v3.25.2
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
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 
CommodityNotionalJune 30, 2025December 31, 2024
Natural GasMMBtu5,634 5,716 
ElectricityMWh937 987 
Trading
CommodityNotionalJune 30, 2025December 31, 2024
Natural GasMMBtu1,194 2,988 
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 June 30,Six Months Ended June 30,
  2025202420252024
(Loss) gain on non-trading derivatives, net$(6,400)$3,160 $154 $(1,136)
(Loss) gain on trading derivatives, net(12)20 (2,180)111 
(Loss) gain on derivatives, net$(6,412)$3,180 $(2,026)$(1,025)
Current period settlements on non-trading derivatives1,288 7,683 (2,612)22,925 
Current period settlements on trading derivatives— 84 — 267 
Total current period settlements on derivatives$1,288 $7,767 $(2,612)$23,192 
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):
  
June 30, 2025
DescriptionGross AssetsGross
Amounts
Offset		Net AssetsCash
Collateral
Offset		Net Amount
Presented
Non-trading commodity derivatives $6,839 $(4,200)$2,639 $(128)$2,511 
Trading commodity derivatives96 (1)95 — 95 
Total Current Derivative Assets6,935 (4,201)2,734 (128)2,606 
Non-trading commodity derivatives1,044 (381)663 — 663 
Trading commodity derivatives51 (44)7 — 7 
Total Non-current Derivative Assets1,095 (425)670 — 670 
Total Derivative Assets$8,030 $(4,626)$3,404 $(128)$3,276 
  
December 31, 2024
DescriptionGross AssetsGross
Amounts
Offset		Net AssetsCash
Collateral
Offset		Net Amount
Presented
Non-trading commodity derivatives$12,100 $(5,443)$6,657 $— $6,657 
Trading commodity derivatives2,538 (510)2,028 — 2,028 
Total Current Derivative Assets14,638 (5,953)8,685 — 8,685 
Non-trading commodity derivatives737 (259)478 — 478 
Trading commodity derivatives— — — — — 
Total Non-current Derivative Assets737 (259)478 — 478 
Total Derivative Assets$15,375 $(6,212)$9,163 $— $9,163 
Schedule of Offsetting Liabilities
DescriptionGross 
Liabilities		Gross
Amounts
Offset		Net
Liabilities		Cash
Collateral
Offset		Net Amount
Presented
Non-trading commodity derivatives$(2,169)$1,798 $(371)$107 $(264)
Trading commodity derivatives(171)60 (111)— (111)
Total Current Derivative Liabilities(2,340)1,858 (482)107 (375)
Non-trading commodity derivatives(351)198 (153)— (153)
Trading commodity derivatives— — — — — 
Total Non-current Derivative Liabilities(351)198 (153)— (153)
Total Derivative Liabilities$(2,691)$2,056 $(635)$107 $(528)
DescriptionGross 
Liabilities		Gross
Amounts
Offset		Net
Liabilities		Cash
Collateral
Offset		Net Amount
Presented
Non-trading commodity derivatives$(3,036)$1,475 $(1,561)$— $(1,561)
Trading commodity derivatives(634)494 (140)— (140)
Total Current Derivative Liabilities(3,670)1,969 (1,701)— (1,701)
Non-trading commodity derivatives(333)282 (51)— (51)
Trading commodity derivatives(94)90 (4)— (4)
Total Non-current Derivative Liabilities(427)372 (55)— (55)
Total Derivative Liabilities$(4,097)$2,341 $(1,756)$— $(1,756)