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Fair Value Measurements (Tables)

6 Months Ended

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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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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

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-Topic 820
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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)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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