GPOR Gulfport Energy Corporation

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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 six months ended June 30, 2024, and the six months ended June 30, 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. In April 2024, the SEC issued an order to stay the rules pending the completion of judicial review of multiple petitions challenging the rules. The SEC has indicated that it will publish a new effective date for the rules, if ultimately implemented, at the conclusion of the stay. We are in the process of analyzing the impact of the rules on our related disclosures.

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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 (in thousands):

			June 30, 2024						December 31, 2023
Revenue payable and suspense			$	119,769					$	148,598
Accounts payable			53,492						43,517
Accrued capital expenditures			39,597						38,322
Accrued transportation, gathering, processing and compression			36,138						32,849
Accrued contract rejection damages and shares held in reserve			—						1,996
Other accrued liabilities			41,982						44,250
Total accounts payable and accrued liabilities			$	290,978					$	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 first quarter of 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. Other, net in the second quarter of 2023 included a $5.0 million recoupment of previously placed collateral for certain firm transportation commitments during our Chapter 11 Cases.

Supplemental Cash Flow and Non-Cash Information (in thousands)

			Six Months Ended June 30, 2024						Six Months Ended June 30, 2023
Supplemental disclosure of cash flow information:
Interest payments, net of amounts capitalized			$	28,263					$	26,122
Changes in operating assets and liabilities, net:
Accounts receivable - oil, natural gas, and natural gas liquid sales			$	28,133					$	186,300
Accounts receivable - joint interest and other			1,011						3,595
Accounts payable and accrued liabilities			(37,017)						(140,832)
Prepaid expenses			(649)						(973)
Other assets			31						69
Total changes in operating assets and liabilities, net			$	(8,491)					$	48,159
Supplemental disclosure of non-cash transactions:
Capitalized stock-based compensation			$	2,830					$	1,861
Asset retirement obligation capitalized			$	375					$	73
Asset retirement obligation removed due to divestiture and settlements			$	—					$	(919)
Release of common stock held in reserve			$	1,996					$	—

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The major categories of property and equipment and related accumulated DD&A are as follows (in thousands):

			June 30, 2024						December 31, 2023
Proved oil and natural gas properties			$	3,171,811					$	2,904,519
Unproved properties			218,399						204,233
Other depreciable property and equipment			10,424						8,779
Land			386						386
Total property and equipment			3,401,020						3,117,917
Accumulated DD&A			(1,024,142)						(865,618)
Property and equipment, net			$	2,376,878					$	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 June 30, 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 or six months ended June 30, 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 and the current pricing outlook for the remainder of 2024, the Company believes a non-cash impairment of its assets is reasonably likely to occur in the third quarter of 2024. Any such ceiling test impairment could be material to our net earnings; however, given the inter-relationship of the various judgements made to estimate proved reserves, it is impractical to estimate the potential changes in these estimates and their impact on the impairment.

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 $6.3 million and $12.0 million, for the three and six months ended June 30, 2024, respectively, and $5.4 million and $10.5 million for the three and six months ended June 30, 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):

			June 30, 2024						December 31, 2023
Utica & Marcellus			$	193,309					$	177,888
SCOOP			25,090						26,345
Total unproved properties			$	218,399					$	204,233

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Asset Retirement Obligation

The following table provides a reconciliation of the Company’s asset retirement obligation for the six months ended June 30, 2024 and 2023 (in thousands):

			Six Months Ended June 30, 2024						Six Months Ended June 30, 2023
Asset retirement obligation, beginning of period			$	29,941					$	33,171
Liabilities incurred			375						73
Liabilities settled			—						(165)
Liabilities removed due to divestitures			—						(919)
Accretion expense			1,122						1,478
Total asset retirement obligation, end of period			$	31,438					$	33,638

Long-term debt consisted of the following items as of June 30, 2024 and December 31, 2023 (in thousands):

			June 30, 2024						December 31, 2023
8.0% senior unsecured notes due 2026			$	550,000					$	550,000
Credit Facility due 2027			130,000						118,000
Net unamortized debt issuance costs			(497)						(618)
Total debt, net			679,503						667,382
Less: current maturities of long-term debt			—						—
Total long-term debt, net			$	679,503					$	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 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 been refinanced, redeemed or repaid in full on or prior to such 91st day. On April 18, 2024, 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).

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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 June 30, 2024, the Company had $130.0 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 and six months ended June 30, 2024, the Credit Facility bore interest at a weighted average rate of 8.33% and 8.33%, respectively.

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 $1.2 million and $2.4 million in interest expense for the three and six months ended June 30, 2024, respectively and $1.0 million and $1.8 million for the three and six months ended June 30, 2023, respectively.

Fair Value of Debt

At June 30, 2024, the carrying value of the outstanding debt represented by the 2026 Senior Notes was $549.5 million. Based on the quoted market prices (Level 1), the fair value of the 2026 Senior Notes was determined to be $556.1 million at June 30, 2024.

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.

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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 June 30, 2024 would convert to approximately 3.1 million shares of common stock if all holders of preferred stock exercised their Conversion Right.

Gulfport may 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) 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

The Company paid $1.1 million and $2.2 million of cash dividends to holders of our preferred stock during the three and six months ended June 30, 2024, respectively, and $1.3 million and $2.6 million during the three and six months ended June 30, 2023, respectively.

The following table summarizes activity of the Company’s preferred stock for the six months ended June 30, 2024 and 2023:

			Six Months Ended June 30, 2024						Six Months Ended June 30, 2023
Preferred stock, beginning of period			44,214						52,295
Conversion of preferred stock			(426)						(5,836)
Preferred stock, end of period			43,788						46,459

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.

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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 subsequent to the January 2024 issuance.

Common Stock Offering

On June 26, 2023, Gulfport completed an underwritten public offering of 1.5 million shares of its common stock by certain stockholders at a price to the public of $95.00 per share. Gulfport did not sell any of its common stock as part of this offering and did not receive any proceeds from the sale of the shares sold by the selling stockholders.

Concurrent with the closing of the offering, Gulfport purchased 263,158 shares of its common stock at $95.00 per share. The repurchase was part of the Company's existing Repurchase Program discussed below.

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.

The following table summarizes activity under the Repurchase Program for the six months ended June 30, 2024 (number of shares and dollar value of shares purchased shown in thousands):

			Total Number of Shares Purchased						Dollar Value of Shares Purchased						Average Price Paid Per Share
First quarter 2024			210						$	29,492					$	140.39
Second quarter 2024			161						25,000						155.65
Total			371						$	54,492					$	147.00

As of June 30, 2024, the Company has repurchased 4.7 million shares for $454.1 million at a weighted average price of $95.87 per share since the inception of the Repurchase Program.

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 and six months ended June 30, 2024, the Company's stock-based compensation expense was $5.0 million and $8.6 million, respectively, of which the Company capitalized $1.6 million and $2.8 million, respectively, relating to its exploration and development efforts. During the three and six months ended June 30, 2023, the Company's stock-based compensation expense was $3.0 million and $5.6 million, respectively, of which the Company capitalized $1.0 million and $1.9 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 June 30, 2024, the Company has awarded an aggregate of approximately 444,493 restricted stock units and approximately 462,982 performance vesting restricted stock units under the Incentive Plan.

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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 six months ended June 30, 2024 and 2023:

			Number of Unvested Restricted Stock Units						Weighted Average Grant Date Fair Value						Number of Unvested Performance Vesting Restricted Stock Units						Weighted Average Grant Date Fair Value
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
Granted(1)			6,040						155.61						130,012						48.65
Vested			(37,665)						95.83						(265,797)						48.65
Forfeited/canceled			(989)						117.19						—						—
Unvested shares as of June 30, 2024			211,957						$	106.75					178,139						$	92.06

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(1)    The table includes the impacts of performance share units granted in a prior year that vested higher than 100% of target due to the Company's TSR performance compared to peers.

			Number of Unvested Restricted Stock Units						Weighted Average Grant Date Fair Value						Number of Unvested Performance Vesting Restricted Stock Units						Weighted Average Grant Date Fair Value
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
Granted			55,041						94.53						15,094						66.66
Vested			(43,088)						86.28						—						—
Forfeited/canceled			(1,401)						89.08						(10,731)						50.69
Unvested shares as of June 30, 2023			239,160						$	80.10					258,824						$	54.32

The aggregate fair value of share-based awards that vested during the three and six months ended June 30, 2024, was approximately $48.1 million and $49.2 million, respectively, based on the stock price at the time of vesting. During the three and six months ended June 30, 2023, the aggregate fair value of share-based awards that vested was approximately $3.9 million and $4.8 million, respectively, based on the stock price at the time of vesting.

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 June 30, 2024, was $17.3 million. The expense is expected to be recognized over a weighted average period of 2.06 years.

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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 TSR and (ii) the Company's 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 six months ended June 30, 2024:

Grant date			January 24, 2023			March 3, 2023			April 3, 2023			March 1, 2024
Forecast period (years)			3			3			3			3
Risk-free interest rates			3.88%			4.64%			3.79%			4.36%
Implied equity volatility			87.2%			86.4%			70.8%			46.70%
Stock price on the date of grant			$72.99			$82.20			$79.50			$142.00

Unrecognized compensation expense as of June 30, 2024, related to performance vesting restricted shares was $10.8 million. The expense is expected to be recognized over a weighted average period of 2.17 years.

During the three and six months ended June 30, 2023, Gulfport recognized $2.9 million and $4.8 million, respectively, 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, $0.8 million and $1.3 million, for the three and six months ended June 30, 2023, respectively, resulted from accelerated vesting of certain share-based grants, which are non-cash charges. As of June 30, 2023, there were no remaining employee termination liabilities for the impacted employees.

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 0.3 million share-based awards that were considered anti-dilutive for the three months ended June 30, 2024, and 0.4 million share-based awards that were considered dilutive for the six months ended June 30, 2024. There were 0.3 million and 0.2 million share-based awards that were considered dilutive for the three months and six months ended June 30, 2023, respectively. There were 3.1 million potential shares of common stock issuable due to the Company's convertible preferred stock for each of the three and six months ended June 30, 2024. There were 3.3 million potential shares of common stock issuable due to the Company's convertible preferred stock for each of the three and six months ended June 30, 2023.

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Reconciliations of the components of basic and diluted net income (loss) per common share are presented in the tables below (in thousands):

			Three Months Ended June 30, 2024						Three Months Ended June 30, 2023
Net (loss) income			$	(26,212)					$	93,687
Dividends on preferred stock			(1,095)						(1,278)
Participating securities - preferred stock(1)			—						(14,044)
Net (loss) income attributable to common stockholders			$	(27,307)					$	78,365
Re-allocation of participating securities			—						182
Diluted net (loss) income attributable to common stockholders			$	(27,307)					$	78,547
Basic Shares			18,144						18,518
Dilutive Shares			18,144						18,805
Basic EPS			$	(1.51)					$	4.23
Dilutive EPS			$	(1.51)					$	4.18

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(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.

