Leases (Tables)

12 Months Ended

Dec. 31, 2025

Lessee Disclosure [Abstract]

Components of total lease cost

The following table reflects the components of the Company’s total lease costs, whether capitalized or expensed, related to operating leases, including short-term leases, and variable lease costs for both short-term and long-term leases for the years ended December 31, 2025, 2024, and 2023. This total does not reflect amounts that may be reimbursed by other third parties in the normal course of business, such as non-operating working interest owners.

	For the Years Ended December 31,
	2025		2024		2023
	(in millions)
Operating lease cost	$	44	$	27	$	16
Short-term lease cost (1)	140		86		252
Variable lease cost (2)	289		387		12
Total lease cost	$	473	$	499	$	279

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Note: Amounts may not calculate due to rounding.

(1)    Costs associated with short-term lease agreements relate primarily to operational activities where underlying lease terms are less than one year. This amount includes drilling and completion activities, most of which are contracted for 12 months or less. It is expected that this amount will fluctuate primarily with the number of drilling rigs and completion crews the Company is operating under short-term agreements.

(2)    Variable lease payments relate to the actual volumes delivered under certain midstream agreements, actual usage associated with drilling rigs, completion crews, and vehicles, and variable utility costs associated with the Company’s leased office space. Fluctuations in variable lease payments are primarily driven by actual volumes delivered and the number of drilling rigs and completion crews operating.

Cash paid for amounts included in the measurement of lease liabilities were as follows:

	For the Years Ended December 31,
	2025		2024		2023
	(in millions)
Operating cash flows related to operating leases	$	48	$	11	$	4
Investing cash flows related to operating leases	$	19	$	16	$	11

Operating lease liability maturities

Maturities for the Company’s operating lease liabilities included on the accompanying balance sheets as of December 31, 2025, were as follows:

	As of December 31, 2025
	(in millions)
2026	$	69
2027	37
2028	22
2029	14
2030	7
Thereafter	16
Total Lease payments	$	165
Less: Imputed interest (1)	(27)
Total	$	138

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(1)    The weighted-average discount rate used to determine the operating lease liability as of December 31, 2025, was 5.7 percent.

Balance sheet information related to operating leases

The following table presents supplemental accompanying balance sheet information for operating leases:

	As of December 31,
	2025		2024
	(in millions, except discount rate and lease term)
Balance sheet classifications of operating leases:
Other noncurrent assets	$	210	$	112
Other current liabilities	$	58	$	22
Other noncurrent liabilities	$	80	$	43
ROU assets obtained in exchange for operating lease liabilities	$	77	$	27
Weighted-average discount rate	5.7%		5.5%
Weighted-average remaining lease term (years)	4		4