Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Gulfport Energy (GPOR) - Gulfport Energy currently holds a Momentum Style Score of B, indicating a favorable momentum characteristic [2] - The company has a Zacks Rank of 2 (Buy), suggesting strong potential for outperformance in the market [3] Performance Metrics - GPOR shares have increased by 8.4% over the past week, outperforming the Zacks Oil and Gas - Exploration and Production - United States industry, which rose by 6.02% [5] - Over the last quarter, GPOR shares have risen by 25.21%, and over the past year, they have increased by 46.86%, while the S&P 500 has only moved 4.3% and 28.89% respectively [6] - The average 20-day trading volume for GPOR is 232,509 shares, indicating a bullish sign with rising stock prices [7] Earnings Outlook - In the past two months, one earnings estimate for GPOR has increased, while none have decreased, raising the consensus estimate from $14.38 to $14.40 [9] - For the next fiscal year, one estimate has also moved upwards with no downward revisions during the same period [9] Conclusion - Given the positive performance metrics and earnings outlook, GPOR is positioned as a 2 (Buy) stock with a Momentum Score of B, making it a strong candidate for near-term investment [11]

Following Wednesday’s FOMC meeting and press conference from Jerome Powell, it seems 2025 may be shaping up to be a bit more uncertain than investors were expecting. Powell expressed his concern about rising inflation and signaled the central bank was going to be more hawkish moving forward. Fortunately, investors need not try to predict what is going to happen next year, and would be better served by picking a diverse portfolio of stocks that will benefit from various future outcomes.While 2024 brought str ...

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of approximately $178 million for Q3 2024, exceeding analyst expectations, driven by strong liquids production and operating cost performance [30] - Adjusted free cash flow for the same period was approximately $73 million, also better than expected [30] - Net cash provided by operating activities before changes in working capital totaled approximately $160 million, more than sufficient to fund capital expenditures and common share repurchases [29] - The company lowered its full year 2024 capital guidance by approximately 4% at the midpoint, now forecasting D&C capital to be in the range of $325 million to $335 million [12] Business Line Data and Key Metrics Changes - High-margin condensate production increased by 68% quarter-over-quarter [7] - Production for Q3 averaged 1.06 billion cubic feet equivalent per day, consistent with the first half of 2024, but included a significant increase in high-margin oil volumes [31] - The company expects over 60% of total turn-in lines in 2025 to be liquids-rich, up from approximately 37% in 2024 [22] Market Data and Key Metrics Changes - The all-in realized price for Q3 was $3.09 per Mcfe, which is 43% above the NYMEX Henry Hub Index price [32] - The company realized a cash hedging gain of approximately $85 million for the quarter, demonstrating the value of its hedge book [32] - Approximately 15% of natural gas has firm delivery to the Gulf Coast at attractive premiums [35] Company Strategy and Development Direction - The company is focusing on enhancing shareholder value through share repurchases, with a 54% increase in the common stock repurchase authorization to $1 billion [7][40] - There is a strategic shift towards high-margin liquids development, with plans to allocate the majority of capital savings to shareholder returns [11][27] - The company aims to maintain flexibility in its asset base, allowing for shifts between liquids and gas depending on market conditions [50][81] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the gas price outlook for 2025 and 2026, indicating a constructive view on future commodity prices [33] - The company is committed to emission intensity reductions and has achieved an A grade under the MIQ methane emission standard for its natural gas production [9] - Management highlighted the importance of operational efficiencies and cost reductions, attributing two-thirds of capital savings to efficiency gains [46] Other Important Information - The company completed drilling on five gross wells in Ohio during Q3 and concluded its 2024 turn-in-line program in the Utica [13] - The company has extended the maturity of its long-term senior notes by about 3.2 years and lowered the weighted average interest rate on its long-term senior notes by approximately 1.2% [36] Q&A Session Summary Question: Could you walk us through where the savings came from? - Management attributed two-thirds of the capital savings to efficiency gains and one-third to service cost reductions, with no material shifts in planned activity [45][46] Question: How do you think about your inventory ranking? - Management stated that they have several liquids window options and are focusing on high-quality inventory with returns generally within 15% to 20% [47][49] Question: Is the 60% liquids weight on TILs in 2025 the new normal? - Management indicated that the shift towards liquids will be a continuous presence in the company's portfolio, driven by high-quality acreage and commodity price outlook [54][55] Question: Can you characterize the pressure management program? - Management explained that the program is applied across the portfolio and varies with commodity prices, providing benefits such as increased plateau periods and reduced potential damage [57][60] Question: Can you discuss the decision process behind the capital budget adjustments? - Management described a hybrid approach, balancing shareholder returns with some redeployment into drilling activity [63] Question: What is the trajectory of oil production from here? - Management expects a significant increase in liquids production moving into next year, with a shift from a high percentage of gas to a more balanced mix [65] Question: How do you see discretionary acreage opportunities developing in 2025? - Management plans to remain opportunistic in acquiring high-quality acreage, having added significant inventory in recent years [74][76] Question: What is driving the widening of oil differentials? - Management clarified that the widening is a mathematical function due to back-weighted production and not an operational change [78] Question: How flexible is the company regarding the liquids mix? - Management confirmed the ability to pivot between liquids and gas based on commodity price changes, with a focus on maximizing returns [81]

Gulfport Energy (GPOR) came out with quarterly earnings of $2.91 per share, beating the Zacks Consensus Estimate of $2.88 per share. This compares to earnings of $1.85 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 1.04%. A quarter ago, it was expected that this natural gas producer would post earnings of $4.32 per share when it actually produced earnings of $3.31, delivering a surprise of -23.38%. Over the last four quarter ...

