Derivative Instruments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Summary of Offsetting Assets |
The following table presents gross commodity derivative balances prior to applying netting adjustments recorded in the condensed consolidated balance sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | (in thousands) | | Balance Sheet Location | | Gross Amounts of Assets and Liabilities | | Offset Adjustments | | Net Amounts of Assets and Liabilities | | Current derivative assets | | Commodity derivative assets, current | | $ | 112,440 | | | $ | (13,052) | | | $ | 99,388 | | | Noncurrent derivative assets | | Commodity derivative assets | | 52,084 | | | (6,335) | | | 45,749 | | | Current derivative liabilities | | Commodity derivative liabilities, current | | 22,750 | | | (13,052) | | | 9,698 | | | Noncurrent derivative liabilities | | Commodity derivative liabilities | | 6,335 | | | (6,335) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (in thousands) | | Balance Sheet Location | | Gross Amounts | | Offset Adjustments | | Net Amounts of Assets and Liabilities | | Current derivative assets | | Commodity derivative assets, current | | $ | 66,787 | | | $ | (2,887) | | | $ | 63,900 | | | Noncurrent derivative assets | | Commodity derivative assets | | 34,116 | | | (7,684) | | | 26,432 | | | Current derivative liabilities | | Commodity derivative liabilities, current | | 11,356 | | | (2,887) | | | 8,469 | | | Noncurrent derivative liabilities | | Commodity derivative liabilities | | 13,451 | | | (7,684) | | | 5,767 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Summary of Offsetting Liabilities |
The following table presents gross commodity derivative balances prior to applying netting adjustments recorded in the condensed consolidated balance sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | (in thousands) | | Balance Sheet Location | | Gross Amounts of Assets and Liabilities | | Offset Adjustments | | Net Amounts of Assets and Liabilities | | Current derivative assets | | Commodity derivative assets, current | | $ | 112,440 | | | $ | (13,052) | | | $ | 99,388 | | | Noncurrent derivative assets | | Commodity derivative assets | | 52,084 | | | (6,335) | | | 45,749 | | | Current derivative liabilities | | Commodity derivative liabilities, current | | 22,750 | | | (13,052) | | | 9,698 | | | Noncurrent derivative liabilities | | Commodity derivative liabilities | | 6,335 | | | (6,335) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (in thousands) | | Balance Sheet Location | | Gross Amounts | | Offset Adjustments | | Net Amounts of Assets and Liabilities | | Current derivative assets | | Commodity derivative assets, current | | $ | 66,787 | | | $ | (2,887) | | | $ | 63,900 | | | Noncurrent derivative assets | | Commodity derivative assets | | 34,116 | | | (7,684) | | | 26,432 | | | Current derivative liabilities | | Commodity derivative liabilities, current | | 11,356 | | | (2,887) | | | 8,469 | | | Noncurrent derivative liabilities | | Commodity derivative liabilities | | 13,451 | | | (7,684) | | | 5,767 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Summary of Derivative Instrument Gain (Loss) |
The following tables present realized and unrealized gains and losses on derivative instruments, including amounts recognized in derivative gains, net and purchased power on the condensed consolidated statements of income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Income
Statement
Location | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | (in thousands) | | | 2026 | | 2025 | | 2026 | | 2025 | | Realized gains (losses) on derivatives (natural gas) | | Derivative gains, net | | $ | 31,609 | | | $ | 6,689 | | | $ | 2,358 | | | $ | (3,685) | | | Realized gains (losses) on derivatives (NGL) | | Derivative gains, net | | 5,857 | | | (43) | | | 8,220 | | | (5,139) | | | Realized gains on derivatives (power sales) | | Derivative gains, net | | 60,507 | | | 65,939 | | | 123,077 | | | 133,037 | | | Realized losses on derivatives (purchased power) | | Purchased power | | (11,516) | | | (9,201) | | | (20,973) | | | (16,619) | | | Total realized gains on derivatives, net | | | | $ | 86,457 | | | $ | 63,384 | | | $ | 112,682 | | | $ | 107,594 | |
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Statement
Location | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | (in thousands) | | | 2026 | | 2025 | | 2026 | | 2025 | | Unrealized gains (losses) on derivatives (natural gas) | | Derivative gains, net | | $ | 25,676 | | | $ | 67,218 | | | 49,595 | | | (43,178) | | | Unrealized gains (losses) on derivatives (NGL) | | Derivative gains, net | | 31,922 | | | 17,789 | | | (9,411) | | | 9,727 | | | Unrealized gains (losses) on derivatives (power sales) | | Derivative gains, net | | (12,316) | | | 29,434 | | | 22,525 | | | (2,119) | | | Unrealized gains (losses) on derivatives (purchased power) | | Purchased power | | 205 | | | (3,324) | | | (3,366) | | | (348) | | | Total unrealized gains (losses) on derivatives, net | | | | $ | 45,487 | | | $ | 111,117 | | | $ | 59,343 | | | $ | (35,918) | |
