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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2026
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables set forth by level within the fair value hierarchy, the financial assets and liabilities that were accounted for at fair value on a recurring basis:
|  |  |  | June 30, 2026
|  |  |  | Fair Value Measurements Using: |  |
(in thousands) |  |  |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Financial assets |  |  |  |  |  |  |  |
Derivative instruments |  |  |  |  |  |  |  |
Natural gas derivatives |  |  |  | $ | 106,473 |  |  | $ | — |  |  | $ | 106,473 |
NGL derivatives |  |  |  | 7,054 |  |  | — |  |  | 7,054 |
Natural gas basis swaps |  |  |  | 9,382 |  |  | — |  |  | 9,382 |
Power derivatives |  |  |  | 8,337 |  |  | 13,891 |  |  | 22,228 |
Financial liabilities |  |  |  |  |  |  |  |
Derivative instruments |  |  |  |  |  |  |  |
Natural gas derivatives |  |  |  | 2,818 |  |  | — |  |  | 2,818 |
Power derivatives |  |  |  | 6,880 |  |  | — |  |  | 6,880 |
|  |  |  | December 31, 2025
|  |  |  | Fair Value Measurements Using: |  |
(in thousands) |  |  |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Financial assets |  |  |  |  |  |  |  |
Derivative instruments |  |  |  |  |  |  |  |
Natural gas derivatives |  |  |  | $ | 57,135 |  |  | $ | — |  |  | $ | 57,135 |
NGL derivatives |  |  |  | 13,807 |  |  | — |  |  | 13,807 |
Natural gas basis swaps |  |  |  | 17,272 |  |  | — |  |  | 17,272 |
Power derivatives |  |  |  | 1,347 |  |  | 771 |  |  | 2,118 |
Financial liabilities |  |  |  |  |  |  |  |
Derivative instruments |  |  |  |  |  |  |  |
Natural gas derivatives |  |  |  | 6,572 |  |  | — |  |  | 6,572 |
NGL derivatives |  |  |  | 407 |  |  | — |  |  | 407 |
Natural gas basis swaps |  |  |  | 1,328 |  |  | — |  |  | 1,328 |
Power derivatives |  |  |  | 3,514 |  |  | 2,415 |  |  | 5,929 |
Fair Value Measurement Inputs and Valuation Techniques | The following table is the quantitative information regarding significant unobservable inputs used in the measurement of Level 3 positions:
June 30, 2026
Valuation Technique |  | Significant Unobservable Input |  | Range |  | Weighted Average |  | Description
Kirk Spread Option Model |  | Power and natural gas price correlation |  | 92.7 | % |  |  |  | 92.7 | % |  | Estimated correlation between underlying commodities
Kirk Spread Option Model |  | Power volatility (non-liquid hours) |  | 53.4 | % |  | 65.2 | % |  | 59.3 | % |  | Extrapolated from observable 5x16 implied volatilities and shaped for delivery periods (2x16 and 7x8)
December 31, 2025
Valuation Technique |  | Significant Unobservable Input |  | Range |  | Weighted Average |  | Description
Kirk Spread Option Model |  | Power and natural gas price correlation |  | 92.7 | % |  |  |  | 92.7 | % |  | Estimated correlation between underlying commodities
Kirk Spread Option Model |  | Power volatility (non-liquid hours) |  | 42.9 | % |  | 52.4 | % |  | 47.7 | % |  | Extrapolated from observable 5x16 implied volatilities and shaped for delivery periods (2x16 and 7x8)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The table below sets forth the changes in the Company's Level 3 fair value measurements:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2026 |  | 2025 |  | 2026 |  | 2025
Balance, beginning of period | $ | 25,827 |  |  | $ | (20,678) |  |  | $ | (1,644) |  |  | $ | (3,595) |
Settlements | (30,227) |  |  | (14,936) |  |  | (99,558) |  |  | (30,227) |
Total realized gains | 30,227 |  |  | 14,936 |  |  | 99,558 |  |  | 30,227 |
Total unrealized gains (losses) | (11,936) |  |  | 9,797 |  |  | 15,535 |  |  | (7,286) |
Balance, end of period | $ | 13,891 |  |  | $ | (10,881) |  |  | $ | 13,891 |  |  | $ | (10,881) |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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