Revenue

6 Months Ended

Jun. 30, 2025

Revenue

Revenue

(4) Revenue

(a) Disaggregation of Revenue

The table set forth below presents revenue disaggregated by type and reportable segment to which it relates (in thousands). See Note 16—Reportable Segments to the unaudited condensed consolidated financial statements for additional information.

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2025		2024		2025		Reportable Segment
Revenues from contracts with customers:
Natural gas sales	$	374,568		688,753		848,701		1,468,758	Exploration and production
Natural gas liquids sales (ethane)		65,764		78,546		128,794		173,026	Exploration and production
Natural gas liquids sales (C3+ NGLs)		423,427		402,211		878,259		869,163	Exploration and production
Oil sales		63,458		33,700		128,175		84,035	Exploration and production
Marketing		49,418		33,743		97,938		59,301	Marketing
Other revenue		273		273		546		543	Exploration and production
Total revenue from contracts with customers		976,908		1,237,226		2,082,413		2,654,826
Income (loss) from derivatives, deferred revenue and other sources, net		1,746		60,267		18,512		(4,626)
Total revenue	$	978,654		1,297,493		2,100,925		2,650,200

(b) Transaction Price Allocated to Remaining Performance Obligations

For the Company’s product sales that have a contract term greater than one year, the Company utilized the practical expedient in FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), which does not require the disclosure of the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under the Company’s product sales contracts, each unit of product delivered to the customer represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. For the Company’s product sales that have a contract term of one year or less, the Company utilized the practical expedient in ASC 606, which does not require the disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.

(c) Contract Balances

Under the Company’s sales contracts, the Company invoices customers after its performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company’s contracts do not give rise to contract assets or liabilities. As of December 31, 2024 and June 30, 2025, the Company’s receivables from contracts with customers were $454 million and $368 million, respectively.