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Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Sales of natural gas, NGLs and oil. Under the Company's natural gas, natural gas liquids (NGLs) and oil sales contracts, the Company generally considers the delivery of each unit (million British thermal units (MMBtu) or barrel (Bbl)) to be a separate performance obligation that is satisfied upon delivery. These contracts typically require payment within 25 days of the end of the calendar month in which the commodity is delivered. A significant number of these contracts contain variable consideration because the payment terms refer to market prices at future delivery dates. In these situations, the Company has not identified a standalone selling price because the terms of the variable payments relate specifically to the Company's efforts to satisfy the performance obligations. Other contracts, such as fixed price contracts or contracts with a fixed differential to New York Mercantile Exchange (NYMEX) or index prices, contain fixed consideration. The Company allocates the fixed consideration to each performance obligation on a relative standalone selling price basis, which requires judgment from management. For these contracts, the Company generally concludes that the fixed price or fixed differentials in the contracts are representative of the standalone selling price.

Based on management's judgment, the performance obligations for the sale of natural gas, NGLs and oil are satisfied at a point in time because the customer obtains control and legal title of the asset when the natural gas, NGLs or oil is delivered to the designated sales point.
The sales of natural gas, NGLs and oil presented in the Statements of Condensed Consolidated Operations represent the Company's share of revenues net of royalties and exclude revenue interests owned by others. When selling natural gas, NGLs and oil on behalf of royalty or working interest owners, the Company acts as an agent and, thus, reports the revenue on a net basis.

Pipeline revenue. The Company provides gathering, transmission and storage services under firm and interruptible service contracts.

Firm service contracts generally require the customer to pay a firm reservation fee, which is a fixed, monthly fee to reserve an agreed upon amount of pipeline or storage capacity regardless of whether the customer uses the capacity. Under its firm service contracts, the Company has a stand-ready obligation to provide the firm service over the life of the contract. The performance obligation for revenue from firm reservation fees is satisfied over time as the pipeline capacity is made available to the customer. As such, the Company recognizes firm reservation fee revenue evenly over the contract period using a time-elapsed output method to measure progress.

Volumetric-based fees, which are charges based on the volume of gas gathered, transported or stored, can also be charged under firm service contracts for each firm contracted volume gathered, transported or stored as well as for volumes gathered, transported or stored in excess of the firm contracted volume so long as capacity exists.

Interruptible service contracts require the customer to pay volumetric-based fees and generally do not guarantee access to the pipeline or storage facility.

The performance obligation for revenue from volumetric-based fees is generally satisfied upon the Company's monthly invoicing to the customer for volumes gathered, transported or stored during the month. The amount invoiced generally corresponds directly to the value of the Company's performance to date as the customer obtains value as each volume is gathered, transported or stored. Gathering service contracts are invoiced on a one-month lag, with payment typically due within 21 days of the invoice date. Revenue for gathering services provided but not yet invoiced is estimated based on contract data, preliminary throughput and allocation measurements on a monthly basis. Transmission and storage service contracts are invoiced at the end of each calendar month, with payment typically due within 10 days of the invoice date.

For both firm reservation and volumetric-based fee revenues, the Company allocates the transaction price to each performance obligation based on the estimated relative standalone selling price. Any excess of consideration received over revenue recognized results in the deferral of those amounts until future periods based on a units-of-production or straight-line methodology as these methods align with the consumption of services provided to the customer. The units-of-production methodology requires the use of judgment to estimate future production volumes.

