v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 20 $ 76
Accounts receivable, net:    
Crude oil and natural gas sales 573 646
Joint interest and other 142 125
Derivative assets 135 67
Prepaid expenses and other 74 74
Total current assets 944 988
Property and equipment (successful efforts method):    
Proved properties 17,660 16,897
Less: accumulated depreciation, depletion, and amortization (4,721) (4,288)
Total proved properties, net 12,939 12,609
Unproved properties 589 631
Wells in progress 580 506
Other property and equipment, net of accumulated depreciation of $10 million in 2025 and $9 million in 2024 49 48
Total property and equipment, net 14,157 13,794
Derivative assets 57 17
Other noncurrent assets 172 145
Total assets 15,330 14,944
Current liabilities:    
Accounts payable and accrued expenses 597 561
Production taxes payable 330 323
Crude oil and natural gas revenue distribution payable 668 702
Derivative liability 78 22
Deferred acquisition consideration 0 479
Other liabilities 131 118
Total current liabilities 1,804 2,205
Long-term liabilities:    
Debt, net 5,096 4,494
Ad valorem taxes 332 294
Derivative liability 19 13
Deferred income tax liabilities, net 856 801
Asset retirement obligations 393 399
Other long-term liabilities 125 109
Total liabilities 8,625 8,315
Commitments and contingencies (Note 6)
Stockholders’ equity:    
Preferred stock, $.01 par value, 25,000,000 shares authorized, none outstanding 0 0
Common stock, $.01 par value, 225,000,000 shares authorized, 92,584,426 and 93,933,857 issued and outstanding as of March 31, 2025 and December 31, 2024, respectively 5 5
Additional paid-in capital 5,019 5,095
Retained earnings 1,681 1,529
Total stockholders’ equity 6,705 6,629
Total liabilities and stockholders’ equity $ 15,330 $ 14,944