Gulfport Energy (GPOR) 10-Q1 May 242024 Q1 Quarterly reportFinancial data

Company Profile

COVER PAGE

COVER PAGE - shares	3 Months Ended
COVER PAGE - shares	Mar. 31, 2024	Apr. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-19514
Entity Registrant Name	Gulfport Energy Corporation
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)		18,121,730
Amendment Flag	false
Entity Central Index Key	0000874499
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 8,209	$ 1,929
Accounts receivable—oil, natural gas, and natural gas liquids sales	85,022	122,479
Accounts receivable—joint interest and other	26,366	22,221
Prepaid expenses and other current assets	5,334	16,951
Short-term derivative instruments	228,579	233,226
Total current assets	353,510	396,806
Property and equipment:
Proved oil and natural gas properties	3,033,571	2,904,519
Unproved properties	207,644	204,233
Other property and equipment	9,984	9,165
Total property and equipment	3,251,199	3,117,917
Less: accumulated depletion, depreciation and amortization	(945,646)	(865,618)
Total property and equipment, net	2,305,553	2,252,299
Other assets:
Long-term derivative instruments	45,617	47,566
Deferred tax asset	510,303	525,156
Operating lease assets	11,099	14,299
Other assets	28,000	31,487
Total other assets	595,019	618,508
Total assets	3,254,082	3,267,613
Current liabilities:
Accounts payable and accrued liabilities	290,144	309,532
Short-term derivative instruments	37,607	21,963
Current portion of operating lease liabilities	9,949	12,959
Total current liabilities	337,700	344,454
Non-current liabilities:
Long-term derivative instruments	16,547	18,602
Asset retirement obligation	30,710	29,941
Non-current operating lease liabilities	1,150	1,340
Long-term debt	636,442	667,382
Total non-current liabilities	684,849	717,265
Total liabilities	1,022,549	1,061,719
Commitments and contingencies (Note 9)
Mezzanine equity:
Preferred stock - $0.0001 par value, 110.0 thousand shares authorized, $44.2 thousand issued and outstanding at March 31, 2024, and $44.2 thousand issued and outstanding at December 31, 2023	44,203	44,214
Stockholders’ equity:
Common stock - $0.0001 par value, 42.0 million shares authorized, 18.1 million issued and outstanding at March 31, 2024, and 18.3 million issued and outstanding at December 31, 2023	2	2
Additional paid-in capital	288,450	315,726
Common stock held in reserve, 0 shares at March 31, 2024 and 62.0 thousand shares at December 31, 2023	0	(1,996)
Retained earnings	1,898,878	1,847,948
Total stockholders’ equity	2,187,330	2,161,680
Total liabilities, mezzanine equity and stockholders’ equity	$ 3,254,082	$ 3,267,613

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	44,200	44,200
Temporary equity, shares outstanding (in shares)	44,203	44,214
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)	18,100,000	18,300,000
Common stock, shares, outstanding (in shares)	18,100,000	18,300,000
Common stock, capital shares reserved for future issuance (in shares)	0	62,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUES:
Net gain on natural gas, oil and NGL derivatives	$ 45,136	$ 378,061
Total revenues	283,229	731,221
OPERATING EXPENSES:
Lease operating expenses	16,808	19,862
Taxes other than income	8,260	10,695
Transportation, gathering, processing and compression	86,619	87,617
Depletion, depreciation and amortization	80,023	79,094
General and administrative expenses	9,198	8,733
Restructuring costs	0	1,869
Accretion expense	555	764
Total operating expenses	201,463	208,634
INCOME FROM OPERATIONS	81,766	522,587
OTHER EXPENSE (INCOME):
Interest expense	15,003	13,756
Other, net	(125)	(14,223)
Total other expense (income)	14,878	(467)
INCOME BEFORE INCOME TAXES	66,888	523,054
INCOME TAX EXPENSE:
Current	0	0
Deferred	14,853	0
Total income tax expense	14,853	0
NET INCOME	52,035	523,054
Dividends on preferred stock	(1,105)	(1,307)
Participating securities - preferred stock	(7,532)	(86,221)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 43,398	$ 435,526
NET INCOME PER COMMON SHARE:
Basic (in usd per share)	$ 2.39	$ 23.08
Diluted (in usd per share)	$ 2.34	$ 22.90
Weighted average common shares outstanding - basic (in shares)	18,193	18,868
Weighted average common shares outstanding - diluted (in shares)	18,604	19,049
Natural gas sales
REVENUES:
Revenue from contract with customer	$ 188,286	$ 282,534
Oil and condensate sales
REVENUES:
Revenue from contract with customer	21,701	30,714
Natural gas liquid sales
REVENUES:
Revenue from contract with customer	$ 28,106	$ 39,912

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	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2022		19,097,000	(62,000)
Beginning balance at Dec. 31, 2022	$ 828,835	$ 2	$ (1,996)	$ (286)	$ 449,243	$ 381,872
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 523,054					523,054
Conversion of preferred stock (in shares)	0
Stock compensation	$ 3,069				3,069
Repurchase of common stock under Repurchase Program (in shares)		(457,000)
Repurchase of common stock under Repurchase Program	(33,202)			(201)	(33,001)
Issuance of restricted stock, net of shares withheld for income taxes (in shares)		3,000
Issuance of restricted stock, net of shares withheld for income taxes	(287)				(287)
Dividends on preferred stock	(1,307)					(1,307)
Ending balance (in shares) at Mar. 31, 2023		18,643,000	(62,000)
Ending balance at Mar. 31, 2023	$ 1,320,162	$ 2	$ (1,996)	(487)	419,024	903,619
Beginning balance (in shares) at Dec. 31, 2023	18,300,000	18,288,000	(62,000)
Beginning balance at Dec. 31, 2023	$ 2,161,680	$ 2	$ (1,996)	0	315,726	1,847,948
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 52,035					52,035
Conversion of preferred stock (in shares)	(11)	1,000
Conversion of preferred stock	$ 11				11
Stock compensation	3,587				3,587
Repurchase of common stock under Repurchase Program (in shares)		(210,000)
Repurchase of common stock under Repurchase Program	(29,788)			0	(29,788)
Issuance of common stock held in reserve (in shares)			62,000
Issuance of common stock held in reserve	1,996		$ 1,996
Issuance of restricted stock, net of shares withheld for income taxes (in shares)		10,000
Issuance of restricted stock, net of shares withheld for income taxes	(1,086)				(1,086)
Dividends on preferred stock	$ (1,105)					(1,105)
Ending balance (in shares) at Mar. 31, 2024	18,100,000	18,089,000	0
Ending balance at Mar. 31, 2024	$ 2,187,330	$ 2	$ 0	$ 0	$ 288,450	$ 1,898,878

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 52,035	$ 523,054
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion, depreciation and amortization	80,023	79,094
Net gain on derivative instruments	(45,136)	(378,061)
Net cash receipts on settled derivative instruments	65,322	367
Deferred income tax expense	14,853	0
Stock-based compensation expense	2,403	2,205
Other, net	1,568	2,637
Changes in operating assets and liabilities, net	16,954	74,759
Net cash provided by operating activities	188,022	304,055
Cash flows from investing activities:
Additions to oil and natural gas properties	(118,146)	(130,400)
Proceeds from sale of oil and natural gas properties	0	2,463
Other, net	(806)	(644)
Net cash used in investing activities	(118,952)	(128,581)
Cash flows from financing activities:
Debt issuance costs and loan commitment fees	(107)	(7)
Dividends on preferred stock	(1,105)	(1,307)
Shares exchanged for tax withholdings	(1,085)	(287)
Net cash used in financing activities	(62,790)	(179,273)
Net change in cash and cash equivalents	6,280	(3,799)
Cash and cash equivalents at beginning of period	1,929	7,259
Cash and cash equivalents at end of period	8,209	3,460
Nonrelated Party
Cash flows from financing activities:
Repurchase of common stock under Repurchase Program	(14,491)	(32,672)
Related Party
Cash flows from financing activities:
Repurchase of common stock under Repurchase Program	(15,002)	0
Credit Facility due 2027
Cash flows from financing activities:
Principal payments on Credit Facility	(303,000)	(313,000)
Borrowings on Credit Facility	$ 272,000	$ 168,000

