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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:        
Net income $ 155,088 $ 240,523 $ 539,022 $ 582,015
Adjustments to reconcile net income to net cash provided by operating activities:        
Depletion, depreciation, and amortization 325,372 202,942 888,262 548,781
Stock-based compensation expense     20,964 17,393
Net derivative gain (45,479) (86,283) (106,571) (70,256)
Net derivative settlement gain     86,363 46,288
Amortization of deferred financing costs     7,654 4,925
Deferred income taxes 75,686 45,615 145,149 116,522
Other, net     (6,888) (25,590)
Net change in working capital     (14,867) (15,433)
Net cash provided by operating activities     1,559,088 1,204,645
Cash flows from investing activities:        
Capital expenditures     (1,221,736) (957,156)
Acquisition of proved and unproved oil and gas properties     (21,504) (836)
Other, net     (534) 80
Net cash used in investing activities     (1,243,774) (957,912)
Cash flows from financing activities:        
Proceeds from revolving credit facility     1,569,500 0
Repayment of revolving credit facility     (1,638,000) 0
Net proceeds from Senior Notes     0 1,477,032
Cash paid to repurchase Senior Notes     0 349,118
Repurchase of common stock     (12,776) (83,991)
Dividends paid     (68,776) (62,136)
Net proceeds from sale of common stock     1,927 1,844
Other, net     (4,938) (9,215)
Net cash provided by (used in) financing activities     (153,063) 974,416
Net change in cash, cash equivalents, and restricted cash     162,251 1,221,149
Cash, cash equivalents, and restricted cash at beginning of period     0 616,164
Cash, cash equivalents, and restricted cash at end of period 162,251 1,837,313 162,251 1,837,313
Cash and cash equivalents 162,251 1,735,313 162,251 1,735,313
Restricted cash (1) $ 0 $ 102,000 [1] 0 102,000 [1]
Supplemental Cash Flow Information - Operating activities:        
Cash paid for interest, net of capitalized interest     (164,550) (83,130) [2]
Net cash paid for income taxes     (6,268) (7,623)
Supplemental Cash Flow Information - Investing activities:        
Changes in capital expenditure accruals     $ (69,731) (33,187)
Non-cash Financing Activities Text [3]      
[1]
(3)    As of September 30, 2024, the amount represented a deposit held in a third-party escrow account related to the Uinta Basin Acquisition.
[2]
(1)    Cash paid for interest, net of capitalized interest during the nine months ended September 30, 2024, did not include $9.0 million in fees paid to secure firm commitments for senior unsecured bridge term loans in connection with the Uinta Basin assets acquired on October 1, 2024 (“Uinta Basin Acquisition”).
[3]
(2)    Refer to Note 5 - Long-Term Debt for discussion of the redemption of the Company’s 5.625% Senior Notes due June 1, 2025 (“2025 Senior Notes”) during the nine months ended September 30, 2024.