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v3.26.1

Reportable Segment (Tables) | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Segment Reporting | The following tables present the Company's segment revenues and other operating income, significant segment operating expenses, and segment income (loss) from operations:
|  | Three Months Ended June 30, 2026
(in thousands) |  | Upstream/Midstream |  | Power |  | Total Reportable Segments |  | Corporate and Other |  | Total
Revenues and other operating income |  |  |  |  |  |  |  |  |  |
Natural gas, NGL, and oil sales |  | $ | 221,928 |  |  | $ | — |  |  | $ | 221,928 |  |  | $ | — |  |  | $ | 221,928 |
Power revenues |  | — |  |  | 74,362 |  |  | 74,362 |  |  | — |  |  | 74,362 |
Derivative gains, net |  | 95,284 |  |  | 47,971 |  |  | 143,255 |  |  | — |  |  | 143,255 |
Marketing revenues |  | 26,162 |  |  | — |  |  | 26,162 |  |  | — |  |  | 26,162 |
Section 45Q tax credits |  | — |  |  | — |  |  | — |  |  | 3,048 |  |  | 3,048 |
Other |  | 328 |  |  | — |  |  | 328 |  |  | (3,548) |  |  | (3,220) |
Total revenues and other operating income |  | $ | 343,702 |  |  | $ | 122,333 |  |  | $ | 466,035 |  |  | $ | (500) |  |  | $ | 465,535 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Lease operating and workover |  | 44,482 |  |  | — |  |  | 44,482 |  |  | — |  |  | 44,482 |
Fuel commodity costs |  | — |  |  | 42,832 |  |  | 42,832 |  |  | — |  |  | 42,832 |
Purchased power |  | — |  |  | 29,502 |  |  | 29,502 |  |  | — |  |  | 29,502 |
Marketing expense |  | 22,516 |  |  | 685 |  |  | 23,201 |  |  | 61 |  |  | 23,262 |
Taxes other than income |  | 11,583 |  |  | 4,303 |  |  | 15,886 |  |  | 14 |  |  | 15,900 |
Gathering and transportation |  | 68,095 |  |  | — |  |  | 68,095 |  |  | — |  |  | 68,095 |
Depreciation, depletion, amortization, and accretion |  | 42,821 |  |  | 9,552 |  |  | 52,373 |  |  | 504 |  |  | 52,877 |
Power operating and maintenance |  | — |  |  | 17,185 |  |  | 17,185 |  |  | — |  |  | 17,185 |
General and administrative |  | 22,747 |  |  | 7,625 |  |  | 30,372 |  |  | 11,753 |  |  | 42,125 |
Other operating expenses |  | 1,420 |  |  | 4,891 |  |  | 6,311 |  |  | 1,308 |  |  | 7,619 |
Total operating expenses |  | 213,664 |  |  | 116,575 |  |  | 330,239 |  |  | 13,640 |  |  | 343,879 |
Income (loss) from operations |  | $ | 130,038 |  |  | $ | 5,758 |  |  | $ | 135,796 |  |  | $ | (14,140) |  |  | $ | 121,656 |
Capital expenditures |  | $ | 61,750 |  |  | $ | 5,371 |  |  | $ | 67,121 |  |  | $ | 19,717 |  |  | $ | 86,838 |
|  | Three Months Ended June 30, 2025
(in thousands) |  | Upstream/Midstream |  | Power |  | Total Reportable Segments |  | Corporate and Other |  | Total
Revenues and other operating income |  |  |  |  |  |  |  |  |  |
Natural gas, NGL, and oil sales |  | $ | 199,729 |  |  | $ | — |  |  | $ | 199,729 |  |  | $ | — |  |  | $ | 199,729 |
Power revenues |  | — |  |  | 61,924 |  |  | 61,924 |  |  | — |  |  | 61,924 |
Derivative gains, net |  | 112,208 |  |  | 74,818 |  |  | 187,026 |  |  | — |  |  | 187,026 |
Marketing revenues |  | 6,968 |  |  | — |  |  | 6,968 |  |  | — |  |  | 6,968 |
Section 45Q tax credits |  | — |  |  | — |  |  | — |  |  | 2,574 |  |  | 2,574 |
Other |  | 140 |  |  | — |  |  | 140 |  |  | — |  |  | 140 |
Total revenues and other operating income |  | $ | 319,045 |  |  | $ | 136,742 |  |  | $ | 455,787 |  |  | $ | 2,574 |  |  | $ | 458,361 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Lease operating and workover |  | 34,176 |  |  | — |  |  | 34,176 |  |  | — |  |  | 34,176 |
Fuel commodity costs |  | — |  |  | 39,852 |  |  | 39,852 |  |  | — |  |  | 39,852 |
