt Instrument [Line Items]
Carrying value of notes			$ 549,100
Senior Notes | Fair Value | Level 1
Debt Instrument [Line Items]
Carrying value of notes			546,300
A8.0Senior Unsecured Notes Due 2026
Debt Instrument [Line Items]
Long-term debt			$ 550,000	$ 550,000
Stated interest rate			8%
A8.0Senior Unsecured Notes Due 2026 | Senior Notes | Fresh Start Adjustments
Debt Instrument [Line Items]
Debt instrument, amount					$ 550,000
Stated interest rate					8%
Revolving Credit Facility
Debt Instrument [Line Items]
Initial borrowing base amount	$ 700,000
Revolving Credit Facility | Credit Facility
Debt Instrument [Line Items]
Aggregate maximum principal amount		$ 1,500,000
Initial borrowing base amount	$ 1,000,000	850,000
Line of credit facility, commitment fee amount		$ 700,000
Debt instrument current ratio	125%	100%	100%
Debt instrument net funded leverage ratio			325%
Weight average interest rate			6.23%
Unused capacity, commitment fee percentage			0.50%
Revolving Credit Facility | Credit Facility | SOFR
Debt Instrument [Line Items]
Variable interest rate	0.10%
Revolving Credit Facility | Credit Facility | Minimum | LIBOR
Debt Instrument [Line Items]
Variable interest rate			2.75%
Revolving Credit Facility | Credit Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Variable interest rate			1.75%
Revolving Credit Facility | Credit Facility | Maximum | LIBOR
Debt Instrument [Line Items]
Variable interest rate			3.75%
Revolving Credit Facility | Credit Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Variable interest rate			2.75%
Letter of Credit | Credit Facility
Debt Instrument [Line Items]
Aggregate maximum principal amount		$ 175,000
Line of Credit
Debt Instrument [Line Items]
Long-term debt			$ 179,000	$ 164,000
Line of Credit | Credit Facility
Debt Instrument [Line Items]
Long-term debt			179,000
Letters of credit outstanding, amount			$ 113,200

MEZZANINE EQUITY AND EQUITY - N

MEZZANINE EQUITY AND EQUITY - Narrative (Details) - USD ($)	3 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2022	May 17, 2021	Sep. 30, 2022	Jul. 31, 2022	Apr. 30, 2022	Jan. 31, 2022	Dec. 31, 2021	Nov. 30, 2021
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	42,000,000	42,000,000	42,000,000				42,000,000
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001	$ 0.0001				$ 0.0001
Temporary equity, shares authorized (in shares)	110,000	110,000	110,000				110,000
Temporary equity, par or stated value (in usd per share)	$ 0.0001	$ 0.0001	$ 0.0001				$ 0.0001
Temporary equity, liquidation preference (in usd per share)		$ 1,000
Preferred stock issued (in shares)		55,000
Preferred stock, dividend rate		10%
Preferred stock, dividend rate, percentage, pain-in-kind		15%
Preferred stock, convertible, conversion price (in usd per share)		$ 14
Dividends, preferred stock, cash			$ 4,100,000
Common stock, shares, issued (in shares)	19,400,000	19,800,000	19,400,000				20,600,000
Authorized stock repurchase amount	$ 100,000,000		$ 100,000,000	$ 300,000,000	$ 200,000,000			$ 100,000,000
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Anti-dilutive shares (in shares)	3,700,000		3,700,000
Disputed Claims Reserve | Common Stock
Class of Stock [Line Items]
Plan of reorganization, number of shares issued (in shares)	62,000	1,700,000	62,000			876,000

MEZZANINE EQUITY AND EQUITY - S

MEZZANINE EQUITY AND EQUITY - Schedule of Dividends (Details)	9 Months Ended
	Sep. 30, 2022 shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Temporary equity, beginning shares outstanding (in shares)	57,896
Conversion of preferred stock (in shares)	(5,551)
Temporary equity, ending shares outstanding (in shares)	52,345

MEZZANINE EQUITY AND EQUITY -_2

MEZZANINE EQUITY AND EQUITY - Schedule Of Repurchase Agreements (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2022
Equity [Abstract]
Total Number of Shares Purchased (in shares)	753	1,416	438	2,607
Dollar Value of Share Purchased	$ 64,549	$ 127,510	$ 35,512	$ 227,571
Average Price Paid Per Share (in usd per share)	$ 85.72	$ 90.06	$ 81.06	$ 87.29

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	May 17, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	62,000				62,000			938,000
2021 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)				2,800,000
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost				$ 4.4
Capitalized stock-based compensation cost				$ 0.9
Share-based compensation arrangement by share-based payment award (in shares)	201,839			0	201,839	257,805	196,336	198,413	1,702,513
Unrecognized compensation expense to be expected	$ 14.1				$ 14.1
Unrecognized compensation expense expected to be recognized					2 years 4 months 17 days
Restricted Stock Units | 2021 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost	2.4	$ 1.4			$ 6.3
Capitalized stock-based compensation cost	$ 0.8		$ 0.5		$ 2.1
Share-based compensation arrangement by share-based payment award (in shares)	268,000				268,000
Restricted Stock Units | Employee | 2021 Stock Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Restricted Stock Units | Employee | 2021 Stock Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
Restricted Stock Units | Employee | 2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Restricted Stock Units | Director | 2021 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
Restricted Stock Units | Director | 2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					1 year
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award (in shares)	190,804			0	190,804	190,804	153,138	153,138	840,595
Unrecognized compensation expense to be expected	$ 6.5				$ 6.5
Unrecognized compensation expense expected to be recognized					1 year 11 months 12 days
Percent of target based award, minimum					0%
Percent of target based award, maximum					200%
Performance Stock Units | 2021 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award (in shares)	191,000				191,000
Percent of target based award, minimum					0%
Percent of target based award, maximum					200%
Performance vesting period					3 years

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Stock Award and Unit Activity (Details) - $ / shares	3 Months Ended			5 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	May 17, 2021
Restricted Stock Units
Number of Unvested Restricted Shares
Beginning balance (in shares)	257,805	196,336	198,413	1,702,513
Granted (in shares)	0	76,038	2,154	0
Vested (in shares)	(52,701)	(10,817)	(3,074)	(227,132)
Forfeited/canceled (in shares)	(3,265)	(3,752)	(1,157)	(1,475,381)
Ending balance (in shares)	201,839	257,805	196,336	0
Weighted Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 75.37	$ 67.16	$ 66.04	$ 4.74
Granted (in usd per share)	0	97.55	73.83	0
Vested (in usd per share)	66.18	63.53	65.75	8.45
Forfeited/canceled (in usd per share)	85.36	75.70	66.89	4.16
Ending balance (in usd per share)	$ 77.60	$ 75.37	$ 67.16	$ 0
Performance Stock Units
Number of Unvested Restricted Shares
Beginning balance (in shares)	190,804	153,138	153,138	840,595
Granted (in shares)	0	37,666	0	0
Vested (in shares)	0	0	0	0
Forfeited/canceled (in shares)	0	0	0	(840,595)
Ending balance (in shares)	190,804	190,804	153,138	0
Weighted Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 52.15	$ 48.54	$ 48.54	$ 4.07
Granted (in usd per share)	0	66.82	0	0
Vested (in usd per share)	0	0	0	0
Forfeited/canceled (in usd per share)	0	0	0	4.07
Ending balance (in usd per share)	$ 52.15	$ 52.15	$ 48.54	$ 0

STOCK-BASED COMPENSATION - Gran

STOCK-BASED COMPENSATION - Grant Date Fair Value of Awards (Details) - Performance Stock Units - 2021 Stock Incentive Plan	9 Months Ended
	Sep. 30, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forecast period (years)	3 years
Risk-free interest rates	2.90%
Implied equity volatility	88.40%
Stock price on the date of grant (in usd per share)	$ 93.98