6381380/iStock Editorial via Getty Images Gulfport Energy (NYSE:GPOR) is a US natural gas producer with production in Oklahoma's Anadarko and Ohio's developing Utica play. It is a comeback company, having gone into bankruptcy in November 2020 and recovered through investment by companies like Silver Point Capital LP (at 29% of equity on March 31, 2024) and a careful gas hedging program. Gulfport does have a share repurchase program. Its stock is up 16% since my last review and has 32% upside to its one-year ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-19514 Gulfport Energy Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of incor ...

Gulfport Energy (GPOR) came out with quarterly earnings of $3.31 per share, missing the Zacks Consensus Estimate of $4.32 per share. This compares to earnings of $2.58 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -23.38%. A quarter ago, it was expected that this natural gas producer would post earnings of $3.56 per share when it actually produced earnings of $3.10, delivering a surprise of -12.92%.Over the last four quarter ...

Exhibit 99.2 Three months ended March 31, 2024 Supplemental Information of Gulfport Energy | Table of Contents: | Page: | | --- | --- | | Production Volumes by Asset Area | 2 | | Production and Pricing | 3 | | Consolidated Statements of Income | 4 | | Consolidated Balance Sheets | 5 | | Consolidated Statement of Cash Flows | 7 | | 2024E Guidance | 8 | | Derivatives | 9 | | Non-GAAP Reconciliations | 10 | | Definitions | 11 | | Adjusted Net Income | 12 | | Adjusted EBITDA | 13 | | Adjusted Free Cash Flow | 1 ...

Wall Street expects a year-over-year increase in earnings on lower revenues when Gulfport Energy (GPOR) reports results for the quarter ended March 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on April 30, 2024, might help the stock move higher if these key numbers are better than ex ...

Part I [Item 1. Business](index=13&type=section&id=ITEM%201.%20BUSINESS) Gulfport is a natural gas E&P company focused on its Appalachia and Anadarko assets to generate free cash flow [Business Overview and Strategy](index=13&type=section&id=Business%20Overview%20and%20Strategy) The company focuses on developing its Ohio and Oklahoma assets to generate cash flow and return capital to shareholders - Gulfport is an independent natural gas-weighted exploration and production company with principal properties in the **Utica/Marcellus** (eastern Ohio) and **SCOOP** (central Oklahoma) formations[58](index=58&type=chunk) - The company's strategy is to develop its assets to generate **sustainable cash flow**, improve margins, and return capital to shareholders[62](index=62&type=chunk) - Emerged from **Chapter 11 bankruptcy** on May 17, 2021, and began trading on the NYSE under the symbol "GPOR"[61](index=61&type=chunk) [2024 Outlook](index=13&type=section&id=2024%20Outlook) The company projects 2024 capital expenditures of $380-$420 million to support production of 1,045-1,080 MMcfe/day 2024 Guidance | Metric | Value | | :--- | :--- | | **Capital Expenditures** | $380 million - $420 million | | **Net Production** | 1,045 - 1,080 MMcfe/day | - The company plans to continue shareholder returns through its Repurchase Program, with **$250.4 million remaining** authorized as of year-end 2023[65](index=65&type=chunk) [Operating Areas and Reserves](index=14&type=section&id=Operating%20Areas%20and%20Reserves) As of year-end 2023, the company held 4.2 Tcfe of proved reserves with a PV-10 value of $2.4 billion Proved Reserves by Area (Dec 31, 2023) | Area | Total Proved (Bcfe) | % of Total | | :--- | :--- | :--- | | Utica & Marcellus | 3,160 | ~75% | | SCOOP | 1,053 | ~25% | | **Total** | **4,214** | **100%** | 2023 Proved Reserves Summary | Metric | Value | | :--- | :--- | | Total Proved Reserves | 4,214 Bcfe | | Proved Developed | 2,203 Bcfe | | Proved Undeveloped (PUD) | 2,011 Bcfe | | Standardized Measure | $2.38 billion | | PV-10 | $2.41 billion | - Changes in 2023 proved reserves included **+996 Bcfe** from extensions and discoveries, **-385 Bcfe** from production, and **-445 Bcfe** from net downward revisions[74](index=74&type=chunk) - Downward revisions were mainly due to development schedule changes and lower commodity prices, which saw the average Henry Hub price fall from **$6.36/MMBtu in 2022 to $2.64/MMBtu in 2023**[76](index=76&type=chunk) [Acreage, Wells, and