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Fair value measurements | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Fair value measurements | Fair value measurements See the beginning of Note 12 in the 2024 Annual Report for information about the fair value hierarchy levels. Fair value measurement on a recurring basis See Note 8 for further discussion of the Company's derivatives. Balance sheet presentation The following tables present the Company's derivatives by (i) balance sheet classification, (ii) derivative type and (iii) fair value hierarchy level, and provide a total, on a gross basis and a net basis reflected in "Derivatives" on the consolidated balance sheets as of the dates presented:
|  | September 30, 2025
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total gross fair value |  | Amounts offset |  | Net fair value presented on the consolidated balance sheets
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 158,376 |  |  | $ | — |  |  | $ | 158,376 |  |  | $ | (9,095) |  |  | $ | 149,281 |
Contingent consideration |  | — |  |  | — |  |  | 51 |  |  | 51 |  |  | — |  |  | 51 |
Noncurrent: |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | — |  |  | (1,834) |  |  | — |  |  | (1,834) |  |  | 4,324 |  |  | 2,490 |
Contingent consideration |  | — |  |  | — |  |  | 18,470 |  |  | 18,470 |  |  | — |  |  | 18,470 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | — |  |  | (9,095) |  |  | — |  |  | (9,095) |  |  | 9,095 |  |  | — |
Noncurrent: |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | — |  |  | (21,513) |  |  | — |  |  | (21,513) |  |  | (4,324) |  |  | (25,837) |
Net derivative asset (liability) positions |  | $ | — |  |  | $ | 125,934 |  |  | $ | 18,521 |  |  | $ | 144,455 |  |  | $ | — |  |  | $ | 144,455 |
|  | December 31, 2024
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total gross fair value |  | Amounts offset |  | Net fair value presented on the consolidated balance sheets
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 98,825 |  |  | $ | — |  |  | $ | 98,825 |  |  | $ | 2,638 |  |  | $ | 101,463 |
Contingent consideration |  | — |  |  | — |  |  | 11 |  |  | 11 |  |  | — |  |  | 11 |
Noncurrent: |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | — |  |  | 28,126 |  |  | — |  |  | 28,126 |  |  | (9,866) |  |  | 18,260 |
Contingent consideration |  | — |  |  | — |  |  | 16,304 |  |  | 16,304 |  |  | — |  |  | 16,304 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | — |  |  | 2,638 |  |  | — |  |  | 2,638 |  |  | (2,638) |  |  | — |
Noncurrent: |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | — |  |  | (15,680) |  |  | — |  |  | (15,680) |  |  | 9,866 |  |  | (5,814) |
Net derivative asset (liability) positions |  | $ | — |  |  | $ | 113,909 |  |  | $ | 16,315 |  |  | $ | 130,224 |  |  | $ | — |  |  | $ | 130,224 |
See Note 12 in the 2024 Annual Report for discussion of the significant inputs used in the fair value mark-to-market analysis of commodity and contingent consideration derivatives. The Company reviewed the third-party specialist's valuations of commodity and contingent consideration derivatives, including the related inputs, and analyzed changes in fair values between reporting dates. The Sixth Street Contingent Consideration is categorized as Level 3 in the fair value hierarchy, as the Company provided cash flow projections to a third-party valuation specialist to determine the fair value. The Company reviewed the third-party specialist's valuation, including the related inputs, and analyzed changes in fair values between the divestiture closing date and the reporting dates. The fair value at the closing date of the Sixth Street Contingent Consideration was recorded as part of the basis in the oil and natural gas properties divested and as a contingent consideration asset. At each quarterly reporting period, the Company remeasures contingent consideration with the change in fair values recognized in "Gain (loss) on derivatives, net" under "Non-operating income (expense)" on the consolidated statement of operations. See Note 8 for additional discussion of the Sixth Street Contingent Consideration. The following table summarizes the changes in contingent consideration derivatives classified as Level 3 measurements for the periods presented:
|  | Three months ended September 30, |  | Nine months ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Balance of Level 3 at beginning of period |  | $ | 25,230 |  |  | $ | 33,027 |  |  | $ | 16,315 |  |  | $ | 31,106 |
Change in Sixth Street Contingent Consideration fair value |  | (6,709) |  |  | (10,550) |  |  | 2,206 |  |  | (8,629) |
Balance of Level 3 at end of period |  | $ | 18,521 |  |  | $ | 22,477 |  |  | $ | 18,521 |  |  | $ | 22,477 |
Items not accounted for at fair value The carrying amounts reported on the consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable, accrued capital expenditures, undistributed revenue and royalties and other accrued assets and liabilities approximate their fair values. The Company has not elected to account for its debt instruments at fair value. The following table presents the carrying amounts and fair values of the Company's debt as of the dates presented:
|  | September 30, 2025 |  | December 31, 2024
(in thousands) |  | Carrying amount(1) |  | Fair value(2) |  | Carrying amount(1) |  | Fair value(2)
Debt |  | $ | 2,305,578 |  |  | $ | 2,284,715 |  |  | $ | 2,480,578 |  |  | $ | 2,455,032 |
______________________________________________________________________________ (1)Amounts presented do not include issuance premiums or discounts. (2)The fair values of the outstanding notes were determined using the Level 2 fair value hierarchy quoted market prices for each respective instrument as of September 30, 2025 and December 31, 2024. The fair values of the outstanding amounts under the Senior Secured Credit Facility approximate the carrying values based on short-term floating interest rates available to the Company as of September 30, 2025 and December 31, 2024.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + 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 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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