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended					4 Months Ended	5 Months Ended	9 Months Ended
	Jun. 30, 2021	May 17, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2021	May 17, 2021	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net (loss) income	$ (209,586)	$ 242,214	$ (18,472)	$ 256,580	$ (491,975)	$ (461,313)	$ 8,780	$ (670,899)	$ 250,994	$ (253,867)
Dividends on preferred stock			(1,309)			(2,095)		(3,126)	0	(4,136)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS			(19,781)			(463,408)		(674,025)	250,994	(258,003)
Net (loss) income attributable to common stockholders, diluted			$ (19,781)			$ (463,408)		$ (674,025)	$ 250,994	$ (258,003)
Basic shares (in shares)			19,635,000			20,598,000		20,507,000	160,834,000	20,514,000
Basic EPS (in usd per share)			$ (1.01)			$ (22.50)		$ (32.87)	$ 1.56	$ (12.58)
Dilutive EPS (in usd per share)			$ (1.01)			$ (22.50)		$ (32.87)	$ 1.56	$ (12.58)
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)						0		0	0	0
Series A Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)			3,700,000							3,700,000
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)			1,200,000							1,500,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Schedule of Firm Transportation Contracts (Details) - Transportation Commitment $ in Thousands	Sep. 30, 2022 USD ($)
Other Commitments [Line Items]
Remaining 2022	$ 58,483
2023	229,733
2024	220,708
2025	139,706
2026	136,235
Thereafter	889,674
Total	$ 1,674,539

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions		1 Months Ended	9 Months Ended
	Oct. 07, 2021 USD ($)	Feb. 28, 2022 USD ($)	Sep. 30, 2022 claim
Loss Contingencies [Line Items]
Litigation amount settlement | $	$ 43.8	$ 11.5
Number of claims filed			3
Siltstone Resources, LLC
Loss Contingencies [Line Items]
Number of claims filed			2

DERIVATIVE INSTRUMENTS - Narrat

DERIVATIVE INSTRUMENTS - Narrative (Details)	9 Months Ended
	Sep. 30, 2022
Minimum
Derivative [Line Items]
Percentage of forecasted annual production	50%
Term of contract	12 months
Maximum
Derivative [Line Items]
Percentage of forecasted annual production	75%
Term of contract	24 months

