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Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 2026
Derivative Instruments |
Schedule of fixed price swap positions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Average | ​
Commodity / Settlement Period |  | Index |  | Contracted Volume |  | Price | ​ ​
Natural Gas | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
July-December 2026 | ​ | Henry Hub | ​ | 1,295,000 | MMBtu/day | ​ | ​ | 3.91 | /MMBtu | ​
July-December 2026 | ​ | TETCO M2 | ​ | 10,000 | MMBtu/day | ​ | ​ | 3.36 | /MMBtu | ​
January-December 2027 | ​ | Henry Hub | ​ | 915,329 | MMBtu/day | ​ | ​ | 3.88 | /MMBtu | ​
January-December 2027 | ​ | Dom South | ​ | 20,000 | MMBtu/day | ​ | ​ | 2.93 | /MMBtu | ​
January-December 2028 | ​ | Henry Hub | ​ | 174,973 | MMBtu/day | ​ | ​ | 3.78 | /MMBtu | ​
January-December 2028 | ​ | Dom South | ​ | 30,000 | MMBtu/day | ​ | ​ | 2.88 | /MMBtu | ​
January-December 2028 | ​ | TETCO M2 | ​ | 60,000 | MMBtu/day | ​ | ​ | 2.92 | /MMBtu | ​
Schedule of basis swap positions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted Average | ​
Commodity / Settlement Period |  | Index to Basis Differential |  | Contracted Volume |  | Price | ​
Natural Gas | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
July-December 2026 | ​ | NYMEX to TETCO M2 | ​ | 430,000 | MMBtu/day | ​ | $ | (0.97) | /MMBtu | ​
July-December 2026 | ​ | NYMEX to Dom South | ​ | 220,000 | MMBtu/day | ​ | ​ | (0.98) | /MMBtu | ​
July-December 2026 | ​ | NYMEX to TCO | ​ | 100,000 | MMBtu/day | ​ | ​ | (0.83) | /MMBtu | ​
January-December 2027 | ​ | NYMEX to TETCO M2 | ​ | 302,959 | MMBtu/day | ​ | ​ | (0.93) | /MMBtu | ​
January-December 2027 | ​ | NYMEX to Dom South | ​ | 154,630 | MMBtu/day | ​ | ​ | (1.00) | /MMBtu | ​
January-December 2027 | ​ | NYMEX to TCO | ​ | 74,795 | MMBtu/day | ​ | ​ | (0.78) | /MMBtu | ​
January-December 2028 | ​ | NYMEX to TETCO M2 | ​ | 104,863 | MMBtu/day | ​ | ​ | (0.88) | /MMBtu | ​
January-December 2028 | ​ | NYMEX to Dom South | ​ | 54,973 | MMBtu/day | ​ | ​ | (0.95) | /MMBtu | ​
January-December 2028 | ​ | NYMEX to TCO | ​ | 29,945 | MMBtu/day | ​ | ​ | (0.81) | /MMBtu | ​
Schedule of short call contract positions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Average | ​
Commodity / Settlement Period |  | Index |  | Contracted Volume |  | Price | ​
Natural Gas | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
July-December 2026 | ​ | Henry Hub | ​ | 30,000 | MMBtu/day | ​ | $ | 7.25 | /MMBtu | ​
January-December 2027 | ​ | Henry Hub | ​ | 24,959 | MMBtu/day | ​ | ​ | 7.10 | /MMBtu | ​
Schedule of contract collar positions |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | Weighted | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Average | ​ | Average | ​
Commodity / Settlement Period |  | Index |  | Contracted Volume |  | Ceiling Price |  | Floor Price | ​
Natural Gas | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
July-December 2026 (1) | ​ | Henry Hub | ​ | 587,000 | MMBtu/day | ​ | $ | 5.52 | /MMBtu | ​ | $ | 3.21 | /MMBtu | ​
January-December 2027 | ​ | Henry Hub | ​ | 57,425 | MMBtu/day | ​ | ​ | 4.62 | /MMBtu | ​ | ​ | 3.46 | /MMBtu | ​
(1) | Includes a call option and an embedded put option for 32,000 MMBtu/day at a strike price of $2.63/MMBtu tied to NYMEX pricing for the production volumes associated with the Company’s retained interest in the volumetric production payment transaction (“VPP”) properties. The Company bifurcated the embedded put option and reflects it at fair value in the unaudited condensed consolidated financial statements.
