Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 252,924 $ 184,002
Adjustments to reconcile net income to net cash provided by operating activities:    
Depletion, depreciation and amortization 148,483 139,265
Net (gain) loss on derivative instruments (45,862) 10,447
Net cash (payments) receipts on settled derivative instruments (20,917) 9,550
Deferred income tax expense 67,873 51,389
Stock-based compensation expense 2,888 6,303
Other, net 3,814 3,850
Changes in operating assets and liabilities, net 33,644 3,877
Net cash provided by operating activities 442,847 408,683
Cash flows from investing activities:    
Additions to oil and natural gas properties (312,787) (253,000)
Other, net (1,177) (965)
Net cash used in investing activities (313,964) (253,965)
Cash flows from financing activities:    
Early retirement of 2026 Senior Notes 0 (25,702)
Dividends on preferred stock 0 (1,666)
Net cash payments on performance vesting restricted stock units 0 (12,297)
Shares exchanged for tax withholdings (19,579) (5,228)
Other, net (720) (4)
Net cash used in financing activities (129,642) (152,397)
Net change in cash and cash equivalents (759) 2,321
Cash and cash equivalents at beginning of period 1,813 1,473
Cash and cash equivalents at end of period 1,054 3,794
Nonrelated Party    
Cash flows from financing activities:    
Repurchase of common stock under Repurchase Program (225,104) (109,500)
Related Party    
Cash flows from financing activities:    
Repurchase of common stock under Repurchase Program (17,239) (15,000)
Credit Facility due 2028    
Cash flows from financing activities:    
Principal payments on Credit Facility (799,000) (414,000)
Borrowings on Credit Facility $ 932,000 $ 431,000