Permian Resources (PR) 10-K 26 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 21, 2025	Jun. 28, 2024	Dec. 31, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-37697
Entity Registrant Name	PERMIAN RESOURCES CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5381253
Entity Address, Address Line One	300 N. Marienfeld St.
Entity Address, Address Line Two	Suite 1000
Entity Address, City or Town	Midland
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79701
City Area Code	432
Local Phone Number	695-4222
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	PR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 9,949,142,920
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2025 Annual Meeting of Stockholders, which will be filed with the United States Securities and Exchange Commission within 120 days of December 31, 2024, are incorporated by reference into Part III of this Form 10-K for the year ended December 31, 2024.
Entity Central Index Key	0001658566
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Common stock, shares issued (in shares)	707,388,380			544,610,984
Document Financial Statement Error Correction [Flag]	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		703,899,117
Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		99,599,640

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Cover [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Dallas, Texas
Auditor Firm ID	185

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 479,343	$ 73,290
Accounts receivable, net	530,452	481,060
Derivative Asset, Current	85,509	70,591
Prepaid and other current assets	26,290	25,451
Total current assets	1,121,594	650,392
Oil and natural gas properties, successful efforts method
Unproved properties	1,990,441	2,401,317
Proved properties	18,595,780	15,036,687
Accumulated depreciation, depletion and amortization	(5,163,124)	(3,401,895)
Total oil and natural gas properties, net	15,423,097	14,036,109
Other property and equipment, net	50,381	43,647
Total property and equipment, net	15,473,478	14,079,756
Noncurrent assets
Operating Lease, Right-of-Use Asset	119,703	59,359
Other noncurrent assets	183,125	176,071
TOTAL ASSETS	16,897,900	14,965,578
Current liabilities
Accounts payable and accrued expenses	1,198,418	1,167,525
Operating Lease, Liability, Current	57,216	33,006
Other current liabilities	71,703	41,022
Total current liabilities	1,327,337	1,241,553
Noncurrent liabilities
Long-term debt, net	4,184,233	3,848,781
Asset retirement obligations	148,443	121,417
Deferred income taxes	602,379	422,627
Operating Lease, Liability, Noncurrent	64,288	28,302
Other noncurrent liabilities	52,701	73,150
Total liabilities	6,379,381	5,735,830
Commitments and contingencies (Note 14)
Shareholders’ equity
Additional paid-in capital	8,056,552	5,766,881
Retained earnings (accumulated deficit)	1,081,895	569,139
Total shareholders’ equity	9,138,528	6,336,097
Noncontrolling interest	1,379,991	2,893,651
Total equity	10,518,519	9,229,748
TOTAL LIABILITIES AND EQUITY	$ 16,897,900	$ 14,965,578
Common stock, shares issued (in shares)	707,388,380	544,610,984
Common stock, shares outstanding (in shares)	703,774,082	540,789,758
Common Class A
Shareholders’ equity
Common stock	$ 71	$ 54
Class C
Shareholders’ equity
Common stock	$ 10	$ 23
Common stock, shares outstanding (in shares)	99,599,640	230,962,833

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	707,388,380	544,610,984
Common stock, shares outstanding (in shares)	703,774,082	540,789,758

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating revenues
Oil and gas sales	$ 5,000,734	$ 3,120,893	$ 2,131,265
Operating expenses
Lease operating expenses	685,172	373,772	171,867
Severance and ad valorem taxes	377,731	240,762	155,724
Gathering, processing and transportation expenses	183,602	89,282	97,915
Depreciation, depletion and amortization	1,776,673	1,007,576	444,678
General and administrative expenses	174,630	161,855	159,554
Merger and integration expense	18,064	125,331	77,424
Impairment and abandonment expense	9,912	6,681	3,875
Exploration and other expenses	30,791	19,337	11,378
Total operating expenses	3,256,575	2,024,596	1,122,415
Net gain (loss) on sale of long-lived assets	375	211	(1,314)
Income from operations	1,744,534	1,096,508	1,007,536
Other income (expense)
Interest expense	(304,756)	(177,209)	(95,645)
Net gain (loss) on derivative instruments	94,986	114,016	(42,368)
Other income (expense)	16,087	2,333	609
Total other income (expense)	(193,683)	(60,860)	(137,404)
Income before income taxes	1,550,851	1,035,648	870,132
Income tax expense	(300,342)	(155,945)	(120,292)
Net income	1,250,509	879,703	749,840
Less: Net income attributable to noncontrolling interest	(265,808)	(403,397)	(234,803)
Net income attributable to Class A Common Stock	$ 984,701	$ 476,306	$ 515,037
Income per share of Class A Common Stock:
Basic (in dollars per share)	$ 1.54	$ 1.36	$ 1.80
Diluted (in dollars per share)	$ 1.45	$ 1.24	$ 1.61

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income		$ 1,250,509	$ 879,703	$ 749,840
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization		1,776,673	1,007,576	444,678
Stock-based compensation expense - equity awards		60,399	78,418	116,480
Stock-based compensation expense - liability awards		0	0	(24,174)
Impairment and abandonment expense		9,912	6,681	3,875
Deferred tax expense		299,019	152,383	119,679
Net (gain) loss on sale of long-lived assets		(375)	(211)	1,314
Non-cash portion of derivative (gain) loss		(17,783)	(14,606)	(77,737)
Amortization of debt issuance costs, discount and premium		6,563	11,326	15,362
Loss on extinguishment of debt		8,585	0	0
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable		(51,396)	36,336	(66,824)
(Increase) decrease in prepaid and other assets		(8,491)	(27,267)	(1,751)
Increase (decrease) in accounts payable and other liabilities		78,353	83,160	90,929
Net cash provided by operating activities		3,411,968	2,213,499	1,371,671
Cash flows from investing activities:
Acquisition of oil and natural gas properties, net		(1,047,128)	(234,288)	(8,858)
Drilling and development capital expenditures		(2,060,667)	(1,524,899)	(771,577)
Cash (paid) received for businesses acquired in mergers, net of cash received		0	39,832
Cash (paid) received for businesses acquired in mergers, net of cash received				496,671
Purchases of other property and equipment		(12,845)	(34,483)	(3,563)
Contingent considerations received related to divestiture		0	60,000	0
Proceeds from sales of oil and natural gas properties		16,445	115,459	75,620
Net cash used in investing activities		(3,104,195)	(1,578,379)	(1,205,049)
Cash flows from financing activities:
Proceeds from equity offering, net		402,211	0	0
Proceeds from borrowings under revolving credit facility		1,965,000	1,950,000	1,115,000
Repayment of borrowings under revolving credit facility		(1,965,000)	(2,335,000)	(755,000)
Repayment of credit facility acquired in mergers		0	(830,000)	(400,000)
Proceeds from issuance of senior notes		1,000,000	997,500	0
Debt issuance and redemption costs		(26,498)	(15,169)	(19,833)
Redemption of senior notes		(656,351)	0	0
Proceeds from exercise of stock options		257	534	109
Share repurchases		(61,048)	(162,420)	(19,010)
Dividends paid		(466,915)	(141,947)	(14,426)
Distributions paid to noncontrolling interest owners		93,950	94,686	13,465
Net cash (used in) provided by financing activities		97,706	(631,188)	(106,625)
Net increase (decrease) in cash, cash equivalents and restricted cash		405,479	3,932	59,997
Cash, cash equivalents and restricted cash, beginning of period		73,864	69,932	9,935
Cash, cash equivalents and restricted cash, end of period		479,343	73,864	69,932
Supplemental cash flow information
Cash paid for interest		267,081	140,069	60,700
Cash paid for income taxes		6,818	3,603	613
Supplemental non-cash activity
Equity issued and long-term debt assumed to acquire oil and gas properties via mergers		100,371	4,873,949	3,317,797
Accrued capital expenditures included in accounts payable and accrued expenses		291,574	325,069	166,062
Deferred tax liability assumed in asset acquisition and merger		0	344,223	0
Asset retirement obligations incurred, including revisions to estimates		34,683	83,446	22,648
Dividends payable		8,534	3,504	1,059
Restricted Cash and Cash Equivalents [Abstract]
Cash and cash equivalents		479,343	73,290	59,545
Restricted cash	[1]	0	574	10,387
Total cash, cash equivalents and restricted cash		$ 479,343	$ 73,864	$ 69,932
[1]Included in Prepaid and other current assets as of December 31, 2023 and included in Prepaid and other current assets and Other noncurrent assets as of December 31, 2022 in the consolidated balance sheets .

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Performance Shares	Common Class A	Class C	Total Shareholders’ Equity	Total Shareholders’ Equity Performance Shares	Total Shareholders’ Equity Common Class A	Total Shareholders’ Equity Class C	Common Stock Common Class A	Common Stock Common Class A Performance Shares	Common Stock Class C	Additional Paid-In Capital	Additional Paid-In Capital Performance Shares	Additional Paid-In Capital Common Class A	Additional Paid-In Capital Class C	Retained Earnings (Accumulated Deficit)	Noncontrolling Interest
Balance at beginning of period at Dec. 31, 2021	$ 2,750,720				$ 2,750,720				$ 29		$ 0	$ 3,013,017				$ (262,326)	$ 0
Shares issued, beginning (in shares) at Dec. 31, 2021									294,261,000		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock issued (in shares)									6,692,000
Restricted stock issued									$ (1)			(1)
Issuance of Class C Common Stock (in shares)											269,300,000
Stock issued during period				$ 2,087,207				$ 412,707			$ 27				$ 412,734		2,499,914
Issuance of Class C Common, net of tax	704																704
Restricted stock forfeited (in shares)									(225,000)
Stock purchased from employees for taxes due upon share vesting (in shares)									(2,396,000)	(159,000)
Share repurchases - Class A	(18,102)	$ (908)			(18,102)	$ (908)						(18,102)	$ (908)
Stock option exercises (in shares)									29,000
Stock-based compensation - equity awards	109				109							109
Issuance of Common Stock under Employee Stock Purchase Plan (in shares)									120,000
Issuance of Common Stock under Employee Stock Purchase Plan	604				604							604
Stock-based compensation - equity awards	116,480
APIC, Share-Based Payment Arrangement, Option, Increase for Cost Recognition					116,480							116,480
Dividends	(15,485)				(15,485)											(15,485)
Distributions to noncontrolling interest owners	(13,465)																(13,465)
Net income	749,840				515,037											515,037	234,803
Shares issued, ending (in shares) at Dec. 31, 2022									298,640,000		269,300,000
Balance at end of period at Dec. 31, 2022	5,656,296				2,935,748				$ 30		$ 27	2,698,465				237,226	2,720,548
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock issued (in shares)									1,204,000
Restricted stock issued	0								$ 0			0
Issuance of Class C Common Stock (in shares)									161,166,000		49,534,000
Stock issued during period			$ 2,288,030	$ 700,430			$ 2,288,030	$ 164,489	$ 16		$ 5			$ 2,288,014	164,494		864,919
Restricted stock forfeited (in shares)									(814,000)
Stock purchased from employees for taxes due upon share vesting (in shares)									(6,761,000)
Share repurchases - Class A	(75,960)				(75,960)							(75,959)
Stock option exercises (in shares)									79,000
Stock-based compensation - equity awards	534				534							534
Issuance of Common Stock under Employee Stock Purchase Plan (in shares)									56,000
Issuance of Common Stock under Employee Stock Purchase Plan	241				241							241
Performance stock vested and issued (in shares)									10,372,000
Performance stock vested and issued									$ (1)			(1)
Stock-based compensation - equity awards	78,418				0
APIC, Share-Based Payment Arrangement, Option, Increase for Cost Recognition					78,418							78,418
Dividends	(144,393)				(144,393)											(144,393)
Distributions to noncontrolling interest owners	(94,683)																(94,683)
Share repurchase (in shares)			(2,800,000)	(7,202,000)
Share repurchase - Class C	(86,460)		$ (1)	$ (1)								(1)					(86,460)
Conversion of common shares (in shares)									80,669,000		(80,669,000)
Conversion of common shares from Class C to Class A, net of tax	29,611				934,713				$ 8		$ (8)	934,713					(905,102)
Equity impact from transactions effecting Common Units, net of tax expense	(2,019)				6,949							6,949					(8,968)
Net income	$ 879,703				476,306											476,306	403,397
Shares issued, ending (in shares) at Dec. 31, 2023	544,610,984								544,611,000		230,963,000
Balance at end of period at Dec. 31, 2023	$ 9,229,748				6,336,097				$ 54		$ 23	5,766,881				569,139	2,893,651
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity impact, tax expense (benefit)	(2,000)
Restricted stock issued (in shares)									2,476,000
Issuance of Class C Common Stock (in shares)									32,742,000
Stock issued during period									$ 4			(412,700)			$ 164,500
Restricted stock forfeited (in shares)									(735,000)
Stock option exercises (in shares)									22,000
Stock-based compensation - equity awards	257				257							257
Issuance of Common Stock under Employee Stock Purchase Plan	502,583				502,583							502,579
Performance stock vested and issued (in shares)									709,000
Performance stock vested and issued									$ 0			0
Stock-based compensation - equity awards	60,399				60,399							60,399
Dividends	(471,945)				(471,945)											(471,945)
Distributions to noncontrolling interest owners	(93,950)																(93,950)
Share repurchase (in shares)				(3,800,000)
Share repurchase - Class C	(61,048)			$ 0								0					(61,048)
Conversion of common shares (in shares)									127,563,000		(127,563,000)
Conversion of common shares from Class C to Class A, net of tax	96,656				1,744,570				$ 13		$ (13)	1,744,570					(1,647,914)
Equity impact from transactions effecting Common Units, net of tax expense	5,310				(18,134)							(18,134)					23,444
Net income	$ 1,250,509				984,701											984,701	265,808
Shares issued, ending (in shares) at Dec. 31, 2024	707,388,380								707,388,000		99,600,000
Balance at end of period at Dec. 31, 2024	$ 10,518,519				$ 9,138,528				$ 71		$ 10	$ 8,056,552				$ 1,081,895	$ 1,379,991
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity impact, tax expense (benefit)	$ 5,300

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Equity impact, tax expense (benefit)	$ 5.3	$ (2)

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 1—Basis of Presentation and Summary of Significant Accounting Policies Description of Business Permian Resources Corporation is an independent oil and natural gas company focused on the responsible acquisition, optimization and development of crude oil and associated liquids-rich natural gas reserves. The Company’s assets and operations are primarily concentrated in the core of the Permian Basin, and its properties consist of large, contiguous acreage blocks located in West Texas and New Mexico. Unless otherwise specified or the context otherwise requires, all references in these notes to “Permian Resources” or the “Company” are to Permian Resources Corporation and its consolidated subsidiaries including, Permian Resources Operating, LLC (“OpCo”). Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, its subsidiary OpCo and OpCo’s wholly-owned subsidiaries and have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”). All intercompany balances and transactions have been eliminated in consolidation. Noncontrolling interests represent third-party ownership in OpCo and is presented as a component of equity. See Note 10—Shareholders' Equity and Noncontrolling Interest for a discussion of noncontrolling interest. Use of Estimates The preparation of the Company’s consolidated financial statements requires the Company’s management to make various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events, and accordingly, actual results could differ from amounts previously established. Additionally, the prices received for oil, natural gas and NGL production can heavily influence the Company’s assumptions, judgments and estimates, and continued volatility of oil and gas prices could have a significant impact on the Company’s estimates. The more significant areas requiring the use of assumptions, judgments and estimates include: (i) oil and natural gas reserves; (ii) cash flow estimates used in impairment tests for long-lived assets; (iii) impairment expense of unproved properties; (iv) depreciation, depletion and amortization; (v) asset retirement obligations; (vi) determining fair value and allocating purchase price in connection with business combinations and asset acquisitions; (vii) accrued revenues and related receivables; (viii) accrued liabilities; (ix) derivative valuations; (x) deferred income taxes; and (xi) determining the fair values of certain stock-based compensation awards. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid instruments with an original maturity of 3 months or less at the time of issuance to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value because of the short-term maturity of these investments. From time to time, the Company is required to maintain cash in separate accounts, the use of which is restricted by the terms of contracted arrangements. Such amounts are not present as of December 31, 2024 and are included in Prepaid and other current assets as of December 31, 2023 in the consolidated balance sheets. Accounts Receivable Accounts receivable consists mainly of receivables from oil and natural gas purchasers and from joint interest owners on properties the Company operates. For receivables from joint interest owners, the Company typically has the ability to withhold future revenue disbursements to recover non-payment of joint interest billings. Accordingly, the Company’s oil and natural gas receivables are generally collected, and the Company has minimal bad debts. Although diversified among many companies, collectability is dependent upon the financial wherewithal of each individual company and is influenced by the general economic conditions of the industry. Receivables are not collateralized, and the Company therefore establishes an allowance for doubtful accounts equal to the portions of its accounts receivable for which collectability is not reasonably assured. Th e Company had no allowance for doubtful accounts as of December 31, 2024 and December 31, 2023. Credit Risk and Other Concentrations Permian Resources is exposed to credit risk in the event of nonpayment by counterparties. The Company normally sells production to a relatively small number of customers, as is customary in its business. The table below summarizes the purchasers that accounted for 10% or more of the Company’s total net revenues for the periods presented: Year Ended December 31, 2024 2023 2022 Shell Trading (US) Company 31 % 20 % 21 % Enterprise Crude Oil, LLC 19 % 30 % 18 % BP America 11 % 20 % 34 % During these periods, no other purchaser accounted for 10% or more of the Company’s net revenues. The loss of any of the Company’s major purchasers could materially and adversely affect its revenues in the short-term. However, based on the demand for oil and natural gas and the availability of other purchasers, the Company believes that the loss of any major purchaser would not have a material adverse effect on its financial condition and results of operations because crude oil and natural gas are fungible products with well-established markets and numerous purchasers. By using derivative instruments to economically hedge exposures to changes in commodity prices, the Company also exposes itself to credit risk. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk. The Company minimizes the credit risk in derivative instruments by: (i) limiting its exposure to any single counterparty; and (ii) only entering into hedging arrangements with counterparties that are also participants in OpCo’s credit agreement, all of which have investment-grade credit ratings. Oil and Natural Gas Properties The Company’s oil and natural gas producing activities are accounted for using the successful efforts method of accounting. Under the successful efforts method, the costs incurred to acquire, drill, and complete development wells are capitalized to proved properties. Exploration costs, including personnel and other internal costs, geological and geophysical expenses and delay rentals for oil and gas leases, are charged to expense as incurred. Costs of drilling exploratory wells, on the other hand, are initially capitalized but are charged to expense if the well is determined to be unsuccessful. Costs to operate, repair and maintain wells and field equipment are expensed as incurred. Proved Properties. Costs incurred to obtain access to proved reserves and to provide facilities for extracting, treating, gathering and storing oil, natural gas and NGLs are capitalized. All costs incurred to drill and equip successful exploratory wells, development wells, development-type stratigraphic test wells, extension wells and service wells, are capitalized. Capitalized proved property acquisition and development costs are depleted using a units-of production method based on the remaining life of proved and proved developed reserves, respectively. Net carrying values of retired, sold or abandoned properties that constitute less than a complete unit of depreciable property are charged or credited, net of proceeds, to accumulated depreciation, depletion and amortization unless doing so significantly affects the unit-of-production amortization rate, in which case a gain or loss is recognized. Gains or losses from the disposal of complete units of depreciable property are recognized to the consolidated statements of operations. The Company reviews its proved oil and natural gas properties for impairment whenever events and circumstances indicate that there could be a possible decline in the recoverability of the carrying amount of such property. The Company estimates the expected future cash flows of its oil and natural gas properties and compares these undiscounted cash flows to the carrying amount of the oil and natural gas properties to determine if the carrying amount is recoverable. If the carrying amount exceeds the estimated undiscounted future cash flows, the Company will write down the carrying amount of the oil and natural gas properties to fair value. The factors used to determine fair value include, but are not limited to, estimates of reserves, future commodity prices, future production estimates, estimated future capital and operating expenditures and discount rates, which are based on a weighted average cost of capital. There were no impairments of proved oil and natural gas properties for the years ended December 31, 2024, 2023 and 2022. Unproved Properties. Unproved properties consist of costs to acquire undeveloped leases as well as costs to acquire unproved reserves, and they are both capitalized as incurred. These consist of costs incurred in obtaining a mineral interest or a right in a property such as a lease, in addition to broker fees, recording fees and other similar costs related to acquiring properties. Leasehold costs are classified as unproved until proved reserves are discovered on or otherwise attributed to the property, at which time the related unproved property costs are transferred to proved oil and natural gas properties. The Company evaluates unproved properties for impairment based on remaining lease term, drilling results, reservoir performance, seismic interpretation or future plans to develop acreage. Any portion of unproved properties deemed unlikely to be developed for proved reserves or otherwise determined to be recoverable is charged as impairment expense upon such determination. Impairments of unproved properties are included in Impairment and abandonment expense in the consolidated statements of operations. Other Property and Equipment Other property and equipment includes office furniture and equipment, buildings, vehicles, computer hardware and software and is recorded at cost. These assets are depreciated using the straight-line method over their estimated useful lives which range from three Debt Issuance Costs, Discounts and Premiums Debt issuance costs related to the Company’s revolving credit facility are included in the line item Other Noncurrent Assets in the consolidated balance sheets. These costs are amortized to interest expense on a straight-line basis over the borrowing term. Issuance costs incurred in connection with the Company’s senior notes offerings and any related issuance discount or premium are deferred and charged to interest expense over the term of the agreement; however, these amounts are reflected as a reduction of or addition to the related obligation in the line item Long-term debt on the consolidated balance sheets. Derivative Financial Instruments In order to mitigate its exposure to oil and natural gas price volatility, the Company may periodically use derivative instruments, such as swaps, costless collars, basis swaps, and other similar agreements. The Company’s derivatives have not been designated as hedges for accounting purposes. The Company records derivative instruments in its consolidated balance sheets as either an asset or liability measured at fair value. To the extent legal right of offset exists with a counterparty, the Company reports derivative assets and liabilities on a net basis. The commodity derivative instruments are accounted for using mark-to-market accounting where all gains and losses are recognized in earnings during the period in which they are incurred. Asset Retirement Obligations The Company recognizes a liability for the estimated future costs associated with abandonment of its oil and natural gas properties. A liability for the fair value of an asset retirement obligation and corresponding increase to the carrying value of the related long-lived asset are recorded at the time a well is drilled or acquired. The fair value of the liability recognized is based on the present value of the estimated future cash outflows associated with its plug and abandonment obligations. The Company depletes the amount added to proved oil and natural gas property costs and recognizes expense in connection with the accretion of the discounted liability over the remaining estimated economic lives of the respective oil and natural gas properties. Revisions typically occur due to changes in estimated abandonment costs or well economic lives, or if federal or state regulators enact new requirements regarding the abandonment of wells. Revenue Recognition The Company derives revenue primarily from the sale of produced oil, natural gas, and NGLs. Revenue is recognized when a performance obligation is satisfied by transferring control of the produced oil, natural gas or NGLs to the customer. For all commodity products, the Company records revenue in the month production is delivered to the purchaser based on estimates of the amount of production delivered to the purchaser and the price the Company will receive. Payments are generally received between 30 and 60 days after the date of production. Variances between estimated sales and actual amounts received are typically insignificant and are recorded in the month payment is received. Refer to Note 15—Revenues for additional information. Income Taxes The Company is subject to U.S. federal, state and local income taxes with respect to its allocable share of any taxable income of OpCo, as well as any stand-alone income generated by the Company. OpCo is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, OpCo is not subject to U.S. federal and certain state and local income taxes. Any taxable income generated by OpCo is passed through to and included in the taxable income of its members, including the Company, on a pro rata basis. Income taxes are recognized based on earnings reported for tax return purposes and provisions recorded for deferred income taxes. Deferred income tax assets and liabilities are recognized based on temporary differences resulting from: (i) net operating loss carryforwards for income tax purposes, and (ii) differences between the amounts recorded to the consolidated financial statements and the tax basis of assets and liabilities, as measured using enacted statutory tax rates in effect at the end of a period. The effect of a change in tax rates or tax laws is recognized in income during the period such changes are enacted. A valuation allowance for deferred tax assets is established when it is more likely than not that some portion of the benefit from deferred tax assets will not be realized. Stock-Based Compensation The Company’s stock-based compensation consists of grants of restricted stock, stock options, and performance stock units to employees and directors. The Company determines compensation expense related to all equity-based awards based on their estimated fair value, and such expense is recognized on a straight-line basis over the applicable service period of the award. For cash settled awards classified as liabilities, compensation expense is estimated based on the fair value of the awards as of the balance sheet date, and such expense is recognized ratably over the period in which the award is expected to be paid. See Note 7—Stock-Based Compensation for additional information regarding the Company’s stock-based compensation. Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income attributable to the Company’s Class A Common Stock by the weighted average shares of Class A Common Stock outstanding during each period. Dilutive EPS is calculated by dividing adjusted net income attributable to Class A Common Stock by the weighted average shares of diluted Class A Common Stock outstanding, which includes the effect of potentially dilutive securities. See Note 11—Earnings Per Share for additional information regarding the Company’s computation of EPS. Segment Reporting The nature of the Company’s operations and geographical location of such are concentrated to exploration and production of oil and natural gas within the Permian Basin. The Company’s chief operating decision maker (“CODM”) is each of its Co-Chief Executive Officers who manage and review the Company’s operations on a consolidated basis. Accordingly, the Company operates in one reportable segment. The CODM uses consolidated net income to measure profit or loss, assess performance and make key operating decisions. Additionally, the CODM utilizes cash flows to facilitate investment decisions, including determining future levels of developmental capital expenditures, assessing potential acquisitions and divestitures, assessing appropriate returns of capital to shareholders and other strategic sources and uses of capital. The CODM does not generally evaluate performance using asset information. Consolidated net income and all significant expenses are reported within the Company’s consolidated statements of operations while cash flows are presented on the Company’s consolidated statement of cash flows. Recently Issued Accounting Standards In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures , which requires public business entities to disclose specific expense categories in the notes to the financial statements. This ASU is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently assessing the impact of this ASU on the Company’s financial statements .
Accounting Standards Update and Change in Accounting Principle	.

