v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net income (loss) $ (198,346) $ 151,456
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depletion, depreciation and amortization (including deferred financing costs) 275,708 195,677
Deferred income taxes 1,636 5,199
Unsuccessful well costs and leasehold impairments 162 2,685
Change in fair value of derivatives (7,883) 21,106
Cash settlements on derivatives, net (including $9.7 million and $(7.4) million on commodity hedges during 2025 and 2024) 6,281 (7,366)
Equity-based compensation 15,707 17,815
Gain on sale of assets (600) 0
Debt modifications and extinguishments 0 22,531
Other (8,506) (11,988)
Changes in assets and liabilities:    
Decrease in receivables 70,659 16,506
Decrease in inventories and prepaid expenses 7,542 3,653
Increase (decrease) in accounts payable and accrued liabilities (36,080) 78,946
Net cash provided by operating activities 126,280 496,220
Investing activities    
Oil and gas assets (172,766) (552,993)
Notes receivable and other investing activities (86,791) (2,575)
Net cash used in investing activities (259,557) (555,568)
Financing activities    
Borrowings under long-term debt 200,000 175,000
Payments on long-term debt (100,000) (350,000)
Net proceeds from issuance of senior notes 0 390,430
Purchase of capped call transactions 0 (49,800)
Other financing costs (1) (30,925)
Net cash provided by financing activities 99,999 134,705
Net increase (decrease) in cash, cash equivalents and restricted cash (33,278) 75,357
Cash, cash equivalents and restricted cash at beginning of period 85,277 98,761
Cash, cash equivalents and restricted cash at end of period 51,999 174,118
Cash paid for:    
Income taxes, net of refund received $ 69,296 $ 152,255