The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an

orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for

such asset or liability. In estimating fair value, the Group utilizes valuation techniques that are consistent with the market

approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. Inputs to

valuation techniques include the assumptions that market participants would use in pricing an asset or liability. IFRS 13, Fair

Value Measurement (“IFRS 13”) establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted

prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy


Level 1:	Inputs are unadjusted, quoted prices in active markets for identical assets at the measurement date.
Level 2:	Inputs (other than quoted prices included in Level 1) can include the following:

(3)Directly observable market inputs for substantially the full term of the asset; and

(4)Market inputs that are not directly observable but are derived from or corroborated by observable


Level 3:	Unobservable inputs which reflect the Directors’ best estimates of what market participants would use in pricing the asset at the measurement date.

The carrying values of cash and cash equivalents, trade receivables, other current assets, accounts payable and other current

liabilities in the Consolidated Statement of Financial Position approximate fair value because of their short-term nature. For

trade receivables, the Group applies the simplified approach permitted by IFRS 9, Financial Instruments (“IFRS 9”), which

requires expected lifetime losses to be recognized from initial recognition of the receivables. Financial liabilities are initially

For borrowings, derivative financial instruments, and leases the following methods and assumptions were used to estimate

The fair values of the Group’s ABS Notes and Term Loan I are considered to be a Level 2 measurement on the fair value

hierarchy. The carrying values of the borrowings under the Group’s Credit Facility (to the extent utilized) approximates fair

value because the interest rate is variable and reflective of market rates. The Group considers the fair value of its Credit

The Group initially measures the lease liability at the present value of the future lease payments. The lease payments are

discounted using the interest rate implicit in the lease. When this rate cannot be readily determined, the Group uses its

The Group measures the fair value of its derivative financial instruments based upon a pricing model that utilizes market-based

inputs, including, but not limited to, the contractual price of the underlying position, current market prices, natural gas and

liquids forward curves, discount rates such as the U.S. Treasury yields, SOFR curve, and volatility factors.

The Group has classified its derivative financial instruments into the fair value hierarchy depending upon the data utilized to

determine their fair values. The Group’s fixed price swaps (Level 2) are estimated using third-party discounted cash flow

calculations using the NYMEX futures index for natural gas and oil derivatives and OPIS for NGLs derivatives. The Group

utilizes discounted cash flow models for valuing its interest rate derivatives (Level 2). The net derivative values attributable to

the Group’s interest rate derivative contracts as of December 31, 2023 are based on (i) the contracted notional amounts, (ii)

active market-quoted SOFR yield curves and (iii) the applicable credit-adjusted risk-free rate yield curve.

The Group’s call options, put options, collars and swaptions (Level 2) are valued using the Black-Scholes model, an industry

standard option valuation model that takes into account inputs such as contract terms, including maturity, and market

parameters, including assumptions of the NYMEX and OPIS futures index, interest rates, volatility and credit worthiness. Inputs

to the Black-Scholes model, including the volatility input are obtained from a third-party pricing source, with independent

verification of the most significant inputs on a monthly basis. A change in volatility would result in a change in fair value

The Group’s basis swaps (Level 2) are estimated using third-party calculations based upon forward commodity price curves.

These liabilities represent the estimated fair value of potential future payments the Group may be required to remit under the

terms of historical purchase agreements entered into for asset acquisitions and business combinations. In instances when the

contingent consideration relates to the acquisition of a group of assets, the Group records changes in the fair value of the

contingent consideration through the basis of the asset acquired rather than through other income (expense) in

the Consolidated Statement of Comprehensive Income as it does for business combinations. During the years ended

December 31, 2023, 2022 and 2021, the Group recorded $0, $1,036 and $9,482, respectively, in revaluations related to

contingent consideration associated with asset acquisitions and $0, $0 and $8,963, respectively, associated with

The contingent consideration represented in the Group’s financial statements is associated with the 2020 Carbon and EQT

acquisitions. The maximum contingent consideration payment of $15,000 associated with the Carbon acquisition and the

remaining contingent consideration payment of $8,547 associated with the EQT acquisition was made during the year ended

The Group remeasures the fair value of the contingent consideration at each reporting period. This estimate requires

assumptions to be made, including forecasting the NYMEX Henry Hub natural gas settlement prices relative to stated floor and

target prices in future periods. In determining the fair value of the contingent consideration liability, the Group used the Monte

Carlo simulation model, which considers unobservable input variables, representing a Level 3 measurement. While valued

There were no transfers between fair value levels for the year ended December 31, 2023.

The following table includes the Group's financial instruments as of the periods presented:


	December 31, 2023	December 31, 2022
Cash and cash equivalents	$3,753	$7,329
Trade receivables and accrued income	190,207	296,781
Other non-current assets	9,172	4,351
Other non-current liabilities(a)	(1,946)	(1,669)
Other current liabilities(b)	(272,101)	(417,201)
Derivative financial instruments at fair value	(557,460)	(1,429,966)
Leases	(31,122)	(28,862)
Borrowings	(1,324,848)	(1,498,166)
Total	$(1,984,345)	$(3,067,403)

(a)Excludes the long-term portion of the value associated with the upfront promote received from Oaktree.

(b)Includes accrued expenses, net revenue clearing and revenue to be distributed. Excludes taxes payable and asset retirement obligations.