DERIVATIVE INSTRUMENTS - Schedu

DERIVATIVE INSTRUMENTS - Schedule of Derivative Instruments (Details)	9 Months Ended
	Sep. 30, 2022 MMBTU $ / MMBTU $ / bbl bbl
NYMEX Henry Hub - Remaining 2022
Derivative [Line Items]
Daily volume (in MMBtu) | MMBTU	270,000
Weighted average price (in usd per MMBtu or Bbl)	2.96
NYMEX Henry Hub - Remaining 2022 | Call Option
Derivative [Line Items]
Daily volume (in MMBtu) | MMBTU	152,675
Weighted average price (in usd per MMBtu or Bbl)	2.90
NYMEX Henry Hub - 2023
Derivative [Line Items]
Daily volume (in MMBtu) | MMBTU	165,014
Weighted average price (in usd per MMBtu or Bbl)	3.64
NYMEX Henry Hub - 2023 | Call Option
Derivative [Line Items]
Daily volume (in MMBtu) | MMBTU	407,925
Weighted average price (in usd per MMBtu or Bbl)	2.90
NYMEX Henry Hub - 2024
Derivative [Line Items]
Daily volume (in MMBtu) | MMBTU	54,973
Weighted average price (in usd per MMBtu or Bbl)	3.98
NYMEX Henry Hub - 2024 | Call Option
Derivative [Line Items]
Daily volume (in MMBtu) | MMBTU	202,000
Weighted average price (in usd per MMBtu or Bbl)	3.33
NYMEX Henry Hub 2025 | Call Option
Derivative [Line Items]
Daily volume (in MMBtu) | MMBTU	33,315
Weighted average price (in usd per MMBtu or Bbl)	4.65
NYMEX WTI - Remaining 2022
Derivative [Line Items]
Daily Volume (Bbl/d) | bbl	3,000
Weighted average price (in usd per MMBtu or Bbl) | $ / bbl	66.03
NYMEX WTI - 2023
Derivative [Line Items]
Daily Volume (Bbl/d) | bbl	3,000
Weighted average price (in usd per MMBtu or Bbl) | $ / bbl	74.47
Mont Belvieu C3 - Remaining 2022
Derivative [Line Items]
Daily Volume (Bbl/d) | bbl	4,000
Weighted average price (in usd per MMBtu or Bbl) | $ / bbl	36.62
Mont Belvieu C3 - 2023
Derivative [Line Items]
Daily Volume (Bbl/d) | bbl	3,000
Weighted average price (in usd per MMBtu or Bbl) | $ / bbl	38.07
NYMEX Henry Hub - Index - Remaining 2022
Derivative [Line Items]
Daily volume (in MMBtu) | MMBTU	389,500
Weighted average floor price (in usd per MMBtu)	2.54
Weighted average ceiling price (in usd per MMBtu)	2.96
NYMEX Henry Hub - Index - 2023
Derivative [Line Items]
Daily volume (in MMBtu) | MMBTU	285,000
Weighted average floor price (in usd per MMBtu)	2.93
Weighted average ceiling price (in usd per MMBtu)	4.78
NYMEX Henry Hub - Index - 2024
Derivative [Line Items]
Daily volume (in MMBtu) | MMBTU	80,000
Weighted average floor price (in usd per MMBtu)	3.63
Weighted average ceiling price (in usd per MMBtu)	7.02
NYMEX WTI - Index Remaining 2022
Derivative [Line Items]
Daily Volume (Bbl/d) | bbl	1,500
Weighted average floor price (in usd per MMBtu) | $ / bbl	55
Weighted average ceiling price (in usd per MMBtu) | $ / bbl	60
Basis Swap, Rex Zone 3 - 2022
Derivative [Line Items]
Daily volume (in MMBtu) | MMBTU	40,000
Weighted average price (in usd per MMBtu or Bbl)	(0.21)

DERIVATIVE INSTRUMENTS - Deriva

DERIVATIVE INSTRUMENTS - Derivative Instruments in Financial Position (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Short-term derivative asset	$ 53,342	$ 4,695
Long-term derivative asset	24,335	18,664
Short-term derivative liability	(817,384)	(240,735)
Long-term derivative liability	(299,150)	(184,580)
Commodity Contracts
Derivatives, Fair Value [Line Items]
Short-term derivative asset	53,342	4,695
Long-term derivative asset	24,335	18,664
Short-term derivative liability	(817,384)	(240,735)
Long-term derivative liability	(299,150)	(184,580)
Total net (liability) asset derivative position	$ (1,038,857)	$ (401,956)

