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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Offsetting Assets The following table presents gross commodity derivative balances prior to applying netting adjustments recorded in the condensed consolidated balance sheets:
June 30, 2026
(in thousands)Balance Sheet LocationGross Amounts of Assets and LiabilitiesOffset AdjustmentsNet Amounts of Assets and Liabilities
Current derivative assetsCommodity derivative assets, current$112,440 $(13,052)$99,388 
Noncurrent derivative assetsCommodity derivative assets52,084 (6,335)45,749 
Current derivative liabilitiesCommodity derivative liabilities, current22,750 (13,052)9,698 
Noncurrent derivative liabilitiesCommodity derivative liabilities6,335 (6,335)— 
December 31, 2025
(in thousands)Balance Sheet LocationGross AmountsOffset AdjustmentsNet Amounts of Assets and Liabilities
Current derivative assetsCommodity derivative assets, current$66,787 $(2,887)$63,900 
Noncurrent derivative assetsCommodity derivative assets34,116 (7,684)26,432 
Current derivative liabilitiesCommodity derivative liabilities, current11,356 (2,887)8,469 
Noncurrent derivative liabilitiesCommodity derivative liabilities13,451 (7,684)5,767 
Summary of Offsetting Liabilities The following table presents gross commodity derivative balances prior to applying netting adjustments recorded in the condensed consolidated balance sheets:
June 30, 2026
(in thousands)Balance Sheet LocationGross Amounts of Assets and LiabilitiesOffset AdjustmentsNet Amounts of Assets and Liabilities
Current derivative assetsCommodity derivative assets, current$112,440 $(13,052)$99,388 
Noncurrent derivative assetsCommodity derivative assets52,084 (6,335)45,749 
Current derivative liabilitiesCommodity derivative liabilities, current22,750 (13,052)9,698 
Noncurrent derivative liabilitiesCommodity derivative liabilities6,335 (6,335)— 
December 31, 2025
(in thousands)Balance Sheet LocationGross AmountsOffset AdjustmentsNet Amounts of Assets and Liabilities
Current derivative assetsCommodity derivative assets, current$66,787 $(2,887)$63,900 
Noncurrent derivative assetsCommodity derivative assets34,116 (7,684)26,432 
Current derivative liabilitiesCommodity derivative liabilities, current11,356 (2,887)8,469 
Noncurrent derivative liabilitiesCommodity derivative liabilities13,451 (7,684)5,767 
Summary of Derivative Instrument Gain (Loss)
The following tables present realized and unrealized gains and losses on derivative instruments, including amounts recognized in derivative gains, net and purchased power on the condensed consolidated statements of income:
Income
Statement
Location		Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2026202520262025
Realized gains (losses) on derivatives (natural gas)Derivative gains, net$31,609 $6,689 $2,358 $(3,685)
Realized gains (losses) on derivatives (NGL)Derivative gains, net5,857 (43)8,220 (5,139)
Realized gains on derivatives (power sales)Derivative gains, net60,507 65,939 123,077 133,037 
Realized losses on derivatives (purchased power)Purchased power(11,516)(9,201)(20,973)(16,619)
Total realized gains on derivatives, net$86,457 $63,384 $112,682 $107,594 
Income
Statement
Location		Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2026202520262025
Unrealized gains (losses) on derivatives (natural gas)Derivative gains, net$25,676 $67,218 49,595 (43,178)
Unrealized gains (losses) on derivatives (NGL)Derivative gains, net31,922 17,789 (9,411)9,727 
Unrealized gains (losses) on derivatives (power sales)Derivative gains, net(12,316)29,434 22,525 (2,119)
Unrealized gains (losses) on derivatives (purchased power)Purchased power205 (3,324)(3,366)(348)
Total unrealized gains (losses) on derivatives, net$45,487 $111,117 $59,343 $(35,918)
Schedule of Derivative Instruments
The following table summarizes the Company's power derivatives:
InstrumentUnitsQuantity
Pricing Index
Fair Value as of
June 30, 2026 (in thousands)
2026
SwapMMBtu3,066,000 HSC Gas Daily$(2,752)
Power forwards - salesMWh438,000 ERCOT North$5,959 
Heat rate call optionMMBtu2,628,000 Various$13,891 
Power forwards - purchasesMWh344,030 Various$(6,145)
2027
SwapMMBtu12,264,000 HSC Gas Daily$507 
Power forwards - salesMWh1,752,000 ERCOT North$2,378 
Power forwards - purchasesMWh87,600 Various$(735)
The following table summarizes the Company's natural gas commodity derivatives indexed to NYMEX Henry Hub pricing:
InstrumentMMBtuWeighted Average Price (USD)Weighted Average Price FloorWeighted Average Price Ceiling
Fair Value as of
June 30, 2026 (in thousands)
2026
Swap75,768,006 $3.88 $34,725 
2027
Swap98,958,854 $3.99 $49,421 
Collars37,662,319 $3.57 $4.00 $9,378 
Call options36,500,000 $5.00 $(6,038)
Put options36,500,000 $3.00 $10,398 
2028
Swap94,085,323 $3.79 $12,469 
2029
Swap35,587,500 $3.60 $(29)
The following table summarizes the Company's natural gas basis derivatives by reference price:
InstrumentBasis Reference PriceMMBtuWeighted Average Basis Differential
Fair Value as of
June 30, 2026
(in thousands)
2026
SwapTransco Leidy Basis25,526,433 $(0.79)$132 
SwapHSC Basis27,600,000 $(0.32)$5,796 
SwapTransco St 85 (Z4) Basis18,400,000 $0.62 $(2,384)
SwapNGPL TXOK Basis23,943,741 $(0.40)$2,463 
2027
SwapTransco Leidy Basis10,950,000 $(0.76)$(1,308)
SwapHSC Basis7,300,000 $(0.25)$1,194 
SwapNGPL TXOK Basis16,965,270 $(0.31)$1,593 
2028
SwapTransco Leidy Basis7,320,000 $(0.76)$(693)
SwapHSC Basis10,980,000 $(0.17)$1,229 
The following table summarizes the Company's natural gas liquids derivatives position by product and reference price:
InstrumentCommodity Reference PriceGallonsWeighted Average Price (USD)
Fair Value as of
June 30, 2026
(in thousands)
2026
SwapOPIS Purity Ethane Mont Belvieu68,220,796 $0.25 $591 
SwapOPIS IsoButane Mont Belvieu Non-TET7,128,934 $0.86 $(497)
SwapOPIS Normal Butane Mont Belvieu Non-TET11,719,147 $0.83 $(938)
SwapOPIS Propane Mont Belvieu Non-TET40,975,148 $0.70 $(586)
SwapOPIS Natural Gasoline Mont Belvieu Non-TET18,268,618 $1.39 $(1,563)
2027
SwapOPIS Purity Ethane Mont Belvieu79,965,970 $0.28 $3,841 
SwapOPIS IsoButane Mont Belvieu Non-TET13,846,327 $0.87 $324 
SwapOPIS Normal Butane Mont Belvieu Non-TET20,203,274 $0.83 $246 
SwapOPIS Propane Mont Belvieu Non-TET76,415,634 $0.70 $1,412 
SwapOPIS Natural Gasoline Mont Belvieu Non-TET34,754,781 $1.39 $1,160