XML 46 R31.htm IDEA: XBRL DOCUMENT
v3.25.1

Derivatives and Risk Management (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables provide information about the Company’s derivative financial instruments. The tables present the notional amount, the weighted average contract prices and the fair values by expected maturity dates as of March 31, 2025.
| Volume |  | Weighted Average Price |  | Fair Value as of March 31, 2025
Oil | (in MBbls) |  | ($ per Bbl) |  | (in thousands)
Fixed price swaps |  |  |  |  |
2025 | 1,425 |  | $ | 71.25 |  | $ | 2,721
2026 | 571 |  | $ | 69.57 |  | 2,079
2027 | 35 |  | $ | 68.04 |  | 116
2028 | — |  | $ | — |  | —
Total | 2,031 |  |  |  | $ | 4,916
| Volume |  | Weighted Average Price |  | Fair Value as of March 31, 2025
Natural gas | (in MMBtu) |  | ($ per MMBtu) |  | (in thousands)
Fixed price swaps |  |  |  |  |
2025 | 25,262,000 |  | $ | 3.46 |  | $ | (25,434)
2026 | 36,566,500 |  | $ | 3.81 |  | (25,638)
2027 | 14,176,000 |  | $ | 3.79 |  | (2,880)
2028 | 1,070,000 |  | $ | 4.25 |  | 1
Total | 77,074,500 |  |  |  | $ | (53,951)
| Volume |  | Basis Differential |  | Fair Value as of March 31, 2025
Natural gas | (in MMBtu) |  | ($ per MMBtu) |  | (in thousands)
Basis swaps |  |  |  |  |
2025 | 34,535,500 |  | $ | (1.10) |  | $ | (2,347)
2026 | 37,345,000 |  | $ | (1.00) |  | (823)
2027 | 14,005,000 |  | $ | (0.92) |  | 538
2028 | 1,070,000 |  | $ | (0.83) |  | 72
Total | 86,955,500 |  |  |  | $ | (2,560)
| Volume |  | Weighted Average Price |  | Fair Value as of March 31, 2025
Ethane | (in gallons) |  | ($ per gallon) |  | (in thousands)
Fixed price swaps |  |  |  |  |
2025 | 7,622,000 |  | $ | 0.25 |  | $ | (390)
2026 | 8,290,500 |  | $ | 0.28 |  | (159)
2027 | 573,000 |  | $ | 0.30 |  | (4)
2028 | — |  | $ | — |  | —
Total | 16,485,500 |  |  |  | $ | (553)
| Volume |  | Weighted Average Price |  | Fair Value as of March 31, 2025
Propane | (in gallons) |  | ($ per gallon) |  | (in thousands)
Fixed price swaps |  |  |  |  |
2025 | 11,014,000 |  | $ | 0.70 |  | $ | (1,718)
2026 | 12,032,500 |  | $ | 0.71 |  | (922)
2027 | 813,000 |  | $ | 0.71 |  | (37)
2028 | — |  | $ | — |  | —
Total | 23,859,500 |  |  |  | $ | (2,677)
| Volume |  | Weighted Average Price |  | Fair Value as of March 31, 2025
Isobutane | (in gallons) |  | ($ per gallon) |  | (in thousands)
Fixed price swaps |  |  |  |  |
2025 | 2,658,500 |  | $ | 0.87 |  | $ | (369)
2026 | 2,523,500 |  | $ | 0.85 |  | (242)
2027 | 166,000 |  | $ | 0.83 |  | (13)
2028 | — |  | $ | — |  | —
Total | 5,348,000 |  |  |  | $ | (624)
| Volume |  | Weighted Average Price |  | Fair Value as of March 31, 2025
Normal butane | (in gallons) |  | ($ per gallon) |  | (in thousands)
Fixed price swaps |  |  |  |  |
2025 | 4,455,000 |  | $ | 0.83 |  | $ | (608)
2026 | 4,245,000 |  | $ | 0.82 |  | (317)
2027 | 280,000 |  | $ | 0.82 |  | (15)
2028 | — |  | $ | — |  | —
Total | 8,980,000 |  |  |  | $ | (940)
| Volume |  | Weighted Average Price |  | Fair Value as of March 31, 2025
Pentane | (in gallons) |  | ($ per gallon) |  | (in thousands)
Fixed price swaps |  |  |  |  |
2025 | 2,955,500 |  | $ | 1.40 |  | $ | (200)
2026 | 2,790,500 |  | $ | 1.38 |  | 15
2027 | 190,000 |  | $ | 1.34 |  | 3
2028 | — |  | $ | — |  | —
Total | 5,936,000 |  |  |  | $ | (182)
Offsetting Liabilities | The following table summarizes the gross fair value of our derivative assets and liabilities and the effect of netting as of March 31, 2025 and December 31, 2024:
| March 31, 2025 |
Balance Sheet Classification |  | Gross Amounts |  | Netting Adjustment |  | Net Amounts Presented on Balance Sheet |
