v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share data) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 449 $ 368
Accounts receivable 915 331
Derivative assets 201 83
Prepaid expenses and other 106 29
Total current assets 1,671 811
Property and equipment (successful efforts method):    
Proved oil and gas properties 22,280 16,012
Accumulated depletion, depreciation, and amortization (7,891) (8,793)
Unproved oil and gas properties, net of valuation allowance of $12 and $12, respectively 1,078 460
Wells in progress 835 458
Properties held for sale, net 666 0
Other property and equipment, net of accumulated depreciation of $65 and $63, respectively 133 65
Total property and equipment, net 17,101 8,202
Noncurrent assets:    
Derivative assets 27 6
Other noncurrent assets 345 234
Total noncurrent assets 372 240
Total assets 19,144 9,253
Current liabilities:    
Accounts payable and accrued expenses 2,221 690
Senior Notes, net 1,235 419
Derivative liabilities 703 2
Other current liabilities 121 58
Total current liabilities 4,280 1,169
Noncurrent liabilities:    
Revolving credit facility 0 0
Senior Notes, net 6,741 2,296
Asset retirement obligations 477 150
Deferred tax liabilities, net 315 724
Derivative liabilities 2 2
Other noncurrent liabilities 461 102
Total noncurrent liabilities 7,996 3,274
Commitments and contingencies (note 7)
Stockholders’ equity:    
Common stock, $0.01 par value - authorized: 400,000,000 and 200,000,000 shares, respectively; issued and outstanding: 239,696,577 and 114,630,905 shares, respectively 2 1
Additional paid-in capital 3,962 1,517
Retained earnings 2,903 3,291
Accumulated other comprehensive income 1 1
Total stockholders’ equity 6,868 4,810
Total liabilities and stockholders’ equity $ 19,144 $ 9,253
Common Stock, Shares Authorized 400,000,000 200,000,000

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