Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables set forth by level within the fair value hierarchy, the financial assets and liabilities that were accounted for at fair value on a recurring basis:


	June 30, 2026
	Fair Value Measurements Using:
(in thousands)	Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial assets
Derivative instruments
Natural gas derivatives	$	106,473	$	—	$	106,473
NGL derivatives	7,054		—		7,054
Natural gas basis swaps	9,382		—		9,382
Power derivatives	8,337		13,891		22,228
Financial liabilities
Derivative instruments
Natural gas derivatives	2,818		—		2,818


Power derivatives	6,880		—		6,880


	December 31, 2025
	Fair Value Measurements Using:
(in thousands)	Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial assets
Derivative instruments
Natural gas derivatives	$	57,135	$	—	$	57,135
NGL derivatives	13,807		—		13,807
Natural gas basis swaps	17,272		—		17,272
Power derivatives	1,347		771		2,118
Financial liabilities
Derivative instruments
Natural gas derivatives	6,572		—		6,572
NGL derivatives	407		—		407
Natural gas basis swaps	1,328		—		1,328
Power derivatives	3,514		2,415		5,929

Fair Value Measurement Inputs and Valuation Techniques

The following table is the quantitative information regarding significant unobservable inputs used in the measurement of Level 3 positions:


June 30, 2026
Valuation Technique	Significant Unobservable Input	Range				Weighted Average		Description
Kirk Spread Option Model	Power and natural gas price correlation	92.7	%			92.7	%	Estimated correlation between underlying commodities
Kirk Spread Option Model	Power volatility (non-liquid hours)	53.4	%	65.2	%	59.3	%	Extrapolated from observable 5x16 implied volatilities and shaped for delivery periods (2x16 and 7x8)


December 31, 2025
Valuation Technique	Significant Unobservable Input	Range				Weighted Average		Description
Kirk Spread Option Model	Power and natural gas price correlation	92.7	%			92.7	%	Estimated correlation between underlying commodities
Kirk Spread Option Model	Power volatility (non-liquid hours)	42.9	%	52.4	%	47.7	%	Extrapolated from observable 5x16 implied volatilities and shaped for delivery periods (2x16 and 7x8)

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

The table below sets forth the changes in the Company's Level 3 fair value measurements:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Balance, beginning of period	$	25,827	$	(20,678)	$	(1,644)	$	(3,595)
Settlements	(30,227)		(14,936)		(99,558)		(30,227)
Total realized gains	30,227		14,936		99,558		30,227
Total unrealized gains (losses)	(11,936)		9,797		15,535		(7,286)


Balance, end of period	$	13,891	$	(10,881)	$	13,891	$	(10,881)