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 Marcellus and in central Oklahoma targeting the SCOOP Woodford and Springer formations. 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 March 31, 2024, and the three months ended March 31, 2023. The Company's annual report on Form 10-K for the year ended December 31, 2023, 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. Recently Issued Accounting Pronouncements and Disclosure Rules In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (Topic 280). The amendments require disclosure for each reportable segment, the significant expense categories and amounts that are regularly provided to the chief operating decision-maker (CODM) and included in each reported measure of a segment’s profit or loss. Additionally, this ASU enhances interim disclosure requirements and provides new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective retrospectively for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this standard on our disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures (Topic 740). The amendment requires annual disclosure of additional categories of information about federal, state, and foreign income taxes in the rate reconciliation table and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. Additionally, the amendment requires disclosure of annual income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. ASU 2023-09 is effective for the Company’s annual reporting periods beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis, with a retrospective option. We are currently evaluating the effect that adoption of ASU 2023-09 will have on our disclosures. In March 2024, the Securities and Exchange Commission ("SEC") issued final climate-related disclosure rules that will require disclosure of material climate-related risks and material direct greenhouse gas emissions from operations owned or controlled (Scope 1) and/or material indirect greenhouse gas emissions from purchased energy consumed in owned or controlled operations (Scope 2). Additionally, the rules require disclosure in the notes to the financial statements of the effects of severe weather events and other natural conditions, subject to certain materiality thresholds. The disclosure requirements will begin phasing in for reports and registration statements including financial information with respect to annual periods beginning in fiscal year 2025. We are in the process of analyzing the impact of the rules on our related disclosures. Reclassification Certain reclassifications have been made to prior period financial statements and related disclosures to conform to current period presentation. These reclassifications have no impact on previous reported total assets, total liabilities, net income or total operating cash flows. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of the following at March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Revenue payable and suspense $ 129,138 $ 148,598 Accounts payable 45,722 43,517 Accrued capital expenditures 32,690 38,322 Accrued transportation, gathering, processing and compression 31,796 32,849 Accrued contract rejection damages and shares held in reserve — 1,996 Other accrued liabilities 50,798 44,250 Total accounts payable and accrued liabilities $ 290,144 $ 309,532 Other, net 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"). During the three months ended March 31, 2023, Gulfport finalized a settlement agreement with Rover that was approved by the Bankruptcy Court on February 21, 2023. Pursuant to the settlement agreement, Gulfport and Rover agreed that the firm transportation contracts between them would be rejected. As part of the settlement, Gulfport paid a $1.0 million administrative claim, which is included in Other, net. Additionally, on February 24, 2023, Gulfport received an additional $17.8 million interim distribution for its TC claim, which is also included in Other, net. Supplemental Cash Flow and Non-Cash Information (in thousands) Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Supplemental disclosure of cash flow information: Interest payments, net of amounts capitalized $ 3,124 $ 2,353 Changes in operating assets and liabilities, net: Accounts receivable - oil, natural gas and natural gas liquid sales $ 37,457 $ 158,541 Accounts receivable - joint interest and other (4,145) (1,837) Accounts payable and accrued liabilities (16,656) (82,671) Prepaid expenses 299 764 Other assets (1) (38) Total changes in operating assets and liabilities $ 16,954 $ 74,759 Supplemental disclosure of non-cash transactions: Capitalized stock-based compensation $ 1,183 $ 864 Asset retirement obligation capitalized $ 214 $ — Asset retirement obligation removed due to divestiture and settlements $ — $ (919) Release of common stock held in reserve $ 1,996 $ —

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
PROPERTY AND EQUIPMENT	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT The major categories of property and equipment and related accumulated DD&A are as follows (in thousands): March 31, 2024 December 31, 2023 Proved oil and natural gas properties $ 3,033,571 $ 2,904,519 Unproved properties 207,644 204,233 Other depreciable property and equipment 9,598 8,779 Land 386 386 Total property and equipment 3,251,199 3,117,917 Accumulated DD&A (945,646) (865,618) Property and equipment, net $ 2,305,553 $ 2,252,299 Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter. The test determines a limit, or ceiling, on the book value of the Company's oil and natural gas properties. At March 31, 2024 and 2023, the net book value of the Company's oil and gas properties was below the calculated ceiling. As a result, the Company did not record an impairment of its oil and natural gas properties for the three months ended March 31, 2024 or 2023. Lower natural gas, oil and NGL prices can reduce the value of the Company’s assets. In addition to commodity prices, the Company’s production rates, levels of proved reserves, future development costs, transfers of unevaluated properties and other factors will determine its actual ceiling test calculation and impairment analysis in future periods. Given the decline of commodity prices in 2023 and 2024, non-cash impairments in future periods could occur if the trailing 12-month commodity prices decrease as compared to the average used in prior periods. Certain general and administrative costs are capitalized to the full cost pool and represent management’s estimate of costs incurred directly related to exploration and development activities. All general and administrative costs not capitalized are charged to expense as they are incurred. Capitalized general and administrative costs were approximately $5.7 million and $5.1 million for the three months ended March 31, 2024 and 2023, 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 (in thousands): March 31, 2024 December 31, 2023 Utica & Marcellus $ 182,034 $ 177,888 SCOOP 25,610 26,345 Total unproved properties $ 207,644 $ 204,233 Asset Retirement Obligation The following table provides a reconciliation of the Company’s asset retirement obligation for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Asset retirement obligation, beginning of period $ 29,941 $ 33,171 Liabilities incurred 214 — Liabilities settled — (165) Liabilities removed due to divestitures — (919) Accretion expense 555 764 Total asset retirement obligation, end of period $ 30,710 $ 32,851

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
LONG-TERM DEBT	Mar. 31, 2024
Long-Term Debt, Unclassified [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt consisted of the following items as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 8.0% senior unsecured notes due 2026 $ 550,000 $ 550,000 Credit Facility due 2027 87,000 118,000 Net unamortized debt issuance costs (558) (618) Total debt, net 636,442 667,382 Less: current maturities of long-term debt — — Total long-term debt, net $ 636,442 $ 667,382 Credit Facility On May 1, 2023, the Company entered into that certain Joinder, Commitment Increase and Borrowing Base Redetermination Agreement, and Third Amendment to Credit Agreement (the “Third Amendment”) which amended the Company’s Existing Credit Facility (as amended, the “Credit Facility”). The Third Amendment, among other things, (a) increased the aggregate elected commitment amounts under the Credit Facility from $700 million to $900 million, (b) increased the borrowing base under the Credit Facility from $1 billion to $1.1 billion, (c) increased the excess cash threshold under the Credit Facility from $45 million to $75 million, and (d) extended the maturity date under the Credit Facility from October 14, 2025 to the earlier of (i) four years from the closing date of the Third Amendment and (ii) the 91st day prior to the maturity date of the 2026 Senior Notes or any other permitted senior notes or any permitted refinancing debt under the Credit Facility having an aggregate outstanding principal amount equal to or exceeding $100 million; provided that such notes have not be refinanced, redeemed or repaid in full on or prior to such 91st day. On October 27, 2023, Gulfport completed its semi-annual borrowing base redetermination under its Credit Facility during which the borrowing base was reaffirmed at $1.1 billion with elected commitments remaining at $900 million. 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 Credit Facility 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 Facility 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 March 31, 2024, the Company had $87.0 million outstanding borrowings under the Credit Facility, $63.8 million in letters of credit outstanding and was in compliance with all covenants under the credit agreement. For the three months ended March 31, 2024, the Credit Facility bore interest at a weighted average rate of 8.33%. The borrowing base is redetermined semiannually on or around May 1 and November 1 of each year. 2026 Senior Notes In May 2021, the Company issued $550 million aggregate principal amount of its 8.0% 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. Capitalization of Interest The Company capitalized $1.1 million and $0.8 million in interest expense for the three months ended March 31, 2024 and March 31, 2023, respectively. Fair Value of Debt At March 31, 2024, the carrying value of the outstanding debt represented by the 2026 Senior Notes was $549.4 million. Based on the quoted market prices (Level 1), the fair value of the 2026 Senior Notes was determined to be $560.0 million at March 31, 2024.

MEZZANINE EQUITY

MEZZANINE EQUITY	3 Months Ended
MEZZANINE EQUITY	Mar. 31, 2024
Equity [Abstract]
MEZZANINE EQUITY	MEZZANINE EQUITY The Company's amended and restated certificate of incorporation with the Delaware Secretary of State provides 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 (the "Liquidation Preference"). Preferred Stock In May 2021, the Company 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 dividends 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 shares of preferred stock outstanding at March 31, 2024, would convert to approximately 3.2 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 three months ended March 31, 2024 and March 31, 2023, the Company paid $1.1 million and $1.3 million, respectively, of cash dividends to holders of our preferred stock. The following table summarizes activity of the Company's preferred stock for the three months ended March 31, 2024 and March 31, 2023: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Preferred stock, beginning of period 44,214 52,295 Conversion of preferred stock (11) — Preferred stock, end of period 44,203 52,295 EQUITY In May 2021, 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. Common Stock In May 2021, Gulfport 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 2024, the remaining 62,000 shares in the Disputed Claims Reserve were issued to certain claimants. There are no remaining shares in the Disputed Claims Reserve as of March 31, 2024. Share Repurchase Program In November 2021 the Company's Board of Directors approved the Repurchase Program to acquire up to $100 million of common stock, which was subsequently increased to $650 million and extended through December 31, 2024. 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 may be suspended from time to time, modified, extended or discontinued by the Board of Directors at any time. During the three months ended March 31, 2024, the Company repurchased 210,075 shares for $29.5 million at a weighted average price of $140.39 per share. As of March 31, 2024, the Company has repurchased 4.6 million shares for $429.1 million at a weighted average price of $93.77 per share since the inception of the Repurchase Program.