Drilling Activity](index=19&type=section&id=Acreage%2C%20Wells%2C%20and%20Drilling%20Activity) At year-end 2023, Gulfport held approximately 235,000 net acres and 599.3 net productive wells Net Acreage Summary (Dec 31, 2023) | Area | Developed Net Acres | Undeveloped Net Acres | Total Net Acres | | :--- | :--- | :--- | :--- | | Utica & Marcellus | 121,387 | 72,058 | 193,445 | | SCOOP | 35,844 | 6,035 | 41,879 | | **Total** | **157,231** | **78,093** | **235,324** | - The company had a total of 1,533 gross (**599.3 net**) productive wells as of year-end 2023[90](index=90&type=chunk) - In 2023, Gulfport drilled **24 gross (21.9 net)** operated development wells, all of which were productive[93](index=93&type=chunk) [Production, Prices, and Costs](index=21&type=section&id=Production%2C%20Prices%2C%20and%20Costs) Production increased 7% in 2023, but average realized prices fell 58% due to a sharp decline in natural gas prices Production and Price Comparison (2023 vs. 2022) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | **Production (MMcfe/day)** | 1,054 | 983 | | **Avg. Price w/o derivatives ($/Mcfe)** | $2.73 | $6.49 | | **Avg. Price w/ derivatives ($/Mcfe)** | $3.13 | $3.55 | | **Total Unit Production Costs ($/Mcfe)** | $1.17 | $1.34 | - The Utica & Marcellus region accounted for **74% of total production** in 2023, while the SCOOP region accounted for 26%[66](index=66&type=chunk)[68](index=68&type=chunk) [Human Capital Management](index=26&type=section&id=Human%20Capital%20Management) The company employed 226 people at year-end 2023, focusing on talent retention, diversity, and safety - Employee headcount was **226** as of December 31, 2023, a slight increase from 223 in the prior year[114](index=114&type=chunk) - The company is focused on diversity and inclusion, with diverse candidates representing almost **39% of new hires** in 2023 and over **60% of independent directors** being gender or ethnically diverse[116](index=116&type=chunk)[117](index=117&type=chunk) - Safety and environmental performance are emphasized, with key metrics being a component of every employee's annual incentive compensation[120](index=120&type=chunk) [Item 1A. Risk Factors](index=29&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company faces significant risks from commodity price volatility, operational uncertainties, and extensive government regulation [Financial, Liquidity and Commodity Price Risks](index=29&type=section&id=Financial%2C%20Liquidity%20and%20Commodity%20Price%20Risks) Financial performance is highly sensitive to volatile commodity prices, hedging outcomes, and interest rate fluctuations - Revenues, cash flows, and profitability are significantly dependent on volatile natural gas, oil, and NGL prices; the Henry Hub spot price ranged from **$1.74 to $3.78 per MMBtu** in 2023[132](index=132&type=chunk)[133](index=133&type=chunk) - Commodity hedging may limit benefits from price increases and exposes the company to **counterparty default risk**[136](index=136&type=chunk)[137](index=137&type=chunk) - Total principal debt was approximately **$668.0 million** at year-end 2023; debt covenants and commitments may limit financial and operating flexibility[139](index=139&type=chunk) - Under the full cost accounting method, declines in commodity prices may trigger **non-cash write-downs (impairments)** of oil and natural gas properties[144](index=144&type=chunk)[145](index=145&type=chunk) [Industry, Business and Operational Risks](index=32&type=section&id=Industry%2C%20Business%20and%20Operational%20Risks) Operational risks include inaccurate reserve estimates, geographic concentration, and reliance on third-party infrastructure - Estimates of proved reserves are complex and subject to revision; approximately **48% of total estimated proved reserves were proved undeveloped (PUDs)** as of December 31, 2023, which require significant capital to recover[149](index=149&type=chunk)[151](index=151&type=chunk) - The company's producing properties are **geographically concentrated** in eastern Ohio and central Oklahoma, increasing vulnerability to regional risks[168](index=168&type=chunk) - Operations depend on third-party pipelines, gathering systems, and oilfield services, which are subject to **capacity constraints and cost fluctuations**[170](index=170&type=chunk)[171](index=171&type=chunk) - The