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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Cash flows from operating activities:          
Net income $ 213,361 $ 216,071 $ 412,715 $ 513,070  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation, depletion and amortization     396,822 270,837  
Gain on sale of assets     (16,788) (2,840)  
Impairment     3,919 28,964  
Deferred income taxes     70,699 145,857  
Net (gain) loss on derivative instruments (4,608) (29,518) 22,969 (96,452)  
Net gain from investment in unconsolidated affiliate (5,862) (10,126) (22,158) (7,910)  
Equity-based compensation expenses     10,130 27,181  
Deferred financing costs amortization and other     7,343 (4,035)  
Working capital and other changes:          
Change in accounts receivable, net     (69,496) 5,564  
Change in inventory     (5,557) (3,526)  
Change in prepaid expenses     17,262 317  
Change in accounts payable, interest payable and accrued liabilities     3,065 (11,084)  
Change in other assets and liabilities, net     36,649 11,104  
Net cash provided by operating activities     867,574 877,047  
Cash flows from investing activities:          
Capital expenditures     (538,733) (407,773)  
Acquisitions, net of cash acquired     (645,971) (361,609)  
Proceeds from divestitures, net of cash divested     20,876 59,219  
Derivative settlements     (16,339) (154,110)  
Contingent consideration received     25,000 0  
Distributions from investment in unconsolidated affiliate     4,591 5,984  
Net cash used in investing activities     (1,150,576) (858,289)  
Cash flows from financing activities:          
Proceeds from revolving credit facilities     825,000 0  
Principal payments on revolving credit facilities     (250,000) 0  
Repurchases of common stock     (93,745) (45,818)  
Tax withholding on vesting of equity-based awards     (57,357) (13,631)  
Chord dividends paid     (281,681) (337,747)  
Payments on finance lease liabilities     (834) (933)  
Proceeds from warrants exercised     21,010 1,007  
Net cash provided by (used in) financing activities     162,393 (397,122)  
Decrease in cash and cash equivalents     (120,609) (378,364)  
Cash and cash equivalents:          
Beginning of period     317,998 593,151 $ 593,151
End of period 197,389 214,787 197,389 214,787 $ 317,998
Supplemental non-cash transactions          
Change in accrued capital expenditures [1]     24,389 74,114  
Change in asset retirement obligations [1]     3,476 547  
Dividends payable [1] $ 19,502 $ 35,321 $ 19,502 $ 35,321  
[1] Amounts exclude non-cash consideration transferred and balances acquired on May 31, 2024 in respect of the Arrangement. Refer to Note 8—Acquisitions for additional information