EQUITY (Notes)

12 Months Ended

Dec. 31, 2025

Class of Stock [Line Items]

Stockholders' Equity Note Disclosure [Text Block]

EQUITY

Preferred Stock - At December 31, 2025, we had 50 million, $0.01 par value, authorized shares of preferred stock available. We have not issued or established any classes or series of shares of preferred stock.

Common Stock - At December 31, 2025, we had approximately 187.3 million shares of authorized common stock available for issuance.

Equity Issuances - On December 29, 2025, we settled forward sale agreements 2,633,700 shares of our common stock for net proceeds of $205.0 million.

In May 2025, we entered into an underwriting agreement and a forward sale agreement for 2,500,000 shares of our common stock and granted the underwriter an option to purchase up to 375,000 additional shares of our common stock, which was not exercised. The forward sale agreement provides for settlement on a date, or dates, to be specified at our discretion, but which will occur no later than December 31, 2026.

In December 2024, we amended the two forward sale agreements we entered into in September 2023 to extend the maturity date of 223,000 and 180,000 shares of our common stock, to December 31, 2025 from December 31, 2024. The amended forward sale agreements provided for settlement on a date, or dates, to be specified at our discretion but which will occur no later than December 31, 2025. The remaining shares under the two forward sale agreements were settled as part of the December 29, 2025, share settlement.

In February 2023, we entered into an at-the-market equity distribution agreement under which we may issue and sell shares of our common stock with an aggregate offering price up to $300 million. Sales of common stock are made by means of ordinary brokers’ transactions on the NYSE and the NYSE Texas, in block transactions or as otherwise agreed to between us and the sales agent. We are under no obligation to offer and sell common stock under the program. At December 31, 2025, we had $225.5 million of equity available for issuance under the program.

The following table summarizes our outstanding forward sale agreement at December 31, 2025:

Maturity	Original Shares	Remaining Shares	Forward Price	Net Proceeds Available
	(Shares)	(Shares)	(Per share)	(Thousands of dollars)
December 31, 2026	2,500,000	269,300	$78.45	$21,127

Dividends Declared - For the years ended December 31, 2025 and 2024, we declared and paid dividends of $2.68 per share ($0.67 per share quarterly) and $2.64 per share ($0.66 per share quarterly), respectively. In January 2026, we declared a dividend of $0.68 per share ($2.72 per share on an annualized basis) for shareholders of record as of February 20, 2026, payable on March 6, 2026.