v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ 546 $ 237
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Provision for (benefit from) deferred income taxes (5) (6)
Depreciation, depletion, and amortization 401 191
(Gain) loss on derivative instruments, net (18) (3)
Net cash receipts (payments) on derivatives 36 12
Other 6 4
Changes in operating assets and liabilities:    
Royalty income receivable (199) (54)
Royalty income receivable—related party 61 (8)
Accrued liabilities (41) (7)
Other 28 7
Net cash provided by (used in) operating activities 815 373
Cash flows from investing activities:    
Proceeds from sale of oil and natural gas properties 611 0
Net cash provided by (used in) investing activities 478 (1,260)
Cash flows from financing activities:    
Proceeds from debt 520 740
Repayments of debt (1,030) (726)
Net proceeds from public offering 0 1,232
Dividends to stockholders (233) (160)
Dividends to Diamondback (215) (168)
Dividends to other non-controlling interest (45) (17)
Other 2 (3)
Net cash provided by (used in) financing activities (1,229) 888
Net increase (decrease) in cash and cash equivalents 64 1
Cash and cash equivalents at beginning of period 13 27
Cash and cash equivalents at end of period 77 28
Supplemental disclosure of cash flow information:    
Interest paid (53) (35)
Cash paid for income taxes, net of refunds:    
Federal (84) (24)
State 1 0
Nonrelated Party    
Cash flows from investing activities:    
Acquisitions of oil and natural gas properties (121) (279)
Related Party    
Cash flows from investing activities:    
Acquisitions of oil and natural gas properties (12) (981)
Supplemental disclosure of non-cash transactions:    
OpCo Units issued 0 (3,618)
Common Class A    
Cash flows from financing activities:    
Repurchases of shares of Class A Common Stock/OpCo Units as part of the repurchase program (182) (10)
Operating Company Units    
Cash flows from financing activities:    
Repurchases of shares of Class A Common Stock/OpCo Units as part of the repurchase program (46) 0
Supplemental disclosure of non-cash transactions:    
OpCo Units issued $ 0 $ (119)