company has minimum volume commitments with midstream providers, obligating it to pay fees regardless of actual throughput; as of Dec 31, 2023, this long-term obligation was approximately **$1.4 billion**[174](index=174&type=chunk) [Environmental, Legal and Regulatory Risks](index=39&type=section&id=Environmental%2C%20Legal%20and%20Regulatory%20Risks) Extensive and evolving regulations regarding emissions, hydraulic fracturing, and climate change could increase costs and restrict operations - Operations are subject to extensive federal, state, and local regulations, including new and proposed rules from the EPA and BLM to **reduce methane emissions**, which could significantly impact costs[180](index=180&type=chunk) - Regulatory initiatives concerning **seismic activity**, particularly related to wastewater disposal, could lead to operational delays and increased costs[183](index=183&type=chunk)[193](index=193&type=chunk) - **Climate change policies** and increasing attention to **ESG matters** could increase operating costs, reduce demand for oil and gas, and make securing capital more difficult[186](index=186&type=chunk)[188](index=188&type=chunk)[195](index=195&type=chunk) [Item 1C. Cybersecurity](index=45&type=section&id=ITEM%201C.%20CYBERSECURITY) Cybersecurity risk is managed through an ERM program and third-party monitoring, with no material incidents identified to date - Cybersecurity is identified as a key risk within the company's Enterprise Risk Management (ERM) program, which is based on the **NIST and CIS frameworks**[210](index=210&type=chunk) - The program is overseen by the Chief Information Officer, with the **Audit Committee** receiving detailed updates annually and quarterly through the ERM program[217](index=217&type=chunk)[218](index=218&type=chunk) - The company leverages third-party partners for **24/7 security operations monitoring** and annual vulnerability assessments[213](index=213&type=chunk) - As of year-end 2023, **no security incidents or breaches** have been identified that are considered material to the company's business strategy, results, or financial condition[215](index=215&type=chunk) Part II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=47&type=section&id=ITEM%205.%20MARKET%20FOR%20REGISTRANT'S%20COMMON%20EQUITY%2C%20RELATED%20STOCKHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) The company's stock trades on the NYSE as "GPOR" and it repurchased $148.9 million of shares in 2023 - The company's Board of Directors approved an increase to the stock Repurchase Program, bringing the total authorization to **$650 million** and extending it through December 31, 2024[228](index=228&type=chunk)[243](index=243&type=chunk) Share Repurchase Activity (2023) | Metric | Value | | :--- | :--- | | **Shares Repurchased** | 1.5 million | | **Total Cost** | $148.9 million | | **Weighted Avg. Price** | $101.53 per share | - Since the program's inception, the company has repurchased **4.4 million shares for $399.6 million** at an average price of $91.53 per share[228](index=228&type=chunk)[243](index=243&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=48&type=section&id=ITEM%207.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Net income rose to $1.5 billion due to derivative gains and a tax benefit, despite lower revenues from weak commodity prices [Overview and Recent Developments](index=49&type=section&id=Overview%20and%20Recent%20Developments) In 2023, the company appointed new leadership, expanded its credit facility, and increased its share repurchase program - Key leadership changes occurred in 2023, with **John Reinhart appointed as President and CEO** and Michael Hodges as Executive Vice President and CFO[235](index=235&type=chunk)[236](index=236&type=chunk) - The credit facility was amended to increase the borrowing base to **$1.1 billion**, increase commitments to **$900 million**, and extend the maturity date to May 2027[238](index=238&type=chunk) - The stock repurchase program was increased from $400 million to **$650 million** and extended through December 31, 2024[243](index=243&type=chunk) - 2023 operational highlights include producing **1,054 MMcfe/day**, generating **$723.2 million in operating cash flow**, and returning **$148.9 million** to shareholders via buybacks[247](index=247&type=chunk) [Results of Operations](index=53&type=section&id=Results%20of%20Operations) Net