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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Carrying Amounts and Fair Values of Financial Instruments

The following table presents the carrying amounts and fair values of the Company’s financial instruments as of September 30, 2024 and December 31, 2023:

			September 30, 2024												December 31, 2023
(in thousands)			Carrying Value						Fair Value						Carrying Value						Fair Value
Assets:
Derivative instruments - commodity derivatives			$	8,489					$	8,489					$	12,306					$	12,306
Equity instruments			$	27,651					$	27,651					$	50,427					$	50,427
Liabilities:
Revolving credit facilities			$	195,000					$	195,000					$	110,000					$	110,000
Derivative instruments - commodity derivatives			$	676					$	676					$	—					$	—

Schedule of Net Derivative Asset (Liability) Measured at Fair Value

			September 30, 2024
			Fair Value Measurement Using
(in thousands)			Level 1						Level 2						Level 3						Total Fair Value						Gross Amounts Offset in the Condensed Consolidated Balance Sheet						Net Fair Value Presented in the Condensed Consolidated Balance Sheet
Equity investments			$	27,651					$	—					$	—					$	27,651					$	—					$	27,651
Assets (at fair value):
Commodity derivatives – current portion			$	—					$	13,092					$	—					$	13,092					$	(4,603)					$	8,489
Commodity derivatives – noncurrent portion			—						5,636						—						5,636						(5,636)						—
Liabilities (at fair value):
Commodity derivatives – current portion			—						(4,603)						—						(4,603)						4,603						—
Commodity derivatives – noncurrent portion			—						(6,312)						—						(6,312)						5,636						(676)
Net derivative instruments			$	—					$	7,813					$	—					$	7,813					$	—					$	7,813

			December 31, 2023
			Fair Value Measurement Using
(in thousands)			Level 1						Level 2						Level 3						Total Fair Value						Gross Amounts Offset in the Condensed Consolidated Balance Sheet						Net Fair Value Presented in the Condensed Consolidated Balance Sheet
Equity investments - common stock			$	25,554					$	—					$	—					$	25,554					$	—					$	25,554
Equity investments - preferred stock			—						24,873						—						24,873						—						24,873
Total equity investments			$	25,554					$	24,873					$	—					$	50,427					$	—					$	50,427
Assets (at fair value):
Commodity derivatives – current portion			$	—					$	14,202					$	—					$	14,202					$	(3,085)					$	11,117
Commodity derivatives – noncurrent portion			—						2,534						—						2,534						(1,345)						1,189
Liabilities (at fair value):
Commodity derivatives – current portion			—						(3,085)						—						(3,085)						3,085						—
Commodity derivatives – noncurrent portion			—						(1,345)						—						(1,345)						1,345						—
Net derivative instruments			$	—					$	12,306					$	—					$	12,306					$	—					$	12,306

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- References

No definition available.

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- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ 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

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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 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: 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 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

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