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| Schedule of Derivative Instruments |
The following table summarizes the Company's power derivatives: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Instrument | | Units | | Quantity | | Pricing Index | | Fair Value as of June 30, 2026 (in thousands) | | 2026 | | | | | | | | | | Swap | | MMBtu | | 3,066,000 | | | HSC Gas Daily | | $ | (2,752) | | | Power forwards - sales | | MWh | | 438,000 | | | ERCOT North | | $ | 5,959 | | | Heat rate call option | | MMBtu | | 2,628,000 | | | Various | | $ | 13,891 | | | Power forwards - purchases | | MWh | | 344,030 | | | Various | | $ | (6,145) | | | 2027 | | | | | | | | | | Swap | | MMBtu | | 12,264,000 | | | HSC Gas Daily | | $ | 507 | | | Power forwards - sales | | MWh | | 1,752,000 | | | ERCOT North | | $ | 2,378 | | | Power forwards - purchases | | MWh | | 87,600 | | | Various | | $ | (735) | |
The following table summarizes the Company's natural gas commodity derivatives indexed to NYMEX Henry Hub pricing: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Instrument | | MMBtu | | Weighted Average Price (USD) | | Weighted Average Price Floor | | Weighted Average Price Ceiling | | Fair Value as of June 30, 2026 (in thousands) | | 2026 | | | | | | | | | | | | Swap | | 75,768,006 | | | $ | 3.88 | | | | | | | $ | 34,725 | | | 2027 | | | | | | | | | | | | Swap | | 98,958,854 | | | $ | 3.99 | | | | | | | $ | 49,421 | | | Collars | | 37,662,319 | | | | | $ | 3.57 | | | $ | 4.00 | | | $ | 9,378 | | | Call options | | 36,500,000 | | | | | | | $ | 5.00 | | | $ | (6,038) | | | Put options | | 36,500,000 | | | | | $ | 3.00 | | | | | $ | 10,398 | | | 2028 | | | | | | | | | | | | Swap | | 94,085,323 | | | $ | 3.79 | | | | | | | $ | 12,469 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2029 | | | | | | | | | | | | Swap | | 35,587,500 | | | $ | 3.60 | | | | | | | $ | (29) | |
The following table summarizes the Company's natural gas basis derivatives by reference price: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Instrument | | Basis Reference Price | | MMBtu | | Weighted Average Basis Differential | | Fair Value as of June 30, 2026 (in thousands) | | 2026 | | | | | | | | | | Swap | | Transco Leidy Basis | | 25,526,433 | | | $ | (0.79) | | | $ | 132 | | | Swap | | HSC Basis | | 27,600,000 | | | $ | (0.32) | | | $ | 5,796 | | | Swap | | Transco St 85 (Z4) Basis | | 18,400,000 | | | $ | 0.62 | | | $ | (2,384) | | | Swap | | NGPL TXOK Basis | | 23,943,741 | | | $ | (0.40) | | | $ | 2,463 | | | 2027 | | | | | | | | | | Swap | | Transco Leidy Basis | | 10,950,000 | | | $ | (0.76) | | | $ | (1,308) | | | Swap | | HSC Basis | | 7,300,000 | | | $ | (0.25) | | | $ | 1,194 | | | Swap | | NGPL TXOK Basis | | 16,965,270 | | | $ | (0.31) | | | $ | 1,593 | | | 2028 | | | | | | | | | | Swap | | Transco Leidy Basis | | 7,320,000 | | | $ | (0.76) | | | $ | (693) | | | Swap | | HSC Basis | | 10,980,000 | | | $ | (0.17) | | | $ | 1,229 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table summarizes the Company's natural gas liquids derivatives position by product and reference price: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Instrument | | Commodity Reference Price | | Gallons | | Weighted Average Price (USD) | | Fair Value as of June 30, 2026 (in thousands) | | 2026 | | | | | | | | | | Swap | | OPIS Purity Ethane Mont Belvieu | | 68,220,796 | | | $ | 0.25 | | | $ | 591 | | | Swap | | OPIS IsoButane Mont Belvieu Non-TET | | 7,128,934 | | | $ | 0.86 | | | $ | (497) | | | Swap | | OPIS Normal Butane Mont Belvieu Non-TET | | 11,719,147 | | | $ | 0.83 | | | $ | (938) | | | Swap | | OPIS Propane Mont Belvieu Non-TET | | 40,975,148 | | | $ | 0.70 | | | $ | (586) | | | Swap | | OPIS Natural Gasoline Mont Belvieu Non-TET | | 18,268,618 | | | $ | 1.39 | | | $ | (1,563) | | | 2027 | | | | | | | | | | Swap | | OPIS Purity Ethane Mont Belvieu | | 79,965,970 | | | $ | 0.28 | | | $ | 3,841 | | | Swap | | OPIS IsoButane Mont Belvieu Non-TET | | 13,846,327 | | | $ | 0.87 | | | $ | 324 | | | Swap | | OPIS Normal Butane Mont Belvieu Non-TET | | 20,203,274 | | | $ | 0.83 | | | $ | 246 | | | Swap | | OPIS Propane Mont Belvieu Non-TET | | 76,415,634 | | | $ | 0.70 | | | $ | 1,412 | | | Swap | | OPIS Natural Gasoline Mont Belvieu Non-TET | | 34,754,781 | | | $ | 1.39 | | | $ | 1,160 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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