v3.25.2
DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
General Discussion of Derivative Instruments and Hedging Activities [Abstract]  
Schedule of Open Fixed Price Swap Positions and Natural Gas Basis Swap Positions Below is a summary of the Company’s open fixed price swap positions as of June 30, 2025. 
IndexDaily VolumeWeighted
Average Price
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2025NYMEX Henry Hub270,000 $3.82 
2026NYMEX Henry Hub250,000 $3.77 
2027NYMEX Henry Hub80,000 $3.94 
Oil(Bbl/d)($/Bbl)
Remaining 2025NYMEX WTI3,000 $73.29 
NGL(Bbl/d)($/Bbl)
Remaining 2025Mont Belvieu C33,000 $29.89 
2026Mont Belvieu C32,496 $30.91 
The Company has entered into natural gas costless collars based off the NYMEX Henry Hub index. Below is a summary of the Company's costless collar positions as of June 30, 2025.
IndexDaily VolumeWeighted Average Floor PriceWeighted Average Ceiling Price
Natural Gas(MMBtu/d)($/MMBtu)($/MMBtu)
Remaining 2025NYMEX Henry Hub240,000 $3.42 $4.27 
2026NYMEX Henry Hub170,000 $3.63 $4.48 
2027NYMEX Henry Hub80,000 $3.75 $4.28 
June 30, 2025.
IndexDaily VolumeWeighted Average Price
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2025NYMEX Henry Hub186,739 $5.84 
Schedule of Natural Gas Basis Swap Positions As of June 30, 2025, the Company had the following natural gas basis swap positions open:
Gulfport PaysGulfport ReceivesDaily VolumeWeighted Average Fixed Spread
Natural Gas(MMBtu/d)($/MMBtu)
Remaining 2025Rex Zone 3NYMEX Plus Fixed Spread110,000 $(0.20)
Remaining 2025NGPL TXOKNYMEX Plus Fixed Spread40,000 $(0.29)
Remaining 2025TETCO M2NYMEX Plus Fixed Spread230,000 $(0.96)
Remaining 2025Transco Station 85NYMEX Plus Fixed Spread10,000 $0.45 
Remaining 2025TGP 500NYMEX Plus Fixed Spread20,000 $0.41 
2026Rex Zone 3NYMEX Plus Fixed Spread80,000 $(0.18)
2026NGPL TXOKNYMEX Plus Fixed Spread30,000 $(0.30)
2026TETCO M2NYMEX Plus Fixed Spread130,000 $(0.98)
2026Transco Station 85NYMEX Plus Fixed Spread10,000 $0.56 
2026TGP 500NYMEX Plus Fixed Spread20,000 $0.56 
Subsequent to June 30, 2025, as of July 30, 2025, the Company entered into the following derivative contracts:
PeriodType of Derivative InstrumentIndex
Daily Volume
Weighted
Average Price
Natural Gas(MMBtu/d)($/MMBtu)
2027
Costless Collar
NYMEX Henry Hub
10,000 
$3.75 / $4.52
2027
Swaps
NYMEX Henry Hub
10,000 $4.04
2027
Basis Swaps
TETCO M2
20,000 $(0.97)
2027
Basis Swaps
NGPL TXOK
10,000 $(0.29)
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 June 30, 2025 and December 31, 2024 (in thousands):
June 30, 2025December 31, 2024
Short-term derivative asset$44,191 $58,085 
Long-term derivative asset20,906 6,003 
Short-term derivative liability(53,184)(41,889)
Long-term derivative liability(44,793)(35,081)
Total commodity derivative position$(32,880)$(12,882)
Schedule of Net Loss on Derivatives
The following tables present 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 and six months ended June 30, 2025 and 2024 (in thousands):
Net gain (loss) on derivative instruments
Three Months Ended June 30, 2025Three Months Ended June 30, 2024
Natural gas derivatives - fair value gains (losses)$108,909 $(99,871)
Natural gas derivatives - settlement gains17,295 91,251 
Total gains (losses) on natural gas derivatives126,204 (8,620)
Oil derivatives - fair value gains2,315 595 
Oil derivatives - settlement gains (losses)2,411 (271)
Total gains on oil and condensate derivatives4,726 324 
NGL derivatives - fair value gains (losses)5,437 (82)
NGL derivatives - settlement losses(266)(237)
Total gains (losses) on NGL derivatives5,171 (319)
Total gains (losses) on natural gas, oil and NGL derivatives$136,101 $(8,615)
Net gain (loss) on derivative instruments
Six Months Ended June 30, 2025Six Months Ended June 30, 2024
Natural gas derivatives - fair value losses$(24,755)$(111,349)
Natural gas derivatives - settlement gains8,270 157,702 
Total (losses) gains on natural gas derivatives(16,485)46,353 
Oil derivatives - fair value gains (losses)2,309 (1,865)
Oil derivatives - settlement gains (losses)2,915 (259)
Total gains (losses) on oil and condensate derivatives5,224 (2,124)
NGL derivatives - fair value gains (losses)2,449 (6,330)
NGL derivatives - settlement losses(1,635)(1,378)
Total gains (losses) on NGL derivatives814 (7,708)
Total (losses) gains on natural gas, oil and NGL derivatives$(10,447)$36,521 
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 June 30, 2025
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$65,097 $(61,261)$3,836 
Derivative liabilities$(97,977)$61,261 $(36,716)
As of December 31, 2024
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$64,088 $(49,343)$14,745 
Derivative liabilities$(76,970)$49,343 $(27,627)
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 June 30, 2025
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$65,097 $(61,261)$3,836 
Derivative liabilities$(97,977)$61,261 $(36,716)
As of December 31, 2024
Gross Assets (Liabilities) Presented in the Consolidated Balance SheetsGross Amounts Subject to Master Netting AgreementsNet Amount
Derivative assets$64,088 $(49,343)$14,745 
Derivative liabilities$(76,970)$49,343 $(27,627)