Supplemental Information on Oil and Gas Producing Activities (Unaudited) (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Supplemental Information on Oil and Gas Producing Activities (Unaudited) |
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| Schedule of capitalized costs relating to oil and gas producing activities |
| | | | | | | | | | Year Ended December 31, | | | | 2024 | | 2025 | | Unproved properties | | $ | 879,483 | | | 796,705 | | Proved properties | | | 14,395,680 | | | 14,049,003 | | Total oil and gas properties | | | 15,275,163 | | | 14,845,708 | | Accumulated depletion | | | (5,625,419) | | | (5,674,702) | | Net capitalized costs (1) | | $ | 9,649,744 | | | 9,171,006 | |
| (1) | Net capitalized costs does not include $706 million related to the Utica Shale Properties held for sale as of December 31, 2025, including $28 million for unproved property, $1.0 billion of proved property and $367 million of accumulated depletion. See Note 3—Transactions for additional information. |
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| Schedule of costs incurred in certain oil and gas activities |
| | | | | | | | | | | | | Year Ended December 31, | | | | 2023 | | 2024 | | 2025 | | Acquisition costs: | | | | | | | | | | | Unproved property | | $ | 151,135 | | | 90,995 | | | 129,247 | | Development costs | | | 956,267 | | | 614,855 | | | 677,633 | | Exploration costs | | | 8,079 | | | — | | | 7,836 | | Total costs incurred | | $ | 1,115,481 | | | 705,850 | | | 814,716 | |
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| Schedule of results of operations for oil and gas producing activities |
| | | | | | | | | | | | | Year Ended December 31, | | | | 2023 | | 2024 | | 2025 | | Revenues | | $ | 4,276,445 | | | 4,115,299 | | | 5,010,239 | | Operating expenses: | | | | | | | | | | | Production expenses | | | 2,919,654 | | | 3,029,294 | | | 3,155,685 | | Exploration expenses | | | 2,691 | | | 2,618 | | | 2,990 | | Depletion | | | 738,992 | | | 754,010 | | | 741,685 | | Impairment of unproved properties | | | 51,302 | | | 47,433 | | | 29,358 | | Results of operations before income taxes | | | 563,806 | | | 281,944 | | | 1,080,521 | | Income tax (expense) benefit (1) | | | (122,695) | | | 33,653 | | | (230,971) | | Results of operations | | $ | 441,111 | | | 315,597 | | | 849,550 | |
| (2) | Income tax (expense) benefit includes R&D tax credits of $95 million and $7 million for the years ended December 31, 2024 and 2025, respectively, since such credits directly relate to the Company’s oil and gas producing activities. |
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| Schedule of proved developed and undeveloped reserves |
| | | | | | | | | | | | | | | | Oil and | | | | | | Natural Gas | | NGLs | | Condensate | | Equivalents | | | | (Bcf) | | (MMBbl) | | (MMBbl) | | (Bcfe) | | Proved reserves: | | | | | | | | | | December 31, 2022 (1) | | 10,270 | | 1,217 | | 31 | | 17,759 | | Revisions | | 863 | | 54 | | — | | 1,187 | | Extensions, discoveries and other additions | | 296 | | 18 | | 2 | | 413 | | Production | | (815) | | (67) | | (4) | | (1,238) | | December 31, 2023 (1) | | 10,614 | | 1,222 | | 29 | | 18,121 | | Revisions | | 265 | | 31 | | (2) | | 435 | | Extensions, discoveries and other additions | | 651 | | 21 | | 1 | | 783 | | Divestitures of reserves | | (134) | | (8) | | (1) | | (184) | | Production | | (793) | | (73) | | (4) | | (1,252) | | December 31, 2024 (1) | | 10,603 | | 1,193 | | 23 | | 17,903 | | Revisions | | 1,140 | | 32 | | 1 | | 1,331 | | Extensions, discoveries and other additions | | 553 | | 18 | | 1 | | 665 | | Acquisition of reserves | | 282 | | 37 | | — | | 506 | | Production | | (808) | | (72) | | (3) | | (1,256) | | December 31, 2025 (1) | | 11,770 | | 1,208 | | 22 | | 19,149 | |
| (1) | Proved reserves for the noncontrolling interests in Martica as of December 31, 2023 were 75 Bcfe, which consisted of 58 Bcf of natural gas, 3 MMBbl of NGLs and 0.1 MMBbl of oil and condensate. Proved reserves for the noncontrolling interests in Martica as of December 31, 2024 were 57 Bcfe, which consisted of 44 Bcf of natural gas and 2 MMBbl of NGLs. Proved reserves for the noncontrolling interests in Martica as of December 31, 2025 were 38 Bcfe, which consisted of 30 Bcf of natural gas and 1 MMBbl of NGLs. |
