Acquisitions

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

Acquisitions

Franklin Mountain Energy (“FME”) Acquisition

Subsequent Event. In January 2025, the Company closed on its acquisition of all of the issued and outstanding equity ownership interests of a group of privately owned oil and gas exploration and production companies with assets and operations in the Delaware Basin of New Mexico (the “FME Interests”) for total consideration of $2.5 billion, subject to certain post-closing adjustments, which included $1.7 billion in cash and the issuance of 28,190,682 shares of the Company’s common stock valued at $785 million based on the closing price of the Company’s common stock on the closing date.

The disclosure of certain financial information required by Accounting Standards Codification (“ASC”) 805, Business Combinations, has been omitted as it is impracticable to provide such information due to the timing of the closing of the acquisition and issuance of these consolidated financial statements.

In connection with and upon execution of the FME purchase agreement in November 2024, the Company deposited $125 million with an escrow agent which is included in restricted cash on the Company’s Consolidated Balance Sheet at December 31, 2024.

Avant Acquisition

Subsequent Event. In January 2025, the Company closed on the acquisition of certain interests in oil and gas properties located in the Delaware Basin in New Mexico from certain privately owned sellers for total cash consideration of $1.5 billion, subject to certain post-closing adjustments.

The disclosure of certain financial information required by ASC 805, Business Combinations, has been omitted as it is impracticable to provide such information due to the timing of the closing of the acquisition and issuance of these consolidated financial statements.

In connection with and upon execution of the Avant purchase and sale agreement in November 2024, the Company deposited $109 million with an escrow agent which is included in restricted cash on the Company’s Consolidated Balance Sheet at December 31, 2024.