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STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Stock Repurchases
Our Board authorized a stock repurchase program authorizing repurchases of up to $500 million of our outstanding shares of common stock, in the open market, in privately negotiated transactions, or through block trades, derivative transactions, or purchases made in accordance with Rule 10b-18 and Rule 10b5-1 of the Exchange Act. The stock repurchase program does not have a termination date, does not require any specific number of shares to be acquired, and can be modified or discontinued by our Board at any time.
We record stock repurchases at cost, which includes transaction costs that are direct and incremental to the repurchase, as a reduction to stockholders’ equity. As part of the transaction costs that are direct and incremental to the repurchase and, subject to netting against the fair value of stock issuances, we record a 1% excise tax with the corresponding liability recorded within accounts payable and accrued expenses on the accompanying balance sheets. Any excess of cost over the par value is charged to additional paid-in-capital on a pro-rata basis, with any remaining cost charged to retained earnings.
The table below summarizes stock repurchases pursuant to the stock repurchase program during the three months ended March 31, 2025 and 2024:
Number of SharesWeighted-Average Price
Total Purchase Price (in millions)(1)
2025
Open market repurchases1,540,340$46.23 $71 
Total stock repurchases1,540,340$46.23 $71 
2024
Privately negotiated transactions
NGP Tap Rock Holdings, LLC and certain of its affiliates
876,193$64.54 $57 
Open market repurchases152,27568.19 10 
Total stock repurchases1,028,468$65.08 $67 
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(1)Excludes commissions paid and excise taxes accrued related to stock repurchases.
These stock repurchases were funded from our cash on hand, and the shares were immediately retired. As of March 31, 2025, $193 million remained available under the program for repurchase of our outstanding common stock.
Dividends
As approved by our Board, cash dividends are comprised of a quarterly base and a discretionary variable dividend component. The following table summarizes the dividends declared for the three months ended March 31, 2025 and 2024:
BaseVariableTotalTotal
(per share)(per share)(per share)(in millions)
2025
First quarter$0.50 $— $0.50 $45 
2024
First quarter$0.50 $0.95 $1.45 $148