Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Offsetting Assets

The following table presents gross commodity derivative balances prior to applying netting adjustments recorded in the consolidated balance sheets:

		December 31, 2025
		Gross Amounts				Net Amounts of
		of Assets and		Offset		Assets and
(in thousands)	Balance Sheet Location	Liabilities		Adjustments		Liabilities
Current derivative assets	Commodity derivative assets, current	$	66,787	$	(2,887)	$	63,900
Noncurrent derivative assets	Commodity derivative assets		34,116		(7,684)		26,432
Current derivative liabilities	Commodity derivative liabilities, current		11,356		(2,887)		8,469
Noncurrent derivative liabilities	Commodity derivative liabilities		13,451		(7,684)		5,767

		December 31, 2024
		Gross Amounts				Net Amounts of
		of Assets and		Offset		Assets and
(in thousands)	Balance Sheet Location	Liabilities		Adjustments		Liabilities
Current derivative assets	Commodity derivative assets, current	$	14,071	$	(5,187)	$	8,884
Noncurrent derivative assets	Commodity derivative assets		872		(872)		—
Current derivative liabilities	Commodity derivative liabilities, current		45,280		(5,187)		40,093
Noncurrent derivative liabilities	Commodity derivative liabilities		48,458		(872)		47,586

Summary of Offsetting Liabilities

The following table presents gross commodity derivative balances prior to applying netting adjustments recorded in the consolidated balance sheets:

		December 31, 2025
		Gross Amounts				Net Amounts of
		of Assets and		Offset		Assets and
(in thousands)	Balance Sheet Location	Liabilities		Adjustments		Liabilities
Current derivative assets	Commodity derivative assets, current	$	66,787	$	(2,887)	$	63,900
Noncurrent derivative assets	Commodity derivative assets		34,116		(7,684)		26,432
Current derivative liabilities	Commodity derivative liabilities, current		11,356		(2,887)		8,469
Noncurrent derivative liabilities	Commodity derivative liabilities		13,451		(7,684)		5,767

		December 31, 2024
		Gross Amounts				Net Amounts of
		of Assets and		Offset		Assets and
(in thousands)	Balance Sheet Location	Liabilities		Adjustments		Liabilities
Current derivative assets	Commodity derivative assets, current	$	14,071	$	(5,187)	$	8,884
Noncurrent derivative assets	Commodity derivative assets		872		(872)		—
Current derivative liabilities	Commodity derivative liabilities, current		45,280		(5,187)		40,093
Noncurrent derivative liabilities	Commodity derivative liabilities		48,458		(872)		47,586

Summary of Derivative Instrument Gain (Loss)

The following tables set forth the derivative gains, net on the consolidated statements of operations:

		Year Ended December 31,
	Income Statement
(in thousands)	Location	2025		2024		2023
Realized gains (losses) on derivatives (natural gas)	Derivative gains, net	$	(8,808)	$	76,670	$	86,131
Realized gains (losses) on derivatives (NGL)	Derivative gains, net		(1,639)		3,994		(2,643)
Realized gains on derivatives (power sales)	Derivative gains, net		269,958		207,729		132,843
Realized losses on derivatives (purchased power)	Purchased power		(41,226)		(51,764)		(10,620)
Total realized gains on derivatives, net		$	218,285	$	236,629	$	205,711

		Year Ended December 31,
	Income Statement
(in thousands)	Location	2025		2024		2023
Unrealized gains (losses) on derivatives (natural gas)	Derivative gains, net	$	80,242	$	(101,325)	$	111,315
Unrealized gains (losses) on derivatives (NGL)	Derivative gains, net		25,089		(18,856)		16,906
Unrealized gains (losses) on derivatives (power sales)	Derivative gains, net		15,027		39,248		(53,828)
Unrealized gains (losses) on derivatives (purchased power)	Purchased power		(2,384)		(1,684)		554
Total unrealized gains (losses) on derivatives, net		$	117,974	$	(82,617)	$	74,947

Schedule of Derivative Instruments

The following table summarizes the Company’s power derivatives:

				Fair Value as of
				December 31,
				2025
Instrument	Units	Quantity	Pricing Index	(in thousands)
2026
Swap	MMBtu	6,132,000	HSC Gas Daily	$	(2,540)
Power forwards - sales	MWh	876,000	ERCOT North	$	1,347
Heat rate call option	MMBtu	5,256,000	Various	$	(1,644)
Power forwards - purchases	MWh	(453,195)	Various	$	(3,514)

The following table summarizes the Company’s natural gas commodity derivatives indexed to NYMEX Henry Hub pricing:

		Weighted				Weighted		Fair Value as of
		Average		Weighted		Average		December 31,
		Price		Average		Price		2025
Instrument	MMBtu	(USD)		Price Floor		Ceiling		(in thousands)
2026
Swap	154,460,650	$	3.86					$	35,268
2027
Swap	79,825,383	$	4.03					$	11,938
Collars	37,662,319			$	3.57	$	4.00	$	(3,225)
Call options	36,500,000					$	5.00	$	(9,372)
Put options	36,500,000			$	3.00			$	7,014
2028
Swap	51,995,323	$	3.93					$	11,480

The following table summarizes the Company’s natural gas basis derivatives by reference price:

					Fair Value as of
			Weighted		December 31,
			Average Basis		2025
Instrument	Basis Reference Price	MMBtu	Differential		(in thousands)
2026
Swap	Transco Leidy Basis	43,800,000	$	(0.80)	$	238
Swap	HSC Basis	54,750,000	$	(0.32)	$	7,408
Swap	Transco St 85 (Z4) Basis	36,500,000	$	0.62	$	4,225
Swap	NGPL TXOK Basis	47,521,249	$	(0.36)	$	3,384
2027
Swap	Transco Leidy Basis	7,300,000	$	(0.77)	$	36
Swap	HSC Basis	7,300,000	$	(0.25)	$	458
Swap	NGPL TXOK Basis	16,965,270	$	(0.31)	$	(93)
2028
Swap	HSC Basis	10,980,000	$	(0.17)	$	289

The following table summarizes the Company’s natural gas liquids derivatives position by product and reference price:

					Fair Value as of
			Weighted		December 31,
			Average Price		2025
Instrument	Commodity Reference Price	Gallons	(USD)		(in thousands)
2026
Swap	OPIS Purity Ethane Mont Belvieu	142,691,481	$	0.25	$	468
Swap	OPIS IsoButane Mont Belvieu Non-TET	10,075,218	$	0.83	$	185
Swap	OPIS Normal Butane Mont Belvieu Non-TET	16,928,342	$	0.80	$	836
Swap	OPIS Propane Mont Belvieu Non-TET	59,163,120	$	0.69	$	4,359
Swap	OPIS Natural Gasoline Mont Belvieu Non-TET	25,835,930	$	1.37	$	5,411
2027
Swap	OPIS Purity Ethane Mont Belvieu	79,965,970	$	0.28	$	935
Swap	OPIS IsoButane Mont Belvieu Non-TET	2,732,077	$	0.76	$	21
Swap	OPIS Normal Butane Mont Belvieu Non-TET	4,873,274	$	0.74	$	92
Swap	OPIS Propane Mont Belvieu Non-TET	15,478,884	$	0.64	$	309
Swap	OPIS Natural Gasoline Mont Belvieu Non-TET	6,777,531	$	1.26	$	783