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STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE
Common Stock Repurchase Program

As of June 30, 2026, the Company’s board of directors approved a common stock repurchase program to acquire up to $8.0 billion of the Company’s outstanding common stock, excluding excise tax. Purchases under the repurchase program may be made from time to time in open market or privately negotiated transactions and are subject to market conditions, applicable regulatory and legal requirements, contractual obligations and other factors. The repurchase program does not require the Company to acquire any specific number of shares and may be suspended from time to time, modified, extended or discontinued by the board of directors at any time. During the three months ended June 30, 2026, the Company repurchased approximately $141 million of common stock, excluding excise tax. During the six months ended June 30, 2026, the Company repurchased approximately $689 million, which included approximately $509 million for the repurchases from SGF, in each case, excluding excise tax. During the three and six months ended June 30, 2025, the Company repurchased approximately $398 million and $973 million of common stock under the repurchase program, respectively, excluding excise tax. For further discussion on the repurchases from SGF, see Note 7—Related Party Transactions. As of June 30, 2026, approximately $2.0 billion remained available for future repurchases under the Company’s common stock repurchase program, excluding excise tax.

See discussion of subsequent changes to the Company’s common stock repurchase program in Note 16—Subsequent Events—Increase in Stock Repurchase Program Authorization.

Change in Ownership of Consolidated Subsidiaries

Non-controlling interests in the accompanying condensed consolidated financial statements represent ownership interests in Viper, which are held by parties other than the Company and are presented as a component of equity. When the Company’s relative ownership interests in Viper change, adjustments to non-controlling interest and additional paid-in-capital, tax effected, will occur.

The following table summarizes changes in the ownership interest in consolidated subsidiaries during the respective periods presented:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In millions)
Net income (loss) attributable to the Company$1,882 $699 $1,907 $2,104 
Transfers (to) from the non-controlling interests:
Increase in additional paid-in-capital due to proceeds from the sale of Viper's common stock, net
— — 219 — 
Other transfers (to) from the non-controlling interests
(33)(734)73 (528)
Change from net income (loss) attributable to the Company’s stockholders and transfers with non-controlling interest$1,849 $(35)$2,199 $1,576 
Dividends

The following table presents dividends and dividend equivalent rights paid on the Company’s common stock during the respective periods:

Dividend Per Share
Total
(In millions, except per share amounts)
2026
First quarter$1.05 $298 
Second quarter1.10 311 
Total year-to-date$2.15 $609 
2025
First quarter$1.00 $291 
Second quarter1.00 293 
Total year-to-date$2.00 $584 

Earnings (Loss) Per Share

The Company’s earnings (loss) per share amounts have been computed using the two-class method. The two-class method is an earnings allocation proportional to the respective ownership among holders of common stock and participating securities. Basic earnings (loss) per share amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share include the effect of potentially dilutive shares outstanding for the period, if any. Additionally, the per share earnings of Viper are included in the consolidated earnings per share computation based on the consolidated group’s holdings of the subsidiaries.

A reconciliation of the components of basic and diluted earnings (loss) per common share is presented below:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In millions, except per share amounts, shares in thousands)
Net income (loss) attributable to common shares$1,882 $699 $1,907 $2,104 
Less: distributed and undistributed earnings allocated to participating securities(1)
11 4 11 10 
Net income (loss) attributable to common stockholders$1,871 $695 $1,896 $2,094 
Weighted average common shares outstanding:
Basic weighted average common shares outstanding281,202 292,135 281,993 290,880 
Effect of dilutive securities:
Weighted-average potential common shares issuable— — — — 
Diluted weighted average common shares outstanding281,202 292,135 281,993 290,880 
Basic net income (loss) attributable to common shares$6.65 $2.38 $6.72 $7.20 
Diluted net income (loss) attributable to common shares$6.65 $2.38 $6.72 $7.20 
(1)    Unvested restricted stock units and performance-based restricted stock unit awards that contain non-forfeitable dividend equivalent rights are considered participating securities and therefore are included in the earnings per share calculation pursuant to the two-class method.