Business Combination

Business Combination	12 Months Ended
	Dec. 31, 2024
Business Combinations [Abstract]
Business Combination and Property Divestiture	Note 2—Business Combinations Bolt-On Acquisition On September 17, 2024, the Company completed its acquisition of oil and gas properties with certain affiliates of Occidental Petroleum Corporation for total cash consideration of $743.5 million, subject to customary post-closing purchase price adjustments (the “Bolt-On Acquisition”). The Bolt-On Acquisition included approximately 29,500 net leasehold acres and approximately 9,900 net royalty acres that are predominately located directly offsetting the Company’s existing assets in Reeves County, Texas, as well as Eddy County, New Mexico. Additionally, the acquired assets in Reeves County include a fully integrated midstream system, consisting of over 100 miles of operated oil and gas gathering systems, approximately 10,000 surface acres, and water infrastructure including saltwater disposal wells, a recycling facility, frac ponds and water wells. The Bolt-On Acquisition was completed to drive long-term accretion across the Company’s key financial and operating metrics, enhance shareholder returns and add core inventory locations to the Company’s existing position in the Permian Basin. Purchase Price Allocation The Bolt-On Acquisition has been accounted for as a business combination using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”). Under the acquisition method of accounting, the assets acquired and liabilities assumed are recorded at their respective fair values as of the acquisition closing date, which requires judgment and certain estimates and assumptions to be made. Oil and natural gas properties were valued using an income-based approach, which incorporates a discounted cash flow method. The pro forma impact of this business combination to revenues and net income is not disclosed as it was deemed not to have a material impact on the Company’s results of operations. As of the date of this filing, the fair value of assets acquired and liabilities assumed are preliminary and not complete as adjustments may be made. The Company expects to complete the purchase price allocation during the 12-month period subsequent to the Bolt-On Acquisition closing date. The following table represents the preliminary consideration and purchase price allocation of the identifiable assets acquired and the liabilities assumed based on their respective fair values as of the closing date of the business combination. (in thousands, except share and per share data) Bolt-On Acquisition Consideration Total cash consideration given $ 743,496 Fair value of assets acquired: Preliminary Purchase Price Allocation Accounts receivable, net $ 5,556 Oil and natural gas properties, net 770,449 Total assets acquired $ 776,005 Fair value of liabilities assumed: Accounts payable and accrued expenses $ 17,355 Asset retirement obligations 15,154 Total liabilities assumed $ 32,509 Net assets acquired $ 743,496 Earthstone Merger On November 1, 2023 the Company completed its merger (the “Earthstone Merger”) with Earthstone Energy, Inc. (“Earthstone”). In connection with the Earthstone Merger, the Board of Directors of both companies unanimously determined (i) each share of Earthstone Class A common stock was converted into the right to receive 1.446 shares (the “Exchange Ratio”) of Permian Resources Class A Common Stock, (ii) each share of Earthstone Class B common stock was converted into the right to receive 1.446 shares of Permian Resources Class C Common Stock and (iii) each common unit of Earthstone Energy Holdings, LLC (“Earthstone OpCo”), a subsidiary of Earthstone, representing limited liability company membership interests in Earthstone OpCo (the “Earthstone OpCo Unit holders”) was converted into the right to receive a number of common units representing limited liability company interests in OpCo (“Common Units”) equal to the Exchange Ratio. As a result, the Company issued 161.2 million shares of its Class A Common Stock and 49.5 million shares of its Class C Common Stock to Earthstone stockholders under the terms of the merger agreement governing the Earthstone Merger. Earthstone was an independent oil and gas company engaged in the operation and development of oil and natural gas properties in the Permian Basin in both Texas and New Mexico. Earthstone’s assets consisted of approximately 167,000 net leasehold acres in the Midland Basin and 56,000 net leasehold acres in the Delaware Basin, and Earthstone’s Delaware Basin acreage was offset to Permian Resources’ existing acreage in Lea and Eddy Counties. The Earthstone Merger was completed to drive long-term accretion across the Company’s key financial and operating metrics, enhance shareholder returns, improve capital efficiency, and add significant core inventory locations to the Company’s existing position in the Permian Basin. Purchase Price Allocation The Earthstone Merger was accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805, with the Company being identified as the accounting acquirer. Under the acquisition method of accounting, the assets acquired and liabilities assumed are recorded at their respective fair values as of the Earthstone Merger closing date, which requires judgment and certain estimates and assumptions to be made. Oil and natural gas properties were valued using an income-based approach, which incorporates a discounted cash flow method. The Company retained Netherland, Sewell & Associates, Inc., an independent petroleum engineering firm, to prepare the estimates of all reserves obtained in connection with the Earthstone Merger and the associated pre-tax future net cash flows. The individuals performing reserves estimates possess professional qualifications and demonstrate competency in reserves estimation and evaluation. The fair value of Earthstone’s outstanding senior notes was based on unadjusted quoted prices for these same notes in an active market. The value of derivative instruments was based on Level 2 inputs similar to the Company's other commodity price derivatives. Refer to Note 9—Fair Value Measurements for additional information on fair value measurements. The purchase price allocation was finalized during the year ended December 31, 2024 . The following table represents the final merger consideration and purchase price allocation of the identifiable assets acquired and the liabilities assumed based on their respective fair values as of the closing date of the Earthstone Merger. (in thousands, except share and per share data) Earthstone Merger Consideration Share consideration Shares of Earthstone Class A common Stock 111,456,669 Shares of Earthstone Class B common Stock 34,255,640 Total Earthstone common stock exchanged 145,712,309 Exchange Ratio 1.446 Shares of Permian Resources Class A Common Stock issued as merger consideration 161,166,344 Shares of Permian Resources Class C Common Stock issued as merger consideration 49,533,655 Total Permian Resources common stock issued as merger consideration 210,699,999 Permian Resources Class A Common Stock price on November 1, 2023 (1) $14.20 Class A Share Consideration $ 2,288,030 Class C Common Stock per share fair value on November 1, 2023 (2) $13.19 Class C Share Consideration $ 653,349 Total Merger Consideration $ 2,941,379 Fair value of assets acquired: Purchase Price Allocation Cash and cash equivalents $ 39,832 Accounts receivable, net 229,828 Prepaid and other assets 53,903 Derivative instruments 862 Operating lease right-of-use assets 10,180 Unproved oil and natural gas properties 938,708 Proved oil and natural gas properties 4,498,192 Other property & equipment, net 1,967 Total assets acquired $ 5,773,472 Fair value of liabilities assumed: Accounts payable and accrued expenses $ 457,283 Derivative instruments 36,361 Long-term debt, net 1,932,570 Asset retirement obligations 71,854 Deferred Taxes 307,126 Operating lease liabilities 10,180 Other liabilities, net 16,719 Total liabilities assumed $ 2,832,093 Net assets acquired $ 2,941,379 (1) The fair value of the common stock issued was based on the adjusted closing price of the Company’s Class A Common Stock on November 1, 2023 of $14.20. (2) The fair value ascribed to the Company’s Class C Common Stock, that was issued as part of the Earthstone Merger consideration, was determined by applying a valuation discount to the share price of the Company’s Class A Common Stock as of the Earthstone Merger closing date. This discount was determined using a Finnerty model, which considers the lack of marketability of the Class C Common Stock associated with its 180-day minimum holding period required per the terms of the transaction agreement governing the Earthstone Merger. The valuation model considers expected volatility based on the historical volatility of the Company’s Class A Common Stock, a risk-free interest rate based on U.S. Treasury yield curves, and the Company’s current dividend yield. Post-Acquisition Operating Results The results of Earthstone’s operations have been included in the Company’s consolidated financial statements since November 1, 2023, the effective date of the Earthstone Merger. For the year ended December 31, 2023, approximately $337.3 million of operating revenues and $211.8 million of direct operating expenses attributable to Earthstone’s business have been included in the consolidated statements of operations. In connection with the Earthstone Merger, the Company incurred certain merger-related integration and transaction costs that are expensed as incurred . For the years ended December 31, 2024 and 2023, the Com pany recognized transaction costs of $18.1 million and $106.9 million, respectively, which are included in Merger and integration expense in the consolidated statements of operations. These costs primarily relate to bankers’ advisory, legal, consultancy and accounting fees, as well as severance and related benefits for employees that were terminated in connection with the Earthstone Merger. Supplemental Unaudited Pro Forma Financial Information The following supplemental unaudited pro forma financial information (“pro forma information”) for the years ended December 31, 2023 and 2022 has been prepared from the respective historical consolidated financial statements of the Company and has been adjusted to reflect the Earthstone Merger as if it had been completed on January 1, 2022. The pro forma information is not necessarily indicative of the results that might have occurred had the merger occurred in the past and is not intended to be a projection of future results. Future results may vary significantly from the results reflected in the following pro forma information. Year Ended December 31, 2023 2022 Total Revenue $ 4,769,673 $ 5,309,689 Net Income 896,900 1,110,270 Earnings per share: Basic $ 1.86 $ 2.50 Diluted 1.55 1.75 Colgate Merger On September 1, 2022, the Company completed its merger (the “Colgate Merger”) with Colgate Energy Partners III, LLC (“Colgate”) and Colgate Energy Partners III MidCo, LLC (the “Colgate Unit holder”), and all membership interests issued and outstanding immediately prior to the closing were converted into Common Units equal to the number of shares of the Company’s Class A Common Stock that were outstanding immediately prior to the closing. All of the Colgate Unit holder’s membership interests in Colgate were exchanged for 269,300,000 shares of Class C Common Stock, 269,300,000 Common Units and $525 million in cash consideration. The Merger Agreement provided for the combination of a merger of equals transaction, with OpCo continuing as the surviving legal entity in the Colgate Merger and a subsidiary of the Company. Colgate was an independent oil and gas exploration and development company with properties located in the Delaware Basin. Colgate’s assets consisted of approximately 105,000 net leasehold acres and 25,000 net royalty acres located primarily in Reeves and Ward Counties in Texas and Eddy County in New Mexico. The Colgate Merger was completed to provide increases to our operational and financial scale, drive accretion across our key financial and operating metrics, and enhance the combined company’s shareholder returns. Post-Acquisition Operating Results The results of Colgate’s operations have been included in the Company’s consolidated financial statements since September 1, 2022, the effective date of the Colgate Merger. For the year ended December 31, 2022, ap proximately $564.0 million of operating revenues and $132.4 million of direct operating expenses attributable to Colgate’s business have been included in the consolidated statements of operations. In connection with the Colgate Merger, the Company incurred certain merger-related integration and transaction costs that are expensed as incurred . For the years ended December 31, 2023 and 2022, the Com pany recognized transaction costs of $18.4 million and $77.4 million, respectively, which are included in Merger and integration expense in the consolidated statements of operations. These costs primarily relate to bankers’ advisory fees, legal costs, accounting and consultancy fees, as well as severance and related benefits for employees that were terminated in connection with the Colgate Merger. Supplemental Unaudited Pro Forma Financial Information The following supplemental unaudited pro forma financial information for the year ended December 31, 2022 has been prepared from the respective historical consolidated financial statements of the Company and has been adjusted to reflect the Colgate Merger as if it had been completed on January 1, 2021. The pro forma information is not necessarily indicative of the results that might have occurred had the Colgate Merger occurred in the past and is not intended to be a projection of future results. Future results may vary significantly from the results reflected in the following pro forma information. Year Ended December 31, 2022 Total Revenue $ 3,233,675 Net Income 489,596 Earnings per share: Basic $ 1.70 Diluted 1.52

Property Divestiture

Property Divestiture	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Property Divestiture	Note 3—Acquisitions and Divestitures 2024 Asset Acquisitions During the year ended December 31, 2024 , the Company completed multiple acquisitions of oil and natural gas properties for a cumulative adjusted purchase price of approximately $392.3 million. These transactions were recorded as asset acquisitions in accordance with ASC 805. 2023 Asset Acquisitions During the year ended December 31, 2023, the Company completed multiple acquisitions of oil and natural gas properties for a cumulative adjusted purchase price of approximately $219 million. These transactions were recorded as asset acquisitions in accordance with ASC 805. 2023 SWD Divestiture On March 13, 2023, the Company completed the sale of its operated saltwater disposal wells and the associated produced water infrastructure in Reeves County, Texas. The total cash consideration received at closing was $125 million of which $65 million was directly related to the sale and transfer of control of its water assets, while the remaining $60 million consisted of contingent consideration that is tied to the Company’s future drilling, completion and water connection activity in Reeves County, Texas. The $60 million of contingent consideration will require repayment if certain performance obligations through September 2026 are not met, and it has been recorded as a liability within the Company’s consolidated balance sheet accordingly. All performance obligations have been met during the payment periods and as of December 31, 2024 , the remaining balance of the contingent consideration was $40 million. There was no gain or loss recognized as a result of this divestiture.

Accounts Receivable, Accounts P

Accounts Receivable, Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts Receivable, Accounts Payable and Accrued Expenses	Note 4—Accounts Receivable, Accounts Payable and Accrued Expenses Accounts receivable are comprised of the following: (in thousands) December 31, 2024 December 31, 2023 Accrued oil and gas sales receivable, net $ 326,393 $ 345,982 Joint interest billings, net 188,474 123,160 Accrued derivative settlements receivable 8,585 8,228 Other 7,000 3,690 Accounts receivable, net $ 530,452 $ 481,060 Accounts payable and accrued expenses are comprised of the following: (in thousands) December 31, 2024 December 31, 2023 Accounts payable $ 45,965 $ 94,533 Accrued capital expenditures 267,213 271,569 Revenues payable 589,454 527,470 Accrued employee compensation and benefits 28,550 29,836 Accrued interest 121,204 100,882 Accrued expenses and other 146,032 143,235 Accounts payable and accrued expenses $ 1,198,418 $ 1,167,525

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Note 5—Long-Term Debt The following table provides information about the Company’s long-term debt as of the dates indicated: (in thousands) December 31, 2024 December 31, 2023 Credit Facility due 2028 $ — $ — Senior Notes 5.375% Senior Notes due 2026 289,448 289,448 7.75% Senior Notes due 2026 — 300,000 6.875% Senior Notes due 2027 — 356,351 8.00% Senior Notes due 2027 550,000 550,000 3.25% Convertible Senior Notes due 2028 170,000 170,000 5.875% Senior Notes due 2029 700,000 700,000 9.875% Senior Notes due 2031 500,000 500,000 7.00% Senior Notes due 2032 1,000,000 1,000,000 6.25% Senior Notes due 2033 1,000,000 — Unamortized debt issuance costs on Senior Notes (31,545) (23,149) Unamortized debt (discount)/premium 6,330 6,131 Senior Notes, net 4,184,233 3,848,781 Total long-term debt, net $ 4,184,233 $ 3,848,781 Credit Agreement OpCo, the Company’s consolidated subsidiary, has a credit agreement with a syndicate of banks that provides for a secured revolving credit facility, maturing in February 2028 (the “Credit Agreement”) that, as of December 31, 2024, had a borrowing base of $4.0 billion and elected commitments of $2.5 billion. As of December 31, 2024, the Company had no borrowings outstanding and $2.5 billion in available borrowing capacity, net of $2.5 million in letters of credit outstanding. In connection with the spring borrowing base redetermination in April 2024, the Company entered into the seventh amendment to its Credit Agreement (the “Seventh Amendment”). The Seventh Amendment, among other things, increased the elected commitments under the Credit Agreement to $2.5 billion from $2.0 billion and reaffirmed the borrowing base at $4.0 billion. The elected commitments and borrowing base were reaffirmed during the fall 2024 borrowing base redetermination resulting in an amendment to our Credit Agreement, which, among other things, extended the maturity date from February 2027 to February 2028 and adjusted the applicable margin calculation to a pricing grid based upon borrowing base utilization. The amount available to be borrowed under the Credit Agreement is equal to the lesser of (i) the borrowing base, which is set at $4.0 billion; (ii) aggregate elected commitments, which is set at $2.5 billion as of December 31, 2024 ; or (iii) $6.0 billion. The borrowing base is redetermined semi-annually in the spring and fall by the lenders in their sole discretion. It also allows for the Company to request two optional borrowing base redeterminations in between the scheduled redeterminations. The borrowing base depends on, among other things, the quantities of OpCo’s proved oil and natural gas reserves, estimated cash flows from those reserves, and the Company’s commodity hedge positions. Upon a redetermination of the borrowing base, if actual borrowings outstanding exceed the revised borrowing capacity, OpCo could be required to immediately repay a portion of its debt outstanding. Borrowings under the Credit Agreement are guaranteed by certain of OpCo’s subsidiaries. Borrowings under the Credit Agreement may be base rate loans or Secured Overnight Financing Rate (“SOFR”) loans. Interest is payable quarterly for base rate loans and at the end of the applicable interest period for SOFR loans. SOFR loans bear interest at SOFR plus an applicable margin ranging from 175 to 275 basis points, depending on the percentage of elected commitments utilized, plus an additional 10 basis point credit spread adjustment. Base rate loans bear interest at a rate per annum equal to the greatest of: (i) the agent bank’s prime rate; (ii) the federal funds effective rate plus 50 basis points; or (iii) the adjusted Term SOFR rate for a one-month interest period plus 100 basis points, plus an applicable margin, ranging from 75 to 175 basis points, depending on the percentage of the borrowing base utilized. OpCo also pays a commitment fee of 37.5 to 50 basis points on unused elected commitment amounts under its facility. The Credit Agreement contains restrictive covenants that limit our ability to, among other things: (i) incur additional indebtedness; (ii) make investments and loans; (iii) enter into mergers; (iv) make restricted payments; (v) repurchase or redeem junior debt; (vi) enter into commodity hedges exceeding a specified percentage of our expected production; (vii) enter into interest rate hedges exceeding a specified percentage of its outstanding indebtedness; (viii) incur liens; (ix) sell assets; and (x) engage in transactions with affiliates. The Credit Agreement also requires OpCo to maintain compliance with the following financial ratios: (i) a current ratio, which is the ratio of OpCo’s consolidated current assets (including an add back of unused commitments under the revolving credit facility and excluding non-cash derivative assets and certain restricted cash) to its consolidated current liabilities (excluding the current portion of long-term debt under the Credit Agreement and non-cash derivative liabilities), of not less than 1.0 to 1.0; and (ii) a leverage ratio, which is the ratio of total funded debt to consolidated EBITDAX (with such terms defined within the Credit Agreement) for the most recent quarter annualized, of not greater than 3.5 to 1.0. The Credit Agreement includes fall away covenants, lower interest rates and reduced collateral requirements that OpCo may elect if OpCo is assigned an Investment Grade Rating (as defined within the Credit Agreement). OpCo was in compliance with the covenants and the applicable financial ratios described above as of December 31, 2024. Convertible Senior Notes On March 19, 2021, OpCo issued $150 million in aggregate principal amount of 3.25% senior unsecured convertible notes due 2028 (the “Convertible Senior Notes”). On March 26, 2021, OpCo issued an additional $20.0 million of Convertible Senior Notes pursuant to the exercise of the underwriters’ over-allotment option to purchase additional Convertible Senior Notes. These issuances resulted in aggregate net proceeds to OpCo of $163.6 million, after deducting debt issuance costs of $6.4 million. Interest is payable on the Convertible Senior Notes semi-annually in arrears on each April 1 and October 1. The Convertible Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and each of OpCo’s current subsidiaries that guarantee OpCo’s outstanding Senior Unsecured Notes. The Convertible Senior Notes will mature on April 1, 2028 unless earlier repurchased, redeemed or converted. Before January 3, 2028, noteholders have the right to convert their Convertible Senior Notes (i) upon the occurrence of certain events; (ii) if the Company’s share price exceeds 130% of the conversion price for any 20 trading days during the last 30 consecutive trading days of a calendar quarter, after June 30, 2021; or (iii) if the trading price per $1,000 principal amount of the notes is less than 98% of the Company’s share price multiplied by the conversion rate, for a 10 consecutive trading day period. In addition, after January 2, 2028, noteholders may convert their Convertible Senior Notes at any time at their election through the second scheduled trading day immediately before the April 1, 2028 maturity date. As of December 31, 2024, certain conditions have been met, and as a result, noteholders have the right to convert their Convertible Senior Notes during the first quarter of 2025. OpCo can settle conversions by paying or delivering, as applicable, cash, shares of Class A Common Stock, or a combination of cash and shares of Class A Common Stock, at OpCo’s election. The initial conversion rate was 159.2610 shares of Class A Common Stock per $1,000 principal amount of Convertible Senior Notes, which represents an initial conversion price of approximately $6.28 per share of Class A Common Stock. The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events (as defined in the indenture governing the Convertible Senior Notes) which, in certain circumstances, will increase the conversion rate for a specified period of time. As of December 31, 2024, the conversion rate was adjusted to 172.9908 shares of Class A Common Stock per $1,000 principal amount of Convertible Senior Notes as a result of cash dividends and distributions paid. In the context of this debt issuance, we refer to the notes as convertible in accordance with ASC 470 - Debt. However, per the terms of the Convertible Senior Notes’ indenture, the Convertible Senior Notes were issued by OpCo and are exchangeable into shares of the Company’s Class A Common Stock. OpCo has the option to redeem, in whole or in part, all of the Convertible Senior Notes at any time on or after April 7, 2025, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest to the date of redemption, but only if the last reported sale price per share of Class A Common Stock exceeds 130% of the conversion price (i) for any 20 trading days during the 30 consecutive trading days ending on the day immediately before the date OpCo sends the related redemption notice; and (ii) also on the trading day immediately before the date OpCo sends such notice. If certain corporate events occur, including certain business combination transactions involving the Company or OpCo or a stock de-listing with respect to the Class A Common Stock, noteholders may require OpCo to repurchase their Convertible Senior Notes at a cash repurchase price equal to the principal amount of the Convertible Senior Notes to be repurchased, plus accrued and unpaid interest as of the repurchase date. Upon an Event of Default (as defined in the indenture governing the Convertible Senior Notes), the trustee or the holders of at least 25% of the aggregate principal amount of then outstanding Convertible Senior Notes may declare the Convertible Senior Notes immediately due and payable. In addition, a default resulting from certain events of bankruptcy or insolvency with respect to the Company, OpCo or any of the subsidiary guarantors will automatically cause all outstanding Convertible Senior Notes to become due and payable. At issuance, the Company recorded a liability equal to the face value the Convertible Senior Notes, net of unamortized debt issuance costs, in Long-term debt, net in the consolidated balance sheets. As of December 31, 2024, the net liability related to the Convertible Senior Notes was $166.8 million. Capped Called Transactions In connection with the issuance of the Convertible Senior Notes in March 2021, OpCo entered into privately negotiated capped call spread transactions with option counterparties (the “Capped Call Transactions”). The Capped Call Transactions cover the aggregate number of shares of Class A Common Stock that initially underlie the Convertible Senior Notes and are expected to (i) generally reduce potential dilution to the Class A Common Stock upon a conversion of the Convertible Senior Notes, and/or; (ii) offset any cash payments OpCo is required to make in excess of the principal amount of the Convertible Senior Notes, subject to a cap. The Capped Call Transactions have an initial strike price of $6.28 per share of Class A Common Stock and an initial capped price of $8.4525 per share of Class A Common Stock, each of which are subject to certain customary adjustments upon the occurrence of certain corporate events, as defined in the capped call agreements. The cost of the Capped Call Transactions was $14.7 million and was recorded to Additional Paid-In Capital in the consolidated balances sheets and will not be subject to remeasurement each reporting period. Senior Unsecured Notes On August 5, 2024, OpCo issued at par $1.0 billion of 6.25% senior notes due 2033 (the “2033 Senior Notes”) in a 144A private placement that resulted in net proceeds to the Company of $986.4 million, after deducting $13.6 million debt issuance costs. Interest is payable on the 2033 Senior Notes semi-annually in arrears each August 1 and February 1. The Company used the net proceeds from the 2033 Senior Notes to (i) fund the redemption of its 2026 7.75% Senior Notes (discussed below); (ii) fund a portion of the purchase price of the Bolt-On Acquisition (discussed in Note 2—Business Combinations ); and (iii) repay a portion of borrowings outstanding under its credit facility. On or after August 1, 2027, OpCo may, on any one or more occasions, redeem all or a portion of the 2033 Senior Notes at a redemption price decreasing annually from 103.125% to 100% of the principal amount redeemed plus accrued and unpaid interest. On November 1, 2023, in connection with the Earthstone Merger, the Company entered into supplemental indentures whereby all of Earthstone’s outstanding senior notes were assumed and became the senior unsecured debt obligations of OpCo. The senior notes assumed by OpCo included $550 million of 8.00% senior notes due 2027 (the “2027 8.00% Senior Notes”) and $500 million of 9.875% senior notes due 2031 (the “2031 Senior Notes”). The Company recorded the acquired senior notes at their fair values as of the Earthstone Merger closing date, which were equal to 102.86% of par (a $15.7 million premium) for the 2027 8.00% Senior Notes and 107.37% of par (a $36.8 million premium) for the 2031 Senior Notes. Interest on the 2027 8.00% Senior Notes is paid semi-annually in arrears on April 15 and October 15 of each year and interest on the 2031 Senior Notes is paid semi-annually in arrears on January 15 and July 15 of each year. Since April 15, 2024 (for the 2027 8.00% Senior Notes) and beginning on or after July 15, 2026 (for the 2031 Senior Notes), OpCo may, on any one or more occasions, redeem all or a portion of the acquired senior notes at a redemption price decreasing annually from 106% to 100% (for the 2027 8.00% Senior Notes) and 104.94% to 100% (for the 2031 Senior Notes) of the principal amount redeemed plus accrued and unpaid interest. Refer to Note 17—Subsequent Events for additional information regarding the partial redemption of the 2031 Senior Notes that occurred subsequent to the period ended December 31, 2024. On September 12, 2023, OpCo issued at par $500 million of 7.00% senior notes due 2032 (the “Original 2032 Notes”) in a 144A private placement. On December 13, 2023, OpCo issued additional notes under the indenture dated September 12, 2023 that totaled an additional $500 million of 7.00% senior notes (together with the Original 2032 Notes, the “2032 Senior Notes”), which resulted in aggregate net proceeds to the Company of $982.5 million, after deducting the issuance discount of $2.5 million and debt issuance costs of $15.0 million. The 2032 Senior Notes are treated as a single series of securities and vote together as a single class, and have substantially identical terms, other than the issue date and issue price. Interest is payable on the 2032 Senior Notes semi-annually in arrears each January 15 and July 15. On or after January 15, 2027, OpCo may, on any one or more occasions, redeem all or a portion of the 2032 Senior Notes at a redemption price decreasing annually from 103.5% to 100% of the principal amount redeemed plus accrued and unpaid interest. On September 1, 2022, in connection with the Colgate Merger, the Company entered into supplemental indentures whereby all of Colgate’s outstanding senior notes were assumed and became the senior unsecured debt obligations of OpCo. The senior notes assumed by OpCo included $300 million of 7.75% senior notes due 2026 (the “2026 7.75% Senior Notes”) and $700 million of 5.875% senior notes due 2029 (the “2029 Senior Notes”). The Company recorded the acquired senior notes at their fair values as of the Colgate Merger closing date on September 1, 2022, which were equal to 100% of par for the 2026 7.75% Senior Notes and 92.96% of par (a $49.3 million debt discount) for the 2029 Senior Notes. In August 2024, the Company redeemed $299.6 million of our outstanding 2026 7.75% Senior Notes through a cash tender offer and the Company irrevocably elected to redeem the remaining amount of the 2026 7.75% Senior Notes outstanding pursuant to the terms of the indenture governing the 2026 7.75% Senior Notes. The tender offer and redemption were funded using proceeds from the issuance of the 2033 Senior Notes. The Company paid total consideration for the tender offer and redemption, excluding accrued interest, of $305.1 million resulting in a loss on extinguishment of debt of $5.1 million. Interest on the 2029 Senior Notes is paid semi-annually each January 1 and July 1. Since July 1, 2024 for the 2029 Senior Notes, OpCo may, on any one or more occasions, redeem all or a portion of the acquired senior notes at a redemption price decreasing annually from 102.94% to 100% of the principal amount redeemed plus accrued and unpaid interest. On November 30, 2017, OpCo issued $400.0 million of 5.375% senior notes due 2026 (the “2026 5.375% Senior Notes”) and on March 15, 2019, OpCo issued $500.0 million of 6.875% senior notes due 2027 (the “2027 6.875% Senior Notes” and, together with the 2027 8.00% Senior Notes, 2031 Senior Notes, 2032 Senior Notes, 2026 5.375% Senior Notes, 2029 Senior Notes and the 2026 7.75% Senior Notes, the “Senior Unsecured Notes”) in 144A private placements. In May 2020, $110.6 million aggregate principal amount of the 2026 5.375% Senior Notes and $143.7 million aggregate principal amount of the 2027 6.875% Senior Notes were validly tendered and exchanged by certain eligible bondholders for consideration consisting of $127.1 million aggregate principal amount of 8.00% second lien senior secured notes, which were fully redeemed at par in connection with the Convertible Senior Notes issuance during the second quarter of 2021. On April 5, 2024 all of OpCo’s remaining outstanding 2027 6.875% Senior Notes were redeemed at a price equal to 100% of the aggregate principal amount outstanding of $356.4 million. As of December 31, 2024, the remaining aggregate principal amount of the 2026 5.375% Senior Notes outstanding was $289.4 million. Interest is payable on the 2026 5.375% Senior Notes semi-annually in arrears each January 15 and July 15. Since January 15, 2023, OpCo may, on any one or more occasions, redeem all or a portion of the 2026 5.375% Senior Notes at a redemption price of 100% of the principal amount redeemed plus accrued and unpaid interest. The Senior Unsecured Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and each of OpCo’s current subsidiaries that guarantee borrowings under OpCo’s Credit Agreement. At any time prior to July 15, 2026 (for the 2031 Senior Notes), January 15, 2027 (for the 2032 Senior Notes) and August 1, 2027 (for the 2033 Senior Notes) the "Optional Redemption Dates,” OpCo may, on any one or more occasions, redeem up to 35% (for the 2031 Senior Notes) and 40% (for the 2032 and 2033 Senior Notes) of the aggregate principal amount of each series of Senior Unsecured Notes with an amount of cash not greater than the net cash proceeds of certain equity offerings at a redemption price equal to 109.875% (for the 2031 Senior Notes), 107.000% (for the 2032 Senior Notes) and 106.25% (for the 2033 Senior Notes) of the principal amount of the Senior Unsecured Notes of the applicable series redeemed, plus accrued and unpaid interest to the date of redemption; provided that at least 65% (for the 2031 Senior Notes) and 60% (for the 2032 and 2033 Senior Notes) of the aggregate principal amount of each such series of Senior Unsecured Notes remains outstanding immediately after such redemption, and the redemption occurs within 180 days of the closing date of such equity offering. At any time prior to Optional Redemption Dates, OpCo may, on any one or more occasions, redeem all or a part of the Senior Unsecured Notes at a redemption price equal to 100% of the principal amount of the Senior Unsecured Notes redeemed, plus a “make-whole” premium, and any accrued and unpaid interest as of the date of redemption. On and after the Optional Redemption Dates, OpCo may redeem the Senior Unsecured Notes, in whole or in part, at redemption prices expressed as percentages of principal amount plus accrued and unpaid interest to the redemption date. If OpCo experiences certain defined changes of control accompanied by a ratings decline, each holder of the Senior Unsecured Notes may require OpCo to repurchase all or a portion of its Senior Unsecured Notes for cash at a price equal to 101% of the aggregate principal amount of such Senior Unsecured Notes, plus any accrued but unpaid interest to the date of repurchase. The indentures governing the Senior Unsecured Notes contain covenants that, among other things and subject to certain exceptions and qualifications, limit OpCo’s ability and the ability of OpCo’s restricted subsidiaries to: (i) incur or guarantee additional indebtedness or issue certain types of preferred stock; (ii) pay dividends on capital stock or redeem, repurchase or retire capital stock or subordinated indebtedness; (iii) transfer or sell assets; (iv) make investments; (v) create certain liens; (vi) enter into agreements that restrict dividends or other payments from their subsidiaries to them; (vii) consolidate, merge or transfer all or substantially all of their assets; (viii) engage in transactions with affiliates; and (ix) create unrestricted subsidiaries. OpCo was in compliance with these covenants as of December 31, 2024 and through the filing of this Annual Report. Upon an Event of Default (as defined in the indentures governing the Senior Unsecured Notes), the trustee or the holders of at least 25% (or in the case of the 2029 Senior Notes, 30%) of the aggregate principal amount of then outstanding Senior Unsecured Notes may declare the Senior Unsecured Notes immediately due and payable. In addition, a default resulting from certain events of bankruptcy or insolvency with respect to OpCo, any restricted subsidiary of OpCo that is a significant subsidiary, or any group of restricted subsidiaries that, taken together, would constitute a significant subsidiary, will automatically cause all outstanding Senior Unsecured Notes to become due and payable.