(in thousands) |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Commodity derivative assets, short-term |  | $ | 5,828 |  | $ | (5,065) |  | $ | 763 |
Commodity derivative assets, long-term |  | 3,044 |  | (3,044) |  | — |
Total assets |  | $ | 8,872 |  | $ | (8,109) |  | $ | 763 |
Liabilities |  |  |  |  |  |  |
Commodity derivative liabilities, short-term |  | $ | (43,730) |  | $ | 5,066 |  | $ | (38,664) |
Commodity derivative liabilities, long-term |  | (21,713) |  | 3,043 |  | (18,670) |
Total liabilities |  | $ | (65,443) |  | $ | 8,109 |  | $ | (57,334) |
| December 31, 2024
Balance Sheet Classification |  | Gross Amounts |  | Netting Adjustment |  | Net Amounts Presented on Balance Sheet
(in thousands) |  |  |  |  |  |
Assets |  |  |  |  |  |
Commodity derivative assets, short-term |  | $ | 6,089 |  | $ | (6,089) |  | $ | —
Commodity derivative assets, long-term |  | 2,647 |  | (2,647) |  | —
Total assets |  | $ | 8,736 |  | $ | (8,736) |  | $ | —
Liabilities |  |  |  |  |  |
Commodity derivative liabilities, short-term |  | $ | 18,685 |  | $ | (6,089) |  |  | $ | 12,596 |
Commodity derivative liabilities, long-term |  | 12,989 |  |  | (2,647) |  |  | 10,342 |
Total liabilities |  | $ | 31,674 |  |  | $ | (8,736) |  |  | $ | 22,938 |
Offsetting Assets | The following table summarizes the gross fair value of our derivative assets and liabilities and the effect of netting as of March 31, 2025 and December 31, 2024:
| March 31, 2025 |
Balance Sheet Classification |  | Gross Amounts |  | Netting Adjustment |  | Net Amounts Presented on Balance Sheet |
(in thousands) |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Commodity derivative assets, short-term |  | $ | 5,828 |  | $ | (5,065) |  | $ | 763 |
Commodity derivative assets, long-term |  | 3,044 |  | (3,044) |  | — |
Total assets |  | $ | 8,872 |  | $ | (8,109) |  | $ | 763 |
Liabilities |  |  |  |  |  |  |
Commodity derivative liabilities, short-term |  | $ | (43,730) |  | $ | 5,066 |  | $ | (38,664) |
Commodity derivative liabilities, long-term |  | (21,713) |  | 3,043 |  | (18,670) |
Total liabilities |  | $ | (65,443) |  | $ | 8,109 |  | $ | (57,334) |
| December 31, 2024
Balance Sheet Classification |  | Gross Amounts |  | Netting Adjustment |  | Net Amounts Presented on Balance Sheet
(in thousands) |  |  |  |  |  |
Assets |  |  |  |  |  |
Commodity derivative assets, short-term |  | $ | 6,089 |  | $ | (6,089) |  | $ | —
Commodity derivative assets, long-term |  | 2,647 |  | (2,647) |  | —
Total assets |  | $ | 8,736 |  | $ | (8,736) |  | $ | —
Liabilities |  |  |  |  |  |
Commodity derivative liabilities, short-term |  | $ | 18,685 |  | $ | (6,089) |  |  | $ | 12,596 |
Commodity derivative liabilities, long-term |  | 12,989 |  |  | (2,647) |  |  | 10,342 |
Total liabilities |  | $ | 31,674 |  |  | $ | (8,736) |  |  | $ | 22,938 |
Derivative Instruments, Gain (Loss) | Our total derivative gains and losses for the three months ended March 31, 2025 and 2024 were as follows:
| For the Three Months Ended March 31,
(in thousands) | 2025 | 2024
Realized gain (loss) on derivative instruments | $ | (3,585) |  | $ | 13,263
Unrealized gain (loss) on derivative instruments | (33,633) |  | (36,718)
Total gain (loss) on derivative instruments | $ | (37,218) |  | $ | (23,455)

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3 + Details
Name: | us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3 + Details
Name: | us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration