v3.26.1
Reportable Segment (Tables)
12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting

The following tables present the Company’s segment revenues and other operating income, significant segment operating expenses, and segment income (loss) from operations:

Year Ended December 31, 2025

Total

Upstream/

Reportable

Corporate

(in thousands)

Midstream

Power

Segments

and Other

Total

Revenues and other operating income

  ​ ​ ​

  ​

  ​ ​ ​

  ​

  ​ ​ ​

  ​

  ​ ​ ​

  ​

  ​ ​ ​

  ​

Natural gas, NGL, and oil sales

$

857,597

$

$

857,597

$

$

857,597

Power revenues

 

 

248,752

 

248,752

 

 

248,752

Midstream revenues

 

10,456

 

 

10,456

 

 

10,456

Derivative gains (losses), net

 

105,081

 

274,788

 

379,869

 

 

379,869

Marketing revenues

 

 

 

 

12,304

 

12,304

Section 45Q tax credits

 

 

 

 

11,752

 

11,752

Loss on sales of assets

 

(1,798)

 

 

(1,798)

 

(7)

 

(1,805)

Other

 

11,664

 

 

11,664

 

 

11,664

Total revenues and other operating income

$

983,000

$

523,540

$

1,506,540

$

24,049

$

1,530,589

Operating expenses

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

Lease operating and workover

 

152,873

 

 

152,873

 

 

152,873

Fuel commodity costs

 

 

180,364

 

180,364

 

 

180,364

Purchased power

 

 

113,968

 

113,968

 

 

113,968

Taxes other than income

 

50,761

 

15,645

 

66,406

 

1

 

66,407

Gathering and transportation

 

250,849

 

 

250,849

 

 

250,849

Depreciation, depletion, amortization, and accretion

 

155,713

 

38,273

 

193,986

 

1,751

 

195,737

General and administrative

 

68,944

 

19,999

 

88,943

 

42,629

 

131,572

Power operating and maintenance

 

 

78,435

 

78,435

 

 

78,435

Other operating expenses

 

29,034

 

8,296

 

37,330

 

19,344

 

56,674

Total operating expenses

 

708,174

 

454,980

 

1,163,154

 

63,725

 

1,226,879

Income (loss) from operations

$

274,826

$

68,560

$

343,386

$

(39,676)

$

303,710

Capital expenditures

$

258,549

$

4,954

$

263,503

$

41,616

$

305,119

Year Ended December 31, 2024

Total

Upstream/

Reportable

Corporate

(in thousands)

Midstream

Power

Segments

and Other

Total

Revenues and other operating income

  ​ ​ ​

  ​

  ​ ​ ​

  ​

  ​ ​ ​

  ​

  ​ ​ ​

  ​

  ​ ​ ​

  ​

Natural gas, NGL, and oil sales

$

557,570

$

$

557,570

$

$

557,570

Power revenues

 

 

218,268

 

218,268

 

 

218,268

Midstream revenues

 

12,560

 

 

12,560

 

 

12,560

Derivative gains (losses), net

 

(34,152)

 

241,612

 

207,460

 

 

207,460

Marketing revenues

 

 

 

 

10,668

 

10,668

Section 45Q tax credits

 

 

 

 

14,021

 

14,021

Gain on sale of business

 

7,080

 

 

7,080

 

 

7,080

Gain on sales of assets

 

3,523

 

 

3,523

 

 

3,523

Other

 

6,631

 

 

6,631

 

 

6,631

Total revenues and other operating income

$

553,212

$

459,880

$

1,013,092

$

24,689

$

1,037,781

Operating expenses

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

Lease operating and workover

 

136,991

 

 

136,991

 

 

136,991

Fuel commodity costs

 

 

118,662

 

118,662

 

 

118,662

Purchased power

 

 

108,327

 

108,327

 

 

108,327

Taxes other than income

 

34,961

 

12,843

 

47,804

 

48

 

47,852

Gathering and transportation

 

222,391

 

 

222,391

 

 

222,391

Depreciation, depletion, amortization, and accretion

 

215,541

 

37,967

 

253,508

 

1,992

 

255,500

General and administrative

 

59,417

 

14,524

 

73,941

 

36,090

 

110,031

Power operating and maintenance

 

 

81,071

 

81,071

 

 