DERIVATIVE INSTRUMENTS - Loss o

DERIVATIVE INSTRUMENTS - Loss on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	May 17, 2021	Sep. 30, 2022
Derivative [Line Items]
Gain (loss) on derivative instruments, net, pretax	$ (474,895)	$ (622,476)	$ (762,134)	$ (137,239)	$ (1,436,317)
Total losses on natural gas derivatives
Derivative [Line Items]
Fair value gains (losses)	(161,532)	(517,799)	(638,063)	(123,080)	(659,193)
Settlement losses	(354,084)	(82,566)	(89,255)	(3,362)	(754,177)
Gain (loss) on derivative instruments, net, pretax	(515,616)	(600,365)	(727,318)	(126,442)	(1,413,370)
Total gains (losses) on oil derivatives
Derivative [Line Items]
Fair value gains (losses)	33,545	(1,590)	(6,947)	(6,126)	8,076
Settlement losses	(9,035)	(4,336)	(4,336)	0	(31,460)
Gain (loss) on derivative instruments, net, pretax	24,510	(5,926)	(11,283)	(6,126)	(23,384)
Total gains (losses) on NGL derivatives
Derivative [Line Items]
Fair value gains (losses)	19,043	(10,201)	(17,549)	(4,671)	14,216
Settlement losses	(2,832)	(5,984)	(5,984)	0	(13,779)
Gain (loss) on derivative instruments, net, pretax	$ 16,211	$ (16,185)	$ (23,533)	$ (4,671)	$ 437

DERIVATIVE INSTRUMENTS - Sche_2

DERIVATIVE INSTRUMENTS - Schedule of Offsetting (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Derivative asset, gross asset	$ 77,677	$ 23,359
Derivative asset, netting adjustment	(72,718)	(20,265)
Derivative asset, net	4,959	3,094
Derivative liability, gross liability	(1,116,533)	(425,315)
Derivative liability, netting adjustment	72,718	20,265
Derivative liability, net	$ (1,043,815)	$ (405,050)

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Valuation Level (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets:
Contingent consideration arrangement	$ 4,900
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	77,677	23,359
Contingent consideration arrangement	0	0
Total assets	77,677	23,359
Liabilities:
Derivative instruments	1,116,533	425,315
Level 3
Assets:
Derivative instruments	0	0
Contingent consideration arrangement	4,900	5,800
Total assets	4,900	5,800
Liabilities:
Derivative instruments	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration arrangement	$ 4.9			$ 4.9
Contingent consideration, loss to change in value	0.3	$ 1.2	$ 0.1	0.4
Prepaid Expenses and Other Current Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration arrangement	0.6			0.6
Other Noncurrent Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration arrangement	$ 4.3			$ 4.3

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
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	$ 317,528	$ 232,854
Maximum
Disaggregation of Revenue [Line Items]
Performance obligation period	30 days

LEASES - Narrative (Details)

LEASES - Narrative (Details)	Sep. 30, 2022
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	3 years 9 months
Weighted-average discount rate - operating leases	5.90%
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	5 years

LEASES - Maturities of Lease Li

LEASES - Maturities of Lease Liabilities (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Leases [Abstract]
Remaining 2022	$ 247
2023	966
2024	824
2025	824
2026	550
Total lease payments	3,411
Less: imputed interest	(351)
Total	$ 3,060

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	May 17, 2021	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 187	$ 10	$ 18	$ 41	$ 287
Variable lease cost	0	0	0	0	0
Short-term lease cost	8,035	2,873	5,033	4,496	26,817
Lease, Cost, Total	$ 8,222	$ 2,883	$ 5,051	$ 4,537	$ 27,104

LEASES - Other Information (Det

LEASES - Other Information (Details) - USD ($) $ in Thousands	4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2021	May 17, 2021	Sep. 30, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 46	$ 48	$ 354

INCOME TAXES (Details)

INCOME TAXES (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)
Income Tax Disclosure [Abstract]
Effective tax rate	0%	0%
Federal tax rate		21%
Reorganization, chapter 11 bankruptcy proceedings, the estimated in equity values of CODI	$ 661	$ 661

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Revolving Credit Facility - USD ($) $ in Millions	Oct. 31, 2022	May 02, 2022	Oct. 14, 2021
Subsequent Event [Line Items]
Initial borrowing base amount		$ 700
Subsequent Event
Subsequent Event [Line Items]
Initial borrowing base amount	$ 700
Credit Facility
Subsequent Event [Line Items]
Initial borrowing base amount		$ 1,000	$ 850
Credit Facility | Subsequent Event
Subsequent Event [Line Items]
Initial borrowing base amount	$ 1,000