			Six Months Ended June 30, 2024						Six Months Ended June 30, 2023
Net income			$	25,823					$	616,741
Dividends on preferred stock			(2,200)						(2,585)
Participating securities - preferred stock(1)			(3,469)						(92,611)
Net income attributable to common stockholders			$	20,154					$	521,545
Re-allocation of participating securities			64						1,008
Diluted net income attributable to common stockholders			$	20,218					$	522,553
Basic Shares			18,169						18,688
Dilutive Shares			18,573						18,930
Basic EPS			$	1.11					$	27.91
Dilutive EPS			$	1.09					$	27.60

_____________________

(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

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.

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A summary of these commitments at June 30, 2024, are set forth in the table below (in thousands):

Remaining 2024			$	111,569
2025			137,728
2026			134,257
2027			136,425
2028			136,581
Thereafter			600,031
Total			$	1,256,591

Future Firm Sales Commitments

The Company has entered into various firm sales contracts to deliver and sell natural gas. The Company expects to fulfill its delivery commitments primarily with production from proved developed reserves. The Company's operated production has generally been sufficient to satisfy its delivery commitments during the periods presented, and it expects its operated production will continue to be the primary means of fulfilling its future commitments. However, where the Company's operated production is not sufficient to satisfy its delivery commitments, it can and may use spot market purchases to satisfy the commitments.

A summary of these volume commitments at June 30, 2024, are set forth in the table below (MMBtu per day):

Remaining 2024			10,000
2025			68,000
2026			75,000
2027			12,000
Thereafter			—
Total			165,000

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 $7.2 million remaining.

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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.

The Company received Notice and Finding of Violations ("NOV/FOVs") from the United States Environmental Protection Agency ("USEPA") alleging violations of the Clean Air Act at 17 locations in Ohio between 2013 and 2019. On January 22, 2020, the Company entered a Consent Decree with the Department of Justice and USEPA addressing Gulfport's failure to capture and control air emissions from storage vessels and to comply with associated inspection, recordkeeping, and reporting requirements. During the process of terminating the Consent Decree, the Company was informed that there were untimely repairs on a number of locations subject to the Company's Consent Decree that failed to comply with Subpart OOOO or Permit to Install and Operate Applications. On July 31, the Company received a NOV/FOV from USEPA related to the alleged untimely repairs. While these repairs have been completed, resolution of the matter may result in monetary sanctions exceeding $300,000.

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.

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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.

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 June 30, 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.

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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 June 30, 2024. 

			Index						Daily Volume						Weighted Average Price
Natural Gas									(MMBtu/d)						($/MMBtu)
Remaining 2024			NYMEX Henry Hub						400,000						$	3.77
2025			NYMEX Henry Hub						210,000						$	3.92
2026			NYMEX Henry Hub						30,000						$	3.62
Oil									(Bbl/d)						($/Bbl)
Remaining 2024			NYMEX WTI						500						$	77.50
2025			NYMEX WTI						2,000						$	74.50
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 June 30, 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						220,000						$	3.37					$	4.23
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 June 30, 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

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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 June 30, 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						230,000						$	(0.94)
2025			Rex Zone 3						NYMEX Plus Fixed Spread						90,000						$	(0.21)
2025			NGPL TXOK						NYMEX Plus Fixed Spread						40,000						$	(0.29)
2025			TETCO M2						NYMEX Plus Fixed Spread						210,000						$	(0.96)
2026			TETCO M2						NYMEX Plus Fixed Spread						40,000						$	(1.06)

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 June 30, 2024 and December 31, 2023 (in thousands):

			June 30, 2024						December 31, 2023
Short-term derivative asset			$	147,243					$	233,226
Long-term derivative asset			38,220						47,566
Short-term derivative liability			(43,838)						(21,963)
Long-term derivative liability			(20,941)						(18,602)
Total commodity derivative position			$	120,684					$	240,227

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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 and six months ended June 30, 2024 and 2023 (in thousands):

			Net gain (loss) on derivative instruments
			Three Months Ended June 30, 2024						Three Months Ended June 30, 2023
Natural gas derivatives - fair value (losses) gains			$	(99,871)					$	37,792
Natural gas derivatives - settlement gains			91,251						49,444
Total (losses) gains on natural gas derivatives			(8,620)						87,236
Oil derivatives - fair value gains			595						2,258
Oil derivatives - settlement (losses) gains			(271)						369
Total gains on oil and condensate derivatives			324						2,627
NGL derivatives - fair value (losses) gains			(82)						4,218
NGL derivatives - settlement (losses) gains			(237)						2,707
Total (losses) gains on NGL derivatives			(319)						6,925
Total (losses) gains on natural gas, oil and NGL derivatives			$	(8,615)					$	96,788

			Net gain (loss) on derivative instruments
			Six Months Ended June 30, 2024						Six Months Ended June 30, 2023
Natural gas derivatives - fair value (losses) gains			$	(111,349)					$	411,940
Natural gas derivatives - settlement gains			157,702						49,271
Total gains on natural gas derivatives			46,353						461,211
Oil derivatives - fair value (losses) gains			(1,865)						6,990
Oil derivatives - settlement losses			(259)						(74)
Total (losses) gains on oil and condensate derivatives			(2,124)						6,916
NGL derivatives - fair value (losses) gains			(6,330)						3,033
NGL derivatives - settlement (losses) gains			(1,378)						3,689
Total (losses) gains on NGL derivatives			(7,708)						6,722
Total gains on natural gas, oil and NGL derivatives			$	36,521					$	474,849

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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 June 30, 2024
			Gross Assets (Liabilities) Presented in the Consolidated Balance Sheets						Gross Amounts Subject to Master Netting Agreements						Net Amount
Derivative assets			$	185,463					$	(61,343)					$	124,120
Derivative liabilities			$	(64,779)					$	61,343					$	(3,436)

			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.

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.

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Financial assets and liabilities

The following tables summarize the Company’s financial and non-financial assets and liabilities by valuation level as of June 30, 2024 and December 31, 2023 (in thousands):

			June 30, 2024
			Level 1						Level 2						Level 3
Assets:
Derivative instruments			$	—					$	185,463					$	—
Contingent consideration arrangement			—						—						2,900
Total assets			$	—					$	185,463					$	2,900
Liabilities:
Derivative instruments			$	—					$	64,779					$	—

			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 June 30, 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 and six months ended June 30, 2024 with respect to this contingent consideration arrangement. The Company recognized losses of a $0.1 million and $1.2 million for the three and six months ended June 30, 2023, respectively, with respect to this contingent consideration arrangement. These fair value changes are included in other expense (income) in the accompanying consolidated statements of operations.

Non-financial assets and liabilities

The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with oil and gas properties. Given the unobservable nature of the inputs, including plugging costs and reserve lives, the initial measurement of the asset retirement obligation liability is deemed to use Level 3 inputs. See Note 2 for further discussion of the Company’s asset retirement obligations.

Fair value of other financial instruments

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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 $94.3 million and $122.5 million as of June 30, 2024 and December 31, 2023, respectively, and are reported in accounts receivable - oil, natural gas, 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.

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.

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The Company has entered into contracts for drilling rigs with varying terms with third parties to ensure operational continuity, cost control and rig availability in its operations. The Company has concluded its drilling rig contracts are operating leases as the assets are identifiable and the Company has the right to control the identified assets. At June 30, 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 June 30, 2024 were as follows (in thousands):

Remaining 2024			$	6,634
2025			836
2026			561
2027			10
2028			—
Total lease payments			$	8,041
Less: imputed interest			(197)
Total			$	7,844

Lease costs incurred for the three and six months ended June 30, 2024 and 2023, consisted of the following (in thousands):

			Three Months Ended June 30, 2024						Three Months Ended June 30, 2023
Operating lease cost			$	3,403					$	3,443
Variable lease cost			—						—
Short-term lease cost			5,998						8,050
Total lease cost(1)			$	9,401					$	11,493

			Six Months Ended June 30, 2024						Six Months Ended June 30, 2023
Operating lease cost			$	6,806					$	6,886
Variable lease cost			—						—
Short-term lease cost			15,949						17,298
Total lease cost(1)			$	22,755					$	24,184

_____________________

(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.

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Supplemental cash flow information related to leases was as follows (in thousands):

			Six Months Ended June 30, 2024						Six Months Ended June 30, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases			$	7,649					$	4,236

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 22.8% and 22.0% for the three and six months ended June 30, 2024, respectively, and 0% and 0% for the three and six months June 30, 2023, respectively. The higher effective tax rates for the three and six months ended June 30, 2024 are primarily related to the valuation allowance the Company had in place at June 30, 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.

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 canceled.

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Natural Gas, Oil and NGL Derivative Instruments

Subsequent to June 30, 2024, as of July 29, 2024, the Company entered into the following derivative contracts:

Period

Type of Derivative Instrument

Index

Daily Volume

Weighted Average Price

Natural Gas

(MMBtu/d)

($/MMBtu)

2025

Basis Swaps

TETCO M2

20,000

$(0.93)

