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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Other Current Assets

Other current assets at December 31, 2024 and 2023 consist of the following:

		As of December 31,
		2024				2023
		(In thousands)
Prepaid drilling costs		$	58,136			$	70,124
Income tax receivable			28,813				8,312
Other receivables			4,140				—
Production tax refunds receivable			4,074				5,745
Prepaid expenses			2,361				2,438
		$	97,524			$	86,619

Summary of Carrying Amounts and Fair Values of Financial Instruments

The following presents the carrying amounts and the fair values of the Company's financial instruments as of December 31, 2024 and 2023:

		As of December 31,
		2024								2023
		Carrying Value				Fair Value				Carrying Value				Fair Value
Assets:		(In thousands)
Commodity-based derivatives (1)		$	4,865			$	4,865			$	126,775			$	126,775
Liabilities:
Commodity-based derivatives (1)			75,697				75,697				—				—
Bank credit facility (2)			415,000				415,000				480,000				480,000
6.75% senior notes due 2029 (3)			1,603,679				1,581,283				1,229,018				1,138,208
5.875% senior notes due 2030 (3)			965,000				899,863				965,000				849,200

(1)The Company's commodity-based derivatives are classified as Level 2 and measured at fair value using a market approach using third party pricing services and other active markets or broker quotes that are readily available in the public markets.

(2)The carrying value of our floating rate debt outstanding approximates fair value.

(3)The fair value of the Company's fixed rate debt was based on quoted prices as of December 31, 2024 and 2023, respectively, a Level 1 measurement.

Capitalized Exploratory Well Costs

The changes in capitalized exploratory well costs are as follows:

		Year Ended December 31,
		2024				2023
		(in thousands)
Beginning capitalized exploratory project costs		$	96,233			$	867
Additions to exploratory well costs pending the determination of proved reserves			354,557				244,129
Determined to have found proved reserves			(382,567	)			(148,763	)
Ending capitalized exploratory well costs		$	68,223			$	96,233

Summary of Lease Cost Recognized

Lease costs recognized during the years ended December 31, 2024, 2023 and 2022 were as follows:

		Year Ended December 31,
		2024				2023				2022
		(In thousands)
Operating lease cost included in general and administrative expense		$	1,686			$	1,768			$	1,749
Operating lease cost included in lease operating expense			2,208				2,060				1,383
Operating lease cost included in proved natural gas and oil properties			34,644				56,755				25,200
Variable lease cost (drilling and completion costs included in proved natural gas and oil properties)			2,555				28,406				25,095
Short-term lease cost (drilling costs included in proved natural gas and oil properties)			26,276				89,163				62,077
		$	67,369			$	178,152			$	115,504

Summary of Liabilities Under Contracts Contain Operating Leases

As of December 31, 2024, expected future payments related to contracts that contain operating leases were as follows:

		(In thousands)
2025		$	40,144
2026			34,102
2027			3,894
2028			1,560
2029			—
Total lease payments			79,700
Imputed interest			(6,033	)
Total lease liability		$	73,667

Summary of Accrued Expenses

Accrued expenses at December 31, 2024 and 2023 consist of the following:

		As of December 31,
		2024				2023
		(In thousands)
Accrued interest payable		$	64,041			$	54,912
Accrued drilling costs			34,493				35,876
Accrued transportation costs			28,031				32,294
Accrued employee compensation			14,076				6,700
Accrued lease operating expenses			2,630				2,299
Other			1,552				491
Accrued income and other taxes			1,350				1,894
		$	146,173			$	134,466

Summary of Changes in Total Estimated Asset Retirement Obligation Liability

The following table summarizes the changes in the Company's total estimated liability:

		Year Ended December 31,
		2024				2023
		(In thousands)
Reserve for future abandonment costs at beginning of the year		$	30,773			$	29,114
New wells placed on production			136				146
Changes in estimates and timing			1,497				(122	)
Liabilities settled			(40	)			(41	)
Divestitures			(157	)			(1	)
Accretion expense			1,787				1,677
Reserve for future abandonment costs at end of the year		$	33,996			$	30,773

Weighted Average Shares of Unvested Restricted Stock

Weighted average shares of unvested restricted stock outstanding were as follows:

		Year Ended December 31,
		2024				2023				2022
		(in thousands)
Unvested restricted stock			2,187				1,248				926

Common Stock and Convertible Stock Dilutive in Weighted average unearned PSUs outstanding

The treasury stock method is used to measure the dilutive effect of PSUs.

		Year Ended December 31,
		2024				2023				2022
		(In thousands, except per unit amounts)
Weighted average PSUs			1,272				662				925
Weighted average grant date fair value per unit		$	13.21			$	15.92			$	15.11

		Year Ended December 31,
		2024				2023				2022
		(In thousands)
Weighted average convertible preferred stock			—				—				40,034

Schedule of Basic and Diluted Income (Loss) Per Share

Basic and diluted income (loss) per share were determined as follows:

		Year Ended December 31,
		2024				2023				2022
		(In thousands, except per share amounts)
Net income (loss) available to common stockholders		$	(218,754	)		$	211,894			$	1,124,868
Income allocable to unvested restricted stock			—				(327	)			(4,278	)
Basic net income (loss) available to common stockholders		$	(218,754	)		$	211,567			$	1,120,590
Income allocable to convertible preferred stock			—				—				16,014
Income allocable to unvested restricted stock			—				—				4,278
Diluted net income (loss) available to common stockholders		$	(218,754	)		$	211,567			$	1,140,882
Basic weighted average shares outstanding			287,010				276,806				236,045
Effect of dilutive securities:
PSUs			—				—				911
Restricted stock			—				—				475
Convertible preferred stock			—				—				40,034
Diluted weighted average shares outstanding			287,010				276,806				277,465
Basic income (loss) per share		$	(0.76	)		$	0.76			$	4.75
Diluted income (loss) per share		$	(0.76	)		$	0.76			$	4.11

Cash Payments Made for Interest and Income Taxes

Cash payments made for interest and income taxes and other non-cash investing and financing activities were as follows:

		Year Ended December 31,
		2024				2023				2022
		(In thousands)
Cash payments for:
Interest		$	190,016			$	161,009			$	166,275
Income tax payments		$	37			$	29,783			$	16,524
Non-cash investing activities include:
Increase (decrease) in accrued capital expenditures		$	(1,383	)		$	(18,562	)		$	34,443
Liabilities assumed in exchange for right-of-use lease assets		$	34,668			$	195,402			$	110,090
Non-cash financing activities include:
Conversion of preferred stock into common stock		$	—			$	—			$	175,000

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