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Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Volumetric Underlying Derivative Transactions

The following table summarizes the net notional volumes of our open derivative financial instruments accounted for at fair value by commodity. Positive amounts represent net buys while bracketed amounts are net sell transactions (in thousands):

Non-trading 

Commodity

Notional

September 30, 2022

December 31, 2021

Natural Gas

MMBtu

4,090

3,862

Electricity

MWh

1,891

1,785

Trading

Commodity

Notional

September 30, 2022

December 31, 2021

Natural Gas

MMBtu

2,076

1,536

Schedule of Gains (Losses) on Derivative Instruments

Gains (losses) on derivative instruments, net and current period settlements on derivative instruments were as follows for the periods indicated (in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2021						2022						2021
(Loss) gain on non-trading derivatives, net			$	(1,413)					$	32,262					$	54,570					$	58,214
(Loss) gain on trading derivatives, net			(232)						(464)						1,245						(488)
(Loss) gain on derivatives, net			(1,645)						31,798						55,815						57,726
Current period settlements on non-trading derivatives			$	(14,068)					$	(5,660)					$	(36,067)					$	(6,054)
Current period settlements on trading derivatives			(10)						—						145						4
Total current period settlements on derivatives			$	(14,078)					$	(5,660)					$	(35,922)					$	(6,050)

Schedule of Offsetting Assets

The following tables summarize the fair value and offsetting amounts of our derivative instruments by counterparty and collateral received or paid (in thousands):

			September 30, 2022
Description			Gross Assets						Gross Amounts Offset						Net Assets						Cash Collateral Offset						Net Amount Presented
Non-trading commodity derivatives			$	48,611					$	(24,419)					$	24,192					$	—					$	24,192
Trading commodity derivatives			2,600						(1,728)						872						—						872
Total Current Derivative Assets			51,211						(26,147)						25,064						—						25,064
Non-trading commodity derivatives			2,436						(932)						1,504						—						1,504
Total Non-current Derivative Assets			2,436						(932)						1,504						—						1,504
Total Derivative Assets			$	53,647					$	(27,079)					$	26,568					$	—					$	26,568

			December 31, 2021
Description			Gross Assets						Gross Amounts Offset						Net Assets						Cash Collateral Offset						Net Amount Presented
Non-trading commodity derivatives			$	7,121					$	(3,319)					$	3,802					$	—					$	3,802
Trading commodity derivatives			143						(15)						128						—						128
Total Current Derivative Assets			7,264						(3,334)						3,930						—						3,930
Non-trading commodity derivatives			411						(71)						340						—						340
Trading commodity derivatives			—						—						—						—						—
Total Non-current Derivative Assets			411						(71)						340						—						340
Total Derivative Assets			$	7,675					$	(3,405)					$	4,270					$	—					$	4,270

Schedule of Offsetting Liabilities

Description			Gross  Liabilities						Gross Amounts Offset						Net Liabilities						Cash Collateral Offset						Net Amount Presented
Non-trading commodity derivatives			$	(7,430)					$	5,393					$	(2,037)					$	—					$	(2,037)
Trading commodity derivatives			(141)						12						(129)						—						(129)
Total Current Derivative Liabilities			(7,571)						5,405						(2,166)						—						(2,166)
Non-trading commodity derivatives			(7,679)						2,072						(5,607)						—						(5,607)
Trading commodity derivatives			(507)						320						(187)						—						(187)
Total Non-current Derivative Liabilities			(8,186)						2,392						(5,794)						—						(5,794)
Total Derivative Liabilities			$	(15,757)					$	7,797					$	(7,960)					$	—					$	(7,960)

Description			Gross  Liabilities						Gross Amounts Offset						Net Liabilities						Cash Collateral Offset						Net Amount Presented
Non-trading commodity derivatives			$	(18,195)					$	14,504					$	(3,691)					$	491					$	(3,200)
Trading commodity derivatives			(1,403)						445						(958)						—						(958)
Total Current Derivative Liabilities			(19,598)						14,949						(4,649)						491						(4,158)
Non-trading commodity derivatives			(236)						200						(36)						—						(36)
Trading commodity derivatives			—						—						—						—						—
Total Non-current Derivative Liabilities			(236)						200						(36)						—						(36)
Total Derivative Liabilities			$	(19,834)					$	15,149					$	(4,685)					$	491					$	(4,194)

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