Purchased power |  | — |  |  | 29,494 |  |  | 29,494 |  |  | — |  |  | 29,494 |
Marketing expense |  | 4,321 |  |  | 547 |  |  | 4,868 |  |  | — |  |  | 4,868 |
Taxes other than income |  | 13,404 |  |  | 4,638 |  |  | 18,042 |  |  | — |  |  | 18,042 |
Gathering and transportation |  | 63,026 |  |  | — |  |  | 63,026 |  |  | — |  |  | 63,026 |
Depreciation, depletion, amortization, and accretion |  | 37,644 |  |  | 9,536 |  |  | 47,180 |  |  | 400 |  |  | 47,580 |
Power operating and maintenance |  | — |  |  | 18,252 |  |  | 18,252 |  |  | — |  |  | 18,252 |
General and administrative |  | 14,782 |  |  | 4,267 |  |  | 19,049 |  |  | 11,430 |  |  | 30,479 |
Other operating expenses |  | 3,403 |  |  | 434 |  |  | 3,837 |  |  | 7,407 |  |  | 11,244 |
Total operating expenses |  | 170,756 |  |  | 107,020 |  |  | 277,776 |  |  | 19,237 |  |  | 297,013 |
Income (loss) from operations |  | $ | 148,289 |  |  | $ | 29,722 |  |  | $ | 178,011 |  |  | $ | (16,663) |  |  | $ | 161,348 |
Capital expenditures |  | $ | 56,159 |  |  | $ | 55 |  |  | $ | 56,214 |  |  | $ | 10,276 |  |  | $ | 66,490 |
|  | Six Months Ended June 30, 2026
(in thousands) |  | Upstream/Midstream |  | Power |  | Total Reportable Segments |  | Corporate and Other |  | Total
Revenues and other operating income |  |  |  |  |  |  |  |  |  |
Natural gas, NGL, and oil sales |  | $ | 509,603 |  |  | $ | — |  |  | $ | 509,603 |  |  | $ | — |  |  | $ | 509,603 |
Power revenues |  | — |  |  | 143,352 |  |  | 143,352 |  |  | — |  |  | 143,352 |
Derivative gains, net |  | 52,808 |  |  | 143,556 |  |  | 196,364 |  |  | — |  |  | 196,364 |
Marketing revenues |  | 45,985 |  |  | — |  |  | 45,985 |  |  | 58 |  |  | 46,043 |
Section 45Q tax credits |  | — |  |  | — |  |  | — |  |  | 6,108 |  |  | 6,108 |
Other |  | 460 |  |  | — |  |  | 460 |  |  | (3,548) |  |  | (3,088) |
Total revenues and other operating income |  | $ | 608,856 |  |  | $ | 286,908 |  |  | $ | 895,764 |  |  | $ | 2,618 |  |  | $ | 898,382 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Lease operating and workover |  | 89,557 |  |  | — |  |  | 89,557 |  |  | — |  |  | 89,557 |
Fuel commodity costs |  | — |  |  | 99,953 |  |  | 99,953 |  |  | — |  |  | 99,953 |
Purchased power |  | — |  |  | 56,857 |  |  | 56,857 |  |  | — |  |  | 56,857 |
Marketing expense |  | 27,656 |  |  | 1,563 |  |  | 29,219 |  |  | 91 |  |  | 29,310 |
Taxes other than income |  | 27,545 |  |  | 8,536 |  |  | 36,081 |  |  | 21 |  |  | 36,102 |
Gathering and transportation |  | 135,897 |  |  | — |  |  | 135,897 |  |  | — |  |  | 135,897 |
Depreciation, depletion, amortization, and accretion |  | 83,512 |  |  | 21,356 |  |  | 104,868 |  |  | 950 |  |  | 105,818 |
Power operating and maintenance |  | — |  |  | 36,864 |  |  | 36,864 |  |  | — |  |  | 36,864 |
General and administrative |  | 43,585 |  |  | 13,980 |  |  | 57,565 |  |  | 24,671 |  |  | 82,236 |
Other operating expenses |  | 6,251 |  |  | 9,047 |  |  | 15,298 |  |  | 2,808 |  |  | 18,106 |
Total operating expenses |  | 414,003 |  |  | 248,156 |  |  | 662,159 |  |  | 28,541 |  |  | 690,700 |
Income (loss) from operations |  | $ | 194,853 |  |  | $ | 38,752 |  |  | $ | 233,605 |  |  | $ | (25,923) |  |  | $ | 207,682 |
Capital expenditures |  | $ | 140,720 |  |  | $ | 22,221 |  |  | $ | 162,941 |  |  | $ | 30,424 |  |  | $ | 193,365 |
|  | Six Months Ended June 30, 2025
(in thousands) |  | Upstream/Midstream |  | Power |  | Total Reportable Segments |  | Corporate and Other |  | Total
Revenues and other operating income |  |  |  |  |  |  |  |  |  |
Natural gas, NGL, and oil sales |  | $ | 415,855 |  |  | $ | — |  |  | $ | 415,855 |  |  | $ | — |  |  | $ | 415,855 |
Power revenues |  | — |  |  | 105,788 |  |  | 105,788 |  |  | — |  |  | 105,788 |
