Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Volume of Commodity Hedges

At December 31, 2024, the notional volumes of our commodity derivative contracts were:


Commodity	Instrument	Unit	2025			2026			2027			2028
Natural Gas	Swaps	MMBtu/d		82,428			81,604			12,971			—
Natural Gas	Basis Swaps	MMBtu/d		482,370			242,500			208,329			55,000
NGL	Swaps	Bbl/d		29,695			28,753			3,770			—
NGL	Futures	Bbl/d		10,422			411			—			—
Condensate	Swaps	Bbl/d		7,814			8,249			1,208			—

Fair Values of Derivative Instruments

The following table reflects the fair value of our derivative instruments and their location on our Consolidated Balance Sheets as of the periods presented:


				Fair Value as of December 31, 2024								Fair Value as of December 31, 2023
		Balance Sheet		Derivative				Derivative				Derivative				Derivative
		Location		Assets				Liabilities				Assets				Liabilities
Derivatives designated as hedging instruments
Commodity contracts		Current		$	50.8			$	(29.0	)		$	103.5			$	(16.4	)
		Long-term			20.8				(11.7	)			29.0				(3.0	)
Total derivatives designated as hedging instruments				$	71.6			$	(40.7	)		$	132.5			$	(19.4	)
Derivatives not designated as hedging instruments
Commodity contracts		Current		$	11.0			$	(138.3	)		$	8.4			$	(37.6	)
		Long-term			4.5				(80.3	)			4.3				(13.8	)
Total derivatives not designated as hedging instruments				$	15.5			$	(218.6	)		$	12.7			$	(51.4	)
Total current position				$	61.8			$	(167.3	)		$	111.9			$	(54.0	)
Total long-term position					25.3				(92.0	)			33.3				(16.8	)
Total derivatives				$	87.1			$	(259.3	)		$	145.2			$	(70.8	)

Pro Forma Impact of Derivatives Net in Consolidated Balance Sheet

The following table reflects the pro forma impact of reporting derivatives on our Consolidated Balance Sheets on a net basis as of the periods presented:


			Gross Presentation												Pro Forma Net Presentation
December 31, 2024			Asset				Liability				Collateral				Asset				Liability
Current Position
	Counterparties with offsetting positions or collateral		$	61.7			$	(167.3	)		$	37.1			$	9.2			$	(77.7	)
	Counterparties without offsetting positions - assets			0.1				—				—				0.1				—
	Counterparties without offsetting positions - liabilities			—				—				—				—				—
				61.8				(167.3	)			37.1				9.3				(77.7	)
Long-Term Position
	Counterparties with offsetting positions or collateral			24.2				(91.5	)			9.0				4.2				(62.5	)
	Counterparties without offsetting positions - assets			1.1				—				—				1.1				—
	Counterparties without offsetting positions - liabilities			—				(0.5	)			—				—				(0.5	)
				25.3				(92.0	)			9.0				5.3				(63.0	)
Total Derivatives
	Counterparties with offsetting positions or collateral			85.9				(258.8	)			46.1				13.4				(140.2	)
	Counterparties without offsetting positions - assets			1.2				—				—				1.2				—
	Counterparties without offsetting positions - liabilities			—				(0.5	)			—				—				(0.5	)
			$	87.1			$	(259.3	)		$	46.1			$	14.6			$	(140.7	)

			Gross Presentation												Pro Forma Net Presentation
December 31, 2023			Asset				Liability				Collateral				Asset				Liability
Current Position
	Counterparties with offsetting positions or collateral		$	111.7			$	(54.0	)		$	3.6			$	69.2			$	(7.9	)
	Counterparties without offsetting positions - assets			0.2				—				—				0.2				—
	Counterparties without offsetting positions - liabilities			—				—				—				—				—
				111.9				(54.0	)			3.6				69.4				(7.9	)
Long-Term Position
	Counterparties with offsetting positions or collateral			31.7				(16.8	)			(0.1	)			17.0				(2.2	)
	Counterparties without offsetting positions - assets			1.6				—				—				1.6				—
	Counterparties without offsetting positions - liabilities			—				—				—				—				—
				33.3				(16.8	)			(0.1	)			18.6				(2.2	)
Total Derivatives
	Counterparties with offsetting positions or collateral			143.4				(70.8	)			3.5				86.2				(10.1	)
	Counterparties without offsetting positions - assets			1.8				—				—				1.8				—
	Counterparties without offsetting positions - liabilities			—				—				—				—				—
			$	145.2			$	(70.8	)		$	3.5			$	88.0			$	(10.1	)

Amounts Recorded in Other Comprehensive Income and Amounts Reclassified from OCI to Revenue

The following tables reflect amounts recorded in OCI and amounts reclassified from OCI to revenue:


		Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
Derivatives in Cash Flow		Year Ended December 31,
Hedging Relationships		2024				2023				2022
Commodity contracts		$	(7.5	)		$	193.4			$	(5.6	)

		Gain (Loss) Reclassified from OCI into Income (Effective Portion)
		Year Ended December 31,
Location of Gain (Loss)		2024				2023				2022
Revenues		$	67.8			$	153.4			$	(373.0	)

Gain (Loss) Recognized in Income on Derivatives

The use of mark-to-market accounting for financial assets and liabilities (“financial instruments”) can cause non-cash earnings volatility due to changes in the underlying commodity price indices. For the year ended December 31, 2024, the unrealized mark-to-market losses are primarily attributable to unfavorable movements in natural gas forward basis prices, as compared to our positions.


		Location of Gain (Loss)		Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated		Recognized in Income on		Year Ended December 31,
as Hedging Instruments		Derivatives		2024				2023				2022
Commodity contracts		Revenue		$	(313.2	)		$	287.7			$	(381.7	)