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v3.24.2.u1

COVER - shares	6 Months Ended
	Jun. 30, 2024	Jul. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-19514
Entity Registrant Name	Gulfport Energy Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-3684669
Entity Address, Address Line One	713 Market Drive
Entity Address, City or Town	Oklahoma City,
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73114
City Area Code	405
Local Phone Number	252-4600
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	GPOR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		18,107,078
Amendment Flag	false
Entity Central Index Key	0000874499
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

v3.24.2.u1

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,233	$ 1,929
Accounts receivable—oil, natural gas, and natural gas liquids sales	94,346	122,479
Accounts receivable—joint interest and other	21,210	22,221
Prepaid expenses and other current assets	6,239	16,951
Short-term derivative instruments	147,243	233,226
Total current assets	270,271	396,806
Property and equipment:
Proved oil and natural gas properties	3,171,811	2,904,519
Unproved properties	218,399	204,233
Other property and equipment	10,810	9,165
Total property and equipment	3,401,020	3,117,917
Less: accumulated depletion, depreciation and amortization	(1,024,142)	(865,618)
Total property and equipment, net	2,376,878	2,252,299
Other assets:
Long-term derivative instruments	38,220	47,566
Total assets	517,890	525,156
Operating lease assets	7,844	14,299
Other assets	27,140	31,487
Total other assets	591,094	618,508
Total assets	3,238,243	3,267,613
Current liabilities:
Accounts payable and accrued liabilities	290,978	309,532
Short-term derivative instruments	43,838	21,963
Current portion of operating lease liabilities	6,888	12,959
Total current liabilities	341,704	344,454
Non-current liabilities:
Long-term derivative instruments	20,941	18,602
Asset retirement obligation	31,438	29,941
Non-current operating lease liabilities	956	1,340
Long-term debt	679,503	667,382
Total non-current liabilities	732,838	717,265
Total liabilities	1,074,542	1,061,719
Commitments and contingencies (Note 9)
Mezzanine equity:
Preferred stock - $0.0001 par value, 110.0 thousand shares authorized, 43.8 thousand issued and outstanding at June 30, 2024, and 44.2 thousand issued and outstanding at December 31, 2023	43,788	44,214
Stockholders’ equity:
Common stock - $0.0001 par value, 42.0 million shares authorized, 18.1 million issued and outstanding at June 30, 2024, and 18.3 million issued and outstanding at December 31, 2023	2	2
Additional paid-in capital	249,038	315,726
Common Stock, Value, Held For Future Issuance	0	(1,996)
Retained earnings	1,871,571	1,847,948
Treasury stock, at cost - 4.6 thousand shares at June 30, 2024 and 0 shares at December 31, 2023	(698)	0
Total stockholders’ equity	2,119,913	2,161,680
Total liabilities, mezzanine equity and stockholders’ equity	$ 3,238,243	$ 3,267,613

v3.24.2.u1

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred Stock, par or stated value (in usd per share)	$ 0.0001	$ 0.0001
Preferred Stock, shares authorized (in shares)	110,000	110,000
Preferred Stock, shares issued (in shares)	43,800	44,200
Preferred Stock, shares outstanding (in shares)	43,800	44,200
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
Treasury shares (in shares)	4,600	0

v3.24.2.u1

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUES:
Net (loss) gain on natural gas, oil and NGL derivatives	$ (8,615)	$ 96,788	$ 36,521	$ 474,849
Total revenues	181,117	304,706	464,346	1,035,927
OPERATING EXPENSES:
Lease operating expenses	15,817	16,155	32,625	36,017
Taxes other than income	7,018	7,938	15,278	18,633
Transportation, gathering, processing and compression	86,529	85,664	173,148	173,281
Depreciation, depletion and amortization	78,553	80,148	158,576	159,242
General and administrative expenses	10,752	8,611	19,950	17,344
Restructuring costs	0	2,893	0	4,762
Accretion expense	567	714	1,122	1,478
Total operating expenses	199,236	202,123	400,699	410,757
(LOSS) INCOME FROM OPERATIONS	(18,119)	102,583	63,647	625,170
OTHER EXPENSE (INCOME):
Interest expense	15,158	13,727	30,161	27,483
Other, net	522	(4,831)	397	(19,054)
Total other expense	15,680	8,896	30,558	8,429
(LOSS) INCOME BEFORE INCOME TAXES	(33,799)	93,687	33,089	616,741
INCOME TAX BENEFIT:
Current	0	0	0	0
Deferred income tax expense	(7,587)	0	7,266	0
Total income tax benefit	(7,587)	0	7,266	0
NET (LOSS) INCOME	(26,212)	93,687	25,823	616,741
Dividends on preferred stock	(1,095)	(1,278)	(2,200)	(2,585)
Participating securities - preferred stock	0	(14,044)	(3,469)	(92,611)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (27,307)	$ 78,365	$ 20,154	$ 521,545
NET (LOSS) INCOME PER COMMON SHARE:
Basic (in usd per share)	$ (1.51)	$ 4.23	$ 1.11	$ 27.91
Diluted (in usd per share)	$ (1.51)	$ 4.18	$ 1.09	$ 27.60
Weighted average common shares outstanding - Basic (in shares)	18,144	18,518	18,169	18,688
Weighted average common shares outstanding - Diluted (in shares)	18,144	18,805	18,573	18,930
Natural gas sales
REVENUES:
Revenue from contract with customer	$ 144,458	$ 159,246	$ 332,744	$ 441,780
Oil and condensate sales
REVENUES:
Revenue from contract with customer	19,127	22,602	40,828	53,316
Natural gas liquid sales
REVENUES:
Revenue from contract with customer	$ 26,147	$ 26,070	$ 54,253	$ 65,982

v3.24.2.u1

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - 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 (loss)	523,054					523,054
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)
Stock compensation (in shares)		5,000
Common stock withheld for income taxes on share-based awards (in shares)		(2,000)
Common stock withheld for income taxes on share-based awards	(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, 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 (loss)	$ 616,741
Conversion of preferred stock (in shares)	(5,836)
Ending balance (in shares) at Jun. 30, 2023		18,658,000	62,000
Ending balance at Jun. 30, 2023	$ 1,378,116	$ 2	$ (1,996)	0	384,082	996,028
Beginning balance (in shares) at Mar. 31, 2023		18,643,000	62,000
Beginning balance at Mar. 31, 2023	1,320,162	$ 2	$ (1,996)	(487)	419,024	903,619
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	93,687					93,687
Conversion of preferred stock (in shares)		431,000
Conversion of preferred stock	5,836				5,836
Stock compensation	3,834				3,834
Repurchase of common stock under Repurchase Program (in shares)		(448,000)
Repurchase of common stock under Repurchase Program	(42,630)			487	(43,117)
Stock compensation (in shares)		50,000
Common stock withheld for income taxes on share-based awards (in shares)		(18,000)
Common stock withheld for income taxes on share-based awards	(1,493)				(1,493)
Dividends on preferred stock	(1,280)				(2)	(1,278)
Ending balance (in shares) at Jun. 30, 2023		18,658,000	62,000
Ending balance at Jun. 30, 2023	$ 1,378,116	$ 2	$ (1,996)	0	384,082	996,028
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 (loss)	52,035					52,035
Conversion of preferred stock (in shares)		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)				(29,788)
Stock compensation (in shares)		18,000
Common stock withheld for income taxes on share-based awards (in shares)		(8,000)
Common stock withheld for income taxes on share-based awards	(1,086)				(1,086)
Issuance of common stock held in reserve (in shares)			62,000
Issuance of common stock held in reserve	1,996		$ 1,996
Dividends on preferred stock	(1,105)					(1,105)
Ending balance (in shares) at Mar. 31, 2024		18,089,000	0
Ending balance at Mar. 31, 2024	$ 2,187,330	$ 2	$ 0	0	288,450	1,898,878
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 (loss)	$ 25,823
Conversion of preferred stock (in shares)	(426)
Ending balance (in shares) at Jun. 30, 2024	18,100,000	18,137,000	0
Ending balance at Jun. 30, 2024	$ 2,119,913	$ 2	$ 0	(698)	249,038	1,871,571
Beginning balance (in shares) at Mar. 31, 2024		18,089,000	0
Beginning balance at Mar. 31, 2024	2,187,330	$ 2	$ 0	0	288,450	1,898,878
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(26,212)					(26,212)
Conversion of preferred stock (in shares)		30,000
Conversion of preferred stock	415				415
Stock compensation	4,990				4,990
Repurchase of common stock under Repurchase Program (in shares)		(156,000)
Repurchase of common stock under Repurchase Program	(25,017)			(698)	(24,319)
Stock compensation (in shares)		303,000
Common stock withheld for income taxes on share-based awards (in shares)		(129,000)
Common stock withheld for income taxes on share-based awards	(20,498)				(20,498)
Dividends on preferred stock	$ (1,095)					(1,095)
Ending balance (in shares) at Jun. 30, 2024	18,100,000	18,137,000	0
Ending balance at Jun. 30, 2024	$ 2,119,913	$ 2	$ 0	$ (698)	$ 249,038	$ 1,871,571

v3.24.2.u1

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 25,823	$ 616,741
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion, depreciation and amortization	158,576	159,242
Net gain on derivative instruments	(36,522)	(474,849)
Net cash receipts on settled derivative instruments	156,065	52,886
Deferred income tax expense	7,266	0
Stock-based compensation expense	5,746	5,043
Other, net	3,024	4,184
Changes in operating assets and liabilities, net	(8,491)	48,159
Net cash provided by operating activities	311,487	411,406
Cash flows from investing activities:
Additions to oil and natural gas properties	(244,851)	(283,406)
Proceeds from sale of oil and natural gas properties	0	2,648
Other, net	(1,647)	(835)
Net cash used in investing activities	(246,498)	(281,593)
Cash flows from financing activities:
Debt issuance costs and loan commitment fees	(106)	(6,920)
Dividends on preferred stock	(2,200)	(2,587)
Shares exchanged for tax withholdings	(21,584)	(1,780)
Net cash used in financing activities	(65,685)	(131,803)
Net change in cash and cash equivalents	(696)	(1,990)
Cash and cash equivalents at beginning of period	1,929	7,259
Cash and cash equivalents at end of period	1,233	5,269
Related Party
Cash flows from financing activities:
Repurchase of common stock under Repurchase Program	(15,002)	(20,431)
Nonrelated Party
Cash flows from financing activities:
Repurchase of common stock under Repurchase Program	(38,793)	(54,085)
Credit Facility due 2027
Cash flows from financing activities:
Principal payments on Credit Facility	(511,000)	(518,000)
Borrowings on Credit Facility	$ 523,000	$ 472,000

v3.24.2.u1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2024, and the six months ended June 30, 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. In April 2024, the SEC issued an order to stay the rules pending the completion of judicial review of multiple petitions challenging the rules. The SEC has indicated that it will publish a new effective date for the rules, if ultimately implemented, at the conclusion of the stay. 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 (in thousands): June 30, 2024 December 31, 2023 Revenue payable and suspense $ 119,769  $ 148,598  Accounts payable 53,492  43,517  Accrued capital expenditures 39,597  38,322  Accrued transportation, gathering, processing and compression 36,138  32,849  Accrued contract rejection damages and shares held in reserve —  1,996  Other accrued liabilities 41,982  44,250  Total accounts payable and accrued liabilities $ 290,978  $ 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 first quarter of 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. Other, net in the second quarter of 2023 included a $5.0 million recoupment of previously placed collateral for certain firm transportation commitments during our Chapter 11 Cases. Supplemental Cash Flow and Non-Cash Information (in thousands) Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Supplemental disclosure of cash flow information: Interest payments, net of amounts capitalized $ 28,263  $ 26,122  Changes in operating assets and liabilities, net: Accounts receivable - oil, natural gas, and natural gas liquid sales $ 28,133  $ 186,300  Accounts receivable - joint interest and other 1,011  3,595  Accounts payable and accrued liabilities (37,017) (140,832) Prepaid expenses (649) (973) Other assets 31  69  Total changes in operating assets and liabilities, net $ (8,491) $ 48,159  Supplemental disclosure of non-cash transactions: Capitalized stock-based compensation $ 2,830  $ 1,861  Asset retirement obligation capitalized $ 375  $ 73  Asset retirement obligation removed due to divestiture and settlements $ —  $ (919) Release of common stock held in reserve $ 1,996  $ —

