Long-Term Debt

6 Months Ended

Jun. 30, 2025

Note 5 - Long-Term Debt

Credit Agreement

The Company’s Credit Agreement provides for a senior secured revolving credit facility with a maximum loan amount of $3.0 billion. As of June 30, 2025, the borrowing base and aggregate revolving lender commitments under the Credit Agreement were $3.0 billion and $2.0 billion, respectively. The next borrowing base redetermination is scheduled to occur on October 1, 2025. The Credit Agreement is scheduled to mature on the earlier of (a) October 1, 2029 (“Stated Maturity Date”), or (b) 91 days prior to the maturity date of any of the Company’s outstanding Senior Notes, as defined below, to the extent that, on or before such date, the respective Senior Notes have not been repaid, exchanged, repurchased, refinanced, or otherwise redeemed in a manner that results in no more than $50.0 million remaining due on the originally scheduled maturity date, and, if refinanced or exchanged, with a scheduled maturity date that is not earlier than at least 180 days after the Stated Maturity Date.

Interest and commitment fees associated with the revolving credit facility are accrued based on a borrowing base utilization grid set forth in the Credit Agreement, as presented in Note 5 - Long-Term Debt in the 2024 Form 10-K. At the Company’s election, borrowings under the Credit Agreement may be in the form of Secured Overnight Financing Rate (“SOFR”) revolving loans, Alternate

Base Rate (“ABR”) revolving loans, or Swingline loans. SOFR revolving loans accrue interest at SOFR plus the applicable margin from the utilization grid, and ABR revolving loans and Swingline loans accrue interest at a market-based floating rate, plus the applicable margin from the utilization grid. Commitment fees are accrued on the unused portion of the aggregate revolving lender commitment amount at rates from the utilization grid.

The following table presents the outstanding balance, total amount of letters of credit outstanding, and available borrowing capacity under the Credit Agreement:


	As of July 23, 2025		As of June 30, 2025		As of December 31, 2024

	(in thousands)
Revolving credit facility (1)	$	—	$	—	$	68,500
Letters of credit (2)	2,000		2,000		2,000
Available borrowing capacity	1,998,000		1,998,000		1,929,500
Total aggregate revolving lender commitment amount	$	2,000,000	$	2,000,000	$	2,000,000

____________________________________________

(1) Unamortized deferred financing costs attributable to the revolving credit facility are presented as a component of the other noncurrent assets line item on the accompanying balance sheets and totaled $16.8 million and $18.7 million as of June 30, 2025, and December 31, 2024, respectively. These costs are being amortized over the term of the Credit Agreement on a straight-line basis.

(2) Letters of credit outstanding reduce the amount available under the revolving credit facility on a dollar-for-dollar basis.

Senior Notes

The Company’s Senior Notes, net line item on the accompanying balance sheets as of June 30, 2025, and December 31, 2024, consisted of the following (collectively referred to as “Senior Notes”):


	As of June 30, 2025						As of December 31, 2024
	Principal Amount		Unamortized Deferred Financing Costs		Principal Amount, Net		Principal Amount		Unamortized Deferred Financing Costs		Principal Amount, Net

	(in thousands)
6.75% Senior Notes due 2026	$	419,235	$	817	$	418,418	$	419,235	$	1,168	$	418,067
6.625% Senior Notes due 2027	416,791		1,230		415,561		416,791		1,618		415,173
6.5% Senior Notes due 2028	400,000		3,128		396,872		400,000		3,636		396,364
6.75% Senior Notes due 2029	750,000		9,444		740,556		750,000		10,489		739,511
7.0% Senior Notes due 2032	750,000		10,259		739,741		750,000		10,872		739,128
Total	$	2,736,026	$	24,878	$	2,711,148	$	2,736,026	$	27,783	$	2,708,243

The Senior Notes are unsecured senior obligations and rank equal in right of payment with all of the Company’s existing and any future unsecured senior debt and are senior in right of payment to any future subordinated debt. The Company may redeem some or all of its Senior Notes prior to their maturity at redemption prices that may include a premium, plus accrued and unpaid interest as described in the indentures governing the Senior Notes.

Covenants

The Company is subject to certain financial and non-financial covenants under the Credit Agreement and the indentures governing the Senior Notes that, among other terms, limit the Company’s ability to incur additional indebtedness, make restricted payments including dividends, sell assets, create liens that secure debt, enter into transactions with affiliates, make certain investments, or merge or consolidate with other entities. The Company was in compliance with all financial and non-financial covenants as of June 30, 2025, and through the filing of this report.

Capitalized Interest

Capitalized interest costs for the three months ended June 30, 2025, and 2024, totaled $9.4 million and $6.1 million, respectively, and for the six months ended June 30, 2025, and 2024, totaled $18.1 million and $12.2 million, respectively. The amount of interest the Company capitalizes generally fluctuates based on the amount borrowed, the Company’s capital program, and the timing

and amount of costs associated with capital projects that are considered in progress. Capitalized interest costs are included in total costs incurred.