EQUITY

EQUITY	3 Months Ended
EQUITY	Mar. 31, 2024
Equity [Abstract]
EQUITY	MEZZANINE EQUITY The Company's amended and restated certificate of incorporation with the Delaware Secretary of State provides 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 (the "Liquidation Preference"). Preferred Stock In May 2021, the Company 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 dividends 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 shares of preferred stock outstanding at March 31, 2024, would convert to approximately 3.2 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 three months ended March 31, 2024 and March 31, 2023, the Company paid $1.1 million and $1.3 million, respectively, of cash dividends to holders of our preferred stock. The following table summarizes activity of the Company's preferred stock for the three months ended March 31, 2024 and March 31, 2023: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Preferred stock, beginning of period 44,214 52,295 Conversion of preferred stock (11) — Preferred stock, end of period 44,203 52,295 EQUITY In May 2021, 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. Common Stock In May 2021, Gulfport 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 2024, the remaining 62,000 shares in the Disputed Claims Reserve were issued to certain claimants. There are no remaining shares in the Disputed Claims Reserve as of March 31, 2024. Share Repurchase Program In November 2021 the Company's Board of Directors approved the Repurchase Program to acquire up to $100 million of common stock, which was subsequently increased to $650 million and extended through December 31, 2024. 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 may be suspended from time to time, modified, extended or discontinued by the Board of Directors at any time. During the three months ended March 31, 2024, the Company repurchased 210,075 shares for $29.5 million at a weighted average price of $140.39 per share. As of March 31, 2024, the Company has repurchased 4.6 million shares for $429.1 million at a weighted average price of $93.77 per share since the inception of the Repurchase Program.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
STOCK-BASED COMPENSATION	Mar. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION In May 2021, 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 three months ended March 31, 2024 and 2023, the Company's stock-based compensation expense was $3.6 million and $2.6 million, of which the Company capitalized $1.2 million and $0.9 million, respectively, 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 March 31, 2024, the Company has awarded an aggregate of approximately 438,453 restricted stock units and approximately 322,320 performance vesting restricted stock units under the Incentive Plan. The vesting for certain share-based awards was accelerated in the first three months of 2023 in conjunction with the restructuring activities described in Note 7 and is included in restructuring costs in the accompanying consolidated statement of operations. The following tables summarizes activity for the three months ended March 31, 2024 and 2023: Number of Weighted Number of Weighted Unvested shares as of January 1, 2024 193,602 $ 83.89 255,578 $ 54.40 Granted 69,436 152.54 58,346 156.00 Vested (17,720) 75.96 — — Forfeited/canceled (747) 99.88 — — Unvested shares as of March 31, 2024 244,571 $ 103.91 313,924 $ 73.28 Number of Weighted Number of Weighted Unvested shares as of January 1, 2023 197,772 $ 77.49 190,804 $ 52.15 Granted 43,415 77.84 68,726 56.57 Vested (11,608) 70.86 — — Forfeited/canceled (971) 87.68 (5,069) 47.67 Unvested shares as of March 31, 2023 228,608 $ 77.85 254,461 $ 53.43 Restricted Stock Units Restricted stock units awarded under the Incentive Plan generally vest over a period of 3 or 4 years in the case of employees and 1 or 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 March 31, 2024, was $19.3 million. The expense is expected to be recognized over a weighted average period of 2.28 years. 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 at the end of 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 three months ended March 31, 2024 and March 31, 2023: Grant date January 24, 2023 March 3, 2023 March 1, 2024 Forecast period (years) 3 3 3 Risk-free interest rates 3.88% 4.64% 4.36% Implied equity volatility 87.2% 86.4% 46.70% Stock price on the date of grant $72.99 $82.20 $142.00 Unrecognized compensation expense as of March 31, 2024, related to performance vesting restricted shares was $12.9 million. The expense is expected to be recognized over a weighted average period of 2.36 years.

