v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities    
Net income $ 592,933 $ 645,230
Adjustments to reconcile net income to net cash provided by operating activities    
Unrealized loss on derivatives 237,744 12,290
Depletion, depreciation and amortization 950,809 889,847
Accretion of asset retirement obligations 8,615 5,642
Stock-based compensation expense 17,529 14,641
Loss on debt extinguishment 15,587 0
Deferred income tax provision 186,897 191,776
Amortization of debt issuance costs and other debt-related costs 11,377 11,029
Other non-cash changes 7,634 2,984
Changes in operating assets and liabilities    
Accounts receivable, prepaid expenses and other current assets (360,090) 14,360
Lease and well equipment inventory (10,812) (32,303)
Other long-term assets 1,297 (1,524)
Accounts payable, accrued liabilities and other current liabilities 304,553 42,708
Royalties payable 27,344 115,036
Advances from joint interest owners 15,395 36,143
Other long-term liabilities (4,706) 2,707
Net cash provided by operating activities 2,002,106 1,950,566
Investing activities    
Drilling, completion and equipping capital expenditures (1,177,707) (1,093,010)
Acquisition of oil and natural gas properties (1,277,510) (261,831)
Midstream capital expenditures (96,033) (237,436)
Acquisition of midstream assets (6,200) 0
Expenditures for other property and equipment (3,697) (3,047)
Proceeds from sale of assets 858 22,426
Proceeds from sale of equity method investment 0 3,263
Net cash used in investing activities (3,384,997) (1,569,635)
Financing activities    
Repayments of borrowings under Credit Agreement (2,394,000) (1,840,500)
Borrowings under Credit Agreement 2,947,000 1,530,000
Repayments of borrowings under San Mateo Revolving Credit Facility (249,000) (265,000)
Borrowings under San Mateo Revolving Credit Facility 368,000 465,000
Proceeds from San Mateo Term Loan under San Mateo Credit Facility 650,000 0
Cost to issue San Mateo Term Loan (3,280) 0
Cost to amend credit facilities (2,192) (530)
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 (684) 0
Repurchases of common stock (24,193) (50,706)
Dividends paid (139,463) (116,812)
Contributions related to formation of San Mateo 17,100 9,200
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries 49,000 0
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries (88,690) (97,020)
Taxes paid related to net share settlement of stock-based compensation (6,056) (11,822)
Other (1,436) (1,096)
Net cash provided by (used in) financing activities 1,373,527 (379,286)
Change in cash and restricted cash (9,364) 1,645
Cash and restricted cash at beginning of period 79,477 94,742
Cash and restricted cash at end of period 70,113 96,387
Cardinal    
Investing activities    
Acquisition of Cardinal (760,958) 0
Paloma    
Investing activities    
Acquisition of Cardinal $ (63,750) $ 0