Fair Value (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Estimated Fair Values and Carrying Values of Other Financial Instruments |
The following are estimated fair values and carrying values of our other financial instruments at each of these dates:
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Asset (Liability) |
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September 30, 2026 |
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December 31, 2025 |
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(in thousands) |
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Carrying
Amount |
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Fair
Value |
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Carrying
Amount |
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Fair
Value |
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Note receivable from related party |
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$ |
7,279 |
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$ |
7,279 |
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$ |
7,131 |
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$ |
7,131 |
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Long-term debt |
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$ |
(271,100 |
) |
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$ |
(271,100 |
) |
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$ |
(291,100 |
) |
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$ |
(291,100 |
) |
Derivative asset |
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$ |
13,294 |
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$ |
13,294 |
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$ |
23,852 |
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$ |
23,852 |
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Derivative liability |
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$ |
(65,744 |
) |
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$ |
(65,744 |
) |
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$ |
(5,092 |
) |
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$ |
(5,092 |
) |
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| Schedule of Fair Value Measurements and the Level Within the Fair Value Hierarchy |
The following table summarizes our fair value measurements and the level within the fair value hierarchy in which the fair value measurements fall.
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Fair Value Measurements |
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September 30, 2026 |
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December 31, 2025 |
(in thousands) |
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Significant
Other
Observable
Inputs
(Level 2) |
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Significant
Other
Observable
Inputs
(Level 2) |
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Note receivable from related party |
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$ |
7,279 |
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$ |
7,131 |
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Long-term debt |
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$ |
(271,100 |
) |
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$ |
(291,100 |
) |
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Derivative asset |
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$ |
13,294 |
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$ |
23,852 |
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Derivative liability |
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$ |
(65,744 |
) |
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$ |
(5,092 |
) |
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| Schedule of Fair Value of Derivative Contracts |
The fair value of our derivatives contracts consists of the following:
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Asset Derivatives |
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Liability Derivatives |
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(in thousands) |
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September 30,
2026 |
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December 31,
2025 |
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September 30,
2026 |
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December 31,
2025 |
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Derivatives not designated as hedging instruments: |
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Crude oil futures and differential swaps |
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$ |
- |
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$ |
21,771 |
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$ |
(57,715 |
) |
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$ |
— |
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Natural gas liquids futures |
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$ |
44 |
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$ |
19 |
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$ |
— |
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$ |
— |
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Natural gas futures, collars and basis swaps |
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$ |
13,250 |
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$ |
2,062 |
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$ |
(8,029 |
) |
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$ |
(5,092 |
) |
Total |
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$ |
13,294 |
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$ |
23,852 |
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$ |
(65,744 |
) |
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$ |
(5,092 |
) |
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| Schedule of Fair Value of Derivative Gain (Loss) Included Earnings |
Derivative fair value (gain) loss, included as part of the related revenue line on the consolidated income statements, comprises the following components:
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Three Months Ended September 30, |
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For the Nine Months Ended September 30, |
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(in thousands) |
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2026 |
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2025 |
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2026 |
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2025 |
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Net cash paid to (received from) counterparties |
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$ |
20,607 |
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$ |
(3,070 |
) |
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$ |
59,435 |
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$ |
(8,574 |
) |
Non-cash change in derivative fair value |
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$ |
37,328 |
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$ |
(7,250 |
) |
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$ |
73,336 |
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$ |
(7,094 |
) |
Derivative fair value (gain) loss |
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$ |
57,935 |
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$ |
(10,320 |
) |
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$ |
132,771 |
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$ |
(15,668 |
) |
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