v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities    
Net income including noncontrolling interest $ 68,653 $ 89,418
Adjustments to reconcile net income to net cash provided by continuing operations activities    
Depreciation, depletion and amortization 254,376 194,160
Unsuccessful exploration well costs and previously suspended exploration costs 67,043 190
Deferred income tax expense 36,864 16,343
Accretion of asset retirement obligations 14,514 14,045
Long-term non-cash compensation 15,433 9,905
Amortization of undeveloped leases 2,270 1,654
Loss from discontinued operations 542 633
Unrealized loss on derivative instruments 0 8,916
Other operating activities, net (30,539) (11,799)
Net increase in non-cash working capital (107,972) (22,784)
Net cash provided by continuing operations activities 321,184 300,681
Investing Activities    
Property additions and dry hole costs (387,838) (368,421)
Acquisition of oil and natural gas properties (22,681) (1,364)
Net cash required by investing activities (410,519) (369,785)
Financing Activities    
Retirement of debt (227,489) 0
Early redemption of debt cost (2,369) 0
Debt issuance 500,000 0
Debt issuance cost (7,819) 0
Borrowings on revolving credit facility 175,000 250,000
Repayment of revolving credit facility (275,000) (50,000)
Issue costs of revolving credit facility (12,213) 0
Repurchase of common stock, including excise tax (777) (100,072)
Cash dividends paid (50,173) (47,026)
Distributions to noncontrolling interest 0 (6,955)
Withholding tax on stock-based incentive awards (7,849) (7,673)
Finance lease obligation payments (419) (116)
Net cash provided by financing activities 90,892 38,158
Effect of exchange rate changes on cash and cash equivalents 0 291
Net increase (decrease) in cash and cash equivalents 1,557 (30,655)
Cash and cash equivalents at beginning of period 377,196 423,569
Cash and cash equivalents at end of period $ 378,753 $ 392,914