SM Energy (SM) 10-Q8 Aug 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover page

Cover page - shares	6 Months Ended
Cover page - shares	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-31539
Entity Registrant Name	SM ENERGY CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-0518430
Entity Address, Address Line One	1700 Lincoln Street, Suite 3200
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80203
City Area Code	(303)
Local Phone Number	861-8140
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	SM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		114,418,413
Entity Central Index Key	0000893538
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share data) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 487,869	$ 616,164
Accounts receivable	239,095	231,165
Derivative assets	27,208	56,442
Prepaid expenses and other	20,056	12,668
Total current assets	774,228	916,439
Property and equipment (successful efforts method):
Proved oil and gas properties	12,164,196	11,477,358
Accumulated depletion, depreciation, and amortization	(7,171,277)	(6,830,253)
Unproved oil and gas properties, net of valuation allowance of $34,123 and $35,362, respectively	286,312	335,620
Wells in progress	336,900	358,080
Other property and equipment, net of accumulated depreciation of $61,547 and $59,669, respectively	45,402	35,615
Total property and equipment, net	5,661,533	5,376,420
Noncurrent assets:
Acquisition deposit held in escrow	102,000	0
Derivative assets	7,878	8,672
Other noncurrent assets	111,372	78,454
Total noncurrent assets	221,250	87,126
Total assets	6,657,011	6,379,985
Current liabilities:
Accounts payable and accrued expenses	563,764	611,598
Derivative liabilities	20,552	6,789
Other current liabilities	17,469	15,425
Total current liabilities	601,785	633,812
Noncurrent liabilities:
Revolving credit facility	0	0
Senior Notes, net	1,576,896	1,575,334
Asset retirement obligations	124,499	118,774
Net deferred tax liabilities	440,815	369,903
Derivative liabilities	3,305	1,273
Other noncurrent liabilities	65,771	65,039
Total noncurrent liabilities	2,211,286	2,130,323
Commitments and contingencies (note 6)
Stockholders’ equity:
Common stock, $0.01 par value - authorized: 200,000,000 shares; issued and outstanding: 114,068,885 and 115,745,393 shares, respectively	1,141	1,157
Additional paid-in capital	1,492,859	1,565,021
Retained earnings	2,352,532	2,052,279
Accumulated other comprehensive loss	(2,592)	(2,607)
Total stockholders’ equity	3,843,940	3,615,850
Total liabilities and stockholders’ equity	$ 6,657,011	$ 6,379,985

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEET (PARENTHETICAL) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Unproved oil and gas properties, valuation allowance	$ 34,123	$ 35,362
Other property and equipment, accumulated depreciation	$ 61,547	$ 59,669
Common Stock, Par Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares Issued	114,068,885	115,745,393
Common Stock, Shares Outstanding	114,068,885	115,745,393

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating revenues and other income:
Oil, gas, and NGL production revenue	$ 633,451	$ 546,555	$ 1,193,047	$ 1,117,333
Other operating income	1,104	4,199	1,378	6,926
Total operating revenues and other income	634,555	550,754	1,194,425	1,124,259
Operating expenses:
Oil, gas, and NGL production expense	136,622	145,588	273,997	287,936
Depletion, depreciation, amortization, and asset retirement obligation liability accretion	179,651	157,832	345,839	312,021
Exploration	17,094	14,960	35,675	33,388
General and administrative	31,112	27,500	61,290	55,169
Net derivative (gain) loss	(12,118)	(11,674)	16,027	(63,003)
Other operating expense, net	2,814	7,197	3,822	17,350
Total operating expenses	355,175	341,403	736,650	642,861
Income from operations	279,380	209,351	457,775	481,398
Interest expense	(21,807)	(22,148)	(43,680)	(44,607)
Interest income	6,333	4,994	13,103	9,696
Other non-operating expense	(23)	(231)	(47)	(463)
Income before income taxes	263,883	191,966	427,151	446,024
Income tax expense	(53,590)	(42,092)	(85,659)	(97,598)
Net income	$ 210,293	$ 149,874	$ 341,492	$ 348,426
Basic weighted-average common shares outstanding	114,634	119,408	115,138	120,533
Diluted weighted-average common shares outstanding	115,715	120,074	116,092	121,175
Basic net income per common share	$ 1.83	$ 1.26	$ 2.97	$ 2.89
Diluted net income per common share	1.82	1.25	2.94	2.88
Net dividends declared per common share	$ 0.18	$ 0.15	$ 0.36	$ 0.30

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (in thousands) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 210,293	$ 149,874	$ 341,492	$ 348,426
Other comprehensive income, net of tax:
Pension liability adjustment	7	13	15	26
Total other comprehensive income, net of tax	7	13	15	26
Total comprehensive income	$ 210,300	$ 149,887	$ 341,507	$ 348,452

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) (in thousands, except share data and dividends per share) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Net dividends declared per common share	$ 0.15
Balances, Common Stock, Shares Outstanding, Beginning at Dec. 31, 2022		121,931,676
Balances, Total Stockholders' Equity, Beginning at Dec. 31, 2022	$ 3,085,458	$ 1,219	$ 1,779,703	$ 1,308,558	$ (4,022)
Increase (Decrease) in Stockholders' Equity
Net income	198,552			198,552
Other comprehensive income	13				13
Net cash dividends declared	(18,078)			(18,078)
Stock-based compensation expense (Amount)	4,318		4,318
Stock Repurchased and Retired During Period (Shares)		(1,413,758)
Stock Repurchased and Retired During Period (Value)	(40,468)	$ (14)	(40,454)
Balances, Common Stock, Shares Outstanding, Ending at Mar. 31, 2023		120,517,918
Balances, Total Stockholders' Equity, Ending at Mar. 31, 2023	$ 3,229,795	$ 1,205	1,743,567	1,489,032	(4,009)
Net dividends declared per common share	$ 0.30
Balances, Common Stock, Shares Outstanding, Beginning at Dec. 31, 2022		121,931,676
Balances, Total Stockholders' Equity, Beginning at Dec. 31, 2022	$ 3,085,458	$ 1,219	1,779,703	1,308,558	(4,022)
Increase (Decrease) in Stockholders' Equity
Net income	348,426
Other comprehensive income	$ 26
Stock Repurchased and Retired During Period (Shares)	(3,964,000)
Balances, Common Stock, Shares Outstanding, Ending at Jun. 30, 2023		118,112,105
Balances, Total Stockholders' Equity, Ending at Jun. 30, 2023	$ 3,298,467	$ 1,181	1,680,080	1,621,202	(3,996)
Net dividends declared per common share	$ 0.15
Balances, Common Stock, Shares Outstanding, Beginning at Mar. 31, 2023		120,517,918
Balances, Total Stockholders' Equity, Beginning at Mar. 31, 2023	$ 3,229,795	$ 1,205	1,743,567	1,489,032	(4,009)
Increase (Decrease) in Stockholders' Equity
Net income	149,874			149,874
Other comprehensive income	13				13
Net cash dividends declared	(17,704)			(17,704)
Issuance of common stock under Employee Stock Purchase Plan (Shares)		68,210
Issuance of common stock under Employee Stock Purchase Plan (Amount)	1,816	$ 1	1,815
Issuance of common stock upon vesting of RSUs and settlement of PSUs, net of shares used for tax withholdings (Shares)		774
Issuance of common stock upon vesting of RSUs and settlement of PSUs, net of shares used for tax withholdings (Amount)	(7)		(7)
Stock-based compensation expense (Shares)		56,872
Stock-based compensation expense (Amount)	$ 4,163	$ 1	4,162
Stock Repurchased and Retired During Period (Shares)	(2,551,000)	(2,550,706)
Stock Repurchased and Retired During Period (Value)	$ (69,483)	$ (26)	(69,457)
Common Stock, Other (Shares)	19,037
Balances, Common Stock, Shares Outstanding, Ending at Jun. 30, 2023		118,112,105
Balances, Total Stockholders' Equity, Ending at Jun. 30, 2023	$ 3,298,467	$ 1,181	1,680,080	1,621,202	(3,996)
Increase (Decrease) in Stockholders' Equity
Common Stock, Other (Value)	$ 0
Net dividends declared per common share	$ 0.18
Balances, Common Stock, Shares Outstanding, Beginning at Dec. 31, 2023	115,745,393	115,745,393
Balances, Total Stockholders' Equity, Beginning at Dec. 31, 2023	$ 3,615,850	$ 1,157	1,565,021	2,052,279	(2,607)
Increase (Decrease) in Stockholders' Equity
Net income	131,199			131,199
Other comprehensive income	8				8
Net cash dividends declared	(20,707)			(20,707)
Issuance of common stock upon vesting of RSUs and settlement of PSUs, net of shares used for tax withholdings (Shares)		1,147
Issuance of common stock upon vesting of RSUs and settlement of PSUs, net of shares used for tax withholdings (Amount)	(22)		(22)
Stock-based compensation expense (Shares)		1,839
Stock-based compensation expense (Amount)	5,018		5,018
Stock Repurchased and Retired During Period (Shares)		(712,235)
Stock Repurchased and Retired During Period (Value)	(33,095)	$ (7)	(33,088)
Balances, Common Stock, Shares Outstanding, Ending at Mar. 31, 2024		115,036,144
Balances, Total Stockholders' Equity, Ending at Mar. 31, 2024	$ 3,698,251	$ 1,150	1,536,929	2,162,771	(2,599)
Net dividends declared per common share	$ 0.36
Balances, Common Stock, Shares Outstanding, Beginning at Dec. 31, 2023	115,745,393	115,745,393
Balances, Total Stockholders' Equity, Beginning at Dec. 31, 2023	$ 3,615,850	$ 1,157	1,565,021	2,052,279	(2,607)
Increase (Decrease) in Stockholders' Equity
Net income	341,492
Other comprehensive income	$ 15
Stock Repurchased and Retired During Period (Shares)	(1,771,000)
Balances, Common Stock, Shares Outstanding, Ending at Jun. 30, 2024	114,068,885	114,068,885
Balances, Total Stockholders' Equity, Ending at Jun. 30, 2024	$ 3,843,940	$ 1,141	1,492,859	2,352,532	(2,592)
Net dividends declared per common share	$ 0.18
Balances, Common Stock, Shares Outstanding, Beginning at Mar. 31, 2024		115,036,144
Balances, Total Stockholders' Equity, Beginning at Mar. 31, 2024	$ 3,698,251	$ 1,150	1,536,929	2,162,771	(2,599)
Increase (Decrease) in Stockholders' Equity
Net income	210,293			210,293
Other comprehensive income	7				7
Net cash dividends declared	(20,532)			(20,532)
Issuance of common stock under Employee Stock Purchase Plan (Shares)		56,006
Issuance of common stock under Employee Stock Purchase Plan (Amount)	1,844	$ 1	1,843
Stock-based compensation expense (Shares)		35,691
Stock-based compensation expense (Amount)	$ 5,788	$ 1	5,787
Stock Repurchased and Retired During Period (Shares)	(1,059,000)	(1,058,956)
Stock Repurchased and Retired During Period (Value)	$ (51,711)	$ (11)	(51,700)
Balances, Common Stock, Shares Outstanding, Ending at Jun. 30, 2024	114,068,885	114,068,885
Balances, Total Stockholders' Equity, Ending at Jun. 30, 2024	$ 3,843,940	$ 1,141	$ 1,492,859	$ 2,352,532	$ (2,592)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 210,293	$ 149,874	$ 341,492	$ 348,426
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion, depreciation, amortization, and asset retirement obligation liability accretion	179,651	157,832	345,839	312,021
Stock-based compensation expense			10,806	8,481
Net derivative (gain) loss	(12,118)	(11,674)	16,027	(63,003)
Net derivative settlement gain			29,797	20,712
Amortization of deferred financing costs			2,743	2,743
Deferred income taxes	43,516	44,278	70,907	94,246
Other, net			(17,756)	(4,305)
Net change in working capital			(47,473)	(4,436)
Net cash provided by operating activities			752,382	714,885
Cash flows from investing activities:
Capital expenditures			(655,049)	(550,046)
Acquisition of proved and unproved oil and gas properties			2	(88,834)
Other, net			80	657
Net cash used in investing activities			(654,967)	(638,223)
Cash flows from financing activities:
Repurchase of common stock			(83,991)	(108,863)
Dividends paid			(41,541)	(36,367)
Net proceeds from sale of common stock			1,844	1,815
Net share settlement from issuance of stock awards			(22)	(7)
Net cash used in financing activities			(123,710)	(143,422)
Net change in cash, cash equivalents, and restricted cash			(26,295)	(66,760)
Cash, cash equivalents, and restricted cash at beginning of period			616,164	444,998
Cash, cash equivalents, and restricted cash at end of period	589,869	378,238	589,869	378,238
Restricted cash (1)	102,000	0	102,000	0
Supplemental Cash Flow Information - Operating activities:
Cash paid for interest, net of capitalized interest			(41,559)	(42,680)
Net cash paid for income taxes			(7,429)	(6,137)
Supplemental Cash Flow Information - Investing activities:
Changes in capital expenditure accruals			(21,491)	24,220
Cash and cash equivalents	$ 487,869	$ 378,238	$ 487,869	$ 378,238

