v3.26.3
Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Line of Credit Facilities
The following table presents the outstanding balance, total amount of letters of credit outstanding, and available borrowing capacity under the Credit Agreement:
As of October 22, 2026As of September 30, 2026As of December 31, 2025
(in millions)
Revolving credit facility (1)
$— $— $— 
Letters of credit (2)
2 2 2 
Available borrowing capacity2,498 2,498 1,999 
Total aggregate revolving lender commitment amount
$2,500 $2,500 $2,000 
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Note: Amounts may not calculate due to rounding.
(1)    Unamortized deferred financing costs attributable to the revolving credit facility are presented as a component of the other noncurrent assets line item in the accompanying balance sheets and totaled $20 million and $15 million as of September 30, 2026, and December 31, 2025, respectively. These costs are being amortized over the term of the Credit Agreement on a straight-line basis.
(2)    Letters of credit outstanding reduce the amount available under the revolving credit facility on a dollar-for-dollar basis.
Schedule of Long-term Debt Instruments
The table below summarizes the interest rates, maturity dates, and semi-annual interest payment dates related to our Senior Notes (collectively referred to as “Senior Notes”) as of September 30, 2026:
Interest Rate
Interest Payment Dates
Maturity Date
Senior Notes due 2028 (1)
8.375%
January 1, July 1
July 1, 2028
Senior Notes due 2028
6.5%
January 15, July 15
July 15, 2028
Senior Notes due 2029
6.75%
February 1, August 1
August 1, 2029
Senior Notes due 2030 (1)
8.625%
May 1, November 1
November 1, 2030
Senior Notes due 2031 (1)
8.75%
January 1, July 1
July 1, 2031
Senior Notes due 2032
7.0%
February 1, August 1
August 1, 2032
Senior Notes due 2033 (1)
9.625%
June 15, December 15
June 15, 2033
Senior Notes due 2034
6.625%
April 15, October 15
April 15, 2034
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(1)    Civitas Senior Notes assumed as part of the Merger.
The Senior Notes, net line items in the accompanying balance sheets as of September 30, 2026, and December 31, 2025, consisted of the following:
As of September 30, 2026
Principal Amount
Unamortized Premium
Unamortized Deferred Financing CostsPrincipal Amount, Net
(in millions)
8.375% Senior Notes due 2028 (1)
$456 $10 $— $466 
6.5% Senior Notes due 2028
400 — (2)398 
6.75% Senior Notes due 2029
750 — (7)743 
8.625% Senior Notes due 2030 (1)
1,000 52 — 1,052 
8.75% Senior Notes due 2031 (1)
1,350 61 — 1,411 
7.0% Senior Notes due 2032
750 — (8)742 
9.625% Senior Notes due 2033 (1)
750 67 — 817 
6.625% Senior Notes due 2034
1,000 — (15)985 
Total$6,456 $190 $(32)$6,614 
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(1)    Civitas Senior Notes assumed as part of the Merger.
As of December 31, 2025
Principal AmountUnamortized Deferred Financing CostsPrincipal Amount, Net
(in millions)
6.75% Senior Notes due 2026 (1)
$419 $— $419 
6.625% Senior Notes due 2027
417 (1)416 
6.5% Senior Notes due 2028
400 (3)397 
6.75% Senior Notes due 2029
750 (8)742 
7.0% Senior Notes due 2032
750 (10)740 
Total$2,736 $(22)$2,714 
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(1)    As of December 31, 2025, our 6.75% Senior Notes due 2026 (“2026 Senior Notes”) are presented in the current liabilities section of the accompanying balance sheets.