| | | | | | | | | | | | | | | | Oil and | | | | | | Natural Gas | | NGLs | | Condensate | | Equivalents | | | | (Bcf) | | (MMBbl) | | (MMBbl) | | (Bcfe) | | Proved developed reserves: | | | | | | | | | | December 31, 2023 (1) | | 7,912 | | 963 | | 15 | | 13,783 | | December 31, 2024 (1) | | 7,876 | | 966 | | 13 | | 13,747 | | December 31, 2025 (1) | | 8,388 | | 1,003 | | 12 | | 14,478 | | Proved undeveloped reserves: | | | | | | | | | | December 31, 2023 (2) | | 2,702 | | 259 | | 14 | | 4,338 | | December 31, 2024 (2) | | 2,727 | | 227 | | 10 | | 4,156 | | December 31, 2025 (2) | | 3,382 | | 205 | | 10 | | 4,671 | |
| (1) | Proved developed reserves for the noncontrolling interests in Martica as of December 31, 2023 were 75 Bcfe, which consisted of 58 Bcf of natural gas, 3 MMBbl of NGLs and 0.1 MMBbl of oil and condensate. Proved developed reserves for the noncontrolling interests in Martica as of December 31, 2024 were 57 Bcfe, which consisted of 44 Bcf of natural gas and 2 MMBbl of NGLs. Proved developed reserves for the noncontrolling interests in Martica as of December 31, 2025 were 38 Bcfe, which consisted of 30 Bcf of natural gas and 1 MMBbl of NGLs. |
| (2) | There were no proved undeveloped reserves for the noncontrolling interests in Martica as of December 31, 2023, 2024 and 2025. |
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| Schedule of standardized measure of discounted future net cash flows attributable to proved reserves |
| | | | | | | | | | | | | Year Ended December 31, | | | | 2023 | | 2024 | | 2025 | | Future cash inflows | | $ | 58,061 | | | 52,995 | | | 71,879 | | Future production costs | | | (41,887) | | | (41,583) | | | (46,541) | | Future development costs | | | (2,027) | | | (2,028) | | | (2,560) | | Future net cash flows before income tax | | | 14,147 | | | 9,384 | | | 22,778 | | Future income tax expense | | | (2,178) | | | (1,036) | | | (4,017) | | Future net cash flows | | | 11,969 | | | 8,348 | | | 18,761 | | 10% annual discount for estimated timing of cash flows | | | (6,874) | | | (4,853) | | | (10,651) | | Standardized measure of discounted future net cash flows (1) | | $ | 5,095 | | | 3,495 | | | 8,110 | |
| (1) | The standardized measure of discounted future net cash flows for the noncontrolling interests in Martica were $170 million, $101 million and $72 million for the years ended December 31, 2023, 2024 and 2025, respectively. |
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| Schedule of weighted average prices used to estimate the Company's total equivalent reserves |
| | | | | | | | | | | | | Year Ended December 31, | | | | 2023 | | 2024 | | 2025 | | 12-month weighted average price | | $ | 3.20 | | | 2.96 | | | 3.75 | |
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| Schedule of changes in standardized measure of discounted future net cash flow |
| | | | | | | | | | | | | Year Ended December 31, | | | | 2023 | | 2024 | | 2025 | | Sales of oil and gas, net of productions costs | | $ | (1,357) | | | (1,086) | | | (1,855) | | Net changes in prices and production costs (1) | | | (25,672) | | | (2,231) | | | 6,053 | | Development costs incurred during the period | | | 637 | | | 512 | | | 511 | | Net changes in future development costs | | | (96) | | | (117) | | | (207) | | Extensions, discoveries and other additions | | | 69 | | | 121 | | | 160 | | Acquisitions of reserves | | | — | | | — | | | 284 | | Divestitures of reserves | | | — | | | (34) | | | — | | Revisions of previous quantity estimates | | | 190 | | | 105 | | | 769 | | Accretion of discount | | | 2,947 | | | 593 | | | 383 | | Net change in income taxes | | | 5,069 | | | 498 | | | (1,233) | | Changes in timing and other | | | (256) | | | 39 | | | (250) | | Net increase (decrease) | | | (18,469) | | | (1,600) | | | 4,615 | | Beginning of year | | | 23,564 | | | 5,095 | | | 3,495 | | End of year (2) | | $ | 5,095 | | | 3,495 | | | 8,110 | |
| (1) | The net changes in prices and production costs are calculated prior to the consideration of future income tax expense. The Standardized Measure included future income tax expense of $2.2 billion, $1.0 billion and $4.0 billion for the years ended December 31, 2023, 2024 and 2025, respectively. |
| (2) | The standardized measure for the noncontrolling interests in Martica were $170 million, $101 million and $72 million for the years ended December 31, 2023, 2024 and 2025, respectively. |
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