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 1 - Summary of Significant Accounting Policies Description of Operations SM Energy Company, together with its consolidated subsidiaries (“SM Energy” or the “Company”), is an independent energy company engaged in the acquisition, exploration, development, and production of oil, gas, and NGLs in the state of Texas, and upon the closing of the XCL Acquisition, in the state of Utah. Please refer to Note 11 - Acquisitions for discussion and definitions related to the XCL Acquisition. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, the instructions to Quarterly Report on Form 10-Q, and Regulation S-X. These financial statements do not include all information and notes required by GAAP for annual financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to the consolidated financial statements included in the 2023 Form 10-K . In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation of interim financial information, have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year. In connection with the preparation of the Company’s unaudited condensed consolidated financial statements, the Company evaluated events subsequent to the balance sheet date of June 30, 2024, and through the filing of this report. Additionally, certain prior period amounts have been reclassified to conform to current period presentation in the accompanying unaudited condensed consolidated financial statements. Significant Accounting Policies The significant accounting policies followed by the Company are set forth in Note 1 - Summary of Significant Accounting Policies in the 2023 Form 10-K and are supplemented by the notes to the unaudited condensed consolidated financial statements included in this report. These unaudited condensed consolidated financial statements should be read in conjunction with the 2023 Form 10-K . Recently Issued Accounting Guidance Accounting Standards Updates. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) . ASU 2023-07 was issued to improve the disclosures about a public entity’s reportable segments and to provide additional, more detailed information about a reportable segment’s expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance is to be applied on a retrospective basis to all prior periods presented in the financial statements. The Company is within the scope of this ASU and expects to adopt ASU 2023-07 and related guidance on December 31, 2024. Adoption of ASU 2023-07 is not expected to have a material impact on the Company’s consolidated financial statements or related disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) . ASU 2023-09 was issued to improve the disclosures related to rate reconciliations and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The guidance is to be applied on a prospective basis; however, retrospective application is permitted. The Company is within the scope of this ASU and expects to adopt ASU 2023-09 on January 1, 2025, on a prospective basis. Adoption of ASU 2023-09 is not expected to have a material impact on the Company’s consolidated financial statements or related disclosures. SEC Final Rule to Enhance and Standardize Climate-Related Disclosures. On March 6, 2024, the SEC adopted final rules to require registrants to disclose certain climate-related information in registration statements and annual reports. On April 4, 2024, the SEC issued an order staying the final rules pending completion of judicial review of the petitions challenging the final rules. The order does not amend the compliance dates contemplated by the final rules, which are applicable to the Company for fiscal years beginning with the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2025. The Company is currently evaluating the potential impact of the final rules on its financial statements and related disclosures. As of June 30, 2024, and through the filing of this report, no other accounting guidance has been issued and not yet adopted that is applicable to the Company and that would have a material effect on the Company’s unaudited condensed consolidated financial statements and related disclosures.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
Revenue from Contracts with Customers	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Note 2 - Revenue from Contracts with Customers The Company recognizes its share of revenue from the sale of produced oil, gas, and NGLs from its Midland Basin and South Texas assets. Oil, gas, and NGL production revenue presented within the accompanying unaudited condensed consolidated statements of operations (“accompanying statements of operations”) reflects revenue generated from contracts with customers. The tables below present oil, gas, and NGL production revenue by product type for each of the Company’s operating areas: Midland Basin South Texas Total Three Months Ended Three Months Ended Three Months Ended 2024 2023 2024 2023 2024 2023 (in thousands) Oil production revenue $ 378,830 $ 302,874 $ 153,724 $ 120,519 $ 532,554 $ 423,393 Gas production revenue 22,833 36,800 22,352 32,927 45,185 69,727 NGL production revenue 134 211 55,578 53,224 55,712 53,435 Total $ 401,797 $ 339,885 $ 231,654 $ 206,670 $ 633,451 $ 546,555 Relative percentage 63 % 62 % 37 % 38 % 100 % 100 % Midland Basin South Texas Total Six Months Ended Six Months Ended Six Months Ended 2024 2023 2024 2023 2024 2023 (in thousands) Oil production revenue $ 711,021 $ 623,009 $ 262,427 $ 221,222 $ 973,448 $ 844,231 Gas production revenue 63,371 86,589 49,658 76,869 113,029 163,458 NGL production revenue 218 388 106,352 109,256 106,570 109,644 Total $ 774,610 $ 709,986 $ 418,437 $ 407,347 $ 1,193,047 $ 1,117,333 Relative percentage 65 % 64 % 35 % 36 % 100 % 100 % The Company recognizes oil, gas, and NGL production revenue at the point in time when custody and title (“control”) of the product transfers to the purchaser, which may differ depending on the applicable contractual terms. Transfer of control determines the presentation of transportation, gathering, processing, and other post-production expenses (“fees and other deductions”) within the accompanying statements of operations. Fees and other deductions incurred by the Company prior to transfer of control are recorded within the oil, gas, and NGL production expense line item on the accompanying statements of operations. When control is transferred at or near the wellhead, sales are based on a wellhead market price that may be affected by fees and other deductions incurred by the purchaser subsequent to the transfer of control. Revenue is recorded in the month when performance obligations are satisfied. However, settlement statements from the purchasers of hydrocarbons and the related cash consideration are received 30 to 90 days after production has occurred. As a result, the Company must estimate the amount of production delivered to the customer and the consideration that will ultimately be received for sale of the product. Estimated revenue due to the Company is recorded within the accounts receivable line item on the accompanying balance sheets until payment is received. The accounts receivable balances from contracts with customers within the accompanying balance sheets as of June 30, 2024, and December 31, 2023, were $198.2 million and $175.3 million, respectively. To estimate accounts receivable from contracts with customers, the Company uses knowledge of its properties, historical performance, contractual arrangements, index pricing, quality and transportation differentials, and other factors as the basis for these estimates. Differences between estimates and actual amounts received for product sales are recorded in the month that payment is received from the purchaser. The time period between production and satisfaction of performance obligations is generally less than one day, therefore there are no material unsatisfied or partially unsatisfied performance obligations at the end of the reporting period.

Equity

Equity	6 Months Ended
Equity	Jun. 30, 2024
Equity [Abstract]
Stockholders' Equity Note Disclosure	Note 3 - Equity Stock Repurchase Program During the second quarter of 2024, the Company’s Board of Directors re-authorized the Company’s existing stock repurchase program to re-establish the Company’s authorization to repurchase up to $500.0 million in aggregate value of its common stock through December 31, 2027 (“Stock Repurchase Program”). The Stock Repurchase Program permits the Company to repurchase shares of its common stock from time to time in open market transactions, through privately negotiated transactions or by other means in accordance with federal securities laws and subject to certain provisions of the Credit Agreement and the indentures governing the Senior Notes, as defined in Note 5 - Long-Term Debt . Please refer to Note 3 - Equity in the 2023 Form 10-K for additional information regarding the Company’s Stock Repurchase Program. The following table presents activity under the Company’s Stock Repurchase Program: For the Three Months Ended For the Six Months Ended 2024 2023 2024 2023 (in thousands, except per share data) Shares of common stock repurchased (1) 1,059 2,551 1,771 3,964 Weighted-average price per share (2) $ 48.35 $ 26.95 $ 47.40 $ 27.44 Cost of shares of common stock repurchased (2) (3) $ 51,202 $ 68,744 $ 83,955 $ 108,784 ____________________________________________ (1) All repurchased shares of the Company’s common stock were retired upon repurchase. (2) Amounts exclude excise taxes, commissions, and fees. (3) Amounts may not calculate due to rounding. As of June 30, 2024, following the re-authorization of our existing Stock Repurchase Program, $500.0 million was available for repurchases of the Company’s outstanding common stock through December 31, 2027, under the Stock Repurchase Program. Dividends During the second quarter of 2024, the Company’s Board of Directors approved an increase to the Company’s fixed dividend policy to $0.80 per share annually, to be paid in quarterly increments of $0.20 per share, beginning in the fourth quarter of 2024.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 4 - Income Taxes The provision for income taxes consisted of the following: For the Three Months Ended For the Six Months Ended 2024 2023 2024 2023 (in thousands) Current portion of income tax (expense) benefit: Federal $ (9,220) $ 2,189 $ (13,474) $ (2,809) State (854) (3) (1,278) (543) Deferred portion of income tax expense (43,516) (44,278) (70,907) (94,246) Income tax expense $ (53,590) $ (42,092) $ (85,659) $ (97,598) Effective tax rate 20.3 % 21.9 % 20.1 % 21.9 % Income tax expense or benefit differs from the amount that would be calculated by applying the statutory United States federal income tax rate to income or loss before income taxes. These differences primarily relate to the effect of federal tax credits, state income taxes, excess tax benefits and deficiencies from stock-based compensation awards, tax deduction limitations on compensation of covered individuals, changes in valuation allowances, the cumulative effect of other smaller permanent differences, and can also reflect the cumulative effect of an enacted tax rate change, in the period of enactment, on the Company’s net deferred tax asset and liability balances. The quarterly effective tax rate and the resulting income tax expense or benefit can also be affected by the proportional effects of forecast net income or loss and the correlative effect on the valuation allowance for each of the periods presented in the table above. The Company completed a multi-year research and development (“R&D”) credit study in 2023, which resulted in a favorable adjustment to the Company’s effective tax rate for the three and six months ended June 30, 2024, compared with the same periods in 2023, and a reduction of the Company’s tax obligation. Favorable adjustments to the Company’s effective tax rate are expected to continue in 2024 resulting from qualifying R&D activity and anticipated credit claims. The Company complies with authoritative accounting guidance regarding uncertain tax positions. The entire amount of unrecognized tax benefit reported by the Company would affect its effective tax rate if recognized. The Company does not expect a significant change to the recorded unrecognized tax benefits in 2024, except for any potential changes related to the Company’s 2024 R&D credit claims. For all years before 2020, the Company is generally no longer subject to United States federal or state income tax examinations by tax authorities.

