Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ 427,810,000 $ (261,386,000) $ 1,470,916,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depletion, depreciation and amortization 304,162,000 325,723,000 319,715,000
Impairment of oil and natural gas properties 0 373,214,000 0
Loss on debt extinguishment 0 13,388,000 0
Net gain on derivative instruments (99,056,000) (29,527,000) (740,319,000)
Net cash receipts on settled derivative instruments 56,497,000 282,637,000 152,199,000
Deferred income tax expense (benefit) 115,495,000 (56,077,000) (525,156,000)
Stock-based compensation expense 12,156,000 10,958,000 9,480,000
Other, net 8,599,000 6,315,000 7,645,000
Changes in operating assets and liabilities, net (22,470,000) (15,212,000) 28,701,000
Net cash provided by operating activities 803,193,000 650,033,000 723,181,000
Cash flows from investing activities:      
Additions to oil and natural gas properties (527,569,000) (454,098,000) (537,360,000)
Proceeds from sale of oil and natural gas properties 150,000 225,000 2,659,000
Other, net (1,762,000) (2,120,000) (2,526,000)
Net cash used in investing activities (529,181,000) (455,993,000) (537,227,000)
Cash flows from financing activities:      
Issuance of 2029 Senior Notes 0 650,000,000 0
Early retirement of 2026 Senior Notes (25,702,000) (524,298,000) 0
Premium paid on 2026 Senior Notes 0 (12,941,000) 0
Debt issuance costs and loan commitment fees (35,000) (14,933,000) (7,068,000)
Dividends on preferred stock (1,666,000) (4,230,000) (4,840,000)
Redemption of preferred stock (32,423,000) 0 0
Net cash payments on performance vesting restricted stock units (12,297,000) 0 0
Shares exchanged for tax withholdings (5,579,000) (23,614,000) (3,207,000)
Other, net (9,000) (3,000) (4,000)
Net cash used in financing activities (273,672,000) (194,496,000) (191,284,000)
Net change in cash and cash equivalents 340,000 (456,000) (5,330,000)
Cash and cash equivalents at beginning of period 1,473,000 1,929,000 7,259,000
Cash and cash equivalents at end of period 1,813,000 1,473,000 1,929,000
Nonrelated Party      
Cash flows from financing activities:      
Repurchase of common stock under Repurchase Program (279,961,000) (105,344,000) (108,735,000)
Related Party      
Cash flows from financing activities:      
Repurchase of common stock under Repurchase Program (25,000,000) (79,133,000) (40,430,000)
New Credit Facility      
Cash flows from financing activities:      
Principal payments on Credit Facility (1,246,000,000) (1,036,000,000) (998,000,000)
Borrowings on Credit Facility $ 1,355,000,000 $ 956,000,000 $ 971,000,000