RESTRUCTURING COSTS

RESTRUCTURING COSTS	3 Months Ended
RESTRUCTURING COSTS	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING COSTS	RESTRUCTURING COSTS During the three months ended March 31, 2023, Gulfport recognized $1.9 million in personnel-related restructuring expenses associated with changes in the organizational structure and leadership team resulting from the appointment of Gulfport's new CEO in January 2023. Of these expenses, $0.5 million resulted from accelerated vesting of certain share-based grants, which are non-cash charges.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Mar. 31, 2024
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 411,224 and 180,811 shares of restricted stock that were considered dilutive for the three months ended March 31, 2024 and 2023, respectively. There were 3.2 million and 3.7 million shares of potential common shares issuable due to the Company's preferred stock for the three months ended March 31, 2024 and 2023, respectively. Reconciliations of the components of basic and diluted net income per common share are presented in the table below (in thousands): Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Net income $ 52,035 $ 523,054 Dividends on preferred stock (1,105) (1,307) Participating securities - preferred stock (1) (7,532) (86,221) Net income attributable to common stockholders $ 43,398 $ 435,526 Re-allocation of participating securities 143 684 Diluted net income attributable to common stockholders $ 43,541 $ 436,210 Basic Shares 18,193 18,868 Dilutive Shares 18,604 19,049 Basic EPS $ 2.39 $ 23.08 Dilutive EPS $ 2.34 $ 22.90 _____________________ (1) Preferred stock represents participating securities because it participates in any dividends on shares of common stock on a pari passu , pro rata basis. However, preferred stock does not participate in undistributed net losses.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments 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 March 31, 2024, are set forth in the table below (in thousands): Remaining 2024 $ 166,230 2025 137,728 2026 134,257 2027 136,425 2028 136,581 Thereafter 600,031 Total $ 1,311,252 Other Operational Commitments The Company entered into various contractual commitments to purchase inventory and other material to be used in future activities. The Company's commitment to purchase these materials spans 2024, with approximately $19.3 million remaining. 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 The Company, along with other oil and gas companies, have been named as a defendant in a number of lawsuits where Plaintiffs assert their respective leases are limited to the Utica/Marcellus shale geological formations and allege that Defendants have willfully trespassed and illegally produced oil, natural gas, and other hydrocarbon products beyond these respective formations. They also allege that Defendants engaged in conversion and were unjustly enriched. Plaintiffs seek the full value of any production from below the Utica/Marcellus 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 that accrued and any damages related to the period before 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 its 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, it may, among other things, exclude a property from the transaction, require the seller to remediate the property to its satisfaction in an acquisition or agree to assume liability for the remediation of the property. Other Matters Based on management’s current assessment, they are of the opinion that no pending or threatened lawsuit or dispute relating to its business operations is likely to have a material adverse effect on their future consolidated financial position, results of operations or cash flows. The final resolution of such matters could exceed amounts accrued, however, and actual results could differ materially from management’s estimates.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	3 Months Ended
DERIVATIVE INSTRUMENTS	Mar. 31, 2024
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, costless 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 30% to 70% of its forecasted current year 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 36 months. Gulfport does not enter into commodity derivative contracts for speculative purposes. 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. As of March 31, 2024, our commodity derivative contracts were spread among 12 counterparties. Fixed price swaps require that the Company receive a fixed price and pay a floating market price to the counterparty for the hedged commodity. They 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 Company has entered into natural gas, crude oil and NGL fixed price swap contracts based off the NYMEX Henry Hub, NYMEX WTI and Mont Belvieu C3 indices. Below is a summary of the Company’s open fixed price swap positions as of March 31, 2024. Index Daily Volume Weighted Natural Gas (MMBtu/d) ($/MMBtu) Remaining 2024 NYMEX Henry Hub 376,836 $ 3.85 2025 NYMEX Henry Hub 200,000 $ 3.94 2026 NYMEX Henry Hub 30,000 $ 3.62 Oil (Bbl/d) ($/Bbl) Remaining 2024 NYMEX WTI 500 $ 77.50 NGL (Bbl/d) ($/Bbl) Remaining 2024 Mont Belvieu C3 2,500 $ 30.25 2025 Mont Belvieu C3 2,000 $ 30.09 Each two-way costless collar has a set floor and ceiling price for the hedged production. They are settled monthly based on differences between the floor and ceiling prices specified in the contract and the referenced settlement price. If the applicable monthly price indices are outside of the ranges set by the floor and ceiling prices in the collar contracts, the Company will cash-settle the difference with the hedge counterparty. When the referenced settlement price is less than the floor price in the contract, the Company receives an amount from the counterparty based on the price difference multiplied by the hedged contract volume. Similarly, when the referenced settlement price exceeds the ceiling price specified in the contract, the Company pays the counterparty an amount based on the price difference multiplied by the hedged contract volume. No payment is due from either party if the referenced settlement price is within the range set by the floor and ceiling prices. The Company has entered into natural gas and crude oil costless collars based off the NYMEX Henry Hub and NYMEX WTI indices. Below is a summary of the Company's costless collar positions as of March 31, 2024. Index Daily Volume Weighted Average Floor Price Weighted Average Ceiling Price Natural Gas (MMBtu/d) ($/MMBtu) ($/MMBtu) Remaining 2024 NYMEX Henry Hub 225,000 $ 3.36 $ 5.14 2025 NYMEX Henry Hub 180,000 $ 3.39 $ 4.33 Oil (Bbl/d) ($/Bbl) ($/Bbl) Remaining 2024 NYMEX WTI 1,000 $ 62.00 $ 80.00 From time to time, the Company has sold natural gas 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. Each sold call option has an established ceiling price. If at the time of settlement the referenced settlement price exceeds the ceiling price, 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 March 31, 2024. Index Daily Volume Weighted Average Price Natural Gas (MMBtu/d) ($/MMBtu) Remaining 2024 NYMEX Henry Hub 202,000 $ 3.33 2025 NYMEX Henry Hub 193,315 $ 5.80 In addition, the Company has entered into natural gas basis swap positions. These instruments are arrangements that guarantee a fixed price differential to NYMEX Henry Hub from a specified delivery point. The Company receives the fixed price differential and pays the floating market price differential to the counterparty for the hedged commodity. As of March 31, 2024, the Company had the following natural gas basis swap positions open: Gulfport Pays Gulfport Receives Daily Volume Weighted Average Fixed Spread Natural Gas (MMBtu/d) ($/MMBtu) Remaining 2024 Rex Zone 3 NYMEX Plus Fixed Spread 150,000 $ (0.15) Remaining 2024 NGPL TXOK NYMEX Plus Fixed Spread 70,000 $ (0.31) Remaining 2024 TETCO M2 NYMEX Plus Fixed Spread 196,618 $ (0.92) 2025 NGPL TXOK NYMEX Plus Fixed Spread 30,000 $ (0.27) 2025 TETCO M2 NYMEX Plus Fixed Spread 120,000 $ (0.98) Balance Sheet Presentation The Company reports the fair value of derivative instruments on the consolidated balance sheets as derivative instruments under current assets, noncurrent assets, current liabilities and noncurrent liabilities on a gross basis. The Company determines the current and noncurrent classification based on the timing of expected future cash flows of individual trades. The following table presents the fair value of the Company’s derivative instruments on a gross basis at March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Short-term derivative asset $ 228,579 $ 233,226 Long-term derivative asset 45,617 47,566 Short-term derivative liability (37,607) (21,963) Long-term derivative liability (16,547) (18,602) Total commodity derivative position $ 220,042 $ 240,227 Gains and Losses The following table presents the gain and loss recognized in net gain (loss) on natural gas, oil and NGL derivatives in the accompanying consolidated statements of operations for the three months ended March 31, 2024 and 2023 (in thousands): Net gain (loss) on derivative instruments Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Natural gas derivatives - fair value (losses) gains $ (11,479) $ 374,148 Natural gas derivatives - settlement gains (losses) 66,451 (173) Total gains on natural gas derivatives 54,972 373,975 Oil and condensate derivatives - fair value (losses) gains (2,460) 4,733 Oil and condensate derivatives - settlement gains (losses) 12 (443) Total (losses) gains on oil and condensate derivatives (2,448) 4,290 NGL derivatives - fair value losses (6,247) (1,186) NGL derivatives - settlement (losses) gains (1,141) 982 Total losses on NGL derivatives (7,388) (204) Total gains on natural gas, oil and NGL derivatives $ 45,136 $ 378,061 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): As of March 31, 2024 Gross Assets (Liabilities) Presented in the Consolidated Balance Sheets Gross Amounts Subject to Master Netting Agreements Net Amount Derivative assets $ 274,196 $ (48,216) $ 225,980 Derivative liabilities $ (54,154) $ 48,216 $ (5,938) As of December 31, 2023 Gross Assets (Liabilities) Presented in the Consolidated Balance Sheets Gross Amounts Subject to Master Netting Agreements Net Amount Derivative assets $ 280,792 $ (30,866) $ 249,926 Derivative liabilities $ (40,565) $ 30,866 $ (9,699) 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 creditworthiness of the Company’s counterparties is subject to periodic review. None of the Company’s derivative instrument contracts contain credit-risk related contingent features. Other than as provided by the Company’s revolving credit facility, the Company is not required to provide credit support or collateral to any of its counterparties under its derivative instruments, nor are the counterparties required to provide credit support to the Company.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Level 1 Level 2 Level 3 Assets: Derivative instruments $ — $ 274,196 $ — Contingent consideration arrangement — — 2,900 Total assets $ — $ 274,196 $ 2,900 Liabilities: Derivative instruments $ — $ 54,154 $ — December 31, 2023 Level 1 Level 2 Level 3 Assets: Derivative instruments $ — $ 280,792 $ — Contingent consideration arrangement — — 2,900 Total assets $ — $ 280,792 $ 2,900 Liabilities: Derivative instruments $ — $ 40,565 $ — The Company estimates the fair value of all derivative instruments using industry-standard models that consider various assumptions, including current market and contractual prices for the underlying instruments, implied volatility, time value, nonperformance risk, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument and can be supported by observable data. The Company's SCOOP water infrastructure sale, which closed in the first quarter of 2020, included a contingent consideration arrangement. As of March 31, 2024, the fair value of the contingent consideration was $2.9 million, of which $0.3 million is included in prepaid expenses and other assets and $2.6 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 records changes in fair value in earnings. The Company did not recognize a gain or loss for the three months ended March 31, 2024, and recognized a $1.2 million loss for the three months ended March 31, 2023 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	3 Months Ended
REVENUE FROM CONTRACTS WITH CUSTOMERS	Mar. 31, 2024
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 automatically renew 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 $85.0 million and $122.5 million as of March 31, 2024 and December 31, 2023, respectively, and are reported in accounts receivable - oil and natural gas sales, and natural gas liquids sales in the accompanying 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	3 Months Ended
LEASES	Mar. 31, 2024
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. At March 31, 2024, the Company had one active long-term drilling rig contract. 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 year to five years. The Company has determined these agreements represent operating leases with a lease term that equals the primary non-cancelable contract term. The Company has included any renewal options that it has determined are reasonably certain of exercise in the determination of the lease terms. 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 March 31, 2024 were as follows (in thousands): Remaining 2024 $ 10,036 2025 836 2026 561 2027 10 2028 — Total lease payments $ 11,443 Less: imputed interest (344) Total $ 11,099 Lease costs incurred for the three months ended March 31, 2024 and 2023, consisted of the following (in thousands): Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Operating lease cost $ 3,403 $ 3,443 Variable lease cost — — Short-term lease cost 9,951 9,248 Total lease cost (1) $ 13,354 $ 12,691 _____________________ (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): Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 4,982 $ 2,038

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company records its quarterly tax provision based on an estimate of the annual effective tax rate expected to apply to continuing operations for the various jurisdictions in which it operates. The tax effects of certain items, such as tax rate changes, significant unusual or infrequent items, and certain changes in the assessment of the realizability of deferred taxes, are recognized as discrete items in the period in which they occur and are excluded from the estimated annual effective tax rate. The Company's effective income tax rate was 22.4% and 0% for the three months ended March 31, 2024 and 2023 respectively. The higher effective tax rate for the three months ended March 31, 2024 is primarily related to the valuation allowance the Company had in place at March 31, 2023. 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 currently believes that it is more likely than not that a portion of the Company's federal and state deferred tax assets will be utilized. The Company has an $85.8 million valuation allowance associated with its federal and state deferred tax assets. The Company will continue to evaluate both the positive and negative evidence on a quarterly basis in determining the need for a valuation allowance with respect to the deferred assets. Changes in positive and negative evidence, including differences between estimated and actual results, could result in changes in the valuation of the deferred tax assets that could have a material impact on the consolidated financial statements. Changes in existing tax laws could also affect actual tax results and the realization of deferred tax assets over time.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Share Repurchase Program On March 19, 2024, the Company purchased 97,219 shares of its common stock from Silver Point Capital, L.P. for approximately $15.0 million. The repurchase is part of the Company's existing share Repurchase Program. Upon closing of the transaction on March 19, 2024, the repurchased common stock was cancelled.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Credit Facility Redetermination On April 18, 2024, the Company completed its semi-annual borrowing base redetermination during which the borrowing base was reaffirmed at $1.1 billion with elected commitments remaining at $900 million.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 52,035	$ 523,054