Long-Term Debt

Long-Term Debt	6 Months Ended
Long-Term Debt	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Note 5 - Long-Term Debt Credit Agreement The Company’s Credit Agreement provides for a senior secured revolving credit facility with a maximum loan amount of $3.0 billion. As of June 30, 2024, the borrowing base and aggregate lender commitments under the Credit Agreement were $2.5 billion and $1.25 billion, respectively. The next scheduled borrowing base redetermination date is October 1, 2024. The Credit Agreement is scheduled to mature on the earlier of (a) August 2, 2027 (“Stated Maturity Date”), or (b) 91 days prior to the maturity date of any of the Company’s outstanding Senior Notes, as defined below, to the extent that, on or before such date, the respective Senior Notes have not been repaid, exchanged, repurchased, refinanced, or otherwise redeemed in full, and, if refinanced or exchanged, with a scheduled maturity date that is not earlier than at least 180 days after the Stated Maturity Date. On July 2, 2024, the Company entered into the First Amendment to the Credit Agreement (“First Amendment”) with its lenders. The First Amendment amended certain provisions of the Credit Agreement in order to facilitate financing for the pending XCL Acquisition, as defined in Note 11 - Acquisitions . On July 8, 2024, the Company, certain lenders under the revolving credit facility, and Wells Fargo Bank, National Association, administrative agent and swingline lender, began the process of seeking a second amendment to the Company’s Credit Agreement to, among other amendments, increase the revolving commitments available under the Credit Agreement from $1.25 billion to $2.0 billion and to extend the maturity of the Credit Agreement to five years beyond the effective date of such amendment. There can be no assurance that the second amendment to the Credit Agreement, including increases to the commitments or extension of the maturity date, will be obtained. Interest and commitment fees associated with the revolving credit facility are accrued based on a borrowing base utilization grid set forth in the Credit Agreement, as presented in Note 5 - Long-Term Debt in the 2023 Form 10-K . At the Company’s election, borrowings under the Credit Agreement may be in the form of Secured Overnight Financing Rate (“SOFR”), Alternate Base Rate (“ABR”), or Swingline loans. SOFR loans accrue interest at SOFR plus the applicable margin from the utilization grid, and ABR and Swingline loans accrue interest at a market-based floating rate, plus the applicable margin from the utilization grid. Commitment fees are accrued on the unused portion of the aggregate lender commitment amount at rates from the utilization grid. The following table presents the outstanding balance, total amount of letters of credit outstanding, and available borrowing capacity under the Credit Agreement as of July 31, 2024, June 30, 2024, and December 31, 2023: As of July 31, 2024 As of June 30, 2024 As of December 31, 2023 (in thousands) Revolving credit facility (1) $ — $ — $ — Letters of credit (2) 2,500 2,500 2,500 Available borrowing capacity 1,247,500 1,247,500 1,247,500 Total aggregate lender commitment amount $ 1,250,000 $ 1,250,000 $ 1,250,000 ____________________________________________ (1) Unamortized deferred financing costs attributable to the revolving credit facility are presented as a component of the other noncurrent assets line item on the accompanying balance sheets and totaled $7.3 million and $8.5 million as of June 30, 2024, and December 31, 2023, respectively. These costs are being amortized over the term of the revolving credit facility on a straight-line basis. (2) Letters of credit outstanding reduce the amount available under the revolving credit facility on a dollar-for-dollar basis. Senior Notes The Company’s Senior Notes, net line item on the accompanying balance sheets as of June 30, 2024, and December 31, 2023, consisted of the following (collectively referred to as “Senior Notes”): As of June 30, 2024 As of December 31, 2023 Principal Amount Unamortized Deferred Financing Costs Principal Amount, Net Principal Amount Unamortized Deferred Financing Costs Principal Amount, Net (in thousands) 5.625% Senior Notes due 2025 $ 349,118 $ 580 $ 348,538 $ 349,118 $ 896 $ 348,222 6.75% Senior Notes due 2026 419,235 1,518 417,717 419,235 1,868 417,367 6.625% Senior Notes due 2027 416,791 2,007 414,784 416,791 2,395 414,396 6.5% Senior Notes due 2028 400,000 4,143 395,857 400,000 4,651 395,349 Total $ 1,585,144 $ 8,248 $ 1,576,896 $ 1,585,144 $ 9,810 $ 1,575,334 The Senior Notes are unsecured senior obligations and rank equal in right of payment with all of the Company’s existing and any future unsecured senior debt and are senior in right of payment to any future subordinated debt. The Company may redeem some or all of its Senior Notes prior to their maturity at redemption prices that may include a premium, plus accrued and unpaid interest as described in the indentures governing the Senior Notes. As of June 30, 2024, the 5.625% Senior Notes due June 1, 2025 (“2025 Senior Notes”) were classified as a noncurrent liability included in the Senior Notes, net line item on the accompanying balance sheets, as the Company intends to redeem all of the outstanding 2025 Senior Notes using proceeds from the notes offering discussed below. On July 25, 2024, the Company issued $750.0 million in aggregate principal amount of 6.750% Senior Notes due 2029 (“2029 Senior Notes”) and $750.0 million in aggregate principal amount of 7.000% Senior Notes due 2032 (“2032 Senior Notes”, and together with the 2029 Senior Notes, “New Senior Notes”). The New Senior Notes were issued at par. The Company intends to use the net proceeds from the New Senior Notes, together with cash on hand and borrowings under its Credit Agreement, to fund the Company’s share of the purchase price for the pending XCL Acquisition, to redeem all of its outstanding 2025 Senior Notes, and to pay related fees and expenses. The 2029 Senior Notes are subject to a special mandatory redemption if the consummation of the XCL Acquisition does not occur on or before July 1, 2025, or if the Company notifies the trustee of the 2029 Senior Notes that it will not pursue the XCL Acquisition. Also, on July 25, 2024, the Company issued a notice of redemption to the holders of the 2025 Senior Notes notifying such holders that the Company intends to redeem the $349.1 million aggregate principal amount outstanding of its 2025 Senior Notes on August 26, 2024 (“Redemption Date”). In accordance with the terms of the indenture governing the 2025 Senior Notes, the redemption price will be equal to 100 percent of the principal amount outstanding of the 2025 Senior Notes on the Redemption Date, plus accrued and unpaid interest. Covenants The Company is subject to certain financial and non-financial covenants under the Credit Agreement and the indentures governing the Senior Notes that, among other terms, limit the Company’s ability to incur additional indebtedness, make restricted payments including dividends, sell assets, create liens that secure debt, enter into transactions with affiliates, make certain investments, or merge or consolidate with other entities. The Company was in compliance with all financial and non-financial covenants as of June 30, 2024, and through the filing of this report. Please refer to Note 5 - Long-Term Debt in the 2023 Form 10-K for additional detail on the Company’s covenants under the Credit Agreement and indentures governing the Senior Notes. Capitalized Interest Capitalized interest costs for the three months ended June 30, 2024, and 2023, totaled $6.1 million and $5.9 million, respectively, and totaled $12.2 million and $11.4 million for the six months ended June 30, 2024, and 2023, respectively. The amount of interest the Company capitalizes generally fluctuates based on the amount borrowed, the Company’s capital program, and the timing and amount of costs associated with capital projects that are considered in progress. Capitalized interest costs are included in total costs incurred.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6 - Commitments and Contingencies Commitments Other than those items discussed below and the XCL Acquisition Agreement discussed in Note 11 - Acquisitions , there have been no changes in commitments through the filing of this report that differ materially from those disclosed in the 2023 Form 10-K . Drilling Rig Service Contracts . During the six months ended June 30, 2024, the Company entered into new drilling rig contracts. As of June 30, 2024, the Company’s drilling rig commitments totaled $26.4 million under contract terms extending through the second quarter of 2025. If all of the drilling rig contracts were terminated as of June 30, 2024, the Company would avoid a portion of the contractual service commitments; however, the Company would be required to pay $14.8 million in early termination fees. No early termination penalties or standby fees were incurred by the Company during the six months ended June 30, 2024, and the Company does not expect to incur material penalties with regard to its drilling rig contracts during the remainder of 2024. Drilling and Completion Commitments . During the six months ended June 30, 2024, the Company entered into an agreement that includes minimum drilling and completion footage requirements on certain existing leases. If these minimum requirements are not satisfied by March 31, 2026, the Company will be required to pay liquidated damages based on the difference between the actual footage drilled and completed and the minimum requirements. As of June 30, 2024, the liquidated damages could range from zero to a maximum of $77.2 million, with the maximum exposure assuming no additional development activity occurs prior to March 31, 2026. As of the filing of this report, the Company expects to meet its obligations under this agreement. Contingencies The Company is subject to litigation and claims arising in the ordinary course of business. The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated. As of the filing of this report, in the opinion of management, the anticipated results of any pending litigation and claims are not expected to have a material effect on the results of operations, the financial position, or the cash flows of the Company.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
Derivative Financial Instruments	Jun. 30, 2024
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Derivative Financial Instruments	Note 7 - Derivative Financial Instruments Summary of Oil, Gas, and NGL Derivative Contracts in Place The Company regularly enters into commodity derivative contracts to mitigate a portion of its exposure to oil, gas, and NGL price volatility and location differentials, and the associated effect on cash flows. All commodity derivative contracts that the Company enters into are for other-than-trading purposes. The Company’s commodity derivative contracts consist of price swap and collar arrangements for oil and gas production, and price swap arrangements for NGL production. In a typical commodity swap agreement, if the agreed upon published third-party index price (“index price”) is lower than the swap price, the Company receives the difference between the index price and the agreed upon swap price. If the index price is higher than the swap price, the Company pays the difference. For collar arrangements, the Company receives the difference between an agreed upon index price and the floor price if the index price is below the floor price. The Company pays the difference between the agreed upon ceiling price and the index price if the index price is above the ceiling price. No amounts are paid or received if the index price is between the floor and ceiling prices. The Company has entered into fixed price oil and gas basis swaps in order to mitigate exposure to adverse pricing differentials between certain industry benchmark prices and the actual physical pricing points where the Company’s production is sold. As of June 30, 2024, the Company had basis swap contracts with fixed price differentials between: • NYMEX WTI and Argus WTI Midland (“WTI Midland”) for a portion of its Midland Basin oil production with sales contracts that settle at WTI Midland prices; • NYMEX WTI and Argus WTI Houston Magellan East Houston Terminal (“WTI Houston MEH”) for a portion of its South Texas oil production with sales contracts that settle at WTI Houston MEH prices; • NYMEX Henry Hub (“HH”) and Inside FERC Houston Ship Channel (“IF HSC”) for a portion of its South Texas gas production with sales contracts that settle at IF HSC prices; and • NYMEX HH and Inside FERC West Texas (“IF Waha”) for a portion of its Midland Basin gas production with sales contracts that settle at IF Waha prices. The Company has also entered into oil swap contracts to fix the differential in pricing between the NYMEX calendar month average and the physical crude oil delivery month (“Roll Differential”) in which the Company pays the periodic variable Roll Differential and receives a weighted-average fixed price differential. The weighted-average fixed price differential represents the amount of net addition (reduction) to delivery month prices for the notional volumes covered by the swap contracts. As of June 30, 2024, the Company had commodity derivative contracts outstanding through the fourth quarter of 2026 as summarized in the table below: Contract Period Third Quarter 2024 Fourth Quarter 2024 2025 2026 Oil Derivatives (volumes in MBbl and prices in $ per Bbl): Swaps NYMEX WTI Volumes — 780 645 — Weighted-Average Contract Price $ — $ 73.24 $ 75.59 $ — Collars NYMEX WTI Volumes 2,003 1,917 4,391 — Weighted-Average Floor Price $ 68.27 $ 69.93 $ 65.56 $ — Weighted-Average Ceiling Price $ 83.10 $ 82.27 $ 81.70 $ — Basis Swaps WTI Midland-NYMEX WTI Volumes 1,235 1,230 4,556 — Weighted-Average Contract Price $ 1.21 $ 1.21 $ 1.18 $ — WTI Houston MEH-NYMEX WTI Volumes 332 309 1,765 816 Weighted-Average Contract Price $ 1.82 $ 1.82 $ 1.90 $ 2.10 Roll Differential Swaps NYMEX WTI Volumes 2,621 2,334 — — Weighted-Average Contract Price $ 0.69 $ 0.66 $ — $ — Gas Derivatives (volumes in BBtu and prices in $ per MMBtu): Swaps NYMEX HH Volumes 2,923 1,569 5,891 3,173 Weighted-Average Contract Price $ 3.18 $ 3.03 $ 4.20 $ 3.96 IF Waha Volumes — — — 1,548 Weighted-Average Contract Price $ — $ — $ — $ 3.26 Collars NYMEX HH Volumes 4,612 7,328 29,920 13,438 Weighted-Average Floor Price $ 3.68 $ 3.38 $ 3.23 $ 3.25 Weighted-Average Ceiling Price $ 4.21 $ 4.97 $ 4.70 $ 4.90 Basis Swaps IF Waha-NYMEX HH Volumes 5,344 5,240 20,501 — Weighted-Average Contract Price $ (0.99) $ (0.73) $ (0.66) $ — IF HSC-NYMEX HH Volumes 3,426 5,750 946 — Weighted-Average Contract Price $ (0.30) $ (0.38) $ 0.0025 $ — NGL Derivatives (volumes in MBbl and prices in $ per Bbl): Swaps OPIS Propane Mont Belvieu Non-TET Volumes 404 434 396 — Weighted-Average Contract Price $ 31.87 $ 31.85 $ 32.86 $ — OPIS Normal Butane Mont Belvieu Non-TET Volumes 92 97 45 — Weighted-Average Contract Price $ 39.85 $ 39.84 $ 39.48 $ — OPIS Isobutane Mont Belvieu Non-TET Volumes 25 28 25 — Weighted-Average Contract Price $ 41.58 $ 41.58 $ 41.58 $ — Commodity Derivative Contracts Entered Into Subsequent to June 30, 2024 Subsequent to June 30, 2024, and through the filing of this report, the Company entered into the following commodity derivative contracts: • NYMEX WTI price swap contracts for the fourth quarter of 2024 for a total of 1.1 MMBbl of oil production at a weighted-average contract price of $74.95 per Bbl and for the second and third quarters of 2025 for a total of 0.7 MMBbl of oil production at a weighted-average contract price of $75.00 per Bbl; • NYMEX WTI collar contracts for the third quarter of 2025 for a total of 0.1 MMBbl of oil production at a weighted-average floor price of $70.00 per Bbl and a weighted-average ceiling price of $80.00 per Bbl; and • NYMEX HH price swap contracts for the second quarters of 2025 and 2026 for a total of 1,430 BBtu and 1,472 BBtu of gas production, respectively, at a weighted-average contract price of $3.00 per MMBtu and $3.26 per MMBtu, respectively. Derivative Assets and Liabilities Fair Value The Company’s commodity derivatives are measured at fair value and are included in the accompanying balance sheets as derivative assets and liabilities, with the exception of derivative instruments that meet the “normal purchase normal sale” exclusion. The Company does not designate its commodity derivative contracts as hedging instruments. The fair value of commodity derivative contracts at June 30, 2024, and December 31, 2023, was a net asset of $11.2 million and $57.1 million, respectively. The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets, by category: As of June 30, 2024 As of December 31, 2023 (in thousands) Derivative assets: Current assets $ 27,208 $ 56,442 Noncurrent assets 7,878 8,672 Total derivative assets $ 35,086 $ 65,114 Derivative liabilities: Current liabilities $ 20,552 $ 6,789 Noncurrent liabilities 3,305 1,273 Total derivative liabilities $ 23,857 $ 8,062 Offsetting of Derivative Assets and Liabilities As of June 30, 2024, and December 31, 2023, all derivative instruments held by the Company were subject to master netting arrangements with various financial institutions. In general, the terms of the Company’s agreements provide for offsetting of amounts payable or receivable between it and the counterparty, at the election of both parties, for transactions that settle on the same date and in the same currency. The Company’s agreements also provide that in the event of an early termination, the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. The Company’s accounting policy is to not offset these positions in its accompanying balance sheets. The following table provides a reconciliation between the gross assets and liabilities reflected on the accompanying balance sheets and the potential effects of master netting arrangements on the fair value of the Company’s commodity derivative contracts: Derivative Assets as of Derivative Liabilities as of June 30, December 31, 2023 June 30, December 31, 2023 (in thousands) Gross amounts presented in the accompanying balance sheets $ 35,086 $ 65,114 $ (23,857) $ (8,062) Amounts not offset in the accompanying balance sheets (19,732) (7,362) 19,732 7,362 Net amounts $ 15,354 $ 57,752 $ (4,125) $ (700) The following table summarizes the commodity components of the net derivative settlement gain, and the net derivative (gain) loss line items presented within the accompanying unaudited condensed consolidated statements of cash flows (“accompanying statements of cash flows”) and the accompanying statements of operations, respectively: For the Three Months Ended For the Six Months Ended 2024 2023 2024 2023 (in thousands) Net derivative settlement (gain) loss: Oil contracts $ 1,161 $ 472 $ (1,364) $ 6,698 Gas contracts (17,684) (14,550) (29,904) (25,852) NGL contracts — (1,558) 1,471 (1,558) Total net derivative settlement gain $ (16,523) $ (15,636) $ (29,797) $ (20,712) Net derivative (gain) loss: Oil contracts $ (1,271) $ (17,518) $ 35,828 $ (46,685) Gas contracts (11,505) 10,560 (26,333) (10,218) NGL contracts 658 (4,716) 6,532 (6,100) Total net derivative (gain) loss $ (12,118) $ (11,674) $ 16,027 $ (63,003) Credit Related Contingent Features As of June 30, 2024, all of the Company’s derivative counterparties were members of the Company’s Credit Agreement lender group. The Company does not enter into derivative contracts with counterparties that are not part of the lender group. Under the Credit Agreement, the Company is required to provide mortgage liens on assets having a value equal to at least 85 percent of the total PV-9, as defined in the Credit Agreement, of the Company’s proved oil and gas properties evaluated in the most recent reserve report. Collateral securing indebtedness under the Credit Agreement also secures the Company’s derivative agreement obligations.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Note 8 - Fair Value Measurements The Company follows fair value measurement accounting guidance for all assets and liabilities measured at fair value. This guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Market or observable inputs are the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs. The fair value hierarchy for grouping these assets and liabilities is based on the significance level of the following inputs: • Level 1 – quoted prices in active markets for identical assets or liabilities • Level 2 – quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose inputs are observable or whose significant value drivers are observable • Level 3 – significant inputs to the valuation model are unobservable The following table is a listing of the Company’s assets and liabilities that are measured at fair value in the accompanying balance sheets and where they are classified within the fair value hierarchy: As of June 30, 2024 As of December 31, 2023 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (in thousands) Assets: Derivatives (1) $ — $ 35,086 $ — $ — $ 65,114 $ — Liabilities: Derivatives (1) $ — $ 23,857 $ — $ — $ 8,062 $ — __________________________________________ (1) This represents a financial asset or liability that is measured at fair value on a recurring basis. 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 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. Derivatives The Company uses Level 2 inputs to measure the fair value of oil, gas, and NGL commodity derivative instruments. Fair values are based upon interpolated data. The Company derives internal valuation estimates taking into consideration forward commodity price curves, counterparties’ credit ratings, the Company’s credit rating, and the time value of money. These valuations are then compared to the respective counterparties’ mark-to-market statements. The considered factors result in an estimated exit price that management believes provides a reasonable and consistent methodology for valuing derivative instruments. The commodity derivative instruments utilized by the Company are not considered by management to be complex, structured, or illiquid. The oil, gas, and NGL commodity derivative markets are highly active. Please refer to Note 7 - Derivative Financial Instruments for more information regarding the Company’s derivative instruments. Long-Term Debt The following table reflects the fair value of the Company’s Senior Notes obligations measured using Level 1 inputs based on quoted secondary market trading prices. These notes were not presented at fair value on the accompanying balance sheets as of June 30, 2024, or December 31, 2023, as they were recorded at carrying value, net of any unamortized deferred financing costs. Please refer to Note 5 - Long-Term Debt for additional information. As of June 30, 2024 As of December 31, 2023 Principal Amount Fair Value Principal Amount Fair Value (in thousands) 5.625% Senior Notes due 2025 $ 349,118 $ 348,245 $ 349,118 $ 348,189 6.75% Senior Notes due 2026 $ 419,235 $ 419,545 $ 419,235 $ 420,660 6.625% Senior Notes due 2027 $ 416,791 $ 415,795 $ 416,791 $ 416,549 6.5% Senior Notes due 2028 $ 400,000 $ 397,472 $ 400,000 $ 401,372