v3.24.2.u1

PROPERTY AND EQUIPMENT	6 Months Ended
	Jun. 30, 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): June 30, 2024 December 31, 2023 Proved oil and natural gas properties $ 3,171,811  $ 2,904,519  Unproved properties 218,399  204,233  Other depreciable property and equipment 10,424  8,779  Land 386  386  Total property and equipment 3,401,020  3,117,917  Accumulated DD&A (1,024,142) (865,618) Property and equipment, net $ 2,376,878  $ 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 June 30, 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 or six months ended June 30, 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 and the current pricing outlook for the remainder of 2024, the Company believes a non-cash impairment of its assets is reasonably likely to occur in the third quarter of 2024. Any such ceiling test impairment could be material to our net earnings; however, given the inter-relationship of the various judgements made to estimate proved reserves, it is impractical to estimate the potential changes in these estimates and their impact on the impairment. 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 $6.3 million and $12.0 million, for the three and six months ended June 30, 2024, respectively, and $5.4 million and $10.5 million for the three and six months ended June 30, 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): June 30, 2024 December 31, 2023 Utica & Marcellus $ 193,309  $ 177,888  SCOOP 25,090  26,345  Total unproved properties $ 218,399  $ 204,233  Asset Retirement Obligation The following table provides a reconciliation of the Company’s asset retirement obligation for the six months ended June 30, 2024 and 2023 (in thousands): Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Asset retirement obligation, beginning of period $ 29,941  $ 33,171  Liabilities incurred 375  73  Liabilities settled —  (165) Liabilities removed due to divestitures —  (919) Accretion expense 1,122  1,478  Total asset retirement obligation, end of period $ 31,438  $ 33,638

v3.24.2.u1

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2024
Long-Term Debt, Unclassified [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt consisted of the following items as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 8.0% senior unsecured notes due 2026 $ 550,000  $ 550,000  Credit Facility due 2027 130,000  118,000  Net unamortized debt issuance costs (497) (618) Total debt, net 679,503  667,382  Less: current maturities of long-term debt —  —  Total long-term debt, net $ 679,503  $ 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 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 been refinanced, redeemed or repaid in full on or prior to such 91st day. On April 18, 2024, 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 June 30, 2024, the Company had $130.0 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 and six months ended June 30, 2024, the Credit Facility bore interest at a weighted average rate of 8.33% and 8.33%, respectively. 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 $1.2 million and $2.4 million in interest expense for the three and six months ended June 30, 2024, respectively and $1.0 million and $1.8 million for the three and six months ended June 30, 2023, respectively. Fair Value of Debt At June 30, 2024, the carrying value of the outstanding debt represented by the 2026 Senior Notes was $549.5 million. Based on the quoted market prices (Level 1), the fair value of the 2026 Senior Notes was determined to be $556.1 million at June 30, 2024.

v3.24.2.u1

MEZZANINE EQUITY	6 Months Ended
	Jun. 30, 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 June 30, 2024 would convert to approximately 3.1 million shares of common stock if all holders of preferred stock exercised their Conversion Right. Gulfport may 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) 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 The Company paid $1.1 million and $2.2 million of cash dividends to holders of our preferred stock during the three and six months ended June 30, 2024, respectively, and $1.3 million and $2.6 million during the three and six months ended June 30, 2023, respectively. The following table summarizes activity of the Company’s preferred stock for the six months ended June 30, 2024 and 2023: Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Preferred stock, beginning of period 44,214  52,295  Conversion of preferred stock (426) (5,836) Preferred stock, end of period 43,788  46,459  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 subsequent to the January 2024 issuance. Common Stock Offering On June 26, 2023, Gulfport completed an underwritten public offering of 1.5 million shares of its common stock by certain stockholders at a price to the public of $95.00 per share. Gulfport did not sell any of its common stock as part of this offering and did not receive any proceeds from the sale of the shares sold by the selling stockholders. Concurrent with the closing of the offering, Gulfport purchased 263,158 shares of its common stock at $95.00 per share. The repurchase was part of the Company's existing Repurchase Program discussed below. 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. The following table summarizes activity under the Repurchase Program for the six months ended June 30, 2024 (number of shares and dollar value of shares purchased shown in thousands): Total Number of Shares Purchased Dollar Value of Shares Purchased Average Price Paid Per Share First quarter 2024 210  $ 29,492  $ 140.39  Second quarter 2024 161  25,000  155.65  Total 371  $ 54,492  $ 147.00  As of June 30, 2024, the Company has repurchased 4.7 million shares for $454.1 million at a weighted average price of $95.87 per share since the inception of the Repurchase Program.

v3.24.2.u1

EQUITY	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [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 June 30, 2024 would convert to approximately 3.1 million shares of common stock if all holders of preferred stock exercised their Conversion Right. Gulfport may 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) 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 The Company paid $1.1 million and $2.2 million of cash dividends to holders of our preferred stock during the three and six months ended June 30, 2024, respectively, and $1.3 million and $2.6 million during the three and six months ended June 30, 2023, respectively. The following table summarizes activity of the Company’s preferred stock for the six months ended June 30, 2024 and 2023: Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Preferred stock, beginning of period 44,214  52,295  Conversion of preferred stock (426) (5,836) Preferred stock, end of period 43,788  46,459  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 subsequent to the January 2024 issuance. Common Stock Offering On June 26, 2023, Gulfport completed an underwritten public offering of 1.5 million shares of its common stock by certain stockholders at a price to the public of $95.00 per share. Gulfport did not sell any of its common stock as part of this offering and did not receive any proceeds from the sale of the shares sold by the selling stockholders. Concurrent with the closing of the offering, Gulfport purchased 263,158 shares of its common stock at $95.00 per share. The repurchase was part of the Company's existing Repurchase Program discussed below. 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. The following table summarizes activity under the Repurchase Program for the six months ended June 30, 2024 (number of shares and dollar value of shares purchased shown in thousands): Total Number of Shares Purchased Dollar Value of Shares Purchased Average Price Paid Per Share First quarter 2024 210  $ 29,492  $ 140.39  Second quarter 2024 161  25,000  155.65  Total 371  $ 54,492  $ 147.00  As of June 30, 2024, the Company has repurchased 4.7 million shares for $454.1 million at a weighted average price of $95.87 per share since the inception of the Repurchase Program.

v3.24.2.u1

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [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 and six months ended June 30, 2024, the Company's stock-based compensation expense was $5.0 million and $8.6 million, respectively, of which the Company capitalized $1.6 million and $2.8 million, respectively, relating to its exploration and development efforts. During the three and six months ended June 30, 2023, the Company's stock-based compensation expense was $3.0 million and $5.6 million, respectively, of which the Company capitalized $1.0 million and $1.9 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 June 30, 2024, the Company has awarded an aggregate of approximately 444,493 restricted stock units and approximately 462,982 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 six months ended June 30, 2024 and 2023: Number of Unvested Restricted Stock Units Weighted Average Grant Date Fair Value Number of Unvested Performance Vesting Restricted Stock Units Weighted Average Grant Date Fair Value 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  Granted(1) 6,040  155.61  130,012  48.65  Vested (37,665) 95.83  (265,797) 48.65  Forfeited/canceled (989) 117.19  —  —  Unvested shares as of June 30, 2024 211,957  $ 106.75  178,139  $ 92.06  _____________________ (1)    The table includes the impacts of performance share units granted in a prior year that vested higher than 100% of target due to the Company's TSR performance compared to peers. Number of Unvested Restricted Stock Units Weighted Average Grant Date Fair Value Number of Unvested Performance Vesting Restricted Stock Units Weighted Average Grant Date Fair Value 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  Granted 55,041  94.53  15,094  66.66  Vested (43,088) 86.28  —  —  Forfeited/canceled (1,401) 89.08  (10,731) 50.69  Unvested shares as of June 30, 2023 239,160  $ 80.10  258,824  $ 54.32  The aggregate fair value of share-based awards that vested during the three and six months ended June 30, 2024, was approximately $48.1 million and $49.2 million, respectively, based on the stock price at the time of vesting. During the three and six months ended June 30, 2023, the aggregate fair value of share-based awards that vested was approximately $3.9 million and $4.8 million, respectively, based on the stock price at the time of vesting. 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 June 30, 2024, was $17.3 million. The expense is expected to be recognized over a weighted average period of 2.06 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 TSR and (ii) the Company's 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 six months ended June 30, 2024: Grant date January 24, 2023 March 3, 2023 April 3, 2023 March 1, 2024 Forecast period (years) 3 3 3 3 Risk-free interest rates 3.88% 4.64% 3.79% 4.36% Implied equity volatility 87.2% 86.4% 70.8% 46.70% Stock price on the date of grant $72.99 $82.20 $79.50 $142.00 Unrecognized compensation expense as of June 30, 2024, related to performance vesting restricted shares was $10.8 million. The expense is expected to be recognized over a weighted average period of 2.17 years.

v3.24.2.u1

RESTRUCTURING COSTS	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING COSTS	RESTRUCTURING COSTS During the three and six months ended June 30, 2023, Gulfport recognized $2.9 million and $4.8 million, respectively, 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, $0.8 million and $1.3 million, for the three and six months ended June 30, 2023, respectively, resulted from accelerated vesting of certain share-based grants, which are non-cash charges. As of June 30, 2023, there were no remaining employee termination liabilities for the impacted employees.

v3.24.2.u1

EARNINGS (LOSS) PER SHARE	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	EARNINGS (LOSS) 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 0.3 million share-based awards that were considered anti-dilutive for the three months ended June 30, 2024, and 0.4 million share-based awards that were considered dilutive for the six months ended June 30, 2024. There were 0.3 million and 0.2 million share-based awards that were considered dilutive for the three months and six months ended June 30, 2023, respectively. There were 3.1 million potential shares of common stock issuable due to the Company's convertible preferred stock for each of the three and six months ended June 30, 2024. There were 3.3 million potential shares of common stock issuable due to the Company's convertible preferred stock for each of the three and six months ended June 30, 2023. Reconciliations of the components of basic and diluted net income (loss) per common share are presented in the tables below (in thousands): Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Net (loss) income $ (26,212) $ 93,687  Dividends on preferred stock (1,095) (1,278) Participating securities - preferred stock(1) —  (14,044) Net (loss) income attributable to common stockholders $ (27,307) $ 78,365  Re-allocation of participating securities —  182  Diluted net (loss) income attributable to common stockholders $ (27,307) $ 78,547  Basic Shares 18,144  18,518  Dilutive Shares 18,144  18,805  Basic EPS $ (1.51) $ 4.23  Dilutive EPS $ (1.51) $ 4.18  _____________________ (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. Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Net income $ 25,823  $ 616,741  Dividends on preferred stock (2,200) (2,585) Participating securities - preferred stock(1) (3,469) (92,611) Net income attributable to common stockholders $ 20,154  $ 521,545  Re-allocation of participating securities 64  1,008  Diluted net income attributable to common stockholders $ 20,218  $ 522,553  Basic Shares 18,169  18,688  Dilutive Shares 18,573  18,930  Basic EPS $ 1.11  $ 27.91  Dilutive EPS $ 1.09  $ 27.60  _____________________ (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.

