| ☒ | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
| ☐ | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 | ||||
| Delaware | 86-3684669 | |||||||
| (State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification Number) | |||||||
| 3001 Quail Springs Parkway | ||||||||
| Oklahoma City, | Oklahoma | 73134 | ||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Common Stock, $0.0001 par value per share | GPOR | The New York Stock Exchange | ||||||||||||
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| Item 1. | ||||||||
| Item 1A. | ||||||||
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| Unless the context otherwise indicates, references to “us,” “we,” “our,” “ours,” “Gulfport,” the “Company” and “Registrant” refer to Gulfport Energy Corporation and its consolidated subsidiaries. All monetary values, other than per unit and per share amounts, are stated in thousands of U.S. dollars unless otherwise specified. In addition, the following are other abbreviations and definitions of certain terms used within this Quarterly Report on Form 10-Q: | ||
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2023 Notes. 6.625% Senior Notes due 2023.
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2024 Notes. 6.000% Senior Notes due 2024.
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2025 Notes. 6.375% Senior Notes due 2025.
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2026 Notes. 6.375% Senior Notes due 2026.
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ASC. Accounting Standards Codification.
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ASU. Accounting Standards Update.
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Bankruptcy Code. Chapter 11 of Title 11 of the United States Code.
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Bankruptcy Court. The United States Bankruptcy Court for the Southern District of Texas.
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Bbl. One stock tank barrel, or 42 U.S. gallons liquid volume, used herein in reference to crude oil or other liquid hydrocarbons.
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Btu. British thermal unit, which represents the amount of energy needed to heat one pound of water by one degree Fahrenheit and can be used to describe the energy content of fuels.
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Building Loan. Loan agreement for our corporate headquarters scheduled to mature in June 2025.
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Chapter 11 Cases. Voluntary petitions filed on November 13, 2020 by Gulfport Energy Corporation, Gator Marine, Inc., Gator Marine Ivanhoe, Inc., Grizzly Holdings, Inc., Gulfport Appalachia, LLC, Gulfport Midcon, LLC, Gulfport Midstream Holdings, LLC, Jaguar Resources LLC, Mule Sky LLC, Puma Resources, Inc. and Westhawk Minerals LLC.
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CODI. Cancellation of indebtedness income.
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Completion. The process of treating a drilled well followed by the installation of permanent equipment for the production of natural gas, oil and NGL.
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Current Combined Quarter. Combined Successor Period and Current Predecessor Quarter.
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Current Combined YTD Period. Combined Successor Period and Current Predecessor YTD Period.
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Current Predecessor Quarter. Period from April 1, 2021 through May 17, 2021.
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Current Predecessor YTD Period. Period from January 1, 2021 through May 17, 2021.
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DD&A. Depreciation, depletion and amortization.
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Debtors. Collectively, Gulfport Energy Corporation, Gator Marine, Inc., Gator Marine Ivanhoe, Inc., Grizzly Holdings, Inc., Gulfport Appalachia, LLC, Gulfport Midcon, LLC, Gulfport Midstream Holdings, LLC, Jaguar Resources LLC, Mule Sky LLC, Puma Resources, Inc. and Westhawk Minerals LLC.
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DIP Credit Facility. Senior secured superpriority debtor-in-possession revolving credit facility in an aggregate principal amount of $262.5 million.
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Emergence Date. May 17, 2021.
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Exit Credit Agreement. The Second Amended and Restated Credit Agreement with the Bank of Nova Scotia as lead administrative agent and various lender parties providing for the Exit Facility and the First-Out Term Loan Facility.
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Exit Credit Facility. Collectively, the First-Out Term Loan Facility and the Exit Facility, with an initial borrowing base and elected commitment amount of up to $580 million.
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Exit Facility. Senior secured reserve-based revolving credit facility with The Bank of Nova Scotia as the lead arranger and administrative agent and various lender parties.
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First-Out Term Loan Facility. Senior secured term loan in an aggregate maximum principal amount of $180 million.
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Grizzly. Grizzly Oil Sands ULC.
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Grizzly Holdings. Grizzly Holdings Inc.
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Gross Acres or Gross Wells. Refers to the total acres or wells in which a working interest is owned.
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Guarantors. All existing consolidated subsidiaries that guarantee the Company's revolving credit facility or certain other debt.
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Indentures. Collectively, the 1145 Indenture and the 4(a)(2) Indenture governing the Successor Senior Notes.
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IRC. The Internal Revenue Code of 1986, as amended.
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LIBOR. London Interbank Offered Rate.
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LOE. Lease operating expenses.
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MBbl. One thousand barrels of crude oil, condensate or natural gas liquids.
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Mcf. One thousand cubic feet of natural gas.
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Mcfe. One thousand cubic feet of natural gas equivalent.
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MMBtu. One million British thermal units.
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MMcf. One million cubic feet of natural gas.
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MMcfe. One million cubic feet of natural gas equivalent.
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Natural Gas Liquids (NGL). Hydrocarbons in natural gas that are separated from the gas as liquids through the process of absorption, condensation, adsorption or other methods in gas processing or cycling plants. Natural gas liquids primarily include ethane, propane, butane, isobutene, pentane, hexane and natural gasoline.
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Net Acres or Net Wells. Refers to the sum of the fractional working interests owned in gross acres or gross wells.
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New Common Stock. $0.0001 par value common stock issued by the Successor on the Emergence Date.
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New Preferred Stock. $0.0001 par value preferred stock issued by the Successor on the Emergence Date.
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NYMEX. New York Mercantile Exchange.
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Petition Date. November 13, 2020.
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Plan. The Amended Joint Chapter 11 Plan of Reorganization of Gulfport Energy Corporation and Its Debtor Subsidiaries.
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Pre-Petition Revolving Credit Facility. Senior secured revolving credit facility, as amended, with The Bank of Nova Scotia as the lead arranger and administrative agent and certain lenders from time to time party thereto with a maximum facility amount of $580 million.
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Prior Predecessor Quarter. Period from April 1, 2020 through June 30, 2020.
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Prior Predecessor YTD Period. Period from January 1, 2020 through June 30, 2020.
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Restructuring. Restructuring contemplated under the Restructuring Support Agreement including equitizing a significant portion of our pre-petition indebtedness and rejecting or renegotiating certain contracts.
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RSA. Restructuring Support Agreement.
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SCOOP. Refers to the South Central Oklahoma Oil Province, a term used to describe a defined area that encompasses many of the top hydrocarbon producing counties in Oklahoma within the Anadarko basin. The SCOOP play mainly targets the Devonian to Mississippian aged Woodford, Sycamore and Springer formations. Our acreage is primarily in Garvin, Grady and Stephens Counties.
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SEC. The United States Securities and Exchange Commission.
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Predecessor Senior Notes. Collectively, the 2023 Notes, 2024 Notes, 2025 Notes and 2026 Notes.
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Successor Period. Period from May 18, 2021 through June 30, 2021.
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| Successor Senior Notes. 8.000% Senior Notes due 2026. | ||
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Undeveloped Acreage. Lease or mineral acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of crude oil and/or natural gas.
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Utica. Refers to the hydrocarbon bearing rock formation located in the Appalachian Basin of the United States and Canada. Our acreage is located primarily in Belmont, Harrison, Jefferson and Monroe Counties in Eastern Ohio.
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Working Interest (WI). The operating interest which gives the owner the right to drill, produce and conduct operating activities on the property and a share of production.
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WTI. Refers to West Texas Intermediate.
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| Successor | Predecessor | |||||||||||||
| June 30, 2021 | December 31, 2020 | |||||||||||||
| (Unaudited) | ||||||||||||||
| Assets | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 9,389 | $ | 89,861 | ||||||||||
| Restricted cash | 29,135 | — | ||||||||||||
| Accounts receivable—oil and natural gas sales | 140,663 | 119,879 | ||||||||||||
| Accounts receivable—joint interest and other | 10,695 | 12,200 | ||||||||||||
| Prepaid expenses and other current assets | 24,737 | 160,664 | ||||||||||||
| Short-term derivative instruments | 2,223 | 27,146 | ||||||||||||
| Total current assets | 216,842 | 409,750 | ||||||||||||
| Property and equipment: | ||||||||||||||
| Oil and natural gas properties, full-cost method | ||||||||||||||
| Proved oil and natural gas properties | 1,737,778 | 9,359,866 | ||||||||||||
| Unproved properties | 224,214 | 1,457,043 | ||||||||||||
| Other property and equipment | 6,914 | 88,538 | ||||||||||||
| Total property and equipment | 1,968,906 | 10,905,447 | ||||||||||||
| Less: accumulated depletion, depreciation and amortization | (150,175) | (8,819,178) | ||||||||||||
| Total property and equipment, net | 1,818,731 | 2,086,269 | ||||||||||||
| Other assets: | ||||||||||||||
| Equity investments | — | 24,816 | ||||||||||||
| Long-term derivative instruments | 3,014 | 322 | ||||||||||||
| Operating lease assets | 44 | 342 | ||||||||||||
| Other assets | 27,557 | 18,372 | ||||||||||||
| Total other assets | 30,615 | 43,852 | ||||||||||||
| Total assets | $ | 2,066,188 | $ | 2,539,871 | ||||||||||
| Successor | Predecessor | |||||||||||||
