Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Volumetric Underlying Derivative Transactions

The following table summarizes the net notional volumes of our open derivative financial instruments accounted for at fair value by commodity. Positive amounts represent net buys while bracketed amounts are net sell transactions (in thousands):

Non-trading 

Commodity	Notional	March 31, 2025	December 31, 2024
Natural Gas	MMBtu	5,327	5,716
Electricity	MWh	788	987

Trading

Commodity	Notional	March 31, 2025	December 31, 2024
Natural Gas	MMBtu	1,883	2,988

Schedule of Gains (Losses) on Derivative Instruments

Gains (losses) on derivative instruments, net and current period settlements on derivative instruments were as follows for the periods indicated (in thousands):

	Three Months Ended March 31,
	2025		2024
Gain (loss) on non-trading derivatives, net	$	6,554	$	(4,296)
(Loss) gain on trading derivatives, net	(2,168)		91
Gain (loss) on derivatives, net	$	4,386	$	(4,205)
Current period settlements on non-trading derivatives	(3,900)		15,242
Current period settlements on trading derivatives	—		183
Total current period settlements on derivatives	$	(3,900)	$	15,425

Schedule of Offsetting Assets

The following tables summarize the fair value and offsetting amounts of our derivative instruments by counterparty and collateral received or paid (in thousands):

	March 31, 2025
Description	Gross Assets		Gross Amounts Offset		Net Assets		Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	12,360	$	(4,182)	$	8,178	$	(1,339)	$	6,839
Trading commodity derivatives	39		(10)		29		—		29
Total Current Derivative Assets	12,399		(4,192)		8,207		(1,339)		6,868
Non-trading commodity derivatives	586		(68)		518		—		518
Trading commodity derivatives	—		—		—		—		—
Total Non-current Derivative Assets	586		(68)		518		—		518
Total Derivative Assets	$	12,985	$	(4,260)	$	8,725	$	(1,339)	$	7,386

	December 31, 2024
Description	Gross Assets		Gross Amounts Offset		Net Assets		Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	12,100	$	(5,443)	$	6,657	$	—	$	6,657
Trading commodity derivatives	2,538		(510)		2,028		—		2,028
Total Current Derivative Assets	14,638		(5,953)		8,685		—		8,685
Non-trading commodity derivatives	737		(259)		478		—		478
Trading commodity derivatives	—		—		—		—		—
Total Non-current Derivative Assets	737		(259)		478		—		478
Total Derivative Assets	$	15,375	$	(6,212)	$	9,163	$	—	$	9,163

Schedule of Offsetting Liabilities

Description	Gross  Liabilities		Gross Amounts Offset		Net Liabilities		Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	(39)	$	16	$	(23)	$	30	$	7
Trading commodity derivatives	(393)		112		(281)		—		(281)
Total Current Derivative Liabilities	(432)		128		(304)		30		(274)
Non-trading commodity derivatives	(956)		461		(495)		—		(495)
Trading commodity derivatives	(76)		43		(33)		—		(33)
Total Non-current Derivative Liabilities	(1,032)		504		(528)		—		(528)
Total Derivative Liabilities	$	(1,464)	$	632	$	(832)	$	30	$	(802)

Description	Gross  Liabilities		Gross Amounts Offset		Net Liabilities		Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	(3,036)	$	1,475	$	(1,561)	$	—	$	(1,561)
Trading commodity derivatives	(634)		494		(140)		—		(140)
Total Current Derivative Liabilities	(3,670)		1,969		(1,701)		—		(1,701)
Non-trading commodity derivatives	(333)		282		(51)		—		(51)
Trading commodity derivatives	(94)		90		(4)		—		(4)
Total Non-current Derivative Liabilities	(427)		372		(55)		—		(55)
Total Derivative Liabilities	$	(4,097)	$	2,341	$	(1,756)	$	—	$	(1,756)