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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues and other:        
Natural gas, oil and NGL derivatives $ 877 $ (11) $ (137) $ 161
Gains on sales of assets 4 2 4 10
Total revenues and other 3,690 505 5,886 1,586
Operating expenses:        
Production 151 49 298 108
Gathering, processing and transportation 563 154 1,126 327
Severance and ad valorem taxes 49 18 97 47
Exploration 20 3 27 5
General and administrative 40 47 87 94
Separation and other termination costs 0 23 0 23
Depreciation, depletion and amortization 769 348 1,480 747
Other operating expense, net 38 16 60 33
Total operating expenses 2,421 799 4,885 1,848
Income (loss) from operations 1,269 (294) 1,001 (262)
Other income (expense):        
Interest expense (60) (20) (119) (39)
(Gains) losses on purchases, exchanges or extinguishments of debt 3 (2) 3 (2)
Other income, net 16 21 24 41
Total other income (expense) (41) (1) (92) 0
Income (loss) before income taxes 1,228 (295) 909 (262)
Income tax expense (benefit) 260 (68) 190 (61)
Net income (loss), basic 968 (227) 719 (201)
Net income (loss), diluted $ 968 $ (227) $ 719 $ (201)
Earnings (loss) per common share:        
Basic (in dollars per share) $ 4.07 $ (1.73) $ 3.04 $ (1.53)
Diluted (in dollars per share) $ 4.02 $ (1.73) $ 2.99 $ (1.53)
Weighted average common shares outstanding (in thousands):        
Basic (in shares) 237,973 131,168 236,213 131,030
Diluted (in shares) 240,560 131,168 240,628 131,030
Natural gas, oil and NGL        
Revenues and other:        
Revenue $ 2,021 $ 378 $ 4,321 $ 967
Marketing        
Revenues and other:        
Revenue 788 136 1,698 448
Operating expenses:        
Marketing $ 791 $ 141 $ 1,710 $ 464