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Financial Instruments and Risk Management (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Price Risk Derivatives
At December 31, 2024 volumes per day associated with outstanding natural gas derivative contracts and the weighted average prices for these contracts are as follows:
NYMEX Henry Hub
Area
Commodity
Volumes MMCF/d
Price/MCF
Start DateEnd Date
Fixed price derivative swap
United States
Natural gas
20$3.20 1/1/20251/31/2025
Subsequent to year end, the Company entered into additional natural gas derivative contracts. Volumes per day and the weighted average prices for these contracts are as follows:
NYMEX Henry Hub
AreaCommodityVolumes MMCF/dPrice/MCFStart DateEnd Date
Fixed price derivative swap
United States
Natural gas
40$3.58 2/1/20256/30/2025
Fixed price derivative swap
United States
Natural gas
60$3.65 7/1/20259/30/2025
Fixed price derivative swap
United States
Natural gas
60$3.74 10/1/202512/31/2025
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
At December 31, 2024 and 2023, the fair value of derivative instruments not designated as hedging instruments are presented in the following table. See also Note O.
(Thousands of dollars)
Asset (Liability) Derivatives Fair Value at December 31,
Type of Derivative Contract
Balance Sheet Location20242023
Commodity swapsAccounts payable$(1,707)— 
Schedule of Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments
The gains and losses recognized in the Consolidated Statements of Operations for derivative instruments not designated as hedging instruments for each of the three years presented are shown in the following table.
Gain (Loss)
(Thousands of dollars)
Year Ended December 31,
Type of Derivative ContractStatement of Operations Locations202420232022
Commodity swapsLoss on derivative instruments$(1,707)$— $(160,690)
Commodity collarsLoss on derivative instruments— — (159,721)