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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The following tables present financial assets and liabilities that are measured at fair value on a recurring basis:
December 31, 2025
Level 1Level 2Level 3Total
(In thousands)
Commodity swaps
$— $15,369 $— $15,369 
Interest rate derivatives— 4 — 4 
Total assets$— $15,373 $— $15,373 
Commodity swaps$— $5,371 $— $5,371 
Interest rate derivatives— 135 — 135 
Total liabilities$— $5,506 $— $5,506 
December 31, 2024
Level 1Level 2Level 3Total
(In thousands)
Commodity swaps
$— $1,869 $— $1,869 
Interest rate derivatives— 504 — 504 
Total assets$— $2,373 $— $2,373 
Commodity swaps$— $10,742 $— $10,742 
Interest rate derivatives— 1,206 — 1,206 
Contingent liabilities$— $— $4,700 4,700 
Total liabilities$— $11,948 $4,700 $16,648 
Our derivative contracts consist of interest rate swaps and commodity swaps. The valuation of these derivative contracts involved both observable publicly quoted prices and certain credit valuation inputs that may not be readily observable in the marketplace. As such derivative contracts are classified as Level 2 in the hierarchy. Refer to Note 13—Derivatives and Hedging Activities in the Notes to our Consolidated Financial Statements in this Annual Report for further discussion related to commodity swaps and interest rate swaps.
The Company recorded a contingent liability related to the Kings Landing Earnout using Level 3 inputs, including projected spending and completion probability of the project on the Durango Acquisition Date. The Kings Landing Earnout was settled during 2025 and had a zero balance as of December 31, 2025. Refer to Note 17—Commitments and Contingencies in the Notes to our Consolidated Financial Statements in this Annual Report for further discussion related to the Kings Landing Earnout contingent liability.
Long-term debt’s carrying value can vary from fair value. See Note 8—Debt and Financing Costs in the Notes to Consolidated Financial Statements in this Annual Report for further information. The carrying amounts reported on the Consolidated Balance Sheets for the Company’s remaining financial assets and liabilities approximate fair value due to their short-term nature. There were no transfers between Level 1, Level 2 or Level 3 of the fair value hierarchy during the year ended December 31, 2025.