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Dec. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Note 6—Asset Retirement Obligations The following table summarizes changes in the Company’s asset retirement obligations (“ARO”) associated with its working interests in oil and gas properties for the periods presented: (in thousands) December 31, 2024 December 31, 2023 Asset retirement obligations, beginning of period $ 121,417 $ 40,947 Liabilities assumed in mergers and acquisitions 24,204 79,114 Liabilities incurred 10,964 4,056 Liabilities divested and settled (5,435) (6,552) Accretion expense 9,424 3,576 Revision to estimated cash flows (485) 276 Asset retirement obligations, end of period 160,089 121,417 Less current portion (1) (11,646) — Asset retirement obligations - long-term, end of period $ 148,443 $ 121,417 (1) The current portion of ARO is included within Other current liabilities in the consolidated balance sheets. ARO reflect the present value of the estimated future costs associated with the plugging and abandonment of oil and gas wells, removal of equipment and facilities from leased acreage and land restoration in accordance with applicable local, state and federal laws. Inherent in the fair value calculation of ARO are numerous estimates and assumptions, including plug and abandonment settlement amounts, inflation factors, credit adjusted discount rates and the timing of settlement. To the extent future revisions to these assumptions impact the value of the existing ARO liabilities, a corresponding offsetting adjustment is made to the oil and gas property balance. Changes in the liability due to the passage of time are recognized as an increase in the carrying amount of the liability with an offsetting charge to accretion expense, which is included within depreciation, depletion and amortization.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 7—Stock-Based Compensation The Company has a Long Term Incentive Plan (the “LTIP”) that has a total of 71,718,560 shares of Class A Common Stock authorized for issuance. The LTIP provides for grants of restricted stock, stock options (including incentive stock options and nonqualified stock options), restricted stock units (including performance stock units), stock appreciation rights and other stock or cash-based awards. Stock-based compensation expense is recognized within both General and administrative expenses and Exploration and other expenses in the consolidated statements of operations. The Company accounts for forfeitures of awards granted under the LTIP as they occur. The following table summarizes stock-based compensation expense recognized for the periods presented: Year Ended December 31, (in thousands) 2024 2023 2022 Equity Awards Restricted stock $ 26,216 $ 34,762 $ 36,825 Stock option awards — 1 80 Performance stock units 34,183 43,655 79,282 Other stock-based compensation expense (1) — — 293 Total stock-based compensation - equity awards 60,399 78,418 116,480 Liability Awards Performance stock units — — (14,789) Total stock-based compensation expense $ 60,399 $ 78,418 $ 101,691 (1) Includes expenses related to the Company’s Employee Stock Purchase Plan (the “ESPP”). In May 2019, an aggregate of 2,000,000 shares were authorized by stockholders for issuance under the ESPP, which became effective on July 1, 2019. As of January 1, 2023, the Company no longer offers the ESPP. Equity Awards The Company has restricted stock, stock options and performance stock units (“PSUs”) outstanding that were granted under the LTIP as discussed below. Each award has service-based and, in the case of the PSUs, market-based vesting requirements, and are expected to be settled in shares of Class A Common Stock upon vesting. As a result, these awards are classified as equity-based awards in accordance with ASC Topic 718, Compensation-Stock Compensation (“ASC 718”). In connection with the Colgate Merger, the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) approved a resolution to extend severance benefits under the Company’s Second Amended and Restated Severance Plan (the “Second A&R Severance Plan”) to employees that experience a Qualifying Termination (as defined in the Second A&R Severance Plan) following the Colgate Merger. As a result, affected employees of the Company received an accelerated vesting of their unvested restricted stock awards and PSUs upon termination, which changed the terms of the vesting conditions and were treated as modifications in accordance with ASC 718. During the years ended December 31, 2024, 2023 and 2022 a total of forty-eight employees and two non-employee directors had Qualifying Terminations related to the Colgate Merger, all of which received accelerated vesting of their unvested stock awards or had changes in their service periods resulting in modifications of such impacted stock awards. These modifications resulted in an increase to total stock-based compensation expense of $14.6 million, $40.0 million and $46.5 million for the years ended December 31, 2024, 2023 and 2022, respectively, as a result of the change in the fair value of the modified awards. The restricted stock shares and performance stock units that were accelerated are included within the vested line items in the below tables. As of September 1, 2024, no additional Qualifying Terminations pursuant to the Second A&R Severance Plan can occur as a result of the Colgate Merger. Restricted Stock The following table provides information about restricted stock activity during the year ended December 31, 2024: Restricted Stock Weighted Average Fair Value Unvested balance as of December 31, 2023 3,821,231 $ 8.58 Granted 2,475,559 14.90 Vested (1,947,806) 10.12 Forfeited (734,681) 11.07 Unvested balance as of December 31, 2024 3,614,303 12.64 The Company grants service-based restricted stock to certain officers and employees, which either vests ratably over a three-year service period or cliff vests upon a three to five-year service period, and to directors, which vest over a one-year service period. Compensation cost for these service-based restricted stock grants is based on the closing market price of the Company’s Class A Common Stock on the grant date, and such costs are recognized ratably over the applicable vesting period. The weighted average fair value for restricted stock granted was $14.90, $10.99 and $7.92 per share for the years ended December 31, 2024, 2023 and 2022, respectively. The total fair value of restricted stock that vested for the years ended December 31, 2024, 2023 and 2022 was $19.7 million, $35.8 million and $35.7 million, respectively. Unrecognized compensation cost related to restricted shares that were unvested as of December 31, 2024 was $31.9 million, which the Company expects to recognize over a weighted average period of 2.2 years. Stock Options Stock options that have been granted under the LTIP expire ten years from the grant date and vest ratably over their three-year service period. The exercise price for an option granted under the LTIP is the closing market price of the Company’s Class A Common Stock on the grant date. Compensation cost for stock options is based on the grant-date fair value of the award, which is then recognized ratably over the vesting period of three years. No stock options were granted during the years ended December 31, 2024, 2023 and 2022. The following table provides information about stock option awards outstanding during the year ended December 31, 2024: Options Weighted Average Exercise Price Weighted Average Remaining Term (in years) Aggregate Intrinsic Value Outstanding as of December 31, 2023 681,699 $ 16.64 Granted — — Exercised (22,666) 11.26 $ 127 Forfeited — — Expired (271,000) 17.86 Outstanding as of December 31, 2024 388,033 16.10 3.0 $ 628 Exercisable as of December 31, 2024 388,033 16.10 3.0 $ 628 The total fair value of stock options that vested and the intrinsic value of the stock options exercised during the years ended December 31, 2024, 2023 and 2022 were minimal. As of December 31, 2024, there was no unrecognized compensation cost related to unvested stock options. Performance Stock Units The Company grants performance stock units (“PSU”) to certain officers and members of management that are subject to market-based vesting criteria as well as a service period of three The Company’s PSUs currently outstanding can be settled in either Class A Common Stock or cash upon vesting at the Company’s discretion. The Company intends to settle all PSUs in Class A Common Stock and has sufficient shares available under the LTIP to settle the units in Class A Common Stock at the potential future vesting dates. Accordingly, the PSUs have been treated as equity-based awards with their fair values determined as of the grant or modification date, as applicable. The fair values of the awards are estimated using a Monte Carlo valuation model. The Monte Carlo valuation model is based on random projections of stock price paths and must be repeated numerous times to achieve a probabilistic assessment. Expected volatility was calculated based on the historical volatility of the Company’s Class A Common Stock, and the risk-free interest rate is based on U.S. Treasury yield curve rates with maturities consistent with the vesting periods. Each of our Co-Chief Executive Officers received performance-based restricted stock unit awards in September 2022 (the “2022 PSUs”) which were split into three tranches with performance period end dates at the end of 2025, 2026 and 2027 and with service periods corresponding to those same performance periods. During the third quarter of 2024, the Compensation Committee amended the 2022 PSUs to deem the service requirement portion of the 2022 PSUs met on each of the three tranches as of September 1, 2025, which is consistent with the three-year service requirement for other performance-based restricted stock awards granted by the Company. Following September 1, 2025, each tranche of the 2022 PSUs will continue to be subject to the original performance-based conditions, including no changes to the performance period, and will continue to vest, if at all, based on the satisfaction of the original performance conditions at year-end 2025, 2026 and 2027. In accordance with ASC 718, no incremental stock-based compensation was recognized as a result of these modifications, instead the remaining unrecognized compensation cost will be recognized over the modified requisite service period. The following table summarizes the key assumptions and related information used to determine the fair value of PSUs measured during the periods presented: Year Ended December 31, 2024 2023 2022 Weighted average fair value per share $24.81 $18.19 $12.59 Weighted Average Expected implied stock volatility 43.9% 55.4% 72.3% Weighted Average risk-free interest rate 4.3% 4.2% 3.2% The following table provides information about PSUs outstanding during the year ended December 31, 2024: Awards Weighted Average Fair Value Unvested balance as of December 31, 2023 5,019,425 $ 15.18 Granted 739,738 24.81 Vested (1) (283,462) 20.81 Forfeited (132,302) 20.12 Unvested balance as of December 31, 2024 5,343,399 16.54 (1) This balance includes vested PSU awards as of December 31, 2024 based on the original number of PSUs granted. Actual PSUs vested is based upon the Company’s absolute annualized TSR calculation and the Company’s TSR relative to the TSR of a peer group of companies at the time of vesting, which may be greater than or less than the original number granted. The total fair value of PSUs that vested during the years ended December 31, 2024, 2023 and 2022 were $14.7 million, $41.1 million and $53.6 million, respectively. As of December 31, 2024, there was $33.2 million of unrecognized compensation cost related to PSUs that were unvested, which the Company expects to recognize on a pro-rata basis over a weighted average period of 0.9 years. Liability Awards The Company had performance stock units that were granted under the LTIP, which were settleable in cash and were classified as liability awards in accordance with ASC 718, but all such units were settled or modified to be settled in shares in 2022. Performance Stock Units The Company granted 5.5 million PSUs during third quarter of 2020 to certain executive officers that were settleable in cash and subject to market-based vesting criteria as well as a three-year service condition unless otherwise accelerated in accordance with the terms in the 2020 PSU agreement. As the PSUs were settleable in cash they were classified as liability awards in accordance with ASC 718 with the compensation cost for these liability awards being recorded based on their fair value as of each balance sheet date. On August 18, 2022, the Compensation Committee amended the 2020 PSU agreement to allow a portion of the units to be settled in either cash or Class A Common Stock upon vesting at the Company’s discretion. At that time, the Company had the ability and intended to settle the 4.7 million 2020 PSUs that were modified in shares. As a result, these units were reclassified to equity based awards in accordance with ASC 718 and $10.0 million of incremental stock compensation expense was recognized during the third quarter of 2022 associated with the change in the fair value of the units. As of December 31, 2024, the modified 2020 PSUs were all fully vested and settled in shares upon vesting. The remaining 0.8 million 2020 PSUs were accelerated vested and settled in a $9.4 million cash payment during the third quarter of 2022. There are no liability classified performance stock units outstanding as of December 31, 2024.

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 8—Derivative Instruments The Company is exposed to certain risks relating to its ongoing business operations and may use derivative instruments to manage its exposure to commodity price risk from time to time. Commodity Derivative Contracts Historically, prices received for crude oil and natural gas production have been volatile because of supply and demand factors, worldwide political factors, general economic conditions and seasonal weather patterns. The Company may periodically use derivative instruments, such as swaps, costless collars, basis swaps, and other similar agreements, to mitigate its exposure to declines in commodity prices and to the corresponding negative impacts such declines can have on its cash flows from operations, returns on capital and other financial results. While the use of these instruments limits the downside risk of adverse price changes, their use may also limit future revenues from favorable price changes. The Company does not enter into derivative contracts for speculative or trading purposes. Commodity Swaps. The Company may use commodity derivative instruments known as fixed price swaps to realize a known price for a specific volume of production or basis swaps to hedge the difference between the index price and a local or future index price. All transactions are settled in cash with one party paying the other for the resulting difference in price multiplied by the contract volume. The following table summarizes the approximate volumes and average contract prices of derivative contracts the Company had in place as of December 31, 2024: Period Volume (Bbls) Volume (Bbls/d) Wtd. Avg. Crude Price ($/Bbl) (1) Crude oil swaps January 2025 - March 2025 3,870,000 43,000 $75.15 April 2025 - June 2025 3,913,000 43,000 73.85 July 2025 - September 2025 3,956,000 43,000 72.65 October 2025 - December 2025 3,956,000 43,000 71.62 January 2026 - March 2026 1,575,000 17,500 71.49 April 2026 - June 2026 1,592,500 17,500 70.61 July 2026 - September 2026 1,610,000 17,500 69.77 October 2026 - December 2026 1,610,000 17,500 69.08 Period Volume (Bbls) Volume (Bbls/d) Wtd. Avg. Differential ($/Bbl) (2) Crude oil basis differential swaps January 2025 - March 2025 3,870,000 43,000 $1.11 April 2025 - June 2025 3,913,000 43,000 1.11 July 2025 - September 2025 3,956,000 43,000 1.11 October 2025 - December 2025 3,956,000 43,000 1.11 January 2026 - March 2026 1,575,000 17,500 1.15 April 2026 - June 2026 1,592,500 17,500 1.15 July 2026 - September 2026 1,610,000 17,500 1.15 October 2026 - December 2026 1,610,000 17,500 1.15 Period Volume (Bbls) Volume (Bbls/d) Wtd. Avg. Differential ($/Bbl) (3) Crude oil roll differential swaps January 2025 - March 2025 3,870,000 43,000 $0.42 April 2025 - June 2025 3,913,000 43,000 0.42 July 2025 - September 2025 3,956,000 43,000 0.42 October 2025 - December 2025 3,956,000 43,000 0.42 January 2026 - March 2026 1,575,000 17,500 0.28 April 2026 - June 2026 1,592,500 17,500 0.28 July 2026 - September 2026 1,610,000 17,500 0.28 October 2026 - December 2026 1,610,000 17,500 0.28 (1) These crude oil swap transactions are settled based on the NYMEX WTI index price on each trading day within the specified monthly settlement period versus the contractual swap price for the volumes stipulated. (2) These crude oil basis swap transactions are settled based on the difference between the arithmetic average of ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during each applicable monthly settlement period. (3) These crude oil roll swap transactions are settled based on the difference between the arithmetic average of NYMEX WTI calendar month prices and the physical crude oil delivery month price. Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Gas Price ($/MMBtu) (1) Natural gas swaps January 2025 - March 2025 11,070,000 123,000 $3.44 April 2025 - June 2025 11,193,000 123,000 3.12 July 2025 - September 2025 11,316,000 123,000 3.43 October 2025 - December 2025 11,316,000 123,000 3.85 January 2026 - March 2026 8,190,000 91,000 4.08 April 2026 - June 2026 8,281,000 91,000 3.40 July 2026 - September 2026 8,372,000 91,000 3.65 October 2026 - December 2026 8,372,000 91,000 4.01 Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Differential ($/MMBtu) (2) Natural gas basis differential swaps January 2025 - March 2025 11,070,000 123,000 $(0.83) April 2025 - June 2025 11,193,000 123,000 (1.35) July 2025 - September 2025 11,316,000 123,000 (1.23) October 2025 - December 2025 11,316,000 123,000 (1.25) January 2026 - March 2026 8,190,000 91,000 (1.09) April 2026 - June 2026 8,281,000 91,000 (2.27) July 2026 - September 2026 8,372,000 91,000 (1.29) October 2026 - December 2026 8,372,000 91,000 (0.98) (1) These natural gas swap contracts are settled based on the NYMEX Henry Hub price on each trading day within the specified monthly settlement period versus the contractual swap price for the volumes stipulated. (2) These natural gas basis swap contracts are settled based on the difference between the Inside FERC’s West Texas Waha Hub price and the NYMEX price of natural gas, during each applicable monthly settlement period. Derivative Instrument Reporting. The Company’s oil and natural gas derivative instruments have not been designated as hedges for accounting purposes. Therefore, all gains and losses are recognized in the Company’s consolidated statements of operations. All derivative instruments are recorded at fair value in the consolidated balance sheets, other than derivative instruments that meet the “normal purchase normal sale” exclusion, and any fair value gains and losses are recognized in current period earnings. The following table presents the impact of the Company’s derivative instruments in its consolidated statements of operations for the periods presented: Year Ended December 31, (in thousands) 2024 2023 2022 Net gain (loss) on derivative instruments $ 94,986 $ 114,016 $ (42,368) Offsetting of Derivative Assets and Liabilities. The Company’s commodity derivatives are included in the accompanying consolidated balance sheets as derivative assets and liabilities. The Company nets its financial derivative instrument fair value amounts executed with the same counterparty pursuant to ISDA master netting agreements, which provide for net settlement over the term of the contract and in the event of default or termination of the contract. The tables below summarize the fair value amounts and the classification in the consolidated balance sheets of the Company’s derivative contracts outstanding at the respective balance dates, as well as the gross recognized derivative assets, liabilities and offset amounts: Balance Sheet Classification Gross Fair Value Asset/Liability Amounts Gross Amounts Offset (1) Net Recognized Fair Value Assets/Liabilities (in thousands) December 31, 2024 Derivative Assets Commodity contracts Derivative instruments $ 95,771 $ (10,262) $ 85,509 Other noncurrent assets 32,858 (3,971) 28,887 Derivative Liabilities Commodity contracts Other current liabilities $ 13,302 $ (10,262) $ 3,040 Other noncurrent liabilities 3,971 (3,971) — December 31, 2023 Derivative Assets Commodity contracts Derivative instruments $ 88,192 $ (17,601) $ 70,591 Other noncurrent assets 29,469 (2,435) 27,034 Derivative Liabilities Commodity contracts Other current liabilities $ 20,326 $ (17,601) $ 2,725 Other noncurrent liabilities 3,762 (2,435) 1,327 (1) The Company has agreements in place with each of its counterparties that allow for the financial right of offset for derivative assets against derivative liabilities at settlement or in the event of a default under the agreements or if contracts are terminated. Contingent Features in Financial Derivative Instruments. None of the Company’s derivative instruments contain credit-risk-related contingent features. Counterparties to the Company’s financial derivative contracts are high credit-quality financial institutions that are primarily lenders under OpCo’s Credit Agreement. The Company enters into new hedge arrangements only with participants under its Credit Agreement, since these institutions are secured equally with the holders of any OpCo bank debt, which eliminates the potential need to post collateral when the Company is in a derivative liability position. As a result, the Company is not required to post letters of credit or corporate guarantees for its derivative counterparties in order to secure contract performance obligations. In addition, the Company is exposed to credit risk associated with its derivative contracts from non-performance by its counterparties. The Company mitigates its exposure to any single counterparty by contracting with a number of financial institutions, each of which has a high credit rating and is a lender under OpCo’s Credit Agreement as referenced above.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 9—Fair Value Measurements Recurring Fair Value Measurements The Company follows ASC Topic 820, Fair Value Measurement and Disclosure, which establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: • Level 1: Quoted Prices in Active Markets for Identical Assets – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Significant Other Observable Inputs – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3: Significant Unobservable Inputs – inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following table presents, for each applicable level within the fair value hierarchy, the Company’s net derivative assets and liabilities, including both current and noncurrent portions, measured at fair value on a recurring basis: (in thousands) Level 1 Level 2 Level 3 December 31, 2024 Total assets $ — $ 114,396 $ — Total liabilities — 3,040 — December 31, 2023 Total assets $ — $ 97,625 $ — Total liabilities — 4,052 — Both financial and non-financial assets and liabilities are categorized within the above fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The following is a description of the valuation methodologies used by the Company as well as the general classification of such instruments pursuant to the above fair value hierarchy. There were no transfers between any of the fair value levels during any period presented. Derivatives The Company uses Level 2 inputs to measure the fair value of its oil and natural gas commodity derivatives. The Company uses industry-standard models that consider various assumptions including current market and contractual prices for the underlying instruments, implied market volatility, time value, nonperformance risk, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument and can be supported by observable data. The Company utilizes its counterparties’ valuations to assess the reasonableness of its own valuations. Refer to Note 8—Derivative Instruments for details of the gross and net derivative assets, liabilities and offset amounts as presented in the consolidated balance sheets. Nonrecurring Fair Value Measurements The Company applies the provisions of the fair value measurement standard on a nonrecurring basis to its non-financial assets and liabilities, including proved oil and gas properties. These assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. Oil and Gas Property Acquisitions. The fair value measurements of assets acquired and liabilities assumed are measured on the acquisition date using an income valuation technique based on inputs that are not observable in the market and therefore represent Level 3 inputs. Significant inputs to the valuation of acquired oil and gas properties include estimates of: (i) reserves; (ii) production rates; (iii) future operating and development costs; (iv) future commodity prices, including price differentials; (v) future cash flows; (vi) a market participant-based weighted average cost of capital rate and (vii) risk adjustment factors applied to proved and unproved reserves. These inputs require significant judgements and estimates by the Company’s management at the time of valuation. Refer to Note 2—Business Combinations for additional information on the fair value of assets acquired and liabilities assumed. Impairment of Oil and Natural Gas Properties . The Company reviews its proved oil and natural gas properties for impairment whenever events and circumstances indicate that the fair value of these assets may be below their carrying value. An impairment loss is indicated if the sum of the expected undiscounted future net cash flows from oil and gas properties is less than the carrying amount of the assets. In this circumstance, the Company then recognizes impairment expense for the amount by which the carrying amount of proved properties exceeds their estimated fair value. The Company reviews its oil and natural gas properties on a field-by-field basis. The Company calculates the estimated fair value of its oil and natural gas properties using an income approach that is based on inputs that are not observable in the market and therefore represent Level 3 inputs. Significant inputs to the expected future net cash flows used for the impairment review and the related fair value measurement of oil and natural gas proved properties include estimates of: (i) oil and gas reserves; (ii) future production decline rates; (iii) future operating and development costs; (iv) future commodity prices, including price differentials; and (v) a market participant-based weighted average cost of capital rate. These inputs require significant judgments and estimates by the Company’s management. The impairment test performed by the Company indicated that no impairment occurred during the years ended December 31, 2024, 2023 and 2022. Asset Retirement Obligation s. The initial measurement of ARO at fair value is calculated using discounted cash flow techniques and is based on internal estimates of future retirement costs associated with property, plant and equipment. Significant Level 3 inputs used in the calculation of ARO include the estimated future costs to plug and abandon oil and gas properties and reserve lives. Refer to Note 6—Asset Retirement Obligations for additional information on the Company’s ARO. Other Financial Instruments The carrying amounts of the Company’s cash, cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate their fair values because of the short-term maturities and/or liquid nature of these assets and liabilities. The Company’s senior notes and borrowings under its Credit Agreement are accounted for at cost. The following table summarizes the carrying values, principal amounts and fair values of these instruments as of the periods indicated: December 31, 2024 December 31, 2023 Carrying Value Principal Amount Fair Value Carrying Value Principal Amount Fair Value Credit Facility (1) $ — $ — $ — $ — $ — $ — 5.375% Senior Notes due 2026 (2) 288,357 289,448 287,400 287,408 289,448 285,287 7.75% Senior Notes due 2026 (2) — — — 300,000 300,000 304,551 6.875% Senior Notes due 2027 (2) — — — 352,619 356,351 356,852 8.00% Senior Notes due 2027 (2) 560,910 550,000 561,855 565,063 550,000 568,473 3.25% Convertible Senior Notes due 2028 (2)(3) 166,803 170,000 436,554 165,897 170,000 404,124 5.875% Senior Notes due 2029 (2) 664,935 700,000 688,103 658,562 700,000 684,705 9.875% Senior Notes due 2031 (2) 532,730 500,000 550,562 536,280 500,000 555,625 7.00% Senior Notes due 2032 (2) 984,426 1,000,000 1,017,903 982,952 1,000,000 1,030,790 6.25% Senior Notes due 2033 (2) 986,072 1,000,000 989,508 — — — (1) The carrying values of the amounts outstanding under OpCo’s Credit Agreement approximate fair value because its variable interest rates are tied to current market rates and the applicable credit spreads represent current market rates for the credit risk profile of the Company. (2) The carrying values include associated unamortized debt issuance costs and any debt discounts or premiums as reflected in the consolidated balance sheets. The fair values are determined using quoted market prices for these debt securities, a Level 1 classification in the fair value hierarchy, and are based on the aggregate principal amount of the senior notes outstanding. (3) The Convertible Senior Notes are subject to certain conditions that allow them to be convertible prior to their maturity and as of December 31, 2024, noteholders have the right to convert during the first quarter of 2025. The Company has Capped Call Transactions that cover the aggregate number of shares of Class A Common Stock that underlie the Convertible Senior Notes and would offset any cash payment OpCo is required to make in excess of the principal amount of these notes. Refer to Note 5—Long-Term Debt for additional information on the

