Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT (Tables)

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PROPERTY AND EQUIPMENT (Tables)
12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Schedule of property and equipment
The major categories of property and equipment and related accumulated depletion, depreciation, amortization and impairment as of December 31, 2021 and 2020 are as follows (in thousands):
Successor Predecessor
December 31, 2021 December 31, 2020
Proved oil and natural gas properties $ 1,917,833  $ 9,359,866 
Unproved properties 211,007  1,457,043 
Other depreciable property and equipment 4,943  85,530 
Land 386  3,008 
Total property and equipment 2,134,169  10,905,447 
Accumulated depletion, depreciation, amortization and impairment (278,341) (8,819,178)
Property and equipment, net $ 1,855,828  $ 2,086,269 
Schedule of oil and gas properties not subject to amortization
The following is a summary of Gulfport’s oil and natural gas properties not subject to amortization as of December 31, 2021 (in thousands):
Costs Incurred in
Period from May 18, 2021 through December 31, 2021
Fresh Start Adjustments (May 17, 2021)(1)
Total
Acquisition costs $ 8,687  $ 202,296  $ 210,983 
Exploration costs —  —  — 
Development costs 18  —  18 
Capitalized interest — 
Total oil and natural gas properties not subject to amortization $ 8,711  $ 202,296  $ 211,007 
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(1)    Reflects carrying values of our unproved properties as a result of the application of fresh start accounting upon emergence from bankruptcy (see Note 3 for additional information) that remain in unproved properties as of December 31, 2021.
The following table summarizes the Company’s non-producing properties excluded from amortization by area as of December 31, 2021:
Successor
December 31, 2021
(In thousands)
Utica $ 175,028 
SCOOP 35,975 
Other
$ 211,007 
Schedule of asset retirement obligation
A reconciliation of the Company's asset retirement obligation for the Predecessor Period, the Successor Period, and the year ended December 31, 2020 is as follows (in thousands):
Asset retirement obligation, January 1, 2020 (Predecessor) $ 60,355 
Liabilities incurred 2,358 
Liabilities removed due to divestitures (2,213)
Accretion expense 3,066 
Total asset retirement obligation, December 31, 2020 (Predecessor) 63,566 
Less: amounts reclassified to liabilities subject to compromise (63,566)
Total asset retirement obligation reflected as non-current liabilities, December 31, 2020 (Predecessor) $ — 
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 204 
Accretion expense 1,214 
Revisions in estimated cash flows(2)
7,762 
Asset retirement obligation at December 31, 2021 (Successor) $ 28,264 
(1) As discussed in Note 3, the Company recorded its asset retirement obligation at fair value as of the Emergence Date.
(2) Revisions represent changes in the present value of liabilities resulting from changes in estimated costs.