Schedule of three-way collar contract positions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | Weighted | ​ | Weighted | ​
​ | ​ | ​ | ​ | Contracted | ​ | Average | ​ | Average | ​ | Average | ​
Commodity / Settlement Period |  | Index |  | Volume |  | Ceiling Price |  | Floor Price | ​ ​ | Sub-Floor Price | ​
Natural Gas | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
July-December 2026 | ​ | Henry Hub | ​ | 20,000 | MMBtu/day | ​ | $ | 4.88 | /MMBtu | ​ | $ | 3.70 | /MMBtu | ​ | $ | 2.88 | /MMBtu | ​
January-December 2027 | ​ | Henry Hub | ​ | 22,466 | MMBtu/day | ​ | ​ | 4.68 | /MMBtu | ​ | ​ | 3.66 | /MMBtu | ​ | ​ | 2.55 | /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 | ​ ​ | 2025 | ​ | 2026 | ​
Asset derivatives not designated as hedges for accounting purposes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity derivatives—current | ​ | Derivative instruments | ​ | $ | 68,054 | ​ | ​ | 180,648 | ​
Embedded derivatives—current | ​ | Derivative instruments | ​ | ​ | 859 | ​ | ​ | 200 | ​
Commodity derivatives—noncurrent | ​ | Derivative instruments | ​ | ​ | 12,524 | ​ | ​ | 50,767 | ​
Total asset derivatives (1) | ​ | ​ | ​ | ​ | 81,437 | ​ | ​ | 231,615 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liability derivatives not designated as hedges for accounting purposes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity derivatives—current | ​ | Derivative instruments | ​ | ​ | — | ​ | ​ | 1,913 | ​
Commodity derivatives—noncurrent | ​ | Derivative instruments | ​ | ​ | — | ​ | ​ | 1,613 | ​
Total liability derivatives (1) | ​ | ​ | ​ | ​ | — | ​ | ​ | 3,526 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net derivatives asset (1) | ​ | ​ | ​ | $ | 81,437 | ​ | ​ | 228,089 | ​
(1) | The fair value of derivative instruments was determined using Level 2 inputs.
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, 2025 | ​ | June 30, 2026 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Net Amounts of | ​
​ | ​ | Gross | ​ | Gross | ​ | Net Amounts of | ​ | Gross | ​ | Gross | ​ | Assets | ​
​ | ​ | Amounts | ​ | Amounts Offset | ​ | Assets on | ​ | Amounts | ​ | Amounts Offset | ​ | (Liabilities) on | ​
​ | ​ ​ | Recognized | ​ ​ | Recognized | ​ ​ | Balance Sheet | ​ ​ | Recognized | ​ ​ | Recognized | ​ ​ | Balance Sheet | ​
Commodity derivative assets | ​ | $ | 162,641 | ​ | ​ | (82,063) | ​ | ​ | 80,578 | ​ | ​ | 374,087 | ​ | ​ | (142,672) | ​ | ​ | 231,415 | ​
Embedded derivative assets | ​ | ​ | 859 | ​ | ​ | — | ​ | ​ | 859 | ​ | ​ | 200 | ​ | ​ | — | ​ | ​ | 200 | ​
Commodity derivative liabilities | ​ | ​ | (82,063) | ​ | ​ | 82,063 | ​ | ​ | — | ​ | ​ | (146,198) | ​ | ​ | 142,672 | ​ | ​ | (3,526) | ​
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 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Statement of | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30, | ​
​ | ​ ​ | Operations Location | ​ | 2025 | ​ | 2026 | ​ | 2025 | ​ | 2026 | ​
Commodity derivative fair value gains (losses) (1) | ​ | Revenue | ​ | $ | 53,220 | ​ | ​ | 161,186 | ​ | ​ | (17,241) | ​ | ​ | 196,316 | ​
Embedded derivative fair value gains (losses) (1) | ​ | Revenue | ​ | ​ | 189 | ​ | ​ | (553) | ​ | ​ | (1,021) | ​ | ​ | (660) | ​
(1) | The fair value of derivative instruments was determined using Level 2 inputs.

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