Equity

Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Shareholders' Equity and Noncontrolling Interest	Note 10—Shareholders' Equity and Noncontrolling Interest Authorized shares of Common Stock The Company’s stockholders approved the Fifth Amended and Restated Certificate of Incorporation (as amended and restated, the “Charter”), which became effective on May 22, 2024. The Charter, among other things, authorizes 1,000,000,000 shares of Class A Common Stock and 500,000,000 shares of Class C Common Stock for issuance. Class A Common Stock The Company had 703,774,082 shares of Class A Common Stock outstanding as of December 31, 2024. Holders of Class A Common Stock are entitled to one vote for each share held on all matters to be voted on by the Company’s stockholders. Holders of the Class A Common Stock and holders of the Class C Common Stock will vote together as a single class on all matters submitted to a vote of the Company’s stockholders, except as required by law. Unless specified in the Charter (including any certificate of designation of preferred stock) or the Company’s Second Amended and Restated Bylaws, or as required by applicable provisions of the Delaware General Corporation Law or applicable stock exchange rules, the affirmative vote of a majority of the Company’s shares of common stock that are voted is required to approve any such matter voted on by the Company’s stockholders. There is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors. Subject to the rights of the holders of any outstanding series of preferred stock, the holders of the Class A Common Stock are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor. In the event of a liquidation, dissolution or winding up of the Company, the holders of the Class A Common Stock are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having preference over the Class A Common Stock. The holders of the Class A Common Stock have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the Class A Common Stock. Class C Common Stock The Company had 99,599,640 shares of Class C Common Stock outstanding as of December 31, 2024 which were issued in connection with the Colgate and Earthstone mergers. Holders of Class C Common Stock, together with holders of Class A Common Stock voting as a single class, have the right to vote on all matters properly submitted to a vote of the stockholders. In addition, the holders of Class C Common Stock, voting as a separate class, will be entitled to approve any amendment, alteration or repeal of any provision of the Charter that would alter or change the powers, preferences or relative, participating, optional or other or special rights of the Class C Common Stock. Holders of Class C Common Stock will not be entitled to any dividends from the Company and will not be entitled to receive any of the Company’s assets in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company’s affairs. Shares of Class C Common Stock have and currently may only be issued to the Colgate or Earthstone OpCo Unit holders, their respective successors and assignees, or any permitted transferees of such unit holders. A holder of Class C Common Stock may transfer shares of Class C Common Stock to any transferee (other than the Company) only if such holder also simultaneously transfers an equal number of such holder’s Common Units representing common membership interests in OpCo to such transferee in compliance with the Seventh Amended and Restated Limited Liability Company Agreement of OpCo. Each holder of Class C Common Stock generally has the right to cause the Company to redeem all or a portion of its Common Units in exchange for, at the Company’s option, an equal number of shares of Class A Common Stock or an equivalent amount of cash. The Company may, however, at its option, effect a direct exchange of cash or Class A Common Stock for such OpCo Common Units in lieu of such a redemption by OpCo. Upon the future redemption or exchange of Common Units held by a holder of Class C Common Stock, a corresponding number of shares of Class C Common Stock held by such holder of Class C Common Stock will be canceled. The shares of Class C Common Stock and underlying Common Units related to the Colgate Merger became exchangeable on March 1, 2023 and the shares of Class C Common Stock and underlying Common Units related to the Earthstone Merger became exchangeable on April 28, 2024. Preferred Stock The Company is authorized to issue 1,000,000 shares of preferred stock, par value $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. At December 31, 2024, there were no shares of preferred stock issued or outstanding. Stock Conversion During the years ended December 31, 2024 and December 31, 2023, certain legacy owners of Colgate and Earthstone exchanged 127.6 million and 80.7 million, respectively, of their Common Units of OpCo and corresponding shares of Class C Common Stock for Class A Common Stock. A deferred tax asset of $96.7 million and $29.6 million, respectively, were recorded in equity as a result of the conversions of shares from the noncontrolling interest owner. No cash proceeds were received by the Company in connection with these conversions. Stock Issuances In July 2024, the Company completed an underwritten public offering of 26.5 million shares of its Class A Common Stock in which the Company received net cash proceeds of $402.2 million after underwriting discounts and commissions. The Company used the net proceeds from this equity offering to fund a portion of the aggregate purchase price of the Bolt-On Acquisition discussed in Note 2—Business Combinations. In May 2024, the Company issued 6.2 million shares of Class A Common Stock, which were issued as partial consideration for a portion of the 2024 asset acquisitions discussed in Note 3—Acquisitions and Divestitures . No cash proceeds were received by the Company in connection with this issuance. Dividends The following table summarizes the Company’s base and variable dividend per share of Class A Common Stock and distribution per Common Unit (each of which has an underlying share of Class C Common Stock) declared and paid during each period: Dividend/Distribution per Share Total Dividends/Distributions Declared and Paid Base Variable Total Year ended, (in thousands) December 31, 2024 $ 0.32 $ 0.39 $ 0.71 $ 560,865 December 31, 2023 $ 0.20 $ 0.17 $ 0.37 $ 236,004 Stock Repurchase Program The Company’s Board of Directors authorized a stock repurchase program to acquire up to $500 million of the Company’s outstanding common stock (the “Repurchase Program”), which was approved to run through December 31, 2024. On September 3, 2024, the Company’s Board of Directors authorized a new share repurchase program (the “New Repurchase Program”) of $1 billion, replacing the existing $500 million Repurchase Program. The New Repurchase Program is approved to run on an indefinite basis and can be used by the Company to reduce its shares of Class A Common Stock and Class C Common Stock outstanding. Repurchases may be made from time to time in the open-market or via privately negotiated transactions at the Company’s discretion and will be subject to market conditions, applicable legal requirements, available liquidity, compliance with the Company’s debt agreements and other factors. The New Repurchase Program does not require any specific number of shares to be acquired and can be modified or discontinued by the Company’s Board of Directors at any time. During the years ended December 31, 2024 and 2023, the Company paid $61.0 million and $86.5 million, respectively, to repurchase 3.8 million and 7.2 million, respectively, Common Units of OpCo resulting in an equal number of associated shares of Class C Common Stock simultaneously being canceled under its Repurchase Program. Additionally, during the year ended December 31, 2023, the Company paid $37.9 million to repurchase 2.8 million shares of Class A Common Stock which were subsequently canceled under its Repurchase Program. Noncontrolling Interest The noncontrolling interest relates to Common Units that were issued in connection with the Colgate and Earthstone mergers. The noncontrolling interest percentage is affected by various equity transactions such as Common Unit and Class C Common Stock exchanges and transactions involving the Company’s Class A Common Stock. As of December 31, 2024, the noncontrolling interest ownership of OpCo had decreased to 12% from 30% as of December 31, 2023. This decrease was mainly the result of (i) exchanges of 127.6 million Common Units (and corresponding shares of Class C Common Stock) for Class A Common Stock; and (ii) Class C Common Stock repurchases completed by the Company as discussed above. The Company consolidates the financial position, results of operations and cash flows of OpCo and reflects the portion retained by other holders of Common Units as a noncontrolling interest. Refer to the “Consolidated Statements of Shareholders’ Equity” for a summary of the activity attributable to the noncontrolling interest during the period.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Note 11—Earnings Per Share Basic EPS is calculated by dividing net income attributable to Class A Common Stock by the weighted average shares of Class A Common Stock outstanding during each period. Diluted EPS is calculated by dividing adjusted net income by the weighted average shares of diluted Class A Common Stock outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted EPS calculation consists of (i) unvested equity-based restricted stock and performance stock units, and outstanding stock options, all using the treasury stock method; and (ii) the Company’s Class C Common Stock and potential shares issuable under our Convertible Senior Notes, both using the “if-converted” method, which is net of tax. The following table reflects the EPS computations for the periods indicated based on a weighted average number of Class A Common Stock outstanding each period: Year Ended December 31, (in thousands, except per share data) 2024 2023 2022 Net income attributable to Class A Common Stock $ 984,701 $ 476,306 $ 515,037 Add: Interest on Convertible Senior Notes, net of tax 5,182 5,433 5,484 Adjusted net income attributable to Class A Common Stock $ 989,883 $ 481,739 $ 520,521 Basic weighted average shares of Class A Common Stock outstanding 640,662 349,213 286,160 Add: Dilutive effects of Convertible Senior Notes 29,408 27,710 27,074 Add: Dilutive effects of equity awards and ESPP shares 14,422 12,173 9,582 Diluted weighted average shares of Class A Common Stock outstanding 684,492 389,096 322,816 Basic net earnings per share of Class A Common Stock $ 1.54 $ 1.36 $ 1.80 Diluted net earnings per share of Class A Common Stock $ 1.45 $ 1.24 $ 1.61 The following table presents shares excluded from the diluted earnings per share calculation for the periods presented as their impact was anti-dilutive: Year Ended December 31, (in thousands) 2024 2023 2022 Out-of-the-money stock options 444 1,260 2,038 Restricted stock 172 55 823 Performance stock units 208 29 941 Weighted average shares of Class C Common Stock 144,566 248,511 90,013

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Tax Disclosure	Note 12—Income Taxes Income tax expenses and benefits included in the consolidated statements of operations are detailed below: Year Ended December 31, (in thousands) 2024 2023 2022 Current taxes Federal $ 47 $ (104) $ — State 1,276 2,893 2,796 Total current tax expense 1,323 2,789 2,796 Deferred taxes Federal 281,513 132,039 106,011 State 17,506 21,117 11,485 Total deferred tax expense 299,019 153,156 117,496 Total income tax expense $ 300,342 $ 155,945 $ 120,292 A reconciliation of the statutory federal income tax expense, which is calculated at the federal statutory rate of 21%, to the income tax expense from continuing operations for the periods presented is provided below. In connection with the Earthstone Merger and Colgate Merger and the issuance of Class C Common Stock of the Company, noncontrolling interest in the partnership is the Company’s largest reconciling item to the federal statutory rate. Year Ended December 31, (in thousands) 2024 2023 2022 Income tax expense at the federal statutory rate $ 325,679 $ 217,486 $ 182,728 State income tax expense - net of federal benefit 20,600 18,741 16,007 Noncontrolling interest in partnership (55,820) (83,690) (49,309) Nondeductible stock-based and other compensation (3,604) 963 10,827 Nondeductible expenses and other 13,487 2,445 122 Change in valuation allowance — — (40,083) Income tax expense $ 300,342 $ 155,945 $ 120,292 The tax effects of temporary differences that give rise to significant positions of the deferred income tax assets and liabilities are presented below: (in thousands) December 31, 2024 December 31, 2023 Deferred tax assets: Net operating loss carryforwards $ 260,881 $ 104,915 Other assets 245 219 Total deferred tax assets 261,126 105,134 Deferred tax liabilities: Investment in OpCo (863,499) (527,755) Valuation allowance (6) (6) Net deferred tax asset (liability) $ (602,379) $ (422,627) The following table summarizes the amounts and classification in the consolidated balance sheets of the Company’s deferred taxes outstanding at the respective balance dates: (in thousands) December 31, 2024 December 31, 2023 Deferred tax assets: Other noncurrent assets $ — $ — Deferred tax liabilities: Deferred income taxes (602,379) (422,627) Total deferred income taxes, net $ (602,379) $ (422,627) In connection with the Earthstone Merger and Colgate Merger, the Company recorded a $164.5 million and $412.7 million reduction, respectively, in equity to reflect the change in its ownership interest in OpCo, which are net of a deferred income tax benefits of $47.1 million and $120.2 million, respectively. As of December 31, 2024, the Company had approximately $1.2 billion and $206.1 million of U.S. federal and state net operating loss carryovers, respectively. None of the state net operating loss carryover expires and approximately $385.4 million of the U.S. federal net operating loss carryover expires in 2037. The Company periodically assesses whether it is more-likely-than-not that it will generate sufficient taxable income to realize its deferred income tax assets, including net operating loss carry forwards. In making this determination, the Company considers all available positive and negative evidence and makes certain assumptions. The Company considers, among other things, its deferred tax liabilities, the overall business environment, its historical earnings and losses, current industry trends, and its outlook for future years. The Company generated taxable income in the current year and is projecting future taxable income exclusive of reversing items. Based upon these earnings and the expected timing of the reversal of its existing taxable temporary differences, management determined it is more-likely-than-not that, with the exception of certain state net operating loss carryovers, the remaining deferred income tax assets existing at December 31, 2024 will be realized. The calculation of the Company’s tax liabilities involves uncertainties in the application of complex tax laws and regulations. The Company gives financial statement recognition to those tax positions that it believes are more-likely-than-not to be sustained upon the examination by the Internal Revenue Service or other governmental agency. As of December 31, 2024 and 2023, the Company did not have any accrued liability for uncertain tax positions and does not anticipate recognition of any significant liabilities for uncertain tax positions during the next 12 months. Interest and penalties related to uncertain tax positions are reported in income tax expense. The Company is subject to the following material taxing jurisdictions: U.S., Colorado, New Mexico, and Texas. As of December 31, 2024, the Company has no current tax years under audit. The Company remains subject to examination for federal income taxes and state income taxes for tax years 2020 through 2024.

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 13—Transactions with Related Parties Pearl Energy Investments (“Pearl”), EnCap Partners GP, LLC (“EnCap”), Riverstone Investment Group LLC (“Riverstone”), NGP Energy Capital (“NGP”) and related affiliates of each entity were considered related parties to the Company due to their respective equity interest in the Company until March 2024. As of December 31, 2024, each entity beneficially owns less than 10% equity interest in the Company and are therefore no longer considered related parties to the Company. During the years ended December 31, 2024 and 2023, the Company repurchased 3.8 million and 7.2 million, respectively, Common Units of OpCo from NGP for $61.0 million and $86.5 million, respectively, under the Repurchase Program. The equal number of underlying shares of Class C Common Stock were simultaneously canceled by the Company.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14—Commitments and Contingencies Contractual Obligations The following table is a schedule of the Company’s future minimum payments required under contractual commitments that have initial or remaining non-cancelable terms in excess of one year as of December 31, 2024 : (in thousands) 2025 2026 2027 2028 2029 Thereafter Total Purchase obligations $ 57,578 $ 56,757 $ 15,251 $ 13,233 $ 724 $ — $ 143,543 Purchase Obligations The Company has multi-year energy purchase agreements in place to buy electricity utilized in its operations. Under the contracts, the Company is obligated to purchase a minimum amount of electricity at a fixed price. If the Company does not utilize the minimum amounts of electricity on a monthly basis, the Company is then liable to pay the difference between the fixed price per the agreement and the price at which the supplier is able to sell the unutilized quantity. The total remaining obligation is $53.5 million, which represents the gross minimum financial commitments pursuant to these agreements as of December 31, 2024. The Company paid electricity costs of $10.2 million and $7.5 million for the years ended December 31, 2024 and December 31, 2023, respectively, to these suppliers. The Company has an agreement in place to buy frac sand used in its well fracture stimulation process that has a contract term through December 31, 2026. Under the terms of this take-or-pay agreement, the Company is obligated to purchase a minimum volume of frac sand at a fixed price. The remaining obligation under this contract is $90.0 million, which represents the minimum financial commitment pursuant to the terms of the contract from December 31, 2024 through December 31, 2026. Actual expenditures under these contracts may exceed the minimum commitments. The Company paid $147.2 million and $102.5 million for the years ended December 31, 2024 and December 31, 2023, respectively, under the original contract, which was capitalized as incurred during the period. Delivery Commitments In 2024, the Company assumed NGL and natural gas delivery commitments in connection with acquisitions completed during the year. The NGL agreement includes a commitment to deliver a minimum of 9,000 Bbls per day of NGL volumes to the purchaser over the next 3.3 years or be subject to under-delivery fees equal to a specified rate under the contractual required minimum volumes, subject to inflation factors. The natural gas delivery commitments include a commitment to deliver certain minimum daily volumes of natural gas over the next 7 years or be subject to under-delivery fees equal to a specified rate, subject to inflation factors. The aggregate minimum financial commitment amounts over the remaining term for the NGL and natural gas agreements are $35.9 million and $87.2 million, respectively. The amount discussed above represent the total gross volumes the Company is required to deliver per these agreements, which gross volumes are not comparable to the Company’s net production presented in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation, as amounts therein are reflected net of all royalties, overriding royalties and production due to others. The Company believes its current production and reserves are sufficient to fulfill the physical delivery commitments, and the Company is not required to deliver NGL or natural gas volumes specifically produced from any of the Company’s properties under these agreements. Lease Commitments Refer to Note 16—Leases for details on the Company’s operating and finance lease agreements. Contingencies The Company may at times be subject to various commercial or regulatory claims, prior period adjustments from service providers, litigation or other legal proceedings that arise in the ordinary course of business. While the outcome of these lawsuits and claims cannot be predicted with certainty, management believes it is remote that the impact of such matters, other than those discussed below, that are reasonably possible to occur will have a material adverse effect on the Company’s financial position, results of operations or cash flows. In February 2021, the Permian Basin was impacted by record-low temperatures and a severe winter storm (“Winter Storm Uri”) that resulted in multi-day electrical outages and shortages, pipeline and infrastructure freezes, transportation disruptions, and regulatory actions in Texas, which led to significant increases in gas prices, gathering, processing and transportation fees and electrical rates during this time. As a result, many oil and gas operators, including upstream producers like the Company, gas processors and purchasers, and transportation providers experienced operational disruptions. During this time, the Company was unable to utilize the entire volume of its reserved capacity on pipelines and as a result made certain force majeure declarations. One third-party transportation provider filed a lawsuit against the Company claiming compensation for the full amount of the reserved capacity, both utilized and unutilized. The Company paid for the utilized capacity and filed a separate lawsuit against the transportation provider requesting declaratory relief for the purpose of construing the provisions of the transportation agreement relating to the unutilized capacity. During the year ended December 31, 2024, the lawsuit was settled requiring the Company to pay the disputed amount, inclusive of interest penalties, resulting in a net loss of $7.6 million being recognized during the period in relation to these matters. Management is unaware of any pending litigation brought against the Company requiring a contingent liability to be recognized.

Revenues

Revenues	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenues	Note 15—Revenues Revenue from Contracts with Customers Crude oil, natural gas and NGL sales are recognized at the point that control of the product is transferred to the customer and collectability is reasonably assured. Substantially all of the Company’s contract pricing provisions are tied to a market index, with certain adjustments based on, among other factors, transportation costs to an active spot market and quality differentials. As a result, the Company’s realized prices of oil, natural gas, and NGLs fluctuate to remain competitive with other available oil, natural gas, and NGLs supplies both globally and locally. Oil and gas revenues presented within the consolidated statements of operations relate to the sale of oil, natural gas and NGLs as shown below: Year Ended December 31, 2024 2023 2022 Operating revenues (in thousands): Oil sales $ 4,362,965 $ 2,696,777 $ 1,622,035 Natural gas sales (1) 240 142,077 276,957 NGL sales (2) 637,529 282,039 232,273 Oil and gas sales $ 5,000,734 $ 3,120,893 $ 2,131,265 (1) Natural gas sales include a portion of gathering, processing and transportation (“GP&T”) costs that are reflected as a reduction to natural gas sales of $104.1 million for the year ended December 31, 2024, $48.9 million for the year ended December 31, 2023 and $13.1 million for the year ended December 31, 2022. (2) NGL sales include a portion of GP&T costs that are reflected as a reduction to NGL sales of $90.0 million for the year ended December 31, 2024, $73.3 million for the year ended December 31, 2023 and $10.6 million for the year ended December 31, 2022. Oil sales The Company’s crude oil sales contracts are generally structured whereby oil is delivered to the purchaser at a contractually agreed-upon delivery point at which the purchaser takes title of the product. This delivery point is usually at the wellhead or at the inlet of a transportation pipeline. Revenue is recognized when control transfers to the purchaser at the delivery point based on the net price received from the purchaser. Any downstream transportation costs incurred by crude purchasers are reflected as a net reduction to oil sales revenues. Natural gas and NGL sales Under the Company’s natural gas processing contracts, liquids rich natural gas is delivered to a midstream gathering and processing entity at the agreed upon delivery point at which the purchaser takes title of the product. The midstream processing entity gathers and processes the raw gas and then remits proceeds to the Company. For these contracts, the Company evaluates when control is transferred and revenue should be recognized. Where the Company elects to take its residue gas or NGL product “in-kind” at the plant tailgate, fees incurred prior to transfer of control at the outlet of the plant are presented as GP&T within the consolidated statements of operations. Where the Company does not take its residue gas or NGL products “in-kind”, transfer of control occurs at the inlet of the gas gathering systems, or prior, and fees incurred subsequent to this point are reflected as a net reduction to natural gas and NGL sales revenues presented in the table above. Performance obligations For all commodity products, the Company records revenue in the month production is delivered to the purchaser. Settlement statements for crude oil are generally received within 30 days following the date that production volumes are delivered, but for natural gas and NGL sales, statements may not be received for 30 to 60 days after delivery has occurred. However, payment is unconditional once the performance obligations have been satisfied. At such time, the volumes delivered and sales prices can be reasonably estimated and amounts due from customers are accrued in Accounts receivable, net i n the consolidated balance sheets. As of December 31, 2024 and 2023, such receivable balances were $326.4 million and $346.0 million, respectively. The Company records any differences between its estimates and the actual amounts received for product sales in the month that payment is received from the purchaser. Historically, any identified differences between revenue estimates and actual revenue received have not been significant. For the years ended December 31, 2024 and 2023, revenues recognized in the reporting period related to performance obligations satisfied in prior reporting periods were not material. Transaction price allocated to remaining performance obligations For the Company’s product sales that have a contract term greater than one year, the Company has utilized the practical expedient in ASC Topic 606 , Revenue from contracts with Customers,