Earnings per Share

Earnings per Share	6 Months Ended
Earnings per Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Note 9 - Earnings Per Share Basic net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the basic weighted-average number of common shares outstanding for the respective period. Diluted net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the diluted weighted-average number of common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist primarily of non-vested restricted stock units (“RSU” or “RSUs”) and contingent performance share units (“PSU” or “PSUs”), which were measured using the treasury stock method. Please refer to Note 10 - Compensation Plans in this report and Note 9 - Earnings Per Share in the 2023 Form 10-K for additional detail on these potentially dilutive securities. The following table sets forth the calculations of basic and diluted net income per common share: For the Three Months Ended For the Six Months Ended 2024 2023 2024 2023 (in thousands, except per share data) Net income $ 210,293 $ 149,874 $ 341,492 $ 348,426 Basic weighted-average common shares outstanding 114,634 119,408 115,138 120,533 Dilutive effect of non-vested RSUs, contingent PSUs, and other 1,081 666 954 642 Diluted weighted-average common shares outstanding 115,715 120,074 116,092 121,175 Basic net income per common share $ 1.83 $ 1.26 $ 2.97 $ 2.89 Diluted net income per common share $ 1.82 $ 1.25 $ 2.94 $ 2.88

Compensation Plans

Compensation Plans	6 Months Ended
Compensation Plans	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Compensation Plans	Note 10 - Compensation Plans The Company may grant various types of both short-term and long-term incentive-based awards under its compensation plans, such as cash awards, performance-based cash awards, and equity awards to eligible employees. Additionally, the Company grants stock-based compensation to its Board of Directors and provides an employee stock purchase plan. As of June 30, 2024, approximately 2.8 million shares of common stock were available for grant under the Company’s Equity Incentive Compensation Plan (“Equity Plan”). Performance Share Units The Company has granted PSUs to eligible employees as part of its Equity Plan. The number of shares of the Company’s common stock issued to settle PSUs ranges from zero to two times the number of PSUs awarded and is determined based on certain criteria over a three For PSUs granted in 2023 and 2022 which the Company determined to be equity awards, settlement will be determined based on a combination of the following criteria measured over the three Compensation expense for PSUs is recognized within general and administrative expense and exploration expense over the vesting periods of the respective awards. Total compensation expense recorded for PSUs was $1.4 million and $0.2 million for the three months ended June 30, 2024, and 2023, respectively, and $2.4 million and $0.8 million for the six months ended June 30, 2024, and 2023, respectively. As of June 30, 2024, there was $7.1 million of total unrecognized compensation expense related to non-vested PSUs, which is being amortized through mid-2026. There were no material changes to the outstanding and non-vested PSUs during the six months ended June 30, 2024. Restricted Stock Units The Company has granted RSUs to eligible employees as part of its Equity Plan. Each RSU represents a right to receive one share of the Company’s common stock upon settlement of the award at the end of the specified vesting period. RSUs generally vest in one-third increments on each anniversary of the applicable grant date over the applicable vesting period or upon other triggering events as set forth in the Equity Plan. The Company records compensation expense associated with the issuance of RSUs based on the fair value of the awards as of the grant date. The fair value of an RSU is equal to the closing price of the Company’s common stock on the grant date. Compensation expense for RSUs is recognized within general and administrative expense and exploration expense over the vesting periods of the respective awards. Total compensation expense recorded for RSUs was $3.8 million and $3.4 million for the three months ended June 30, 2024, and 2023, respectively, and $7.5 million and $6.7 million for the six months ended June 30, 2024, and 2023, respectively. As of June 30, 2024, there was $17.3 million of total unrecognized compensation expense related to non-vested RSUs, which is being amortized through mid-2026. There were no material changes to the outstanding and non-vested RSUs during the six months ended June 30, 2024. Subsequent to June 30, 2024, the Company settled RSUs upon the vesting of awards granted in previous years. The Company and all eligible recipients mutually agreed to net share settle a portion of the awards to cover income and payroll tax withholdings, as provided for in the Equity Plan and applicable award agreements. After withholding 157,643 shares to satisfy income and payroll tax withholding obligations, the Company issued 349,528 shares of common stock in accordance with the terms of the applicable award agreements. Additionally, the Company granted to employees a total of 461,411 RSUs with a grant date fair value of $20.1 million. Director Shares During the six months ended June 30, 2024, and 2023, the Company issued a total of 37,530 and 56,872 shares, respectively, of its common stock to its non-employee directors under the Equity Plan. Shares issued to non-employee directors that were elected at the Company’s 2024 annual meeting of stockholders will fully vest on December 31, 2024, and shares issued to non-employee directors that were elected at the Company’s 2023 annual meeting of stockholders fully vested on December 31, 2023. Employee Stock Purchase Plan Under the Company’s Employee Stock Purchase Plan (“ESPP”), eligible employees may purchase shares of the Company’s common stock through payroll deductions of up to 15 percent of their eligible compensation, subject to a maximum of 2,500 shares per offering period and a maximum of $25,000 in value related to purchases for each calendar year. The purchase price of the common stock is 85 percent of the lower of the trading price of the common stock on either the first or last day of the six-month offering period. The ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. There were a total of 56,006 and 68,210 shares issued under the ESPP during the second quarters of 2024 and 2023, respectively. Total proceeds to the Company for the issuance of these shares was $1.8 million during each of the six months ended June 30, 2024, and 2023. The fair value of ESPP grants is measured at the date of grant using the Black-Scholes option-pricing model. Please refer to Note 10 - Compensation Plans in the 2023 Form 10-K for additional detail on the Company’s compensation plans.

