v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 842,858 $ 635,584
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 1,026,448 980,613
Stock-based compensation expense 35,523 37,093
Impairment and abandonment expense 3,751 5,355
Deferred tax expense 230,627 157,934
Non-cash portion of derivative (gain) loss 112,739 (53,679)
Amortization of debt issuance costs, discount and premium 4,489 4,299
(Gain) loss on extinguishment of debt (5,289) 5,826
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (86,216) 23,460
(Increase) decrease in prepaid and other assets (13,374) (3,214)
Increase (decrease) in accounts payable and other liabilities 169,208 143,457
Net cash provided by operating activities 2,320,764 1,936,728
Cash flows from investing activities:    
Acquisition of oil and natural gas properties, net (534,304) (650,281)
Drilling and development capital expenditures (987,664) (1,005,728)
Purchases of other property and equipment (3,720) (5,108)
Proceeds from sales of oil and natural gas properties 9,426 175,988
Net cash used in investing activities (1,516,262) (1,485,129)
Cash flows from financing activities:    
Proceeds from borrowings under revolving credit facility 890,000 0
Repayment of borrowings under revolving credit facility (890,000) 0
Debt issuance and redemption costs (8,948) (17,352)
Redemption of senior notes (550,000) (177,726)
Proceeds from exercise of stock options 1,611 59
Share repurchases 0 (43,347)
Dividends paid (269,133) (211,777)
Distributions paid to noncontrolling interest owners 0 (29,797)
Net cash used in financing activities (826,470) (479,940)
Net increase (decrease) in cash, cash equivalents and restricted cash (21,968) (28,341)
Cash, cash equivalents and restricted cash, beginning of period 153,690 479,343
Cash, cash equivalents and restricted cash, end of period 131,722 451,002
Supplemental cash flow information    
Cash paid for interest 131,152 148,597
Income Tax Paid, after Refund Received 966 (809)
Supplemental non-cash activity    
Accrued capital expenditures included in accounts payable and accrued expenses 361,484 322,823
Asset retirement obligations incurred, including revisions to estimates 8,663 9,735
Dividends payable $ 13,138 $ 11,343