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Note 16—Leases At contract inception, the Company determines whether or not an arrangement contains a lease. Upon determination of a lease, a lease right-of-use (“ROU”) asset and related liability are recorded based on the present value of the future lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make future lease payments arising from the lease. The Company has operating leases for drilling rig contracts, office rental agreements and other wellhead equipment. As of December 31, 2024, these leases have remaining lease terms ranging from one month to seven years, some of which include options to extend the lease term for up to five years, and some of which include options to terminate prior to the end of the contractual lease term. These options are considered in determining the lease term and are included in the present value of future payments that are recorded for leases when the Company is reasonably certain to exercise the option. The Company has one finance lease that was entered into in connection with an office building purchase in Midland, Texas. As part of the building purchase, the Company assumed a ninety-nine year ground lease and accordingly, recorded a finance lease liability. Leases with an initial term of one year or less are not recorded in the consolidated balance sheets. Additionally, none of the Company’s lease agreements contain any material residual value guarantees or material restrictive covenants. The following table provides additional information related to the Company’s lease assets and liabilities as presented on balance sheet for the periods presented: (in thousands) Balance Sheet Classification December 31, 2024 December 31, 2023 Assets Operating right-of-use assets Operating lease right-of-use asset $ 119,703 $ 59,359 Finance right-of-use asset Other noncurrent assets 15,033 15,189 Liabilities Current Operating lease liabilities Operating lease liabilities $ 57,216 $ 33,006 Finance lease liability Other current liabilities 772 753 Noncurrent Operating lease liabilities Operating lease liabilities $ 64,288 28,302 Finance lease liability Other noncurrent liabilities 15,168 14,821 The present value of future lease payments is determined at the lease commencement date based upon the Company’s incremental borrowing rate. The incremental borrowing rate is calculated using a risk-free interest rate adjusted for the Company’s specific risk and the specific lease term. The table below summarizes the Company’s weighted average discount rate and weighted-average remaining lease term as of the periods presented. December 31, 2024 December 31, 2023 Operating Leases Finance Lease Operating Leases Finance Lease Weighted-average discount rate 6.04 % 7.3 % 5.55 % 7.3 % Weighted-average remaining lease term (years) 2.59 96.25 3.02 97.25 The Company’s drilling rig contracts, office rental agreements and wellhead equipment agreements contain both lease and non-lease components, which are combined and accounted for as a single lease component. Variable lease payments are recognized in the period in which they are incurred and include operating expenses related to the office rental agreements. Expenses related to short-term leases are recognized on a straight-line basis over the lease term as either expenses to the consolidated statements of operations or capitalized to the consolidated balance sheets. The following table presents the components of the Company’s lease expenses for the periods presented. Year Ended December 31, (in thousands) 2024 2023 Operating lease costs Operating lease cost $ 80,135 $ 40,988 Variable lease cost 3,156 1,222 Short-term lease cost 242,549 168,026 Finance lease costs Amortization of ROU assets 156 117 Interest on lease liabilities 1,149 844 Total lease Cost $ 327,145 $ 211,197 The following table presents supplemental cash flow information related to the Company’s leases for the periods presented. Year Ended December 31, (in thousands) 2024 2023 Operating lease liability payments: Net cash used in operating activities $ 31,026 $ 15,856 Net cash used in investing activities 49,109 25,645 Finance lease liability payments: Net cash used in operating activities 783 577 Right-of-use assets recognized (derecognized) with offsetting operating lease liabilities 113,758 29,713 Right-of-use assets recognized (derecognized) with offsetting finance lease liabilities — 15,306 Maturities of the Company’s long-term operating and finance lease liabilities by fiscal year as of December 31, 2024 are as follows: (in thousands) Operating Leases (1) Finance Lease 2025 $ 60,242 $ 803 2026 46,007 823 2027 13,317 843 2028 3,561 864 2029 2,333 886 2030 and thereafter 4,087 205,534 Total lease payments 129,547 209,753 Less: imputed interest (8,043) (193,813) Present value of lease liabilities $ 121,504 $ 15,940 (1) Total operating lease payments exclude variable lease payments which can be charged under the terms of the lease agreements.
Lessee, Finance Leases	Note 16—Leases At contract inception, the Company determines whether or not an arrangement contains a lease. Upon determination of a lease, a lease right-of-use (“ROU”) asset and related liability are recorded based on the present value of the future lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make future lease payments arising from the lease. The Company has operating leases for drilling rig contracts, office rental agreements and other wellhead equipment. As of December 31, 2024, these leases have remaining lease terms ranging from one month to seven years, some of which include options to extend the lease term for up to five years, and some of which include options to terminate prior to the end of the contractual lease term. These options are considered in determining the lease term and are included in the present value of future payments that are recorded for leases when the Company is reasonably certain to exercise the option. The Company has one finance lease that was entered into in connection with an office building purchase in Midland, Texas. As part of the building purchase, the Company assumed a ninety-nine year ground lease and accordingly, recorded a finance lease liability. Leases with an initial term of one year or less are not recorded in the consolidated balance sheets. Additionally, none of the Company’s lease agreements contain any material residual value guarantees or material restrictive covenants. The following table provides additional information related to the Company’s lease assets and liabilities as presented on balance sheet for the periods presented: (in thousands) Balance Sheet Classification December 31, 2024 December 31, 2023 Assets Operating right-of-use assets Operating lease right-of-use asset $ 119,703 $ 59,359 Finance right-of-use asset Other noncurrent assets 15,033 15,189 Liabilities Current Operating lease liabilities Operating lease liabilities $ 57,216 $ 33,006 Finance lease liability Other current liabilities 772 753 Noncurrent Operating lease liabilities Operating lease liabilities $ 64,288 28,302 Finance lease liability Other noncurrent liabilities 15,168 14,821 The present value of future lease payments is determined at the lease commencement date based upon the Company’s incremental borrowing rate. The incremental borrowing rate is calculated using a risk-free interest rate adjusted for the Company’s specific risk and the specific lease term. The table below summarizes the Company’s weighted average discount rate and weighted-average remaining lease term as of the periods presented. December 31, 2024 December 31, 2023 Operating Leases Finance Lease Operating Leases Finance Lease Weighted-average discount rate 6.04 % 7.3 % 5.55 % 7.3 % Weighted-average remaining lease term (years) 2.59 96.25 3.02 97.25 The Company’s drilling rig contracts, office rental agreements and wellhead equipment agreements contain both lease and non-lease components, which are combined and accounted for as a single lease component. Variable lease payments are recognized in the period in which they are incurred and include operating expenses related to the office rental agreements. Expenses related to short-term leases are recognized on a straight-line basis over the lease term as either expenses to the consolidated statements of operations or capitalized to the consolidated balance sheets. The following table presents the components of the Company’s lease expenses for the periods presented. Year Ended December 31, (in thousands) 2024 2023 Operating lease costs Operating lease cost $ 80,135 $ 40,988 Variable lease cost 3,156 1,222 Short-term lease cost 242,549 168,026 Finance lease costs Amortization of ROU assets 156 117 Interest on lease liabilities 1,149 844 Total lease Cost $ 327,145 $ 211,197 The following table presents supplemental cash flow information related to the Company’s leases for the periods presented. Year Ended December 31, (in thousands) 2024 2023 Operating lease liability payments: Net cash used in operating activities $ 31,026 $ 15,856 Net cash used in investing activities 49,109 25,645 Finance lease liability payments: Net cash used in operating activities 783 577 Right-of-use assets recognized (derecognized) with offsetting operating lease liabilities 113,758 29,713 Right-of-use assets recognized (derecognized) with offsetting finance lease liabilities — 15,306 Maturities of the Company’s long-term operating and finance lease liabilities by fiscal year as of December 31, 2024 are as follows: (in thousands) Operating Leases (1) Finance Lease 2025 $ 60,242 $ 803 2026 46,007 823 2027 13,317 843 2028 3,561 864 2029 2,333 886 2030 and thereafter 4,087 205,534 Total lease payments 129,547 209,753 Less: imputed interest (8,043) (193,813) Present value of lease liabilities $ 121,504 $ 15,940 (1) Total operating lease payments exclude variable lease payments which can be charged under the terms of the lease agreements.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 17—Subsequent Events Partial Senior Note Redemption On January 24, 2025, the Company redeemed $175 million of its outstanding 2031 Senior Notes at a redemption price equal to 109.875% of the principal amount redeemed plus accrued and unpaid interest up to, but excluding, the redemption date. Following the redemption, the remaining aggregate principal amount of the 2031 Senior Notes outstanding is $325 million. Dividends Declared On February 26, 2025, the Company announced that its Board of Directors declared a quarterly base dividend of $0.15 per share of Class A Common Stock and distribution of $0.15 per Common Unit of Class C Common Stock (each of which has an underlying Common Unit of OpCo). The dividend is payable on March 31, 2025 to shareholders of record as of March 17, 2025.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 984,701	$ 476,306	$ 515,037

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We rely on information technology and data to operate our business effectively and recognize the importance of implementing and maintaining cybersecurity systems and processes that allow us to protect the confidentiality, integrity and availability of our information systems and the data residing within them. In order to monitor our information technology systems and data and to identify, assess and manage potential threats to such, we maintain cybersecurity risk assessment and management programs. As part of such programs, we endeavor to conduct annual security penetration tests both externally and internally, bi-annual security assessments against cybersecurity frameworks, continuous vulnerability scanning and monthly and annual security awareness and simulated phishing trainings for our employees. We have also implemented incident response processes and various system alert monitoring and screenings. Our cybersecurity risk management processes are integrated into our broader risk management program. As part of our cybersecurity risk management process, we conduct simulated cybersecurity incidents to ensure that we are prepared to respond to such incidents and to highlight any areas for potential improvement in our cyber incident preparedness. We have a cybersecurity incident management policy and response plan in place. Cybersecurity breaches are evaluated by our information technology teams, which includes our Vice President and Chief Information Officer. If an incident is deemed to be a breach, it is communicated to our legal department and management for evaluation, including whether the breach requires communication to the Audit Committee or the Board of Directors or investors through a relevant public filing.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	In order to monitor our information technology systems and data and to identify, assess and manage potential threats to such, we maintain cybersecurity risk assessment and management programs.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our cybersecurity risk management is primarily the responsibility of our Vice President and Chief Information Officer and the information technology teams he leads. Our Vice President and Chief Information Officer has 25 years of industry experience in the field of information systems, including information security and risk management. He oversees our risk assessment programs, remediation of known risks, processes for the regular monitoring of our information systems and our employee cybersecurity training programs. Our Board of Directors also oversees cybersecurity risks through the Audit Committee, which receives and assesses periodic reports and updates regarding our cybersecurity risk management from management and our Vice President and Chief Information Officer and then relays them to the Board of Directors as needed.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our cybersecurity risk management is primarily the responsibility of our Vice President and Chief Information Officer and the information technology teams he leads. Our Vice President and Chief Information Officer has 25 years of industry experience in the field of information systems, including information security and risk management. He oversees our risk assessment programs, remediation of known risks, processes for the regular monitoring of our information systems and our employee cybersecurity training programs. Our Board of Directors also oversees cybersecurity risks through the Audit Committee, which receives and assesses periodic reports and updates regarding our cybersecurity risk management from management and our Vice President and Chief Information Officer and then relays them to the Board of Directors as needed.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our cybersecurity risk management is primarily the responsibility of our Vice President and Chief Information Officer and the information technology teams he leads. Our Vice President and Chief Information Officer has 25 years of industry experience in the field of information systems, including information security and risk management. He oversees our risk assessment programs, remediation of known risks, processes for the regular monitoring of our information systems and our employee cybersecurity training programs. Our Board of Directors also oversees cybersecurity risks through the Audit Committee, which receives and assesses periodic reports and updates regarding our cybersecurity risk management from management and our Vice President and Chief Information Officer and then relays them to the Board of Directors as needed.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity risk management is primarily the responsibility of our Vice President and Chief Information Officer and the information technology teams he leads. Our Vice President and Chief Information Officer has 25 years of industry experience in the field of information systems, including information security and risk management. He oversees our risk assessment programs, remediation of known risks, processes for the regular monitoring of our information systems and our employee cybersecurity training programs. Our Board of Directors also oversees cybersecurity risks through the Audit Committee, which receives and assesses periodic reports and updates regarding our cybersecurity risk management from management and our Vice President and Chief Information Officer and then relays them to the Board of Directors as needed.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity risk management is primarily the responsibility of our Vice President and Chief Information Officer and the information technology teams he leads
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Vice President and Chief Information Officer has 25 years of industry experience in the field of information systems, including information security and risk management. He oversees our risk assessment programs, remediation of known risks, processes for the regular monitoring of our information systems and our employee cybersecurity training programs.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our cybersecurity risk management is primarily the responsibility of our Vice President and Chief Information Officer and the information technology teams he leads. Our Vice President and Chief Information Officer has 25 years of industry experience in the field of information systems, including information security and risk management. He oversees our risk assessment programs, remediation of known risks, processes for the regular monitoring of our information systems and our employee cybersecurity training programs. Our Board of Directors also oversees cybersecurity risks through the Audit Committee, which receives and assesses periodic reports and updates regarding our cybersecurity risk management from management and our Vice President and Chief Information Officer and then relays them to the Board of Directors as needed.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, its subsidiary OpCo and OpCo’s wholly-owned subsidiaries and have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”). All intercompany balances and transactions have been eliminated in consolidation. Noncontrolling interests represent third-party ownership in OpCo and is presented as a component of equity. See Note 10—Shareholders' Equity and Noncontrolling Interest
Basis of Presentation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, its subsidiary OpCo and OpCo’s wholly-owned subsidiaries and have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”). All intercompany balances and transactions have been eliminated in consolidation. Noncontrolling interests represent third-party ownership in OpCo and is presented as a component of equity. See Note 10—Shareholders' Equity and Noncontrolling Interest
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements requires the Company’s management to make various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events, and accordingly, actual results could differ from amounts previously established. Additionally, the prices received for oil, natural gas and NGL production can heavily influence the Company’s assumptions, judgments and estimates, and continued volatility of oil and gas prices could have a significant impact on the Company’s estimates.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid instruments with an original maturity of 3 months or less at the time of issuance to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value because of the short-term maturity of these investments. From time to time, the Company is required to maintain cash in separate accounts, the use of which is restricted by the terms of contracted arrangements. Such amounts are not present as of December 31, 2024 and are included in Prepaid and other current assets as of December 31, 2023 in the consolidated balance sheets.
Accounts Receivable	Accounts Receivable Accounts receivable consists mainly of receivables from oil and natural gas purchasers and from joint interest owners on properties the Company operates. For receivables from joint interest owners, the Company typically has the ability to withhold future revenue disbursements to recover non-payment of joint interest billings. Accordingly, the Company’s oil and natural gas receivables are generally collected, and the Company has minimal bad debts. Although diversified among many companies, collectability is dependent upon the financial wherewithal of each individual company and is influenced by the general economic conditions of the industry. Receivables are not collateralized, and the Company therefore establishes an allowance for doubtful accounts equal to the portions of its accounts receivable for which collectability is not reasonably assured. Th e Company had no allowance for doubtful accounts as of December 31, 2024 and December 31, 2023.
Credit Risk and Other Concentrations	Credit Risk and Other Concentrations Permian Resources is exposed to credit risk in the event of nonpayment by counterparties. The Company normally sells production to a relatively small number of customers, as is customary in its business. The table below summarizes the purchasers that accounted for 10% or more of the Company’s total net revenues for the periods presented: Year Ended December 31, 2024 2023 2022 Shell Trading (US) Company 31 % 20 % 21 % Enterprise Crude Oil, LLC 19 % 30 % 18 % BP America 11 % 20 % 34 % During these periods, no other purchaser accounted for 10% or more of the Company’s net revenues. The loss of any of the Company’s major purchasers could materially and adversely affect its revenues in the short-term. However, based on the demand for oil and natural gas and the availability of other purchasers, the Company believes that the loss of any major purchaser would not have a material adverse effect on its financial condition and results of operations because crude oil and natural gas are fungible products with well-established markets and numerous purchasers. By using derivative instruments to economically hedge exposures to changes in commodity prices, the Company also exposes itself to credit risk. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk. The Company minimizes the credit risk in derivative instruments by: (i) limiting its exposure to any single counterparty; and (ii) only entering into hedging arrangements with counterparties that are also participants in OpCo’s credit agreement, all of which have investment-grade credit ratings.
Oil and Natural Gas Properties	Oil and Natural Gas Properties The Company’s oil and natural gas producing activities are accounted for using the successful efforts method of accounting. Under the successful efforts method, the costs incurred to acquire, drill, and complete development wells are capitalized to proved properties. Exploration costs, including personnel and other internal costs, geological and geophysical expenses and delay rentals for oil and gas leases, are charged to expense as incurred. Costs of drilling exploratory wells, on the other hand, are initially capitalized but are charged to expense if the well is determined to be unsuccessful. Costs to operate, repair and maintain wells and field equipment are expensed as incurred. Proved Properties. Costs incurred to obtain access to proved reserves and to provide facilities for extracting, treating, gathering and storing oil, natural gas and NGLs are capitalized. All costs incurred to drill and equip successful exploratory wells, development wells, development-type stratigraphic test wells, extension wells and service wells, are capitalized. Capitalized proved property acquisition and development costs are depleted using a units-of production method based on the remaining life of proved and proved developed reserves, respectively. Net carrying values of retired, sold or abandoned properties that constitute less than a complete unit of depreciable property are charged or credited, net of proceeds, to accumulated depreciation, depletion and amortization unless doing so significantly affects the unit-of-production amortization rate, in which case a gain or loss is recognized. Gains or losses from the disposal of complete units of depreciable property are recognized to the consolidated statements of operations. The Company reviews its proved oil and natural gas properties for impairment whenever events and circumstances indicate that there could be a possible decline in the recoverability of the carrying amount of such property. The Company estimates the expected future cash flows of its oil and natural gas properties and compares these undiscounted cash flows to the carrying amount of the oil and natural gas properties to determine if the carrying amount is recoverable. If the carrying amount exceeds the estimated undiscounted future cash flows, the Company will write down the carrying amount of the oil and natural gas properties to fair value. The factors used to determine fair value include, but are not limited to, estimates of reserves, future commodity prices, future production estimates, estimated future capital and operating expenditures and discount rates, which are based on a weighted average cost of capital. There were no impairments of proved oil and natural gas properties for the years ended December 31, 2024, 2023 and 2022. Unproved Properties. Unproved properties consist of costs to acquire undeveloped leases as well as costs to acquire unproved reserves, and they are both capitalized as incurred. These consist of costs incurred in obtaining a mineral interest or a right in a property such as a lease, in addition to broker fees, recording fees and other similar costs related to acquiring properties. Leasehold costs are classified as unproved until proved reserves are discovered on or otherwise attributed to the property, at which time the related unproved property costs are transferred to proved oil and natural gas properties. The Company evaluates unproved properties for impairment based on remaining lease term, drilling results, reservoir performance, seismic interpretation or future plans to develop acreage. Any portion of unproved properties deemed unlikely to be developed for proved reserves or otherwise determined to be recoverable is charged as impairment expense upon such determination. Impairments of unproved properties are included in Impairment and abandonment expense
Other Property and Equipment	Other Property and Equipment Other property and equipment includes office furniture and equipment, buildings, vehicles, computer hardware and software and is recorded at cost. These assets are depreciated using the straight-line method over their estimated useful lives which range from three
Debt Issuance Costs and Discount	Debt Issuance Costs, Discounts and Premiums Debt issuance costs related to the Company’s revolving credit facility are included in the line item Other Noncurrent Assets in the consolidated balance sheets. These costs are amortized to interest expense on a straight-line basis over the borrowing term. Issuance costs incurred in connection with the Company’s senior notes offerings and any related issuance discount or premium are deferred and charged to interest expense over the term of the agreement; however, these amounts are reflected as a reduction of or addition to the related obligation in the line item Long-term debt
Derivative Financial Instruments	Derivative Financial Instruments In order to mitigate its exposure to oil and natural gas price volatility, the Company may periodically use derivative instruments, such as swaps, costless collars, basis swaps, and other similar agreements. The Company’s derivatives have not been designated as hedges for accounting purposes. The Company records derivative instruments in its consolidated balance sheets as either an asset or liability measured at fair value. To the extent legal right of offset exists with a counterparty, the Company reports derivative assets and liabilities on a net basis. The commodity derivative instruments are accounted for using mark-to-market accounting where all gains and losses are recognized in earnings during the period in which they are incurred.
Asset Retirement Obligations	Asset Retirement Obligations
Revenue Recognition	Revenue Recognition The Company derives revenue primarily from the sale of produced oil, natural gas, and NGLs. Revenue is recognized when a performance obligation is satisfied by transferring control of the produced oil, natural gas or NGLs to the customer. For all commodity products, the Company records revenue in the month production is delivered to the purchaser based on estimates of the amount of production delivered to the purchaser and the price the Company will receive. Payments are generally received between 30 and 60 days after the date of production. Variances between estimated sales and actual amounts received are typically insignificant and are recorded in the month payment is received. Refer to Note 15—Revenues
Income Taxes	Income Taxes The Company is subject to U.S. federal, state and local income taxes with respect to its allocable share of any taxable income of OpCo, as well as any stand-alone income generated by the Company. OpCo is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, OpCo is not subject to U.S. federal and certain state and local income taxes. Any taxable income generated by OpCo is passed through to and included in the taxable income of its members, including the Company, on a pro rata basis. Income taxes are recognized based on earnings reported for tax return purposes and provisions recorded for deferred income taxes. Deferred income tax assets and liabilities are recognized based on temporary differences resulting from: (i) net operating loss carryforwards for income tax purposes, and (ii) differences between the amounts recorded to the consolidated financial statements and the tax basis of assets and liabilities, as measured using enacted statutory tax rates in effect at the end of a period. The effect of a change in tax rates or tax laws is recognized in income during the period such changes are enacted. A valuation allowance for deferred tax assets is established when it is more likely than not that some portion of the benefit from deferred tax assets will not be realized.
Stock Based Compensation	Stock-Based Compensation The Company’s stock-based compensation consists of grants of restricted stock, stock options, and performance stock units to employees and directors. The Company determines compensation expense related to all equity-based awards based on their estimated fair value, and such expense is recognized on a straight-line basis over the applicable service period of the award. For cash settled awards classified as liabilities, compensation expense is estimated based on the fair value of the awards as of the balance sheet date, and such expense is recognized ratably over the period in which the award is expected to be paid. See Note 7—Stock-Based Compensation for additional information regarding the Company’s stock-based compensation.
Earnings (Loss) Per Share	Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income attributable to the Company’s Class A Common Stock by the weighted average shares of Class A Common Stock outstanding during each period. Dilutive EPS is calculated by dividing adjusted net income attributable to Class A Common Stock by the weighted average shares of diluted Class A Common Stock outstanding, which includes the effect of potentially dilutive securities. See Note 11—Earnings Per Share for additional information regarding the Company’s computation of EPS.
Segment Reporting	Segment Reporting The nature of the Company’s operations and geographical location of such are concentrated to exploration and production of oil and natural gas within the Permian Basin. The Company’s chief operating decision maker (“CODM”) is each of its Co-Chief Executive Officers who manage and review the Company’s operations on a consolidated basis. Accordingly, the Company operates in one reportable segment.
Lessee, Leases	Note 16—Leases At contract inception, the Company determines whether or not an arrangement contains a lease. Upon determination of a lease, a lease right-of-use (“ROU”) asset and related liability are recorded based on the present value of the future lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make future lease payments arising from the lease. The Company has operating leases for drilling rig contracts, office rental agreements and other wellhead equipment. As of December 31, 2024, these leases have remaining lease terms ranging from one month to seven years, some of which include options to extend the lease term for up to five years, and some of which include options to terminate prior to the end of the contractual lease term. These options are considered in determining the lease term and are included in the present value of future payments that are recorded for leases when the Company is reasonably certain to exercise the option. The Company has one finance lease that was entered into in connection with an office building purchase in Midland, Texas. As part of the building purchase, the Company assumed a ninety-nine year ground lease and accordingly, recorded a finance lease liability. Leases with an initial term of one year or less are not recorded in the consolidated balance sheets. Additionally, none of the Company’s lease agreements contain any material residual value guarantees or material restrictive covenants. The following table provides additional information related to the Company’s lease assets and liabilities as presented on balance sheet for the periods presented: (in thousands) Balance Sheet Classification December 31, 2024 December 31, 2023 Assets Operating right-of-use assets Operating lease right-of-use asset $ 119,703 $ 59,359 Finance right-of-use asset Other noncurrent assets 15,033 15,189 Liabilities Current Operating lease liabilities Operating lease liabilities $ 57,216 $ 33,006 Finance lease liability Other current liabilities 772 753 Noncurrent Operating lease liabilities Operating lease liabilities $ 64,288 28,302 Finance lease liability Other noncurrent liabilities 15,168 14,821 The present value of future lease payments is determined at the lease commencement date based upon the Company’s incremental borrowing rate. The incremental borrowing rate is calculated using a risk-free interest rate adjusted for the Company’s specific risk and the specific lease term. The table below summarizes the Company’s weighted average discount rate and weighted-average remaining lease term as of the periods presented. December 31, 2024 December 31, 2023 Operating Leases Finance Lease Operating Leases Finance Lease Weighted-average discount rate 6.04 % 7.3 % 5.55 % 7.3 % Weighted-average remaining lease term (years) 2.59 96.25 3.02 97.25 The Company’s drilling rig contracts, office rental agreements and wellhead equipment agreements contain both lease and non-lease components, which are combined and accounted for as a single lease component. Variable lease payments are recognized in the period in which they are incurred and include operating expenses related to the office rental agreements. Expenses related to short-term leases are recognized on a straight-line basis over the lease term as either expenses to the consolidated statements of operations or capitalized to the consolidated balance sheets. The following table presents the components of the Company’s lease expenses for the periods presented. Year Ended December 31, (in thousands) 2024 2023 Operating lease costs Operating lease cost $ 80,135 $ 40,988 Variable lease cost 3,156 1,222 Short-term lease cost 242,549 168,026 Finance lease costs Amortization of ROU assets 156 117 Interest on lease liabilities 1,149 844 Total lease Cost $ 327,145 $ 211,197 The following table presents supplemental cash flow information related to the Company’s leases for the periods presented. Year Ended December 31, (in thousands) 2024 2023 Operating lease liability payments: Net cash used in operating activities $ 31,026 $ 15,856 Net cash used in investing activities 49,109 25,645 Finance lease liability payments: Net cash used in operating activities 783 577 Right-of-use assets recognized (derecognized) with offsetting operating lease liabilities 113,758 29,713 Right-of-use assets recognized (derecognized) with offsetting finance lease liabilities — 15,306 Maturities of the Company’s long-term operating and finance lease liabilities by fiscal year as of December 31, 2024 are as follows: (in thousands) Operating Leases (1) Finance Lease 2025 $ 60,242 $ 803 2026 46,007 823 2027 13,317 843 2028 3,561 864 2029 2,333 886 2030 and thereafter 4,087 205,534 Total lease payments 129,547 209,753 Less: imputed interest (8,043) (193,813) Present value of lease liabilities $ 121,504 $ 15,940 (1) Total operating lease payments exclude variable lease payments which can be charged under the terms of the lease agreements.
New Accounting Pronouncements, Policy	Recently Issued Accounting Standards In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures , which requires public business entities to disclose specific expense categories in the notes to the financial statements. This ASU is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently assessing the impact of this ASU on the Company’s financial statements

Leases, Codification Topic 842

Leases, Codification Topic 842 (Policies)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Lessee, Leases	Note 16—Leases At contract inception, the Company determines whether or not an arrangement contains a lease. Upon determination of a lease, a lease right-of-use (“ROU”) asset and related liability are recorded based on the present value of the future lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make future lease payments arising from the lease. The Company has operating leases for drilling rig contracts, office rental agreements and other wellhead equipment. As of December 31, 2024, these leases have remaining lease terms ranging from one month to seven years, some of which include options to extend the lease term for up to five years, and some of which include options to terminate prior to the end of the contractual lease term. These options are considered in determining the lease term and are included in the present value of future payments that are recorded for leases when the Company is reasonably certain to exercise the option. The Company has one finance lease that was entered into in connection with an office building purchase in Midland, Texas. As part of the building purchase, the Company assumed a ninety-nine year ground lease and accordingly, recorded a finance lease liability. Leases with an initial term of one year or less are not recorded in the consolidated balance sheets. Additionally, none of the Company’s lease agreements contain any material residual value guarantees or material restrictive covenants. The following table provides additional information related to the Company’s lease assets and liabilities as presented on balance sheet for the periods presented: (in thousands) Balance Sheet Classification December 31, 2024 December 31, 2023 Assets Operating right-of-use assets Operating lease right-of-use asset $ 119,703 $ 59,359 Finance right-of-use asset Other noncurrent assets 15,033 15,189 Liabilities Current Operating lease liabilities Operating lease liabilities $ 57,216 $ 33,006 Finance lease liability Other current liabilities 772 753 Noncurrent Operating lease liabilities Operating lease liabilities $ 64,288 28,302 Finance lease liability Other noncurrent liabilities 15,168 14,821 The present value of future lease payments is determined at the lease commencement date based upon the Company’s incremental borrowing rate. The incremental borrowing rate is calculated using a risk-free interest rate adjusted for the Company’s specific risk and the specific lease term. The table below summarizes the Company’s weighted average discount rate and weighted-average remaining lease term as of the periods presented. December 31, 2024 December 31, 2023 Operating Leases Finance Lease Operating Leases Finance Lease Weighted-average discount rate 6.04 % 7.3 % 5.55 % 7.3 % Weighted-average remaining lease term (years) 2.59 96.25 3.02 97.25 The Company’s drilling rig contracts, office rental agreements and wellhead equipment agreements contain both lease and non-lease components, which are combined and accounted for as a single lease component. Variable lease payments are recognized in the period in which they are incurred and include operating expenses related to the office rental agreements. Expenses related to short-term leases are recognized on a straight-line basis over the lease term as either expenses to the consolidated statements of operations or capitalized to the consolidated balance sheets. The following table presents the components of the Company’s lease expenses for the periods presented. Year Ended December 31, (in thousands) 2024 2023 Operating lease costs Operating lease cost $ 80,135 $ 40,988 Variable lease cost 3,156 1,222 Short-term lease cost 242,549 168,026 Finance lease costs Amortization of ROU assets 156 117 Interest on lease liabilities 1,149 844 Total lease Cost $ 327,145 $ 211,197 The following table presents supplemental cash flow information related to the Company’s leases for the periods presented. Year Ended December 31, (in thousands) 2024 2023 Operating lease liability payments: Net cash used in operating activities $ 31,026 $ 15,856 Net cash used in investing activities 49,109 25,645 Finance lease liability payments: Net cash used in operating activities 783 577 Right-of-use assets recognized (derecognized) with offsetting operating lease liabilities 113,758 29,713 Right-of-use assets recognized (derecognized) with offsetting finance lease liabilities — 15,306 Maturities of the Company’s long-term operating and finance lease liabilities by fiscal year as of December 31, 2024 are as follows: (in thousands) Operating Leases (1) Finance Lease 2025 $ 60,242 $ 803 2026 46,007 823 2027 13,317 843 2028 3,561 864 2029 2,333 886 2030 and thereafter 4,087 205,534 Total lease payments 129,547 209,753 Less: imputed interest (8,043) (193,813) Present value of lease liabilities $ 121,504 $ 15,940 (1) Total operating lease payments exclude variable lease payments which can be charged under the terms of the lease agreements.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Concentration Risk, Percentage of Sales	The table below summarizes the purchasers that accounted for 10% or more of the Company’s total net revenues for the periods presented: Year Ended December 31, 2024 2023 2022 Shell Trading (US) Company 31 % 20 % 21 % Enterprise Crude Oil, LLC 19 % 30 % 18 % BP America 11 % 20 % 34 %