Derivative gains (losses), net |  | (39,983) |  |  | 128,626 |  |  | 88,643 |  |  | — |  |  | 88,643 |
Marketing revenues |  | 19,425 |  |  | — |  |  | 19,425 |  |  | — |  |  | 19,425 |
Section 45Q tax credits |  | — |  |  | — |  |  | — |  |  | 5,881 |  |  | 5,881 |
Other |  | (1,165) |  |  | — |  |  | (1,165) |  |  | — |  |  | (1,165) |
Total revenues and other operating income |  | $ | 394,132 |  |  | $ | 234,414 |  |  | $ | 628,546 |  |  | $ | 5,881 |  |  | $ | 634,427 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Lease operating and workover |  | 69,231 |  |  | — |  |  | 69,231 |  |  | — |  |  | 69,231 |
Fuel commodity costs |  | — |  |  | 86,215 |  |  | 86,215 |  |  | — |  |  | 86,215 |
Purchased power |  | — |  |  | 48,161 |  |  | 48,161 |  |  | — |  |  | 48,161 |
Marketing expense |  | 7,645 |  |  | 1,143 |  |  | 8,788 |  |  | — |  |  | 8,788 |
Taxes other than income |  | 23,626 |  |  | 9,206 |  |  | 32,832 |  |  | — |  |  | 32,832 |
Gathering and transportation |  | 118,819 |  |  | — |  |  | 118,819 |  |  | — |  |  | 118,819 |
Depreciation, depletion, amortization, and accretion |  | 77,135 |  |  | 19,163 |  |  | 96,298 |  |  | 879 |  |  | 97,177 |
Power operating and maintenance |  | — |  |  | 38,465 |  |  | 38,465 |  |  | — |  |  | 38,465 |
General and administrative |  | 27,978 |  |  | 10,169 |  |  | 38,147 |  |  | 20,631 |  |  | 58,778 |
Other operating expenses |  | 3,689 |  |  | 824 |  |  | 4,513 |  |  | 10,197 |  |  | 14,710 |
Total operating expenses |  | 328,123 |  |  | 213,346 |  |  | 541,469 |  |  | 31,707 |  |  | 573,176 |
Income (loss) from operations |  | $ | 66,009 |  |  | $ | 21,068 |  |  | $ | 87,077 |  |  | $ | (25,826) |  |  | $ | 61,251 |
Capital expenditures |  | $ | 110,423 |  |  | $ | 293 |  |  | $ | 110,716 |  |  | $ | 13,386 |  |  | $ | 124,102 |
Segment Reporting, Reconciliation of Profit (Loss) by Segment to Consolidated | The following table reconciles total segment income (loss) from operations to consolidated income before income taxes:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Total segment operating income |  | $ | 135,796 |  |  | $ | 178,011 |  |  | $ | 233,605 |  |  | $ | 87,077 |
Unallocated amounts: |  |  |  |  |  |  |  |
Corporate and Other revenues and other operating income |  | (500) |  |  | 2,574 |  |  | 2,618 |  |  | 5,881 |
Corporate and Other marketing expense |  | (61) |  |  | — |  |  | (91) |  |  |
Corporate and Other taxes other than income |  | (14) |  |  | — |  |  | (21) |  |  | — |
Corporate and Other depreciation, depletion, amortization, and accretion |  | (504) |  |  | (400) |  |  | (950) |  |  | (879) |
Corporate and Other general and administrative |  | (11,753) |  |  | (11,430) |  |  | (24,671) |  |  | (20,631) |
Corporate and Other other operating expenses |  | (1,308) |  |  | (7,407) |  |  | (2,808) |  |  | (10,197) |
Interest expense, net |  | (26,661) |  |  | (20,670) |  |  | (52,262) |  |  | (41,046) |
Other income |  | 2,485 |  |  | 1,040 |  |  | 5,373 |  |  | 4,074 |
Income before income taxes |  | $ | 97,480 |  |  | $ | 141,718 |  |  | $ | 160,793 |  |  | $ | 24,279 |
Segment Reporting, Reconciliation of Asset by Segment to Consolidated | The following table presents total assets by reportable segment reconciled to total consolidated assets:
|  | June 30,
(in thousands) |  | 2026 |  | 2025
Upstream/Midstream |  | $ | 2,742,960 |  |  | $ | 2,063,723 |
Power |  | 1,255,502 |  |  | 976,983 |
Total reportable segments |  | 3,998,462 |  |  | 3,040,706 |
Corporate and Other |  | 236,718 |  |  | 125,670 |
Total consolidated assets |  | $ | 4,235,180 |  |  | $ | 3,166,376 |

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