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DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2021
General Discussion of Derivative Instruments and Hedging Activities [Abstract]  
Schedule of Open Fixed Price Swap Positions and Natural Gas Basis Swap Positions Below is a summary of the Company’s open fixed price swap positions as of June 30, 2021. 
LocationDaily VolumeWeighted
Average Price
Natural Gas (MMBtu/day)
Remaining 2021NYMEX Henry Hub221,500 $2.79 
2022NYMEX Henry Hub80,411 $2.80 
Oil (Bbl/day)
Remaining 2021NYMEX WTI3,250 $57.35 
2022NYMEX WTI1,000 $67.00 
NGL (Bbl/day)
Remaining 2021Mont Belvieu C33,100 $27.80 
2022Mont Belvieu C3496 $27.30 
Below is a summary of the Company's sold natural gas call option positions as of June 30, 2021.
LocationDaily VolumeWeighted Average Price
Natural Gas (MMBtu/day)
2022NYMEX Henry Hub152,675 $2.90 
2023NYMEX Henry Hub627,675 $2.90 
Below is a summary of the Company's costless collar positions as of June 30, 2021.
LocationDaily VolumeWeighted Average Floor PriceWeighted Average Ceiling Price
Natural Gas (MMBtu/day)
Remaining 2021NYMEX Henry Hub575,000 $2.58 $2.97 
2022NYMEX Henry Hub406,747 $2.58 $2.91 
Oil (Bbl/day)
2022NYMEX WTI1,500 $55.00 $60.00 
Schedule of Natural Gas Basis Swap Positions
Below is a summary of the Company's natural gas basis swap positions as of June 30, 2021.
Gulfport PaysGulfport ReceivesDaily VolumeWeighted Average Fixed Spread
Natural Gas (MMBtu/day)
Remaining 2021Rex Zone 3NYMEX Plus Fixed Spread66,576 $(0.16)
2022Rex Zone 3NYMEX Plus Fixed Spread24,658 $(0.10)
Subsequent to June 30, 2021 and as of July 31, 2021, the Company entered into the following natural gas and oil derivative contracts:
Type of Derivative InstrumentIndexDaily VolumeWeighted
Average Price
Natural Gas (MMBtu/day)
April 2022 - December 2022Fixed price swapNYMEX Henry Hub80,073 $2.99
January 2023 - March 2023Fixed price swapNYMEX Henry Hub20,000 
$3.13
Oil (Bbl/day)
January 2022 - December 2022Fixed price swapNYMEX WTI1,104 
$65.54
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, 2021 and December 31, 2020:
SuccessorPredecessor
June 30, 2021December 31, 2020
Short-term derivative asset$2,223 $27,146 
Long-term derivative asset3,014 322 
Short-term derivative liability(192,730)(11,641)
Long-term derivative liability(113,470)(36,604)
Total commodity derivative position$(300,963)$(20,777)
Schedule of Net Gain (Loss) on Derivatives
The following tables present the gain and loss recognized in net (loss) gain on natural gas, oil and NGL derivatives in the accompanying consolidated statements of operations:
Net (loss) gain on derivative instruments
SuccessorPredecessor
Period from May 18, 2021 through June 30, 2021Period from April 1, 2021 through May 17, 2021Three Months Ended June 30, 2020
Natural gas derivatives$(126,953)$(101,029)$35,689 
Oil derivatives$(5,357)$(4,395)$(7,937)
NGL derivatives$(7,348)$(1,837)$(781)
Total$(139,658)$(107,261)$26,971 
Net (loss) gain on derivative instruments
SuccessorPredecessor
Period from May 18, 2021 through June 30, 2021Period from January 1, 2021 through May 17, 2021Six Months Ended June 30, 2020
Natural gas derivatives$(126,953)$(126,442)$81,542 
Oil derivatives$(5,357)$(6,126)$44,937 
NGL derivatives$(7,348)$(4,671)$139 
Contingent consideration arrangement$— $— $(1,381)
Total$(139,658)$(137,239)$125,237 
Schedule of Recognized Derivative Assets The following table presents the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value.
Successor
As of June 30, 2021
Gross Assets (Liabilities)Gross Amounts
Presented in theSubject to MasterNet
Consolidated Balance SheetsNetting AgreementsAmount
Derivative assets$5,237 $(5,237)$— 
Derivative liabilities$(306,200)$5,237 $(300,963)
Predecessor
As of December 31, 2020
Gross Assets (Liabilities)Gross Amounts
Presented in theSubject to MasterNet
Consolidated Balance SheetsNetting AgreementsAmount
Derivative assets$27,468 $(25,730)$1,738 
Derivative liabilities$(48,245)$25,730 $(22,515)
Schedule of Recognized Derivative Liabilities The following table presents the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value.
Successor
As of June 30, 2021
Gross Assets (Liabilities)Gross Amounts
Presented in theSubject to MasterNet
Consolidated Balance SheetsNetting AgreementsAmount
Derivative assets$5,237 $(5,237)$— 
Derivative liabilities$(306,200)$5,237 $(300,963)
Predecessor
As of December 31, 2020
Gross Assets (Liabilities)Gross Amounts
Presented in theSubject to MasterNet
Consolidated Balance SheetsNetting AgreementsAmount
Derivative assets$27,468 $(25,730)$1,738 
Derivative liabilities$(48,245)$25,730 $(22,515)