| June 30, 2021 | December 31, 2020 | |||||||||||||
| (Unaudited) | ||||||||||||||
| Liabilities, Mezzanine Equity and Stockholders’ Equity (Deficit) | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable and accrued liabilities | $ | 397,800 | $ | 244,903 | ||||||||||
| Short-term derivative instruments | 192,730 | 11,641 | ||||||||||||
| Current portion of operating lease liabilities | 39 | — | ||||||||||||
| Current maturities of long-term debt | 60,000 | 253,743 | ||||||||||||
| Total current liabilities | 650,569 | 510,287 | ||||||||||||
| Non-current liabilities: | ||||||||||||||
| Long-term derivative instruments | 113,470 | 36,604 | ||||||||||||
| Asset retirement obligation | 19,347 | — | ||||||||||||
| Non-current operating lease liabilities | 5 | — | ||||||||||||
| Long-term debt, net of current maturities | 773,847 | — | ||||||||||||
| Total non-current liabilities | 906,669 | 36,604 | ||||||||||||
| Liabilities subject to compromise | — | 2,293,480 | ||||||||||||
| Total liabilities | $ | 1,557,238 | $ | 2,840,371 | ||||||||||
| Mezzanine Equity: | ||||||||||||||
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New Preferred Stock - $0.0001 par value, 110 thousand shares authorized, 55.9 thousand issued and outstanding at June 30, 2021
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55,860 | — | ||||||||||||
| Stockholders’ equity (deficit): | ||||||||||||||
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Predecessor common stock - $0.01 par value, 200.0 million shares authorized, 160.8 million issued and outstanding at December 31, 2020
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— | 1,607 | ||||||||||||
| Predecessor accumulated other comprehensive loss | — | (43,000) | ||||||||||||
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New Common Stock - $0.0001 par value, 42.0 million shares authorized, 20.6 million issued and outstanding at June 30, 2021
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2 | — | ||||||||||||
| Additional paid-in capital | 693,921 | 4,213,752 | ||||||||||||
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New Common Stock held in reserve, 937 thousand shares
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(30,216) | — | ||||||||||||
| Accumulated deficit | (210,617) | (4,472,859) | ||||||||||||
| Total stockholders’ equity (deficit) | $ | 453,090 | $ | (300,500) | ||||||||||
| Total liabilities, mezzanine equity and stockholders’ equity (deficit) | $ | 2,066,188 | $ | 2,539,871 | ||||||||||
| Successor | Predecessor | |||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from April 1, 2021 through May 17, 2021 | Three Months Ended June 30, 2020 | ||||||||||||||||||
| REVENUES: | ||||||||||||||||||||
| Natural gas sales | $ | 111,718 | $ | 109,069 | $ | 140,688 | ||||||||||||||
| Oil and condensate sales | 17,587 | 10,867 | 8,390 | |||||||||||||||||
| Natural gas liquid sales | 16,077 | 13,004 | 10,252 | |||||||||||||||||
| Net (loss) gain on natural gas, oil and NGL derivatives | (139,658) | (107,261) | 26,971 | |||||||||||||||||
| Total Revenues | 5,724 | 25,679 | 186,301 | |||||||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||||||
| Lease operating expenses | 4,116 | 6,871 | 13,078 | |||||||||||||||||
| Taxes other than income | 5,056 | 3,645 | 6,300 | |||||||||||||||||
| Transportation, gathering, processing and compression | 41,376 | 55,219 | 113,865 | |||||||||||||||||
| Depreciation, depletion and amortization | 32,362 | 21,617 | 64,790 | |||||||||||||||||
| Impairment of oil and natural gas properties | 117,813 | — | 532,880 | |||||||||||||||||
| General and administrative expenses | 6,518 | 6,418 | 9,766 | |||||||||||||||||
| Restructuring and liability management expenses | — | — | 617 | |||||||||||||||||
| Accretion expense | 226 | 424 | 755 | |||||||||||||||||
| Total Operating Expenses | 207,467 | 94,194 | 742,051 | |||||||||||||||||
| (LOSS) INCOME FROM OPERATIONS | (201,743) | (68,515) | (555,750) | |||||||||||||||||
| OTHER EXPENSE (INCOME): | ||||||||||||||||||||
| Interest expense | 8,894 | 898 | 32,366 | |||||||||||||||||
| Gain on debt extinguishment | — | — | (34,257) | |||||||||||||||||
| Loss from equity method investments, net | — | — | 45 | |||||||||||||||||
| Reorganization items, net | — | (305,617) | — | |||||||||||||||||
| Other, net | (1,051) | 1,958 | 7,164 | |||||||||||||||||
| Total Other Expense (Income) | 7,843 | (302,761) | 5,318 | |||||||||||||||||
| (LOSS) INCOME BEFORE INCOME TAXES | (209,586) | 234,246 | (561,068) | |||||||||||||||||
| Income tax benefit | — | (7,968) | — | |||||||||||||||||
| NET (LOSS) INCOME | $ | (209,586) | $ | 242,214 | $ | (561,068) | ||||||||||||||
| Dividends on New Preferred Stock | $ | (1,031) | $ | — | $ | — | ||||||||||||||
| NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (210,617) | $ | 242,214 | $ | (561,068) | ||||||||||||||
| NET INCOME (LOSS) PER COMMON SHARE: | ||||||||||||||||||||
| Basic | $ | (10.36) | $ | 1.51 | $ | (3.51) | ||||||||||||||
| Diluted | $ | (10.36) | $ | 1.51 | $ | (3.51) | ||||||||||||||
| Weighted average common shares outstanding—Basic | 20,321 | $ | 160,887 | 159,934 | ||||||||||||||||
| Weighted average common shares outstanding—Diluted | 20,321 | 160,887 | 159,934 | |||||||||||||||||
| Successor | Predecessor | |||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Six Months Ended June 30, 2020 | ||||||||||||||||||
| REVENUES: | ||||||||||||||||||||
| Natural gas sales | $ | 111,718 | $ | 344,390 | $ | 301,696 | ||||||||||||||
| Oil and condensate sales | 17,587 | 29,106 | 31,541 | |||||||||||||||||
| Natural gas liquid sales | 16,077 | 36,780 | 27,165 | |||||||||||||||||
| Net (loss) gain on natural gas, oil and NGL derivatives | (139,658) | (137,239) | 125,237 | |||||||||||||||||
| Total Revenues | 5,724 | 273,037 | 485,639 | |||||||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||||||
| Lease operating expenses | 4,116 | 19,524 | 27,773 | |||||||||||||||||
| Taxes other than income | 5,056 | 12,349 | 12,937 | |||||||||||||||||
| Transportation, gathering, processing and compression | 41,376 | 161,086 | 224,222 | |||||||||||||||||
| Depreciation, depletion and amortization | 32,362 | 62,764 | 142,818 | |||||||||||||||||
| Impairment of oil and natural gas properties | 117,813 | — | 1,086,225 | |||||||||||||||||
| Impairment of other property and equipment | — | 14,568 | — | |||||||||||||||||
| General and administrative expenses | 6,518 | 19,175 | 25,388 | |||||||||||||||||
| Restructuring and liability management expenses | — | — | 617 | |||||||||||||||||
| Accretion expense | 226 | 1,229 | 1,496 | |||||||||||||||||
| Total Operating Expenses | 207,467 | 290,695 | 1,521,476 | |||||||||||||||||
| (LOSS) INCOME FROM OPERATIONS | (201,743) | (17,658) | (1,035,837) | |||||||||||||||||
| OTHER EXPENSE (INCOME): | ||||||||||||||||||||
| Interest expense | 8,894 | 4,159 | 65,356 | |||||||||||||||||
| Gain on debt extinguishment | — | — | (49,579) | |||||||||||||||||
| Loss from equity method investments, net | — | 342 | 10,834 | |||||||||||||||||
| Reorganization items, net | — | (266,898) | — | |||||||||||||||||
| Other, net | (1,051) | 1,711 | 8,868 | |||||||||||||||||
| Total Other Expense (Income) | 7,843 | (260,686) | 35,479 | |||||||||||||||||
| (LOSS) INCOME BEFORE INCOME TAXES | (209,586) | 243,028 | (1,071,316) | |||||||||||||||||
| Income tax (benefit) expense | — | (7,968) | 7,290 | |||||||||||||||||
| NET (LOSS) INCOME | $ | (209,586) | $ | 250,996 | $ | (1,078,606) | ||||||||||||||
| Dividends on New Preferred Stock | $ | (1,031) | $ | — | $ | — | ||||||||||||||
| NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (210,617) | $ | 250,996 | $ | (1,078,606) | ||||||||||||||
| NET (LOSS) INCOME PER COMMON SHARE: | ||||||||||||||||||||
| Basic | $ | (10.36) | $ | 1.56 | $ | (6.75) | ||||||||||||||
| Diluted | $ | (10.36) | $ | 1.56 | $ | (6.75) | ||||||||||||||
| Weighted average common shares outstanding—Basic | 20,321 | 160,834 | 159,847 | |||||||||||||||||
| Weighted average common shares outstanding—Diluted | 20,321 | 160,834 | 159,847 | |||||||||||||||||
| Successor | Predecessor | |||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from April 1, 2021 through May 17, 2021 | Three months ended June 30, 2020 | ||||||||||||||||||
| Net income (loss) | $ | (209,586) | $ | 242,214 | $ | (561,068) | ||||||||||||||
| Foreign currency translation adjustment | — | — | 6,872 | |||||||||||||||||
| Other comprehensive income (loss) | — | — | 6,872 | |||||||||||||||||
| Comprehensive income (loss) | $ | (209,586) | $ | 242,214 | $ | (554,196) | ||||||||||||||
| Successor | Predecessor | |||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Six months ended June 30, 2020 | ||||||||||||||||||
| Net income (loss) | $ | (209,586) | $ | 250,996 | $ | (1,078,606) | ||||||||||||||
| Foreign currency translation adjustment | — | — | (8,158) | |||||||||||||||||
| Other comprehensive income (loss) | — | — | (8,158) | |||||||||||||||||
| Comprehensive income (loss) | $ | (209,586) | $ | 250,996 | $ | (1,086,764) | ||||||||||||||
| Common Stock Held in Reserve |
Paid-in Capital |
Accumulated
Other Comprehensive Loss |
Accumulated
Deficit |
Total
Stockholders’ Equity |
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| Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
| Balance at January 1, 2020 (Predecessor) | 159,711 | $ | 1,597 | — | $ | — | $ | 4,207,554 | $ | (46,833) | $ | (2,847,726) | 1,314,592 | ||||||||||||||||||||||||||||||||||
| Net Loss | — | — | — | — | — | — | (517,538) | (517,538) | |||||||||||||||||||||||||||||||||||||||
| Other Comprehensive Loss | — | — | — | — | — | (15,030) | — | (15,030) | |||||||||||||||||||||||||||||||||||||||
| Stock Compensation | — | — | — | — | 2,104 | — | — | 2,104 | |||||||||||||||||||||||||||||||||||||||
| Shares Repurchased | (80) | (1) | — | — | (78) | — | — | (79) | |||||||||||||||||||||||||||||||||||||||
| Issuance of Restricted Stock | 211 | 2 | — | — | (2) | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2020 (Predecessor) | 159,842 | $ | 1,598 | — | $ | — | $ | 4,209,578 | $ | (61,863) | $ | (3,365,264) | $ | 784,049 | |||||||||||||||||||||||||||||||||
| Net Loss | — | $ | — | — | $ | — | $ | — | $ | — | $ | (561,068) | (561,068) | ||||||||||||||||||||||||||||||||||
| Other Comprehensive Income | — | — | — | — | — | 6,872 | — | 6,872 | |||||||||||||||||||||||||||||||||||||||
| Stock Compensation | — | — | — | — | 1,515 | — | — | 1,515 | |||||||||||||||||||||||||||||||||||||||
| Shares Repurchased | (27) | — | — | — | (28) | — | — | (28) | |||||||||||||||||||||||||||||||||||||||
| Issuance of Restricted Stock | 301 | 3 | — | — | (3) | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2020 (Predecessor) | 160,116 | $ | 1,601 | — | $ | — | $ | 4,211,062 | $ | (54,991) | $ | (3,926,332) | $ | 231,340 | |||||||||||||||||||||||||||||||||
| Common Stock Held in Reserve |
Paid-in Capital |
Accumulated Other
Comprehensive (Loss) Income |
Retained Earnings (Accumulated
Deficit) |
Total Stockholders’
Equity (Deficit) |
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| Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
| Balance at January 1, 2021 (Predecessor) | 160,762 | 1,607 | — | — | 4,213,752 | (43,000) | (4,472,859) | (300,500) | |||||||||||||||||||||||||||||||||||||||
| Net Loss | — | — | — | — | — | 8,780 | 8,780 | ||||||||||||||||||||||||||||||||||||||||
| Other Comprehensive Income | — | — | — | — | — | 2,570 | — | 2,570 | |||||||||||||||||||||||||||||||||||||||
| Stock Compensation | — | — | — | — | 1,419 | — | — | 1,419 | |||||||||||||||||||||||||||||||||||||||
| Shares Repurchased | (86) | (1) | — | — | (7) | — | — | (8) | |||||||||||||||||||||||||||||||||||||||
| Issuance of Restricted Stock | 203 | 3 | — | — | (2) | — | — | 1 | |||||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2021 (Predecessor) | 160,879 | 1,609 | — | — | 4,215,162 | (40,430) | (4,464,079) | (287,738) | |||||||||||||||||||||||||||||||||||||||
| Net Income | — | — | — | — | — | — | 242,214 | 242,214 | |||||||||||||||||||||||||||||||||||||||
| Issuance of Restricted Stock | 25 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Shares Repurchased | (10) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Stock Compensation | — | — | — | — | 5,095 | — | — | 5,095 | |||||||||||||||||||||||||||||||||||||||
