v3.26.3
Stock-Based Compensation Plans (Tables)
 9 Months Ended
Sep. 30, 2026
Allocation of Stock-Based Compensation by Functional Category The following details the allocation of stock-based compensation to functional expense categories (in thousands):

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Direct operating expense

$

537

 

 

$

525

 

 

$

1,601

 

 

$

1,566

 

Brokered natural gas, NGLs and marketing expense

 

676

 

 

 

626

 

 

 

2,277

 

 

 

2,268

 

Exploration expense

 

396

 

 

 

285

 

 

 

1,116

 

 

 

998

 

General and administrative expense

 

9,952

 

 

 

9,448

 

 

 

31,048

 

 

 

28,885

 

Total stock-based compensation expense

$

11,561

 

 

$

10,884

 

 

$

36,042

 

 

$

33,717

 
Schedule of Share Based Payment Award Performance Stock Awards Valuation Assumptions The following assumptions were used to estimate the fair value of the TSR Awards granted during first nine months 2026 and 2025:

 

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

Risk-free interest rate

 

 

3.5

%

 

 

4.2

%

Expected annual volatility

 

 

35

%

 

 

46

%

Grant date fair value per unit - relative TSR units

 

$

40.46

 

 

$

44.39

 

Grant date fair value per unit - absolute TSR units

 

$

38.47

 

 

$

—

 
Time Based and Performance Based Stock Awards Outstanding

The following is a summary of the activity for our time-based and performance-based stock awards for the nine months ended September 30, 2026:

 

 

Time-Based
Equity Awards

 

 

Performance-Based
Stock Awards

 

 

Shares

 

 

Weighted
Average Grant
Date Fair Value

 

 

Number
of Units (a)

 

 

Weighted
Average Grant
Date Fair Value

 

Outstanding as of December 31, 2025

 

1,104,628

 

 

$

36.37

 

 

 

620,208

 

 

$

35.13

 

Granted

 

1,184,226

 

 

 

35.98

 

 

 

236,122

 

 

 

39.79

 

Vested

 

(841,510

)

 

 

35.14

 

 

 

(145,747

)

 

 

26.86

 

Forfeited

 

(36,252

)

 

 

36.21

 

 

 

—

 

 

 

—

 

Outstanding as of September 30, 2026

 

1,411,092

 

 

$

36.77

 

 

 

710,583

 

 

$

38.37

 
(a)
Amounts granted reflect performance units granted. The actual payout will be between zero and 200% depending on achievement of the total stockholder return compared to our peers over the performance period and our absolute shareholder return ranking.