v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:          
Net income (loss) $ 525,186 $ (389,905) $ 633,794 $ (170,068)  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Depreciation, depletion and amortization     793,452 726,806  
Loss on debt extinguishment 0 0 0 3,494  
Gain on sale of assets     (339) (4,993)  
Impairment     30 539,318  
Deferred income taxes     41,113 49,050  
Net (gain) loss on derivative instruments (107,866) (82,231) 133,605 (61,950)  
Net (gain) loss from investment in equity securities (1,143) 962 (23,972) 5,862  
Equity-based compensation expenses     16,814 12,997  
Settlement of asset retirement obligations     (17,935) (13,671)  
Deferred financing costs amortization and other     (12,048) 2,374  
Working capital and other changes:          
Change in accounts receivable, net     (243,018) 4,479  
Change in inventory     (5,866) (5,738)  
Change in prepaid expenses     4,092 5,463  
Change in accounts payable, interest payable and accrued liabilities     284,756 (20,031)  
Change in other assets and liabilities, net     19,143 3,311  
Net cash provided by operating activities     1,623,621 1,076,703  
Cash flows from investing activities:          
Capital expenditures     (755,502) (704,388)  
Acquisitions     (8,680) (26,191)  
Proceeds from divestitures     326 6,921  
Derivative settlements     (88,750) 14,090  
Contingent consideration received     25,000 25,000  
Distributions from investment in equity securities     4,882 6,786  
Contributions to investments     (7,851) 0  
Net cash used in investing activities     (830,575) (677,782)  
Cash flows from financing activities:          
Proceeds from revolving credit facility     85,000 2,435,000  
Principal payments on revolving credit facility     (85,000) (2,700,000)  
Repayment and discharge of senior notes     0 (401,432)  
Issuance of senior notes     0 750,000  
Deferred financing costs     0 (13,443)  
Repurchases of common stock     (217,677) (274,014)  
Tax withholding on vesting of equity-based awards     (4,557) (21,793)  
Dividends paid     (147,683) (168,846)  
Payments on finance lease liabilities     (1,092) (856)  
Net cash used in financing activities     (371,009) (395,384)  
Increase in cash and cash equivalents     422,037 3,537  
Cash and cash equivalents:          
Beginning of period     189,531 36,950 $ 36,950
End of period 611,568 40,487 611,568 40,487 $ 189,531
Supplemental cash flow information:          
Cash paid for income taxes 67,400 32,100 88,382 66,098  
Supplemental non-cash transactions:          
Change in accrued capital expenditures     3,380 (3,950)  
Change in asset retirement obligations     3,491 100,632  
Change in dividends payable $ 776 $ 973 $ 776 $ 973