| Revenue from Contracts with Customers |
Note 10 - Revenue from Contracts with Customers All of the Company’s revenues from contracts with customers are generated in the states of Pennsylvania and Texas. Revenues from contracts with customers consist of the following: | | | | | | | | | | | | Year Ended December 31, 2025 | (in thousands) | | Pennsylvania | | Texas | | Total | Natural gas | | $ | 67,668 | | $ | 607,410 | | $ | 675,078 | NGLs | | | — | | | 173,059 | | | 173,059 | Oil | | | — | | | 9,460 | | | 9,460 | Total natural gas, NGL, and oil sales | | | 67,668 | | | 789,929 | | | 857,597 | | | | | | | | | | | Merchant energy sales and other | | | — | | | 288,981 | | | 288,981 | Energy retail sales | | | — | | | 154,654 | | | 154,654 | Solar revenue | | | — | | | 398 | | | 398 | Physical power purchased | | | — | | | (195,281) | | | (195,281) | Revenue from contracts with customers - power | | | — | | | 248,752 | | | 248,752 | | | | | | | | | | | Marketing revenues | | | — | | | 12,304 | | | 12,304 | Midstream revenues | | | — | | | 10,456 | | | 10,456 | Other | | | — | | | 11,664 | | | 11,664 | Total | | $ | 67,668 | | $ | 1,073,105 | | $ | 1,140,773 |
| | | | | | | | | | | | Year Ended December 31, 2024 | (in thousands) | | Pennsylvania | | Texas | | Total | Natural gas | | $ | 38,795 | | $ | 346,661 | | $ | 385,456 | NGLs | | | — | | | 165,508 | | | 165,508 | Oil | | | — | | | 6,606 | | | 6,606 | Total natural gas, NGL, and oil sales | | | 38,795 | | | 518,775 | | | 557,570 | | | | | | | | | | | Merchant energy sales and other | | | — | | | 234,477 | | | 234,477 | Energy retail sales | | | — | | | 135,652 | | | 135,652 | Solar revenue | | | — | | | 128 | | | 128 | Physical power purchased | | | — | | | (151,989) | | | (151,989) | Revenue from contracts with customers - power | | | — | | | 218,268 | | | 218,268 | | | | | | | | | | | Marketing revenues | | $ | — | | | 10,668 | | | 10,668 | Midstream revenues | | | 2,014 | | | 10,546 | | | 12,560 | Other | | | — | | | 6,631 | | | 6,631 | Total | | $ | 40,809 | | $ | 764,888 | | $ | 805,697 |
| | | | | | | | | | | | Year Ended December 31, 2023 | (in thousands) | | Pennsylvania | | Texas | | Total | Natural gas | | $ | 57,678 | | $ | 452,168 | | $ | 509,846 | NGLs | | | — | | | 187,860 | | | 187,860 | Oil | | | — | | | 8,445 | | | 8,445 | Total natural gas, NGL, and oil sales | | | 57,678 | | | 648,473 | | | 706,151 | | | | | | | | | | | Merchant energy sales and other | | | — | | | 413,915 | | | 413,915 | Energy retail sales | | | — | | | 40,261 | | | 40,261 | Physical power purchased | | | — | | | (179,553) | | | (179,553) | Revenue from contracts with customers - power | | | — | | | 274,623 | | | 274,623 | | | | | | | | | | | Marketing revenues | | | — | | | 8,710 | | | 8,710 | Midstream revenues | | | 4,635 | | | 11,533 | | | 16,168 | Other | | | — | | | 3,957 | | | 3,957 | Total | | $ | 62,313 | | $ | 947,296 | | $ | 1,009,609 |
Accounts Receivable and Revenue from Contracts with Customers Substantially all of the Company’s accounts receivable, net result from the sale of natural gas, joint interest billings, and power sales. The Company sells the substantial majority of its natural gas, NGLs, and oil to fewer than five customers and bills working interest owners for costs related to development of the Company’s natural gas properties. The Company sells power to retail and wholesale customers on the ERCOT power grid. As of December 31, 2025 and 2024, the Company’s accounts receivable, net consisted of the following: | | | | | | | | | December 31, | (in thousands) | | 2025 | | 2024 | Accounts receivable - contracts with customers | | $ | 97,308 | | $ | 61,960 | Accounts receivable - derivative instruments | | | 11,383 | | | 8,663 | Accounts receivable - other | | | 21,656 | | | 3,568 | Allowance for credit losses | | | (1,270) | | | (2,511) | Total accounts receivable, net | | $ | 129,077 | | $ | 71,680 |
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