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, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
The major categories of property and equipment and related accumulated DD&A are as follows (in thousands):
Successor
December 31, 2023 December 31, 2022
Proved oil and natural gas properties $ 2,904,519  $ 2,418,666 
Unproved properties 204,233  178,472 
Other depreciable property and equipment 8,779  5,977 
Land 386  386 
Total property and equipment 3,117,917  2,603,501 
Accumulated DD&A (865,618) (545,771)
Property and equipment, net $ 2,252,299  $ 2,057,730 
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, 2023 (in thousands):
Costs Incurred in
Year Ended December 31, 2023 Year Ended December 31, 2022 Period from May 18, 2021 through December 31, 2021
Fresh Start Adjustments (May 17, 2021)(1)
Total
Acquisition costs $ 58,002  $ 17,288  $ 8,687  $ 117,270  $ 201,247 
Exploration costs —  —  —  —  — 
Development costs 535  6  15  —  556 
Capitalized interest 2,430  —  —  —  2,430 
Total oil and natural gas properties not subject to amortization $ 60,967  $ 17,294  $ 8,702  $ 117,270  $ 204,233 
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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, 2023.
The following table summarizes the Company’s non-producing properties excluded from amortization by area (in thousands):
Successor
December 31, 2023 December 31, 2022
Utica & Marcellus $ 177,888  $ 147,370 
SCOOP 26,345  31,102 
Total unproved properties $ 204,233  $ 178,472 
Schedule of Asset Retirement Obligation
The following table provides a reconciliation of the Company's asset retirement obligation for the years ended December 31, 2023 and December 31, 2022 (in thousands):
Successor
Year Ended December 31, 2023 Year Ended December 31, 2022
Asset retirement obligation, beginning of period $ 33,171  $ 28,264 
Liabilities incurred 588  96 
Liabilities settled (604) — 
Liabilities removed due to divestitures (919) (7)
Accretion expense 2,782  2,746 
Revisions in estimated cash flows(1)
(5,077) 2,072 
Asset retirement obligation, end of period $ 29,941  $ 33,171 
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(1)    Revisions represent changes in the present value of liabilities resulting from changes in estimated costs.