v3.24.2.u1

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 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 June 30, 2024, are set forth in the table below (in thousands): Remaining 2024 $ 111,569  2025 137,728  2026 134,257  2027 136,425  2028 136,581  Thereafter 600,031  Total $ 1,256,591  Future Firm Sales Commitments The Company has entered into various firm sales contracts to deliver and sell natural gas. The Company expects to fulfill its delivery commitments primarily with production from proved developed reserves. The Company's operated production has generally been sufficient to satisfy its delivery commitments during the periods presented, and it expects its operated production will continue to be the primary means of fulfilling its future commitments. However, where the Company's operated production is not sufficient to satisfy its delivery commitments, it can and may use spot market purchases to satisfy the commitments. A summary of these volume commitments at June 30, 2024, are set forth in the table below (MMBtu per day): Remaining 2024 10,000  2025 68,000  2026 75,000  2027 12,000  Thereafter —  Total 165,000  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 $7.2 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. The Company received Notice and Finding of Violations ("NOV/FOVs") from the United States Environmental Protection Agency ("USEPA") alleging violations of the Clean Air Act at 17 locations in Ohio between 2013 and 2019. On January 22, 2020, the Company entered a Consent Decree with the Department of Justice and USEPA addressing Gulfport's failure to capture and control air emissions from storage vessels and to comply with associated inspection, recordkeeping, and reporting requirements. During the process of terminating the Consent Decree, the Company was informed that there were untimely repairs on a number of locations subject to the Company's Consent Decree that failed to comply with Subpart OOOO or Permit to Install and Operate Applications. On July 31, the Company received a NOV/FOV from USEPA related to the alleged untimely repairs. While these repairs have been completed, resolution of the matter may result in monetary sanctions exceeding $300,000. 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.

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DERIVATIVE INSTRUMENTS	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2024.  Index Daily Volume Weighted Average Price Natural Gas (MMBtu/d) ($/MMBtu) Remaining 2024 NYMEX Henry Hub 400,000  $ 3.77  2025 NYMEX Henry Hub 210,000  $ 3.92  2026 NYMEX Henry Hub 30,000  $ 3.62  Oil (Bbl/d) ($/Bbl) Remaining 2024 NYMEX WTI 500  $ 77.50  2025 NYMEX WTI 2,000  $ 74.50  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 June 30, 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 220,000  $ 3.37  $ 4.23  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 June 30, 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 June 30, 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 230,000  $ (0.94) 2025 Rex Zone 3 NYMEX Plus Fixed Spread 90,000  $ (0.21) 2025 NGPL TXOK NYMEX Plus Fixed Spread 40,000  $ (0.29) 2025 TETCO M2 NYMEX Plus Fixed Spread 210,000  $ (0.96) 2026 TETCO M2 NYMEX Plus Fixed Spread 40,000  $ (1.06) 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 June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Short-term derivative asset $ 147,243  $ 233,226  Long-term derivative asset 38,220  47,566  Short-term derivative liability (43,838) (21,963) Long-term derivative liability (20,941) (18,602) Total commodity derivative position $ 120,684  $ 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 and six months ended June 30, 2024 and 2023 (in thousands): Net gain (loss) on derivative instruments Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Natural gas derivatives - fair value (losses) gains $ (99,871) $ 37,792  Natural gas derivatives - settlement gains 91,251  49,444  Total (losses) gains on natural gas derivatives (8,620) 87,236  Oil derivatives - fair value gains 595  2,258  Oil derivatives - settlement (losses) gains (271) 369  Total gains on oil and condensate derivatives 324  2,627  NGL derivatives - fair value (losses) gains (82) 4,218  NGL derivatives - settlement (losses) gains (237) 2,707  Total (losses) gains on NGL derivatives (319) 6,925  Total (losses) gains on natural gas, oil and NGL derivatives $ (8,615) $ 96,788  Net gain (loss) on derivative instruments Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Natural gas derivatives - fair value (losses) gains $ (111,349) $ 411,940  Natural gas derivatives - settlement gains 157,702  49,271  Total gains on natural gas derivatives 46,353  461,211  Oil derivatives - fair value (losses) gains (1,865) 6,990  Oil derivatives - settlement losses (259) (74) Total (losses) gains on oil and condensate derivatives (2,124) 6,916  NGL derivatives - fair value (losses) gains (6,330) 3,033  NGL derivatives - settlement (losses) gains (1,378) 3,689  Total (losses) gains on NGL derivatives (7,708) 6,722  Total gains on natural gas, oil and NGL derivatives $ 36,521  $ 474,849  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 June 30, 2024 Gross Assets (Liabilities) Presented in the Consolidated Balance Sheets Gross Amounts Subject to Master Netting Agreements Net Amount Derivative assets $ 185,463  $ (61,343) $ 124,120  Derivative liabilities $ (64,779) $ 61,343  $ (3,436) 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.

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FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 Level 1 Level 2 Level 3 Assets: Derivative instruments $ —  $ 185,463  $ —  Contingent consideration arrangement —  —  2,900  Total assets $ —  $ 185,463  $ 2,900  Liabilities: Derivative instruments $ —  $ 64,779  $ —  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 June 30, 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 and six months ended June 30, 2024 with respect to this contingent consideration arrangement. The Company recognized losses of a $0.1 million and $1.2 million for the three and six months ended June 30, 2023, respectively, with respect to this contingent consideration arrangement. These fair value changes are included in other expense (income) in the accompanying consolidated statements of operations. Non-financial assets and liabilities The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with oil and gas properties. Given the unobservable nature of the inputs, including plugging costs and reserve lives, the initial measurement of the asset retirement obligation liability is deemed to use Level 3 inputs. See Note 2 for further discussion of the Company’s asset retirement obligations. Fair value of other financial instruments The carrying amounts on the accompanying consolidated balance sheet for cash and cash equivalents, accounts receivable, and accounts payable and accrued liabilities are carried at cost, which approximates market value due to their short-term nature. Long-term debt related to the Company's Credit Facility is carried at cost, which approximates market value based on the borrowing rates currently available to the Company with similar terms and maturities.

v3.24.2.u1

REVENUE FROM CONTRACTS WITH CUSTOMERS	6 Months Ended
	Jun. 30, 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 $94.3 million and $122.5 million as of June 30, 2024 and December 31, 2023, respectively, and are reported in accounts receivable - oil, natural gas, 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.

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LEASES	6 Months Ended
	Jun. 30, 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 Company has concluded its drilling rig contracts are operating leases as the assets are identifiable and the Company has the right to control the identified assets. At June 30, 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 June 30, 2024 were as follows (in thousands): Remaining 2024 $ 6,634  2025 836  2026 561  2027 10  2028 —  Total lease payments $ 8,041  Less: imputed interest (197) Total $ 7,844  Lease costs incurred for the three and six months ended June 30, 2024 and 2023, consisted of the following (in thousands): Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Operating lease cost $ 3,403  $ 3,443  Variable lease cost —  —  Short-term lease cost 5,998  8,050  Total lease cost(1) $ 9,401  $ 11,493  Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Operating lease cost $ 6,806  $ 6,886  Variable lease cost —  —  Short-term lease cost 15,949  17,298  Total lease cost(1) $ 22,755  $ 24,184  _____________________ (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): Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 7,649  $ 4,236  The weighted-average remaining lease term as of June 30, 2024 was 0.86 years. The weighted-average discount rate used to determine the operating lease liability as of June 30, 2024 was 6.65%.

v3.24.2.u1

INCOME TAXES	6 Months Ended
	Jun. 30, 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 22.8% and 22.0% for the three and six months ended June 30, 2024, respectively, and 0% and 0% for the three and six months June 30, 2023, respectively. The higher effective tax rates for the three and six months ended June 30, 2024 are primarily related to the valuation allowance the Company had in place at June 30, 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.

v3.24.2.u1

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 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 canceled. Concurrent with the closing of the June 2023 offering transaction discussed in Note 5, the Company purchased 215,060 shares of its common stock from Silver Point Capital, L.P. for approximately $20.4 million. The repurchase is part of the Company's existing Repurchase Program. Upon closing of the transaction on June 26, 2023, the repurchased common stock was canceled.

v3.24.2.u1

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Natural Gas, Oil and NGL Derivative Instruments Subsequent to June 30, 2024, as of July 29, 2024, the Company entered into the following derivative contracts: Period Type of Derivative Instrument Index Daily Volume Weighted Average Price Natural Gas (MMBtu/d) ($/MMBtu) 2025 Basis Swaps TETCO M2 20,000  $(0.93)

v3.24.2.u1

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ (26,212)	$ 52,035	$ 93,687	$ 523,054	$ 25,823	$ 616,741

v3.24.2.u1

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 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

v3.24.2.u1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2024, and the six months ended June 30, 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. In April 2024, the SEC issued an order to stay the rules pending the completion of judicial review of multiple petitions challenging the rules. The SEC has indicated that it will publish a new effective date for the rules, if ultimately implemented, at the conclusion of the stay. 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.

