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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)

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