XML 37 R30.htm IDEA: XBRL DOCUMENT
v3.25.3

Derivative Activities (Tables) | 9 Months Ended
--- | ---
Sep. 30, 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 September 30, 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") are presented in thousands:
Period |  | Contract Type |  | Volume Hedged |  |  | Weighted Average Hedge Price |  |  | FMV |
|  |  |  |  |  | Swap |  |  | Sold Put |  |  | Floor |  |  | Ceiling |  |  |  |
Natural Gas (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
October - December 2025 |  | Swaps |  | 400,000 Mmbtu/day |  | $ |  | 4.12 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 28,529 |
October - December 2025 |  | Three-way Collars |  | 180,000 Mmbtu/day |  |  |  |  |  | $ |  | 2.95 |  |  | $ |  | 4.00 |  |  | $ |  | 5.12 |  |  | $ | 10,917 |
2026 |  | Swaps |  | 280,000 Mmbtu/day |  | $ |  | 4.05 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 14,844 |
2026 |  | Three-way Collars |  | 125,000 Mmbtu/day |  | $ |  |  |  |  |  | 3.00 |  |  | $ |  | 4.00 |  |  | $ |  | 5.70 |  |  | $ | 12,295 |
2027 |  | Swaps |  | 200,000 Mmbtu/day |  | $ |  | 4.05 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,728 |
(a) We also sold natural gas call swaptions of 10,000 Mmbtu/day for 2026 at a weighted average price of $4.12 Mmbtu/day that expire in November 2025 and 160,000 Mmbtu/day for 2027 at a weighted average price of $4.05 Mmbtu/day that expire through the fourth quarter of 2025. The fair value of these contracts as of September 30, 2025, which utilizes Level 3 inputs, was a derivative liability of $2.8 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 September 30, 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):
| September 30, 2025 |  |  | December 31, 2024 |
Derivative assets: |  |  |  |  |
Gross amounts of recognized assets | $ | 80,678 |  |  | $ | 112,359 |
Gross amounts offset in the consolidated balance sheets |  | (18,526 | ) |  |  | (25,261 | )
Net amounts of assets presented in the consolidated balance sheets | $ | 62,152 |  |  | $ | 87,098 |
| September 30, 2025 |  |  | December 31, 2024 |
Derivative (liabilities): |  |  |  |  |
Gross amounts of recognized (liabilities) | $ | (23,039 | ) |  | $ | (45,383 | )
Gross amounts offset in the consolidated balance sheets |  | 18,526 |  |  |  | 25,261 |
Net amounts of (liabilities) presented in the consolidated balance sheets | $ | (4,513 | ) |  | $ | (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 September 30, |  |  | Nine Months Ended September 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Natural gas derivatives | $ | 90,401 |  |  | $ | 32,912 |  |  | $ | 80,927 |  |  | $ | 106,204 |
NGLs derivatives |  | 2,771 |  |  |  | 5,690 |  |  |  | 5,096 |  |  |  | 4,975 |
Oil derivatives |  | (226 | ) |  |  | 8,522 |  |  |  | 2,713 |  |  |  | (649 | )
Total derivative fair value income | $ | 92,946 |  |  | $ | 47,124 |  |  | $ | 88,736 |  |  | $ | 110,530 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 182 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480401/815-10-55-182 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration