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Segment Reporting | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Segment Reporting Disclosure | Note 11 - Segment Reporting The Company has one reportable segment: the oil, gas, and NGL exploration and production segment (“E&P Segment”), which operates exclusively in the United States. Following the Civitas Merger, management determined that the Company continues to operate as a single reportable segment. The E&P Segment constitutes all of the consolidated entity and the accompanying unaudited condensed consolidated financial statements and the notes to the accompanying unaudited condensed consolidated financial statements are representative of such amounts for the E&P Segment. Midstream operations acquired in the Civitas Merger are considered ancillary to, and are managed as part of, the E&P Segment. The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The CODM uses net income (loss) as presented in the accompanying statements of operations to measure E&P Segment profit or loss, and to evaluate income generated from E&P Segment assets in deciding whether to reinvest profits into operational activities or to use profits for other purposes, such as debt reduction, acquisitions, or the Company’s Stock Repurchase Program. Additionally, net income (loss) is used in assessing budget versus actual results and in benchmarking to the Company’s competitors. The measure of segment assets is reported on the accompanying balance sheets as total assets, and capital expenditures are reported in the accompanying statements of cash flows. The following table summarizes the results of the Company’s segment revenue, significant expenses, and net income (loss) during the periods presented:
|  | For the Three Months Ended March 31, |  |
|  | 2026 |  | 2025 |  |  |  |
|  | (in millions)
Total operating revenues and other income |  | $ | 1,479 |  |  | $ | 845 |  |  |  |  |
Less: |  |  |  |  |  |  |  |
Lease operating expense |  | 209 |  |  | 109 |  |  |  |  |
Transportation costs |  | 122 |  |  | 70 |  |  |  |  |
Production taxes |  | 81 |  |  | 37 |  |  |  |  |
Ad valorem tax expense |  | 16 |  |  | 10 |  |  |  |  |
Depletion, depreciation, and amortization |  | 432 |  |  | 270 |  |  |  |  |
Exploration |  | 26 |  |  | 12 |  |  |  |  |
General and administrative |  | 174 |  |  | 39 |  |  |  |  |
Net derivative loss |  | 697 |  |  | 17 |  |  |  |  |
Other operating expense |  | 20 |  |  | 5 |  |  |  |  |
Interest expense |  | 113 |  |  | 44 |  |  |  |  |
Interest income (1) |  | (4) |  |  | — |  |  |  |  |
Other non-operating expense |  | 3 |  |  | — |  |  |  |  |
Income tax expense (benefit) |  | (75) |  |  | 50 |  |  |  |  |
E&P Segment net income (loss) |  | $ | (335) |  |  | $ | 182 |  |  |  |  |
___________________________________________ Note: There are no reconciling items between net income (loss) presented in the accompanying statements of operations and E&P Segment net income (loss). (1) Interest income is included in the other non-operating income, net line item on the accompanying statements of operations.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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