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Revenue | 6 Months Ended
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Jun. 30, 2026
Revenue |
Revenue | (4) Revenue
(a) | Disaggregation of Revenue
The table set forth below presents revenue disaggregated by type and reportable segment to which it relates (in thousands). See Note 16—Reportable Segments to the unaudited condensed consolidated financial statements for additional information. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30, | ​ | ​ | ​
​ | ​ ​ | 2025 | ​ ​ | 2026 | ​ | 2025 | ​ ​ | 2026 | ​ ​ | Reportable Segment | ​
Revenues from contracts with customers: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Natural gas sales | ​ | $ | 688,753 | ​ | ​ | 688,478 | ​ | ​ | 1,468,758 | ​ | ​ | 1,999,954 | ​ | Exploration and production | ​
Natural gas liquids sales (ethane) | ​ | ​ | 78,546 | ​ | ​ | 99,018 | ​ | ​ | 173,026 | ​ | ​ | 191,375 | ​ | Exploration and production | ​
Natural gas liquids sales (C3+ NGLs) | ​ | ​ | 402,211 | ​ | ​ | 488,696 | ​ | ​ | 869,163 | ​ | ​ | 899,988 | ​ | Exploration and production | ​
Oil sales | ​ | ​ | 33,700 | ​ | ​ | 59,579 | ​ | ​ | 84,035 | ​ | ​ | 106,274 | ​ | Exploration and production | ​
Marketing | ​ | ​ | 33,743 | ​ | ​ | 56,066 | ​ | ​ | 59,301 | ​ | ​ | 97,727 | ​ | Marketing | ​
Other revenue | ​ | ​ | 273 | ​ | ​ | 1,003 | ​ | ​ | 543 | ​ | ​ | 1,272 | ​ | Exploration and production | ​
Total revenue from contracts with customers | ​ | ​ | 1,237,226 | ​ | ​ | 1,392,840 | ​ | ​ | 2,654,826 | ​ | ​ | 3,296,590 | ​ | ​ | ​
Income (loss) from derivatives, deferred revenue and other sources, net | ​ | ​ | 60,267 | ​ | ​ | 167,002 | ​ | ​ | (4,626) | ​ | ​ | 208,378 | ​ | ​ | ​
Total revenue | ​ | $ | 1,297,493 | ​ | ​ | 1,559,842 | ​ | ​ | 2,650,200 | ​ | ​ | 3,504,968 | ​ | ​ | ​
​
(b) | Transaction Price Allocated to Remaining Performance Obligations
For the Company’s product sales that have a contract term greater than one year, the Company utilized the practical expedient in FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), which does not require the disclosure of the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under the Company’s product sales contracts, each unit of product delivered to the customer represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. For the Company’s product sales that have a contract term of one year or less, the Company utilized the practical expedient in ASC 606, which does not require the disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.
(c) | Contract Balances
Under the Company’s sales contracts, the Company invoices customers after its performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company’s contracts do not give rise to contract assets or liabilities. As of December 31, 2025 and June 30, 2026, the Company’s receivables from contracts with customers were $493 million and $458 million, respectively.

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