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SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Industry Segment Results | Reportable segment results for the three months ended September 30, 2025 are:
|  |  | For the Three Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |
|  |  | Shale |  | Coalbed Methane |  | Other |  | Consolidated |  |  |  |  |  |  |  |  |
Natural Gas, NGLs and Oil Revenue |  |  | $ | 367,315 |  |  | $ | 32,745 |  |  | $ | 930 |  |  | $ | 400,990 |  |  |  |  |  |  |  |  |  | (A)
Gain on Commodity Derivative Instruments |  |  | 21,014 |  |  | 1,358 |  |  | 109,323 |  |  | 131,695 |  |  |  |  |  |  |  |  |  |
Purchased Gas Revenue |  |  | — |  |  | — |  |  | 9,026 |  |  | 9,026 |  |  |  |  |  |  |  |  |  |
Other Revenue and Operating Income |  |  | 17,415 |  |  | — |  |  | 24,714 |  |  | 42,129 |  |  |  |  |  |  |  |  |  | (B)
Total Revenue and Other Operating Income |  |  | $ | 405,744 |  |  | $ | 34,103 |  |  | $ | 143,993 |  |  | $ | 583,840 |  |  |  |  |  |  |  |  |  |
Lease Operating Expense |  |  | 20,972 |  |  | 6,298 |  |  | (143) |  |  | 27,127 |  |  |  |  |  |  |  |  |  |
Transportation, Gathering and Compression |  |  | 80,481 |  |  | 16,195 |  |  | 377 |  |  | 97,053 |  |  |  |  |  |  |  |  |  |
Production, Ad Valorem, and Other Fees |  |  | 6,180 |  |  | 1,477 |  |  | 68 |  |  | 7,725 |  |  |  |  |  |  |  |  |  |
Depreciation, Depletion and Amortization |  |  | 127,334 |  |  | 15,096 |  |  | 6,893 |  |  | 149,323 |  |  |  |  |  |  |  |  |  |
Interest Expense |  |  | — |  |  | — |  |  | 42,964 |  |  | 42,964 |  |  |  |  |  |  |  |  |  |
Other Segment Items |  |  | — |  |  | — |  |  | (6,044) |  |  | (6,044) |  |  |  |  |  |  |  |  |  |
Total Costs and Expenses |  |  | $ | 234,967 |  |  | $ | 39,066 |  |  | $ | 44,115 |  |  | $ | 318,148 |  |  |  |  |  |  |  |  |  |
Income (Loss) Before Income Tax |  |  | $ | 170,777 |  |  | $ | (4,963) |  |  | $ | 99,878 |  |  | $ | 265,692 |  |  |  |  |  |  |  |  |  |
(A) Included in Natural Gas, NGLs and Oil Revenue are sales of $49,542 to DTE Energy Trading, Inc., $47,915 to NRG Business Marketing LLC, and $43,010 to Citadel Energy Marketing LLC, each of which comprises over 10% of revenue from contracts with external customers for the period.
(B) Includes midstream revenue of $17,415 and equity in loss of unconsolidated affiliates of $1,297 for Shale and Other, respectively. Other also includes sales of environmental attributes of $17,949.
|  |  | For the Three Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |
Other Segment Disclosures |  |  | Shale |  | Coalbed Methane |  | Other |  | Consolidated |  |  |  |  |  |  |  |  |
Segment Assets |  |  | $ | 7,152,404 |  |  | $ | 915,031 |  |  | $ | 836,683 |  |  | $ | 8,904,118 |  |  |  |  |  |  |  |  |  | (C)
Capital Expenditures |  |  | $ | 67,428 |  |  | $ | 6,258 |  |  | $ | 1,858 |  |  | $ | 75,544 |  |  |  |  |  |  |  |  |  |
(C) Includes investments in unconsolidated equity affiliates of $17,881.