| Accumulated other comprehensive income extinguishment | — | — | — | — | — | 40,430 | — | 40,430 | |||||||||||||||||||||||||||||||||||||||
| Cancellation of Predecessor Equity | (160,894) | (1,609) | — | — | (4,220,256) | — | 4,221,865 | — | |||||||||||||||||||||||||||||||||||||||
| Issuance of New Common Stock | 21,525 | 2 | — | — | 693,773 | — | — | 693,775 | |||||||||||||||||||||||||||||||||||||||
| Shares of New Common Stock Held in Reserve | — | — | (1,679) | (54,109) | — | — | — | (54,109) | |||||||||||||||||||||||||||||||||||||||
| Balance at May 17, 2021 (Predecessor) | 21,525 | 2 | (1,679) | (54,109) | 693,774 | — | — | 639,667 | |||||||||||||||||||||||||||||||||||||||
| Balance at May 18, 2021 (Successor) | 21,525 | 2 | (1,679) | (54,109) | 693,774 | — | — | 639,667 | |||||||||||||||||||||||||||||||||||||||
| Net Loss | — | — | — | — | — | — | (209,586) | (209,586) | |||||||||||||||||||||||||||||||||||||||
| Release of New Common Stock Held in Reserve | — | — | 741 | 23,893 | — | — | — | 23,893 | |||||||||||||||||||||||||||||||||||||||
| Conversion of New Preferred Stock | 10 | — | — | — | 147 | — | — | 147 | |||||||||||||||||||||||||||||||||||||||
| Dividends on New Preferred Stock | — | — | — | — | — | — | (1,031) | (1,031) | |||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2021 (Successor) | 21,535 | 2 | (938) | (30,216) | 693,921 | — | (210,617) | 453,090 | |||||||||||||||||||||||||||||||||||||||
| Successor | Predecessor | |||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Six Months Ended June 30, 2020 | ||||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||
| Net income (loss) | $ | (209,586) | $ | 250,996 | $ | (1,078,606) | ||||||||||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||
| Depletion, depreciation and amortization | 32,362 | 62,764 | 142,818 | |||||||||||||||||
| Impairment of oil and natural gas properties | 117,813 | — | 1,086,225 | |||||||||||||||||
| Impairment of other property and equipment | — | 14,568 | — | |||||||||||||||||
| Loss from equity investments | — | 342 | 10,834 | |||||||||||||||||
| Gain on debt extinguishment | — | — | (49,579) | |||||||||||||||||
| Net loss (gain) on derivative instruments | 139,658 | 137,239 | (125,237) | |||||||||||||||||
| Net cash receipts on settled derivative instruments | (6,689) | (3,361) | 195,232 | |||||||||||||||||
| Non-cash reorganization items, net | — | (446,012) | — | |||||||||||||||||
| Deferred income tax expense | — | — | 7,290 | |||||||||||||||||
| Other, net | (397) | 1,725 | 9,844 | |||||||||||||||||
| Changes in operating assets and liabilities, net | (34,796) | 153,894 | 48,401 | |||||||||||||||||
| Net cash provided by operating activities | 38,365 | 172,155 | 247,222 | |||||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||
| Additions to oil and natural gas properties | (40,424) | (102,330) | (274,851) | |||||||||||||||||
| Proceeds from sale of oil and natural gas properties | 225 | 15 | 45,185 | |||||||||||||||||
| Other, net | (77) | 4,484 | (424) | |||||||||||||||||
| Net cash used in investing activities | (40,276) | (97,831) | (230,090) | |||||||||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||
| Principal payments on pre-petition revolving credit facility | — | (318,961) | (323,000) | |||||||||||||||||
| Borrowings on pre-petition revolving credit facility | — | 26,050 | 326,000 | |||||||||||||||||
| Borrowings on exit credit facility | 113,249 | 302,751 | — | |||||||||||||||||
| Principal payments on exit credit facility | (131,000) | — | — | |||||||||||||||||
| Principal payments on DIP credit facility | — | (157,500) | — | |||||||||||||||||
| Debt issuance costs and loan commitment fees | (1,206) | (7,100) | — | |||||||||||||||||
| Repurchase of senior notes | — | — | (22,827) | |||||||||||||||||
| Proceeds from issuance of New Preferred Stock | — | 50,000 | — | |||||||||||||||||
| Other, net | (25) | (8) | (548) | |||||||||||||||||
| Net cash used in financing activities | (18,982) | (104,768) | (20,375) | |||||||||||||||||
| Net decrease in cash, cash equivalents and restricted cash | (20,893) | (30,444) | (3,243) | |||||||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 59,417 | 89,861 | 6,060 | |||||||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 38,524 | $ | 59,417 | $ | 2,817 | ||||||||||||||
| Three months ended June 30, 2020 | |||||||||||||||||
| Predecessor | |||||||||||||||||
| As Reported | Adjustments | As Revised | |||||||||||||||
| (In thousands) | |||||||||||||||||
| Natural gas sales | $ | 86,797 | $ | 53,891 | $ | 140,688 | |||||||||||
| Total Revenues | $ | 132,410 | $ | 53,891 | $ | 186,301 | |||||||||||
| Transportation, gathering, processing and compression | $ | 59,974 | $ | 53,891 | $ | 113,865 | |||||||||||
| Total Operating Expenses | $ | 688,160 | $ | 53,891 | $ | 742,051 | |||||||||||
| Six months ended June 30, 2020 | |||||||||||||||||
| Predecessor | |||||||||||||||||
| As Reported | Adjustments | As Revised | |||||||||||||||
| (In thousands) | |||||||||||||||||
| Natural gas sales | $ | 195,344 | $ | 106,352 | $ | 301,696 | |||||||||||
| Total Revenues | $ | 379,287 | $ | 106,352 | $ | 485,639 | |||||||||||
| Transportation, gathering, processing and compression | $ | 117,870 | $ | 106,352 | $ | 224,222 | |||||||||||
| Total Operating Expenses | $ | 1,415,124 | $ | 106,352 | $ | 1,521,476 | |||||||||||
| Successor | Predecessor | |||||||||||||
| June 30, 2021 | December 31, 2020 | |||||||||||||
| Accounts payable and other accrued liabilities | $ | 147,852 | $ | 120,275 | ||||||||||
| Revenue payable and suspense | 127,954 | 124,628 | ||||||||||||
| Accrued contract rejection damages and shares held in reserve | 121,994 | — | ||||||||||||
| Total accounts payable and accrued liabilities | $ | 397,800 | $ | 244,903 | ||||||||||
| Successor | Predecessor | |||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Six Months Ended June 30, 2020 | ||||||||||||||||||
| Supplemental disclosure of cash flow information: | ||||||||||||||||||||
| Cash paid for reorganization items, net | $ | 15,369 | $ | 87,199 | $ | — | ||||||||||||||
| Interest payments | $ | 2,072 | $ | 7,272 | $ | 60,523 | ||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||
| (Increase) decrease in accounts receivable - oil and natural gas sales | $ | 40,048 | $ | (60,832) | $ | 55,565 | ||||||||||||||
| (Increase) decrease in accounts receivable - joint interest and other | $ | 4,510 | $ | (3,005) | $ | 29,159 | ||||||||||||||
| Increase (decrease) in accounts payable and accrued liabilities | $ | (80,097) | $ | 79,193 | $ | (30,620) | ||||||||||||||
| (Increase) decrease in prepaid expenses | $ | 681 | $ | 135,471 | $ | (5,744) | ||||||||||||||
| (Increase) decrease in other assets | $ | 62 | $ | 3,067 | $ | 41 | ||||||||||||||
| Total changes in operating assets and liabilities | $ | (34,796) | $ | 153,894 | $ | 48,401 | ||||||||||||||
| Supplemental disclosure of non-cash transactions: | ||||||||||||||||||||
| Capitalized stock-based compensation | $ | — | $ | 930 | $ | 1,891 | ||||||||||||||
| Asset retirement obligation capitalized | $ | 36 | $ | 546 | $ | 1,553 | ||||||||||||||
| Asset retirement obligation removed due to divestiture | $ | — | $ | — | $ | (2,033) | ||||||||||||||
| Interest capitalized | $ | — | $ | — | $ | 710 | ||||||||||||||
| Fair value of contingent consideration asset on date of divestiture | $ | — | $ | — | $ | 23,090 | ||||||||||||||
| Release of New Common Stock Held in Reserve | $ | 23,893 | $ | — | $ | — | ||||||||||||||
| Foreign currency translation gain (loss) on equity method investments | $ | — | $ | 2,570 | $ | (8,158) | ||||||||||||||
| Enterprise Value | $ | 1,600,000 | |||
|
Plus: Cash and cash equivalents(1)
|
1,526 | ||||
| Less: Fair value of debt | (852,751) | ||||
|
Successor equity value(2)
|
$ | 748,775 | |||
| Enterprise Value | $ | 1,600,000 | |||
|
Plus: Cash and cash equivalents(1)
|
1,526 | ||||
| Plus: Current and other liabilities | 686,489 | ||||
| Plus: Asset retirement obligations | 19,084 | ||||
| Less: Common stock reserved for settlement of claims post Emergence Date | (54,109) | ||||
| Reorganization value of Successor assets | $ | 2,252,990 | |||
| As of May 17, 2021 | ||||||||||||||||||||||||||
| Predecessor | Reorganization Adjustments | Fresh Start Adjustments | Successor | |||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||
| Current assets: | ||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 146,545 | $ | (145,019) | (a) | $ | — | $ | 1,526 | |||||||||||||||||
| Restricted cash | — | 57,891 | (b) | — | 57,891 | |||||||||||||||||||||
| Accounts receivable—oil and natural gas sales | 180,711 | — | — | 180,711 | ||||||||||||||||||||||
| Accounts receivable—joint interest and other | 15,431 | — | — | 15,431 | ||||||||||||||||||||||
| Prepaid expenses and other current assets | 86,189 | (60,894) | (c) | — | 25,295 | |||||||||||||||||||||
| Short-term derivative instruments | 3,324 | — | 141 | (r) | 3,465 | |||||||||||||||||||||
| Total current assets | 432,200 | (148,022) | 141 | 284,319 | ||||||||||||||||||||||
| Property and equipment: | ||||||||||||||||||||||||||
| Oil and natural gas properties, full-cost method | ||||||||||||||||||||||||||
| Proved oil and natural gas properties | 9,558,121 | — | (7,843,072) | (s) | 1,715,049 | |||||||||||||||||||||
| Unproved properties | 1,375,681 | — | (1,163,148) | (s) | 212,533 | |||||||||||||||||||||
| Other property and equipment | 38,026 | — | (31,133) | (t) | 6,893 | |||||||||||||||||||||
| Total property and equipment | 10,971,828 | — | (9,037,353) | 1,934,475 | ||||||||||||||||||||||
| Accumulated depletion, depreciation and amortization | (8,870,723) | — | 8,870,723 | (u) | — | |||||||||||||||||||||
| Total property and equipment, net | 2,101,105 | — | (166,630) | 1,934,475 | ||||||||||||||||||||||
| Other assets: | ||||||||||||||||||||||||||
| Equity investments | 27,044 | — | (27,044) | (v) | — | |||||||||||||||||||||
| Long-term derivative instruments | 7,468 | — | 715 | (w) | 8,183 | |||||||||||||||||||||
| Operating lease assets | 47 | — | — | 47 | ||||||||||||||||||||||
| Other assets | 18,866 | 7,100 | (d) | — | 25,966 | |||||||||||||||||||||
| Total other assets | 53,425 | 7,100 | (26,329) | 34,196 | ||||||||||||||||||||||
| Total assets | $ | 2,586,730 | $ | (140,922) | $ | (192,818) | $ | 2,252,990 | ||||||||||||||||||
| Predecessor | Reorganization Adjustments | Fresh Start Adjustments | Successor | |||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||||
| Liabilities and Stockholders’ Equity (Deficit) | ||||||||||||||||||||||||||
| Current liabilities: | ||||||||||||||||||||||||||
| Accounts payable and accrued liabilities | $ | 384,200 | $ | 122,599 | (e) | $ | — | $ | 506,799 | |||||||||||||||||
| Short-term derivative instruments | 96,116 | — | 2,784 | (x) | 98,900 | |||||||||||||||||||||
| Current portion of operating lease liabilities | — | 38 | (f) | — | 38 | |||||||||||||||||||||
| Current maturities of long-term debt | 280,251 | (220,251) | (g) | — | 60,000 | |||||||||||||||||||||
| Total current liabilities | 760,567 | (97,614) | 2,784 | 665,737 | ||||||||||||||||||||||
| Non-current liabilities: | ||||||||||||||||||||||||||
| Long-term derivative instruments | 69,331 | — | 11,411 | (y) | 80,742 | |||||||||||||||||||||
| Asset retirement obligation | — | 65,341 | (h) | (46,257) | (z) | 19,084 | ||||||||||||||||||||
| Non-current operating lease liabilities | — | 9 | (i) | — | 9 | |||||||||||||||||||||
| Long-term debt, net of current maturities | — | 792,751 | (j) | — | 792,751 | |||||||||||||||||||||
| Total non-current liabilities | 69,331 | 858,101 | (34,846) | 892,586 | ||||||||||||||||||||||
| Liabilities subject to compromise | 2,224,449 | (2,224,449) | (k) | — | — | |||||||||||||||||||||
| Total liabilities | $ | 3,054,347 | $ | (1,463,962) | $ | (32,062) | $ | 1,558,323 | ||||||||||||||||||
| Mezzanine Equity: | ||||||||||||||||||||||||||
| New Preferred Stock | — | 55,000 | (l) | — | 55,000 | |||||||||||||||||||||
| Stockholders’ equity (deficit): | ||||||||||||||||||||||||||
| Predecessor common stock | 1,609 | (1,609) | (m) | — | — | |||||||||||||||||||||
| New Common Stock | — | 2 | (n) | — | 2 | |||||||||||||||||||||
| Additional paid-in capital | 4,215,838 | (3,522,064) | (o) | — | 693,774 | |||||||||||||||||||||