income increased to $1.5 billion in 2023, driven by a large gain on derivatives and a significant income tax benefit Key Financial Results (2023 vs. 2022) | Metric (in millions) | 2023 | 2022 | | :--- | :--- | :--- | | **Total Commodity Sales** | $1,051.4 | $2,330.9 | | **Net Gain (Loss) on Derivatives** | $740.3 | $(999.7) | | **Total Revenues** | $1,791.7 | $1,331.1 | | **Income from Operations** | $974.8 | $543.1 | | **Income Tax Benefit** | $525.2 | $0 | | **Net Income** | $1,470.9 | $494.7 | - The decrease in commodity sales was driven by a **62% decrease** in realized natural gas prices, a **20% decrease** in realized oil prices, and a **34% decrease** in realized NGL prices[254](index=254&type=chunk)[255](index=255&type=chunk)[256](index=256&type=chunk) - Total DD&A expense increased 19% to **$319.7 million**, or $0.83/Mcfe, due to drilling and development activities[263](index=263&type=chunk) - The company recognized a **$525.2 million income tax benefit** in 2023 due to the partial release of the valuation allowance against its net deferred tax assets[270](index=270&type=chunk) [Liquidity and Capital Resources](index=58&type=section&id=Liquidity%20and%20Capital%20Resources) The company funded $537.4 million in property additions and $149.2 million in buybacks primarily with operating cash flow Sources and Uses of Cash (FY 2023, in millions) | Category | Amount | | :--- | :--- | | **Net cash from operating activities** | $723.2 | | **Additions to oil & gas properties** | $(537.4) | | **Repurchases of Common Stock** | $(149.2) | | **Net debt activity** | $(27.0) | | **Preferred Stock dividends** | $(4.8) | - As of December 31, 2023, the company had $1.9 million in cash, a net working capital of $52.4 million, and total principal debt of **$668.0 million**[275](index=275&type=chunk) - Total incurred capital expenditures for 2023 were **$491.5 million**, including $388.6 million for drilling and completion[293](index=293&type=chunk) - The 2024 capital expenditure budget is estimated to be **$330-$360 million** for drilling and completion, plus $50-$60 million for leasehold/land investment[294](index=294&type=chunk) [Critical Accounting Policies and Estimates](index=63&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Significant estimates include oil and gas reserves under the full cost method, which impacts impairment tests and depletion - The company uses the **full cost method** of accounting, capitalizing all costs related to oil and gas property acquisition, exploration, and development[308](index=308&type=chunk) - A quarterly **ceiling test** is performed to assess for impairment of oil and gas properties; key factors are reserve estimates and the 12-month average commodity price, and **no impairment was recorded in 2023 or 2022**[310](index=310&type=chunk)[311](index=311&type=chunk) - Estimates of oil and natural gas reserves are the most significant estimates, affecting **depletion, depreciation, amortization, and impairment** calculations[312](index=312&type=chunk) - Accounting for income taxes requires significant judgment, especially in assessing the realizability of **deferred tax assets** and the need for a valuation allowance[313](index=313&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=65&type=section&id=ITEM%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risks are commodity price volatility, managed via derivatives, and interest rate risk - The company uses derivative instruments (swaps, collars, options) to manage **commodity price risk** for its forecasted production[318](index=318&type=chunk)[320](index=320&type=chunk) - As of December 31, 2023, the company had a net asset derivative position of **$240.2 million**; a 10% decrease in commodity prices would increase this asset value by approximately **$86.5 million**[326](index=326&type=chunk) - The company is exposed to interest rate risk on its Credit Facility; based on the $118.0 million outstanding at year-end 2023, a **1% increase in interest rates** would increase annual interest expense by approximately **$1.2 million**[328](index=328&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=67&type=section&id=ITEM%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) This section contains the company's audited consolidated financial statements, notes, and supplementary oil and gas data [Consolidated