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Derivative Activities (Tables) | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Volumes Hedged and Average Hedge Prices | The following table sets forth our commodity-based derivative volumes by year as of March 31, 2025, excluding our basis swaps which are discussed separately below. All fair values presented in the table below utilize Level 2 inputs, except where noted. All fair market values ("FMV") presented in thousands:
Period |  | Contract Type |  | Volume Hedged |  |  | Weighted Average Hedge Price |  |  | FMV |
|  |  |  |  |  | Swap |  |  | Sold Put |  |  | Floor |  |  | Ceiling |  |  |  |
Natural Gas (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
April - December 2025 |  | Swaps |  | 400,000 Mmbtu/day |  | $ |  | 4.12 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (38,855 | )
April - December 2025 |  | Three-way Collars |  | 125,964 Mmbtu/day |  |  |  |  |  | $ |  | 2.53 |  |  | $ |  | 3.25 |  |  | $ |  | 4.64 |  |  | $ | (6,585 | )
2026 |  | Swaps |  | 250,000 Mmbtu/day |  | $ |  | 4.05 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (32,537 | )
2026 |  | Three-way Collars |  | 40,000 Mmbtu/day |  | $ |  |  |  |  |  | 3.00 |  |  | $ |  | 4.00 |  |  | $ |  | 5.20 |  |  | $ | (2,640 | )
2027 |  | Swaps |  | 50,000 Mmbtu/day |  | $ |  | 4.06 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,107 |
Oil |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
April 2025 |  | Collars |  | 4,000 bbls/day |  |  |  |  |  |  |  |  |  | $ |  | 70.00 |  |  | $ |  | 81.00 |  |  | $ | 88 |
NGLs (C3-Propane) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
April - May 2025 |  | Swaps |  | 6,459 bbls/day |  | $ |  | 35.95 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (551 | )
(a) We also sold natural gas swaptions of 150,000 Mmbtu/day for calendar year 2026 at a weighted average price of $4.00/Mmbtu that expire through August 2025 and 30,000 Mmbtu/day for calendar year 2027 at a weighted average price of $4.00/Mmbtu that expire in November 2025. The fair value of these contracts as of March 31, 2025, which utilizes Level 3 inputs, was a derivative liability of $30.3 million.
Combined Fair Value of Derivatives, by Consolidated Balance Sheets | The combined fair value of derivatives included in the accompanying consolidated balance sheets as of March 31, 2025 and December 31, 2024 is summarized below. The assets and liabilities are netted where derivatives with both gain and loss positions are held by a single counterparty and we have master netting arrangements. The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands):
| March 31, 2025 |  |  | December 31, 2024 |
Derivative assets: |  |  |  |  |
Gross amounts of recognized assets | $ | 21,734 |  |  | $ | 112,359 |
Gross amounts offset in the consolidated balance sheets |  | (15,264 | ) |  |  | (25,261 | )
Net amounts of assets presented in the consolidated balance sheets | $ | 6,470 |  |  | $ | 87,098 |
| March 31, 2025 |  |  | December 31, 2024 |
Derivative (liabilities): |  |  |  |  |
Gross amounts of recognized (liabilities) | $ | (118,287 | ) |  | $ | (45,383 | )
Gross amounts offset in the consolidated balance sheets |  | 15,264 |  |  |  | 25,261 |
Net amounts of (liabilities) presented in the consolidated balance sheets | $ | (103,023 | ) |  | $ | (20,122 | )
Effects of Derivatives on Consolidated Statements of Income | The effects of our derivatives on our consolidated statements of income are summarized below (in thousands):
| Three Months Ended March 31, |
| 2025 |  |  | 2024 |
Natural gas derivatives | $ | (158,337 | ) |  | $ | 60,116 |
NGLs derivatives |  | (963 | ) |  |  | (2,402 | )
Oil derivatives |  | 343 |  |  |  | (11,116 | )
Total derivative fair value (loss) income | $ | (158,957 | ) |  | $ | 46,598 |

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