| New Common Stock held in reserve | — | (54,109) | (p) | — | (54,109) | |||||||||||||||||||||
| Accumulated other comprehensive loss | (40,430) | 40,430 | (q) | — | — | |||||||||||||||||||||
| Retained earnings (accumulated deficit) | (4,644,634) | 4,805,390 | (q) | (160,756) | (aa) | — | ||||||||||||||||||||
| Total stockholders’ equity (deficit) | $ | (467,617) | $ | 1,268,040 | $ | (160,756) | $ | 639,667 | ||||||||||||||||||
| Total liabilities, mezzanine equity and stockholders’ equity (deficit) | $ | 2,586,730 | $ | (140,922) | $ | (192,818) | $ | 2,252,990 | ||||||||||||||||||
| Release of escrow funds by counterparties as a result of the Plan | $ | 63,068 | ||||||
| Preferred stock rights offering proceeds | 50,000 | |||||||
| Funds required to rollover the DIP Credit Facility and Pre-Petition Revolving Credit Facility into the Exit Facility | (175,000) | |||||||
| Payment of accrued Pre-Petition Revolving Credit Facility and DIP Credit Facility interest | (1,022) | |||||||
| Payment of issuance costs related to the Exit Credit Facility | (10,250) | |||||||
| Funding of the Professional Fee Escrow | (43,891) | |||||||
| Payment of professional fees at Emergence Date | (7,964) | |||||||
| Transfer to restricted cash for the Unsecured Claims Distribution Trust | (1,000) | |||||||
| Transfer to restricted cash for the Convenience Claims Cash Pool | (3,000) | |||||||
| Transfer to restricted cash for the Parent Cash Pool | (10,000) | |||||||
| Payment of severance costs at Emergence Date | (5,960) | |||||||
| Net change in cash and cash equivalents | $ | (145,019) | ||||||
| Release of escrow funds as a result of the Plan | $ | (63,068) | ||||||
| Recognition of counterparty credits due to settlements effectuated at Emergence | 4,247 | |||||||
| Prepaid compensation earned at Emergence | (2,073) | |||||||
| Net change in prepaid expenses and other current assets | $ | (60,894) | ||||||
| Payment of accrued Pre-Petition Revolving Credit Facility and DIP Credit Facility interest | $ | (1,022) | ||||||
| Payment of professional fees at emergence | (7,964) | |||||||
| Accrued payable for claims to be settled via Unsecured Claims Distribution Trust | 1,000 | |||||||
| Accrued payable for claims to be settled via Convenience Claims Cash Pool | 3,000 | |||||||
| Accrued payable for claims to be settled via Parent Cash Pool | 10,000 | |||||||
| Professional fees payable at Emergence | 18,047 | |||||||
| Accrued payable for General Unsecured Claims against Gulfport Parent to be settled via 4A Claims distribution from common shares held in reserve | 23,894 | |||||||
| Accrued payable for General Unsecured Claims against Gulfport Subsidiary to be settled via 4B Claims distribution from common shares held in reserve | 30,216 | |||||||
| Reinstatement of payables due to Plan effects | 45,428 | |||||||
| Net change in accounts payable and accrued liabilities | $ | 122,599 | ||||||
| Current portion of Term Notes issued under the Exit Facility | $ | 60,000 | ||||||
| Payment of DIP Facility to effectuate Exit Facility | (157,500) | |||||||
| Transfer of post-petition RBL borrowings to Exit Facility | (122,751) | |||||||
| Net changes to current maturities of long-term debt | $ | (220,251) | ||||||
| Emergence Date draw on Exit Facility | 122,751 | |||||||
| Noncurrent portion of First-Out Term Loan issued under the Exit Credit Facility | 120,000 | |||||||
| Issuance of Successor Senior Notes | 550,000 | |||||||
| Net impact to long-term debt, net of current maturities | $ | 792,751 | ||||||
| General Unsecured Claims settled via Class 4A, 4B, and 5B distributions | $ | 74,098 | ||||||
| Predecessor Senior Notes and associated interest | 1,842,035 | |||||||
| Pre-Petition Revolving Credit Facility | 197,500 | |||||||
| Reinstatement of Predecessor Claims as Successor liabilities | 45,475 | |||||||
| Reinstatement of Predecessor asset retirement obligations | 65,341 | |||||||
| Total liabilities subject to compromise settled in accordance with the Plan | $ | 2,224,449 | ||||||
| Pre-petition General Unsecured Claims Settled at Emergence | $ | 74,098 | ||||||
| Predecessor Senior Notes Claims settled at Emergence | 1,842,035 | |||||||
| Pre-Petition Revolving Credit Facility | 197,500 | |||||||
| Rollover of Pre-Petition Revolving Credit Facility into Exit RBL Facility | (197,500) | |||||||
| Accrued payable for claims to be settled via Unsecured Claims Distribution Trust | (1,000) | |||||||
| Accrued payable for claims to be settled via Convenience Claims Cash Pool | (3,000) | |||||||
| Accrued payable for claims to be settled via Parent Cash Pool | (10,000) | |||||||
| Accrued payable for shares to be transferred to trust | (54,109) | |||||||
| Issuance of New Common Stock to settle Predecessor liabilities | (639,666) | |||||||
| Issuance of Successor Senior Notes in settlement of Class 4B and 5B claims | (550,000) | |||||||
| Gain on settlement of liabilities subject to compromise | $ | 658,358 | ||||||
| Issuance of common stock to settle General Unsecured Claims against Gulfport Parent (par value) | $ | — | ||||||
| Issuance of common stock to settle General Unsecured Claims against Gulfport Subsidiaries (par value) | 2 | |||||||
| Common stock reserved for settlement of claims post Emergence Date (par value) | — | |||||||
| Net change to New Common Stock | $ | 2 | ||||||
| Issuance of common stock to settle General Unsecured Claims against Gulfport Parent | $ | 27,751 | ||||||
| Issuance of common stock to settle General Unsecured Claims against Gulfport Subsidiaries | 666,022 | |||||||
| Extinguishment of Predecessor stock based compensation | 4,419 | |||||||
| Extinguishment of Predecessor paid in capital | (4,220,256) | |||||||
| Net change to paid in capital | $ | (3,522,064) | ||||||
| Shares held in reserve to settle Allowed Claims against Gulfport Parent | (23,894) | |||||||
| Shares held in reserve to settle Allowed Claims against Gulfport Subsidiary | (30,215) | |||||||
| Total New Common Stock held in reserve | $ | (54,109) | ||||||
| Gain on settlement of liabilities subject to compromise | $ | 658,358 | ||||||
| Extinguishment of Predecessor common stock and paid in capital | 4,221,864 | |||||||
| Recognition of counterparty credits due to settlements effectuated at Emergence | 4,247 | |||||||
| Deferred compensation earned at Emergence | (2,073) | |||||||
| Extinguishment of Predecessor accumulated other comprehensive income | (40,430) | |||||||
| Write-off of debt issuance costs related to Exit Credit Facility Notes | (3,150) | |||||||
| Severance costs incurred as a result of the Plan | (5,961) | |||||||
| Professional fees earned at Emergence | (18,047) | |||||||
| Rights offering backstop commitment fee | (5,000) | |||||||
| Extinguishment of Predecessor stock based compensation | (4,418) | |||||||
| Net change to retained earnings (accumulated deficit) | $ | 4,805,390 | ||||||
| Successor | Predecessor | ||||||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from April 1, 2021 through May 17, 2021 | Period from January 1, 2021 through May 17, 2021 | |||||||||||||||||||||
| Legal and professional advisory fees | $ | — | $ | (40,782) | $ | (81,565) | |||||||||||||||||
| Net gain on liabilities subject to compromise | — | 571,032 | 575,182 | ||||||||||||||||||||
| Fresh start adjustments, net | — | (160,756) | (160,756) | ||||||||||||||||||||
| Elimination of predecessor accumulated other comprehensive income | — | (40,430) | (40,430) | ||||||||||||||||||||
| Debt issuance costs | — | (3,150) | (3,150) | ||||||||||||||||||||
| Other items, net | — | (20,297) | (22,383) | ||||||||||||||||||||
| Total reorganization items, net | $ | — | $ | 305,617 | $ | 266,898 | |||||||||||||||||
| Successor | Predecessor | |||||||||||||
| June 30, 2021 | December 31, 2020 | |||||||||||||
| Proved oil and natural gas properties | $ | 1,737,778 | $ | 9,359,866 | ||||||||||
| Unproved properties | 224,214 | 1,457,043 | ||||||||||||
| Other depreciable property and equipment | 5,407 | 85,530 | ||||||||||||
| Land | 1,507 | 3,008 | ||||||||||||
| Total property and equipment | 1,968,906 | 10,905,447 | ||||||||||||
| Accumulated DD&A and impairment | (150,175) | (8,819,178) | ||||||||||||
| Property and equipment, net | $ | 1,818,731 | $ | 2,086,269 | ||||||||||
| Successor | |||||
| June 30, 2021 | |||||
| (In thousands) | |||||
| Utica | $ | 186,036 | |||
| SCOOP | 38,178 | ||||
| Total unproved properties | $ | 224,214 | |||
| Asset retirement obligation at January 1, 2021 (Predecessor) | $ | 63,566 | ||||||
| Liabilities incurred | 546 | |||||||
| Accretion expense | 1,229 | |||||||
| Ending balance as of May 17, 2021 (Predecessor) | 65,341 | |||||||
|
Fresh start adjustments(1)
|
(46,257) | |||||||
| Asset retirement obligation at May 18, 2021 (Successor) | 19,084 | |||||||
| Liabilities incurred | 37 | |||||||
| Accretion expense | 226 | |||||||
| Asset retirement obligation at June 30, 2021 | $ | 19,347 | ||||||
| Successor | Predecessor | |||||||||||||
| June 30, 2021 | December 31, 2020 | |||||||||||||
| Exit Facility | $ | 105,000 | $ | — | ||||||||||
| First-Out Term Loan | 180,000 | — | ||||||||||||
|
8.000% senior unsecured notes due 2026
|
550,000 | — | ||||||||||||
| DIP Credit Facility | — | 157,500 | ||||||||||||
| Pre-petition revolving credit facility | — | 292,910 | ||||||||||||
|
6.625% senior unsecured notes due 2023
|
— | 324,583 | ||||||||||||
|
6.000% senior unsecured notes due 2024
|
— | 579,568 | ||||||||||||
|
6.375% senior unsecured notes due 2025
|
— | 507,870 | ||||||||||||
|
6.375% senior unsecured notes due 2026
|
— | 374,617 | ||||||||||||
| Building loan | — | 21,914 | ||||||||||||
| Debt issuance costs | (1,153) | — | ||||||||||||
| Total Debt | 833,847 | 2,258,962 | ||||||||||||
| Less: current maturities of long-term debt | (60,000) | (253,743) | ||||||||||||
| Less: amounts reclassified to liabilities subject to compromise | — | (2,005,219) | ||||||||||||
| Total Debt reflected as long term | $ | 773,847 | $ | — | ||||||||||
|
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 April 1, 2021 | 1,480,223 | $ | 4.26 | 840,595 | $ | 4.07 | |||||||||||||||||
| Granted | — | — | — | — | |||||||||||||||||||
| Vested | (24,549) | 9.49 | — | — | |||||||||||||||||||
| Forfeited/canceled | (1,455,674) | 4.17 | (840,595) | 4.07 | |||||||||||||||||||
| Unvested shares as of May 17, 2021 | — | $ | — | — | $ | — | |||||||||||||||||
|
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, 2021 | 1,702,513 | $ | 4.74 | 840,595 | $ | 4.07 | |||||||||||||||||
| Granted | — | — | — | — | |||||||||||||||||||
| Vested | (227,132) | 8.45 | — | — | |||||||||||||||||||
| Forfeited/canceled | (1,475,381) | 4.16 | (840,595) | 4.07 | |||||||||||||||||||
| Unvested shares as of May 17, 2021 | — | $ | — | — | $ | — | |||||||||||||||||
| Successor | Predecessor | |||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from April 1, 2021 through May 17, 2021 | Three Months Ended June 30, 2020 | ||||||||||||||||||
| Net (loss) income | $ | (209,586) | $ | 242,214 | $ | (561,068) | ||||||||||||||
| Dividends on New Preferred Stock | (1,031) | — | — | |||||||||||||||||
|
Participating securities - New Preferred Stock(1)
|
— | — | — | |||||||||||||||||
| Net (loss) income attributable to common stockholders | $ | (210,617) | $ | 242,214 | $ | (561,068) | ||||||||||||||
| Basic Shares | 20,321 | 160,887 | 159,934 | |||||||||||||||||
| Basic and Dilutive EPS | $ | (10.36) | $ | 1.51 | $ | (3.51) | ||||||||||||||
| Successor | Predecessor | |||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Six Months Ended June 30, 2020 | ||||||||||||||||||
| Net income (loss) attributable to Gulfport | $ | (209,586) | $ | 250,996 | $ | (1,078,606) | ||||||||||||||
| Dividends on New Preferred Stock | (1,031) | — | — | |||||||||||||||||
|
Participating securities - New Preferred Stock(1)
|
— | — | — | |||||||||||||||||
| Net (loss) income attributable to common stockholders | $ | (210,617) | $ | 250,996 | $ | (1,078,606) | ||||||||||||||
| Basic Shares | 20,321 | 160,834 | 159,847 | |||||||||||||||||
| Basic and Dilutive EPS | $ | (10.36) | $ | 1.56 | $ | (6.75) | ||||||||||||||
|
(1)
|
New Preferred Stock represents participating securities because they participate in any dividends on shares of common stock on a pari passu, pro rata basis. However, New Preferred Stock does not participate in undistributed net losses.
