v3.26.1
Financial Instruments and Risk Management (Tables)
3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Volumes Per Day Associated with Outstanding Natural Gas Derivative Contracts and the Weighted Average Prices for these Contracts At March 31, 2025, volumes per day associated with outstanding natural gas derivative contracts and the weighted average prices for these contracts were as follows:
NYMEX Henry Hub
AreaCommodityVolumes MMCF/dPrice/MCFStart DateEnd Date
Fixed price derivative swapUnited StatesNatural Gas40$3.58 4/1/20256/30/2025
Fixed price derivative swapUnited StatesNatural Gas60$3.65 7/1/20259/30/2025
Fixed price derivative swapUnited StatesNatural Gas60$3.74 10/1/202512/31/2025
Schedule of Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments
For the three-month periods ended March 31, 2026 and 2025, the gains and losses recognized in the Consolidated Statements of Operations for derivative instruments not designated as hedging instruments are presented in the following table:
(Thousands of dollars)Three Months Ended
March 31,
Type of Derivative ContractStatement of Operations Location20262025
Commodity swapsGain (loss) on derivative instruments$ $(9,459)
Schedule of Carrying Value of Assets and Liabilities Recorded at Fair Value on Recurring Basis
The fair value measurements for these assets and liabilities at March 31, 2026 and December 31, 2025, are shown in the following table.
March 31, 2026December 31, 2025
(Thousands of dollars)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Liabilities:
Nonqualified employee savings plan$21,947 $ $ $21,947 $22,205 $— $— $22,205 
$21,947 $ $ $21,947 $22,205 $— $— $22,205 
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments
The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at March 31, 2026 and December 31, 2025. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table excludes cash and cash equivalents, trade accounts receivable, trade accounts payable and accrued expenses, all of which had fair values approximating carrying amounts. The fair value of current and long-term debt was estimated based on rates offered to the Company at that time for debt of the same maturities. Substantially all of the Company’s long-term debt is actively traded in open markets, and accordingly, is classified as Level 1 in the fair value hierarchy. The Company has off-balance sheet exposures relating to certain letters of credit. The fair value of these, which represents fees associated with obtaining the instruments, were minimal.
March 31, 2026December 31, 2025
(Thousands of dollars)Carrying
Amount
Fair
Value
Carrying
Amount
Fair
Value
Financial liabilities:
Current and long-term debt
$1,550,694 $1,468,657 $1,385,080 $1,326,101