v3.24.2.u1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consisted of the following (in thousands): June 30, 2024 December 31, 2023 Revenue payable and suspense $ 119,769  $ 148,598  Accounts payable 53,492  43,517  Accrued capital expenditures 39,597  38,322  Accrued transportation, gathering, processing and compression 36,138  32,849  Accrued contract rejection damages and shares held in reserve —  1,996  Other accrued liabilities 41,982  44,250  Total accounts payable and accrued liabilities $ 290,978  $ 309,532
Schedule of Supplemental Cash and Non Cash Information	Supplemental Cash Flow and Non-Cash Information (in thousands) Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Supplemental disclosure of cash flow information: Interest payments, net of amounts capitalized $ 28,263  $ 26,122  Changes in operating assets and liabilities, net: Accounts receivable - oil, natural gas, and natural gas liquid sales $ 28,133  $ 186,300  Accounts receivable - joint interest and other 1,011  3,595  Accounts payable and accrued liabilities (37,017) (140,832) Prepaid expenses (649) (973) Other assets 31  69  Total changes in operating assets and liabilities, net $ (8,491) $ 48,159  Supplemental disclosure of non-cash transactions: Capitalized stock-based compensation $ 2,830  $ 1,861  Asset retirement obligation capitalized $ 375  $ 73  Asset retirement obligation removed due to divestiture and settlements $ —  $ (919) Release of common stock held in reserve $ 1,996  $ —

v3.24.2.u1

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2024 December 31, 2023 Proved oil and natural gas properties $ 3,171,811  $ 2,904,519  Unproved properties 218,399  204,233  Other depreciable property and equipment 10,424  8,779  Land 386  386  Total property and equipment 3,401,020  3,117,917  Accumulated DD&A (1,024,142) (865,618) Property and equipment, net $ 2,376,878  $ 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): June 30, 2024 December 31, 2023 Utica & Marcellus $ 193,309  $ 177,888  SCOOP 25,090  26,345  Total unproved properties $ 218,399  $ 204,233
Schedule of Asset Retirement Obligation	The following table provides a reconciliation of the Company’s asset retirement obligation for the six months ended June 30, 2024 and 2023 (in thousands): Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Asset retirement obligation, beginning of period $ 29,941  $ 33,171  Liabilities incurred 375  73  Liabilities settled —  (165) Liabilities removed due to divestitures —  (919) Accretion expense 1,122  1,478  Total asset retirement obligation, end of period $ 31,438  $ 33,638

v3.24.2.u1

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2024
Long-Term Debt, Unclassified [Abstract]
Schedule of Debt	Long-term debt consisted of the following items as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 8.0% senior unsecured notes due 2026 $ 550,000  $ 550,000  Credit Facility due 2027 130,000  118,000  Net unamortized debt issuance costs (497) (618) Total debt, net 679,503  667,382  Less: current maturities of long-term debt —  —  Total long-term debt, net $ 679,503  $ 667,382

v3.24.2.u1

MEZZANINE EQUITY (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Movement on Preferred Stock	The following table summarizes activity of the Company’s preferred stock for the six months ended June 30, 2024 and 2023: Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Preferred stock, beginning of period 44,214  52,295  Conversion of preferred stock (426) (5,836) Preferred stock, end of period 43,788  46,459

v3.24.2.u1

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Stockholders Equity	The following table summarizes activity under the Repurchase Program for the six months ended June 30, 2024 (number of shares and dollar value of shares purchased shown in thousands): Total Number of Shares Purchased Dollar Value of Shares Purchased Average Price Paid Per Share First quarter 2024 210  $ 29,492  $ 140.39  Second quarter 2024 161  25,000  155.65  Total 371  $ 54,492  $ 147.00

v3.24.2.u1

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity	The following tables summarizes activity for the six months ended June 30, 2024 and 2023: Number of Unvested Restricted Stock Units Weighted Average Grant Date Fair Value Number of Unvested Performance Vesting Restricted Stock Units Weighted Average Grant Date Fair Value 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  Granted(1) 6,040  155.61  130,012  48.65  Vested (37,665) 95.83  (265,797) 48.65  Forfeited/canceled (989) 117.19  —  —  Unvested shares as of June 30, 2024 211,957  $ 106.75  178,139  $ 92.06  _____________________ (1)    The table includes the impacts of performance share units granted in a prior year that vested higher than 100% of target due to the Company's TSR performance compared to peers. Number of Unvested Restricted Stock Units Weighted Average Grant Date Fair Value Number of Unvested Performance Vesting Restricted Stock Units Weighted Average Grant Date Fair Value 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  Granted 55,041  94.53  15,094  66.66  Vested (43,088) 86.28  —  —  Forfeited/canceled (1,401) 89.08  (10,731) 50.69  Unvested shares as of June 30, 2023 239,160  $ 80.10  258,824  $ 54.32
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 six months ended June 30, 2024: Grant date January 24, 2023 March 3, 2023 April 3, 2023 March 1, 2024 Forecast period (years) 3 3 3 3 Risk-free interest rates 3.88% 4.64% 3.79% 4.36% Implied equity volatility 87.2% 86.4% 70.8% 46.70% Stock price on the date of grant $72.99 $82.20 $79.50 $142.00

v3.24.2.u1

EARNINGS (LOSS) PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Income (Loss) Per Share	Reconciliations of the components of basic and diluted net income (loss) per common share are presented in the tables below (in thousands): Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Net (loss) income $ (26,212) $ 93,687  Dividends on preferred stock (1,095) (1,278) Participating securities - preferred stock(1) —  (14,044) Net (loss) income attributable to common stockholders $ (27,307) $ 78,365  Re-allocation of participating securities —  182  Diluted net (loss) income attributable to common stockholders $ (27,307) $ 78,547  Basic Shares 18,144  18,518  Dilutive Shares 18,144  18,805  Basic EPS $ (1.51) $ 4.23  Dilutive EPS $ (1.51) $ 4.18  _____________________ (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. Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Net income $ 25,823  $ 616,741  Dividends on preferred stock (2,200) (2,585) Participating securities - preferred stock(1) (3,469) (92,611) Net income attributable to common stockholders $ 20,154  $ 521,545  Re-allocation of participating securities 64  1,008  Diluted net income attributable to common stockholders $ 20,218  $ 522,553  Basic Shares 18,169  18,688  Dilutive Shares 18,573  18,930  Basic EPS $ 1.11  $ 27.91  Dilutive EPS $ 1.09  $ 27.60  _____________________ (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.

v3.24.2.u1

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Service Commitments	A summary of these commitments at June 30, 2024, are set forth in the table below (in thousands): Remaining 2024 $ 111,569  2025 137,728  2026 134,257  2027 136,425  2028 136,581  Thereafter 600,031  Total $ 1,256,591  A summary of these volume commitments at June 30, 2024, are set forth in the table below (MMBtu per day): Remaining 2024 10,000  2025 68,000  2026 75,000  2027 12,000  Thereafter —  Total 165,000

v3.24.2.u1

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024.  Index Daily Volume Weighted Average Price Natural Gas (MMBtu/d) ($/MMBtu) Remaining 2024 NYMEX Henry Hub 400,000  $ 3.77  2025 NYMEX Henry Hub 210,000  $ 3.92  2026 NYMEX Henry Hub 30,000  $ 3.62  Oil (Bbl/d) ($/Bbl) Remaining 2024 NYMEX WTI 500  $ 77.50  2025 NYMEX WTI 2,000  $ 74.50  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 June 30, 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 220,000  $ 3.37  $ 4.23  Oil (Bbl/d) ($/Bbl) ($/Bbl) Remaining 2024 NYMEX WTI 1,000  $ 62.00  $ 80.00  Below is a summary of the Company's open sold call option positions as of June 30, 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
Schedule of Natural Gas Basis Swap Positions	As of June 30, 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 230,000  $ (0.94) 2025 Rex Zone 3 NYMEX Plus Fixed Spread 90,000  $ (0.21) 2025 NGPL TXOK NYMEX Plus Fixed Spread 40,000  $ (0.29) 2025 TETCO M2 NYMEX Plus Fixed Spread 210,000  $ (0.96) 2026 TETCO M2 NYMEX Plus Fixed Spread 40,000  $ (1.06) Subsequent to June 30, 2024, as of July 29, 2024, the Company entered into the following derivative contracts: Period Type of Derivative Instrument Index Daily Volume Weighted Average Price Natural Gas (MMBtu/d) ($/MMBtu) 2025 Basis Swaps TETCO M2 20,000  $(0.93)
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, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Short-term derivative asset $ 147,243  $ 233,226  Long-term derivative asset 38,220  47,566  Short-term derivative liability (43,838) (21,963) Long-term derivative liability (20,941) (18,602) Total commodity derivative position $ 120,684  $ 240,227
Schedule of Net 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 and six months ended June 30, 2024 and 2023 (in thousands): Net gain (loss) on derivative instruments Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Natural gas derivatives - fair value (losses) gains $ (99,871) $ 37,792  Natural gas derivatives - settlement gains 91,251  49,444  Total (losses) gains on natural gas derivatives (8,620) 87,236  Oil derivatives - fair value gains 595  2,258  Oil derivatives - settlement (losses) gains (271) 369  Total gains on oil and condensate derivatives 324  2,627  NGL derivatives - fair value (losses) gains (82) 4,218  NGL derivatives - settlement (losses) gains (237) 2,707  Total (losses) gains on NGL derivatives (319) 6,925  Total (losses) gains on natural gas, oil and NGL derivatives $ (8,615) $ 96,788  Net gain (loss) on derivative instruments Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Natural gas derivatives - fair value (losses) gains $ (111,349) $ 411,940  Natural gas derivatives - settlement gains 157,702  49,271  Total gains on natural gas derivatives 46,353  461,211  Oil derivatives - fair value (losses) gains (1,865) 6,990  Oil derivatives - settlement losses (259) (74) Total (losses) gains on oil and condensate derivatives (2,124) 6,916  NGL derivatives - fair value (losses) gains (6,330) 3,033  NGL derivatives - settlement (losses) gains (1,378) 3,689  Total (losses) gains on NGL derivatives (7,708) 6,722  Total gains on natural gas, oil and NGL derivatives $ 36,521  $ 474,849
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, 2024 Gross Assets (Liabilities) Presented in the Consolidated Balance Sheets Gross Amounts Subject to Master Netting Agreements Net Amount Derivative assets $ 185,463  $ (61,343) $ 124,120  Derivative liabilities $ (64,779) $ 61,343  $ (3,436) 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 June 30, 2024 Gross Assets (Liabilities) Presented in the Consolidated Balance Sheets Gross Amounts Subject to Master Netting Agreements Net Amount Derivative assets $ 185,463  $ (61,343) $ 124,120  Derivative liabilities $ (64,779) $ 61,343  $ (3,436) 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)

v3.24.2.u1

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 Level 1 Level 2 Level 3 Assets: Derivative instruments $ —  $ 185,463  $ —  Contingent consideration arrangement —  —  2,900  Total assets $ —  $ 185,463  $ 2,900  Liabilities: Derivative instruments $ —  $ 64,779  $ —  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  $ —

v3.24.2.u1

LEASES (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Operating Lease Liability	Future amounts due under operating lease liabilities as of June 30, 2024 were as follows (in thousands): Remaining 2024 $ 6,634  2025 836  2026 561  2027 10  2028 —  Total lease payments $ 8,041  Less: imputed interest (197) Total $ 7,844
Schedule of Lease Cost	(in thousands): Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Operating lease cost $ 3,403  $ 3,443  Variable lease cost —  —  Short-term lease cost 5,998  8,050  Total lease cost(1) $ 9,401  $ 11,493  Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Operating lease cost $ 6,806  $ 6,886  Variable lease cost —  —  Short-term lease cost 15,949  17,298  Total lease cost(1) $ 22,755  $ 24,184  _____________________ (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): Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 7,649  $ 4,236