Divestitures, Assets Held for S

Divestitures, Assets Held for Sale, and Acquisitions	6 Months Ended
Divestitures, Assets Held for Sale, and Acquisitions	Jun. 30, 2024
Asset Acquisition [Abstract]
Acquisitions, Assets Held for Sale, and Divestitures	Note 11 - Acquisitions 2024 Acquisition Activity On June 27, 2024, the Company entered into a Purchase and Sale Agreement (“XCL Acquisition Agreement”) with XCL AssetCo, LLC, XCL Marketing, LLC, Wasatch Water Logistics, LLC, XCL Resources, LLC, and XCL SandCo, LLC, (collectively referred to as the “XCL Sellers”) and, solely for purposes of ratifying certain representations and warranties, interim covenants and interpretative provisions, Northern Oil and Gas, Inc. (“NOG”), pursuant to which the Company agreed to purchase all of the rights, titles and interests in the Uinta Basin oil and gas assets owned by the XCL Sellers (“Uinta Basin Assets”). Pursuant to the terms of the XCL Acquisition Agreement and the Cooperation Agreement, as defined below, the Company expects to, immediately prior to the closing of the transactions contemplated by the XCL Acquisition Agreement, assign an undivided 20 percent interest in the XCL Acquisition Agreement to NOG and, at the closing, cause the XCL Sellers to directly assign an undivided 20 percent interest in certain of the Uinta Basin Assets to NOG. The Company’s undivided 80 percent in the Uinta Basin Assets consists of approximately 37,200 net acres, and first quarter 2024 production of approximately 38,200 BOE per day. Upon the closing of the transactions contemplated by the XCL Acquisition Agreement, (collectively, the “XCL Acquisition”), the XCL Sellers will receive aggregate consideration of $2.55 billion in cash (“XCL Purchase Price”), subject to certain customary purchase price adjustments set forth in the XCL Acquisition Agreement. After the anticipated assignment to NOG of an undivided 20 percent interest in the XCL Acquisition Agreement, the Company’s proportionate share of the unadjusted XCL Purchase Price will be $2.04 billion. Concurrently with the execution of the XCL Acquisition Agreement, the Company entered into an Acquisition and Cooperation Agreement (“Cooperation Agreement”) with NOG. Pursuant to the terms of the Cooperation Agreement, the Company and NOG will cooperate in connection with the XCL Acquisition Agreement, the Company and NOG agree to certain interim covenants, NOG will pay for its proportionate share of the cash deposit and the XCL Purchase Price, and NOG will become party to, and take a 20 percent undivided interest in, the XCL Acquisition Agreement. The XCL Acquisition is expected to close on October 1, 2024, with an effective date of May 1, 2024. There can be no assurance that the XCL Acquisition will close on the expected closing date or at all. The Company is currently evaluating the XCL Acquisition to determine if it meets the criteria of a business combination under Accounting Standards Codification Topic 805, Business Combinations . Upon execution of the XCL Acquisition Agreement, the Company deposited with an escrow agent a cash deposit of $102.0 million equal to five percent of the Company’s undivided 80 percent of the XCL Purchase Price, which is presented in the acquisition deposit held in escrow line item on the accompanying balance sheets. The Company expects to fund the balance of the XCL Purchase Price through a combination of cash on hand, borrowings under the revolving credit facility, and the issuance of the New Senior Notes discussed in Note 5 - Long-Term Debt. In connection with entry into the XCL Acquisition Agreement, on June 27, 2024, the Company obtained firm commitments for up to $1.2 billion of senior unsecured 364-day bridge term loans (“Bridge Facility”) and a backstop to proposed amendments to the Credit Agreement for the purpose of financing a portion of the XCL Purchase Price and/or otherwise paying related fees, costs and expenses associated with the XCL Acquisition. The Company paid $9.0 million in fees to secure the Bridge Facility, which are recorded in the prepaid expenses and other line item on the accompanying balance sheets as of June 30, 2024. The Company did not draw on the Bridge Facility, and after issuance of the New Senior Notes on July 25, 2024, the Company terminated the Bridge Facility. The $9.0 million in fees previously paid will be recognized as interest expense during the third quarter of 2024. Pursuant to the terms of the XCL Acquisition Agreement, the Company had the option to acquire certain additional assets adjacent to the Uinta Basin Assets (“Option Assets”) from the XCL Sellers for a purchase price equal to the XCL Sellers’ cost to acquire such assets plus the XCL Sellers’ related out of pocket expenses. On August 5, 2024, the Company exercised its option to acquire 80 percent of the Option Assets and NOG exercised its option to acquire the remaining 20 percent. The Company’s 80 percent share of the total acquisition cost of the Option Assets is approximately $70.0 million and consists of approximately 26,100 net acres, and as of May 1, 2024, approximately 1,360 BOE per day of production. 2023 Acquisition Activity On June 30, 2023, the Company acquired approximately 20,000 net acres of oil and gas properties located in Dawson and northern Martin Counties, Texas. Total consideration paid after purchase price adjustments during the six months ended June 30, 2023, was $88.8 million. Under authoritative accounting guidance, this transaction was accounted for as an asset acquisition. Therefore, the properties were recorded based on the total consideration paid after purchase price adjustments and the transaction costs were capitalized as a component of the cost of the assets acquired.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, the instructions to Quarterly Report on Form 10-Q, and Regulation S-X. These financial statements do not include all information and notes required by GAAP for annual financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to the consolidated financial statements included in the 2023 Form 10-K . In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation of interim financial information, have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year. In connection with the preparation of the Company’s unaudited condensed consolidated financial statements, the Company evaluated events subsequent to the balance sheet date of June 30, 2024, and through the filing of this report. Additionally, certain prior period amounts have been reclassified to conform to current period presentation in the accompanying unaudited condensed consolidated financial statements.
Recently Issued Accounting Standards, Policy [Policy Text Block]	Recently Issued Accounting Guidance Accounting Standards Updates. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) . ASU 2023-07 was issued to improve the disclosures about a public entity’s reportable segments and to provide additional, more detailed information about a reportable segment’s expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance is to be applied on a retrospective basis to all prior periods presented in the financial statements. The Company is within the scope of this ASU and expects to adopt ASU 2023-07 and related guidance on December 31, 2024. Adoption of ASU 2023-07 is not expected to have a material impact on the Company’s consolidated financial statements or related disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) . ASU 2023-09 was issued to improve the disclosures related to rate reconciliations and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The guidance is to be applied on a prospective basis; however, retrospective application is permitted. The Company is within the scope of this ASU and expects to adopt ASU 2023-09 on January 1, 2025, on a prospective basis. Adoption of ASU 2023-09 is not expected to have a material impact on the Company’s consolidated financial statements or related disclosures. SEC Final Rule to Enhance and Standardize Climate-Related Disclosures. On March 6, 2024, the SEC adopted final rules to require registrants to disclose certain climate-related information in registration statements and annual reports. On April 4, 2024, the SEC issued an order staying the final rules pending completion of judicial review of the petitions challenging the final rules. The order does not amend the compliance dates contemplated by the final rules, which are applicable to the Company for fiscal years beginning with the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2025. The Company is currently evaluating the potential impact of the final rules on its financial statements and related disclosures. As of June 30, 2024, and through the filing of this report, no other accounting guidance has been issued and not yet adopted that is applicable to the Company and that would have a material effect on the Company’s unaudited condensed consolidated financial statements and related disclosures.
Derivatives, Offsetting Fair Value Amounts, Policy [Policy Text Block]	The Company’s accounting policy is to not offset
Fair Value of Financial Instruments, Policy [Policy Text Block]	Derivatives The Company uses Level 2 inputs to measure the fair value of oil, gas, and NGL commodity derivative instruments. Fair values are based upon interpolated data. The Company derives internal valuation estimates taking into consideration forward commodity price curves, counterparties’ credit ratings, the Company’s credit rating, and the time value of money. These valuations are then compared to the respective counterparties’ mark-to-market statements. The considered factors result in an estimated exit price that management believes provides a reasonable and consistent methodology for valuing derivative instruments. The commodity derivative instruments utilized by the Company are not considered by management to be complex, structured, or illiquid. The oil, gas, and NGL commodity derivative markets are highly active. Please refer to Note 7 - Derivative Financial Instruments for more information regarding the Company’s derivative instruments.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities (Policies)	6 Months Ended
Derivative Instruments and Hedging Activities (Policies)	Jun. 30, 2024
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Derivatives, Offsetting Fair Value Amounts, Policy [Policy Text Block]	The Company’s accounting policy is to not offset

Fair Value Measures and Disclos

Fair Value Measures and Disclosures (Policies)	6 Months Ended
Fair Value Measures and Disclosures (Policies)	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments, Policy [Policy Text Block]	Derivatives The Company uses Level 2 inputs to measure the fair value of oil, gas, and NGL commodity derivative instruments. Fair values are based upon interpolated data. The Company derives internal valuation estimates taking into consideration forward commodity price curves, counterparties’ credit ratings, the Company’s credit rating, and the time value of money. These valuations are then compared to the respective counterparties’ mark-to-market statements. The considered factors result in an estimated exit price that management believes provides a reasonable and consistent methodology for valuing derivative instruments. The commodity derivative instruments utilized by the Company are not considered by management to be complex, structured, or illiquid. The oil, gas, and NGL commodity derivative markets are highly active. Please refer to Note 7 - Derivative Financial Instruments for more information regarding the Company’s derivative instruments.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
Revenue from Contracts with Customers (Tables)	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of oil, gas, and NGL production revenue	The tables below present oil, gas, and NGL production revenue by product type for each of the Company’s operating areas: Midland Basin South Texas Total Three Months Ended Three Months Ended Three Months Ended 2024 2023 2024 2023 2024 2023 (in thousands) Oil production revenue $ 378,830 $ 302,874 $ 153,724 $ 120,519 $ 532,554 $ 423,393 Gas production revenue 22,833 36,800 22,352 32,927 45,185 69,727 NGL production revenue 134 211 55,578 53,224 55,712 53,435 Total $ 401,797 $ 339,885 $ 231,654 $ 206,670 $ 633,451 $ 546,555 Relative percentage 63 % 62 % 37 % 38 % 100 % 100 % Midland Basin South Texas Total Six Months Ended Six Months Ended Six Months Ended 2024 2023 2024 2023 2024 2023 (in thousands) Oil production revenue $ 711,021 $ 623,009 $ 262,427 $ 221,222 $ 973,448 $ 844,231 Gas production revenue 63,371 86,589 49,658 76,869 113,029 163,458 NGL production revenue 218 388 106,352 109,256 106,570 109,644 Total $ 774,610 $ 709,986 $ 418,437 $ 407,347 $ 1,193,047 $ 1,117,333 Relative percentage 65 % 64 % 35 % 36 % 100 % 100 %

Equity (Tables)

Equity (Tables)	6 Months Ended
Equity (Tables)	Jun. 30, 2024
Equity [Abstract]
Schedule of Stock Repurchase Activity	The following table presents activity under the Company’s Stock Repurchase Program: For the Three Months Ended For the Six Months Ended 2024 2023 2024 2023 (in thousands, except per share data) Shares of common stock repurchased (1) 1,059 2,551 1,771 3,964 Weighted-average price per share (2) $ 48.35 $ 26.95 $ 47.40 $ 27.44 Cost of shares of common stock repurchased (2) (3) $ 51,202 $ 68,744 $ 83,955 $ 108,784 ____________________________________________ (1) All repurchased shares of the Company’s common stock were retired upon repurchase. (2) Amounts exclude excise taxes, commissions, and fees. (3) Amounts may not calculate due to rounding.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
Income Taxes (Tables)	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of provision for income taxes	The provision for income taxes consisted of the following: For the Three Months Ended For the Six Months Ended 2024 2023 2024 2023 (in thousands) Current portion of income tax (expense) benefit: Federal $ (9,220) $ 2,189 $ (13,474) $ (2,809) State (854) (3) (1,278) (543) Deferred portion of income tax expense (43,516) (44,278) (70,907) (94,246) Income tax expense $ (53,590) $ (42,092) $ (85,659) $ (97,598) Effective tax rate 20.3 % 21.9 % 20.1 % 21.9 %

