v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income (loss) $ (335) $ 182
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depletion, depreciation, and amortization 432 270
Stock-based compensation expense 25 7
Net derivative loss 697 17
Net derivative settlement gain (loss) (30) 8
Amortization of deferred financing costs and debt premiums (5) 3
Deferred income tax expense (benefit) (85) 26
Other, net (28) 2
Net change in working capital (31) (32)
Net cash provided by operating activities 640 483
Cash flows from investing activities:    
Capital expenditures (555) (414)
Acquisition of business, net of cash acquired (49) 0
Other (24) (15)
Net cash used in investing activities (628) (429)
Cash flows from financing activities:    
Proceeds from revolving credit facility 15 857
Repayment of revolving credit facility (15) (888)
Net proceeds from Senior Notes 985 0
Cash paid to repurchase Senior Notes (808) 0
Dividends paid (82) (23)
Other, net (26) 0
Net cash provided by (used in) financing activities 69 (54)
Net change in cash, cash equivalents, and restricted cash 81 0
Cash, cash equivalents, and restricted cash at beginning of period 368 0
Cash, cash equivalents, and restricted cash at end of period 449 0
Supplemental Cash Flow Information - Operating activities:    
Operating activities: Cash paid for interest, net of capitalized interest (95) (82)
Supplemental Cash Flow Information - Investing activities:    
Investing activities: Changes in capital expenditure accruals $ 117 $ 27

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