v3.24.2.u1

SUBSEQUENT EVENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Schedule of Natural Gas Basis Swap Positions	As of June 30, 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 230,000  $ (0.94) 2025 Rex Zone 3 NYMEX Plus Fixed Spread 90,000  $ (0.21) 2025 NGPL TXOK NYMEX Plus Fixed Spread 40,000  $ (0.29) 2025 TETCO M2 NYMEX Plus Fixed Spread 210,000  $ (0.96) 2026 TETCO M2 NYMEX Plus Fixed Spread 40,000  $ (1.06) Subsequent to June 30, 2024, as of July 29, 2024, the Company entered into the following derivative contracts: Period Type of Derivative Instrument Index Daily Volume Weighted Average Price Natural Gas (MMBtu/d) ($/MMBtu) 2025 Basis Swaps TETCO M2 20,000  $(0.93)

v3.24.2.u1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Revenue payable and suspense	$ 119,769	$ 148,598
Accounts payable	53,492	43,517
Accrued capital expenditures	39,597	38,322
Accrued transportation, gathering, processing and compression	36,138	32,849
Accrued contract rejection damages and shares held in reserve	0	1,996
Other accrued liabilities	41,982	44,250
Total accounts payable and accrued liabilities	$ 290,978	$ 309,532

v3.24.2.u1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
	Feb. 24, 2023	Jun. 30, 2023	Mar. 31, 2023
Accounting Policies [Abstract]
Litigation settlement, expense			$ 1.0
Noninterest income	$ 17.8
Proceeds from plan of reorganization, recoupment of collateral		$ 5.0

v3.24.2.u1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplemental Cash and Non Cash Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental disclosure of cash flow information:
Interest payments, net of amounts capitalized	$ 28,263	$ 26,122
Changes in operating assets and liabilities, net:
Accounts receivable - oil, natural gas, and natural gas liquid sales	28,133	186,300
Accounts receivable - joint interest and other	1,011	3,595
Accounts payable and accrued liabilities	(37,017)	(140,832)
Prepaid expenses	(649)	(973)
Other assets	31	69
Total changes in operating assets and liabilities, net	(8,491)	48,159
Supplemental disclosure of non-cash transactions:
Capitalized stock-based compensation	2,830	1,861
Asset retirement obligation capitalized	375	73
Asset retirement obligation removed due to divestiture and settlements	0	(919)
Release of common stock held in reserve	$ 1,996	$ 0

v3.24.2.u1

PROPERTY AND EQUIPMENT - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Proved oil and natural gas properties	$ 3,171,811	$ 2,904,519
Unproved properties	218,399	204,233
Other depreciable property and equipment	10,424	8,779
Land	386	386
Total property and equipment	3,401,020	3,117,917
Accumulated DD&A	(1,024,142)	(865,618)
Total property and equipment, net	$ 2,376,878	$ 2,252,299

v3.24.2.u1

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Capitalized general and administrative costs	$ 6.3	$ 5.4	$ 12.0	$ 10.5

v3.24.2.u1

PROPERTY AND EQUIPMENT - Schedule of Non-Producing Properties Excluded from Amortization by Area (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total unproved properties	$ 218,399	$ 204,233
Utica & Marcellus
Property, Plant and Equipment [Line Items]
Total unproved properties	193,309	177,888
SCOOP
Property, Plant and Equipment [Line Items]
Total unproved properties	$ 25,090	$ 26,345

v3.24.2.u1

PROPERTY AND EQUIPMENT - Schedule of Asset Retirement Obligation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligation, beginning of period			$ 29,941	$ 33,171
Liabilities incurred			375	73
Liabilities settled			0	(165)
Liabilities removed due to divestitures			0	(919)
Accretion expense	$ 567	$ 714	1,122	1,478
Total asset retirement obligation, end of period	$ 31,438	$ 33,638	$ 31,438	$ 33,638

v3.24.2.u1

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	May 01, 2023
Debt Instrument [Line Items]
Net unamortized debt issuance costs	$ (497)	$ (618)
Total debt, net	679,503	667,382
Less: current maturities of long-term debt	0	0
Long-term debt	679,503	667,382
$8.0% senior unsecured notes due 2026 | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Long-term debt	550,000	550,000	$ 100,000
Credit Facility due 2027 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt	130,000	$ 118,000
Credit Facility due 2027 | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 130,000

v3.24.2.u1

LONG-TERM DEBT - Narrative (Details) - USD ($)			3 Months Ended		6 Months Ended
	May 01, 2023	Oct. 31, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	May 17, 2021
Oil and Gas Properties
Debt Instrument [Line Items]
Interest costs capitalized			$ 1,200,000	$ 1,000,000	$ 2,400,000	$ 1,800,000
Senior Notes | Carrying Value
Debt Instrument [Line Items]
Carrying value of notes			549,500,000		549,500,000
Senior Notes | Fair Value | Level 1
Debt Instrument [Line Items]
Carrying value of notes			$ 556,100,000		$ 556,100,000
$8.0% senior unsecured notes due 2026 | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, amount								$ 550,000,000
Stated interest rate			8.00%		8.00%
Credit Facility due 2027 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt			$ 130,000,000		$ 130,000,000		$ 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		$ 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
Line of credit facility, excess cash threshold	75,000,000	45,000,000
Long-term debt			130,000,000		$ 130,000,000
Initial borrowing base amount	$ 1,100,000,000	$ 1,000,000,000
Debt instrument current ratio					1.00
Unused capacity, commitment fee percentage					0.50%
Debt instrument net funded leverage ratio					3.25
Letters of credit outstanding, amount			$ 63,800,000		$ 63,800,000
Weight average interest rate			8.33%		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%

v3.24.2.u1

MEZZANINE EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	42,000,000	42,000,000		42,000,000		42,000,000
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001		$ 0.0001		$ 0.0001
Temporary equity, shares authorized (in shares)	110,000
Temporary equity, par or stated value (in usd per share)	$ 0.0001
Temporary equity, liquidation preference (in usd per share)	$ 1,000
Preferred Stock, shares issued (in shares)	55,000	43,800		43,800		44,200
Preferred stock, dividend rate	10.00%
Preferred stock, dividend rate, percentage, pain-in-kind	15.00%
Preferred stock, convertible, conversion price (in usd per share)	$ 14.00
Dividends on preferred stock		$ (1,095)	$ (1,278)	$ (2,200)	$ (2,585)
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Anti-dilutive shares (in shares)		3,100,000	3,300,000	3,100,000	3,300,000

v3.24.2.u1

MEZZANINE EQUITY - Schedule of Movement on Preferred Stock (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 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)	426	5,836
Temporary equity, ending shares outstanding (in shares)	43,788	46,459

v3.24.2.u1

EQUITY - Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jun. 26, 2023	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Jan. 31, 2024	Dec. 31, 2023	Nov. 30, 2021	May 31, 2021
Schedule of Equity Method Investments [Line Items]
Common stock, shares authorized (in shares)		42,000,000		42,000,000		42,000,000		42,000,000
Common stock, par value (in usd per share)		$ 0.0001		$ 0.0001		$ 0.0001		$ 0.0001
Temporary equity, shares authorized (in shares)								110,000
Temporary equity, par or stated value (in usd per share)								$ 0.0001
Temporary equity, liquidation preference (in usd per share)								$ 1,000
Common stock, shares, issued (in shares)		18,100,000		18,100,000		18,300,000		19,800,000
Stock repurchased during period (in shares)	263,158	161,000	210,000	371,000
Average price per share (in usd per share)	$ 95.00	$ 155.65	$ 140.39	$ 147.00
Authorized stock repurchase amount						$ 650,000,000	$ 100,000,000
Stock repurchased		$ 25,000,000	$ 29,492,000	$ 54,492,000
Share Repurchase Program
Schedule of Equity Method Investments [Line Items]
Stock repurchased during period (in shares)				4,700,000
Average price per share (in usd per share)				$ 95.87
Stock repurchased				$ 454,100,000
Underwritten Public Offering
Schedule of Equity Method Investments [Line Items]
Number of shares issued in transaction (in shares)	1,500,000
Sale of stock, price per share (in usd per share)	$ 95.00
Disputed Claims Reserve | Common Stock
Schedule of Equity Method Investments [Line Items]
Plan of reorganization, number of shares issued (in shares)					62,000			1,700,000
Plan of reorganization, number of shares outstanding		0		0

v3.24.2.u1

EQUITY - Schedule of Repurchase Agreements (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Jun. 26, 2023	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Stock repurchased during period (in shares)	263,158	161,000	210,000	371,000
Dollar Value of Shares Purchased		$ 25,000	$ 29,492	$ 54,492
Average Price Paid Per Share (in usd per share)	$ 95.00	$ 155.65	$ 140.39	$ 147.00

v3.24.2.u1

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 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		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]
Share-based payment arrangement, expense	$ 5.0	$ 3.0	$ 8.6	$ 5.6
Share-based payment arrangement, amount capitalized	$ 1.6	$ 1.0	$ 2.8	$ 1.9
Share-based compensation arrangement by share-based payment award (in shares)	211,957	239,160	211,957	239,160	244,571	193,602	228,608	197,772
Equity instruments other than options, vested in period, fair value	$ 48.1	$ 3.9	$ 49.2	$ 4.8
Unrecognized compensation expense to be expected	$ 17.3		$ 17.3
Unrecognized compensation expense expected to be recognized			2 years 21 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)	444,493		444,493
Restricted Stock Units | Employee | 2021 Stock Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Restricted Stock Units | Employee | 2021 Stock Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Restricted Stock Units | Director | 2021 Stock Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Restricted Stock Units | Director | 2021 Stock Incentive Plan | Maximum
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)	178,139	258,824	178,139	258,824	313,924	255,578	254,461	190,804
Unrecognized compensation expense to be expected	$ 10.8		$ 10.8
Unrecognized compensation expense expected to be recognized			2 years 2 months 1 day
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)	462,982		462,982
Percent of target based award, minimum			0.00%
Percent of target based award, maximum			200.00%
Performance vesting period			3 years

v3.24.2.u1

STOCK-BASED COMPENSATION - Schedule of Restricted Stock Award and Unit Activity (Details) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Restricted Stock Units
Number of Unvested Restricted Stock Units
Beginning balance (in shares)	244,571	193,602	228,608	197,772
Granted (in shares)	6,040	69,436	55,041	43,415
Vested (in shares)	(37,665)	(17,720)	(43,088)	(11,608)
Forfeited/canceled (in shares)	(989)	(747)	(1,401)	(971)
Ending balance (in shares)	211,957	244,571	239,160	228,608
Weighted Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 103.91	$ 83.89	$ 77.85	$ 77.49
Granted (in usd per share)	155.61	152.54	94.53	77.84
Vested (in usd per share)	95.83	75.96	86.28	70.86
Forfeited/canceled (in usd per share)	117.19	99.88	89.08	87.68
Ending balance (in usd per share)	$ 106.75	$ 103.91	$ 80.10	$ 77.85
Performance Stock Units
Number of Unvested Restricted Stock Units
Beginning balance (in shares)	313,924	255,578	254,461	190,804
Granted (in shares)	130,012	58,346	15,094	68,726
Vested (in shares)	(265,797)	0	0	0
Forfeited/canceled (in shares)	0	0	(10,731)	(5,069)
Ending balance (in shares)	178,139	313,924	258,824	254,461
Weighted Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 73.28	$ 54.40	$ 53.43	$ 52.15
Granted (in usd per share)	48.65	156.00	66.66	56.57
Vested (in usd per share)	48.65	0	0	0
Forfeited/canceled (in usd per share)	0	0	50.69	47.67
Ending balance (in usd per share)	$ 92.06	$ 73.28	$ 54.32	$ 53.43