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
Long-Term Debt (Tables)	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities	The following table presents the outstanding balance, total amount of letters of credit outstanding, and available borrowing capacity under the Credit Agreement as of July 31, 2024, June 30, 2024, and December 31, 2023: As of July 31, 2024 As of June 30, 2024 As of December 31, 2023 (in thousands) Revolving credit facility (1) $ — $ — $ — Letters of credit (2) 2,500 2,500 2,500 Available borrowing capacity 1,247,500 1,247,500 1,247,500 Total aggregate lender commitment amount $ 1,250,000 $ 1,250,000 $ 1,250,000 ____________________________________________ (1) Unamortized deferred financing costs attributable to the revolving credit facility are presented as a component of the other noncurrent assets line item on the accompanying balance sheets and totaled $7.3 million and $8.5 million as of June 30, 2024, and December 31, 2023, respectively. These costs are being amortized over the term of the revolving credit facility on a straight-line basis. (2) Letters of credit outstanding reduce the amount available under the revolving credit facility on a dollar-for-dollar basis.
Schedule of Long-term Debt Instruments	The Company’s Senior Notes, net line item on the accompanying balance sheets as of June 30, 2024, and December 31, 2023, consisted of the following (collectively referred to as “Senior Notes”): As of June 30, 2024 As of December 31, 2023 Principal Amount Unamortized Deferred Financing Costs Principal Amount, Net Principal Amount Unamortized Deferred Financing Costs Principal Amount, Net (in thousands) 5.625% Senior Notes due 2025 $ 349,118 $ 580 $ 348,538 $ 349,118 $ 896 $ 348,222 6.75% Senior Notes due 2026 419,235 1,518 417,717 419,235 1,868 417,367 6.625% Senior Notes due 2027 416,791 2,007 414,784 416,791 2,395 414,396 6.5% Senior Notes due 2028 400,000 4,143 395,857 400,000 4,651 395,349 Total $ 1,585,144 $ 8,248 $ 1,576,896 $ 1,585,144 $ 9,810 $ 1,575,334

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
Derivative Financial Instruments (Tables)	Jun. 30, 2024
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Schedule of notional amounts of outstanding derivative positions	As of June 30, 2024, the Company had commodity derivative contracts outstanding through the fourth quarter of 2026 as summarized in the table below: Contract Period Third Quarter 2024 Fourth Quarter 2024 2025 2026 Oil Derivatives (volumes in MBbl and prices in $ per Bbl): Swaps NYMEX WTI Volumes — 780 645 — Weighted-Average Contract Price $ — $ 73.24 $ 75.59 $ — Collars NYMEX WTI Volumes 2,003 1,917 4,391 — Weighted-Average Floor Price $ 68.27 $ 69.93 $ 65.56 $ — Weighted-Average Ceiling Price $ 83.10 $ 82.27 $ 81.70 $ — Basis Swaps WTI Midland-NYMEX WTI Volumes 1,235 1,230 4,556 — Weighted-Average Contract Price $ 1.21 $ 1.21 $ 1.18 $ — WTI Houston MEH-NYMEX WTI Volumes 332 309 1,765 816 Weighted-Average Contract Price $ 1.82 $ 1.82 $ 1.90 $ 2.10 Roll Differential Swaps NYMEX WTI Volumes 2,621 2,334 — — Weighted-Average Contract Price $ 0.69 $ 0.66 $ — $ — Gas Derivatives (volumes in BBtu and prices in $ per MMBtu): Swaps NYMEX HH Volumes 2,923 1,569 5,891 3,173 Weighted-Average Contract Price $ 3.18 $ 3.03 $ 4.20 $ 3.96 IF Waha Volumes — — — 1,548 Weighted-Average Contract Price $ — $ — $ — $ 3.26 Collars NYMEX HH Volumes 4,612 7,328 29,920 13,438 Weighted-Average Floor Price $ 3.68 $ 3.38 $ 3.23 $ 3.25 Weighted-Average Ceiling Price $ 4.21 $ 4.97 $ 4.70 $ 4.90 Basis Swaps IF Waha-NYMEX HH Volumes 5,344 5,240 20,501 — Weighted-Average Contract Price $ (0.99) $ (0.73) $ (0.66) $ — IF HSC-NYMEX HH Volumes 3,426 5,750 946 — Weighted-Average Contract Price $ (0.30) $ (0.38) $ 0.0025 $ — NGL Derivatives (volumes in MBbl and prices in $ per Bbl): Swaps OPIS Propane Mont Belvieu Non-TET Volumes 404 434 396 — Weighted-Average Contract Price $ 31.87 $ 31.85 $ 32.86 $ — OPIS Normal Butane Mont Belvieu Non-TET Volumes 92 97 45 — Weighted-Average Contract Price $ 39.85 $ 39.84 $ 39.48 $ — OPIS Isobutane Mont Belvieu Non-TET Volumes 25 28 25 — Weighted-Average Contract Price $ 41.58 $ 41.58 $ 41.58 $ —
Schedule of fair value of derivatives in accompanying balance sheets	The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets, by category: As of June 30, 2024 As of December 31, 2023 (in thousands) Derivative assets: Current assets $ 27,208 $ 56,442 Noncurrent assets 7,878 8,672 Total derivative assets $ 35,086 $ 65,114 Derivative liabilities: Current liabilities $ 20,552 $ 6,789 Noncurrent liabilities 3,305 1,273 Total derivative liabilities $ 23,857 $ 8,062
Schedule of the potential effects of master netting arrangements	The following table provides a reconciliation between the gross assets and liabilities reflected on the accompanying balance sheets and the potential effects of master netting arrangements on the fair value of the Company’s commodity derivative contracts: Derivative Assets as of Derivative Liabilities as of June 30, December 31, 2023 June 30, December 31, 2023 (in thousands) Gross amounts presented in the accompanying balance sheets $ 35,086 $ 65,114 $ (23,857) $ (8,062) Amounts not offset in the accompanying balance sheets (19,732) (7,362) 19,732 7,362 Net amounts $ 15,354 $ 57,752 $ (4,125) $ (700)
Schedule of the components of the net derivative settlement (gain) loss and the net derivative (gain) loss	The following table summarizes the commodity components of the net derivative settlement gain, and the net derivative (gain) loss line items presented within the accompanying unaudited condensed consolidated statements of cash flows (“accompanying statements of cash flows”) and the accompanying statements of operations, respectively: For the Three Months Ended For the Six Months Ended 2024 2023 2024 2023 (in thousands) Net derivative settlement (gain) loss: Oil contracts $ 1,161 $ 472 $ (1,364) $ 6,698 Gas contracts (17,684) (14,550) (29,904) (25,852) NGL contracts — (1,558) 1,471 (1,558) Total net derivative settlement gain $ (16,523) $ (15,636) $ (29,797) $ (20,712) Net derivative (gain) loss: Oil contracts $ (1,271) $ (17,518) $ 35,828 $ (46,685) Gas contracts (11,505) 10,560 (26,333) (10,218) NGL contracts 658 (4,716) 6,532 (6,100) Total net derivative (gain) loss $ (12,118) $ (11,674) $ 16,027 $ (63,003)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis	The following table is a listing of the Company’s assets and liabilities that are measured at fair value in the accompanying balance sheets and where they are classified within the fair value hierarchy: As of June 30, 2024 As of December 31, 2023 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (in thousands) Assets: Derivatives (1) $ — $ 35,086 $ — $ — $ 65,114 $ — Liabilities: Derivatives (1) $ — $ 23,857 $ — $ — $ 8,062 $ — __________________________________________ (1) This represents a financial asset or liability that is measured at fair value on a recurring basis.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	Long-Term Debt The following table reflects the fair value of the Company’s Senior Notes obligations measured using Level 1 inputs based on quoted secondary market trading prices. These notes were not presented at fair value on the accompanying balance sheets as of June 30, 2024, or December 31, 2023, as they were recorded at carrying value, net of any unamortized deferred financing costs. Please refer to Note 5 - Long-Term Debt for additional information. As of June 30, 2024 As of December 31, 2023 Principal Amount Fair Value Principal Amount Fair Value (in thousands) 5.625% Senior Notes due 2025 $ 349,118 $ 348,245 $ 349,118 $ 348,189 6.75% Senior Notes due 2026 $ 419,235 $ 419,545 $ 419,235 $ 420,660 6.625% Senior Notes due 2027 $ 416,791 $ 415,795 $ 416,791 $ 416,549 6.5% Senior Notes due 2028 $ 400,000 $ 397,472 $ 400,000 $ 401,372

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
Earnings per Share (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of calculations of basic and diluted net income (loss) per common share	The following table sets forth the calculations of basic and diluted net income per common share: For the Three Months Ended For the Six Months Ended 2024 2023 2024 2023 (in thousands, except per share data) Net income $ 210,293 $ 149,874 $ 341,492 $ 348,426 Basic weighted-average common shares outstanding 114,634 119,408 115,138 120,533 Dilutive effect of non-vested RSUs, contingent PSUs, and other 1,081 666 954 642 Diluted weighted-average common shares outstanding 115,715 120,074 116,092 121,175 Basic net income per common share $ 1.83 $ 1.26 $ 2.97 $ 2.89 Diluted net income per common share $ 1.82 $ 1.25 $ 2.94 $ 2.88

Disaggregation of oil, gas, and

Disaggregation of oil, gas, and NGL production revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 633,451	$ 546,555	$ 1,193,047	$ 1,117,333
Revenue, Remaining Performance Obligation, Amount	0		0
Midland Basin
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	401,797	339,885	774,610	709,986
South Texas
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 231,654	$ 206,670	$ 418,437	$ 407,347
Revenue Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Relative percentage	100%	100%	100%	100%
Revenue Benchmark \| Geographic Concentration Risk \| Midland Basin
Segment Reporting Information [Line Items]
Relative percentage	63%	62%	65%	64%
Revenue Benchmark \| Geographic Concentration Risk \| South Texas
Segment Reporting Information [Line Items]
Relative percentage	37%	38%	35%	36%
Oil production revenue
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 532,554	$ 423,393	$ 973,448	$ 844,231
Oil production revenue \| Midland Basin
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	378,830	302,874	711,021	623,009
Oil production revenue \| South Texas
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	153,724	120,519	262,427	221,222
Gas production revenue
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	45,185	69,727	113,029	163,458
Gas production revenue \| Midland Basin
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	22,833	36,800	63,371	86,589
Gas production revenue \| South Texas
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	22,352	32,927	49,658	76,869
NGL production revenue
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	55,712	53,435	106,570	109,644
NGL production revenue \| Midland Basin
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	134	211	218	388
NGL production revenue \| South Texas
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 55,578	$ 53,224	$ 106,352	$ 109,256

Accounts Receivable from Custom

Accounts Receivable from Customers (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Accrued Income Receivable
Accounts Receivable [Line Items]
Accounts receivable from contracts with customers	$ 198.2	$ 175.3
Minimum
Accounts Receivable [Line Items]
Revenue receipt, days after sale	30
Maximum
Accounts Receivable [Line Items]
Revenue receipt, days after sale	90

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Stock Repurchase Program, Authorized Amount	$ 500,000	$ 500,000		$ 500,000
Stock Repurchase Program Expiration Date	Dec. 31, 2027
Stock Repurchased and Retired During Period (Shares)		1,059	2,551	1,771	3,964
Stock Repurchase Program, Shares Repurchased, Weighted Average Price Per Share		$ 48.35	$ 26.95	$ 47.40	$ 27.44
Stock Repurchased and Retired During Period Excluding Excise Taxes, Commission, and Fees, Value		$ 51,202	$ 68,744	$ 83,955	$ 108,784
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 500,000	$ 500,000		$ 500,000

Dividends (Details)

Dividends (Details)	Jun. 30, 2024 $ / shares
Dividends [Abstract]
Common Stock, Dividends, Annual Rate Per Share	$ 0.80
Common Stock, Dividends, Quarterly Rate Per Share	$ 0.20

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Components of the provision for income taxes
Federal	$ (9,220)	$ 2,189	$ (13,474)	$ (2,809)
State	(854)	(3)	(1,278)	(543)
Deferred portion of income tax expense	(43,516)	(44,278)	(70,907)	(94,246)
Income tax expense	$ (53,590)	$ (42,092)	$ (85,659)	$ (97,598)
Effective tax rate	20.30%	21.90%	20.10%	21.90%

Credit Agreement (Details)