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2024
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 March 31, 2024, and the three months ended March 31, 2023. The Company's annual report on Form 10-K for the year ended December 31, 2023, 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.
Recently Issued Accounting Pronouncements and Disclosure Rules	Recently Issued Accounting Pronouncements and Disclosure Rules In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (Topic 280). The amendments require disclosure for each reportable segment, the significant expense categories and amounts that are regularly provided to the chief operating decision-maker (CODM) and included in each reported measure of a segment’s profit or loss. Additionally, this ASU enhances interim disclosure requirements and provides new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective retrospectively for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this standard on our disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures (Topic 740). The amendment requires annual disclosure of additional categories of information about federal, state, and foreign income taxes in the rate reconciliation table and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. Additionally, the amendment requires disclosure of annual income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. ASU 2023-09 is effective for the Company’s annual reporting periods beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis, with a retrospective option. We are currently evaluating the effect that adoption of ASU 2023-09 will have on our disclosures. In March 2024, the Securities and Exchange Commission ("SEC") issued final climate-related disclosure rules that will require disclosure of material climate-related risks and material direct greenhouse gas emissions from operations owned or controlled (Scope 1) and/or material indirect greenhouse gas emissions from purchased energy consumed in owned or controlled operations (Scope 2). Additionally, the rules require disclosure in the notes to the financial statements of the effects of severe weather events and other natural conditions, subject to certain materiality thresholds. The disclosure requirements will begin phasing in for reports and registration statements including financial information with respect to annual periods beginning in fiscal year 2025. We are in the process of analyzing the impact of the rules on our related disclosures.
Reclassification	Reclassification Certain reclassifications have been made to prior period financial statements and related disclosures to conform to current period presentation. These reclassifications have no impact on previous reported total assets, total liabilities, net income or total operating cash flows.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consisted of the following at March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Revenue payable and suspense $ 129,138 $ 148,598 Accounts payable 45,722 43,517 Accrued capital expenditures 32,690 38,322 Accrued transportation, gathering, processing and compression 31,796 32,849 Accrued contract rejection damages and shares held in reserve — 1,996 Other accrued liabilities 50,798 44,250 Total accounts payable and accrued liabilities $ 290,144 $ 309,532
Schedule of Cash Flow, Supplemental Disclosures	Supplemental Cash Flow and Non-Cash Information (in thousands) Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Supplemental disclosure of cash flow information: Interest payments, net of amounts capitalized $ 3,124 $ 2,353 Changes in operating assets and liabilities, net: Accounts receivable - oil, natural gas and natural gas liquid sales $ 37,457 $ 158,541 Accounts receivable - joint interest and other (4,145) (1,837) Accounts payable and accrued liabilities (16,656) (82,671) Prepaid expenses 299 764 Other assets (1) (38) Total changes in operating assets and liabilities $ 16,954 $ 74,759 Supplemental disclosure of non-cash transactions: Capitalized stock-based compensation $ 1,183 $ 864 Asset retirement obligation capitalized $ 214 $ — Asset retirement obligation removed due to divestiture and settlements $ — $ (919) Release of common stock held in reserve $ 1,996 $ —

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
PROPERTY AND EQUIPMENT (Tables)	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	The major categories of property and equipment and related accumulated DD&A are as follows (in thousands): March 31, 2024 December 31, 2023 Proved oil and natural gas properties $ 3,033,571 $ 2,904,519 Unproved properties 207,644 204,233 Other depreciable property and equipment 9,598 8,779 Land 386 386 Total property and equipment 3,251,199 3,117,917 Accumulated DD&A (945,646) (865,618) Property and equipment, net $ 2,305,553 $ 2,252,299
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 (in thousands): March 31, 2024 December 31, 2023 Utica & Marcellus $ 182,034 $ 177,888 SCOOP 25,610 26,345 Total unproved properties $ 207,644 $ 204,233
Schedule of Asset Retirement Obligation	The following table provides a reconciliation of the Company’s asset retirement obligation for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Asset retirement obligation, beginning of period $ 29,941 $ 33,171 Liabilities incurred 214 — Liabilities settled — (165) Liabilities removed due to divestitures — (919) Accretion expense 555 764 Total asset retirement obligation, end of period $ 30,710 $ 32,851

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
LONG-TERM DEBT (Tables)	Mar. 31, 2024
Long-Term Debt, Unclassified [Abstract]
Schedule of Long-Term Debt	Long-term debt consisted of the following items as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 8.0% senior unsecured notes due 2026 $ 550,000 $ 550,000 Credit Facility due 2027 87,000 118,000 Net unamortized debt issuance costs (558) (618) Total debt, net 636,442 667,382 Less: current maturities of long-term debt — — Total long-term debt, net $ 636,442 $ 667,382

MEZZANINE EQUITY (Tables)

MEZZANINE EQUITY (Tables)	3 Months Ended
MEZZANINE EQUITY (Tables)	Mar. 31, 2024
Equity [Abstract]
Schedule of Movement on Temporary Equity	The following table summarizes activity of the Company's preferred stock for the three months ended March 31, 2024 and March 31, 2023: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Preferred stock, beginning of period 44,214 52,295 Conversion of preferred stock (11) — Preferred stock, end of period 44,203 52,295

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
STOCK-BASED COMPENSATION (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of restricted stock award and unit activity	The following tables summarizes activity for the three months ended March 31, 2024 and 2023: Number of Weighted Number of Weighted Unvested shares as of January 1, 2024 193,602 $ 83.89 255,578 $ 54.40 Granted 69,436 152.54 58,346 156.00 Vested (17,720) 75.96 — — Forfeited/canceled (747) 99.88 — — Unvested shares as of March 31, 2024 244,571 $ 103.91 313,924 $ 73.28 Number of Weighted Number of Weighted Unvested shares as of January 1, 2023 197,772 $ 77.49 190,804 $ 52.15 Granted 43,415 77.84 68,726 56.57 Vested (11,608) 70.86 — — Forfeited/canceled (971) 87.68 (5,069) 47.67 Unvested shares as of March 31, 2023 228,608 $ 77.85 254,461 $ 53.43
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 three months ended March 31, 2024 and March 31, 2023: Grant date January 24, 2023 March 3, 2023 March 1, 2024 Forecast period (years) 3 3 3 Risk-free interest rates 3.88% 4.64% 4.36% Implied equity volatility 87.2% 86.4% 46.70% Stock price on the date of grant $72.99 $82.20 $142.00

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share	Reconciliations of the components of basic and diluted net income per common share are presented in the table below (in thousands): Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Net income $ 52,035 $ 523,054 Dividends on preferred stock (1,105) (1,307) Participating securities - preferred stock (1) (7,532) (86,221) Net income attributable to common stockholders $ 43,398 $ 435,526 Re-allocation of participating securities 143 684 Diluted net income attributable to common stockholders $ 43,541 $ 436,210 Basic Shares 18,193 18,868 Dilutive Shares 18,604 19,049 Basic EPS $ 2.39 $ 23.08 Dilutive EPS $ 2.34 $ 22.90 _____________________ (1) Preferred stock represents participating securities because it participates in any dividends on shares of common stock on a pari passu , pro rata basis. However, preferred stock does not participate in undistributed net losses.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Service Commitments	A summary of these commitments at March 31, 2024, are set forth in the table below (in thousands): Remaining 2024 $ 166,230 2025 137,728 2026 134,257 2027 136,425 2028 136,581 Thereafter 600,031 Total $ 1,311,252