|
||||
| (In thousands) | ||||||||
| Remaining 2021 | $ | 112,881 | ||||||
| 2022 | 226,544 | |||||||
| 2023 | 224,737 | |||||||
| 2024 | 217,873 | |||||||
| 2025 | 139,124 | |||||||
| Thereafter | 1,013,822 | |||||||
| Total | $ | 1,934,981 | ||||||
| Location | Daily Volume |
Weighted
Average Price |
|||||||||||||||
| Natural Gas (MMBtu/day) | |||||||||||||||||
| Remaining 2021 | NYMEX Henry Hub | 221,500 | $ | 2.79 | |||||||||||||
| 2022 | NYMEX Henry Hub | 80,411 | $ | 2.80 | |||||||||||||
| Oil (Bbl/day) | |||||||||||||||||
| Remaining 2021 | NYMEX WTI | 3,250 | $ | 57.35 | |||||||||||||
| 2022 | NYMEX WTI | 1,000 | $ | 67.00 | |||||||||||||
| NGL (Bbl/day) | |||||||||||||||||
| Remaining 2021 | Mont Belvieu C3 | 3,100 | $ | 27.80 | |||||||||||||
| 2022 | Mont Belvieu C3 | 496 | $ | 27.30 | |||||||||||||
| Location | Daily Volume | Weighted Average Price | |||||||||||||||
| Natural Gas (MMBtu/day) | |||||||||||||||||
| 2022 | NYMEX Henry Hub | 152,675 | $ | 2.90 | |||||||||||||
| 2023 | NYMEX Henry Hub | 627,675 | $ | 2.90 | |||||||||||||
| Location | Daily Volume | Weighted Average Floor Price | Weighted Average Ceiling Price | ||||||||||||||||||||
| Natural Gas (MMBtu/day) | |||||||||||||||||||||||
| Remaining 2021 | NYMEX Henry Hub | 575,000 | $ | 2.58 | $ | 2.97 | |||||||||||||||||
| 2022 | NYMEX Henry Hub | 406,747 | $ | 2.58 | $ | 2.91 | |||||||||||||||||
| Oil (Bbl/day) | |||||||||||||||||||||||
| 2022 | NYMEX WTI | 1,500 | $ | 55.00 | $ | 60.00 | |||||||||||||||||
| Gulfport Pays | Gulfport Receives | Daily Volume | Weighted Average Fixed Spread | ||||||||||||||||||||
| Natural Gas (MMBtu/day) | |||||||||||||||||||||||
| Remaining 2021 | Rex Zone 3 | NYMEX Plus Fixed Spread | 66,576 | $ | (0.16) | ||||||||||||||||||
| 2022 | Rex Zone 3 | NYMEX Plus Fixed Spread | 24,658 | $ | (0.10) | ||||||||||||||||||
| Successor | Predecessor | |||||||||||||
| June 30, 2021 | December 31, 2020 | |||||||||||||
| Short-term derivative asset | $ | 2,223 | $ | 27,146 | ||||||||||
| Long-term derivative asset | 3,014 | 322 | ||||||||||||
| Short-term derivative liability | (192,730) | (11,641) | ||||||||||||
| Long-term derivative liability | (113,470) | (36,604) | ||||||||||||
| Total commodity derivative position | $ | (300,963) | $ | (20,777) | ||||||||||
| Net (loss) gain on derivative instruments | ||||||||||||||||||||
| Successor | Predecessor | |||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from April 1, 2021 through May 17, 2021 | Three Months Ended June 30, 2020 | ||||||||||||||||||
| Natural gas derivatives | $ | (126,953) | $ | (101,029) | $ | 35,689 | ||||||||||||||
| Oil derivatives | $ | (5,357) | $ | (4,395) | $ | (7,937) | ||||||||||||||
| NGL derivatives | $ | (7,348) | $ | (1,837) | $ | (781) | ||||||||||||||
| Total | $ | (139,658) | $ | (107,261) | $ | 26,971 | ||||||||||||||
| Net (loss) gain on derivative instruments | ||||||||||||||||||||
| Successor | Predecessor | |||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Six Months Ended June 30, 2020 | ||||||||||||||||||
| Natural gas derivatives | $ | (126,953) | $ | (126,442) | $ | 81,542 | ||||||||||||||
| Oil derivatives | $ | (5,357) | $ | (6,126) | $ | 44,937 | ||||||||||||||
| NGL derivatives | $ | (7,348) | $ | (4,671) | $ | 139 | ||||||||||||||
| Contingent consideration arrangement | $ | — | $ | — | $ | (1,381) | ||||||||||||||
| Total | $ | (139,658) | $ | (137,239) | $ | 125,237 | ||||||||||||||
| Successor | |||||||||||||||||
| As of June 30, 2021 | |||||||||||||||||
| Gross Assets (Liabilities) | Gross Amounts | ||||||||||||||||
| Presented in the | Subject to Master | Net | |||||||||||||||
| Consolidated Balance Sheets | Netting Agreements | Amount | |||||||||||||||
| Derivative assets | $ | 5,237 | $ | (5,237) | $ | — | |||||||||||
| Derivative liabilities | $ | (306,200) | $ | 5,237 | $ | (300,963) | |||||||||||
| Predecessor | |||||||||||||||||
| As of December 31, 2020 | |||||||||||||||||
| Gross Assets (Liabilities) | Gross Amounts | ||||||||||||||||
| Presented in the | Subject to Master | Net | |||||||||||||||
| Consolidated Balance Sheets | Netting Agreements | Amount | |||||||||||||||
| Derivative assets | $ | 27,468 | $ | (25,730) | $ | 1,738 | |||||||||||
| Derivative liabilities | $ | (48,245) | $ | 25,730 | $ | (22,515) | |||||||||||
| Successor | |||||||||||||||||
| June 30, 2021 | |||||||||||||||||
| Level 1 | Level 2 | Level 3 | |||||||||||||||
| Assets: | |||||||||||||||||
| Derivative Instruments | $ | — | $ | 5,237 | $ | — | |||||||||||
| Contingent consideration arrangement | $ | — | $ | — | $ | 6,500 | |||||||||||
| Total assets | $ | — | $ | 5,237 | $ | 6,500 | |||||||||||
| Liabilities: | |||||||||||||||||
| Derivative Instruments | $ | — | $ | 306,200 | $ | — | |||||||||||
| Predecessor | |||||||||||||||||
| December 31, 2020 | |||||||||||||||||
| Level 1 | Level 2 | Level 3 | |||||||||||||||
| Assets: | |||||||||||||||||
| Derivative Instruments | $ | — | $ | 27,468 | $ | — | |||||||||||
| Contingent consideration arrangement | $ | — | $ | — | $ | 6,200 | |||||||||||
| Total assets | $ | — | $ | 27,468 | $ | 6,200 | |||||||||||
| Liabilities: | |||||||||||||||||
| Derivative Instruments | $ | — | $ | 48,245 | $ | — | |||||||||||
| Carrying value | Loss from equity method investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Successor | Predecessor | Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| June 30, 2021 | December 31, 2020 | Period from May 18, 2021 through June 30, 2021 | Period from April 1, 2021 through May 17, 2021 | Three months ended June 30, 2020 | Period from May 18, 2021 through June 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Six months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment in Grizzly Oil Sands ULC | 24.5 | % | $ | — | $ | 24,816 | $ | — | $ | — | $ | (45) | $ | — | $ | (342) | $ | (188) | ||||||||||||||||||||||||||||||||||||||||||||
| Investment in Mammoth Energy | — | % | — | — | — | — | — | — | — | (10,646) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| $ | — | $ | 24,816 | $ | — | $ | — | $ | (45) | $ | — | $ | (342) | $ | (10,834) | |||||||||||||||||||||||||||||||||||||||||||||||
| June 30, 2021 | December 31, 2020 | ||||||||||
| (In thousands) | |||||||||||
| Current assets | $ | 462,478 | $ | 483,303 | |||||||
| Noncurrent assets | $ | 1,079,557 | $ | 1,092,495 | |||||||
| Current liabilities | $ | 125,359 | $ | 132,978 | |||||||
| Noncurrent liabilities | $ | 124,628 | $ | 148,240 | |||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Gross revenue | $ | 66,805 | $ | 60,109 | 151,855 | 157,492 | |||||||||||||||||
| Net loss | $ | (13,606) | $ | (14,922) | (22,533) | (99,953) | |||||||||||||||||
| (In thousands) | ||||||||
| Remaining 2021 | $ | 20 | ||||||
| 2022 | 25 | |||||||
| 2023 | — | |||||||
| 2024 | — | |||||||
| Total lease payments | $ | 45 | ||||||
| Less: Imputed interest | (1) | |||||||
| Total | $ | 44 | ||||||
| Successor | Predecessor | |||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from April 1, 2021 through May 17, 2021 | Three months ended June 30, 2020 | ||||||||||||||||||
| Operating lease cost | $ | 8 | $ | 9 | $ | 2,196 | ||||||||||||||
| Variable lease cost | $ | — | $ | — | $ | 235 | ||||||||||||||
| Short-term lease cost | $ | 2,160 | $ | 2,307 | $ | 2,629 | ||||||||||||||
|
Total lease cost(1)
|
$ | 2,168 | $ | 2,316 | $ | 5,060 | ||||||||||||||
| Successor | Predecessor | |||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Six months ended June 30, 2020 | ||||||||||||||||||
| Operating lease cost | $ | 8 | $ | 41 | $ | 6,278 | ||||||||||||||
| Variable lease cost | $ | — | $ | — | $ | 460 | ||||||||||||||
| Short-term lease cost | $ | 2,160 | $ | 4,496 | $ | 5,439 | ||||||||||||||
|
Total lease cost(1)
|
$ | 2,168 | $ | 4,537 | $ | 12,177 | ||||||||||||||
|
(1)
|
The majority of the Company's total lease cost was capitalized to the full cost pool, and the remainder was included in general and administrative expenses in the accompanying consolidated statements of operations. | ||||||||||
| Successor | Predecessor | |||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Six months ended June 30, 2020 | ||||||||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||||||||
| Operating cash flows from operating leases | $ | 15 | $ | 48 | $ | 72 | ||||||||||||||
| Investing cash flow from operating leases | $ | — | $ | — | $ | 7,727 | ||||||||||||||
| Investing cash flow from operating leases—related party | $ | — | $ | — | $ | 6,800 | ||||||||||||||
| Type of Derivative Instrument | Index | Daily Volume |
Weighted
Average Price |
|||||||||||||||||||||||
| Natural Gas (MMBtu/day) | ||||||||||||||||||||||||||
| April 2022 - December 2022 | Fixed price swap | NYMEX Henry Hub | 80,073 | $2.99 | ||||||||||||||||||||||
| January 2023 - March 2023 | Fixed price swap | NYMEX Henry Hub | 20,000 |
$3.13
|
||||||||||||||||||||||
| Oil (Bbl/day) | ||||||||||||||||||||||||||
| January 2022 - December 2022 | Fixed price swap | NYMEX WTI | 1,104 |
$65.54
|
||||||||||||||||||||||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | |||||||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from April 1, 2021 through May 17, 2021 | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||
| Natural gas (Mcf/day) | ||||||||||||||||||||||||||
| Utica | 691,876 | 748,885 | 721,321 | 775,070 | ||||||||||||||||||||||
| SCOOP | 194,513 | 154,224 | 173,704 | 158,813 | ||||||||||||||||||||||
| Other | 127 | 29 | 76 | 53 | ||||||||||||||||||||||
| Total | 886,516 | 903,138 | 895,101 | 933,936 | ||||||||||||||||||||||
| Oil and condensate (Bbl/day) | ||||||||||||||||||||||||||
| Utica | 1,125 | 1,208 | 1,168 | 308 | ||||||||||||||||||||||
| SCOOP | 4,824 | 2,757 | 3,756 | 4,186 | ||||||||||||||||||||||
| Other | 71 | 24 | 47 | 83 | ||||||||||||||||||||||
| Total | 6,020 | 3,989 | 4,971 | 4,577 | ||||||||||||||||||||||
| NGL (Bbl/day) | ||||||||||||||||||||||||||
| Utica | 2,735 | 2,586 | 2,658 | 2,532 | ||||||||||||||||||||||
| SCOOP | 9,073 | 7,047 | 8,027 | 8,411 | ||||||||||||||||||||||