v3.24.2.u1

STOCK-BASED COMPENSATION - Schedule of Grant Date Fair Value of Awards (Details) - Performance Stock Units - 2021 Stock Incentive Plan - $ / shares	Mar. 01, 2024	Apr. 03, 2023	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	3 years
Risk-free interest rates	4.36%	3.79%	4.64%	3.88%
Implied equity volatility	46.70%	70.80%	86.40%	87.20%
Stock price on the date of grant (in usd per share)	$ 142.00	$ 79.50	$ 82.20	$ 72.99

v3.24.2.u1

RESTRUCTURING COSTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring costs	$ 0	$ 2,893	$ 0	$ 4,762
Share-based accelerated cost	$ 800		$ 1,300

v3.24.2.u1

EARNINGS (LOSS) PER SHARE -Schedule of Earnings Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ (26,212)	$ 52,035	$ 93,687	$ 523,054	$ 25,823	$ 616,741
Dividends on preferred stock	(1,095)		(1,278)		(2,200)	(2,585)
Participating securities - preferred stock	0		(14,044)		(3,469)	(92,611)
Net income attributable to common stockholders	(27,307)		78,365		20,154	521,545
Re-allocation of participating securities	0		182		64	1,008
Diluted net income (loss) attributable to common stockholders	$ (27,307)		$ 78,547		$ 20,218	$ 522,553
Basic shares (in shares)	18,144		18,518		18,169	18,688
Dilutive shares (in shares)	18,144		18,805		18,573	18,930
Basic EPS (in usd per share)	$ (1.51)		$ 4.23		$ 1.11	$ 27.91
Dilutive EPS (in usd per share)	$ (1.51)		$ 4.18		$ 1.09	$ 27.60
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares (in shares)	300		300		400
Anti-dilutive shares (in shares)						200
Series A Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	3,100		3,300		3,100	3,300

v3.24.2.u1

COMMITMENTS AND CONTINGENCIES - Schedule of Future Service Commitments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Firm Transportation and Gathering Agreements
Other Commitments [Line Items]
Remaining 2024	$ 111,569
2025	137,728
2026	134,257
2027	136,425
2028	136,581
Thereafter	600,031
Total	1,256,591
Future Firm Sales Commitments
Other Commitments [Line Items]
Remaining 2024	10
2025	68
2026	75
2027	12
Thereafter	0
Total	$ 165

v3.24.2.u1

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jan. 22, 2020
Loss Contingencies [Line Items]
Estimate of possible loss		$ 300
Purchase Inventory And Other Material
Loss Contingencies [Line Items]
Remainder of fiscal year	$ 7,200

v3.24.2.u1

DERIVATIVE INSTRUMENTS - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 counterparty
Derivative [Line Items]
Number of counterparties	12
Minimum
Derivative [Line Items]
Derivative, percentage of forecasted annual production	30.00%
Derivative, term of contract	12 months
Maximum
Derivative [Line Items]
Derivative, percentage of forecasted annual production	70.00%
Derivative, term of contract	36 months

v3.24.2.u1

DERIVATIVE INSTRUMENTS - Schedule of Derivative Instruments (Details)	6 Months Ended
	Jun. 30, 2024 MMBTU $ / MMBTU $ / bbl bbl
NYMEX Henry Hub - Remaining 2024
Derivative [Line Items]
Daily volume (in MMBtu) | MMBTU	400,000
Weighted average price (in usd per MMBtu or Bbl)	3.77
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	210,000
Weighted average price (in usd per MMBtu or Bbl)	3.92
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
NYMEX WTI - 2025
Derivative [Line Items]
Daily volume (Bbl/d) | bbl	2,000
Weighted average price (in usd per MMBtu or Bbl) | $ / bbl	74.50
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) | $ / bbl	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	220,000
Weighted average floor price (in usd per MMBtu)	3.37
Weighted average ceiling price (in usd per MMBtu)	4.23
NYMEX WTI - Year 2024, Costless Collars
Derivative [Line Items]
Daily volume (Bbl/d) | bbl	1,000
Weighted average floor price (in usd per MMBtu) | $ / bbl	62.00
Weighted average ceiling price (in usd per MMBtu) | $ / bbl	80.00
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	230,000
Weighted average price (in usd per MMBtu or Bbl)	(0.94)
Basis Swap, Rex Zone 3 2025
Derivative [Line Items]
Daily volume (in MMBtu) | MMBTU	90,000
Weighted average price (in usd per MMBtu or Bbl)	(0.21)
Basis Swap, NGPL TXOK 2025
Derivative [Line Items]
Daily volume (in MMBtu) | MMBTU	40,000
Weighted average price (in usd per MMBtu or Bbl)	(0.29)
Basis Swap, TETCO M2 2025
Derivative [Line Items]
Daily volume (in MMBtu) | MMBTU	210,000
Weighted average price (in usd per MMBtu or Bbl)	(0.96)
Basis Swap, TETCO M2 2026
Derivative [Line Items]
Daily volume (in MMBtu) | MMBTU	40,000
Weighted average price (in usd per MMBtu or Bbl)	(1.06)

v3.24.2.u1

DERIVATIVE INSTRUMENTS - Schedule of Derivative Instruments in Financial Position (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Short-term derivative asset	$ 147,243	$ 233,226
Long-term derivative asset	38,220	47,566
Short-term derivative liability	(43,838)	(21,963)
Long-term derivative liability	(20,941)	(18,602)
Commodity Contracts
Derivatives, Fair Value [Line Items]
Short-term derivative asset	147,243	233,226
Long-term derivative asset	38,220	47,566
Short-term derivative liability	(43,838)	(21,963)
Long-term derivative liability	(20,941)	(18,602)
Total commodity derivative position	$ 120,684	$ 240,227

v3.24.2.u1

DERIVATIVE INSTRUMENTS - Schedule of Loss on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Total (losses) gains on natural gas derivatives	$ (8,615)	$ 96,788	$ 36,521	$ 474,849
Natural Gas
Derivative [Line Items]
Natural gas derivatives - fair value (losses) gains	(99,871)	37,792	(111,349)	411,940
Natural gas derivatives - settlement gains	91,251	49,444	157,702	49,271
Total (losses) gains on natural gas derivatives	(8,620)	87,236	46,353	461,211
Oil
Derivative [Line Items]
Natural gas derivatives - fair value (losses) gains	595	2,258	(1,865)	6,990
Natural gas derivatives - settlement gains	(271)	369	(259)	(74)
Total (losses) gains on natural gas derivatives	324	2,627	(2,124)	6,916
Natural Gas Liquids
Derivative [Line Items]
Natural gas derivatives - fair value (losses) gains	(82)	4,218	(6,330)	3,033
Natural gas derivatives - settlement gains	(237)	2,707	(1,378)	3,689
Total (losses) gains on natural gas derivatives	$ (319)	$ 6,925	$ (7,708)	$ 6,722

v3.24.2.u1

DERIVATIVE INSTRUMENTS - Schedule of Offsetting (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Derivative asset, gross asset	$ 185,463	$ 280,792
Derivative asset, netting adjustment	(61,343)	(30,866)
Derivative asset, net	124,120	249,926
Derivative liability, gross liability	(64,779)	(40,565)
Derivative liability, netting adjustment	61,343	30,866
Derivative liability, net	$ (3,436)	$ (9,699)

v3.24.2.u1

FAIR VALUE MEASUREMENTS - Schedule of Financial and Non-Financial Assets and Liabilities by Valuation Level (Details) - USD ($) $ in Thousands	Jun. 30, 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	185,463	280,792
Contingent consideration arrangement	0	0
Total assets	185,463	280,792
Liabilities:
Derivative instruments	64,779	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

v3.24.2.u1

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration arrangement	$ 2,900,000		$ 2,900,000
Contingent consideration, loss due to change in value	0	$ 100,000	0	$ 1,200,000
Other Noncurrent Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration arrangement	2,600,000		2,600,000
Prepaid Expenses and Other Current Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration arrangement	$ 300,000		$ 300,000

v3.24.2.u1

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Receivables from customers	$ 94,346	$ 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

v3.24.2.u1

LEASES - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 Contract
Lessee, Lease, Description [Line Items]
Number of lease contract	1
Weighted average remaining lease term	10 months 9 days
Weighted-average discount rate - operating leases	6.65%
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	5 years

v3.24.2.u1

LEASES - Schedule of Operating Lease Liability (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
Remaining 2024	$ 6,634
2025	836
2026	561
2027	10
2028	0
Total lease payments	8,041
Less: imputed interest	(197)
Total	$ 7,844

v3.24.2.u1

LEASES - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 3,403	$ 3,443	$ 6,806	$ 6,886
Variable lease cost	0	0	0	0
Short-term lease cost	5,998	8,050	15,949	17,298
Total lease cost	$ 9,401	$ 11,493	$ 22,755	$ 24,184

v3.24.2.u1

LEASES - Schedule of Other Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating cash flows from operating leases	$ 7,649	$ 4,236

v3.24.2.u1

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	22.80%	0.00%	22.00%	0.00%
Valuation allowance for deferred tax assets	$ 85.8		$ 85.8

v3.24.2.u1

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Mar. 19, 2024	Jun. 26, 2023	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024
Related Party Transaction [Line Items]
Stock repurchased during period (in shares)		263,158	161,000	210,000	371,000
Stock repurchased			$ 25,000	$ 29,492	$ 54,492
Related Party
Related Party Transaction [Line Items]
Stock repurchased during period (in shares)	97,219	215,060
Stock repurchased	$ 15,000	$ 20,400

v3.24.2.u1

SUBSEQUENT EVENTS - Schedule of Natural Gas Basis Swap Positions (Details) - Subsequent Event - Basis Swaps, TETCO M2	1 Months Ended
	Jul. 29, 2024 MMBTU $ / MMBTU
Subsequent Event [Line Items]
Daily Volume | MMBTU	20,000
Weighted average price (in usd per MMBtu or Bbl) | $ / MMBTU	(0.93)

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