Business Combination (Tables)

Business Combination (Tables)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Combinations [Abstract]
Asset Acquisition	As of the date of this filing, the fair value of assets acquired and liabilities assumed are preliminary and not complete as adjustments may be made. The Company expects to complete the purchase price allocation during the 12-month period subsequent to the Bolt-On Acquisition closing date. The following table represents the preliminary consideration and purchase price allocation of the identifiable assets acquired and the liabilities assumed based on their respective fair values as of the closing date of the business combination. (in thousands, except share and per share data) Bolt-On Acquisition Consideration Total cash consideration given $ 743,496 Fair value of assets acquired: Preliminary Purchase Price Allocation Accounts receivable, net $ 5,556 Oil and natural gas properties, net 770,449 Total assets acquired $ 776,005 Fair value of liabilities assumed: Accounts payable and accrued expenses $ 17,355 Asset retirement obligations 15,154 Total liabilities assumed $ 32,509 Net assets acquired $ 743,496	The purchase price allocation was finalized during the year ended December 31, 2024 . The following table represents the final merger consideration and purchase price allocation of the identifiable assets acquired and the liabilities assumed based on their respective fair values as of the closing date of the Earthstone Merger. (in thousands, except share and per share data) Earthstone Merger Consideration Share consideration Shares of Earthstone Class A common Stock 111,456,669 Shares of Earthstone Class B common Stock 34,255,640 Total Earthstone common stock exchanged 145,712,309 Exchange Ratio 1.446 Shares of Permian Resources Class A Common Stock issued as merger consideration 161,166,344 Shares of Permian Resources Class C Common Stock issued as merger consideration 49,533,655 Total Permian Resources common stock issued as merger consideration 210,699,999 Permian Resources Class A Common Stock price on November 1, 2023 (1) $14.20 Class A Share Consideration $ 2,288,030 Class C Common Stock per share fair value on November 1, 2023 (2) $13.19 Class C Share Consideration $ 653,349 Total Merger Consideration $ 2,941,379 Fair value of assets acquired: Purchase Price Allocation Cash and cash equivalents $ 39,832 Accounts receivable, net 229,828 Prepaid and other assets 53,903 Derivative instruments 862 Operating lease right-of-use assets 10,180 Unproved oil and natural gas properties 938,708 Proved oil and natural gas properties 4,498,192 Other property & equipment, net 1,967 Total assets acquired $ 5,773,472 Fair value of liabilities assumed: Accounts payable and accrued expenses $ 457,283 Derivative instruments 36,361 Long-term debt, net 1,932,570 Asset retirement obligations 71,854 Deferred Taxes 307,126 Operating lease liabilities 10,180 Other liabilities, net 16,719 Total liabilities assumed $ 2,832,093 Net assets acquired $ 2,941,379 (1) The fair value of the common stock issued was based on the adjusted closing price of the Company’s Class A Common Stock on November 1, 2023 of $14.20. (2) The fair value ascribed to the Company’s Class C Common Stock, that was issued as part of the Earthstone Merger consideration, was determined by applying a valuation discount to the share price of the Company’s Class A Common Stock as of the Earthstone Merger closing date. This discount was determined using a Finnerty model, which considers the lack of marketability of the Class C Common Stock associated with its 180-day minimum holding period required per the terms of the transaction agreement governing the Earthstone Merger. The valuation model considers expected volatility based on the historical volatility of the Company’s Class A Common Stock, a risk-free interest rate based on U.S. Treasury yield curves, and the Company’s current dividend yield.
Business Acquisition, Pro Forma Information		The pro forma information is not necessarily indicative of the results that might have occurred had the merger occurred in the past and is not intended to be a projection of future results. Future results may vary significantly from the results reflected in the following pro forma information. Year Ended December 31, 2023 2022 Total Revenue $ 4,769,673 $ 5,309,689 Net Income 896,900 1,110,270 Earnings per share: Basic $ 1.86 $ 2.50 Diluted 1.55 1.75	The pro forma information is not necessarily indicative of the results that might have occurred had the Colgate Merger occurred in the past and is not intended to be a projection of future results. Future results may vary significantly from the results reflected in the following pro forma information. Year Ended December 31, 2022 Total Revenue $ 3,233,675 Net Income 489,596 Earnings per share: Basic $ 1.70 Diluted 1.52

Accounts Receivable, Accounts_2

Accounts Receivable, Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	Accounts receivable are comprised of the following: (in thousands) December 31, 2024 December 31, 2023 Accrued oil and gas sales receivable, net $ 326,393 $ 345,982 Joint interest billings, net 188,474 123,160 Accrued derivative settlements receivable 8,585 8,228 Other 7,000 3,690 Accounts receivable, net $ 530,452 $ 481,060
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued expenses are comprised of the following: (in thousands) December 31, 2024 December 31, 2023 Accounts payable $ 45,965 $ 94,533 Accrued capital expenditures 267,213 271,569 Revenues payable 589,454 527,470 Accrued employee compensation and benefits 28,550 29,836 Accrued interest 121,204 100,882 Accrued expenses and other 146,032 143,235 Accounts payable and accrued expenses $ 1,198,418 $ 1,167,525

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The following table provides information about the Company’s long-term debt as of the dates indicated: (in thousands) December 31, 2024 December 31, 2023 Credit Facility due 2028 $ — $ — Senior Notes 5.375% Senior Notes due 2026 289,448 289,448 7.75% Senior Notes due 2026 — 300,000 6.875% Senior Notes due 2027 — 356,351 8.00% Senior Notes due 2027 550,000 550,000 3.25% Convertible Senior Notes due 2028 170,000 170,000 5.875% Senior Notes due 2029 700,000 700,000 9.875% Senior Notes due 2031 500,000 500,000 7.00% Senior Notes due 2032 1,000,000 1,000,000 6.25% Senior Notes due 2033 1,000,000 — Unamortized debt issuance costs on Senior Notes (31,545) (23,149) Unamortized debt (discount)/premium 6,330 6,131 Senior Notes, net 4,184,233 3,848,781 Total long-term debt, net $ 4,184,233 $ 3,848,781

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligations	The following table summarizes changes in the Company’s asset retirement obligations (“ARO”) associated with its working interests in oil and gas properties for the periods presented: (in thousands) December 31, 2024 December 31, 2023 Asset retirement obligations, beginning of period $ 121,417 $ 40,947 Liabilities assumed in mergers and acquisitions 24,204 79,114 Liabilities incurred 10,964 4,056 Liabilities divested and settled (5,435) (6,552) Accretion expense 9,424 3,576 Revision to estimated cash flows (485) 276 Asset retirement obligations, end of period 160,089 121,417 Less current portion (1) (11,646) — Asset retirement obligations - long-term, end of period $ 148,443 $ 121,417 (1) The current portion of ARO is included within Other current liabilities in the consolidated balance sheets.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan	The following table summarizes stock-based compensation expense recognized for the periods presented: Year Ended December 31, (in thousands) 2024 2023 2022 Equity Awards Restricted stock $ 26,216 $ 34,762 $ 36,825 Stock option awards — 1 80 Performance stock units 34,183 43,655 79,282 Other stock-based compensation expense (1) — — 293 Total stock-based compensation - equity awards 60,399 78,418 116,480 Liability Awards Performance stock units — — (14,789) Total stock-based compensation expense $ 60,399 $ 78,418 $ 101,691 (1)
Nonvested Restricted Stock Shares Activity	The following table provides information about restricted stock activity during the year ended December 31, 2024: Restricted Stock Weighted Average Fair Value Unvested balance as of December 31, 2023 3,821,231 $ 8.58 Granted 2,475,559 14.90 Vested (1,947,806) 10.12 Forfeited (734,681) 11.07 Unvested balance as of December 31, 2024 3,614,303 12.64
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	No stock options were granted during the years ended December 31, 2024, 2023 and 2022.
Schedule of Share-based Compensation, Stock Options, Activity	The following table provides information about stock option awards outstanding during the year ended December 31, 2024: Options Weighted Average Exercise Price Weighted Average Remaining Term (in years) Aggregate Intrinsic Value Outstanding as of December 31, 2023 681,699 $ 16.64 Granted — — Exercised (22,666) 11.26 $ 127 Forfeited — — Expired (271,000) 17.86 Outstanding as of December 31, 2024 388,033 16.10 3.0 $ 628 Exercisable as of December 31, 2024 388,033 16.10 3.0 $ 628
Schedule of Share-based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions	The following table summarizes the key assumptions and related information used to determine the fair value of PSUs measured during the periods presented: Year Ended December 31, 2024 2023 2022 Weighted average fair value per share $24.81 $18.19 $12.59 Weighted Average Expected implied stock volatility 43.9% 55.4% 72.3% Weighted Average risk-free interest rate 4.3% 4.2% 3.2%
Share-based Compensation, Performance Shares Award Outstanding Activity	The following table provides information about PSUs outstanding during the year ended December 31, 2024: Awards Weighted Average Fair Value Unvested balance as of December 31, 2023 5,019,425 $ 15.18 Granted 739,738 24.81 Vested (1) (283,462) 20.81 Forfeited (132,302) 20.12 Unvested balance as of December 31, 2024 5,343,399 16.54 (1) This balance includes vested PSU awards as of December 31, 2024 based on the original number of PSUs granted. Actual PSUs vested is based upon the Company’s absolute annualized TSR calculation and the Company’s TSR relative to the TSR of a peer group of companies at the time of vesting, which may be greater than or less than the original number granted.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the approximate volumes and average contract prices of derivative contracts the Company had in place as of December 31, 2024: Period Volume (Bbls) Volume (Bbls/d) Wtd. Avg. Crude Price ($/Bbl) (1) Crude oil swaps January 2025 - March 2025 3,870,000 43,000 $75.15 April 2025 - June 2025 3,913,000 43,000 73.85 July 2025 - September 2025 3,956,000 43,000 72.65 October 2025 - December 2025 3,956,000 43,000 71.62 January 2026 - March 2026 1,575,000 17,500 71.49 April 2026 - June 2026 1,592,500 17,500 70.61 July 2026 - September 2026 1,610,000 17,500 69.77 October 2026 - December 2026 1,610,000 17,500 69.08 Period Volume (Bbls) Volume (Bbls/d) Wtd. Avg. Differential ($/Bbl) (2) Crude oil basis differential swaps January 2025 - March 2025 3,870,000 43,000 $1.11 April 2025 - June 2025 3,913,000 43,000 1.11 July 2025 - September 2025 3,956,000 43,000 1.11 October 2025 - December 2025 3,956,000 43,000 1.11 January 2026 - March 2026 1,575,000 17,500 1.15 April 2026 - June 2026 1,592,500 17,500 1.15 July 2026 - September 2026 1,610,000 17,500 1.15 October 2026 - December 2026 1,610,000 17,500 1.15 Period Volume (Bbls) Volume (Bbls/d) Wtd. Avg. Differential ($/Bbl) (3) Crude oil roll differential swaps January 2025 - March 2025 3,870,000 43,000 $0.42 April 2025 - June 2025 3,913,000 43,000 0.42 July 2025 - September 2025 3,956,000 43,000 0.42 October 2025 - December 2025 3,956,000 43,000 0.42 January 2026 - March 2026 1,575,000 17,500 0.28 April 2026 - June 2026 1,592,500 17,500 0.28 July 2026 - September 2026 1,610,000 17,500 0.28 October 2026 - December 2026 1,610,000 17,500 0.28 (1) These crude oil swap transactions are settled based on the NYMEX WTI index price on each trading day within the specified monthly settlement period versus the contractual swap price for the volumes stipulated. (2) These crude oil basis swap transactions are settled based on the difference between the arithmetic average of ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during each applicable monthly settlement period. (3) These crude oil roll swap transactions are settled based on the difference between the arithmetic average of NYMEX WTI calendar month prices and the physical crude oil delivery month price. Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Gas Price ($/MMBtu) (1) Natural gas swaps January 2025 - March 2025 11,070,000 123,000 $3.44 April 2025 - June 2025 11,193,000 123,000 3.12 July 2025 - September 2025 11,316,000 123,000 3.43 October 2025 - December 2025 11,316,000 123,000 3.85 January 2026 - March 2026 8,190,000 91,000 4.08 April 2026 - June 2026 8,281,000 91,000 3.40 July 2026 - September 2026 8,372,000 91,000 3.65 October 2026 - December 2026 8,372,000 91,000 4.01 Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Differential ($/MMBtu) (2) Natural gas basis differential swaps January 2025 - March 2025 11,070,000 123,000 $(0.83) April 2025 - June 2025 11,193,000 123,000 (1.35) July 2025 - September 2025 11,316,000 123,000 (1.23) October 2025 - December 2025 11,316,000 123,000 (1.25) January 2026 - March 2026 8,190,000 91,000 (1.09) April 2026 - June 2026 8,281,000 91,000 (2.27) July 2026 - September 2026 8,372,000 91,000 (1.29) October 2026 - December 2026 8,372,000 91,000 (0.98) (1) These natural gas swap contracts are settled based on the NYMEX Henry Hub price on each trading day within the specified monthly settlement period versus the contractual swap price for the volumes stipulated. (2)
Schedule of Impact of Derivative Instruments	The following table presents the impact of the Company’s derivative instruments in its consolidated statements of operations for the periods presented: Year Ended December 31, (in thousands) 2024 2023 2022 Net gain (loss) on derivative instruments $ 94,986 $ 114,016 $ (42,368)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The tables below summarize the fair value amounts and the classification in the consolidated balance sheets of the Company’s derivative contracts outstanding at the respective balance dates, as well as the gross recognized derivative assets, liabilities and offset amounts: Balance Sheet Classification Gross Fair Value Asset/Liability Amounts Gross Amounts Offset (1) Net Recognized Fair Value Assets/Liabilities (in thousands) December 31, 2024 Derivative Assets Commodity contracts Derivative instruments $ 95,771 $ (10,262) $ 85,509 Other noncurrent assets 32,858 (3,971) 28,887 Derivative Liabilities Commodity contracts Other current liabilities $ 13,302 $ (10,262) $ 3,040 Other noncurrent liabilities 3,971 (3,971) — December 31, 2023 Derivative Assets Commodity contracts Derivative instruments $ 88,192 $ (17,601) $ 70,591 Other noncurrent assets 29,469 (2,435) 27,034 Derivative Liabilities Commodity contracts Other current liabilities $ 20,326 $ (17,601) $ 2,725 Other noncurrent liabilities 3,762 (2,435) 1,327 (1) The Company has agreements in place with each of its counterparties that allow for the financial right of offset for derivative assets against derivative liabilities at settlement or in the event of a default under the agreements or if contracts are terminated.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	The following table presents, for each applicable level within the fair value hierarchy, the Company’s net derivative assets and liabilities, including both current and noncurrent portions, measured at fair value on a recurring basis: (in thousands) Level 1 Level 2 Level 3 December 31, 2024 Total assets $ — $ 114,396 $ — Total liabilities — 3,040 — December 31, 2023 Total assets $ — $ 97,625 $ — Total liabilities — 4,052 —
Schedule of Fair Value Measurement of Financial Instruments	The Company’s senior notes and borrowings under its Credit Agreement are accounted for at cost. The following table summarizes the carrying values, principal amounts and fair values of these instruments as of the periods indicated: December 31, 2024 December 31, 2023 Carrying Value Principal Amount Fair Value Carrying Value Principal Amount Fair Value Credit Facility (1) $ — $ — $ — $ — $ — $ — 5.375% Senior Notes due 2026 (2) 288,357 289,448 287,400 287,408 289,448 285,287 7.75% Senior Notes due 2026 (2) — — — 300,000 300,000 304,551 6.875% Senior Notes due 2027 (2) — — — 352,619 356,351 356,852 8.00% Senior Notes due 2027 (2) 560,910 550,000 561,855 565,063 550,000 568,473 3.25% Convertible Senior Notes due 2028 (2)(3) 166,803 170,000 436,554 165,897 170,000 404,124 5.875% Senior Notes due 2029 (2) 664,935 700,000 688,103 658,562 700,000 684,705 9.875% Senior Notes due 2031 (2) 532,730 500,000 550,562 536,280 500,000 555,625 7.00% Senior Notes due 2032 (2) 984,426 1,000,000 1,017,903 982,952 1,000,000 1,030,790 6.25% Senior Notes due 2033 (2) 986,072 1,000,000 989,508 — — — (1) The carrying values of the amounts outstanding under OpCo’s Credit Agreement approximate fair value because its variable interest rates are tied to current market rates and the applicable credit spreads represent current market rates for the credit risk profile of the Company. (2) The carrying values include associated unamortized debt issuance costs and any debt discounts or premiums as reflected in the consolidated balance sheets. The fair values are determined using quoted market prices for these debt securities, a Level 1 classification in the fair value hierarchy, and are based on the aggregate principal amount of the senior notes outstanding. (3) The Convertible Senior Notes are subject to certain conditions that allow them to be convertible prior to their maturity and as of December 31, 2024, noteholders have the right to convert during the first quarter of 2025. The Company has Capped Call Transactions that cover the aggregate number of shares of Class A Common Stock that underlie the Convertible Senior Notes and would offset any cash payment OpCo is required to make in excess of the principal amount of these notes. Refer to Note 5—Long-Term Debt for additional information on the

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Dividends Declared	The following table summarizes the Company’s base and variable dividend per share of Class A Common Stock and distribution per Common Unit (each of which has an underlying share of Class C Common Stock) declared and paid during each period: Dividend/Distribution per Share Total Dividends/Distributions Declared and Paid Base Variable Total Year ended, (in thousands) December 31, 2024 $ 0.32 $ 0.39 $ 0.71 $ 560,865 December 31, 2023 $ 0.20 $ 0.17 $ 0.37 $ 236,004

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reflects the EPS computations for the periods indicated based on a weighted average number of Class A Common Stock outstanding each period: Year Ended December 31, (in thousands, except per share data) 2024 2023 2022 Net income attributable to Class A Common Stock $ 984,701 $ 476,306 $ 515,037 Add: Interest on Convertible Senior Notes, net of tax 5,182 5,433 5,484 Adjusted net income attributable to Class A Common Stock $ 989,883 $ 481,739 $ 520,521 Basic weighted average shares of Class A Common Stock outstanding 640,662 349,213 286,160 Add: Dilutive effects of Convertible Senior Notes 29,408 27,710 27,074 Add: Dilutive effects of equity awards and ESPP shares 14,422 12,173 9,582 Diluted weighted average shares of Class A Common Stock outstanding 684,492 389,096 322,816 Basic net earnings per share of Class A Common Stock $ 1.54 $ 1.36 $ 1.80 Diluted net earnings per share of Class A Common Stock $ 1.45 $ 1.24 $ 1.61
Summary of Shares Excluded From Diluted Earnings Per Share Calculation	The following table presents shares excluded from the diluted earnings per share calculation for the periods presented as their impact was anti-dilutive: Year Ended December 31, (in thousands) 2024 2023 2022 Out-of-the-money stock options 444 1,260 2,038 Restricted stock 172 55 823 Performance stock units 208 29 941 Weighted average shares of Class C Common Stock 144,566 248,511 90,013

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Income tax expenses and benefits included in the consolidated statements of operations are detailed below: Year Ended December 31, (in thousands) 2024 2023 2022 Current taxes Federal $ 47 $ (104) $ — State 1,276 2,893 2,796 Total current tax expense 1,323 2,789 2,796 Deferred taxes Federal 281,513 132,039 106,011 State 17,506 21,117 11,485 Total deferred tax expense 299,019 153,156 117,496 Total income tax expense $ 300,342 $ 155,945 $ 120,292
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the statutory federal income tax expense, which is calculated at the federal statutory rate of 21%, to the income tax expense from continuing operations for the periods presented is provided below. In connection with the Earthstone Merger and Colgate Merger and the issuance of Class C Common Stock of the Company, noncontrolling interest in the partnership is the Company’s largest reconciling item to the federal statutory rate. Year Ended December 31, (in thousands) 2024 2023 2022 Income tax expense at the federal statutory rate $ 325,679 $ 217,486 $ 182,728 State income tax expense - net of federal benefit 20,600 18,741 16,007 Noncontrolling interest in partnership (55,820) (83,690) (49,309) Nondeductible stock-based and other compensation (3,604) 963 10,827 Nondeductible expenses and other 13,487 2,445 122 Change in valuation allowance — — (40,083) Income tax expense $ 300,342 $ 155,945 $ 120,292
Schedule of Deferred Tax Assets and Liabilities	The tax effects of temporary differences that give rise to significant positions of the deferred income tax assets and liabilities are presented below: (in thousands) December 31, 2024 December 31, 2023 Deferred tax assets: Net operating loss carryforwards $ 260,881 $ 104,915 Other assets 245 219 Total deferred tax assets 261,126 105,134 Deferred tax liabilities: Investment in OpCo (863,499) (527,755) Valuation allowance (6) (6) Net deferred tax asset (liability) $ (602,379) $ (422,627) The following table summarizes the amounts and classification in the consolidated balance sheets of the Company’s deferred taxes outstanding at the respective balance dates: (in thousands) December 31, 2024 December 31, 2023 Deferred tax assets: Other noncurrent assets $ — $ — Deferred tax liabilities: Deferred income taxes (602,379) (422,627) Total deferred income taxes, net $ (602,379) $ (422,627)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contractual Obligation, Fiscal Year Maturity	The following table is a schedule of the Company’s future minimum payments required under contractual commitments that have initial or remaining non-cancelable terms in excess of one year as of December 31, 2024 : (in thousands) 2025 2026 2027 2028 2029 Thereafter Total Purchase obligations $ 57,578 $ 56,757 $ 15,251 $ 13,233 $ 724 $ — $ 143,543

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Summary of Disaggregated Oil and Gas Revenues	Oil and gas revenues presented within the consolidated statements of operations relate to the sale of oil, natural gas and NGLs as shown below: Year Ended December 31, 2024 2023 2022 Operating revenues (in thousands): Oil sales $ 4,362,965 $ 2,696,777 $ 1,622,035 Natural gas sales (1) 240 142,077 276,957 NGL sales (2) 637,529 282,039 232,273 Oil and gas sales $ 5,000,734 $ 3,120,893 $ 2,131,265 (1) Natural gas sales include a portion of gathering, processing and transportation (“GP&T”) costs that are reflected as a reduction to natural gas sales of $104.1 million for the year ended December 31, 2024, $48.9 million for the year ended December 31, 2023 and $13.1 million for the year ended December 31, 2022. (2) NGL sales include a portion of GP&T costs that are reflected as a reduction to NGL sales of $90.0 million for the year ended December 31, 2024, $73.3 million for the year ended December 31, 2023 and $10.6 million for the year ended December 31, 2022.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Discount Rate and Remaining Lease Term, Components of Lease Expenses, and Other Information	Variable lease payments are recognized in the period in which they are incurred and include operating expenses related to the office rental agreements. Expenses related to short-term leases are recognized on a straight-line basis over the lease term as either expenses to the consolidated statements of operations or capitalized to the consolidated balance sheets. The following table presents the components of the Company’s lease expenses for the periods presented. Year Ended December 31, (in thousands) 2024 2023 Operating lease costs Operating lease cost $ 80,135 $ 40,988 Variable lease cost 3,156 1,222 Short-term lease cost 242,549 168,026 Finance lease costs Amortization of ROU assets 156 117 Interest on lease liabilities 1,149 844 Total lease Cost $ 327,145 $ 211,197
Schedule of Maturities of Operating Lease Liabilities	Maturities of the Company’s long-term operating and finance lease liabilities by fiscal year as of December 31, 2024 are as follows: (in thousands) Operating Leases (1) Finance Lease 2025 $ 60,242 $ 803 2026 46,007 823 2027 13,317 843 2028 3,561 864 2029 2,333 886 2030 and thereafter 4,087 205,534 Total lease payments 129,547 209,753 Less: imputed interest (8,043) (193,813) Present value of lease liabilities $ 121,504 $ 15,940 (1) Total operating lease payments exclude variable lease payments which can be charged under the terms of the lease agreements.
Schedule of Cash Flow, Supplemental Disclosures	The following table presents supplemental cash flow information related to the Company’s leases for the periods presented. Year Ended December 31, (in thousands) 2024 2023 Operating lease liability payments: Net cash used in operating activities $ 31,026 $ 15,856 Net cash used in investing activities 49,109 25,645 Finance lease liability payments: Net cash used in operating activities 783 577 Right-of-use assets recognized (derecognized) with offsetting operating lease liabilities 113,758 29,713 Right-of-use assets recognized (derecognized) with offsetting finance lease liabilities — 15,306
Summary of Operating & Financing Right-of-Use Assets & Lease Liabilities	The following table provides additional information related to the Company’s lease assets and liabilities as presented on balance sheet for the periods presented: (in thousands) Balance Sheet Classification December 31, 2024 December 31, 2023 Assets Operating right-of-use assets Operating lease right-of-use asset $ 119,703 $ 59,359 Finance right-of-use asset Other noncurrent assets 15,033 15,189 Liabilities Current Operating lease liabilities Operating lease liabilities $ 57,216 $ 33,006 Finance lease liability Other current liabilities 772 753 Noncurrent Operating lease liabilities Operating lease liabilities $ 64,288 28,302 Finance lease liability Other noncurrent liabilities 15,168 14,821
Assets And Liabilities, Lessee	The present value of future lease payments is determined at the lease commencement date based upon the Company’s incremental borrowing rate. The incremental borrowing rate is calculated using a risk-free interest rate adjusted for the Company’s specific risk and the specific lease term. The table below summarizes the Company’s weighted average discount rate and weighted-average remaining lease term as of the periods presented. December 31, 2024 December 31, 2023 Operating Leases Finance Lease Operating Leases Finance Lease Weighted-average discount rate 6.04 % 7.3 % 5.55 % 7.3 % Weighted-average remaining lease term (years) 2.59 96.25 3.02 97.25

