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Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments |
Schedule of fixed price swap positions, excluding Martica | ​ As of June 30, 2025, the Company’s fixed price swap positions excluding Martica, the Company’s consolidated VIE, were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Average | ​
Commodity / Settlement Period |  | Index |  | Contracted Volume |  | Price |
Natural Gas | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
July-December 2025 | ​ | Henry Hub | ​ | 100,000 | MMBtu/day | ​ | $ | 3.12 | /MMBtu | ​
Schedule of contract collar positions, excluding Martica | As of June 30, 2025, the Company’s collar contract positions excluding Martica, the Company’s consolidated VIE, were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | Weighted | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Average | ​ | Average | ​
Commodity / Settlement Period |  | Index |  | Contracted Volume |  | Ceiling Price |  | Floor Price | ​
Natural Gas | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
January-December 2026 | ​ | Henry Hub | ​ | 500,000 | MMBtu/day | ​ | $ | 6.31 | /MMBtu | ​ | $ | 3.14 | /MMBtu | ​
Schedule of call option and embedded put option arrangements | As of June 30, 2025, the Company’s call option and embedded put option arrangements were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Embedded | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Call Option | ​ | Put Option | ​
Commodity / Settlement Period |  | Index |  | Contracted Volume |  | Strike Price |  | Strike Price |
Natural Gas | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
July-December 2025 | ​ | Henry Hub | ​ | 44,000 | MMBtu/day | ​ | $ | 2.564 | /MMBtu | ​ | $ | 2.564 | /MMBtu | ​
January-December 2026 | ​ | Henry Hub | ​ | 32,000 | MMBtu/day | ​ | ​ | 2.629 | /MMBtu | ​ | ​ | 2.629 | /MMBtu | ​
Summary of the fair values of derivative instruments, which are not designated as hedges for accounting purposes | The table below presents a summary of the fair values of the Company’s derivative instruments and where such values are recorded in the condensed consolidated balance sheets (in thousands).
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | (Unaudited) | ​
​ | ​ | ​ | ​ | December 31, | ​ | June 30, | ​
​ |  | Balance Sheet Location |  | 2024 | ​ | 2025 | ​
Asset derivatives not designated as hedges for accounting purposes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity derivatives—current | ​ | Derivative instruments | ​ | $ | — | ​ | ​ | 387 | ​
Embedded derivatives—current | ​ | Derivative instruments | ​ | ​ | 1,050 | ​ | ​ | 750 | ​
Commodity derivatives—noncurrent | ​ | Derivative instruments | ​ | ​ | — | ​ | ​ | 371 | ​
Embedded derivatives—noncurrent | ​ | Derivative instruments | ​ | ​ | 1,296 | ​ | ​ | 576 | ​
Total asset derivatives (1) | ​ | ​ | ​ | ​ | 2,346 | ​ | ​ | 2,084 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liability derivatives not designated as hedges for accounting purposes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity derivatives—current (2) | ​ | Derivative instruments | ​ | ​ | 31,792 | ​ | ​ | 34,019 | ​
Commodity derivatives—noncurrent | ​ | Derivative instruments | ​ | ​ | 17,233 | ​ | ​ | 15,635 | ​
Total liability derivatives (1) | ​ | ​ | ​ | ​ | 49,025 | ​ | ​ | 49,654 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net derivatives liability (1) | ​ | ​ | ​ | $ | (46,679) | ​ | ​ | (47,570) | ​
(1) | The fair value of derivative instruments was determined using Level 2 inputs.
(2) | As of December 31, 2024, $2 million of current commodity derivative liabilities are attributable to the Company’s consolidated VIE, Martica.
Schedule of gross amounts of recognized derivative assets and liabilities, the amounts offset under netting arrangements with counterparties, and the resulting net amounts | The following table sets forth the gross values of recognized derivative assets and liabilities, the amounts offset under master netting arrangements with counterparties, and the resulting net amounts presented in the condensed consolidated balance sheets as of the dates presented, all at fair value (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (Unaudited) | ​
​ | ​ | December 31, 2024 | ​ | June 30, 2025 | ​
​ | ​ | ​ | ​ | ​ | ​ | Net Amounts of | ​ | ​ | ​ | ​ | ​ | Net Amounts of | ​
​ | ​ | Gross | ​ | Gross | ​ | Assets | ​ | Gross | ​ | Gross | ​ | Assets | ​
​ | ​ | Amounts | ​ | Amounts Offset | ​ | (Liabilities) on | ​ | Amounts | ​ | Amounts Offset | ​ | (Liabilities) on | ​
​ |  | Recognized |  | Recognized |  | Balance Sheet |  | Recognized |  | Recognized |  | Balance Sheet | ​
Commodity derivative assets | ​ | $ | 3,482 | ​ | ​ | (3,482) | ​ | ​ | — | ​ | ​ | 36,917 | ​ | ​ | (36,159) | ​ | ​ | 758 | ​
Embedded derivative assets | ​ | ​ | 2,346 | ​ | ​ | — | ​ | ​ | 2,346 | ​ | ​ | 1,326 | ​ | ​ | — | ​ | ​ | 1,326 | ​
Commodity derivative liabilities | ​ | ​ | (52,507) | ​ | ​ | 3,482 | ​ | ​ | (49,025) | ​ | ​ | (85,813) | ​ | ​ | 36,159 | ​ | ​ | (49,654) | ​
Summary of derivative fair value gains (losses) | The following table sets forth a summary of derivative fair value gains and losses and where such values are recorded in the unaudited condensed consolidated statements of operations and comprehensive income (loss) (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Statement of | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operations | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30, | ​
​ |  | Location | ​ | 2024 | ​ | 2025 | ​ | 2024 | ​ | 2025 | ​
Commodity derivative fair value gains (losses) (1) | ​ | Revenue | ​ | $ | (3,545) | ​ | ​ | 53,220 | ​ | ​ | 4,721 | ​ | ​ | (17,241) | ​
Embedded derivative fair value gains (losses) (1) | ​ | Revenue | ​ | ​ | (2,040) | ​ | ​ | 189 | ​ | ​ | (860) | ​ | ​ | (1,021) | ​
(1) | The fair value of derivative instruments was determined using Level 2 inputs.

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