Credit Agreement (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jul. 31, 2024	Jul. 08, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Revolving credit facility	$ 0			$ 0
Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving credit facility, maximum loan amount	3,000,000
Revolving credit facility, current borrowing base	2,500,000
Revolving credit facility, aggregate lender commitments	$ 1,250,000			1,250,000
Debt Instrument, Maturity Date	Aug. 02, 2027
Revolving credit facility	$ 0			0
Letters of credit	2,500			2,500
Available borrowing capacity	1,247,500			1,247,500
Revolving Credit Facility, unamortized deferred financing costs	$ 7,300			$ 8,500
Revolving Credit Facility \| Subsequent Event
Line of Credit Facility [Line Items]
Revolving credit facility, aggregate lender commitments		$ 1,250,000
Potential Increased Line of Credit Facility, Aggregate Lender Commitments			$ 2,000,000
Revolving credit facility		0
Letters of credit		2,500
Available borrowing capacity		$ 1,247,500

Senior Notes (Details)

Senior Notes (Details) - USD ($) $ in Thousands	Jul. 25, 2024	Jun. 30, 2024	Dec. 31, 2023
Senior Notes [Line Items]
Senior Notes, Principal Amount, Net		$ 1,576,896	$ 1,575,334
5.625% Senior Unsecured Notes due 2025
Senior Notes [Line Items]
Senior Notes, interest rate, stated percentage		5.625%	5.625%
Senior Notes, Principal amount		$ 349,118	$ 349,118
Senior Notes, unamortized deferred financing costs		580	896
Senior Notes, Principal Amount, Net		$ 348,538	$ 348,222
6.75% Senior Unsecured Notes due 2026
Senior Notes [Line Items]
Senior Notes, interest rate, stated percentage		6.75%	6.75%
Senior Notes, Principal amount		$ 419,235	$ 419,235
Senior Notes, unamortized deferred financing costs		1,518	1,868
Senior Notes, Principal Amount, Net		$ 417,717	$ 417,367
6.625% Senior Unsecured Notes due 2027
Senior Notes [Line Items]
Senior Notes, interest rate, stated percentage		6.625%	6.625%
Senior Notes, Principal amount		$ 416,791	$ 416,791
Senior Notes, unamortized deferred financing costs		2,007	2,395
Senior Notes, Principal Amount, Net		$ 414,784	$ 414,396
6.5% Senior Unsecured Notes Due 2028
Senior Notes [Line Items]
Senior Notes, interest rate, stated percentage		6.50%	6.50%
Senior Notes, Principal amount		$ 400,000	$ 400,000
Senior Notes, unamortized deferred financing costs		4,143	4,651
Senior Notes, Principal Amount, Net		395,857	395,349
Senior Notes
Senior Notes [Line Items]
Senior Notes, Principal amount		1,585,144	1,585,144
Senior Notes, unamortized deferred financing costs		$ 8,248	$ 9,810
6.750% Senior Notes Due 2029 \| Subsequent Event
Senior Notes [Line Items]
Senior Notes, interest rate, stated percentage	6.75%
Senior Notes, Principal amount	$ 750,000
Debt Instrument, Issuance Date	Jul. 25, 2024
7.000% Senior Notes Due 2032 \| Subsequent Event
Senior Notes [Line Items]
Senior Notes, interest rate, stated percentage	7%
Senior Notes, Principal amount	$ 750,000
Debt Instrument, Issuance Date	Jul. 25, 2024

Long-Term Debt Redemption (Deta

Long-Term Debt Redemption (Details) - Subsequent Event $ in Millions	Jul. 25, 2024 USD ($)
5.625% Senior Unsecured Notes due 2025
Debt Instrument, Redemption [Line Items]
Senior Notes, Redemption Price, Percentage	100%
5.625% Senior Unsecured Notes due 2025
Debt Instrument, Redemption [Line Items]
Senior Notes, repurchased principal amount	$ 349.1

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
Long-Term Debt (Details) - USD ($) $ in Millions	Aug. 07, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Long-Term Debt [Line Items]
Debt Instrument, Covenant Compliance				The Company was in compliance with all financial and non-financial covenants as of June 30, 2024, and through the filing of this report.
Capitalized interest costs		$ 6.1	$ 5.9	$ 12.2	$ 11.4
Subsequent Event
Long-Term Debt [Line Items]
Debt Instrument, Covenant Compliance	The Company was in compliance with all financial and non-financial covenants as of June 30, 2024, and through the filing of this report.

Commitments (Details)

Commitments (Details) $ in Thousands	6 Months Ended
Commitments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Minimum
Commitments and Contingencies [Line Items]
Potential penalty for not meeting minimum drilling and completion requirements	$ 0
Maximum
Commitments and Contingencies [Line Items]
Potential penalty for not meeting minimum drilling and completion requirements	77,200
Drilling Rig Leasing Contracts
Commitments and Contingencies [Line Items]
Contractual Obligation	26,400
Potential Early Termination Penalty for Rig Contract Cancellation	14,800
Early Termination Penalty Incurred for Rig Contract Cancellation	$ 0

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) BTU in Billions		1 Months Ended
Derivative Financial Instruments (Details) BTU in Billions	Jun. 30, 2024 BTU $ / EnergyContent $ / Barrels bbl	Aug. 07, 2024 BTU $ / Barrels $ / EnergyContent bbl
NYMEX Oil Swap Contract Third Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	0
Derivative, Swap Type, Weighted-Average Contract Price	0
NYMEX Oil Swap Contract Fourth Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	780,000
Derivative, Swap Type, Weighted-Average Contract Price	73.24
NYMEX Oil Swap Contract Fourth Quarter, Year 1 \| Subsequent Event
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl		1.1
Derivative, Swap Type, Weighted-Average Contract Price		74.95
NYMEX Oil Swap Contract, Year 2
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	645,000
Derivative, Swap Type, Weighted-Average Contract Price	75.59
NYMEX Oil Swap Contract, Year 2 \| Subsequent Event
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl		0.7
Derivative, Swap Type, Weighted-Average Contract Price		75
NYMEX Oil Swap Contract, Year 3
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	0
Derivative, Swap Type, Weighted-Average Contract Price	0
NYMEX Oil Collar Contract, Third Quarter Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	2,003,000
Derivative, Weighted-Average Floor Price	68.27
Derivative, Weighted-Average Ceiling Price	83.10
NYMEX Oil Collar Contract, Fourth Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	1,917,000
Derivative, Weighted-Average Floor Price	69.93
Derivative, Weighted-Average Ceiling Price	82.27
NYMEX Oil Collar Contract, Year 2
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	4,391,000
Derivative, Weighted-Average Floor Price	65.56
Derivative, Weighted-Average Ceiling Price	81.70
NYMEX Oil Collar Contract, Year 2 \| Subsequent Event
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl		0.1
Derivative, Weighted-Average Floor Price		70
Derivative, Weighted-Average Ceiling Price		80
NYMEX Oil Collar Contract, Year 3
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	0
Derivative, Weighted-Average Floor Price	0
Derivative, Weighted-Average Ceiling Price	0
NYMEX Oil Calendar Month Average Roll Differential Contract Third Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	2,621,000
Derivative, Roll Differential Swap Type, Weighted-Average Contract Price	0.69
NYMEX Oil Calendar Month Average Roll Differential Fourth Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	2,334,000
Derivative, Roll Differential Swap Type, Weighted-Average Contract Price	0.66
NYMEX Oil Calendar Month Average Roll Differential Contract, Year 2
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	0
Derivative, Roll Differential Swap Type, Weighted-Average Contract Price	0
NYMEX Oil Calendar Month Average Roll Differential Contract, Year 3
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	0
Derivative, Roll Differential Swap Type, Weighted-Average Contract Price	0
WTI Midland NYMEX WTI \| Oil Basis Swap Contract Third Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	1,235,000
Derivative, Oil Basis Swap Type, Weighted-Average Contract Price	1.21
WTI Midland NYMEX WTI \| Oil Basis Swap Contract Fourth Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	1,230,000
Derivative, Oil Basis Swap Type, Weighted-Average Contract Price	1.21
WTI Midland NYMEX WTI \| Oil Basis Swap Contract, Year 2
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	4,556,000
Derivative, Oil Basis Swap Type, Weighted-Average Contract Price	1.18
WTI Midland NYMEX WTI \| Oil Basis Swap Contract, Year 3
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	0
Derivative, Oil Basis Swap Type, Weighted-Average Contract Price	0
WTI Houston MEH NYMEX WTI \| Oil Basis Swap Contract Third Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	332,000
Derivative, Oil Basis Swap Type, Weighted-Average Contract Price	1.82
WTI Houston MEH NYMEX WTI \| Oil Basis Swap Contract Fourth Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	309,000
Derivative, Oil Basis Swap Type, Weighted-Average Contract Price	1.82
WTI Houston MEH NYMEX WTI \| Oil Basis Swap Contract, Year 2
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	1,765,000
Derivative, Oil Basis Swap Type, Weighted-Average Contract Price	1.90
WTI Houston MEH NYMEX WTI \| Oil Basis Swap Contract, Year 3
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	816,000
Derivative, Oil Basis Swap Type, Weighted-Average Contract Price	2.10
NYMEX HH \| Gas Swaps Contract Third Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU	2,923
Derivative, Swap Type, Weighted-Average Contract Price \| $ / EnergyContent	3.18
NYMEX HH \| Gas Swaps Contract Fourth Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU	1,569
Derivative, Swap Type, Weighted-Average Contract Price \| $ / EnergyContent	3.03
NYMEX HH \| Gas Swaps Contract, Year 2
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU	5,891
Derivative, Swap Type, Weighted-Average Contract Price \| $ / EnergyContent	4.20
NYMEX HH \| Gas Swaps Contract, Year 2 \| Subsequent Event
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU		1,430
Derivative, Swap Type, Weighted-Average Contract Price \| $ / EnergyContent		3
NYMEX HH \| Gas Swaps Contract, Year 3
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU	3,173
Derivative, Swap Type, Weighted-Average Contract Price \| $ / EnergyContent	3.96
NYMEX HH \| Gas Collar Contract, Third Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU	4,612
Derivative, Weighted-Average Floor Price \| $ / EnergyContent	3.68
Derivative, Weighted-Average Ceiling Price \| $ / EnergyContent	4.21
NYMEX HH \| Gas Collar Contract, Fourth Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU	7,328
Derivative, Weighted-Average Floor Price \| $ / EnergyContent	3.38
Derivative, Weighted-Average Ceiling Price \| $ / EnergyContent	4.97
NYMEX HH \| Gas Collar Contract, Year 2
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU	29,920
Derivative, Weighted-Average Floor Price \| $ / EnergyContent	3.23
Derivative, Weighted-Average Ceiling Price \| $ / EnergyContent	4.70
NYMEX HH \| Gas Collar Contract, Year 3
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU	13,438
Derivative, Weighted-Average Floor Price \| $ / EnergyContent	3.25
Derivative, Weighted-Average Ceiling Price \| $ / EnergyContent	4.90
NYMEX HH \| Gas Basis Swap Contract, Year 3 \| Subsequent Event
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU		1,472
Derivative, Gas Basis Swap Type, Weighted-Average Contract Price \| $ / EnergyContent		3.26
IF WAHA \| Gas Swaps Contract Third Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU	0
Derivative, Swap Type, Weighted-Average Contract Price \| $ / EnergyContent	0
IF WAHA \| Gas Swaps Contract Fourth Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU	0
Derivative, Swap Type, Weighted-Average Contract Price \| $ / EnergyContent	0
IF WAHA \| Gas Swaps Contract, Year 2
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU	0
Derivative, Swap Type, Weighted-Average Contract Price \| $ / EnergyContent	0
IF WAHA \| Gas Swaps Contract, Year 3
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU	1,548
Derivative, Swap Type, Weighted-Average Contract Price \| $ / EnergyContent	3.26
IF WAHA NYMEX HH \| Gas Basis Swap Contract Third Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU	5,344
Derivative, Gas Basis Swap Type, Weighted-Average Contract Price \| $ / EnergyContent	(0.99)
IF WAHA NYMEX HH \| Gas Basis Swap Contract Fourth Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU	5,240
Derivative, Gas Basis Swap Type, Weighted-Average Contract Price \| $ / EnergyContent	(0.73)
IF WAHA NYMEX HH \| Gas Basis Swap Contract, Year 2
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU	20,501
Derivative, Gas Basis Swap Type, Weighted-Average Contract Price \| $ / EnergyContent	(0.66)
IF WAHA NYMEX HH \| Gas Basis Swap Contract, Year 3
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU	0
Derivative, Gas Basis Swap Type, Weighted-Average Contract Price \| $ / EnergyContent	0
IF HSC NYMEX HH \| Gas Basis Swap Contract Third Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU	3,426
Derivative, Gas Basis Swap Type, Weighted-Average Contract Price \| $ / EnergyContent	(0.30)
IF HSC NYMEX HH \| Gas Basis Swap Contract Fourth Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU	5,750
Derivative, Gas Basis Swap Type, Weighted-Average Contract Price \| $ / EnergyContent	(0.38)
IF HSC NYMEX HH \| Gas Basis Swap Contract, Year 2
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU	946
Derivative, Gas Basis Swap Type, Weighted-Average Contract Price \| $ / EnergyContent	0.0025
IF HSC NYMEX HH \| Gas Basis Swap Contract, Year 3
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Energy Measure \| BTU	0
Derivative, Gas Basis Swap Type, Weighted-Average Contract Price \| $ / EnergyContent	0
OPIS Propane Mont Belvieu Non-TET \| NGL Swaps Contract Third Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	404,000
Derivative, Swap Type, Weighted-Average Contract Price	31.87
OPIS Propane Mont Belvieu Non-TET \| NGL Swaps Contract Fourth Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	434,000
Derivative, Swap Type, Weighted-Average Contract Price	31.85
OPIS Propane Mont Belvieu Non-TET \| NGL Swaps Contract, Year 2
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	396,000
Derivative, Swap Type, Weighted-Average Contract Price	32.86
OPIS Propane Mont Belvieu Non-TET \| NGL Swaps Contract, Year 3
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	0
Derivative, Swap Type, Weighted-Average Contract Price	0
OPIS Normal Butane Mont Belvieu Non-TET \| NGL Swaps Contract Third Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	92,000
Derivative, Swap Type, Weighted-Average Contract Price	39.85
OPIS Normal Butane Mont Belvieu Non-TET \| NGL Swaps Contract Fourth Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	97,000
Derivative, Swap Type, Weighted-Average Contract Price	39.84
OPIS Normal Butane Mont Belvieu Non-TET \| NGL Swaps Contract, Year 2
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	45,000
Derivative, Swap Type, Weighted-Average Contract Price	39.48
OPIS Normal Butane Mont Belvieu Non-TET \| NGL Swaps Contract, Year 3
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	0
Derivative, Swap Type, Weighted-Average Contract Price	0
OPIS Isobutane Mont Belvieu Non-TET \| NGL Swaps Contract Third Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	25,000
Derivative, Swap Type, Weighted-Average Contract Price	41.58
OPIS Isobutane Mont Belvieu Non-TET \| NGL Swaps Contract Fourth Quarter, Year 1
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	28,000
Derivative, Swap Type, Weighted-Average Contract Price	41.58
OPIS Isobutane Mont Belvieu Non-TET \| NGL Swaps Contract, Year 2
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	25,000
Derivative, Swap Type, Weighted-Average Contract Price	41.58
OPIS Isobutane Mont Belvieu Non-TET \| NGL Swaps Contract, Year 3
Derivative Financial Instruments
Derivative, Nonmonetary Notional Amount, Volume \| bbl	0
Derivative, Swap Type, Weighted-Average Contract Price	0

