Derivative Instruments |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Derivative Instruments | Derivative Instruments The Company enters into natural gas swap contracts from time to time to hedge the exposure to variability in expected future cash flows associated with the fluctuations in the price of natural gas related to the Company’s forecasted sales. As of June 30, 2025 and December 31, 2024, the Company had 2,750,000 and 5,500,000 metric million British thermal unit gas contracts outstanding, respectively. The Company’s natural gas swap contracts economically hedge certain risks but are not designated as hedges for financial reporting purposes. All changes in the fair value of these derivative instruments are recorded as other revenues in the Condensed Statements of Operations. The Company had realized losses of $0.4 million and $0.9 million for the three and six months ended June 30, 2025, respectively, and had an unrealized gain of $1.8 million and unrealized loss of $0.4 million for the three and six months ended June 30, 2025, respectively. The Company had no such gains or losses for the three and six months ended June 30, 2024. The Company records all derivative instruments at fair value and had liabilities recorded of $1.4 million and $1.8 million as of June 30, 2025 and December 31, 2024, respectively.
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