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
DERIVATIVE INSTRUMENTS (Tables)	Mar. 31, 2024
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Schedule of Open Fixed Price Swap Positions and Natural Gas Basis Swap Positions	The Company has entered into natural gas, crude oil and NGL fixed price swap contracts based off the NYMEX Henry Hub, NYMEX WTI and Mont Belvieu C3 indices. Below is a summary of the Company’s open fixed price swap positions as of March 31, 2024. Index Daily Volume Weighted Natural Gas (MMBtu/d) ($/MMBtu) Remaining 2024 NYMEX Henry Hub 376,836 $ 3.85 2025 NYMEX Henry Hub 200,000 $ 3.94 2026 NYMEX Henry Hub 30,000 $ 3.62 Oil (Bbl/d) ($/Bbl) Remaining 2024 NYMEX WTI 500 $ 77.50 NGL (Bbl/d) ($/Bbl) Remaining 2024 Mont Belvieu C3 2,500 $ 30.25 2025 Mont Belvieu C3 2,000 $ 30.09 The Company has entered into natural gas and crude oil costless collars based off the NYMEX Henry Hub and NYMEX WTI indices. Below is a summary of the Company's costless collar positions as of March 31, 2024. Index Daily Volume Weighted Average Floor Price Weighted Average Ceiling Price Natural Gas (MMBtu/d) ($/MMBtu) ($/MMBtu) Remaining 2024 NYMEX Henry Hub 225,000 $ 3.36 $ 5.14 2025 NYMEX Henry Hub 180,000 $ 3.39 $ 4.33 Oil (Bbl/d) ($/Bbl) ($/Bbl) Remaining 2024 NYMEX WTI 1,000 $ 62.00 $ 80.00 Index Daily Volume Weighted Average Price Natural Gas (MMBtu/d) ($/MMBtu) Remaining 2024 NYMEX Henry Hub 202,000 $ 3.33 2025 NYMEX Henry Hub 193,315 $ 5.80
Schedule of Natural Gas Basis Swap Positions	In addition, the Company has entered into natural gas basis swap positions. These instruments are arrangements that guarantee a fixed price differential to NYMEX Henry Hub from a specified delivery point. The Company receives the fixed price differential and pays the floating market price differential to the counterparty for the hedged commodity. As of March 31, 2024, the Company had the following natural gas basis swap positions open: Gulfport Pays Gulfport Receives Daily Volume Weighted Average Fixed Spread Natural Gas (MMBtu/d) ($/MMBtu) Remaining 2024 Rex Zone 3 NYMEX Plus Fixed Spread 150,000 $ (0.15) Remaining 2024 NGPL TXOK NYMEX Plus Fixed Spread 70,000 $ (0.31) Remaining 2024 TETCO M2 NYMEX Plus Fixed Spread 196,618 $ (0.92) 2025 NGPL TXOK NYMEX Plus Fixed Spread 30,000 $ (0.27) 2025 TETCO M2 NYMEX Plus Fixed Spread 120,000 $ (0.98)
Schedule of Derivative Instruments in Balance Sheet	The following table presents the fair value of the Company’s derivative instruments on a gross basis at March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Short-term derivative asset $ 228,579 $ 233,226 Long-term derivative asset 45,617 47,566 Short-term derivative liability (37,607) (21,963) Long-term derivative liability (16,547) (18,602) Total commodity derivative position $ 220,042 $ 240,227
Schedule of Net Gain (Loss) on Derivatives	The following table presents the gain and loss recognized in net gain (loss) on natural gas, oil and NGL derivatives in the accompanying consolidated statements of operations for the three months ended March 31, 2024 and 2023 (in thousands): Net gain (loss) on derivative instruments Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Natural gas derivatives - fair value (losses) gains $ (11,479) $ 374,148 Natural gas derivatives - settlement gains (losses) 66,451 (173) Total gains on natural gas derivatives 54,972 373,975 Oil and condensate derivatives - fair value (losses) gains (2,460) 4,733 Oil and condensate derivatives - settlement gains (losses) 12 (443) Total (losses) gains on oil and condensate derivatives (2,448) 4,290 NGL derivatives - fair value losses (6,247) (1,186) NGL derivatives - settlement (losses) gains (1,141) 982 Total losses on NGL derivatives (7,388) (204) Total gains on natural gas, oil and NGL derivatives $ 45,136 $ 378,061
Schedule of Recognized Derivative Assets	The following tables present the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value (in thousands): As of March 31, 2024 Gross Assets (Liabilities) Presented in the Consolidated Balance Sheets Gross Amounts Subject to Master Netting Agreements Net Amount Derivative assets $ 274,196 $ (48,216) $ 225,980 Derivative liabilities $ (54,154) $ 48,216 $ (5,938) As of December 31, 2023 Gross Assets (Liabilities) Presented in the Consolidated Balance Sheets Gross Amounts Subject to Master Netting Agreements Net Amount Derivative assets $ 280,792 $ (30,866) $ 249,926 Derivative liabilities $ (40,565) $ 30,866 $ (9,699)
Schedule of Recognized Derivative Liabilities	The following tables present the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value (in thousands): As of March 31, 2024 Gross Assets (Liabilities) Presented in the Consolidated Balance Sheets Gross Amounts Subject to Master Netting Agreements Net Amount Derivative assets $ 274,196 $ (48,216) $ 225,980 Derivative liabilities $ (54,154) $ 48,216 $ (5,938) As of December 31, 2023 Gross Assets (Liabilities) Presented in the Consolidated Balance Sheets Gross Amounts Subject to Master Netting Agreements Net Amount Derivative assets $ 280,792 $ (30,866) $ 249,926 Derivative liabilities $ (40,565) $ 30,866 $ (9,699)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial and Non-Financial Assets and Liabilities by Valuation Level	The following tables summarize the Company’s financial and non-financial assets and liabilities by valuation level as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Level 1 Level 2 Level 3 Assets: Derivative instruments $ — $ 274,196 $ — Contingent consideration arrangement — — 2,900 Total assets $ — $ 274,196 $ 2,900 Liabilities: Derivative instruments $ — $ 54,154 $ — December 31, 2023 Level 1 Level 2 Level 3 Assets: Derivative instruments $ — $ 280,792 $ — Contingent consideration arrangement — — 2,900 Total assets $ — $ 280,792 $ 2,900 Liabilities: Derivative instruments $ — $ 40,565 $ —

LEASES (Tables)

LEASES (Tables)	3 Months Ended
LEASES (Tables)	Mar. 31, 2024
Leases [Abstract]
Schedule of Operating Lease Liability	Future amounts due under operating lease liabilities as of March 31, 2024 were as follows (in thousands): Remaining 2024 $ 10,036 2025 836 2026 561 2027 10 2028 — Total lease payments $ 11,443 Less: imputed interest (344) Total $ 11,099
Schedule of Lease Cost	Lease costs incurred for the three months ended March 31, 2024 and 2023, consisted of the following (in thousands): Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Operating lease cost $ 3,403 $ 3,443 Variable lease cost — — Short-term lease cost 9,951 9,248 Total lease cost (1) $ 13,354 $ 12,691 _____________________ (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): Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 4,982 $ 2,038

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Revenue payable and suspense	$ 129,138	$ 148,598
Accounts payable	45,722	43,517
Accrued capital expenditures	32,690	38,322
Accrued transportation, gathering, processing and compression	31,796	32,849
Accrued contract rejection damages and shares held in reserve	0	1,996
Other accrued liabilities	50,798	44,250
Accounts payable and accrued liabilities	$ 290,144	$ 309,532

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Accounting Policies [Abstract]
Litigation settlement, expense	$ 1
Noninterest income	$ 17.8

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplemental Cash and Non Cash Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental disclosure of cash flow information:
Interest payments, net of amounts capitalized	$ 3,124	$ 2,353
Changes in operating assets and liabilities, net:
Accounts receivable - oil, natural gas and natural gas liquid sales	37,457	158,541
Accounts receivable - joint interest and other	(4,145)	(1,837)
Accounts payable and accrued liabilities	(16,656)	(82,671)
Prepaid expenses	299	764
Other assets	(1)	(38)
Total changes in operating assets and liabilities	16,954	74,759
Supplemental disclosure of non-cash transactions:
Capitalized stock-based compensation	1,183	864
Asset retirement obligation capitalized	214	0
Liabilities removed due to divestitures	0	(919)
Release of common stock held in reserve	$ 1,996	$ 0

PROPERTY AND EQUIPMENT - Schedu

PROPERTY AND EQUIPMENT - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Proved oil and natural gas properties	$ 3,033,571	$ 2,904,519
Unproved properties	207,644	204,233
Other depreciable property and equipment	9,598	8,779
Land	386	386
Total property and equipment	3,251,199	3,117,917
Accumulated DD&A	(945,646)	(865,618)
Total property and equipment, net	$ 2,305,553	$ 2,252,299

PROPERTY AND EQUIPMENT - Narrat

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Capitalized general and administrative costs	$ 5.7	$ 5.1

PROPERTY AND EQUIPMENT - Sche_2

PROPERTY AND EQUIPMENT - Schedule of Non-Producing Properties Excluded from Amortization by Area (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total unproved properties	$ 207,644	$ 204,233
Utica & Marcellus
Property, Plant and Equipment [Line Items]
Total unproved properties	182,034	177,888
SCOOP
Property, Plant and Equipment [Line Items]
Total unproved properties	$ 25,610	$ 26,345

PROPERTY AND EQUIPMENT - Sche_3

PROPERTY AND EQUIPMENT - Schedule of Asset Retirement Obligation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligation, beginning of period	$ 29,941	$ 33,171
Liabilities incurred	214	0
Liabilities settled	0	(165)
Liabilities removed due to divestitures	0	(919)
Accretion expense	555	764
Total asset retirement obligation, end of period	$ 30,710	$ 32,851

LONG-TERM DEBT - Schedule of Lo

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	May 01, 2023
Debt Instrument [Line Items]
Net unamortized debt issuance costs	$ (558,000)	$ (618,000)
Total debt, net	636,442,000	667,382,000
Less: current maturities of long-term debt	0	0
Long-term debt	636,442,000	667,382,000
8.0% senior unsecured notes due 2026 \| Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Long-term debt	550,000,000	550,000,000	$ 100,000,000
Credit Facility due 2027 \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt	87,000,000	$ 118,000,000
Credit Facility due 2027 \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 87,000,000