| Other | 4 | 2 | 2 | 2 | ||||||||||||||||||||||
| Total | 11,812 | 9,635 | 10,687 | 10,945 | ||||||||||||||||||||||
| Combined (Mcfe/day) | ||||||||||||||||||||||||||
| Utica | 715,042 | 771,649 | 744,279 | 792,106 | ||||||||||||||||||||||
| SCOOP | 277,897 | 213,043 | 244,401 | 234,396 | ||||||||||||||||||||||
| Other | 577 | 182 | 373 | 563 | ||||||||||||||||||||||
| Total | 993,516 | 984,874 | 989,053 | 1,027,065 | ||||||||||||||||||||||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | |||||||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||||||||||||||||||
| Natural gas (Mcf/day) | ||||||||||||||||||||||||||
| Utica | 691,876 | 780,791 | 759,176 | 780,426 | ||||||||||||||||||||||
| SCOOP | 194,513 | 126,294 | 142,878 | 159,349 | ||||||||||||||||||||||
| Other | 127 | 63 | 78 | 46 | ||||||||||||||||||||||
| Total | 886,516 | 907,148 | 902,132 | 939,821 | ||||||||||||||||||||||
| Oil and condensate (Bbl/day) | ||||||||||||||||||||||||||
| Utica | 1,125 | 1,336 | 1,285 | 450 | ||||||||||||||||||||||
| SCOOP | 4,824 | 2,508 | 3,071 | 4,680 | ||||||||||||||||||||||
| Other | 71 | 35 | 44 | 81 | ||||||||||||||||||||||
| Total | 6,020 | 3,879 | 4,400 | 5,211 | ||||||||||||||||||||||
| NGL (Bbl/day) | ||||||||||||||||||||||||||
| Utica | 2,735 | 2,638 | 2,661 | 2,865 | ||||||||||||||||||||||
| SCOOP | 9,073 | 6,200 | 6,899 | 8,692 | ||||||||||||||||||||||
| Other | 4 | 3 | 3 | 1 | ||||||||||||||||||||||
| Total | 11,812 | 8,841 | 9,563 | 11,558 | ||||||||||||||||||||||
| Combined (Mcfe/day) | ||||||||||||||||||||||||||
| Utica | 715,042 | 804,633 | 782,854 | 800,313 | ||||||||||||||||||||||
| SCOOP | 277,897 | 178,545 | 202,697 | 239,583 | ||||||||||||||||||||||
| Other | 577 | 288 | 358 | 536 | ||||||||||||||||||||||
| Total | 993,516 | 983,466 | 985,909 | 1,040,432 | ||||||||||||||||||||||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | |||||||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from April 1, 2021 through May 17, 2021 | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||
| Natural gas sales | ||||||||||||||||||||||||||
| Natural gas production volumes (MMcf) | 39,007 | 42,448 | 81,455 | 84,988 | ||||||||||||||||||||||
| Natural gas production volumes (MMcf) per day | 887 | 903 | 895 | 934 | ||||||||||||||||||||||
| Total sales | $ | 111,718 | $ | 109,069 | $ | 220,787 | $ | 140,688 | ||||||||||||||||||
| Average price without the impact of derivatives ($/Mcf) | $ | 2.86 | $ | 2.57 | $ | 2.71 | $ | 1.66 | ||||||||||||||||||
| Impact from settled derivatives ($/Mcf) | $ | (0.17) | $ | (0.08) | $ | (0.12) | $ | 0.99 | ||||||||||||||||||
| Average price, including settled derivatives ($/Mcf) | $ | 2.69 | $ | 2.49 | $ | 2.59 | $ | 2.65 | ||||||||||||||||||
| Oil and condensate sales | ||||||||||||||||||||||||||
| Oil and condensate production volumes (MBbl) | 265 | 187 | 452 | 417 | ||||||||||||||||||||||
| Oil and condensate production volumes (MBbl) per day | 6 | 4 | 5 | 5 | ||||||||||||||||||||||
| Total sales | $ | 17,587 | $ | 10,867 | $ | 28,454 | $ | 8,390 | ||||||||||||||||||
| Average price without the impact of derivatives ($/Bbl) | $ | 66.37 | $ | 58.11 | $ | 62.95 | $ | 20.14 | ||||||||||||||||||
| Impact from settled derivatives ($/Bbl) | $ | — | $ | — | $ | — | $ | 97.12 | ||||||||||||||||||
| Average price, including settled derivatives ($/Bbl) | $ | 66.37 | $ | 58.11 | $ | 62.95 | $ | 117.26 | ||||||||||||||||||
| NGL sales | ||||||||||||||||||||||||||
| NGL production volumes (MBbl) | 520 | 453 | 973 | 996 | ||||||||||||||||||||||
| NGL production volumes (MBbl) per day | 12 | 10 | 11 | 11 | ||||||||||||||||||||||
| Total sales | $ | 16,077 | $ | 13,004 | $ | 29,081 | $ | 10,252 | ||||||||||||||||||
| Average price without the impact of derivatives ($/Bbl) | $ | 30.92 | $ | 28.71 | $ | 29.89 | $ | 10.29 | ||||||||||||||||||
| Impact from settled derivatives ($/Bbl) | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
| Average price, including settled derivatives ($/Bbl) | $ | 30.92 | $ | 28.71 | $ | 29.89 | $ | 10.29 | ||||||||||||||||||
| Natural gas, oil and condensate and NGL sales | ||||||||||||||||||||||||||
| Natural gas equivalents (MMcfe) | 43,715 | 46,289 | 90,004 | 93,463 | ||||||||||||||||||||||
| Natural gas equivalents (MMcfe) per day | 994 | 985 | 989 | 1,027 | ||||||||||||||||||||||
| Total sales | $ | 145,382 | $ | 132,940 | $ | 278,322 | $ | 159,330 | ||||||||||||||||||
| Average price without the impact of derivatives ($/Mcfe) | $ | 3.33 | $ | 2.87 | $ | 3.09 | $ | 1.70 | ||||||||||||||||||
| Impact from settled derivatives ($/Mcfe) | $ | (0.15) | $ | (0.08) | $ | (0.11) | $ | 1.33 | ||||||||||||||||||
| Average price, including settled derivatives ($/Mcfe) | $ | 3.18 | $ | 2.79 | $ | 2.98 | $ | 3.03 | ||||||||||||||||||
| Production Costs: | ||||||||||||||||||||||||||
| Average lease operating expenses ($/Mcfe) | $ | 0.09 | $ | 0.15 | $ | 0.12 | $ | 0.14 | ||||||||||||||||||
| Average taxes other than income ($/Mcfe) | $ | 0.12 | $ | 0.08 | $ | 0.10 | $ | 0.07 | ||||||||||||||||||
| Average transportation, gathering, processing and compression ($/Mcfe) | $ | 0.95 | $ | 1.19 | $ | 1.07 | $ | 1.22 | ||||||||||||||||||
| Total lease operating expenses, midstream costs and production taxes ($/Mcfe) | $ | 1.16 | $ | 1.42 | $ | 1.29 | $ | 1.43 | ||||||||||||||||||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | |||||||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from April 1, 2021 through May 17, 2021 | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||
| Natural gas | $ | 111,718 | $ | 109,069 | $ | 220,787 | $ | 140,688 | ||||||||||||||||||
| Oil and condensate | 17,587 | 10,867 | 28,454 | 8,390 | ||||||||||||||||||||||
| NGL | 16,077 | 13,004 | 29,081 | 10,252 | ||||||||||||||||||||||
| Natural gas, oil and NGL sales | $ | 145,382 | $ | 132,940 | $ | 278,322 | $ | 159,330 | ||||||||||||||||||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | |||||||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from April 1, 2021 through May 17, 2021 | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||
| Natural gas derivatives - fair value losses | $ | (120,264) | $ | (97,543) | $ | (217,807) | $ | (48,146) | ||||||||||||||||||
| Natural gas derivatives - settlement (losses) gains | (6,689) | (3,486) | (10,175) | 83,835 | ||||||||||||||||||||||
| Total (losses) gains on natural gas derivatives | (126,953) | (101,029) | (227,982) | 35,689 | ||||||||||||||||||||||
| Oil and condensate derivatives - fair value losses | (5,357) | (4,395) | (9,752) | (48,386) | ||||||||||||||||||||||
| Oil and condensate derivatives - settlement gains | — | — | — | 40,449 | ||||||||||||||||||||||
| Total losses on oil and condensate derivatives | (5,357) | (4,395) | (9,752) | (7,937) | ||||||||||||||||||||||
| NGL derivatives - fair value losses | (7,348) | (1,837) | (9,185) | (997) | ||||||||||||||||||||||
| NGL derivatives - settlement gains | — | — | — | 216 | ||||||||||||||||||||||
| Total losses on NGL derivatives | (7,348) | (1,837) | (9,185) | (781) | ||||||||||||||||||||||
| Total (losses) gains on natural gas, oil and NGL derivatives | $ | (139,658) | $ | (107,261) | $ | (246,919) | $ | 26,971 | ||||||||||||||||||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | |||||||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from April 1, 2021 through May 17, 2021 | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||
| Lease operating expenses | ||||||||||||||||||||||||||
| Utica | $ | 2,853 | $ | 4,769 | $ | 7,622 | $ | 10,391 | ||||||||||||||||||
| SCOOP | 1,230 | 2,092 | 3,322 | 2,548 | ||||||||||||||||||||||
|
Other(1)
|
33 | 10 | 43 | 139 | ||||||||||||||||||||||
| Total lease operating expenses | $ | 4,116 | $ | 6,871 | $ | 10,987 | $ | 13,078 | ||||||||||||||||||
| Lease operating expenses per Mcfe | ||||||||||||||||||||||||||
| Utica | $ | 0.09 | $ | 0.13 | $ | 0.11 | $ | 0.14 | ||||||||||||||||||
| SCOOP | 0.10 | 0.21 | 0.15 | 0.12 | ||||||||||||||||||||||
|
Other(1)
|
1.32 | 1.11 | 1.26 | 2.73 | ||||||||||||||||||||||
| Total lease operating expenses per Mcfe | $ | 0.09 | $ | 0.15 | $ | 0.12 | $ | 0.14 | ||||||||||||||||||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | |||||||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from April 1, 2021 through May 17, 2021 | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||
| Production taxes | $ | 3,739 | $ | 2,656 | $ | 6,395 | $ | 3,605 | ||||||||||||||||||
| Property taxes | 1,067 | 677 | 1,744 | 2,580 | ||||||||||||||||||||||
| Other | 250 | 312 | 562 | 115 | ||||||||||||||||||||||
| Total taxes other than income | $ | 5,056 | $ | 3,645 | $ | 8,701 | $ | 6,300 | ||||||||||||||||||
| Total taxes other than income per Mcfe | $ | 0.12 | $ | 0.08 | $ | 0.10 | $ | 0.07 | ||||||||||||||||||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | |||||||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from April 1, 2021 through May 17, 2021 | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||
| Transportation, gathering, processing and compression | $ | 41,376 | $ | 55,219 | $ | 96,595 | $ | 113,865 | ||||||||||||||||||
| Transportation, gathering, processing and compression per Mcfe | $ | 0.95 | $ | 1.19 | $ | 1.07 | $ | 1.22 | ||||||||||||||||||
| Successor | Predecessor | Predecessor | ||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from April 1, 2021 through May 17, 2021 | Three Months Ended June 30, 2020 | ||||||||||||||||||
| Depreciation, depletion and amortization of oil and gas properties | $ | 32,037 | $ | 21,064 | $ | 62,214 | ||||||||||||||
| Depreciation, depletion and amortization of other property and equipment | $ | 325 | $ | 553 | $ | 2,576 | ||||||||||||||
| Total Depreciation, depletion and amortization | $ | 32,362 | $ | 21,617 | $ | 64,790 | ||||||||||||||
| Depreciation, depletion and amortization per Mcfe | $ | 0.74 | $ | 0.47 | $ | 0.69 | ||||||||||||||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | |||||||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from April 1, 2021 through May 17, 2021 | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||
