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Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments

Schedule of fixed price swap positions, excluding Martica

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As of September 30, 2025, the Company’s fixed price swap positions were as follows:

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	Weighted
​	​	​	​	​	​	​	Average
Commodity / Settlement Period		Index		Contracted Volume			Price
Natural Gas	​	​	​	​	​	​	​	​	​
October-December 2025	​	Henry Hub	​	559,891	MMBtu/day	​	$	3.66	/MMBtu
January-December 2026	​	Henry Hub	​	470,000	MMBtu/day	​	​	3.78	/MMBtu
January-December 2027	​	Henry Hub	​	80,000	MMBtu/day	​	​	3.92	/MMBtu

Schedule of contract collar positions, excluding Martica

As of September 30, 2025, the Company’s collar contract positions were as follows:

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Weighted

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Weighted

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Average

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Average

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Commodity / Settlement Period

Index

Contracted Volume

Ceiling Price

Floor Price

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Natural Gas

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January-December 2026

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Henry Hub

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500,000

MMBtu/day

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$

5.83

/MMBtu

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$

3.22

/MMBtu

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Schedule of call option and embedded put option arrangements

As of September 30, 2025, the Company’s call option and embedded put option arrangements were as follows:

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Embedded

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Call Option

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Put Option

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Commodity / Settlement Period

Index

Contracted Volume

Strike Price

Strike Price

Natural Gas

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October-December 2025

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Henry Hub

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44,000

MMBtu/day

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$

2.56

/MMBtu

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$

2.56

/MMBtu

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January-December 2026

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Henry Hub

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32,000

MMBtu/day

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2.63

/MMBtu

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2.63

/MMBtu

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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).

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​	​	​	​	​	​	​	(Unaudited)		​
​	​	​	​	December 31,		​	September 30,		​
​		Balance Sheet Location		2024		​	2025		​
Asset derivatives not designated as hedges for accounting purposes:	​	​	​	​	​	​	​	​	​
Commodity derivatives—current	​	Derivative instruments	​	$	—	​	​	16,535	​
Embedded derivatives—current	​	Derivative instruments	​	​	1,050	​	​	888	​
Commodity derivatives—noncurrent	​	Derivative instruments	​	​	—	​	​	332	​
Embedded derivatives—noncurrent	​	Derivative instruments	​	​	1,296	​	​	306	​
Total asset derivatives (1)	​	​	​	​	2,346	​	​	18,061	​
​	​	​	​	​	​	​	​	​	​
Liability derivatives not designated as hedges for accounting purposes:	​	​	​	​	​	​	​	​	​
Commodity derivatives—current (2)	​	Derivative instruments	​	​	31,792	​	​	—	​
Commodity derivatives—noncurrent	​	Derivative instruments	​	​	17,233	​	​	24,820	​
Total liability derivatives (1)	​	​	​	​	49,025	​	​	24,820	​
​	​	​	​	​	​	​	​	​	​
Net derivatives liability (1)	​	​	​	$	(46,679)	​	​	(6,759)	​

(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):

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(Unaudited)

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December 31, 2024

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September 30, 2025

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Net Amounts of

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Net Amounts of

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Gross

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Gross

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Assets

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Gross

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Gross

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Assets

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Amounts

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Amounts Offset

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(Liabilities) on

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Amounts

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Amounts Offset

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(Liabilities) on

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Recognized

Recognized

Balance Sheet

Recognized

Recognized

Balance Sheet

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Commodity derivative assets

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$

3,482

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(3,482)

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—

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84,296

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(67,429)

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16,867

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Embedded derivative assets

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2,346

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—

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2,346

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1,194

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—

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1,194

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Commodity derivative liabilities

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(52,507)

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3,482

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(49,025)

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(92,249)

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67,429

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(24,820)

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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):

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Statement of

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Three Months Ended

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Nine Months Ended

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Operations

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September 30,

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September 30,

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Location

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2024

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2025

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2024

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2025

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Commodity derivative fair value gains (1)

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Revenue

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$

18,004

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39,374

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22,726

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22,133

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Embedded derivative fair value gains (losses) (1)

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Revenue

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364

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(131)

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(497)

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(1,152)

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(1) The fair value of derivative instruments was determined using Level 2 inputs.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

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-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CC
-Publisher FASB
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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-Topic 815
-SubTopic 10
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