Supplemental Oil and Gas Disclosures (unaudited) (Tables)

12 Months Ended

Dec. 31, 2025

Net Capitalized Costs Relating to Oil and Gas Producing Activities

The following table shows the capitalized costs of natural gas properties and the related accumulated depreciation, depletion, and amortization:


		December 31,
(in thousands)		2025			2024
Developed properties		$	2,965,638		$	2,315,167
Undeveloped properties			13,182			10,757
Total capitalized costs			2,978,820			2,325,924
Less: accumulated depreciation, depletion, and amortization			(825,694)			(697,002)
Net capitalized costs		$	2,153,126		$	1,628,922

Costs Incurred in Natural Gas and Oil Exploration and Development

The table below sets forth capitalized costs incurred in natural gas property acquisition, exploration, and development activities:


		Year Ended December 31,
(in thousands)		2025			2024			2023
Undeveloped property acquisition costs		$	2,425		$	775		$	335
Acquisitions⁽¹⁾			392,626			—			9,885
Development costs			259,364			95,427			107,544
Total cost incurred			654,415			96,202			117,764
Asset retirement obligations			226			42			89
Total costs incurred including asset retirement obligations		$	654,641		$	96,244		$	117,853

(1)	For the year ended December 31, 2025, acquisition costs include the natural gas properties acquired in the Bedrock Acquisition, and for the year ended December 31, 2023, acquisition costs include the mineral interests in acquired wells and additional costs related to previous acquisitions.

Quantities of Net Proved Reserves

The following tables illustrate the changes in the Company’s quantities of net proved reserves:


		Natural Gas		NGL		Oil		Total
		(MMcf)		(MBbls)		(MBbls)		(MMcfe)
January 1, 2023		4,855,676		211,500		1,869		6,135,890
Revision of previous estimates		(1,828,619)		(25,570)		(704)		(1,986,263)
Extensions and discoveries		188,572		6,539		—		227,806
Improved recoveries		16,632		2,250		5		30,162
Production		(249,766)		(10,554)		(119)		(313,804)
December 31, 2023		2,982,495		184,165		1,051		4,093,791
Revision of previous estimates		(485,190)		(35,891)		(2,401)		(714,942)
Extensions and discoveries		79,148		9,197		813		139,208
Improved recoveries		38,224		10		2,324		52,228
Net sales of minerals in place		(149,963)		—		—		(149,963)
Production		(228,683)		(9,859)		(96)		(288,413)
December 31, 2024		2,236,031		147,622		1,691		3,131,909
Revision of previous estimates		1,753,200		73,155		1,472		2,200,960
Extensions and discoveries		118,208		1,891		—		129,554
Improved recoveries		18,109		407		1		20,560
Purchases of minerals in place		463,147		45,762		876		742,978
Production		(242,931)		(10,181)		(159)		(304,975)
December 31, 2025		4,345,764		258,656		3,881		5,920,986
Proved developed reserves as of:
January 1, 2023		2,443,072		156,399		992		3,387,418
December 31, 2024		2,059,983		134,016		878		2,869,347
December 31, 2025		3,097,864		183,111		1,763		4,207,108
Proved undeveloped reserves as of:
January 1, 2023		539,423		27,766		59		706,373
December 31, 2024		176,048		13,606		813		262,562
December 31, 2025		1,247,900		75,545		2,118		1,713,878


(in MMcfe)		Developed		Undeveloped		Total
January 1, 2023		4,829,733		1,306,157		6,135,890
Revision of previous estimates		(1,191,886)		(794,377)		(1,986,263)
Extensions and discoveries		1,289		226,517		227,806
Improved recoveries		30,162		—		30,162
Production		(313,804)		—		(313,804)
Undeveloped reserves converted to developed		31,924		(31,924)		—
December 31, 2023		3,387,418		706,373		4,093,791
Revision of previous estimates		(235,580)		(479,362)		(714,942)
Extensions and discoveries		—		139,208		139,208
Improved recoveries		52,228		—		52,228
Net sales of minerals in place		(103,887)		(46,076)		(149,963)
Production		(288,413)		—		(288,413)
Undeveloped reserves converted to developed		57,581		(57,581)		—
December 31, 2024		2,869,347		262,562		3,131,909
Revision of previous estimates		915,783		1,285,177		2,200,960
Extensions and discoveries		—		129,554		129,554
Improved recoveries		20,560		—		20,560
Purchases of minerals in place		494,590		248,388		742,978
Production		(304,975)		—		(304,975)
Undeveloped reserves converted to developed		211,803		(211,803)		—
December 31, 2025		4,207,108		1,713,878		5,920,986

Oil and Gas, Standardized Measure, Discounted Future Net Cash Flow

The following table details the Standardized Measure related to proved reserves as of the periods presented:


Future cash flows		Year Ended December 31,
(in thousands)		2025			2024			2023
Future cash inflows		$	16,928,259		$	6,207,197		$	9,691,057
Future production costs			(8,616,382)			(4,026,521)			(5,799,209)
Future development costs ⁽¹⁾			(1,657,625)			(666,194)			(977,333)
Future income tax expense			(1,111,793)			(96,180)			(406,937)
Future net cash flows			5,542,459			1,418,302			2,507,578
10% annual discount for estimated timing of cash flows			(3,197,795)			(785,216)			(1,445,245)
Standardized measure of discounted future net cash flows related to proved reserves		$	2,344,664		$	633,086		$	1,062,333

(1)	Includes abandonment costs.

Oil and Gas, Change in Standardized Measure, Discounted Future Net Cash Flow

The following table summarizes the changes in the Standardized Measure:


		Year Ended December 31,
(in thousands)		2025			2024			2023
Balance, beginning of period		$	633,086		$	1,062,333		$	6,993,602
Net change in sales and transfer prices and in production (lifting) costs related to future production			943,628			(272,270)			(5,386,961)
Changes in estimated future development costs			(37,067)			(2,933)			91,657
Sales and transfers of natural gas, NGLs, and oil produced during the period			(381,138)			(271,692)			(201,884)
Net change due to extensions, discoveries, and improved recoveries			75,400			18,261			36,107
Net change due to purchases (sales) of minerals in place			337,761			(90,531)			—
Net change due to revisions in quantity estimates			1,007,937			(74,031)			(3,058,900)
Previously estimated development costs incurred during the period			21,467			24,291			27,598
Net change in future income taxes			(404,531)			131,401			1,790,684
Accretion of discount			67,190			123,255			861,914
Changes in timing and other			80,931			(14,998)			(91,484)
Total discounted cash flow as end of period		$	2,344,664		$	633,086		$	1,062,333

- Definition

Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

+ References + Details