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details) - USD ($)			3 Months Ended
LONG-TERM DEBT - Narrative (Details) - USD ($)	May 01, 2023	Oct. 31, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	May 31, 2021
Oil and Gas Properties
Debt Instrument [Line Items]
Interest costs capitalized			$ 1,100,000	$ 800,000
Senior Notes \| Carrying Value
Debt Instrument [Line Items]
Carrying value of notes			549,400,000
Senior Notes \| Fair Value \| Level 1
Debt Instrument [Line Items]
Carrying value of notes			$ 560,000,000
8.0% senior unsecured notes due 2026 \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, amount						$ 550,000,000
Stated interest rate			8%
Credit Facility due 2027 \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt			$ 87,000,000		$ 118,000,000
Revolving Credit Facility \| 8.0% senior unsecured notes due 2026 \| Line of Credit
Debt Instrument [Line Items]
Long-term debt	$ 100,000,000		550,000,000		$ 550,000,000
Revolving Credit Facility \| Credit Facility due 2027
Debt Instrument [Line Items]
Line of credit facility, commitment fee amount	900,000,000	$ 700,000,000
Excess cash threshold	75,000,000	45,000,000
Long-term debt			$ 87,000,000
Initial borrowing base amount	$ 1,100,000,000	$ 1,000,000,000
Debt instrument current ratio			100%
Unused capacity, commitment fee percentage			0.50%
Debt instrument net funded leverage ratio			325%
Letters of credit outstanding, amount			$ 63,800,000
Weight average interest rate			8.33%
Revolving Credit Facility \| Credit Facility due 2027 \| Minimum \| SOFR
Debt Instrument [Line Items]
Variable interest rate			2.75%
Revolving Credit Facility \| Credit Facility due 2027 \| Minimum \| Base Rate
Debt Instrument [Line Items]
Variable interest rate			1.75%
Revolving Credit Facility \| Credit Facility due 2027 \| Maximum \| SOFR
Debt Instrument [Line Items]
Variable interest rate			3.75%
Revolving Credit Facility \| Credit Facility due 2027 \| Maximum \| Base Rate
Debt Instrument [Line Items]
Variable interest rate			2.75%

MEZZANINE EQUITY - Narrative (D

MEZZANINE EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		5 Months Ended
	May 17, 2021	Mar. 31, 2024	Mar. 31, 2023	May 17, 2021	Dec. 31, 2023	May 31, 2021
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		42,000,000			42,000,000	42,000,000
Common stock, par value (in usd per share)		$ 0.0001			$ 0.0001	$ 0.0001
Temporary equity, shares authorized (in shares)		110,000			110,000	110,000
Temporary equity, par or stated value (in usd per share)		$ 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			$ 14
Preferred stock, value, outstanding, payment period	3 days
Dividends on preferred stock		$ (1,105)	$ (1,307)
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Anti-dilutive shares (in shares)		3,200,000	3,700,000

MEZZANINE EQUITY - Schedule of

MEZZANINE EQUITY - Schedule of Dividends (Details) - shares	3 Months Ended
MEZZANINE EQUITY - Schedule of Dividends (Details) - shares	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]
Temporary equity, beginning shares outstanding (in shares)	44,214	52,295
Conversion of preferred stock (in shares)	(11)	0
Temporary equity, ending shares outstanding (in shares)	44,203	52,295

EQUITY (Details)

EQUITY (Details) - USD ($)	3 Months Ended
EQUITY (Details) - USD ($)	Mar. 31, 2024	Jan. 31, 2024	Dec. 31, 2023	Nov. 30, 2021	May 31, 2021
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	42,000,000		42,000,000		42,000,000
Common stock, par value (in usd per share)	$ 0.0001		$ 0.0001		$ 0.0001
Temporary equity, shares authorized (in shares)	110,000		110,000		110,000
Temporary equity, par or stated value (in usd per share)	$ 0.0001		$ 0.0001		$ 0.0001
Temporary equity, liquidation preference (in usd per share)					$ 1,000
Common stock, shares, issued (in shares)	18,100,000		18,300,000		19,800,000
Authorized stock repurchase amount	$ 650,000,000			$ 100,000,000
Stock repurchased during period (in shares)	210,075
Stock repurchased	$ 29,500,000
Shares repurchased weighted average price (in usd per share)	$ 140.39
Share Repurchase Program
Class of Stock [Line Items]
Stock repurchased during period (in shares)	4,600,000
Stock repurchased	$ 429,100,000
Shares repurchased weighted average price (in usd per share)	$ 93.77
Disputed Claims Reserve \| Common Stock
Class of Stock [Line Items]
Plan of reorganization, number of shares issued (in shares)		62,000			1,700,000
Plan of reorganization, number of shares outstanding (in shares)	0

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	May 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	0		62,000
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	$ 3.6	$ 2.6
Capitalized stock-based compensation cost	$ 1.2	$ 0.9
Share-based compensation arrangement by share-based payment award (in shares)	244,571	228,608	193,602	197,772
Unrecognized compensation expense to be expected	$ 19.3
Unrecognized compensation expense expected to be recognized	2 years 3 months 10 days
Restricted 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)	438,453
Restricted Stock Units \| Minimum \| Employee \| 2021 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted Stock Units \| Minimum \| Director \| 2021 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Restricted Stock Units \| Maximum \| Employee \| 2021 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Restricted Stock Units \| Maximum \| Director \| 2021 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
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)	313,924	254,461	255,578	190,804
Unrecognized compensation expense to be expected	$ 12.9
Unrecognized compensation expense expected to be recognized	2 years 4 months 9 days
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)	322,320
Percent of target based award, minimum	0%
Percent of target based award, maximum	200%
Performance vesting period	3 years

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Restricted Stock award and Unit Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restricted Stock Units
Number of Unvested Restricted Shares
Beginning balance (in shares)	193,602	197,772
Granted (in shares)	69,436	43,415
Vested (in shares)	(17,720)	(11,608)
Forfeited/canceled (in shares)	(747)	(971)
Ending balance (in shares)	244,571	228,608
Weighted Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 83.89	$ 77.49
Granted (in usd per share)	152.54	77.84
Vested (in usd per share)	75.96	70.86
Forfeited/canceled (in usd per share)	99.88	87.68
Ending balance (in usd per share)	$ 103.91	$ 77.85
Performance Stock Units
Number of Unvested Restricted Shares
Beginning balance (in shares)	255,578	190,804
Granted (in shares)	58,346	68,726
Vested (in shares)	0	0
Forfeited/canceled (in shares)	0	(5,069)
Ending balance (in shares)	313,924	254,461
Weighted Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 54.40	$ 52.15
Granted (in usd per share)	156	56.57
Vested (in usd per share)	0	0
Forfeited/canceled (in usd per share)	0	47.67
Ending balance (in usd per share)	$ 73.28	$ 53.43

STOCK-BASED COMPENSATION - Sc_2

STOCK-BASED COMPENSATION - Schedule of Grant Date Fair Value of Awards Granted (Details) - Performance Stock Units - 2021 Stock Incentive Plan - $ / shares	Mar. 01, 2024	Mar. 03, 2023	Jan. 24, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forecast period (years)	3 years	3 years	3 years
Risk-free interest rates	4.36%	4.64%	3.88%
Implied equity volatility	46.70%	86.40%	87.20%
Stock price on the date of grant (in dollars per share)	$ 142	$ 82.20	$ 72.99

RESTRUCTURING COSTS (Details)

RESTRUCTURING COSTS (Details) $ in Millions	3 Months Ended
RESTRUCTURING COSTS (Details) $ in Millions	Mar. 31, 2023 USD ($)
Restructuring and Related Activities [Abstract]
Restructuring costs	$ 1.9
Share-based accelerated cost	$ 0.5

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 52,035	$ 523,054
Dividends on preferred stock	(1,105)	(1,307)
Participating securities - preferred stock	(7,532)	(86,221)
Net income attributable to common stockholders	43,398	435,526
Re-allocation of participating securities	143	684
Diluted net income attributable to common stockholders	$ 43,541	$ 436,210
Basic shares (in shares)	18,193,000	18,868,000
Dilutive shares (in shares)	18,604,000	19,049,000
Basic EPS (in usd per share)	$ 2.39	$ 23.08
Dilutive EPS (in usd per share)	$ 2.34	$ 22.90
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	411,224	180,811
Series A Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	3,200,000	3,700,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Schedule of Future Service Commitments (Details) - Transportation Commitment $ in Thousands	Mar. 31, 2024 USD ($)
Other Commitments [Line Items]
Remaining 2024	$ 166,230
2025	137,728
2026	134,257
2027	136,425
2028	136,581
Thereafter	600,031
Total	$ 1,311,252

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)
Purchase Inventory And Other Material
Commitments And Contingencies [Line Items]
Remaining 2024	$ 19.3