Reportable segment results for the three months ended September 30, 2024 are:
|  |  | For the Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |
|  |  | Shale |  | Coalbed Methane |  | Other |  | Consolidated |  |  |  |  |  |  |  |  |
Natural Gas, NGLs and Oil Revenue |  |  | $ | 237,403 |  |  | $ | 21,854 |  |  | $ | 202 |  |  | $ | 259,459 |  |  |  |  |  |  |  |  |  | (D)
Gain (Loss) on Commodity Derivative Instruments |  |  | 87,502 |  |  | 7,121 |  |  | (5,659) |  |  | 88,964 |  |  |  |  |  |  |  |  |  |
Purchased Gas Revenue |  |  | — |  |  | — |  |  | 27,306 |  |  | 27,306 |  |  |  |  |  |  |  |  |  |
Other Revenue and Operating Income |  |  | 18,040 |  |  | — |  |  | 30,444 |  |  | 48,484 |  |  |  |  |  |  |  |  |  | (E)
Total Revenue and Other Operating Income |  |  | $ | 342,945 |  |  | $ | 28,975 |  |  | $ | 52,293 |  |  | $ | 424,213 |  |  |  |  |  |  |  |  |  |
Lease Operating Expense |  |  | 11,755 |  |  | 5,456 |  |  | 42 |  |  | 17,253 |  |  |  |  |  |  |  |  |  |
Transportation, Gathering and Compression |  |  | 79,599 |  |  | 16,343 |  |  | 332 |  |  | 96,274 |  |  |  |  |  |  |  |  |  |
Production, Ad Valorem, and Other Fees |  |  | 5,355 |  |  | 1,278 |  |  | 13 |  |  | 6,646 |  |  |  |  |  |  |  |  |  |
Depreciation, Depletion and Amortization |  |  | 101,135 |  |  | 15,024 |  |  | 5,068 |  |  | 121,227 |  |  |  |  |  |  |  |  |  |
Interest Expense |  |  | — |  |  |  |  | 37,923 |  |  | 37,923 |  |  |  |  |  |  |  |  |  |
Other Segment Items |  |  | — |  |  | — |  |  | 62,329 |  |  | 62,329 |  |  |  |  |  |  |  |  |  |
Total Costs and Expenses |  |  | $ | 197,844 |  |  | $ | 38,101 |  |  | $ | 105,707 |  |  | $ | 341,652 |  |  |  |  |  |  |  |  |  |
Income (Loss) Before Income Tax |  |  | $ | 145,101 |  |  | $ | (9,126) |  |  | $ | (53,414) |  |  | $ | 82,561 |  |  |  |  |  |  |  |  |  |
(D) Included in Natural Gas, NGLs and Oil Revenue are sales of $30,665 to Citadel Energy Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period.
(E) Includes midstream revenue of $18,040 and equity in loss of unconsolidated affiliates of $529 for Shale and Other, respectively. Other also includes sales of environmental attributes of $24,898.
|  |  | For the Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |
Other Segment Disclosures |  |  | Shale |  | Coalbed Methane |  | Other |  | Consolidated |  |  |  |  |  |  |  |  |
Segment Assets |  |  | $ | 6,663,892 |  |  | $ | 932,410 |  |  | $ | 941,747 |  |  | $ | 8,538,049 |  |  |  |  |  |  |  |  |  | (F)
Capital Expenditures |  |  | $ | 105,133 |  |  | $ | 7,389 |  |  | $ | 2,215 |  |  | $ | 114,737 |  |  |  |  |  |  |  |  |  |
(F) Includes investments in unconsolidated equity affiliates of $18,369.