Derivative Financial Instrume_4

Derivative Financial Instruments Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair value of derivative assets and liabilities
Derivative, fair value, net	$ 11,200	$ 57,100
Derivative assets, current	27,208	56,442
Derivative assets, noncurrent	7,878	8,672
Total derivative assets	35,086	65,114
Derivative liabilities, current	20,552	6,789
Derivatives liabilities, noncurrent	3,305	1,273
Total derivative liabilities	(23,857)	(8,062)
Derivative asset, amounts not offset in the accompanying balance sheets	(19,732)	(7,362)
Derivative liabilities, amounts not offset in the accompanying balance sheets	19,732	7,362
Derivative asset, fair value, net amounts	15,354	57,752
Derivative liabilities, fair value, net amounts	(4,125)	(700)
Not Designated as Hedging Instrument
Fair value of derivative assets and liabilities
Derivative assets, current	27,208	56,442
Derivative assets, noncurrent	7,878	8,672
Derivative liabilities, current	20,552	6,789
Derivatives liabilities, noncurrent	3,305	1,273
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| Not Designated as Hedging Instrument
Fair value of derivative assets and liabilities
Total derivative assets	35,086	65,114
Total derivative liabilities	$ 23,857	$ 8,062

Derivative Financial Instrume_5

Derivative Financial Instruments Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, (Gain) Loss [Line Items]
Net derivative settlement (gain) loss	$ (16,523)	$ (15,636)	$ (29,797)	$ (20,712)
Net derivative (gain) loss	(12,118)	(11,674)	16,027	(63,003)
Oil Contracts
Derivative Instruments, (Gain) Loss [Line Items]
Net derivative settlement (gain) loss	1,161	472	(1,364)	6,698
Net derivative (gain) loss	(1,271)	(17,518)	35,828	(46,685)
Gas Contracts
Derivative Instruments, (Gain) Loss [Line Items]
Net derivative settlement (gain) loss	(17,684)	(14,550)	(29,904)	(25,852)
Net derivative (gain) loss	(11,505)	10,560	(26,333)	(10,218)
NGL Contracts
Derivative Instruments, (Gain) Loss [Line Items]
Net derivative settlement (gain) loss	0	(1,558)	1,471	(1,558)
Net derivative (gain) loss	$ 658	$ (4,716)	$ 6,532	$ (6,100)

Credit Facility and Derivative

Credit Facility and Derivative Counterparties (Details)	Jun. 30, 2024
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Percentage of proved property secured for credit facility borrowing	85%

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Derivative Assets, Fair Value, Gross Asset	$ 35,086	$ 65,114
Liabilities
Derivative Liability, Fair Value, Gross Liability	$ (23,857)	$ (8,062)
5.625% Senior Unsecured Notes due 2025
Debt Instrument, Fair Value Disclosure [Abstract]
Senior Notes, interest rate, stated percentage	5.625%	5.625%
Senior Notes, Principal amount	$ 349,118	$ 349,118
Long-term Debt, Fair Value	$ 348,245	$ 348,189
6.75% Senior Unsecured Notes due 2026
Debt Instrument, Fair Value Disclosure [Abstract]
Senior Notes, interest rate, stated percentage	6.75%	6.75%
Senior Notes, Principal amount	$ 419,235	$ 419,235
Long-term Debt, Fair Value	$ 419,545	$ 420,660
6.625% Senior Unsecured Notes due 2027
Debt Instrument, Fair Value Disclosure [Abstract]
Senior Notes, interest rate, stated percentage	6.625%	6.625%
Senior Notes, Principal amount	$ 416,791	$ 416,791
Long-term Debt, Fair Value	$ 415,795	$ 416,549
6.5% Senior Unsecured Notes Due 2028
Debt Instrument, Fair Value Disclosure [Abstract]
Senior Notes, interest rate, stated percentage	6.50%	6.50%
Senior Notes, Principal amount	$ 400,000	$ 400,000
Long-term Debt, Fair Value	397,472	401,372
Not Designated as Hedging Instrument \| Fair Value, Recurring \| Fair Value, Inputs, Level 1
Assets
Derivative Assets, Fair Value, Gross Asset	0	0
Liabilities
Derivative Liability, Fair Value, Gross Liability	0	0
Not Designated as Hedging Instrument \| Fair Value, Recurring \| Fair Value, Inputs, Level 2
Assets
Derivative Assets, Fair Value, Gross Asset	35,086	65,114
Liabilities
Derivative Liability, Fair Value, Gross Liability	23,857	8,062
Not Designated as Hedging Instrument \| Fair Value, Recurring \| Fair Value, Inputs, Level 3
Assets
Derivative Assets, Fair Value, Gross Asset	0	0
Liabilities
Derivative Liability, Fair Value, Gross Liability	$ 0	$ 0

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share Reconciliation [Abstract]
Net income	$ 210,293	$ 131,199	$ 149,874	$ 198,552	$ 341,492	$ 348,426
Basic weighted-average common shares outstanding	114,634		119,408		115,138	120,533
Dilutive effect of non-vested RSUs, contingent PSUs, and other	1,081		666		954	642
Diluted weighted-average common shares outstanding	115,715		120,074		116,092	121,175
Basic net income per common share	$ 1.83		$ 1.26		$ 2.97	$ 2.89
Diluted net income per common share	$ 1.82		$ 1.25		$ 2.94	$ 2.88

Compensation Plans_ Stock Based

Compensation Plans: Stock Based (Details) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
Compensation Plans: Stock Based (Details) $ in Millions	Aug. 07, 2024 USD ($) shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award
Shares available for grant \| shares		2,800,000		2,800,000
Performance Shares (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Award Vesting Period				3 years
Stock-based compensation expense \| $		$ 1.4	$ 0.2	$ 2.4	$ 0.8
Unrecognized stock based compensation expense \| $		$ 7.1		$ 7.1
Performance Shares (PSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Multiplier applied to PSU awards at settlement		0		0
Performance Shares (PSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Multiplier applied to PSU awards at settlement		2		2
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares represented by each RSU \| shares		1		1
Stock-based compensation expense \| $		$ 3.8	$ 3.4	$ 7.5	$ 6.7
Unrecognized stock based compensation expense \| $		$ 17.3		$ 17.3
Restricted Stock Units (RSUs) \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted in Period, Total Fair Value \| $	$ 20.1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period \| shares	461,411
Shares Withheld for Tax Withholding Obligation \| shares	157,643
Shares Issued in Period \| shares	349,528

Director Shares (Details)

Director Shares (Details) - shares	6 Months Ended
Director Shares (Details) - shares	Jun. 30, 2024	Jun. 30, 2023
Director
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued to directors	37,530	56,872

Employee Stock Purchase Plan (D

Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Maximum Employee Subscription Rate	15%
Maximum Number of Shares Per Employee	2,500
Maximum Employee Subscription Value	$ 25
Purchase Price of Common Stock, Percent	85%
Issuance of common stock under Employee Stock Purchase Plan (Shares)	56,006	68,210
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Excluding Option Exercised	$ 1,800	$ 1,800

Acquisitions (Details)

Acquisitions (Details) $ in Thousands					3 Months Ended	6 Months Ended
Acquisitions (Details) $ in Thousands	Aug. 05, 2024 USD ($) a	Jun. 27, 2024 USD ($) a	May 01, 2024 bbl	Jun. 30, 2023 a	Mar. 31, 2024 bbl	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Asset Acquisition [Line Items]
Acquisition deposit held in escrow							$ 102,000	$ 0
Bridge Loan Facility Commitments		$ 1,200,000
Debt Related Commitment Fees and Debt Issuance Costs		$ 9,000
XCL Asset Acquisition
Asset Acquisition [Line Items]
Asset Acquisition, Date of Acquisition Agreement		Jun. 27, 2024
Undivided Interest Acquired by Others		20%
Undivided Interest Acquired		80%
Net Acres Acquired \| a		37,200
Acquiree Production BOE Per Day \| bbl					38,200
Aggregate Asset Acquisition Price Of Acquisition Expected		$ 2,550,000
Asset Acquisition, Price of Acquisition, Expected		$ 2,040,000
Acquisition Closing Date		Oct. 01, 2024
Asset Acquisition, Effective Date of Acquisition			May 01, 2024
Acquisition deposit held in escrow							$ 102,000
XCL Acq. Option Assets
Asset Acquisition [Line Items]
Acquiree Production BOE Per Day \| bbl			1,360
Asset Acquisition, Effective Date of Acquisition			May 01, 2024
XCL Acq. Option Assets \| Subsequent Event
Asset Acquisition [Line Items]
Asset Acquisition, Date of Acquisition Agreement	Aug. 05, 2024
Undivided Interest Acquired by Others	20%
Undivided Interest Acquired	80%
Net Acres Acquired \| a	26,100
Asset Acquisition, Price of Acquisition, Expected	$ 70,000
Q2 2023 Dawson and Martin County Asset Acquisitions
Asset Acquisition [Line Items]
Net Acres Acquired \| a				20,000
Asset Acquisition, Effective Date of Acquisition				Jun. 30, 2023
Asset Acquisition, Consideration Transferred						$ 88,800