Financial Statements](index=71&type=section&id=Consolidated%20Financial%20Statements) The financial statements show total assets of $3.27 billion, net income of $1.47 billion, and operating cash flow of $723.2 million for 2023 Consolidated Balance Sheet Highlights (Dec 31, 2023) | Metric (in thousands) | Value | | :--- | :--- | | **Total Current Assets** | $396,806 | | **Total Property and Equipment, net** | $2,252,299 | | **Total Assets** | $3,267,613 | | **Total Current Liabilities** | $344,454 | | **Total Long-Term Debt** | $667,382 | | **Total Liabilities** | $1,061,719 | | **Total Stockholders' Equity** | $2,161,680 | Consolidated Statement of Operations Highlights (FY 2023) | Metric (in thousands) | Value | | :--- | :--- | | **Total Revenues** | $1,791,702 | | **Total Operating Expenses** | $816,855 | | **Income Before Income Taxes** | $945,760 | | **Income Tax Benefit** | $(525,156) | | **Net Income** | $1,470,916 | Consolidated Statement of Cash Flows Highlights (FY 2023) | Metric (in thousands) | Value | | :--- | :--- | | **Net Cash from Operating Activities** | $723,181 | | **Net Cash used in Investing Activities** | $(537,227) | | **Net Cash used in Financing Activities** | $(191,284) | [Notes to Consolidated Financial Statements](index=78&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, fresh start accounting, debt facilities, derivative positions, and supplemental reserve data - The company emerged from Chapter 11 on May 17, 2021, and applied **fresh start accounting**, which materially reset the carrying values of assets and liabilities, making post-emergence financial statements not comparable to pre-emergence periods (Note 2 & 3)[366](index=366&type=chunk)[402](index=402&type=chunk)[403](index=403&type=chunk) - Long-term debt as of Dec 31, 2023, consisted of **$550 million in 8.0% senior notes** due 2026 and **$118 million drawn** on its credit facility; the credit facility has a $1.1 billion borrowing base and $900 million in commitments (Note 5)[434](index=434&type=chunk)[439](index=439&type=chunk)[440](index=440&type=chunk) - The company had significant derivative positions at year-end 2023, including natural gas swaps covering **325,000 MMBtu/d for 2024** at an average price of **$4.05/MMBtu** (Note 13)[518](index=518&type=chunk)[520](index=520&type=chunk) - Supplemental data shows total proved reserves of **4,214 Bcfe** at year-end 2023, with a standardized measure of discounted future net cash flows of **$2.38 billion** (Note 20)[566](index=566&type=chunk)[573](index=573&type=chunk) [Item 9A. Controls and Procedures](index=123&type=section&id=ITEM%209A.%20CONTROLS%20AND%20PROCEDURES) Management and the independent auditor concluded that the company's disclosure controls and internal controls were effective - The CEO and CFO concluded that the company's **disclosure controls and procedures were effective** as of December 31, 2023[578](index=578&type=chunk) - Management concluded that the company's **internal control over financial reporting was effective** as of December 31, 2023, based on the COSO framework[582](index=582&type=chunk) - The independent registered public accounting firm, Grant Thornton LLP, issued an **unqualified opinion** on the effectiveness of the company's internal control over financial reporting as of December 31, 2023[583](index=583&type=chunk)[587](index=587&type=chunk) Part III [Items 10-14. Directors, Executive Compensation, Security Ownership, and Related Party Transactions](index=126&type=section&id=ITEMS%2010-14) Details on directors, compensation, and security ownership are incorporated by reference from the 2024 Proxy Statement - Information for Items 10, 11, 12, 13, and 14 is **incorporated by reference** from the company's forthcoming 2024 Proxy Statement[598](index=598&type=chunk)[599](index=599&type=chunk)[600](index=600&type=chunk)[601](index=601&type=chunk)[602](index=602&type=chunk) Part IV [Item 15. Exhibits and Financial Statement Schedules](index=127&type=section&id=ITEM%2015.%20EXHIBITS%20AND%20FINANCIAL%20STATEMENT%20SCHEDULES) This section lists all financial statements, schedules, and exhibits filed as part of the Form 10-K - This section provides an index of all exhibits filed with the Form 10-K, including corporate governance documents, debt agreements, and management compensation plans[605](index=605&type=chunk)[606](index=606&type=chunk)