Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 349,324 $ 295,395
Adjustments to reconcile net income to net cash provided by operating activities:    
Depletion, depreciation and amortization 233,807 222,481
Net gain on derivative instruments (84,403) (56,357)
Net cash receipts on settled derivative instruments 16,179 43,302
Deferred income tax expense 94,311 82,904
Stock-based compensation expense 3,717 9,245
Other, net 6,443 6,236
Changes in operating assets and liabilities, net 7,049 14,555
Net cash provided by operating activities 626,427 617,761
Cash flows from investing activities:    
Additions to oil and natural gas properties (597,020) (382,899)
Proceeds from sale of oil and natural gas properties 0 150
Other, net (1,215) (1,474)
Net cash used in investing activities (598,235) (384,223)
Cash flows from financing activities:    
Early retirement of 2026 Senior Notes 0 (25,702)
Dividends on preferred stock 0 (1,666)
Redemption of preferred stock 0 (31,374)
Net cash payments on performance vesting restricted stock units 0 (12,297)
Shares exchanged for tax withholdings (19,667) (5,576)
Other, net (836) (6)
Net cash used in financing activities (27,434) (231,644)
Net change in cash and cash equivalents 758 1,894
Cash and cash equivalents at beginning of period 1,813 1,473
Cash and cash equivalents at end of period 2,571 3,367
Nonrelated Party    
Cash flows from financing activities:    
Repurchase of common stock under Repurchase Program (261,692) (153,023)
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 (1,034,000) (994,000)
Borrowings on Credit Facility $ 1,306,000 $ 1,007,000