Stock-Based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2026

Allocation of Stock-Based Compensation by Functional Category

The following details the allocation of stock-based compensation to functional expense categories (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Direct operating expense	$	518	$	504	$	1,064	$	1,041
Brokered natural gas, NGLs and marketing expense		717		802		1,601		1,642
Exploration expense		386		366		720		713
General and administrative expense		10,471		9,326		21,096		19,437
Total stock-based compensation expense	$	12,092	$	10,998	$	24,481	$	22,833

Schedule of Share Based Payment Award Performance Stock Awards Valuation Assumptions

The following assumptions were used to estimate the fair value of the TSR Awards granted during first six months 2026 and 2025:


	Six Months Ended June 30,
	2026			2025
Risk-free interest rate		3.5	%		4.2	%
Expected annual volatility		35	%		46	%
Grant date fair value per unit - relative TSR units	$	40.46		$	44.39
Grant date fair value per unit - absolute TSR units	$	38.47		$	—

Time Based and Performance Based Stock Awards Outstanding

The following is a summary of the activity for our time-based and performance-based stock awards for the six months ended June 30, 2026:


	Time-Based Equity Awards					Performance-Based Stock Awards
	Shares			Weighted Average Grant Date Fair Value		Number of Units (a)			Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2025		1,104,628		$	36.37		620,208		$	35.13
Granted		1,174,695			35.96		236,122			39.79
Vested		(578,166	)		34.99		(145,747	)		26.86
Forfeited		(13,692	)		36.41		—			—
Outstanding as of June 30, 2026		1,687,465		$	36.56		710,583		$	38.37

(a)

Amounts granted reflect performance units granted. The actual payout will be between zero and 200% depending on achievement of the total stockholder return compared to our peers over the performance period and our absolute shareholder return ranking.