81,071

Other operating expenses

 

12,647

 

1,809

 

14,456

 

6,738

 

21,194

Total operating expenses

 

681,948

 

375,203

 

1,057,151

 

44,868

 

1,102,019

Loss from operations

$

(128,736)

$

84,677

$

(44,059)

$

(20,179)

$

(64,238)

Capital expenditures

$

88,384

$

4,445

$

92,829

$

12,532

$

105,361

Year Ended December 31, 2023

Total

Upstream/

Reportable

Corporate and

(in thousands)

Midstream

Power

Segments

Other

Total

Revenues and other operating income

  ​ ​ ​

  ​

  ​ ​ ​

  ​

  ​ ​ ​

  ​

  ​ ​ ​

  ​

  ​ ​ ​

  ​

Natural gas, NGL, and oil sales

$

706,151

$

$

706,151

$

$

706,151

Power revenues

 

 

274,623

 

274,623

 

 

274,623

Midstream revenues

 

16,168

 

 

16,168

 

 

16,168

Derivative gains (losses), net

 

238,743

 

51,981

 

290,724

 

 

290,724

Marketing revenues

 

 

 

 

8,710

 

8,710

Section 45Q tax credits

 

 

 

 

701

 

701

Gain on sales of assets

 

2,162

 

 

2,162

 

45

 

2,207

Other

 

3,957

 

 

3,957

 

 

3,957

Total revenues and other operating income

$

967,181

$

326,604

$

1,293,785

$

9,456

$

1,303,241

Operating expenses

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

Lease operating and workover

 

150,647

 

 

150,647

 

 

150,647

Fuel commodity costs

 

 

94,213

 

94,213

 

 

94,213

Purchased power

 

 

27,769

 

27,769

 

 

27,769

Taxes other than income

 

72,290

 

8,827

 

81,117

 

 

81,117

Gathering and transportation

 

248,990

 

 

248,990

 

 

248,990

Depreciation, depletion, amortization, and accretion

 

223,165

 

31,752

 

254,917

 

205

 

255,122

General and administrative

 

65,852

 

27,917

 

93,769

 

39,805

 

133,574

Power operating and maintenance

 

 

56,365

 

56,365

 

 

56,365

Other operating expenses

 

12,353

 

1,671

 

14,024

 

272

 

14,296

Total operating expenses

 

773,297

 

248,514

 

1,021,811

 

40,282

 

1,062,093

Income from operations

$

193,884

$

78,090

$

271,974

$

(30,826)

$

241,148

Capital expenditures

$

137,085

$

13,797

$

150,882

 

50,631

$

201,513

Segment Reporting, Reconciliation of Profit (Loss) by Segment to Consolidated

The following table reconciles total segment income (loss) from operations to consolidated income before income taxes

Year Ended December 31,

(in thousands)

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Total segment operating income (loss)

$

343,386

$

(44,059)

$

271,974

Unallocated amounts:

 

  ​

 

  ​

 

  ​

Corporate and Other revenues and other operating income

 

24,049

 

24,689

 

9,456

Corporate and Other taxes other than income

 

(1)

 

(48)

 

Corporate and Other depreciation, depletion, amortization, and accretion

 

(1,751)

 

(1,992)

 

(205)

Corporate and Other general and administrative

 

(42,629)

 

(36,090)

 

(39,805)

Corporate and Other other operating expenses

 

(19,344)

 

(6,738)

 

(272)

Gains on contingent consideration liabilities

 

 

9,676

 

38,375

Interest expense, net

 

(87,876)

 

(116,369)

 

(122,820)

Loss on extinguishment of debt

 

 

(13,877)

 

Other income

 

9,335

 

8,995

 

5,443

Income (loss) before income taxes

$

225,169

$

(175,813)

$

162,146

Segment Reporting, Reconciliation of Asset by Segment to Consolidated

The following table presents total assets by reportable segment reconciled to total consolidated assets:

December 31,

(in thousands)

  ​ ​ ​

2025

  ​ ​ ​

2024

Upstream/Midstream

$

2,670,434

$

2,016,352

Power

 

939,981

 

983,356

Total reportable segments

 

3,610,415

 

2,999,708

Corporate and Other

 

328,842

 

99,069

Total consolidated assets

$

3,939,257

$

3,098,777