Derivative Instruments (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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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 consolidated balance sheets: | | | | | | | | | | | | | | | | December 31, 2025 | | | | | Gross Amounts | | | | | Net Amounts of | | | | | of Assets and | | Offset | | Assets and | (in thousands) | | Balance Sheet Location | | Liabilities | | Adjustments | | 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 |
| | | | | | | | | | | | | | | | December 31, 2024 | | | | | Gross Amounts | | | | | Net Amounts of | | | | | of Assets and | | Offset | | Assets and | (in thousands) | | Balance Sheet Location | | Liabilities | | Adjustments | | Liabilities | Current derivative assets | | Commodity derivative assets, current | | $ | 14,071 | | $ | (5,187) | | $ | 8,884 | Noncurrent derivative assets | | Commodity derivative assets | | | 872 | | | (872) | | | — | Current derivative liabilities | | Commodity derivative liabilities, current | | | 45,280 | | | (5,187) | | | 40,093 | Noncurrent derivative liabilities | | Commodity derivative liabilities | | | 48,458 | | | (872) | | | 47,586 |
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| Summary of Offsetting Liabilities |
The following table presents gross commodity derivative balances prior to applying netting adjustments recorded in the consolidated balance sheets: | | | | | | | | | | | | | | | | December 31, 2025 | | | | | Gross Amounts | | | | | Net Amounts of | | | | | of Assets and | | Offset | | Assets and | (in thousands) | | Balance Sheet Location | | Liabilities | | Adjustments | | 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 |
| | | | | | | | | | | | | | | | December 31, 2024 | | | | | Gross Amounts | | | | | Net Amounts of | | | | | of Assets and | | Offset | | Assets and | (in thousands) | | Balance Sheet Location | | Liabilities | | Adjustments | | Liabilities | Current derivative assets | | Commodity derivative assets, current | | $ | 14,071 | | $ | (5,187) | | $ | 8,884 | Noncurrent derivative assets | | Commodity derivative assets | | | 872 | | | (872) | | | — | Current derivative liabilities | | Commodity derivative liabilities, current | | | 45,280 | | | (5,187) | | | 40,093 | Noncurrent derivative liabilities | | Commodity derivative liabilities | | | 48,458 | | | (872) | | | 47,586 |
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| Summary of Derivative Instrument Gain (Loss) |
The following tables set forth the derivative gains, net on the consolidated statements of operations: | | | | | | | | | | | | | | | | Year Ended December 31, | | | Income Statement | | | | | | | | | | (in thousands) | | Location | | 2025 | | 2024 | | 2023 | Realized gains (losses) on derivatives (natural gas) | | Derivative gains, net | | $ | (8,808) | | $ | 76,670 | | $ | 86,131 | Realized gains (losses) on derivatives (NGL) | | Derivative gains, net | | | (1,639) | | | 3,994 | | | (2,643) | Realized gains on derivatives (power sales) | | Derivative gains, net | | | 269,958 | | | 207,729 | | | 132,843 | Realized losses on derivatives (purchased power) | | Purchased power | | | (41,226) | | | (51,764) | | | (10,620) | Total realized gains on derivatives, net | | | | $ | 218,285 | | $ | 236,629 | | $ | 205,711 |
| | | | | | | | | | | | | | | | Year Ended December 31, | | | Income Statement | | | | | | | | | | (in thousands) | | Location | | 2025 | | 2024 | | 2023 | Unrealized gains (losses) on derivatives (natural gas) | | Derivative gains, net | | $ | 80,242 | | $ | (101,325) | | $ | 111,315 | Unrealized gains (losses) on derivatives (NGL) | | Derivative gains, net | | | 25,089 | | | (18,856) | | | 16,906 | Unrealized gains (losses) on derivatives (power sales) | | Derivative gains, net | | | 15,027 | | | 39,248 | | | (53,828) | Unrealized gains (losses) on derivatives (purchased power) | | Purchased power | | | (2,384) | | | (1,684) | | | 554 | Total unrealized gains (losses) on derivatives, net | | | | $ | 117,974 | | $ | (82,617) | | $ | 74,947 |
