Quarterly report pursuant to Section 13 or 15(d)

FINANCIAL INSTRUMENTS (Tables)

v3.23.3
FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value The following table presents the classification of the Company’s financial instruments that are required to be measured at fair value on a recurring basis on the Company’s Condensed Consolidated Balance Sheets (in thousands):
September 30, 2023 December 31, 2022
Current assets:
Natural gas financial instruments $ —  $ 10,463 
LNG financial futures —  — 
Current liabilities:
Contingent Consideration —  118 
Embedded derivatives 13,268  — 
Long-term liabilities:
Embedded derivatives 22,496  — 
Schedule of Derivative Instruments, Gain (Loss)
The following table summarizes the effect of the Company’s financial instruments on the Condensed Consolidated Statements of Operations (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Natural gas financial instruments:
Realized (loss) gain $ —  $ (12,547) $ 23,310  $ (23,798)
Unrealized loss —  (390) (10,463) (8,701)
LNG financial futures:
Realized gain —  —  —  3,532 
Unrealized loss —  —  —  5,161 
Contingent Consideration:
Realized gain —  —  118  — 
Unrealized gain —  309  —  309 
Embedded Derivatives
Unrealized gain 2,526  —  2,526  — 
Schedule of Derivative Instruments
The following table summarizes changes in the Company’s Embedded Derivatives (in thousands):
Nine Months Ended September 30, 2023
Balance at January 1, 2023 $ — 
Issued 40,878 
Settled (2,588)
Unrealized gain for the period included in earnings (2,526)
Balance at September 30, 2023
 $ 35,764