v3.26.1
Condensed Consolidated Statements of Changes to Stockholders' Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Class A
Common Class B
Operating Company Units
Common Stock
Common Class A
Common Stock
Common Class B
Additional Paid-in Capital
Retained Earnings (Accumulated Deficit)
Non-Controlling Interest
Non-Controlling Interest
Operating Company Units
Beginning balance (in shares) at Dec. 31, 2024 [1]         102,977,000 85,431,000        
Beginning balance at Dec. 31, 2024 $ 3,907           $ 1,569 $ 118 $ 2,220  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Common shares issued for acquisition (in shares) [1]           2,400,000        
OpCo Units issued for acquisition       $ 119           $ 119
Net proceeds from the issuance of Common Stock (in shares) [1]         28,336,000          
Net proceeds from the issuance of Common Stock 1,232           1,232      
Dividends to stockholders (85)             (85)    
Dividends to Diamondback (59)               (59)  
Dividends to other non-controlling interest (9)               (9)  
Equity-based compensation 1           1      
Issuance of shares upon vesting of equity awards (in shares) [1]         10,000          
Change in ownership of consolidated subsidiaries, net 64           (236)   300  
Net income (loss) 153             75 78  
Ending balance (in shares) at Mar. 31, 2025 [1]         131,323,000 87,831,000        
Ending balance at Mar. 31, 2025 5,323           2,566 108 2,649  
Beginning balance (in shares) at Dec. 31, 2024 [1]         102,977,000 85,431,000        
Beginning balance at Dec. 31, 2024 3,907           1,569 118 2,220  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) 237                  
Ending balance (in shares) at Jun. 30, 2025 [1]         131,067,000 157,458,000        
Ending balance at Jun. 30, 2025 8,611           3,350 70 5,191  
Beginning balance (in shares) at Mar. 31, 2025 [1]         131,323,000 87,831,000        
Beginning balance at Mar. 31, 2025 5,323           2,566 108 2,649  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Common shares issued to related party (in shares) [1]           69,627,000        
OpCo Units issued to related party       $ 3,618           $ 3,618
Repurchases of shares of Class A Common Stock under repurchase program (in shares) [1]         (256,000)          
Repurchases of shares of Class A Common Stock under repurchase program (10)           (10)      
Dividends to stockholders (75)             (75)    
Dividends to Diamondback (109)               (109)  
Dividends to other non-controlling interest (8)               (8)  
Equity-based compensation 2           2      
Change in ownership of consolidated subsidiaries, net (214)           792   (1,006)  
Net income (loss) 84             37 47  
Ending balance (in shares) at Jun. 30, 2025 [1]         131,067,000 157,458,000        
Ending balance at Jun. 30, 2025 8,611           3,350 70 5,191  
Beginning balance (in shares) at Dec. 31, 2025   170,942,687 187,023,698   170,943,000 [2] 187,024,000 [2]        
Beginning balance at Dec. 31, 2025 10,363           4,726 (278) 5,915  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Repurchases of shares of Class A Common Stock under repurchase program (in shares) [2]         (1,210,000)          
Repurchases of shares of Class A Common Stock under repurchase program (50)           (50)      
Repurchases of OpCo Units and cancellation of Class B Common Stock under repurchase program (in shares) [2]           (1,000,000)        
Repurchases of OpCo Units and cancellation of Class B Common Stock under repurchase program (46)               (46)  
Exchange of Class B Common Stock and OpCo Units to Class A Common Stock (in shares) [2]         24,560,000 (21,213,000)        
Exchange of Class B Common Stock and OpCo Units to Class A Common Stock 0           786   (786)  
Dividends to stockholders (100)             (100)    
Dividends to Diamondback (93)               (93)  
Dividends to other non-controlling interest (20)               (20)  
Equity-based compensation 2           2      
Issuance of shares upon vesting of equity awards (in shares) [2]         19,000          
Cash paid for tax withholding on vested equity awards (1)           (1)      
Change in ownership of consolidated subsidiaries, net 95           (68)   163  
Net income (loss) 215             97 118  
Ending balance (in shares) at Mar. 31, 2026 [2]         194,312,000 164,811,000        
Ending balance at Mar. 31, 2026 10,365           5,395 (281) 5,251  
Beginning balance (in shares) at Dec. 31, 2025   170,942,687 187,023,698   170,943,000 [2] 187,024,000 [2]        
Beginning balance at Dec. 31, 2025 10,363           4,726 (278) 5,915  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) 546                  
Ending balance (in shares) at Jun. 30, 2026   191,382,620 164,789,844   191,383,000 [2] 164,790,000 [2]        
Ending balance at Jun. 30, 2026 10,282           5,308 (273) 5,247  
Beginning balance (in shares) at Mar. 31, 2026 [2]         194,312,000 164,811,000        
Beginning balance at Mar. 31, 2026 10,365           5,395 (281) 5,251  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Repurchases of shares of Class A Common Stock under repurchase program (in shares) [2]         (2,975,000)          
Repurchases of shares of Class A Common Stock under repurchase program (132)           (132)      
Exchange of Class B Common Stock and OpCo Units to Class A Common Stock (in shares) [2]         21,000 (21,000)        
Exchange of Class B Common Stock and OpCo Units to Class A Common Stock 0           1   (1)  
Dividends to stockholders (133)             (133)    
Dividends to Diamondback (122)               (122)  
Dividends to other non-controlling interest (25)               (25)  
Equity-based compensation 3           3      
Issuance of shares upon vesting of equity awards (in shares) [2]         25,000          
Change in ownership of consolidated subsidiaries, net (10)           41   (51)  
Other 5             (1) 6  
Net income (loss) 331             142 189  
Ending balance (in shares) at Jun. 30, 2026   191,382,620 164,789,844   191,383,000 [2] 164,790,000 [2]        
Ending balance at Jun. 30, 2026 $ 10,282           $ 5,308 $ (273) $ 5,247  
[1] The par values of the outstanding shares of Class A Common Stock and Class B Common Stock each round to zero during the periods presented.
[2] The par values of the outstanding shares of Class A Common Stock and Class B Common Stock each round to zero during the periods presented.