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Acquisitions
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
2025 Acquisition
On September 15, 2025, a wholly-owned subsidiary of the Company entered into a definitive agreement to acquire certain developed and undeveloped oil and gas assets located in the Williston Basin from XTO Energy Inc. and affiliates (collectively, “XTO”), subsidiaries of Exxon Mobil Corporation, for total cash consideration of $550.0 million, subject to customary purchase price adjustments (the “2025 Williston Basin Acquisition”). Upon execution of the purchase and sale agreement, the Company paid a cash deposit of $55.0 million to XTO, which was applied to the purchase price at closing. The deposit was classified as other assets in the Company’s Condensed Consolidated Balance Sheets at September 30, 2025.
On October 31, 2025, the Company completed the 2025 Williston Basin Acquisition for total cash consideration of $542.2 million (including customary preliminary purchase price adjustments). The Company funded the 2025 Williston Basin Acquisition with proceeds from the issuance of the 2030 Senior Notes (defined in Note 10—Long-Term Debt) and cash on hand. The effective date of the 2025 Williston Basin Acquisition was September 1, 2025. The Company is currently evaluating whether the 2025 Williston Basin Acquisition qualifies as a business combination or an asset acquisition.
2024 Acquisition
On May 31, 2024, the Company completed the Arrangement with Enerplus and issued 20,680,097 shares of common stock and paid $375.8 million of cash to Enerplus shareholders. Also on May 31, 2024, and pursuant to the Arrangement Agreement, the Company (i) paid cash to settle Enerplus equity-based compensation awards, (ii) paid cash to satisfy and discharge in full the Enerplus credit facility and (iii) paid a cash retention bonus to Enerplus employees.
Purchase price allocation. The Company recorded the assets acquired and liabilities assumed in the Arrangement at their estimated fair value on May 31, 2024 of $4.1 billion. Goodwill was recognized as a result of the Arrangement, none of which was deductible for income tax purposes, and was primarily attributable to additional operational and financial synergies expected to be realized from the combined operations. Determining the fair value of the assets and liabilities of Enerplus required judgment and certain assumptions to be made. See Note 5—Fair Value Measurements for additional information.
The tables below present the total consideration transferred and its allocation to the estimated fair value of identifiable assets acquired and liabilities assumed, and the resulting goodwill as of the acquisition date of May 31, 2024. Since the acquisition date, the Company recorded adjustments to the purchase price allocation to recognize an increase in inventory acquired of $9.2 million and an increase in accrued liabilities assumed of $8.7 million, with a corresponding net decrease to goodwill totaling $0.5 million. As of May 31, 2025, the purchase price allocation was finalized.
Purchase Price Consideration
(In thousands)
Common stock issued to Enerplus shareholders(1)
$3,732,137 
Cash paid to Enerplus shareholders(1)
375,813 
Cash paid to settle Enerplus equity-based compensation awards(2)
102,393 
Cash paid to settle Enerplus credit facility(3)
395,000 
Cash paid for retention bonus to Enerplus employees(4)
5,920 
Total consideration transferred$4,611,263 
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(1)The Company issued 20,680,097 shares of common stock (the “Share Consideration”) and paid $375.8 million of cash (the “Cash Consideration”) to Enerplus shareholders. Enerplus shareholders received, for each Enerplus common share issued and outstanding, 0.10125 shares of common stock as Share Consideration and $1.84 per share of cash as Cash Consideration. The fair value of the common stock issued was based on the opening price of the Company’s common stock on May 31, 2024 of $180.47. See Note 17—Stockholders’ Equity in the 2024 Annual Report for additional information.
(2)Each Enerplus outstanding equity-based compensation award became fully vested upon completion of the Arrangement on May 31, 2024. See Note 17—Stockholders’ Equity in the 2024 Annual Report for additional information.
(3)On May 31, 2024, the Company fully satisfied all obligations under the Enerplus credit facility, and the Enerplus credit facility was concurrently terminated. See Note 13—Long-Term Debt in the 2024 Annual Report for additional information.
(4)In connection with the Arrangement, employees of Enerplus were paid a retention bonus upon the closing of the Arrangement totaling $5.9 million.
Purchase Price Allocation
(In thousands)
Assets acquired:
Cash and cash equivalents$239,921 
Accounts receivable, net281,492 
Inventory14,878 
Prepaid expenses16,323 
Oil and gas properties (successful efforts method)5,253,860 
Other property and equipment6,812 
Long-term inventory8,636 
Operating right-of-use assets42,954 
Other assets1,049 
Total assets acquired$5,865,925 
Liabilities assumed:
Accounts payable$1,965 
Revenues and production taxes payable199,706 
Accrued liabilities195,034 
Current portion of long-term debt60,063 
Current operating lease liabilities27,420 
Deferred tax liabilities1,179,200 
Asset retirement obligations115,056 
Operating lease liabilities15,534 
Total liabilities assumed$1,793,978 
Net assets acquired$4,071,947 
Goodwill539,316 
Purchase price consideration$4,611,263 
Unaudited pro forma financial information. Summarized below are the condensed consolidated results of operations for the period presented, on an unaudited pro forma basis, as if the Arrangement had occurred on January 1, 2023. The information presented below reflects pro forma adjustments based on available information and certain assumptions that the Company believes are factual and supportable. The pro forma financial information includes certain non-recurring pro forma adjustments that were directly attributable to the Arrangement, including transaction costs incurred by the Company. In connection with the Arrangement, the Company incurred merger-related costs of $17.5 million and $80.3 million for the three and nine months ended September 30, 2024, respectively, which were recorded to general and administrative expenses on the Condensed Consolidated Statements of Operations. The unaudited pro forma financial information does not purport to be indicative of results of operations that would have occurred had the Arrangement occurred on the basis assumed above, nor is such information indicative of the Company’s expected future results. The pro forma results of operations do not include any future cost savings or other synergies that may result from the Arrangement or any estimated costs that have not yet been incurred by the Company to integrate the Enerplus assets.
Nine Months Ended September 30,
2024
Revenues$4,397,893 
Net income812,294