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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Summary of net deferred tax position The Company’s net deferred tax position as of December 31, 2025 and 2024 is as follows (in thousands).
December 31,
 20252024
Deferred tax assets
Net operating loss carryforwards$118,860 $14,338 
Lease liabilities24,021 31,843 
Compensation17,615 16,562 
Research and experimental tax credits, net of reserve8,376 1,117 
Interest expense carryforward— 15,891 
Other2,553 1,677 
Total deferred tax assets171,425 81,428 
Valuation allowance on deferred tax assets$(8,985)(11,957)
Total deferred tax assets, net of valuation allowance162,440 69,471 
Deferred tax liabilities
Property and equipment(1,036,280)(802,186)
Less than wholly-owned subsidiaries(107,566)(75,580)
Lease right of use assets(24,021)(31,843)
Unrealized gain on derivatives(8,097)(4,039)
Other(2,407)(3,489)
Total deferred tax liabilities(1,178,371)(917,137)
Net deferred tax liabilities$(1,015,931)$(847,666)
Current and deferred income tax provision
The current income tax provision and the deferred income tax provision for the years ended December 31, 2025, 2024 and 2023 were comprised of the following (in thousands).
Year Ended December 31,
 202520242023
Current income tax provision
Federal$6,192 $21,296 $1,554 
State896 5,763 12,368 
Total current income tax provision$7,088 $27,059 $13,922 
Deferred income tax provision (benefit)
Federal$187,881 $221,356 $145,711 
State(22,294)43,949 26,393 
Total deferred income tax provision$165,587 $265,305 $172,104 
Total income tax provision (benefit)
Federal$194,073 242,652 147,265 
State(21,398)49,712 38,761 
Total income tax provision $172,675 $292,364 $186,026 
Income tax expense reconciled to the tax computed at the statutory federal rate
Reconciliations of expected income tax expense and reported income tax expense on income before income taxes for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands). 
Year Ended December 31,
 202520242023
AmountPercentAmountPercentAmountPercent
US federal statutory income tax rate$217,558 21.00 %$265,379 21.00 %$230,241 21.00 %
Federal
Non-controlling interest in subsidiaries(21,325)(2.06)%(18,064)(1.43)%(13,500)(1.23)%
Research and experimental tax credits(11,545)(1.11)%1,504 0.12 %(102,330)(9.33)%
Other nontaxable and nondeductible items5,922 0.57 %(3,931)(0.31)%3,558 0.32 %
State income tax (benefit) expense(1)
(21,398)(2.06)%47,927 3.79 %37,358 3.41 %
Change in reserve on uncertain tax positions3,463 0.33 %(451)(0.04)%30,699 2.80 %
Total income tax provision$172,675 16.67 %$292,364 23.13 %$186,026 16.97 %
__________________    
(1)For the years ended December 31, 2025, 2024 and 2023, the state income tax (benefit) expense was primarily related to the State of New Mexico.
Reconciliation of Unrecognized Tax Benefits
Reconciliations of UTBs for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands).
Year Ended December 31,
 202520242023
Balance at beginning of period $34,335 $35,336 $— 
Additions for tax positions of current period3,111 2,745 35,336 
Adjustment for tax positions of prior periods352 (3,746)— 
Balance at end of period(1)
$37,798 $34,335 $35,336 
__________________    
(1)At December 31, 2025, 2024 and 2023, the UTBs related to U.S. federal taxes were $33.7 million, $30.2 million and $30.7 million, respectively. At each of December 31, 2025 and 2024, the UTBs related to state of Texas taxes were $4.1 million. At December 31, 2023, the UTBs related to state of Texas taxes were $4.6 million.
Cash Paid for Income Taxes, Net of Refunds Received
The Company’s cash paid for income taxes, net of refunds received during the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands).
Year Ended December 31,
 202520242023
Federal$43,000 $22,622 $(8,864)
State
New Mexico7,500 7,200 13,284 
Other— 182 177 
Total cash paid for income taxes, net of refunds received$50,500 $30,004 $4,597 
The following table provides supplemental disclosures of cash flow information for the years ended December 31, 2025, 2024 and 2023 (in thousands).
 Year Ended December 31,
 202520242023
Cash paid for interest expense, net of amounts capitalized$196,368 $160,273 $111,742 
Increase in asset retirement obligations related to mineral properties$18,310 $23,773 $33,209 
Increase in asset retirement obligations related to midstream properties$1,548 $777 $1,197 
(Decrease) increase in liabilities for drilling, completion and equipping capital expenditures$(37,127)$79,363 $31,364 
Increase in liabilities for acquisition of oil and natural gas properties$52 $212 $709 
(Decrease) increase in liabilities for midstream capital expenditures$(23,850)$(23,789)$43,572 
Stock-based compensation expense recognized as liability$11,451 $13,565 $11,380 
Transfer of inventory (to) from oil and natural gas properties$(29,124)$(14,904)$933 
The following table provides a reconciliation of cash and restricted cash recorded in the consolidated balance sheets to cash and restricted cash as presented on the consolidated statements of cash flows (in thousands).
 Year Ended December 31,
 202520242023
Cash$15,314 $23,033 $52,662 
Restricted cash64,163 71,709 53,636 
Total cash and restricted cash$79,477 $94,742 $106,298