v3.25.2
ACQUISITIONS AND DIVESTITURES (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Assets Acquired and Liabilities Assumed
The transaction was accounted for using the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The Company has finalized the valuation of the assets acquired and liabilities assumed.
(In millions)
Current assets
$287 
Property and equipment
4,502 
Deferred tax asset
565 
Other assets12 
Total assets acquired$5,366 
Current liabilities$632 
Long-term debt
2,113 
Asset retirement obligation136 
Other long-term obligations48 
Total liabilities assumed$2,929 
Net assets acquired$2,437 
Schedule of Business Combination, Pro Forma Information
The following unaudited pro forma combined results for the second quarter and first six months ended June 30, 2024 reflect the consolidated results of operations of the Company as if the Callon acquisition had occurred on January 1, 2023. The unaudited pro forma information includes certain accounting adjustments for transaction costs, depreciation, depletion, and amortization expense, and estimated tax impacts of the pro forma adjustments.
For the Quarter Ended
June 30,
For the Six Months Ended
June 30,
20242024
(In millions, except share data)
Revenues
$2,201 $4,513 
Net income attributable to common stock
630 779 
Net income per common share – basic
1.70 2.10 
Net income per common share – diluted
1.69 2.10