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| Schedule of Derivative Instruments |
The following table summarizes the Company’s power derivatives: | | | | | | | | | | | | | | | | | | Fair Value as of | | | | | | | | | December 31, | | | | | | | | | 2025 | Instrument | | Units | | Quantity | | Pricing Index | | (in thousands) | 2026 | | | | | | | | | | Swap | | MMBtu | | 6,132,000 | | HSC Gas Daily | | $ | (2,540) | Power forwards - sales | | MWh | | 876,000 | | ERCOT North | | $ | 1,347 | Heat rate call option | | MMBtu | | 5,256,000 | | Various | | $ | (1,644) | Power forwards - purchases | | MWh | | (453,195) | | Various | | $ | (3,514) |
The following table summarizes the Company’s natural gas commodity derivatives indexed to NYMEX Henry Hub pricing: | | | | | | | | | | | | | | | | | | | Weighted | | | | | Weighted | | Fair Value as of | | | | | Average | | Weighted | | Average | | December 31, | | | | | Price | | Average | | Price | | 2025 | Instrument | | MMBtu | | (USD) | | Price Floor | | Ceiling | | (in thousands) | 2026 | | | | | | | | | | | | | | | Swap | | 154,460,650 | | $ | 3.86 | | | | | | | | $ | 35,268 | 2027 | | | | | | | | | | | | | | | Swap | | 79,825,383 | | $ | 4.03 | | | | | | | | $ | 11,938 | Collars | | 37,662,319 | | | | | $ | 3.57 | | $ | 4.00 | | $ | (3,225) | Call options | | 36,500,000 | | | | | | | | $ | 5.00 | | $ | (9,372) | Put options | | 36,500,000 | | | | | $ | 3.00 | | | | | $ | 7,014 | 2028 | | | | | | | | | | | | | | | Swap | | 51,995,323 | | $ | 3.93 | | | | | | | | $ | 11,480 |
The following table summarizes the Company’s natural gas basis derivatives by reference price: | | | | | | | | | | | | | | | | | | | | Fair Value as of | | | | | | | Weighted | | December 31, | | | | | | | Average Basis | | 2025 | Instrument | | Basis Reference Price | | MMBtu | | Differential | | (in thousands) | 2026 | | | | | | | | | | | Swap | | Transco Leidy Basis | | 43,800,000 | | $ | (0.80) | | $ | 238 | Swap | | HSC Basis | | 54,750,000 | | $ | (0.32) | | $ | 7,408 | Swap | | Transco St 85 (Z4) Basis | | 36,500,000 | | $ | 0.62 | | $ | 4,225 | Swap | | NGPL TXOK Basis | | 47,521,249 | | $ | (0.36) | | $ | 3,384 | 2027 | | | | | | | | | | | Swap | | Transco Leidy Basis | | 7,300,000 | | $ | (0.77) | | $ | 36 | Swap | | HSC Basis | | 7,300,000 | | $ | (0.25) | | $ | 458 | Swap | | NGPL TXOK Basis | | 16,965,270 | | $ | (0.31) | | $ | (93) | 2028 | | | | | | | | | | | Swap | | HSC Basis | | 10,980,000 | | $ | (0.17) | | $ | 289 |
The following table summarizes the Company’s natural gas liquids derivatives position by product and reference price: | | | | | | | | | | | | | | | | | | | | Fair Value as of | | | | | | | Weighted | | December 31, | | | | | | | Average Price | | 2025 | Instrument | | Commodity Reference Price | | Gallons | | (USD) | | (in thousands) | 2026 | | | | | | | | | | | Swap | | OPIS Purity Ethane Mont Belvieu | | 142,691,481 | | $ | 0.25 | | $ | 468 | Swap | | OPIS IsoButane Mont Belvieu Non-TET | | 10,075,218 | | $ | 0.83 | | $ | 185 | Swap | | OPIS Normal Butane Mont Belvieu Non-TET | | 16,928,342 | | $ | 0.80 | | $ | 836 | Swap | | OPIS Propane Mont Belvieu Non-TET | | 59,163,120 | | $ | 0.69 | | $ | 4,359 | Swap | | OPIS Natural Gasoline Mont Belvieu Non-TET | | 25,835,930 | | $ | 1.37 | | $ | 5,411 | 2027 | | | | | | | | | | | Swap | | OPIS Purity Ethane Mont Belvieu | | 79,965,970 | | $ | 0.28 | | $ | 935 | Swap | | OPIS IsoButane Mont Belvieu Non-TET | | 2,732,077 | | $ | 0.76 | | $ | 21 | Swap | | OPIS Normal Butane Mont Belvieu Non-TET | | 4,873,274 | | $ | 0.74 | | $ | 92 | Swap | | OPIS Propane Mont Belvieu Non-TET | | 15,478,884 | | $ | 0.64 | | $ | 309 | Swap | | OPIS Natural Gasoline Mont Belvieu Non-TET | | 6,777,531 | | $ | 1.26 | | $ | 783 |
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