Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables set forth by level within the fair value hierarchy, the financial assets and liabilities that were accounted for at fair value on a recurring basis:

	December 31, 2025
	Fair Value Measurements Using:
	Significant Other
	Observable			Significant
	Inputs			Unobservable
(in thousands)	(Level 2)		Inputs (Level 3)		Total
Financial assets
Derivative instruments
Natural gas derivatives	$	57,135	$	—	$	57,135
NGL derivatives		13,807		—		13,807
Natural gas basis swaps		17,272		—		17,272
Power derivatives		1,347		771		2,118
Financial liabilities
Derivative instruments
Natural gas derivatives		6,572		—		6,572
NGL derivatives		407		—		407
Natural gas basis swaps		1,328		—		1,328
Power derivatives		3,514		2,415		5,929

	December 31, 2024
	Fair Value Measurements Using:
	Significant Other
	Observable			Significant
	Inputs			Unobservable
(in thousands)	(Level 2)		Inputs (Level 3)		Total
Financial assets
Derivative instruments
Natural gas derivatives	$	6,094	$	—	$	6,094
Power derivatives		2,790		—		2,790
Financial liabilities
Derivative instruments
Natural gas derivatives		54,083		—		54,083
NGL derivatives		8,973		—		8,973
Natural gas basis swaps		5,380		—		5,380
Power derivatives		15,648		3,595		19,243

Summary of Liabilities and Equity Measured on Recurring Basis, Unobservable Input Reconciliation

The tables below set forth the changes in the Company’s Level 3 fair value measurements (in thousands):

	Year Ended
Derivatives	December 31, 2025
Balance, beginning of period	$	(3,595)
Derivative settlements		(62,258)
Derivative realized gains (losses)		62,258
Derivative unrealized gains (losses)		1,951
Balance, end of period	$	(1,644)

	Year Ended December 31, 2024
	Contingent		Minority		Equity-Based
	Consideration		Ownership		Compensation		Derivatives		Total
Balance, beginning of period	$	29,676	$	59,988	$	126,966	$	(42,091)	$	174,539
Contingent consideration - settled		(20,000)		—		—		—		(20,000)
Mezzanine equity conversion		—		(42,995)		(74,993)		—		(117,988)
Grant date fair value of equity-based compensation, pre-IPO		—		(4)		(42,663)		—		(42,667)
Derivative settlements		—		—		—		(88,637)		(88,637)
Derivative realized gains (losses)		—		—		—		88,637		88,637
Change in fair market value (all instruments)		(9,676)		(16,989)		(9,310)		38,496		2,521
Balance, end of period	$	—	$	—	$	—	$	(3,595)	$	(3,595)

	Year Ended December 31, 2023
	Contingent		Minority		Equity-Based
	Consideration		Ownership		Compensation		Derivatives		Total
Balance, beginning of period	$	88,051	$	62,712	$	89,171	$	(1,994)	$	237,940
Contingent consideration - settled		(20,000)		—		—		—		(20,000)
Grant date fair value of equity-based compensation, pre-IPO		—		(2)		22,193		—		22,191
Derivative settlements		—		—		—		(55,258)		(55,258)
Derivative realized gains (losses)		—		—		—		55,258		55,258
Change in fair market value (all instruments)		(38,375)		(2,722)		15,602		(40,097)		(65,592)
Balance, end of period	$	29,676	$	59,988	$	126,966	$	(42,091)	$	174,539

Fair Value Measurement Inputs and Valuation Techniques

The following table is the quantitative information regarding significant unobservable inputs used in the measurement of Level 3 positions:

	December 31, 2025
	Significant
	Unobservable					Weighted
Valuation Technique	Input	Range				Average		Description
Kirk Spread Option Model	Power and natural gas price correlation	92.7	%			92.7	%	Estimated correlation between underlying commodities
Kirk Spread Option Model	Power volatility (non-liquid hours)	42.9	%	52.4	%	47.7	%	Extrapolated from observable 5x16 implied volatilities and shaped for delivery periods (2x16 and 7x8)

	December 31, 2024
	Significant
	Unobservable					Weighted
Valuation Technique	Input	Range				Average		Description
Kirk Spread Option Model	Power and natural gas price correlation	70.4	%			70.4	%	Estimated correlation between underlying commodities
Kirk Spread Option Model	Power volatility (non-liquid hours)	56.8	%	69.4	%	63.1	%	Extrapolated from observable 5x16 implied volatilities and shaped for delivery periods (2x16 and 7x8)