Reportable segment results for the nine months ended September 30, 2025 are:
|  |  | For the Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |
|  |  | Shale |  | Coalbed Methane |  | Other |  | Consolidated |  |  |  |  |  |  |  |  |
Natural Gas, NGLs and Oil Revenue |  |  | $ | 1,326,488 |  |  | $ | 109,203 |  |  | $ | 1,422 |  |  | $ | 1,437,113 |  |  |  |  |  |  |  |  |  | (G)
(Loss) Gain on Commodity Derivative Instruments |  |  | (114,942) |  |  | (7,728) |  |  | 147,266 |  |  | 24,596 |  |  |  |  |  |  |  |  |  |
Purchased Gas Revenue |  |  | — |  |  | — |  |  | 30,985 |  |  | 30,985 |  |  |  |  |  |  |  |  |  |
Other Revenue and Operating Income |  |  | 51,685 |  |  | — |  |  | 84,271 |  |  | 135,956 |  |  |  |  |  |  |  |  |  | (H)
Total Revenue and Other Operating Income |  |  | $ | 1,263,231 |  |  | $ | 101,475 |  |  | $ | 263,944 |  |  | $ | 1,628,650 |  |  |  |  |  |  |  |  |  |
Lease Operating Expense |  |  | 58,405 |  |  | 18,283 |  |  | 27 |  |  | 76,715 |  |  |  |  |  |  |  |  |  |
Transportation, Gathering and Compression |  |  | 238,580 |  |  | 49,305 |  |  | 1,280 |  |  | 289,165 |  |  |  |  |  |  |  |  |  |
Production, Ad Valorem, and Other Fees |  |  | 19,889 |  |  | 4,695 |  |  | 82 |  |  | 24,666 |  |  |  |  |  |  |  |  |  |
Depreciation, Depletion and Amortization |  |  | 364,962 |  |  | 43,714 |  |  | 20,303 |  |  | 428,979 |  |  |  |  |  |  |  |  |  |
Interest Expense |  |  | — |  |  | — |  |  | 128,616 |  |  | 128,616 |  |  |  |  |  |  |  |  |  |
Other Segment Items |  |  | — |  |  | — |  |  | 101,974 |  |  | 101,974 |  |  |  |  |  |  |  |  |  |
Total Costs and Expenses |  |  | $ | 681,836 |  |  | $ | 115,997 |  |  | $ | 252,282 |  |  | $ | 1,050,115 |  |  |  |  |  |  |  |  |  |
Income (Loss) Before Income Tax |  |  | $ | 581,395 |  |  | $ | (14,522) |  |  | $ | 11,662 |  |  | $ | 578,535 |  |  |  |  |  |  |  |  |  |
(G) Included in Natural Gas, NGLs and Oil Revenue are sales of $167,758 to Citadel Energy Marketing LLC, $154,654 to DTE Energy Trading, Inc., and $151,213 to NGR Business Marketing LLC, each of which comprises over 10% of revenue from contracts with external customers for the period.
(H) Includes midstream revenue of $51,685 and equity in loss of unconsolidated affiliates of $749 for Shale and Other, respectively. Other also includes sales of environmental attributes of $61,234.
|  |  | For the Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |
Other Segment Disclosures |  |  | Shale |  | Coalbed Methane |  | Other |  | Consolidated |  |  |  |  |  |  |  |  |
Segment Assets |  |  | $ | 7,152,404 |  |  | $ | 915,031 |  |  | $ | 836,683 |  |  | $ | 8,904,118 |  |  |  |  |  |  |  |  |  | (I)
Capital Expenditures |  |  | $ | 280,663 |  |  | $ | 35,506 |  |  | $ | 4,405 |  |  | $ | 320,574 |  |  |  |  |  |  |  |  |  |
(I) Includes investments in unconsolidated equity affiliates of $17,881.
