Derivative Instruments (Tables)

3 Months Ended

Mar. 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 condensed consolidated balance sheets:

		March 31, 2025
(in thousands)	Balance Sheet Location	Gross Amounts of Assets and Liabilities		Offset Adjustments		Net Amounts of Assets and Liabilities
Current derivative assets	Commodity derivative assets, current	$	4,481	$	(4,287)	$	194
Noncurrent derivative assets	Commodity derivative assets	15,198		(8,631)		6,567
Current derivative liabilities	Commodity derivative liabilities, current	146,221		(4,287)		141,934
Noncurrent derivative liabilities	Commodity derivative liabilities	58,871		(8,631)		50,240

		December 31, 2024
(in thousands)	Balance Sheet Location	Gross Amounts of Assets and Liabilities		Offset Adjustments		Net Amounts of Assets and Liabilities
Current derivative assets	Commodity derivative assets, current	$	5,187	$	(5,187)	$	—
Noncurrent derivative assets	Commodity derivative assets	872		(872)		—
Current derivative liabilities	Commodity derivative liabilities, current	25,464		(5,187)		20,277
Noncurrent derivative liabilities	Commodity derivative liabilities	48,229		(872)		47,357

Summary of Offsetting Liabilities

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

		March 31, 2025
(in thousands)	Balance Sheet Location	Gross Amounts of Assets and Liabilities		Offset Adjustments		Net Amounts of Assets and Liabilities
Current derivative assets	Commodity derivative assets, current	$	4,481	$	(4,287)	$	194
Noncurrent derivative assets	Commodity derivative assets	15,198		(8,631)		6,567
Current derivative liabilities	Commodity derivative liabilities, current	146,221		(4,287)		141,934
Noncurrent derivative liabilities	Commodity derivative liabilities	58,871		(8,631)		50,240

		December 31, 2024
(in thousands)	Balance Sheet Location	Gross Amounts of Assets and Liabilities		Offset Adjustments		Net Amounts of Assets and Liabilities
Current derivative assets	Commodity derivative assets, current	$	5,187	$	(5,187)	$	—
Noncurrent derivative assets	Commodity derivative assets	872		(872)		—
Current derivative liabilities	Commodity derivative liabilities, current	25,464		(5,187)		20,277
Noncurrent derivative liabilities	Commodity derivative liabilities	48,229		(872)		47,357

Summary of Derivative Instrument Gain (Loss)

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

	Three Months Ended March 31,
(in thousands)	2025		2024
Gain (loss) on settled derivatives, net	$	(18,206)	$	36,464
Loss on unsettled derivatives, net	(133,985)		(40,143)
Derivative losses, net	$	(152,191)	$	(3,679)

Schedule of Derivative Instruments

The following table represents natural gas commodity derivatives indexed to NYMEX Henry Hub pricing:

Instrument	MMBtu	Weighted Average Price (USD)		Weighted Average Price Floor		Weighted Average Price Ceiling		Fair Value as of March 31, 2025 (in thousands)
2025
Swap	78,400,000	$	3.41					$	(85,464)
Collars	9,800,000			$	3.71	$	4.11	$	(5,555)
2026
Swap	57,825,000	$	3.60					$	(48,283)
Collars	25,550,000			$	3.67	$	4.19	$	(11,244)
Call options	36,500,000					$	5.00	$	(19,784)
Put options	36,500,000					$	3.00	$	5,273
2027
Collars	29,200,000			$	3.53	$	3.93	$	(3,162)
Call options	36,500,000					$	5.00	$	(13,729)
Put options	36,500,000					$	3.00	$	10,268

The following table represents natural gas basis derivatives based on the applicable basis reference price listed below:

Instrument	Basis Reference Price	MMBtu	Weighted Average Basis Differential		Fair Value as of March 31, 2025 (in thousands)
2025
Swap	Transco Leidy Basis	9,625,000	$	(0.86)	$	1,502
Swap	HSC Basis	22,000,000	$	(0.45)	$	1,263
Swap	Transco St 85 (Z4) Basis	17,875,000	$	0.45	$	534

The following table represents natural gas liquids commodity derivatives for contracts, by contract type, expiring through December 31, 2026 based on the applicable index listed below:

Instrument	Commodity Reference Price	Gallons	Weighted Average Price (USD)		Fair Value as of March 31, 2025 (in thousands)
2025
Swap	OPIS Purity Ethane Mont Belvieu	80,850,000	$	0.25	$	(4,115)
Swap	OPIS IsoButane Mont Belvieu Non-TET	5,775,000	$	0.87	$	(770)
Swap	OPIS Normal Butane Mont Belvieu Non-TET	7,218,750	$	0.83	$	(913)
Swap	OPIS Propane Mont Belvieu Non-TET	31,762,500	$	0.73	$	(3,659)
Swap	OPIS Natural Gasoline Mont Belvieu Non-TET	11,550,000	$	1.41	$	(517)
2026
Swap	OPIS Purity Ethane Mont Belvieu	94,762,500	$	0.25	$	(3,996)
Swap	OPIS IsoButane Mont Belvieu Non-TET	6,221,250	$	0.86	$	(412)
Swap	OPIS Normal Butane Mont Belvieu Non-TET	10,053,750	$	0.82	$	(581)
Swap	OPIS Propane Mont Belvieu Non-TET	37,327,500	$	0.70	$	(2,718)
Swap	OPIS Natural Gasoline Mont Belvieu Non-TET	16,275,000	$	1.40	$	649