DERIVATIVE INSTRUMENTS - Narrat

DERIVATIVE INSTRUMENTS - Narrative (Details)	3 Months Ended
DERIVATIVE INSTRUMENTS - Narrative (Details)	Mar. 31, 2024 counterparty
Derivative [Line Items]
Number of counterparties	12
Minimum
Derivative [Line Items]
Derivative, percentage of forecasted annual production	30%
Derivative, term of contract	12 months
Maximum
Derivative [Line Items]
Derivative, percentage of forecasted annual production	70%
Derivative, term of contract	36 months

DERIVATIVE INSTRUMENTS - Schedu

DERIVATIVE INSTRUMENTS - Schedule of Derivative Instruments (Details)	3 Months Ended
	Mar. 31, 2024 MMBTU $ / MMBTU $ / barrel $ / bbl bbl
NYMEX Henry Hub - Remaining 2024
Derivative [Line Items]
Daily volume (in MMBtu) \| MMBTU	376,836
Weighted average price (in usd per MMBtu or Bbl)	3.85
NYMEX Henry Hub - Remaining 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
Derivative [Line Items]
Daily volume (in MMBtu) \| MMBTU	200,000
Weighted average price (in usd per MMBtu or Bbl)	3.94
NYMEX Henry Hub 2025 \| Call Option
Derivative [Line Items]
Daily volume (in MMBtu) \| MMBTU	193,315
Weighted average price (in usd per MMBtu or Bbl)	5.80
NYMEX Henry Hub - 2026
Derivative [Line Items]
Daily volume (in MMBtu) \| MMBTU	30,000
Weighted average price (in usd per MMBtu or Bbl)	3.62
NYMEX WTI - Remaining 2024
Derivative [Line Items]
Daily volume (Bbl/d) \| bbl	500
Weighted average price (in usd per MMBtu or Bbl) \| $ / bbl	77.50
Mont Belvieu C3 - Remaining 2024
Derivative [Line Items]
Daily volume (Bbl/d) \| bbl	2,500
Weighted average price (in usd per MMBtu or Bbl) \| $ / bbl	30.25
Mont Belvieu C3 - 2025
Derivative [Line Items]
Daily volume (Bbl/d) \| bbl	2,000
Weighted average price (in usd per MMBtu or Bbl) \| $ / barrel	30.09
NYMEX Henry Hub - Remaining 2024 Index1
Derivative [Line Items]
Daily volume (in MMBtu) \| MMBTU	225,000
Weighted average floor price (in usd per MMBtu)	3.36
Weighted average ceiling price (in usd per MMBtu)	5.14
NYMEX Henry Hub - 2025 Index 1
Derivative [Line Items]
Daily volume (in MMBtu) \| MMBTU	180,000
Weighted average floor price (in usd per MMBtu)	3.39
Weighted average ceiling price (in usd per MMBtu)	4.33
NYMEX WTI - Year 2024, Costless Collars
Derivative [Line Items]
Daily volume (Bbl/d) \| bbl	1,000
Weighted average floor price (in usd per MMBtu) \| $ / barrel	62
Weighted average ceiling price (in usd per MMBtu) \| $ / barrel	80
Basis Swap, Rex Zone 3 - Remaining 2024
Derivative [Line Items]
Daily volume (in MMBtu) \| MMBTU	150,000
Weighted average price (in usd per MMBtu or Bbl)	(0.15)
Basis Swap, NGPL TXOK - Remaining 2024
Derivative [Line Items]
Daily volume (in MMBtu) \| MMBTU	70,000
Weighted average price (in usd per MMBtu or Bbl)	(0.31)
Basis Swap, TETCO M2 Remaining 2024
Derivative [Line Items]
Daily volume (in MMBtu) \| MMBTU	196,618
Weighted average price (in usd per MMBtu or Bbl)	(0.92)
Basis Swap, NGPL TXOK 2025
Derivative [Line Items]
Daily volume (in MMBtu) \| MMBTU	30,000
Weighted average price (in usd per MMBtu or Bbl)	(0.27)
Basis Swap, TETCO M2 2025
Derivative [Line Items]
Daily volume (in MMBtu) \| MMBTU	120,000
Weighted average price (in usd per MMBtu or Bbl)	(0.98)

DERIVATIVE INSTRUMENTS - Deriva

DERIVATIVE INSTRUMENTS - Derivative Instruments in Financial Position (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Short-term derivative asset	$ 228,579	$ 233,226
Long-term derivative asset	45,617	47,566
Short-term derivative liability	(37,607)	(21,963)
Long-term derivative liability	(16,547)	(18,602)
Commodity Contracts
Derivatives, Fair Value [Line Items]
Short-term derivative asset	228,579	233,226
Long-term derivative asset	45,617	47,566
Short-term derivative liability	(37,607)	(21,963)
Long-term derivative liability	(16,547)	(18,602)
Total commodity derivative position	$ 220,042	$ 240,227

DERIVATIVE INSTRUMENTS - Gain a

DERIVATIVE INSTRUMENTS - Gain and Loss on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
(Gains) losses on derivative instruments	$ 45,136	$ 378,061
Total gains on natural gas derivatives
Derivative [Line Items]
Fair value (gains) losses	(11,479)	374,148
Settlement (gains) losses	66,451	(173)
(Gains) losses on derivative instruments	54,972	373,975
Total (losses) gains on oil and condensate derivatives
Derivative [Line Items]
Fair value (gains) losses	(2,460)	4,733
Settlement (gains) losses	12	(443)
(Gains) losses on derivative instruments	(2,448)	4,290
Total losses on NGL derivatives
Derivative [Line Items]
Fair value (gains) losses	(6,247)	(1,186)
Settlement (gains) losses	(1,141)	982
(Gains) losses on derivative instruments	$ (7,388)	$ (204)

DERIVATIVE INSTRUMENTS - Sche_2

DERIVATIVE INSTRUMENTS - Schedule of Offsetting (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Derivative asset, gross asset	$ 274,196	$ 280,792
Derivative asset, netting adjustment	(48,216)	(30,866)
Derivative asset, net	225,980	249,926
Derivative liability, gross liability	(54,154)	(40,565)
Derivative liability, netting adjustment	48,216	30,866
Derivative liability, net	$ (5,938)	$ (9,699)

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Valuation Level (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Contingent consideration arrangement	$ 2,900
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	274,196	280,792
Contingent consideration arrangement	0	0
Total assets	274,196	280,792
Liabilities:
Derivative instruments	54,154	40,565
Level 3
Assets:
Derivative instruments	0	0
Contingent consideration arrangement	2,900	2,900
Total assets	2,900	2,900
Liabilities:
Derivative instruments	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	3 Months Ended
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration arrangement	$ 2,900,000
Contingent consideration, (loss) due to change in value	0	$ 1,200,000
Prepaid Expenses and Other Current Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration arrangement	300,000
Other Noncurrent Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration arrangement	$ 2,600,000

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Receivables from customers	$ 85,022	$ 122,479
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
Maximum
Disaggregation of Revenue [Line Items]
Performance obligation period	30 days

LEASES - Narrative (Details)

LEASES - Narrative (Details) - contract	3 Months Ended
LEASES - Narrative (Details) - contract	Mar. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Number of lease contract	1
Weighted average remaining lease term	1 year 10 days
Weighted-average discount rate - operating leases	6.68%
Minimum
Lessee, Lease, Description [Line Items]
Lease term		1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term		5 years

LEASES - Schedule of Maturities

LEASES - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
Remaining 2024	$ 10,036
2025	836
2026	561
2026	10
2027	0
Total lease payments	11,443
Less: imputed interest	(344)
Total	$ 11,099

LEASES - Schedule of Lease Cost

LEASES - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 3,403	$ 3,443
Variable lease cost	0	0
Short-term lease cost	9,951	9,248
Total lease cost	$ 13,354	$ 12,691

LEASES - Schedule of Other Info

LEASES - Schedule of Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating cash flows from operating leases	$ 4,982	$ 2,038

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	22.40%	0%
Valuation allowance for deferred tax assets	$ 85.8

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions		3 Months Ended
	Mar. 19, 2024	Mar. 31, 2024
Related Party Transaction [Line Items]
Stock repurchased during period (in shares)		210,075
Stock repurchased		$ 29.5
Related Party
Related Party Transaction [Line Items]
Stock repurchased during period (in shares)	97,219
Stock repurchased	$ 15

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Revolving Credit Facility - Credit Facility due 2027 - USD ($) $ in Millions	Apr. 18, 2024	May 01, 2023	Oct. 31, 2022
Subsequent Event [Line Items]
Initial borrowing base amount		$ 1,100	$ 1,000
Line of credit facility, commitment fee amount		$ 900	$ 700
Subsequent Event
Subsequent Event [Line Items]
Initial borrowing base amount	$ 1,100
Line of credit facility, commitment fee amount	$ 900