| 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: | | | | | | | | | | | | December 31, 2025 | | | Fair Value Measurements Using: | | | | | | Significant Other | | | | | | | | | Observable | | | Significant | | | | | | Inputs | | | Unobservable | | | | (in thousands) | | (Level 2) | | 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 |
| | | | | | | | | | | | December 31, 2024 | | | Fair Value Measurements Using: | | | | | | Significant Other | | | | | | | | | Observable | | | Significant | | | | | | Inputs | | | Unobservable | | | | (in thousands) | | (Level 2) | | Inputs (Level 3) | | Total | Financial assets | | | | | | | | | | Derivative instruments | | | | | | | | | | Natural gas derivatives | | $ | 6,094 | | $ | — | | $ | 6,094 | Power derivatives | | | 2,790 | | | — | | | 2,790 | Financial liabilities | | | | | | | | | | Derivative instruments | | | | | | | | | | Natural gas derivatives | | | 54,083 | | | — | | | 54,083 | NGL derivatives | | | 8,973 | | | — | | | 8,973 | Natural gas basis swaps | | | 5,380 | | | — | | | 5,380 | Power derivatives | | | 15,648 | | | 3,595 | | | 19,243 |
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| Summary of Liabilities and Equity Measured on Recurring Basis, Unobservable Input Reconciliation |
The tables below set forth the changes in the Company’s Level 3 fair value measurements (in thousands): | | | | | | Year Ended | Derivatives | | December 31, 2025 | Balance, beginning of period | | $ | (3,595) | Derivative settlements | | | (62,258) | Derivative realized gains (losses) | | | 62,258 | Derivative unrealized gains (losses) | | | 1,951 | Balance, end of period | | $ | (1,644) |
| | | | | | | | | | | | | | | | | | Year Ended December 31, 2024 | | | Contingent | | Minority | | Equity-Based | | | | | | | | | Consideration | | Ownership | | Compensation | | Derivatives | | Total | Balance, beginning of period | | $ | 29,676 | | $ | 59,988 | | $ | 126,966 | | $ | (42,091) | | $ | 174,539 | Contingent consideration - settled | | | (20,000) | | | — | | | — | | | — | | | (20,000) | Mezzanine equity conversion | | | — | | | (42,995) | | | (74,993) | | | — | | | (117,988) | Grant date fair value of equity-based compensation, pre-IPO | | | — | | | (4) | | | (42,663) | | | — | | | (42,667) | Derivative settlements | | | — | | | — | | | — | | | (88,637) | | | (88,637) | Derivative realized gains (losses) | | | — | | | — | | | — | | | 88,637 | | | 88,637 | Change in fair market value (all instruments) | | | (9,676) | | | (16,989) | | | (9,310) | | | 38,496 | | | 2,521 | Balance, end of period | | $ | — | | $ | — | | $ | — | | $ | (3,595) | | $ | (3,595) |
| | | | | | | | | | | | | | | | | | Year Ended December 31, 2023 | | | Contingent | | Minority | | Equity-Based | | | | | | | | | Consideration | | Ownership | | Compensation | | Derivatives | | Total | Balance, beginning of period | | $ | 88,051 | | $ | 62,712 | | $ | 89,171 | | $ | (1,994) | | $ | 237,940 | Contingent consideration - settled | | | (20,000) | | | — | | | — | | | — | | | (20,000) | Grant date fair value of equity-based compensation, pre-IPO | | | — | | | (2) | | | 22,193 | | | — | | | 22,191 | Derivative settlements | | | — | | | — | | | — | | | (55,258) | | | (55,258) | Derivative realized gains (losses) | | | — | | | — | | | — | | | 55,258 | | | 55,258 | Change in fair market value (all instruments) | | | (38,375) | | | (2,722) | | | 15,602 | | | (40,097) | | | (65,592) | Balance, end of period | | $ | 29,676 | | $ | 59,988 | | $ | 126,966 | | $ | (42,091) | | $ | 174,539 |
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