| General and administrative expenses, gross | $ | 9,867 | $ | 10,835 | $ | 20,702 | $ | 20,951 | ||||||||||||||||||
| Reimbursed from third parties | $ | (1,173) | $ | (1,919) | $ | (3,092) | $ | (3,023) | ||||||||||||||||||
| Capitalized general and administrative expenses | $ | (2,176) | $ | (2,498) | $ | (4,674) | $ | (8,162) | ||||||||||||||||||
| General and administrative expenses, net | $ | 6,518 | $ | 6,418 | $ | 12,936 | $ | 9,766 | ||||||||||||||||||
| General and administrative expenses, net per Mcfe | $ | 0.15 | $ | 0.14 | $ | 0.14 | $ | 0.10 | ||||||||||||||||||
| Successor | Predecessor | Predecessor | ||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from April 1, 2021 through May 17, 2021 | Three Months Ended June 30, 2020 | ||||||||||||||||||
| Interest expense on Predecessor Senior Notes | $ | — | $ | — | $ | 28,179 | ||||||||||||||
| Interest expense on Pre-Petition Revolving Credit Facility | $ | — | $ | 1,024 | $ | 2,860 | ||||||||||||||
| Interest expense on building loan and other | $ | 614 | $ | (1,064) | $ | 310 | ||||||||||||||
| Capitalized interest | $ | — | $ | — | $ | (523) | ||||||||||||||
| Amortization of loan costs | $ | 420 | $ | — | $ | 1,540 | ||||||||||||||
| Interest on DIP Credit Facility | $ | — | $ | 938 | $ | — | ||||||||||||||
| Interest on Exit Facility | $ | 1,366 | $ | — | $ | — | ||||||||||||||
| Interest on First-Out Term Loan | $ | 1,238 | $ | — | $ | — | ||||||||||||||
| Interest on Successor Senior Notes | $ | 5,256 | $ | — | $ | — | ||||||||||||||
| Total interest expense | $ | 8,894 | $ | 898 | $ | 32,366 | ||||||||||||||
| Interest expense per Mcfe | $ | 0.20 | $ | 0.02 | $ | 0.35 | ||||||||||||||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | |||||||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from April 1, 2021 through May 17, 2021 | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||
| Loss from equity method investments, net | $ | — | $ | — | $ | — | $ | 45 | ||||||||||||||||||
| Successor | Predecessor | |||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from April 1, 2021 through May 17, 2021 | |||||||||||||
| Legal and professional advisory fees | $ | — | $ | (40,782) | ||||||||||
| Net gain on liabilities subject to compromise | — | 571,032 | ||||||||||||
| Fresh start adjustments, net | — | (160,756) | ||||||||||||
| Elimination of predecessor accumulated other comprehensive income | — | (40,430) | ||||||||||||
| Debt issuance costs | — | (3,150) | ||||||||||||
| Other items, net | — | (20,297) | ||||||||||||
| Reorganization items, net | $ | — | $ | 305,617 | ||||||||||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | |||||||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||||||||||||||||||
| Natural gas sales | ||||||||||||||||||||||||||
| Natural gas production volumes (MMcf) | 39,007 | 124,279 | 163,286 | 171,047 | ||||||||||||||||||||||
| Natural gas production volumes (MMcf) per day | 887 | 907 | 902 | 940 | ||||||||||||||||||||||
| Total sales | $ | 111,718 | $ | 344,390 | $ | 456,108 | $ | 301,696 | ||||||||||||||||||
| Average price without the impact of derivatives ($/Mcf) | $ | 2.86 | $ | 2.77 | $ | 2.79 | $ | 1.76 | ||||||||||||||||||
| Impact from settled derivatives ($/Mcf) | $ | (0.17) | $ | (0.03) | $ | (0.06) | $ | 0.85 | ||||||||||||||||||
| Average price, including settled derivatives ($/Mcf) | $ | 2.69 | $ | 2.74 | $ | 2.73 | $ | 2.61 | ||||||||||||||||||
| Oil and condensate sales | ||||||||||||||||||||||||||
| Oil and condensate production volumes (MBbl) | 265 | 531 | 796 | 948 | ||||||||||||||||||||||
| Oil and condensate production volumes (MBbl) per day | 6 | 4 | 4 | 5 | ||||||||||||||||||||||
| Total sales | $ | 17,587 | $ | 29,106 | $ | 46,693 | $ | 31,541 | ||||||||||||||||||
| Average price without the impact of derivatives ($/Bbl) | $ | 66.37 | $ | 54.81 | $ | 58.66 | $ | 33.26 | ||||||||||||||||||
| Impact from settled derivatives ($/Bbl) | $ | — | $ | — | $ | — | $ | 52.67 | ||||||||||||||||||
| Average price, including settled derivatives ($/Bbl) | $ | 66.37 | $ | 54.81 | $ | 58.66 | $ | 85.93 | ||||||||||||||||||
| NGL sales | ||||||||||||||||||||||||||
| NGL production volumes (MBbl) | 520 | 1,211 | 1,731 | 2,103 | ||||||||||||||||||||||
| NGL production volumes (MBbl) per day | 12 | 9 | 10 | 12 | ||||||||||||||||||||||
| Total sales | $ | 16,077 | $ | 36,780 | $ | 52,857 | $ | 27,165 | ||||||||||||||||||
| Average price without the impact of derivatives ($/Bbl) | $ | 30.92 | $ | 30.37 | $ | 30.54 | $ | 12.92 | ||||||||||||||||||
| Impact from settled derivatives ($/Bbl) | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
| Average price, including settled derivatives ($/Bbl) | $ | 30.92 | $ | 30.37 | $ | 30.54 | $ | 12.92 | ||||||||||||||||||
| Natural gas, oil and condensate and NGL sales | ||||||||||||||||||||||||||
| Natural gas equivalents (MMcfe) | 43,715 | 134,735 | 178,450 | 189,359 | ||||||||||||||||||||||
| Natural gas equivalents (MMcfe) per day | 994 | 983 | 986 | 1,040 | ||||||||||||||||||||||
| Total sales | $ | 145,382 | $ | 410,276 | $ | 555,658 | $ | 360,402 | ||||||||||||||||||
| Average price without the impact of derivatives ($/Mcfe) | $ | 3.33 | $ | 3.05 | $ | 3.11 | $ | 1.90 | ||||||||||||||||||
| Impact from settled derivatives ($/Mcfe) | $ | (0.15) | $ | (0.02) | $ | (0.06) | $ | 1.03 | ||||||||||||||||||
| Average price, including settled derivatives ($/Mcfe) | $ | 3.18 | $ | 3.03 | $ | 3.05 | $ | 2.93 | ||||||||||||||||||
| Production Costs: | ||||||||||||||||||||||||||
| Average lease operating expenses ($/Mcfe) | $ | 0.09 | $ | 0.14 | $ | 0.13 | $ | 0.15 | ||||||||||||||||||
| Average taxes other than income ($/Mcfe) | $ | 0.12 | $ | 0.09 | $ | 0.10 | $ | 0.07 | ||||||||||||||||||
| Average transportation, gathering, processing and compression ($/Mcfe) | $ | 0.95 | $ | 1.20 | $ | 1.13 | $ | 1.18 | ||||||||||||||||||
| Total lease operating expenses, midstream costs and production taxes ($/Mcfe) | $ | 1.16 | $ | 1.43 | $ | 1.36 | $ | 1.40 | ||||||||||||||||||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | |||||||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||||||||||||||||||
| Natural gas | $ | 111,718 | $ | 344,390 | $ | 456,108 | $ | 301,696 | ||||||||||||||||||
| Oil and condensate | 17,587 | 29,106 | 46,693 | 31,541 | ||||||||||||||||||||||
| NGL | 16,077 | 36,780 | 52,857 | 27,165 | ||||||||||||||||||||||
| Natural gas, oil and NGL sales | $ | 145,382 | $ | 410,276 | $ | 555,658 | $ | 360,402 | ||||||||||||||||||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | |||||||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||||||||||||||||||
| Natural gas derivatives - fair value losses | $ | (120,264) | $ | (123,080) | $ | (243,344) | $ | (63,271) | ||||||||||||||||||
| Natural gas derivatives - settlement (losses) gains | (6,689) | (3,362) | (10,051) | 144,813 | ||||||||||||||||||||||
| Total (losses) gains on natural gas derivatives | (126,953) | (126,442) | (253,395) | 81,542 | ||||||||||||||||||||||
| Oil and condensate derivatives - fair value losses | (5,357) | (6,126) | (11,483) | (5,012) | ||||||||||||||||||||||
| Oil and condensate derivatives - settlement gains | — | — | — | 49,949 | ||||||||||||||||||||||
| Total (losses) gains on oil and condensate derivatives | (5,357) | (6,126) | (11,483) | 44,937 | ||||||||||||||||||||||
| NGL derivatives - fair value losses | (7,348) | (4,671) | (12,019) | (332) | ||||||||||||||||||||||
| NGL derivatives - settlement gains | — | — | — | 471 | ||||||||||||||||||||||
| Total (losses) gains on NGL derivatives | (7,348) | (4,671) | (12,019) | 139 | ||||||||||||||||||||||
| Contingent consideration arrangement - fair value losses | — | — | — | (1,381) | ||||||||||||||||||||||
| Total (losses) gains on natural gas, oil and NGL derivatives | $ | (139,658) | $ | (137,239) | $ | (276,897) | $ | 125,237 | ||||||||||||||||||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | |||||||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||||||||||||||||||
| Lease operating expenses | ||||||||||||||||||||||||||
| Utica | $ | 2,853 | $ | 13,991 | $ | 16,844 | $ | 20,288 | ||||||||||||||||||
| SCOOP | 1,230 | 5,449 | 6,679 | 7,313 | ||||||||||||||||||||||
|
Other(1)
|
33 | 84 | 117 | 172 | ||||||||||||||||||||||
| Total lease operating expenses | $ | 4,116 | $ | 19,524 | $ | 23,640 | $ | 27,773 | ||||||||||||||||||
| Lease operating expenses per Mcfe | ||||||||||||||||||||||||||
| Utica | $0.09 | $0.13 | $0.12 | $0.14 | ||||||||||||||||||||||
| SCOOP | 0.10 | 0.22 | 0.18 | 0.17 | ||||||||||||||||||||||
| Other | 1.32 | 2.15 | 1.83 | 1.76 | ||||||||||||||||||||||
| Total lease operating expenses per Mcfe | $0.09 | $0.14 | $0.13 | $0.15 | ||||||||||||||||||||||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | |||||||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||||||||||||||||||
| Production taxes | $ | 3,739 | $ | 8,459 | $ | 12,198 | $ | 8,404 | ||||||||||||||||||
| Property taxes | 1,067 | 2,590 | 3,657 | 3,863 | ||||||||||||||||||||||
| Other | 250 | 1,300 | 1,550 | 670 | ||||||||||||||||||||||
| Total taxes other than income | 5,056 | 12,349 | 17,405 | 12,937 | ||||||||||||||||||||||
| Total taxes other than income per Mcfe | $ | 0.12 | $ | 0.09 | $ | 0.10 | $ | 0.07 | ||||||||||||||||||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | |||||||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||||||||||||||||||
| Transportation, gathering, processing and compression | $ | 41,376 | $ | 161,086 | $ | 202,462 | $ | 224,222 | ||||||||||||||||||
| Transportation, gathering, processing and compression per Mcfe | $ | 0.95 | $ | 1.20 | $ | 1.13 | $ | 1.18 | ||||||||||||||||||
| Successor | Predecessor | Predecessor | ||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Six Months Ended June 30, 2020 | ||||||||||||||||||
| Depreciation, depletion and amortization of oil and gas properties | $ | 32,037 | $ | 60,831 | $ | 137,573 | ||||||||||||||
| Depreciation, depletion and amortization of other property and equipment | $ | 325 | $ | 1,933 | $ | 5,245 | ||||||||||||||
