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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in millions, except per share data) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Operating revenues and other income:        
Oil, gas, and NGL production revenue $ 2,160 $ 811 $ 5,793 $ 2,436
Gain (loss) on divestiture activity (2) 0 260 0
Other operating income 12 1 96 13
Total operating revenues and other income 2,170 812 6,149 2,449
Operating expenses:        
Oil, gas, and NGL production expense 574 229 1,558 678
Depletion, depreciation, and amortization 590 325 1,614 888
Exploration 22 12 69 39
General and administrative 56 39 309 121
Net derivative (gain) loss 684 (45) 1,109 (107)
Other operating expense 8 5 56 12
Total operating expenses 1,934 565 4,715 1,631
Income from operations 236 246 1,434 818
Interest expense (116) (43) (340) (130)
Other non-operating income, net 3 1 8 1
Income before income taxes 123 204 1,102 689
Income tax expense (30) (49) (273) (150)
E&P Segment net income (2) $ 93 $ 155 $ 829 $ 539
Basic weighted-average common shares outstanding 237 115 225 115
Diluted weighted-average common shares outstanding 239 115 226 115
Basic net income per common share $ 0.39 $ 1.35 $ 3.67 $ 4.70
Diluted net income per common share $ 0.39 $ 1.35 $ 3.66 $ 4.69