v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income $ 397,834 $ 444,606
Adjustments to reconcile net income to net cash provided by operating activities    
Unrealized loss on derivatives 170,017 32,242
Depletion, depreciation and amortization 607,848 584,493
Accretion of asset retirement obligations 4,620 3,494
Stock-based compensation expense 10,617 8,460
Loss on debt extinguishment 15,587 0
Deferred income tax provision 105,927 93,313
Amortization of debt issuance costs and other debt-related costs 7,068 7,336
Other non-cash changes 7,301 1,117
Changes in operating assets and liabilities    
Accounts receivable, prepaid expenses and other current assets (148,629) (5,198)
Lease and well equipment inventory (5,120) (21,955)
Other long-term assets 1,738 (1,029)
Accounts payable, accrued liabilities and other current liabilities 174,265 6,281
Royalties payable 48,650 49,694
Advances from joint interest owners 14,111 26,112
Other long-term liabilities (4,160) (60)
Net cash provided by operating activities 1,407,674 1,228,906
Investing activities    
Drilling, completion and equipping capital expenditures (745,343) (745,476)
Acquisition of oil and natural gas properties (1,228,834) (125,118)
Midstream capital expenditures (38,697) (159,844)
Acquisition of midstream assets (6,200) 0
Expenditures for other property and equipment (2,088) (1,756)
Proceeds from sale of assets 858 22,257
Proceeds from sale of equity method investment 0 3,263
Net cash used in investing activities (2,057,908) (1,006,674)
Financing activities    
Repayments of borrowings under Credit Agreement (1,613,000) (1,235,500)
Borrowings under Credit Agreement 2,154,000 1,030,000
Repayments of borrowings under San Mateo Credit Facility (181,000) (165,000)
Borrowings under San Mateo Credit Facility 209,000 328,000
Cost to amend credit facilities (2,192) (463)
Proceeds from issuance of senior unsecured notes 750,000 0
Cost to issue senior unsecured notes (12,909) 0
Purchase of senior unsecured notes (509,670) 0
Proceeds from sale-leaseback financing obligation 24,000 0
Payments on sale-leaseback financing obligation (331) 0
Repurchases of common stock (12,106) (44,249)
Dividends paid (93,258) (78,150)
Contributions related to formation of San Mateo 15,100 9,200
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries (59,290) (62,230)
Taxes paid related to net share settlement of stock-based compensation (6,005) (11,081)
Other (667) (715)
Net cash provided by (used in) financing activities 661,672 (230,188)
Change in cash and restricted cash 11,438 (7,956)
Cash and restricted cash at beginning of period 79,477 94,742
Cash and restricted cash at end of period 90,915 86,786
Cardinal    
Investing activities    
Acquisition of Cardinal $ (37,604) $ 0