| Total Depreciation, depletion and amortization | $ | 32,362 | $ | 62,764 | $ | 142,818 | ||||||||||||||
| Depreciation, depletion and amortization per Mcfe | $ | 0.74 | $ | 0.47 | $ | 0.75 | ||||||||||||||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | |||||||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||||||||||||||||||
| General and administrative expenses, gross | $ | 9,867 | $ | 32,152 | $ | 42,019 | $ | 45,055 | ||||||||||||||||||
| Reimbursed from third parties | $ | (1,173) | $ | (4,957) | $ | (6,130) | $ | (6,075) | ||||||||||||||||||
| Capitalized general and administrative expenses | $ | (2,176) | $ | (8,020) | $ | (10,196) | $ | (13,592) | ||||||||||||||||||
| General and administrative expenses, net | $ | 6,518 | $ | 19,175 | $ | 25,693 | $ | 25,388 | ||||||||||||||||||
| General and administrative expenses, net per Mcfe | $ | 0.15 | $ | 0.14 | $ | 0.14 | $ | 0.13 | ||||||||||||||||||
| Successor | Predecessor | Predecessor | ||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Six Months Ended June 30, 2020 | ||||||||||||||||||
| Interest expense on Predecessor Senior Notes | $ | — | $ | — | $ | 57,299 | ||||||||||||||
| Interest expense on Pre-Petition Revolving Credit Facility | $ | — | $ | 2,044 | $ | 5,025 | ||||||||||||||
| Interest expense on building loan and other | $ | 614 | $ | (989) | $ | 650 | ||||||||||||||
| Capitalized interest | $ | — | $ | — | $ | (710) | ||||||||||||||
| Amortization of loan costs | $ | 420 | $ | — | $ | 3,092 | ||||||||||||||
| Interest on DIP Credit Facility | $ | — | $ | 3,104 | $ | — | ||||||||||||||
| Interest on Exit Facility | $ | 1,366 | $ | — | $ | — | ||||||||||||||
| Interest on First-Out Term Loan | $ | 1,238 | $ | — | $ | — | ||||||||||||||
| Interest on Successor Senior Notes | $ | 5,256 | $ | — | $ | — | ||||||||||||||
| Total interest expense | $ | 8,894 | $ | 4,159 | $ | 65,356 | ||||||||||||||
| Interest expense per Mcfe | $ | 0.20 | $ | 0.03 | $ | 0.35 | ||||||||||||||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | |||||||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||||||||||||||||||
| Loss from equity method investments, net | $ | — | $ | 342 | $ | 342 | $ | 10,834 | ||||||||||||||||||
| Successor | Predecessor | |||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from January 1, 2021 through May 17, 2021 | |||||||||||||
| Legal and professional advisory fees | $ | — | $ | (81,565) | ||||||||||
| Net gain on liabilities subject to compromise | — | 575,182 | ||||||||||||
| Fresh start adjustments, net | — | (160,756) | ||||||||||||
| Elimination of predecessor accumulated other comprehensive income | — | (40,430) | ||||||||||||
| Debt issuance costs | — | (3,150) | ||||||||||||
| Other items, net | — | (22,383) | ||||||||||||
| Reorganization items, net | $ | — | $ | 266,898 | ||||||||||
| Natural Gas Derivatives | ||||||||||||||||||||||||||
| Year | Type of Derivative Instrument | Index | Daily Volume (MMBtu/day) |
Weighted
Average Price ($) |
||||||||||||||||||||||
| 2021 | Swaps | NYMEX Henry Hub | 221,500 | $ | 2.79 | |||||||||||||||||||||
| 2022 | Swaps | NYMEX Henry Hub | 80,411 | $ | 2.80 | |||||||||||||||||||||
| 2021 | Basis Swaps | Rex Zone 3 | 66,576 | $ | (0.16) | |||||||||||||||||||||
| 2022 | Basis Swaps | Rex Zone 3 | 24,658 | $ | (0.10) | |||||||||||||||||||||
| 2021 | Costless Collars | NYMEX Henry Hub | 575,000 |
$2.58/$2.97
|
||||||||||||||||||||||
| 2022 | Costless Collars | NYMEX Henry Hub | 406,747 |
$2.58/$2.91
|
||||||||||||||||||||||
| 2022 | Sold Call Options | NYMEX Henry Hub | 152,675 | $ | 2.90 | |||||||||||||||||||||
| 2023 | Sold Call Options | NYMEX Henry Hub | 627,675 | $ | 2.90 | |||||||||||||||||||||
| Oil Derivatives | ||||||||||||||||||||||||||
| Year | Type of Derivative Instrument | Index | Daily Volume (Bbl/day) |
Weighted
Average Price ($) |
||||||||||||||||||||||
| 2021 | Swaps | NYMEX WTI | 3,250 | $ | 57.35 | |||||||||||||||||||||
| 2022 | Swaps | NYMEX WTI | 1,000 | $ | 67.00 | |||||||||||||||||||||
| 2022 | Costless Collars | NYMEX WTI | 1,500 |
$55.00/$60.00
|
||||||||||||||||||||||
| NGL Derivatives | ||||||||||||||||||||||||||
| Year | Type of Derivative Instrument | Index | Daily Volume (Bbl/day) |
Weighted
Average Price ($) |
||||||||||||||||||||||
| 2021 | Swaps | Mont Belvieu C3 | 3,100 | $ | 27.80 | |||||||||||||||||||||
| 2022 | Swaps | Mont Belvieu C3 | 496 | $ | 27.30 | |||||||||||||||||||||
| Successor | Predecessor | |||||||||||||||||||
| Period from May 18, 2021 through June 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Six Months Ended June 30, 2020 | ||||||||||||||||||
| Oil and Natural Gas Property Cash Expenditures: | ||||||||||||||||||||
| Drilling and completion costs | $ | 37,009 | $ | 94,128 | $ | 255,904 | ||||||||||||||
| Leasehold acquisitions | 422 | 2,752 | 10,098 | |||||||||||||||||
| Other | 2,993 | 5,450 | 8,849 | |||||||||||||||||
| Total oil and natural gas property expenditures | $ | 40,424 | $ | 102,330 | $ | 274,851 | ||||||||||||||
| Other Uses of Cash and Cash Equivalents | ||||||||||||||||||||
| Principal payments on pre-petition revolving credit facility, net | $ | — | $ | 292,911 | $ | — | ||||||||||||||
| Principal payments on DIP credit facility | — | 157,500 | — | |||||||||||||||||
| Principal payments on exit credit facility, net | 17,751 | — | — | |||||||||||||||||
| Cash paid to repurchase senior notes | — | — | 22,827 | |||||||||||||||||
| Other | 1,227 | 7,497 | 801 | |||||||||||||||||
| Total other uses of cash and cash equivalents | $ | 18,978 | $ | 457,908 | $ | 23,628 | ||||||||||||||
| Total uses of cash and cash equivalents | $ | 59,402 | $ | 560,238 | $ | 298,479 | ||||||||||||||
| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | ||||
| Location | Daily Volume |
Weighted
Average Price |
||||||||||||
| Natural Gas (MMBtu/day) | ||||||||||||||
| Remaining 2021 | NYMEX Henry Hub | 221,500 | $ | 2.79 | ||||||||||
| 2022 | NYMEX Henry Hub | 80,411 | $ | 2.80 | ||||||||||
| Oil (Bbl/day) | ||||||||||||||
| Remaining 2021 | NYMEX WTI | 3,250 | $ | 57.35 | ||||||||||
| 2022 | NYMEX WTI | 1,000 | $ | 67.00 | ||||||||||
| NGL (Bbl/day) | ||||||||||||||
| Remaining 2021 | Mont Belvieu C3 | 3,100 | $ | 27.80 | ||||||||||
| 2022 | Mont Belvieu C3 | 496 | $ | 27.30 | ||||||||||
| Location | Daily Volume |
Weighted
Average Price |
||||||||||||
| Natural Gas (MMBtu/day) | ||||||||||||||
| 2022 | NYMEX Henry Hub | 152,675 | $ | 2.90 | ||||||||||
| 2023 | NYMEX Henry Hub | 627,675 | $ | 2.90 | ||||||||||
| Location | Daily Volume | Weighted Average Floor Price | Weighted Average Ceiling Price | |||||||||||||||||
| Natural Gas (MMBtu/day) | ||||||||||||||||||||
| Remaining 2021 | NYMEX Henry Hub | 575,000 | $ | 2.58 | $ | 2.97 | ||||||||||||||
| 2022 | NYMEX Henry Hub | 406,747 | $ | 2.58 | $ | 2.91 | ||||||||||||||
| Oil (Bbl/day) | ||||||||||||||||||||
| 2022 | NYMEX WTI | 1,500 | $ | 55.00 | $ | 60.00 | ||||||||||||||
| Gulfport Pays | Gulfport Receives | Daily Volume | Weighted Average Fixed Spread | ||||||||||||||
| Natural Gas (MMBtu/day) | |||||||||||||||||
| Remaining 2021 | Rex Zone 3 | NYMEX Plus Fixed Spread | 66,576 | $ | (0.16) | ||||||||||||
| 2022 | Rex Zone 3 | NYMEX Plus Fixed Spread | 24,658 | $ | (0.10) | ||||||||||||
| ITEM 4. | CONTROLS AND PROCEDURES | ||||
| ITEM 1. | LEGAL PROCEEDINGS | ||||
| ITEM 1A. | RISK FACTORS | ||||
| ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | ||||
| Predecessor Period | Total number of shares purchased (1) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | |||||||||||||||||||||||
| April | 10,470 | $ | 0.05 | — | ||||||||||||||||||||||
| (1) |
During April 2021, we repurchased and canceled 10,470 shares of our common stock at a weighted average price of $0.05 to satisfy tax withholding requirements incurred upon the vesting of restricted stock unit awards.
|
||||||||||||||||||||||||||||
| ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES
|
||||
| ITEM 4. |
MINE SAFETY DISCLOSURES
|
||||
| ITEM 5. |
OTHER INFORMATION
|
||||
| ITEM 6. | EXHIBITS | ||||
| GULFPORT ENERGY CORPORATION | ||||||||
| By: | /s/ William Buese | |||||||
|
William Buese
Chief Financial Officer |
||||||||
| Relative TSR | |||||||||||||||||
| > 75th percentile of the Peer Companies | 50th percentile - < 75th percentile of the Peer Companies | 25th percentile - < 50th percentile of the Peer Companies | < 25th percentile of the Peer Companies | ||||||||||||||
| Annualized Company TSR | < 5.0% | 0% | 0% | 0% | 0% | ||||||||||||
| > 5.0% - 7.5% | 50% | 25% | 0% | 0% | |||||||||||||
| > 7.5% - 10.0% | 125% | 100% | 75% | 50% | |||||||||||||
| > 10.0% - 15.0% | 150% | 125% | 100% | 75% | |||||||||||||
| > 15.0% - 20.0% | 175% | 150% | 125% | 100% | |||||||||||||
| > 20.0% | 200% | 175% | 150% | 125% | |||||||||||||
| Ovintiv Inc. | PDC Energy, Inc. | Laredo Petroleum, Inc. | ||||||
| EQT Corporation | CNX Resources Corporation | Talos Energy Inc. | ||||||
| Southwestern Energy Company | SM Energy Company | Centennial Resource Development, Inc. | ||||||
| Range Resources Corporation | Callon Petroleum Company | Magnolia Oil & Gas Corporation | ||||||
| Cimarex Energy Co. | Comstock Resources, Inc. | Berry Corporation | ||||||
| Murphy Oil Corporation | Matador Resources Company | W&T Offshore, Inc. | ||||||
| Cabot Oil & Gas Corporation | Kosmos Energy Ltd. | Penn Virginia Corporation | ||||||
| Bonanza Creed Energy, Inc. | Earthstone Energy, Inc. | Contango Oil & Gas Company | ||||||
| Goodrich Petroleum Corporation | Brigham Minerals, Inc. | PrimeEnergy Resources Corporation | ||||||
| Falcon Minerals Corporation | Tellurian Inc. | Evolution Petroleum Corporation | ||||||
| /s/ Timothy J. Cutt | |||||
| Timothy J. Cutt | |||||
| Interim Chief Executive Officer | |||||
| /s/ William J. Buese | |||||
| William J. Buese | |||||
| Chief Financial Officer | |||||
| /s/ Timothy J. Cutt | |||||
| Timothy J. Cutt | |||||
| Interim Chief Executive Officer | |||||
| /s/ William J. Buese | |||||
| William J. Buese | |||||
| Chief Financial Officer | |||||