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $	$ 479,343	$ 73,864	$ 69,932	$ 9,935
Number of Reportable Segments | segment	1
Minimum
Organization, Consolidation and Presentation of Financial Statements [Line Items]
PP&E, useful life	3 years
Revenue collection period	30 days
Maximum
Organization, Consolidation and Presentation of Financial Statements [Line Items]
PP&E, useful life	20 years
Revenue collection period	60 days

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Credit Risk and Other Concentrations (Details) - Customer Concentration Risk - Sales Revenue, Net	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
BP America
Concentration Risk [Line Items]
Concentration risk percent	11%	20%	34%
Shell Trading (US) Company
Concentration Risk [Line Items]
Concentration risk percent	31%	20%	21%
Enterprise Crude Oil, LLC
Concentration Risk [Line Items]
Concentration risk percent	19%	30%	18%

Business Combination - Earthsto

Business Combination - Earthstone Merger (Details) $ / shares in Units, $ in Thousands	Nov. 01, 2023 USD ($) a shares	Dec. 31, 2024 a	Aug. 21, 2023 $ / shares
Business Acquisition [Line Items]
Merger, Number of Net Leasehold Acres | a		105,000
Earthstone Merger Agreement
Business Acquisition [Line Items]
Business Combination, Stock Conversion Ratio | $ / shares			$ 1.446
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	210,699,999
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-Term Debt | $	$ 1,932,570
Earthstone Merger Agreement | Common Class A
Business Acquisition [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	161,166,344
Earthstone Merger Agreement | Class C
Business Acquisition [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	49,533,655
Midland Basin | Earthstone Merger Agreement
Business Acquisition [Line Items]
Merger, Number of Net Leasehold Acres | a	167,000
Delaware Basin | Earthstone Merger Agreement
Business Acquisition [Line Items]
Merger, Number of Net Leasehold Acres | a	56,000

Business Combination - Earths_2

Business Combination - Earthstone Purchase Allocation (Details) $ / shares in Units, $ in Thousands	Nov. 01, 2023 USD ($) $ / shares shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Deferred tax liability assumed in asset acquisition and merger		$ 0	$ 344,223	$ 0
Earthstone Merger Agreement
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Equity Interests Issued And Issuable, Entity Shares Issued Per Acquiree Share	1.446
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	210,699,999
Business Combination, Consideration Transferred	$ 2,941,379
Cash and cash equivalents	39,832
Accounts receivable, net	229,828
Prepaid and other assets	53,903
Derivative instruments	862
Operating lease right-of-use assets	10,180
Other property and equipment	1,967
Total assets acquired	5,773,472
Accounts payable and accrued expenses	457,283
Derivative instruments	36,361
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-Term Debt	1,932,570
Asset retirement obligations	71,854
Deferred tax liability assumed in asset acquisition and merger	307,126
Operating lease liabilities	10,180
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	16,719
Total liabilities assumed	2,832,093
Net assets acquired	$ 2,941,379
Earthstone Merger Agreement | Earthstone
Business Acquisition [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	145,712,309
Earthstone Merger Agreement | Unproved Property
Business Acquisition [Line Items]
Other property and equipment	$ 938,708
Earthstone Merger Agreement | Proved Property [Member]
Business Acquisition [Line Items]
Other property and equipment	$ 4,498,192
Earthstone Merger Agreement | Common Class A
Business Acquisition [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	161,166,344
Class A Common Stock per share fair value on business combination date | $ / shares	$ 14.20
Business Combination, Consideration Transferred	$ 2,288,030
Earthstone Merger Agreement | Common Class A | Earthstone
Business Acquisition [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	111,456,669
Earthstone Merger Agreement | Common Class B
Business Acquisition [Line Items]
Class A Common Stock per share fair value on business combination date | $ / shares	$ 13.19
Earthstone Merger Agreement | Common Class B | Earthstone
Business Acquisition [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	34,255,640
Earthstone Merger Agreement | Class C
Business Acquisition [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	49,533,655
Business Combination, Consideration Transferred	$ 653,349

Business Combination - Earths_3

Business Combination - Earthstone Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual	$ 337,300	$ 564,000
Business Combination, Operating Expenses of Acquiree since Acquisition Date	211,800	132,400
Merger and integration expense	18,064	125,331	$ 77,424
Earthstone Merger Agreement
Business Acquisition [Line Items]
Merger and integration expense	$ 18,100	$ 106,900
Basic net income (loss) per share (in dollars per share)		$ 1.86	$ 2.50
Diluted net income (loss) per share (in dollars per share)		$ 1.55	$ 1.75
Earthstone
Business Acquisition [Line Items]
Oil and gas sales		$ 4,769,673	$ 5,309,689
Net income attributable to Class A Common Stock		$ 896,900	$ 1,110,270

Business Combination - Colgate

Business Combination - Colgate Narrative (Details) shares in Thousands, a in Thousands, $ in Millions	Sep. 01, 2022 USD ($) shares	Dec. 31, 2024 a
Business Acquisition [Line Items]
Total purchase price consideration | $	$ 525
Merger, Number of Net Leasehold Acres		105
Merger, Net Royalty Acres		25
Colgate
Business Acquisition [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	269,300

Business Combination - Colgat_2

Business Combination - Colgate Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual	$ 337,300	$ 564,000
Business Combination, Operating Expenses of Acquiree since Acquisition Date	211,800	132,400
Merger and integration expense	18,064	125,331	$ 77,424
Colgate
Business Acquisition [Line Items]
Merger and integration expense	$ 18,400	$ 77,400
Oil and gas sales			3,233,675
Net income attributable to Class A Common Stock			$ 489,596
Basic net income (loss) per share (in dollars per share)			$ 1.70
Diluted net income (loss) per share (in dollars per share)			$ 1.52

Business Combination Bolt-On Ac

Business Combination Bolt-On Acquisition (Details) $ in Thousands	Sep. 17, 2024 USD ($) a
Bolt-On Acquisition
Asset Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 743,496
Accounts receivable, net	5,556
Other property and equipment	770,449
Total assets acquired	776,005
Accounts payable and accrued expenses	17,355
Asset retirement obligations	15,154
Total liabilities assumed	32,509
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$ 743,496
Bolt-On Acquisition, Leasehold Acres
Asset Acquisition [Line Items]
Area of Land | a	29,500
Bolt-On Acquisition, Royalty Acres
Asset Acquisition [Line Items]
Area of Land | a	9,900
Bolt-On Acquisition, Midstream Miles of O&G Gathering Systems
Asset Acquisition [Line Items]
Area of Land | a	100
Bolt-On Acquisition, Midstream Surface Acres
Asset Acquisition [Line Items]
Area of Land | a	10,000

Property Acquisitions & Divesti

Property Acquisitions & Divestiture (Details) a in Thousands, $ in Thousands			12 Months Ended
	Dec. 31, 2024 USD ($) a	Mar. 13, 2023 USD ($)	Dec. 31, 2024 USD ($) a	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Contingent considerations received related to divestiture			$ 0	$ 60,000	$ 0
Proceeds from sales of oil and natural gas properties			$ 16,445	115,459	75,620
Merger, Number of Net Leasehold Acres | a	105		105
Asset Acquisition [Line Items]
Deferred Tax Liabilities, Net	$ 602,379		$ 602,379	422,627
Merger, Net Royalty Acres | a	25		25
Merger, Number of Net Leasehold Acres | a	105		105
Contingent considerations received related to divestiture			$ 0	60,000	0
Proceeds from sales of oil and natural gas properties			16,445	115,459	$ 75,620
2023 Divestiture
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Contingent considerations received related to divestiture		$ 125,000
Proceeds from sales of oil and natural gas properties		65,000
Noncash or Part Noncash Divestiture, Amount of Consideration Received	$ 40,000	60,000
Asset Acquisition [Line Items]
Contingent considerations received related to divestiture		125,000
Noncash or Part Noncash Divestiture, Amount of Consideration Received	$ 40,000	60,000
Proceeds from sales of oil and natural gas properties		$ 65,000
2024 Acquisitions
Asset Acquisition [Line Items]
Asset Acquisition, Price of Acquisition, Expected			$ 392,300
2023 Acquisition
Asset Acquisition [Line Items]
Asset Acquisition, Price of Acquisition, Expected				$ 219,000

Accounts Receivable, Accounts_3

Accounts Receivable, Accounts Payable and Accrued Expenses - Schedule of Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued oil and gas sales receivable, net	$ 326,393	$ 345,982
Joint interest billings, net	188,474	123,160
Other	7,000	3,690
Accounts receivable, net	530,452	481,060
Hedging Assets, Current	$ 8,585	$ 8,228

Accounts Receivable, Accounts_4

Accounts Receivable, Accounts Payable and Accrued Expenses - Schedule of Payables and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable	$ 45,965	$ 94,533
Accrued capital expenditures	267,213	271,569
Oil and Gas Sales Payable, Current	589,454	527,470
Accrued employee compensation and benefits	28,550	29,836
Accrued interest	121,204	100,882
Accrued expenses and other	146,032	143,235
Accounts payable and accrued expenses	$ 1,198,418	$ 1,167,525

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)	Dec. 31, 2024	Aug. 05, 2024	Apr. 05, 2024	Dec. 31, 2023	Nov. 01, 2023	Sep. 12, 2023	Sep. 01, 2022	Mar. 26, 2021	Mar. 19, 2021	May 22, 2020	Mar. 15, 2019	Nov. 30, 2017
Debt Instrument [Line Items]
Long-term debt, net	$ 4,184,233,000			$ 3,848,781,000
Senior Notes
Debt Instrument [Line Items]
Debt issuance costs	(31,545,000)			(23,149,000)
Debt Instrument, Unamortized Discount (Premium), Net	(6,330,000)			(6,131,000)
Long-term debt, net	4,184,233,000			3,848,781,000
Senior Notes | Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term debt	289,448,000			289,448,000								$ 400,000,000
Interest rate, stated percentage												5.375%
Senior Notes | Senior Notes Due 2027
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 356,400,000
Long-term debt	0			356,351,000							$ 500,000,000
Interest rate, stated percentage											6.875%
Senior Notes | Senior Secured Note due 2025
Debt Instrument [Line Items]
Long-term debt										$ 127,100,000
Interest rate, stated percentage										8%
Senior Notes | 7.75% Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term debt	0			300,000,000			$ 300,000,000
Interest rate, stated percentage							7.75%
Senior Notes | 5.875% Senior Notes Due 2029
Debt Instrument [Line Items]
Long-term debt	700,000,000			700,000,000
Interest rate, stated percentage							30%
Senior Notes | 8.00% Senior Notes Due 2027
Debt Instrument [Line Items]
Long-term debt	550,000,000			550,000,000	$ 550,000,000
Interest rate, stated percentage					8%
Debt Instrument, Unamortized Premium					$ 15,700,000
Senior Notes | 9.875% Senior Notes Due 2031
Debt Instrument [Line Items]
Long-term debt	500,000,000			500,000,000	$ 500,000,000
Interest rate, stated percentage					9.875%
Debt Instrument, Unamortized Premium					$ 36,800,000
Senior Notes | 7.00% Senior Notes due 2032 [Domain]
Debt Instrument [Line Items]
Interest rate, stated percentage						7%
Senior Notes | 2033 Senior Notes
Debt Instrument [Line Items]
Long-term debt	1,000,000,000	$ 1,000,000,000		0
Interest rate, stated percentage		6.25%
Convertible Notes Payable | Convertible Senior Notes Due 2028
Debt Instrument [Line Items]
Long-term debt	170,000,000			170,000,000				$ 20,000,000	$ 150,000,000
Interest rate, stated percentage									3.25%
Convertible Notes Payable | 5.875% Senior Notes Due 2029
Debt Instrument [Line Items]
Long-term debt	700,000,000			700,000,000			$ 700,000,000
Interest rate, stated percentage							5.875%
Convertible Notes Payable | 9.875% Senior Notes Due 2031
Debt Instrument [Line Items]
Long-term debt	500,000,000			500,000,000
Convertible Notes Payable | 7.00% Senior Notes due 2032 [Domain]
Debt Instrument [Line Items]
Long-term debt	1,000,000,000			1,000,000,000
Convertible Notes Payable | 2033 Senior Notes
Debt Instrument [Line Items]
Long-term debt	1,000,000,000			0
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Long-term Debt, Gross	0			0
Long-term debt	$ 0			$ 0

Long-Term Debt - Credit Agreeme

Long-Term Debt - Credit Agreement (Details) - Line of Credit $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Fair Value of Amount Outstanding	$ 0
Available borrowing capacity	2,500,000
Borrowing base amount	$ 4,000,000
Revolving Credit Facility | Federal Funds Rate
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Revolving Credit Facility | Credit Spread Adjustment - Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.10%
Revolving Credit Facility | One-Month Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1%
Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage on unused amounts	0.375%
Debt instrument, covenant, minimum current ratio	1
Line of Credit Facility, Current Borrowing Capacity, Elected Commitments	$ 2,500,000
Old Line of Credit Facility, Current Borrowing Capacity, Elected Commitments	$ 2,000,000
Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Revolving Credit Facility | Minimum | Adjusted Term - Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Borrowing base amount	$ 6,000,000
Commitment fee percentage on unused amounts	0.50%
Debt instrument, covenant, maximum leverage ratio	3.5
Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.75%
Revolving Credit Facility | Maximum | Adjusted Term - Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Letter of Credit [Member]
Line of Credit Facility [Line Items]
Letters of credit outstanding	$ 2,500

Long-Term Debt - Convertible Se

Long-Term Debt - Convertible Senior Notes (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
	Mar. 26, 2021	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Mar. 19, 2021
Debt Instrument [Line Items]
Redemption price percentage			100%
Long-term debt, net		$ 4,184,233	$ 4,184,233	$ 3,848,781
Convertible Senior Notes Due 2028 | Convertible Notes Payable
Debt Instrument [Line Items]
Long-term debt	$ 20,000	$ 170,000	$ 170,000	170,000	$ 150,000
Interest rate, stated percentage					3.25%
Proceeds from borrowings	163,600
Debt issuance costs	$ 6,400
Redemption price percentage			130%
Debt Instrument, Convertible, Threshold Trading Days			20
Debt Instrument, Convertible, Threshold Consecutive Trading Days			30
Debt Instrument, Convertible, Conversion Price		$ 6.28	$ 6.28
Debt Instrument, Convertible, Event Of Default, Minimum Percentage Of Aggregate Principal Amount Holders May Declare Immediately Due And Payable		25%	25%
Conversion of common shares (in shares)		172.9908	159.2610
Convertible Senior Notes Due 2028 | Convertible Notes Payable | Carrying Value
Debt Instrument [Line Items]
Long-term debt, net		$ 166,803	$ 166,803	$ 165,897
Convertible Senior Notes Due 2028 | Convertible Notes Payable | Redemption Period One
Debt Instrument [Line Items]
Long-term debt		$ 1	$ 1
Redemption price percentage			130%
Debt Instrument, Convertible, Threshold Trading Days			20
Debt Instrument, Convertible, Threshold Consecutive Trading Days			30
Convertible Senior Notes Due 2028 | Convertible Notes Payable | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt Instrument, Convertible, Threshold Consecutive Trading Days			10
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger			98%

Long-Term Debt - Capped Call Tr

Long-Term Debt - Capped Call Transactions (Details) - Convertible Senior Notes Due 2028 - Convertible Notes Payable $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares
Line of Credit Facility [Line Items]
debt instrument conversion cap price	$ 8.4525
debt instrument conversion strike price	$ 6.28
Payment of Debt Premium Charges | $	$ 14.7

Long-Term Debt - Senior Unsecur

Long-Term Debt - Senior Unsecured Notes Debt Exchange (Details) - Senior Notes - Senior Secured Note due 2025 $ in Millions	May 22, 2020 USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 127.1
Interest rate, stated percentage	8%

Long-Term Debt - Senior Unsec_2

Long-Term Debt - Senior Unsecured Notes (Details) - USD ($)							1 Months Ended	12 Months Ended
	Aug. 05, 2024	Dec. 13, 2023	Nov. 01, 2023	Sep. 12, 2023	Sep. 01, 2022	May 22, 2020	Aug. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 08, 2024	Mar. 15, 2019	Nov. 30, 2017
Debt Instrument [Line Items]
Redemption price percentage								100%
Gain (Loss) on Extinguishment of Debt								$ (8,585,000)	$ 0	$ 0
Senior Notes
Debt Instrument [Line Items]
Redemption price percentage								100%
Percentage of principal amount, redeemable								65%
Debt Instrument, Redemption Period, Maximum Period Within Closing Of Offering								180 days
Percentage of principal amount, eligible to be redeemed								35%
Senior Notes Due 2027 | Senior Notes
Debt Instrument [Line Items]
Long-term debt								$ 0	356,351,000			$ 500,000,000
Interest rate, stated percentage												6.875%
Debt Conversion, Original Debt, Amount						$ 143,700,000
Senior Notes Due 2026 | Senior Notes
Debt Instrument [Line Items]
Long-term debt								289,448,000	289,448,000				$ 400,000,000
Interest rate, stated percentage													5.375%
Senior Secured Note due 2025 | Senior Notes
Debt Instrument [Line Items]
Long-term debt						$ 127,100,000
Interest rate, stated percentage						8%
Debt Instrument, Issued Price, Percentage						100%
5.875% Senior Notes Due 2029 | Senior Notes
Debt Instrument [Line Items]
Long-term debt								$ 700,000,000	700,000,000
Interest rate, stated percentage					30%
Debt Instrument, Issued Price, Percentage					92.96%
Debt Instrument, Unamortized Discount					$ 49,300,000
Debt Instrument, Redemption Price Percentage,								102.94%
5.375% Senior Notes Due 2026 | Senior Notes
Debt Instrument [Line Items]
Long-term debt								$ 289,400,000
Debt Conversion, Original Debt, Amount						$ 110,600,000
7.75% Senior Notes Due 2026
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt							$ 5,100,000
7.75% Senior Notes Due 2026 | Senior Notes
Debt Instrument [Line Items]
Long-term debt					$ 300,000,000			0	300,000,000
Interest rate, stated percentage					7.75%
Debt Instrument, Repurchase Amount											$ 305,100,000
Debt Instrument, Repurchased Face Amount											$ 299,600,000
7.00% Senior Notes Due 2032 | Senior Notes
Debt Instrument [Line Items]
Long-term debt				$ 500,000,000				$ 1,000,000,000	1,000,000,000
Proceeds from borrowings		$ 982,500,000
Debt Instrument, Unamortized Discount												$ 2,500,000
Debt issuance costs												$ 15,000,000
Redemption price percentage				107%
Percentage of principal amount, redeemable								60%
Debt Instrument, Redemption Price Percentage,								103.50%
Percentage of principal amount, eligible to be redeemed								40%
8.00% Senior Notes Due 2027 | Senior Notes
Debt Instrument [Line Items]
Long-term debt			$ 550,000,000					$ 550,000,000	550,000,000
Interest rate, stated percentage			8%
Debt Instrument, Issued Price, Percentage			102.86%
Debt Instrument, Unamortized Premium			$ 15,700,000
Debt Instrument, Redemption Price Percentage,								106%
9.875% Senior Notes Due 2031 | Senior Notes
Debt Instrument [Line Items]
Long-term debt			$ 500,000,000					$ 500,000,000	500,000,000
Interest rate, stated percentage			9.875%
Debt Instrument, Issued Price, Percentage			107.37%
Redemption price percentage			109.875%
Debt Instrument, Unamortized Premium			$ 36,800,000
Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Redemption Price Percentage, Minimum								100%
2033 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 1,000,000,000							$ 1,000,000,000	$ 0
Interest rate, stated percentage	6.25%
Redemption price percentage	106.25%
2033 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Proceeds from borrowings	$ 986,400,000
Debt issuance costs	$ 13,600,000
Debt Instrument, Redemption Price Percentage,								103.125%

Long-Term Debt - Senior Notes (

Long-Term Debt - Senior Notes (Details) - USD ($) $ in Thousands					12 Months Ended
	Nov. 01, 2023	Sep. 12, 2023	Mar. 15, 2019	Nov. 30, 2017	Dec. 31, 2024	Dec. 31, 2023	Sep. 01, 2022	May 22, 2020
Debt Instrument [Line Items]
Redemption price percentage					100%
Senior Notes
Debt Instrument [Line Items]
Redemption price percentage					100%
Senior Notes | Senior Secured Note due 2025
Debt Instrument [Line Items]
Long-term debt								$ 127,100
Interest rate, stated percentage								8%
Senior Notes | Senior Notes Due 2027
Debt Instrument [Line Items]
Long-term debt			$ 500,000		$ 0	$ 356,351
Percentage of principal amount, event of default			25%
Percentage of principal amount, changes in control			101%
Interest rate, stated percentage			6.875%
Senior Notes | Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term debt				$ 400,000	289,448	289,448
Percentage of principal amount, event of default				25%
Percentage of principal amount, changes in control				101%
Interest rate, stated percentage				5.375%
Senior Notes | 7.75% Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term debt					0	300,000	$ 300,000
Interest rate, stated percentage							7.75%
Senior Notes | 5.375% Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term debt					289,400
Senior Notes | 8.00% Senior Notes Due 2027
Debt Instrument [Line Items]
Long-term debt	$ 550,000				550,000	550,000
Interest rate, stated percentage	8%
Senior Notes | 5.875% Senior Notes Due 2029
Debt Instrument [Line Items]
Long-term debt					700,000	700,000
Interest rate, stated percentage							30%
Senior Notes | 9.875% Senior Notes Due 2031
Debt Instrument [Line Items]
Long-term debt	$ 500,000				500,000	500,000
Redemption price percentage	109.875%
Interest rate, stated percentage	9.875%
Senior Notes | 7.00% Senior Notes Due 2032
Debt Instrument [Line Items]
Long-term debt		$ 500,000			$ 1,000,000	$ 1,000,000
Redemption price percentage		107%

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning of period	$ 121,417	$ 40,947
Liabilities incurred	10,964	4,056
Liabilities divested and settled	(5,435)	(6,552)
Accretion expense	9,424	3,576
Revision to estimated cash flows	(485)	276
Asset retirement obligations, end of period	160,089	121,417
Asset Retirement Obligation, Current	(11,646)	0
Asset retirement obligations	148,443	121,417
Colgate
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Liabilities assumed in mergers and acquisitions	24,204	79,114
Liabilities assumed in mergers and acquisitions	$ 24,204	$ 79,114

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended			24 Months Ended
	Oct. 07, 2016	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Sep. 01, 2024 Wells employee	Feb. 20, 2024 shares	May 01, 2019 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share) | $ / shares		$ 24.81	$ 18.19	$ 12.59
Equity based compensation expense		$ 60,399	$ 78,418	$ 101,691
Employee Benefits and Share-based Compensation		$ 14,600	$ 40,000	$ 46,500
Number of Employees Terminated | employee					48
Number of Directors Terminated | Wells					2
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share) | $ / shares		$ 14.90	$ 10.99	$ 7.92
Fair value of vested stock awards (other than options)		$ 19,700	$ 35,800	$ 35,700
Unrecognized compensation costs		$ 31,900
Unrecognized compensation costs, period for recognition		2 years 2 months 12 days
Granted (in shares) | shares		2,475,559
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares		1,947,806
Equity based compensation expense		$ 26,216	34,762	36,825
Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of stock options exercised		127
Unrecognized compensation costs		0
Equity based compensation expense		$ 0	$ 1	80
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share) | $ / shares		$ 24.81
Unrecognized compensation costs, period for recognition		10 months 24 days
Unrecognized compensation costs		$ 33,200
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares		283,462	0.8
Share-based Payment Arrangement, Cash Settled Amount			$ 9,400
Equity based compensation expense		$ 34,183	43,655	79,282
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Cash-settled Performance Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares		5,500,000
Equity based compensation expense		$ 0	$ 0	$ (14,789)
2019 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance under LTIP (in shares) | shares							2,000,000
2016 Long Term Incentive Plan | Stock option awards | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option expiration period	10 years
Vesting period	3 years
2023 Long Term Incentive Plan | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance under LTIP (in shares) | shares						71,718,560
Officer | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation requisite service period		3 years
Officer | Restricted stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		5 years
Director | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Total Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 01, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity based compensation expense	$ 60,399	$ 78,418	$ 101,691
2019 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Shares available for issuance under LTIP (in shares)				2,000,000
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity based compensation expense	26,216	34,762	36,825
Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity based compensation expense	0	1	80
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity based compensation expense	34,183	43,655	79,282
Cash-settled Performance Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity based compensation expense	0	0	(14,789)
Equity [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity based compensation expense	60,399	78,418	116,480
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity based compensation expense	$ 0	$ 0	$ 293

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Granted (in dollars per share)	$ 24.81	$ 18.19	$ 12.59
Equity based compensation expense	$ 60,399	$ 78,418	$ 101,691
Restricted stock
Awards
Outstanding, beginning of period (in shares)	3,821,231
Granted (in shares)	2,475,559
Vested (in shares)	(1,947,806)
Forfeited (in shares)	(734,681)
Outstanding, end of period (in shares)	3,614,303	3,821,231
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Granted (in dollars per share)	$ 14.90	$ 10.99	$ 7.92
Vested (in dollars per share)	10.12
Canceled (in dollar per share)	11.07
Outstanding, end of period (in dollars per share)	$ 12.64	$ 8.58
Unrecognized compensation costs	$ 31,900
Equity based compensation expense	$ 26,216	$ 34,762	$ 36,825
Restricted stock | Officer
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based compensation requisite service period	3 years
Restricted stock | Maximum | Officer
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Vesting period	5 years

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Used in Granting Stock Options (Details)	12 Months Ended
	Dec. 31, 2024 shares
Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0

Stock-Based Compensation - Opti

Stock-Based Compensation - Option Activity (Details) - Stock option awards $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Options
Outstanding, beginning of period (in shares) | shares	681,699
Granted (in shares) | shares	0
Exercised (in shares) | shares	(22,666)
Forfeited (in shares) | shares	0
Expired (in shares) | shares	(271,000)
Outstanding, end of period (in shares) | shares	388,033
Exercisable (in shares) | shares	388,033
Weighted Average Exercise Price
Outstanding, beginning of period (In dollars per share) | $ / shares	$ 16.64
Exercised (in dollars per share) | $ / shares	11.26
Granted (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Expired (in dollars per share) | $ / shares	17.86
Outstanding, end of period (In dollars per share) | $ / shares	16.10
Exercisable (in dollars per share) | $ / shares	$ 16.10
Exercisable, weighted average remaining term (in years)	3 years
Outstanding, aggregate intrinsic value | $	$ 628
Exercisable, aggregate intrinsic value | $	628
Intrinsic value of stock options exercised | $	$ 127
Outstanding, weighted average remaining term (in years)	3 years

Stock-Based Compensation - As_2

Stock-Based Compensation - Assumptions Used For Performance Shares (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value per unit (in dollars per share)	$ 24.81	$ 18.19	$ 12.59
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value per unit (in dollars per share)	$ 24.81
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate	43.90%	55.40%	72.30%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	4.30%	4.20%	3.20%

