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Derivative Activities | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Activities | (7) DERIVATIVE ACTIVITIES 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. Basis Swap Contracts In addition to the commodity derivatives described above, at September 30, 2025, we had natural gas basis swap contracts which lock in the differential between NYMEX Henry Hub and certain of our physical pricing indices. These contracts settle thr ough December 2029 and include a total volume of 180,282,500 Mmbtu. The fair value of these contracts was a liability of $12.9 million at September 30, 2025. Derivative Assets and Liabilities 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 | )
Derivative Fair Value 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 |

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