Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Segment Reporting Information, by Segment

The following tables present selected financial information for the periods presented regarding the Company’s business segments on a stand-alone basis, corporate expenses that are not allocated to a segment and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis (in thousands). On a consolidated basis, midstream services revenues consist primarily of those revenues from midstream operations related to third parties, including working interest owners in the Company’s operated wells. All midstream services revenues associated with Company-owned production are eliminated in consolidation. In evaluating the operating results of the exploration and production and midstream segments, the Company does not allocate certain expenses to the individual segments, including general and administrative expenses. Such expenses are reflected in the column labeled “Corporate.”


	Exploration and Production						Consolidations and Eliminations		Consolidated Company
			Midstream		Corporate
Year Ended December 31, 2025
Oil and natural gas revenues	$	3,227,055	$	11,695	$	—	$	—	$	3,238,750
Midstream services revenues	—		549,865		—		(385,132)		164,733
Sales of purchased natural gas	99,346		153,685		—		—		253,031

Realized gain on derivatives	21,679		—		—		—		21,679
Unrealized gain on derivatives	18,084		—		—		—		18,084
Operating expense(1)	588,285		208,142		—		(172,475)		623,952
Other expenses(2)	1,712,988		228,834		116,618		(212,657)		1,845,783
Operating income(3)	$	1,064,891	$	278,269	$	(116,618)	$	—	$	1,226,542






Total assets(4)	$	9,737,486	$	1,833,673	$	139,410	$	—	$	11,710,569
Capital expenditures(5)	$	1,864,889	$	286,294	$	4,246	$	—	$	2,155,429

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(1)Operating expense includes lease operating expense for the exploration and production segment and midstream operating expense for the midstream segment.

(2)Includes depletion, depreciation and amortization expenses of $1.14 billion and $57.4 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $1.6 million. Other expenses for each reportable segment also includes (i) transportation and processing, (ii) general and administrative expenses, (iii) accretion of asset retirement obligations, (iv) purchased natural gas and (v) taxes other than income.

(3)Includes $101.5 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.

(4)Excludes intercompany receivables and investments in subsidiaries.

(5)Includes $339.2 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $118.4 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.


	Exploration and Production						Consolidations and Eliminations		Consolidated Company
			Midstream		Corporate
Year Ended December 31, 2024
Oil and natural gas revenues	$	3,129,598	$	14,236	$	—	$	—	3,143,834
Midstream services revenues	—		453,464		—		(312,437)		141,027
Sales of purchased natural gas	22,186		171,911		—		—		194,097

Realized gain on derivatives	12,724		—		—		—		12,724
Unrealized gain on derivatives	13,299		—		—		—		13,299
Operating expense(1)	488,507		167,400		—		(163,362)		492,545
Other expenses(2)	1,386,821		226,218		113,774		(149,075)		1,577,738
Operating income(3)	$	1,302,479	$	245,993	$	(113,774)	$	—	$	1,434,698






Total assets(4)	$	9,117,095	$	1,613,936	$	119,078	$	—	$	10,850,109
Capital expenditures(5)	$	3,396,543	$	504,315	$	5,691	$	—	$	3,906,549

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(1)Operating expense includes lease operating expense for the exploration and production segment and midstream operating expense for the midstream segment.

(2)Includes depletion, depreciation and amortization expenses of $929.0 million and $43.9 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $1.4 million. Other expenses for each reportable segment also includes (i) transportation and processing, (ii) general and administrative expenses, (iii) accretion of asset retirement obligations, (iv) purchased natural gas and (v) taxes other than income.

(3)Includes $86.0 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.

(4)Excludes intercompany receivables and investments in subsidiaries.

(5)Includes $2.08 billion attributable to land and seismic acquisition expenditures related to the exploration and production segment, $236.2 million in midstream acquisition expenditures and $29.5 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.


	Exploration and Production						Consolidations and Eliminations		Consolidated Company
			Midstream		Corporate
Year Ended December 31, 2023
Oil and natural gas revenues	$	2,538,813	$	6,786	$	—	$	—	$	2,545,599
Midstream services revenues	—		346,933		—		(224,780)		122,153
Sales of purchased natural gas	23,521		126,348		—		—		149,869

Realized loss on derivatives	(9,575)		—		—		—		(9,575)
Unrealized loss on derivatives	(1,261)		—		—		—		(1,261)
Operating expense(1)	347,655		124,021		—		(115,134)		356,542
Other expenses(2)	1,070,302		180,903		99,362		(109,646)		1,240,921
Operating income(3)	$	1,133,541	$	175,143	$	(99,362)	$	—	$	1,209,322






Total assets(4)	$	6,385,762	$	1,257,988	$	83,246	$	—	$	7,726,996
Capital expenditures(5)	$	2,970,230	$	254,393	$	3,636	$	—	$	3,228,259

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(1)Operating expense includes lease operating expense for the exploration and production segment and midstream operating expense for the midstream segment.

(2)Includes depletion, depreciation and amortization expenses of $675.0 million and $40.4 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $1.3 million. Other expenses for each reportable segment also includes (i) transportation and processing, (ii) general and administrative expenses, (iii) accretion of asset retirement obligations (iv) purchased natural gas and (v) taxes other than income.

(3)Includes $64.3 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.

(4)Excludes intercompany receivables and investments in subsidiaries.

(5)Includes $1.81 billion attributable to land and seismic acquisition expenditures related to the exploration and production segment, $63.6 million in midstream acquisition expenditures and $42.2 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.