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Stock Units Outstanding Activity (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Aug. 18, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Granted (in dollars per share)		$ 24.81	$ 18.19	$ 12.59
Equity based compensation expense		$ 60,399	$ 78,418	$ 101,691
Performance Shares
Awards
Unvested beginning balance (in shares)		5,019,425
Granted (in shares)		739,738
Vested (in shares)		(283,462)	(0.8)
Forfeited (in shares)		(132,302)
Unvested ending balance (in shares)		5,343,399	5,019,425
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, beginning of period (in dollars per share)		$ 15.18
Granted (in dollars per share)		24.81
Vested (in dollars per share)		20.81
Forfeited		20.12
Outstanding, end of period (in dollars per share)		$ 16.54	$ 15.18
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Other	4,700,000
Equity based compensation expense		$ 34,183	$ 43,655	79,282
Share-based Payment Arrangement, Cash Settled Amount			9,400
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Vesting period		3 years
Variable Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Fair value of vested stock awards (other than options)		$ 14,700	$ 41,100	$ 53,600
Restricted stock
Awards
Vested (in shares)		(1,947,806)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, beginning of period (in dollars per share)		$ 8.58
Granted (in dollars per share)		14.90	$ 10.99	$ 7.92
Vested (in dollars per share)		10.12
Forfeited		11.07
Outstanding, end of period (in dollars per share)		$ 12.64	$ 8.58
Granted (in shares)		2,475,559
Fair value of vested stock awards (other than options)		$ 19,700	$ 35,800	$ 35,700
Equity based compensation expense		$ 26,216	34,762	36,825
Cash-settled Performance Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Granted (in shares)		5,500,000
Equity based compensation expense		$ 0	$ 0	$ (14,789)
Modified Performance Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Equity based compensation expense	$ 10,000

Stock-Based Compensation - As_3

Stock-Based Compensation - Assumptions Used for Liability Awards (Details) shares in Millions	12 Months Ended
	Dec. 31, 2024 shares
Cash-settled Performance Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	5.5

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Swap Contracts (Details) - Not Designated as Hedging Instrument	12 Months Ended
	Dec. 31, 2024 MMBTU bbl / d $ / bbl $ / MMBTU bbl
Crude Oil Basis Swaps - Period One
Derivative [Line Items]
Volume (Bbls) | bbl	3,870,000
Volume (Bbls/d) | bbl / d	43,000
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	1.11
Crude Oil Basis Swaps - Period Two
Derivative [Line Items]
Volume (Bbls) | bbl	3,913,000
Volume (Bbls/d) | bbl / d	43,000
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	1.11
Crude Oil Basis Swaps - Period Three
Derivative [Line Items]
Volume (Bbls) | bbl	3,956,000
Volume (Bbls/d) | bbl / d	43,000
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	1.11
Crude Oil Basis Swaps - Period Four
Derivative [Line Items]
Volume (Bbls) | bbl	3,956,000
Volume (Bbls/d) | bbl / d	43,000
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	1.11
Crude Oil Basis Swap - Period Five
Derivative [Line Items]
Volume (Bbls) | bbl	1,575,000
Volume (Bbls/d) | bbl / d	17,500
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	1.15
Crude Oil Basis Swap - Period Six
Derivative [Line Items]
Volume (Bbls) | bbl	1,592,500
Volume (Bbls/d) | bbl / d	17,500
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	1.15
Crude Oil Basis Swap - Period Seven
Derivative [Line Items]
Volume (Bbls) | bbl	1,610,000
Volume (Bbls/d) | bbl / d	17,500
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	1.15
Crude Oil Basis Swap - Period Eight
Derivative [Line Items]
Volume (Bbls) | bbl	1,610,000
Volume (Bbls/d) | bbl / d	17,500
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	1.15
Crude Oil Swap - Period One [Member] [Domain] | NYMEX WTI [Member]
Derivative [Line Items]
Volume (Bbls) | bbl	3,870,000
Volume (Bbls/d) | bbl / d	43,000
Derivative, Swap Type, Average Fixed Price | $ / bbl	75.15
Crude Oil Swap - Period Two [Domain] | NYMEX WTI [Member]
Derivative [Line Items]
Volume (Bbls) | bbl	3,913,000
Volume (Bbls/d) | bbl / d	43,000
Derivative, Swap Type, Average Fixed Price | $ / bbl	73.85
Crude Oil Swap - Period Three [Member] | NYMEX WTI [Member]
Derivative [Line Items]
Volume (Bbls) | bbl	3,956,000
Volume (Bbls/d) | bbl / d	43,000
Derivative, Swap Type, Average Fixed Price | $ / bbl	72.65
Crude Oil Swap - Period Four [Member] | NYMEX WTI [Member]
Derivative [Line Items]
Volume (Bbls) | bbl	3,956,000
Volume (Bbls/d) | bbl / d	43,000
Derivative, Swap Type, Average Fixed Price | $ / bbl	71.62
Crude Oil Swap - Period Five | NYMEX WTI [Member]
Derivative [Line Items]
Volume (Bbls) | bbl	1,575,000
Volume (Bbls/d) | bbl / d	17,500
Derivative, Swap Type, Average Fixed Price | $ / bbl	71.49
Crude Oil Swap - Period Six | NYMEX WTI [Member]
Derivative [Line Items]
Volume (Bbls) | bbl	1,592,500
Volume (Bbls/d) | bbl / d	17,500
Derivative, Swap Type, Average Fixed Price | $ / bbl	70.61
Crude Oil Swap - Period Seven | NYMEX WTI [Member]
Derivative [Line Items]
Volume (Bbls) | bbl	1,610,000
Volume (Bbls/d) | bbl / d	17,500
Derivative, Swap Type, Average Fixed Price | $ / bbl	69.77
Crude Oil Swap - Period Eight | NYMEX WTI [Member]
Derivative [Line Items]
Volume (Bbls) | bbl	1,610,000
Volume (Bbls/d) | bbl / d	17,500
Derivative, Swap Type, Average Fixed Price | $ / bbl	69.08
Crude Oil Roll Differential Swap - Period One
Derivative [Line Items]
Volume (Bbls) | bbl	3,870,000
Volume (Bbls/d) | bbl / d	43,000
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	0.42
Crude Oil Roll Differential Swap - Period Two
Derivative [Line Items]
Volume (Bbls) | bbl	3,913,000
Volume (Bbls/d) | bbl / d	43,000
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	0.42
Crude Oil Roll Differential Swap - Period Three
Derivative [Line Items]
Volume (Bbls) | bbl	3,956,000
Volume (Bbls/d) | bbl / d	43,000
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	0.42
Crude Oil Roll Differential Swap - Period Four
Derivative [Line Items]
Volume (Bbls) | bbl	3,956,000
Volume (Bbls/d) | bbl / d	43,000
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	0.42
Crude Oil Roll Differential Swap - Period Five
Derivative [Line Items]
Volume (Bbls) | bbl	1,575,000
Volume (Bbls/d) | bbl / d	17,500
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	0.28
Crude Oil Roll Differential Swap - Period Six
Derivative [Line Items]
Volume (Bbls) | bbl	1,592,500
Volume (Bbls/d) | bbl / d	17,500
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	0.28
Crude Oil Roll Differential Swap - Period Seven
Derivative [Line Items]
Volume (Bbls) | bbl	1,610,000
Volume (Bbls/d) | bbl / d	17,500
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	0.28
Crude Oil Roll Differential Swap - Period Eight
Derivative [Line Items]
Volume (Bbls) | bbl	1,610,000
Volume (Bbls/d) | bbl / d	17,500
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	0.28
Natural Gas Swaps - Henry Hub - Period One [Member]
Derivative [Line Items]
Derivative, Swap Type, Average Fixed Price | $ / MMBTU	3.44
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	11,070,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	123,000
Natural Gas Swaps - Henry Hub - Period Two [Member]
Derivative [Line Items]
Derivative, Swap Type, Average Fixed Price | $ / MMBTU	3.12
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	11,193,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	123,000
Natural Gas Swaps - Henry Hub - Period Three [Member]
Derivative [Line Items]
Derivative, Swap Type, Average Fixed Price | $ / MMBTU	3.43
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	11,316,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	123,000
Natural Gas Swaps - Henry Hub - Period Four [Member]
Derivative [Line Items]
Derivative, Swap Type, Average Fixed Price | $ / MMBTU	3.85
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	11,316,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	123,000
Natural Gas Swaps - Henry Hub - Period Five [Member]
Derivative [Line Items]
Derivative, Swap Type, Average Fixed Price | $ / MMBTU	4.08
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	8,190,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	91,000
Natural Gas Swaps - Henry Hub - Period Six
Derivative [Line Items]
Derivative, Swap Type, Average Fixed Price | $ / MMBTU	3.40
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	8,281,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	91,000
Natural Gas Swaps - Henry Hub - Period Seven
Derivative [Line Items]
Derivative, Swap Type, Average Fixed Price | $ / MMBTU	3.65
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	8,372,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	91,000
Natural Gas Swaps - Henry Hub - Period Eight
Derivative [Line Items]
Derivative, Swap Type, Average Fixed Price | $ / MMBTU	4.01
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	8,372,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	91,000
Natural Gas Basis Swap - Period One [Member]
Derivative [Line Items]
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	0.83
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	11,070,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	123,000
Natural Gas Basis Swap - Period Two
Derivative [Line Items]
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	1.35
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	11,193,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	123,000
Natural Gas Basis Swap - Period Three
Derivative [Line Items]
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	1.23
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	11,316,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	123,000
Natural Gas Basis Swap - Period Four
Derivative [Line Items]
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	1.25
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	11,316,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	123,000
Natural Gas Basis Swap - Period Five
Derivative [Line Items]
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	1.09
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	8,190,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	91,000
Natural Gas Basis Swap - Period Six
Derivative [Line Items]
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	2.27
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	8,281,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	91,000
Natural Gas Basis Swap - Period Seven
Derivative [Line Items]
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	1.29
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	8,372,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	91,000
Natural Gas Basis Swap - Period Eight
Derivative [Line Items]
Weighted Average Differential ($/Bbl or $/MMBtu) | $ / bbl	0.98
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	8,372,000
Derivative, Nonmonetary Notional Amount, Energy Measure Per Day | MMBTU	91,000

Derivative Instruments - Gain (

Derivative Instruments - Gain (Loss) On Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) on derivative instruments	$ 94,986	$ 114,016	$ (42,368)

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivative Instruments Balance Sheet Classification (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative instruments
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract]
Gross Fair Value Asset/Liability Amounts	$ 95,771	$ 88,192
Gross Amounts Offset	(10,262)	(17,601)
Net Recognized Fair Value Assets/Liabilities	85,509	70,591
Other current liabilities
Derivative Liability, Fair Value, Amount Not Offset Against Collateral [Abstract]
Gross Fair Value Asset/Liability Amounts	13,302	20,326
Gross Amounts Offset	(10,262)	(17,601)
Net Recognized Fair Value Assets/Liabilities	3,040	2,725
Other noncurrent assets
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract]
Gross Fair Value Asset/Liability Amounts	32,858	29,469
Gross Amounts Offset	(3,971)	(2,435)
Net Recognized Fair Value Assets/Liabilities	28,887	27,034
Other noncurrent liabilities
Derivative Liability, Fair Value, Amount Not Offset Against Collateral [Abstract]
Gross Fair Value Asset/Liability Amounts	3,971	3,762
Gross Amounts Offset	(3,971)	(2,435)
Net Recognized Fair Value Assets/Liabilities	$ 0	$ 1,327

Fair Value Measurements Schedul

Fair Value Measurements Schedule of Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other current liabilities, Other noncurrent liabilities
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	$ 0	$ 0
Derivative Asset	0	0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	3,040	4,052
Derivative Asset	114,396	97,625
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	0	0
Derivative Asset	$ 0	$ 0

Fair Value Measurements Sched_2

Fair Value Measurements Schedule of Fair Value of Liabilities (Details) - USD ($) $ in Thousands	Nov. 01, 2023	Sep. 01, 2022	May 22, 2020	Dec. 31, 2024	Aug. 05, 2024	Apr. 05, 2024	Dec. 31, 2023	Sep. 12, 2023	Mar. 26, 2021	Mar. 19, 2021	Mar. 15, 2019	Nov. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net				$ 4,184,233			$ 3,848,781
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net				4,184,233			3,848,781
Senior Notes Due 2026 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes				287,400			285,287
Long-term debt				289,448			289,448					$ 400,000
Interest rate, stated percentage												5.375%
Senior Notes Due 2027 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes				0			356,852
Long-term Debt, Gross						$ 356,400
Long-term debt				0			356,351				$ 500,000
Interest rate, stated percentage											6.875%
Senior Secured Note due 2025 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt			$ 127,100
Debt Instrument, Issued Price, Percentage			100%
Interest rate, stated percentage			8%
Convertible Senior Notes Due 2028 | Convertible Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes				436,554			404,124
Long-term debt				170,000			170,000		$ 20,000	$ 150,000
Interest rate, stated percentage										3.25%
7.75% Senior Notes Due 2026 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes				0			304,551
Long-term debt		$ 300,000		0			300,000
Interest rate, stated percentage		7.75%
5.875% Senior Notes Due 2029 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes				688,103			684,705
Long-term debt				700,000			700,000
Debt Instrument, Issued Price, Percentage		92.96%
Interest rate, stated percentage		30%
5.875% Senior Notes Due 2029 | Convertible Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt		$ 700,000		700,000			700,000
Interest rate, stated percentage		5.875%
8.00% Senior Notes Due 2027 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes				561,855			568,473
Long-term debt	$ 550,000			550,000			550,000
Debt Instrument, Issued Price, Percentage	102.86%
Interest rate, stated percentage	8%
9.875% Senior Notes Due 2031 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes				550,562			555,625
Long-term debt	$ 500,000			500,000			500,000
Debt Instrument, Issued Price, Percentage	107.37%
Interest rate, stated percentage	9.875%
9.875% Senior Notes Due 2031 | Convertible Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt				500,000			500,000
7.00% Senior Notes Due 2032 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes				1,017,903			1,030,790
Long-term debt				1,000,000			1,000,000	$ 500,000
2033 Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes				989,508			0
Long-term debt				1,000,000	$ 1,000,000		0
Interest rate, stated percentage					6.25%
2033 Senior Notes | Convertible Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt				1,000,000			0
Carrying Value | Senior Notes Due 2026 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net				288,357			287,408
Carrying Value | Senior Notes Due 2027 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net				0			352,619
Carrying Value | Convertible Senior Notes Due 2028 | Convertible Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net				166,803			165,897
Carrying Value | 7.75% Senior Notes Due 2026 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net				0			300,000
Carrying Value | 5.875% Senior Notes Due 2029 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net				664,935			658,562
Carrying Value | 8.00% Senior Notes Due 2027 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net				560,910			565,063
Carrying Value | 9.875% Senior Notes Due 2031 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net				532,730			536,280
Carrying Value | 7.00% Senior Notes Due 2032 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net				984,426			982,952
Carrying Value | 2033 Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net				986,072			0
Revolving Credit Facility | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes				0			0
Long-term Debt, Gross				0			0
Long-term debt				0			0
Revolving Credit Facility | Carrying Value | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Gross				$ 0			$ 0

Equity (Details)

Equity (Details) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Jul. 30, 2024 USD ($) shares	May 31, 2024 shares	Dec. 31, 2024 USD ($) vote $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares	Sep. 03, 2024 USD ($)	Sep. 01, 2022 USD ($)	Aug. 29, 2022 shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			1,500,000,000	1,500,000,000
Common stock, shares outstanding (in shares)			703,774,082	540,789,758
Preferred stock, shares authorized (in shares)			1,000,000
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.0001
Common Stock, Dividends, Per Share, Declared | $ / shares			$ 0.71	$ 0.37
Dividends paid | $			$ 466,915	$ 141,947	$ 14,426
Cash dividends and NCI distributions | $			560,865	236,004
Proceeds from equity offering, net | $			$ 402,211	$ 0	$ 0
2024 Variable Dividends
Class of Stock [Line Items]
Common Stock, Dividends, Per Share, Declared | $ / shares			$ 0.39
2023 Variable Dividends
Class of Stock [Line Items]
Common Stock, Dividends, Per Share, Declared | $ / shares				$ 0.17
2024 Base Dividends
Class of Stock [Line Items]
Common Stock, Dividends, Per Share, Declared | $ / shares			$ 0.32
2023 Base Dividends
Class of Stock [Line Items]
Common Stock, Dividends, Per Share, Declared | $ / shares				$ 0.20
OpCo
Class of Stock [Line Items]
Ownership interest of non-controlling interest			12%				30%
Common Class A
Class of Stock [Line Items]
Common stock, shares authorized (in shares)								1,000,000,000
Common stock, number of votes per share (in votes) | vote			1
Common stock, threshold for election of directors			50%
Proceeds from (Repurchase of) Equity | $				$ (37,900)
Stock Repurchased and Retired During Period, Shares				2,800,000
Common Class A | Common Stock
Class of Stock [Line Items]
Proceeds from equity offering, net | $	$ 402,200
Issuance of Class C Common Stock (in shares)	26,500,000	6,200,000	32,742,000	161,166,000
Common Class A | Conversion of common shares from Class C to Class A | Common Stock
Class of Stock [Line Items]
Conversion of Shares, Tax Expense (Benefit) | $			$ 96,700	$ 29,600
Common Class A | Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount | $						$ 1,000,000	$ 500,000
Class C
Class of Stock [Line Items]
Common stock, shares authorized (in shares)								500,000,000
Common stock, shares outstanding (in shares)			99,599,640	230,962,833
Proceeds from (Repurchase of) Equity | $			$ (61,000)	$ (86,500)
Stock Repurchased and Retired During Period, Shares			3,800,000	7,202,000
Class C | Common Stock
Class of Stock [Line Items]
Issuance of Class C Common Stock (in shares)				49,534,000	269,300,000

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Class A Common Stock	$ 984,701	$ 476,306	$ 515,037
Adjusted net income attributable to Class A Common Stock	$ 989,883	$ 481,739	$ 520,521
Basic weighted average share outstanding of Class A Common Stock (in shares)	640,662	349,213	286,160
Add: Dilutive effects of Convertible Senior Notes	29,408	27,710	27,074
Add: Dilutive effects of equity awards (in shares)	14,422	12,173	9,582
Diluted weighted average shares of Class A Common Stock outstanding	684,492	389,096	322,816
Basic net earnings (loss) per share of Class A Common Stock (in dollars per share)	$ 1.54	$ 1.36	$ 1.80
Diluted net earnings (loss) per share of Class A Common Stock (in dollars per share)	$ 1.45	$ 1.24	$ 1.61
Convertible Debt
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Add: Interest on Convertible Senior Notes, net of tax	$ 5,182	$ 5,433	$ 5,484

Earnings Per Share - Summary of

Earnings Per Share - Summary of Shares Excluded From Diluted Earnings Per Share Calculation (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Out-of-the-money stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	444	1,260	2,038
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	172	55	823
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	208	29	941
Weighted average shares of Class C Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	144,566	248,511	90,013

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Expense and Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current taxes
Federal	$ 47	$ (104)	$ 0
State	1,276	2,893	2,796
Current taxes	1,323	2,789	2,796
Deferred taxes
Federal	281,513	132,039	106,011
State	17,506	21,117	11,485
Deferred taxes	299,019	153,156	117,496
Total income tax expense	$ 300,342	$ 155,945	$ 120,292

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense at the federal statutory rate	$ 325,679	$ 217,486	$ 182,728
State income tax expense - net of federal benefit	20,600	18,741	16,007
Noncontrolling interest in partnership	(55,820)	(83,690)	(49,309)
Nondeductible stock-based and other compensation	(3,604)	963	10,827
Nondeductible expenses and other	13,487	2,445	122
Change in valuation allowance	0	0	(40,083)
Total income tax expense	$ 300,342	$ 155,945	$ 120,292

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$ 260,881	$ 104,915
Other assets	245	219
Total deferred tax assets	261,126	105,134
Deferred tax liabilities:
Investment in OpCo	(863,499)	(527,755)
Valuation allowance	(6)	(6)
Net deferred tax asset (liability)	$ (602,379)	$ (422,627)

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Asset and Liability within the Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Other noncurrent assets	$ 0	$ 0
Deferred income taxes	(602,379)	(422,627)
Net deferred tax asset (liability)	$ (602,379)	$ (422,627)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax [Line Items]
Deferred income tax benefit	$ 47,100	$ 120,200
US federal net operating loss carryover	385,400
State net operating loss carryover	0
Valuation allowance	6	6
Additional Paid-In Capital
Income Tax [Line Items]
Stock issued during period	(412,700)
Domestic Tax Jurisdiction
Income Tax [Line Items]
Operating loss carryforwards	1,200,000
State
Income Tax [Line Items]
Operating loss carryforwards	$ 206,100
Common Class A
Income Tax [Line Items]
Stock issued during period		2,288,030
Common Class A | Additional Paid-In Capital
Income Tax [Line Items]
Stock issued during period		$ 2,288,014

Commitments and Contingencies -

Commitments and Contingencies - Future Minimum Lease Payments (Details) - Purchase obligations $ in Thousands	Dec. 31, 2024 USD ($)
Operating Leases and Other Contractual Commitments, Future Minimum Payments Due [Line Items]
2022	$ 57,578
2023	56,757
2024	15,251
2025	13,233
2026	724
Thereafter	0
Total	$ 143,543

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) bbl / d in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) bbl / d	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Other Commitments [Line Items]
Gathering, processing and transportation expenses	$ 183,602	$ 89,282	$ 97,915
Oil and Gas Producing Activities, Electricity Costs	10,200	7,500
Purchase Obligation, Electricity Agreement	53,500
Purchase Obligation, Frac Sand Agreement	90,000
Amount Paid Under Frac Sand Agreement	$ 147,200	$ 102,500
NGL sales(2)
Other Commitments [Line Items]
Oil and Gas Delivery Commitments and Contracts, Term Of Contract	3 years 3 months 18 days
Delivery Commitment minimum financial commitment amount	$ 35,900
Oil and Gas Delivery Commitments and Contracts, Daily Production | bbl / d	9
Natural gas sales(1)
Other Commitments [Line Items]
Oil and Gas Delivery Commitments and Contracts, Term Of Contract	7 years
Delivery Commitment minimum financial commitment amount	$ 87,200
Maximum
Other Commitments [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 7,600

Revenues - Schedule of Disaggre

Revenues - Schedule of Disaggregated Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 5,000,734	$ 3,120,893	$ 2,131,265
Oil sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	4,362,965	2,696,777	1,622,035
Natural gas sales(1)
Disaggregation of Revenue [Line Items]
Oil and gas sales	240	142,077	276,957
GP&T as a reduction to revenue	104,100	48,900	13,100
NGL sales(2)
Disaggregation of Revenue [Line Items]
Oil and gas sales	637,529	282,039	232,273
GP&T as a reduction to revenue	$ 90,000	$ 73,300	$ 10,600

Revenues - Performance Obligati

Revenues - Performance Obligation Payment Terms (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Accrued oil and gas sales receivable, net	$ 326,393	$ 345,982
Natural Gas and NGL sales | Minimum
Disaggregation of Revenue [Line Items]
Performance obligations billing cycle	30 days
Natural Gas and NGL sales | Maximum
Disaggregation of Revenue [Line Items]
Performance obligations billing cycle	60 days
Oil sales
Disaggregation of Revenue [Line Items]
Performance obligations billing cycle	30 days

Leases - Additional Information

Leases - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Apr. 30, 2023
Lessee, Lease, Description [Line Items]
Renewal term (up to)	5 years
Operating Lease, Right-of-Use Asset	$ 119,703,000	$ 59,359,000
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	15,033,000	15,189,000
Operating Lease, Liability, Current	57,216,000	33,006,000
Finance Lease, Liability, Current	772,000	753,000
Operating Lease, Liability, Noncurrent	64,288,000	28,302,000
Finance Lease, Liability, Noncurrent	$ 15,168,000	$ 14,821,000
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other current liabilities, Other noncurrent liabilities	Other current liabilities, Other noncurrent liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets	Other noncurrent assets
Company Office Building
Lessee, Lease, Description [Line Items]
Lessor, Operating Lease, Term of Contract			99 years
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 month
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	7 years

Leases - Schedule of Lease Expe

Leases - Schedule of Lease Expenses and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average discount rate	6.04%	5.55%
Weighted-average remaining lease term (years)	2 years 7 months 2 days	3 years 7 days
Finance Lease, Weighted Average Discount Rate, Percent	7.30%	7.30%
Finance Lease, Weighted Average Remaining Lease Term	96 years 3 months	97 years 3 months
Lease costs
Operating lease cost	$ 80,135	$ 40,988
Variable lease cost	3,156	1,222
Short-term lease cost	242,549	168,026
Finance Lease, Right-of-Use Asset, Amortization	156	117
Finance Lease, Interest Expense	1,149	844
Total Lease Cost	$ 327,145	$ 211,197

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating Lease, Payments	$ 31,026	$ 15,856
Operating Lease, Payments, Use	49,109	25,645
Finance Lease, Principal Payments	783	577
Right-of-Use Asset Obtained In (Derecognized From) Exchange For Operating Lease Liability	113,758	29,713
Right-of-Use Asset Obtained In (Derecognized From) Exchange For Finance Lease Liability	$ 0	$ 15,306

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Operating Lease Liabilities, Payments Due After Adoption of 842 [Abstract]
2025	$ 60,242
2026	46,007
2027	13,317
2028	3,561
2029	2,333
2030 and thereafter	4,087
Total	129,547
Less: Imputed Interest	(8,043)
Present value of lease liabilities	121,504
Finance Lease, Liability, to be Paid, Year One	803
Finance Lease, Liability, to be Paid, Year Two	823
Finance Lease, Liability, to be Paid, Year Three	843
Finance Lease, Liability, to be Paid, Year Four	864
Finance Lease, Liability, to be Paid, Year Five	886
Finance Lease, Liability, to be Paid, after Year Five	205,534
Finance Lease, Liability, to be Paid	209,753
Finance Lease, Liability, Undiscounted Excess Amount	(193,813)
Finance Lease, Liability	$ 15,940

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Details) - USD ($)			12 Months Ended
	Jan. 24, 2025	Nov. 01, 2023	Dec. 31, 2024	Feb. 26, 2025	Dec. 31, 2023
Subsequent Event [Line Items]
Redemption price percentage			100%
Senior Notes
Subsequent Event [Line Items]
Redemption price percentage			100%
9.875% Senior Notes Due 2031 | Senior Notes
Subsequent Event [Line Items]
Redemption price percentage		109.875%
Long-term debt		$ 500,000,000	$ 500,000,000		$ 500,000,000
Subsequent Event [Member] | 9.875% Senior Notes Due 2031 | Senior Notes
Subsequent Event [Line Items]
Redemption price percentage	109.875%
Debt Instrument, Repurchase Amount	$ 175,000,000
Long-term debt	$ 325,000,000
Subsequent Event [Member] | Common Unit Of OpCo.
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share				$ 0.15
Subsequent Event [Member] | Common Class A
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share				$ 0.15