Reportable segment results for the nine months ended September 30, 2024 are:
|  |  | For the Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |
|  |  | Shale |  | Coalbed Methane |  | Other |  | Consolidated |  |  |  |  |  |  |  |  |
Natural Gas, NGLs and Oil Revenue |  |  | $ | 745,763 |  |  | $ | 75,202 |  |  | $ | 699 |  |  | $ | 821,664 |  |  |  |  |  |  |  |  |  | (J)
Gain (Loss) on Commodity Derivative Instruments |  |  | 240,200 |  |  | 19,082 |  |  | (148,695) |  |  | 110,587 |  |  |  |  |  |  |  |  |  |
Purchased Gas Revenue |  |  | — |  |  | — |  |  | 52,612 |  |  | 52,612 |  |  |  |  |  |  |  |  |  |
Other Revenue and Operating Income |  |  | 50,375 |  |  | — |  |  | 94,970 |  |  | 145,345 |  |  |  |  |  |  |  |  |  | (K)
Total Revenue and Other Operating Income (Loss) |  |  | $ | 1,036,338 |  |  | $ | 94,284 |  |  | $ | (414) |  |  | $ | 1,130,208 |  |  |  |  |  |  |  |  |  |
Lease Operating Expense |  |  | 36,233 |  |  | 16,194 |  |  | 371 |  |  | 52,798 |  |  |  |  |  |  |  |  |  |
Transportation, Gathering and Compression |  |  | 235,611 |  |  | 48,004 |  |  | 1,018 |  |  | 284,633 |  |  |  |  |  |  |  |  |  |
Production, Ad Valorem, and Other Fees |  |  | 16,700 |  |  | 4,165 |  |  | 44 |  |  | 20,909 |  |  |  |  |  |  |  |  |  |
Depreciation, Depletion and Amortization |  |  | 298,521 |  |  | 43,885 |  |  | 15,012 |  |  | 357,418 |  |  |  |  |  |  |  |  |  |
Interest Expense |  |  | — |  |  | — |  |  | 113,997 |  |  | 113,997 |  |  |  |  |  |  |  |  |  |
Other Segment Items |  |  | — |  |  | — |  |  | 226,816 |  |  | 226,816 |  |  |  |  |  |  |  |  |  |
Total Costs and Expenses |  |  | $ | 587,065 |  |  | $ | 112,248 |  |  | $ | 357,258 |  |  | $ | 1,056,571 |  |  |  |  |  |  |  |  |  |
Income (Loss) Before Income Tax |  |  | $ | 449,273 |  |  | $ | (17,964) |  |  | $ | (357,672) |  |  | $ | 73,637 |  |  |  |  |  |  |  |  |  |
(J) Included in Natural Gas, NGLs and Oil Revenue are sales of $95,194 to NRG Business Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period.
(K) Includes midstream revenue of $50,375 and equity in loss of unconsolidated affiliates of $1,006 for Shale and Other, respectively. Other also includes sales of environmental attributes of $70,544.
|  |  | For the Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |
Other Segment Disclosures |  |  | Shale |  | Coalbed Methane |  | Other |  | Consolidated |  |  |  |  |  |  |  |  |
Segment Assets |  |  | $ | 6,663,892 |  |  | $ | 932,410 |  |  | $ | 941,747 |  |  | $ | 8,538,049 |  |  |  |  |  |  |  |  |  | (L)
Capital Expenditures |  |  | $ | 396,924 |  |  | $ | 23,817 |  |  | $ | 14,096 |  |  | $ | 434,837 |  |  |  |  |  |  |  |  |  |
(L) Includes investments in unconsolidated equity affiliates of $18,369.
Schedule of Reconciliation of Revenue and Other Operating (Loss) Income from Segments to Consolidated | R evenue and Other Operating Income:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
2025 |  | 2024 |  | 2025 |  | 2024
Total Segment Revenue from Contracts with External Customers | $ | 427,431 |  |  | $ | 304,805 |  |  | $ | 1,519,783 |  |  | $ | 924,651 |
Gain on Commodity Derivative Instruments | 131,695 |  |  | 88,964 |  |  | 24,596 |  |  | 110,587 |
Other Operating Income | 24,714 |  |  | 30,444 |  |  | 84,271 |  |  | 94,970 |
Total Consolidated Revenue and Other Operating Income | $ | 583,840 |  |  | $ | 424,213 |  |  | $ | 1,628,650 |  |  | $ | 1,130,208 |

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