Derivative Activities (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Volumes Hedged and Average Hedge Prices

The following table sets forth our commodity-based derivative volumes by year as of June 30, 2025, excluding our basis swaps and propane swaps which are discussed separately below. All fair values presented in the table below utilize Level 2 inputs, except where noted. All fair market values ("FMV") are presented in thousands:

Period	Contract Type	Volume Hedged		Weighted Average Hedge Price								FMV
			Swap			Sold Put		Floor		Ceiling
Natural Gas (a)
July - December 2025	Swaps	400,000 Mmbtu/day	$		4.12							$	28,817
July - December 2025	Three-way Collars	191,793 Mmbtu/day				$	2.98	$	3.96	$	5.02	$	12,818
2026	Swaps	265,000 Mmbtu/day	$		4.05							$	(18,949	)
2026	Three-way Collars	125,000 Mmbtu/day	$				3.00	$	4.00	$	5.70	$	2,548
2027	Swaps	200,000 Mmbtu/day	$		4.04							$	4,112
Oil
July - September 2025	Swaps	2,000 bbls/day	$		73.71							$	1,839

(a)We also sold natural gas swaptions of 135,000 Mmbtu/day for calendar year 2026 at a weighted average price of $4.00/Mmbtu that expire through August 2025 and 150,000 Mmbtu/day for calendar year 2027 at a weighted average price of $4.03/Mmbtu that expire in November 2025. The fair value of these contracts as of June 30, 2025, which utilizes Level 3 inputs, was a derivative liability of $25.6 million.

Combined Fair Value of Derivatives, by Consolidated Balance Sheets

The combined fair value of derivatives included in the accompanying consolidated balance sheets as of June 30, 2025 and December 31, 2024 is summarized below. The assets and liabilities are netted where derivatives with both gain and loss positions are held by a single counterparty and we have master netting arrangements. The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands):

	June 30, 2025			December 31, 2024
Derivative assets:
Gross amounts of recognized assets	$	77,244		$	112,359
Gross amounts offset in the consolidated balance sheets		(26,129	)		(25,261	)
Net amounts of assets presented in the consolidated balance sheets	$	51,115		$	87,098

	June 30, 2025			December 31, 2024
Derivative (liabilities):
Gross amounts of recognized (liabilities)	$	(50,517	)	$	(45,383	)
Gross amounts offset in the consolidated balance sheets		26,129			25,261
Net amounts of (liabilities) presented in the consolidated balance sheets	$	(24,388	)	$	(20,122	)

Effects of Derivatives on Consolidated Statements of Income

The effects of our derivatives on our consolidated statements of income are summarized below (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025			2024
Natural gas derivatives	$	148,863	$	13,176	$	(9,474	)	$	73,292
NGLs derivatives		3,289		1,687		2,325			(715	)
Oil derivatives		2,595		1,945		2,939			(9,171	)
Total derivative fair value income (loss)	$	154,747	$	16,808	$	(4,210	)	$	63,406