Certain of the Company's gathering service agreements are structured with minimum volume commitments (MVCs), which specify minimum quantities that the customer will be charged regardless of whether such quantities are gathered. Revenue is recognized for MVCs when the performance obligation has been met, which is the earlier of when the gas is gathered or when the likelihood that the customer will be able to meet its MVC is remote. If a customer fails to meet its MVC for a specified period (thus not exercising all the contractual rights to gathering services within the specified period), the customer is obligated to pay a contractually-determined fee based on the shortfall between actual volume gathered and the MVC.
Disaggregated revenue information. The table below provides disaggregated information on the Company's revenues. Certain other revenue contracts are outside the scope of ASU 2014-09, Revenue from Contracts with Customers. These contracts are reported in pipeline and other revenues in the Statements of Condensed Consolidated Operations. Derivative contracts are also outside the scope of ASU 2014-09.
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
(Thousands)
Revenues from contracts with customers:
Production sales
Natural gas sales$1,539,205 $730,705 $3,589,155 $1,852,279 
NGLs sales145,104 139,734 318,920 295,884 
Oil sales16,190 19,078 37,151 45,259 
Sales of natural gas, NGLs and oil1,700,499 889,517 3,945,226 2,193,422 
Gathering pipeline revenue
Firm reservation fee revenue (a)169,597 — 336,288 — 
Volumetric-based fee revenue150,672 74,300 319,294 138,662 
Total Gathering pipeline revenue320,269 74,300 655,582 138,662 
Transmission pipeline revenues
Firm reservation fee revenue96,535 — 214,387 — 
Volumetric-based fee revenue38,048 — 66,467 — 
Total Transmission pipeline revenue134,583 — 280,854 — 
Intersegment eliminations and other(317,675)(71,184)(628,692)(132,079)
Total revenues from contracts with customers (b)1,837,676 892,633 4,252,970 2,200,005 
Other sources of revenue:
Gain on derivatives719,964 61,333 41,045 167,844 
Other revenues79 (1,454)3,554 (3,069)
Total other sources of revenue720,043 59,879 44,599 164,775 
Total operating revenues$2,557,719 $952,512 $4,297,569 $2,364,780 

(a)Firm reservation fee revenue for the three and six months ended June 30, 2025 included unbilled revenues supported by MVCs of approximately $5.6 million and $11.2 million, respectively.
(b)For contracts with customers where the Company's performance obligations had been satisfied and an unconditional right to consideration existed as of the balance sheet date, the Company recorded in accounts receivable amounts due from contracts with customers of $668.9 million and $939.9 million as of June 30, 2025 and December 31, 2024, respectively.
Summary of remaining performance obligations. The following table summarizes the transaction price allocated to the Company's remaining obligations on all contracts with fixed consideration as of June 30, 2025. The table excludes contracts that qualified for the exception to the relative standalone selling price method as of June 30, 2025.
2025 (a)2026202720282029ThereafterTotal
(Thousands)
Gathering firm reservation fees:
Third-party contracts$50,843 $93,270 $85,998 $85,998 $85,998 $373,259 $775,366 
Affiliate contracts49,206 101,792 101,450 97,701 97,701 1,507,675 1,955,525 
Total Gathering firm reservation fees100,049 195,062 187,448 183,699 183,699 1,880,934 2,730,891 
Gathering revenues supported by MVCs:
Third-party contracts45,767 94,235 84,910 80,608 68,951 198,340 572,811 
Affiliate contracts194,123 397,966 410,622 411,740 410,621 2,042,451 3,867,523 
Total Gathering revenues supported by MVCs239,890 492,201 495,532 492,348 479,572 2,240,791 4,440,334 
Transmission firm reservation fees:
Third-party contracts93,104 177,413 173,926 170,488 168,019 819,981 1,602,931 
Affiliate contracts123,205 262,574 261,046 260,715 260,384 1,964,638 3,132,562 
Total Transmission firm reservation fees216,309 439,987 434,972 431,203 428,403 2,784,619 4,735,493 
Total$556,248 $1,127,250 $1,117,952 $1,107,250 $1,091,674 $6,906,344 $11,906,718 

(a)July 1 through December 31.

As of June 30, 2025, the Company had no remaining performance obligations on its natural gas sales contracts with fixed consideration.
Based on total projected contractual revenues, both the Company's firm gathering third-party contracts and firm transmission and storage third-party contracts had a weighted average remaining term of approximately 11 years as of June 30, 2025. Based on total projected contractual revenues, both the Company's firm gathering affiliate contracts and firm transmission and storage affiliate contracts had a weighted average remaining term of approximately 13 years as of June 30, 2025.