The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the fair value hierarchy as of March 31, 2025 (in thousands):


	Fair Value Measurements						Netting (1)		Assets (Liabilities) at Fair Value
	Level 1		Level 2		Level 3



Assets (Liabilities)
Commodity derivative contracts	$	—	$	(3,974)	$	—	$	1,847	$	(2,127)
Total	$	—	$	(3,974)	$	—	$	1,847	$	(2,127)

(1) Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists.

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the fair value hierarchy as of December 31, 2024 (in thousands):


	Fair Value Measurements						Netting(1)		Assets (Liabilities) at Fair Value
	Level 1		Level 2		Level 3
Assets
Commodity derivative contracts	$	—	$	830	$	—	$	630	$	200

Total	$	—	$	830	$	—	$	630	$	200

(1) Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists.