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Long-Term Debt | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Long-Term Debt | Note 5 – Long-Term Debt Credit Agreement On July 2, 2024, the Company and its lenders entered into the First Amendment to the Credit Agreement (“First Amendment”) to amend certain provisions of the Credit Agreement to facilitate financing for the Uinta Basin Acquisition. On October 1, 2024, the Company and its lenders entered into the Second Amendment to the Credit Agreement (“Second Amendment”) in conjunction with the closing of the Uinta Basin Acquisition, to, among other things: (i) increase the aggregate revolving lender commitments available under the Credit Agreement from $1.25 billion to $2.0 billion; (ii) extend the maturity date of the Credit Agreement, as discussed below; and (iii) modify certain other provisions reflective of the increased aggregate revolving lender commitments, increased Company size and scale, and extended maturity date. The Company’s Credit Agreement provides for a senior secured revolving credit facility with a maximum loan amount of $3.0 billion. As of December 31, 2024, the borrowing base and aggregate revolving lender commitments under the Credit Agreement were $3.0 billion and $2.0 billion, respectively. Refer to Note 17 – Acquisitions for the definition of the Uinta Basin Acquisition. The revolving credit facility is secured by substantially all of the Company’s proved oil and gas properties. The borrowing base is subject to regular, semi-annual redetermination, and considers the value of both the Company’s proved oil and gas properties reflected in the Company’s most recent reserve report; and commodity derivative contracts, each as determined by the Company’s lender group. The next borrowing base redetermination date is scheduled to occur on April 1, 2025. The Credit Agreement is scheduled to mature on the earlier of (a) October 1, 2029 (“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 in an amount exceeding $50.0 million 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. The financial covenants under the Credit Agreement are discussed under Covenants below. Interest and commitment fees associated with the revolving credit facility are accrued based on a total revolving commitments utilization grid set forth in the Credit Agreement, and as presented in the table below. At the Company’s election, borrowings under the Credit Agreement may be in the form of SOFR revolving loans, Alternate Base Rate (“ABR”) revolving loans, or Swingline loans. SOFR revolving loans accrue interest at SOFR plus the applicable margin from the utilization grid, and ABR revolving loans 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 revolving lender commitment amount at rates from the utilization grid.
Total Revolving Commitments Utilization Percentage | <25% |  | ≥25% <50% |  | ≥50% <75% |  | ≥75% <90% |  | ≥90%
SOFR Revolving Loans | 1.750 | % |  | 2.000 | % |  | 2.250 | % |  | 2.500 | % |  | 2.750 | %
ABR Revolving Loans or Swingline Loans | 0.750 | % |  | 1.000 | % |  | 1.250 | % |  | 1.500 | % |  | 1.750 | %
Commitment Fee Rate | 0.375 | % |  | 0.375 | % |  | 0.500 | % |  | 0.500 | % |  | 0.500 | %
The following table presents the outstanding balance, total amount of letters of credit outstanding, and available borrowing capacity under the Credit Agreement:
| As of January 31, 2025 |  | As of December 31, 2024 |  | As of December 31, 2023
| (in thousands)
Revolving credit facility (1) | $ | 40,000 |  |  | $ | 68,500 |  |  | $ | — |
Letters of credit (2) | 2,000 |  |  | 2,000 |  |  | 2,500 |
Available borrowing capacity | 1,958,000 |  |  | 1,929,500 |  |  | 1,247,500 |
Total aggregate lender revolving commitment amount | $ | 2,000,000 |  |  | $ | 2,000,000 |  |  | $ | 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 $18.7 million and $8.5 million as of December 31, 2024, and 2023, respectively. These costs are being amortized over the term of the Credit Agreement 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 December 31, 2024, and 2023, consisted of the following (collectively referred to as “Senior Notes”):
| As of December 31, 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 |  |  | $ | 896 |  |  | $ | 348,222 |
6.75% Senior Notes due 2026 | 419,235 |  |  | 1,168 |  |  | 418,067 |  |  | 419,235 |  |  | 1,868 |  |  | 417,367 |
6.625% Senior Notes due 2027 | 416,791 |  |  | 1,618 |  |  | 415,173 |  |  | 416,791 |  |  | 2,395 |  |  | 414,396 |
6.5% Senior Notes due 2028 | 400,000 |  |  | 3,636 |  |  | 396,364 |  |  | 400,000 |  |  | 4,651 |  |  | 395,349 |
6.75% Senior Notes due 2029 | 750,000 |  |  | 10,489 |  |  | 739,511 |  |  | — |  |  | — |  |  | — |
7.0% Senior Notes due 2032 | 750,000 |  |  | 10,872 |  |  | 739,128 |  |  | — |  |  | — |  |  | — |
Total | $ | 2,736,026 |  |  | $ | 27,783 |  |  | $ | 2,708,243 |  |  | $ | 1,585,144 |  |  | $ | 9,810 |  |  | $ | 1,575,334 |
2026 Senior Notes. On September 12, 2016, the Company issued $500.0 million in aggregate principal amount of 6.75% Senior Notes due 2026, at par, which mature on September 15, 2026 (“2026 Senior Notes”). The Company received net proceeds of $491.6 million after deducting fees of $8.4 million. 2027 Senior Notes. On August 20, 2018, the Company issued $500.0 million in aggregate principal amount of 6.625% Senior Notes due 2027, at par, which mature on January 15, 2027 (“2027 Senior Notes”). The Company received net proceeds of $492.1 million after deducting fees of $7.9 million. 2028 Senior Notes. On June 23, 2021, the Company issued $400.0 million in aggregate principal amount of 6.5% Senior Notes due 2028, at par, which mature on July 15, 2028 (“2028 Senior Notes”). The Company received net proceeds of $392.8 million after deducting fees of $7.2 million. 2029 Senior Notes. On July 25, 2024, the Company issued $750.0 million in aggregate principal amount of 6.75% Senior Notes due 2029, at par, which mature on August 1, 2029. The Company received net proceeds of $738.5 million after deducting fees of $11.5 million. 2032 Senior Notes. On July 25, 2024, the Company issued $750.0 million in aggregate principal amount of 7.0% Senior Notes due 2032, at par, which mature on August 1, 2032. The Company received net proceeds of $738.5 million after deducting fees of $11.5 million. Senior Notes Activity On August 26, 2024, the Company redeemed the $349.1 million of aggregate principal amount outstanding of its 2025 Senior Notes, pursuant to the terms of the indenture governing the 2025 Senior Notes, which provided for a redemption price equal to 100 percent of the principal amount outstanding of the 2025 Senior Notes on the date of redemption, plus accrued and unpaid interest. Upon redemption, the Company recorded a loss on extinguishment of debt of $0.5 million related to the accelerated expense recognition of the remaining unamortized deferred financing costs. The Company canceled all redeemed 2025 Senior Notes upon settlement. On February 14, 2022, the Company redeemed the $104.8 million of aggregate principal amount outstanding of its 5.0% Senior Notes due 2024 (“2024 Senior Notes”), with cash on hand, pursuant to the terms of the indenture governing the 2024 Senior Notes, which provided for a redemption price equal to 100 percent of the principal amount of the 2024 Senior Notes on the date of redemption, plus accrued and unpaid interest. Upon redemption, the Company accelerated the amortization of all remaining previously unamortized deferred financing costs. The Company canceled all redeemed 2024 Senior Notes upon settlement. 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. Fees incurred upon issuance of each series of Senior Notes are being amortized as deferred financing costs over the life of the respective notes, unless earlier redeemed or retired, in which case amortization has been proportionately accelerated. Senior Secured Notes Activity On June 17, 2022, the Company redeemed all of the $446.7 million of aggregate principal amount outstanding of its 10.0% Senior Secured Notes due 2025 (“2025 Senior Secured Notes”), with cash on hand, at a redemption price equal to 107.5 percent of the principal amount outstanding on the date of the redemption, plus accrued and unpaid interest. Upon redemption, the Company recorded a net loss on extinguishment of debt of $67.2 million which included $33.5 million of premium paid, $26.3 million of accelerated expense recognition of the unamortized debt discount, and $7.4 million of accelerated expense recognition of the remaining unamortized deferred financing costs. The Company canceled all redeemed 2025 Senior Secured Notes upon settlement. 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 financial covenants under the Credit Agreement require that the Company’s (a) total funded debt, as defined in the Credit Agreement, to 12-month trailing adjusted EBITDAX ratio cannot be greater than 3.50 to 1.00 on the last day of each fiscal quarter; and (b) adjusted current ratio, as defined in the Credit Agreement, cannot be less than 1.00 to 1.00 as of the last day of any fiscal quarter. The Company was in compliance with all covenants under the Credit Agreement and the indentures governing the Senior Notes as of December 31, 2024, and through the filing of this report. Refer to the First Amendment and Second Amendment to the Credit Agreement, included as Exhibits 10.4 and 10.5, respectively, to this report, 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 years ended December 31, 2024, 2023, and 2022, totaled $25.5 million, $20.4 million, and $17.6 million, 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. Refer to Costs Incurred in Supplemental Oil and Gas Information (unaudited) in Part II, Item 8 of this report for additional information.

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