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Long-Term Debt (Tables) | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
Schedule of Line of Credit Facilities | The following table presents the outstanding balance, total amount of letters of credit outstanding, and available borrowing capacity under the Credit Agreement:
| As of April 23, 2026 |  | As of March 31, 2026 |  | As of December 31, 2025
| (in millions)
Revolving credit facility (1) | $ | — |  |  | $ | — |  |  | $ | — |
Letters of credit (2) | 4 |  |  | 4 |  |  | 2 |
Available borrowing capacity | 2,496 |  |  | 2,496 |  |  | 1,999 |
Total aggregate revolving lender commitment amount | $ | 2,500 |  |  | $ | 2,500 |  |  | $ | 2,000 |
____________________________________________ Note: Amounts may not calculate due to rounding. (1) Unamortized deferred financing costs attributable to the revolving credit facility are presented as a component of the other noncurrent assets line item in the accompanying balance sheets and totaled $22 million and $15 million as of March 31, 2026, and December 31, 2025, 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.
Schedule of Long-term Debt Instruments | The table below summarizes the interest rates, maturity dates, and semi-annual interest payment dates related to the Company’s Senior Notes (collectively referred to as “Senior Notes”) as of March 31, 2026:
| Interest Rate |  | Interest Payment Dates |  |  |  | Maturity Date
Senior Notes due 2026 | 6.75% |  | March 15, September 15 |  |  |  | September 15, 2026
Senior Notes due 2026 (1) | 5.0% |  | April 15, October 15 |  |  |  | October 15, 2026
Senior Notes due 2027 | 6.625% |  | January 15, July 15 |  |  |  | January 15, 2027
Senior Notes due 2028 (1) | 8.375% |  | January 1, July 1 |  |  |  | July 1, 2028
Senior Notes due 2028 | 6.5% |  | January 15, July 15 |  |  |  | July 15, 2028
Senior Notes due 2029 | 6.75% |  | February 1, August 1 |  |  |  | August 1, 2029
Senior Notes due 2030 (1) | 8.625% |  | May 1, November 1 |  |  |  | November 1, 2030
Senior Notes due 2031 (1) | 8.75% |  | January 1, July 1 |  |  |  | July 1, 2031
Senior Notes due 2032 | 7.0% |  | February 1, August 1 |  |  |  | August 1, 2032
Senior Notes due 2033 (1) | 9.625% |  | June 15, December 15 |  |  |  | June 15, 2033
Senior Notes due 2034 | 6.625% |  | April 15, October 15 |  |  |  | April 15, 2034
____________________________________________ (1) Civitas Senior Notes assumed as part of the Civitas Merger. The Senior Notes, net line items in the accompanying balance sheets as of March 31, 2026, and December 31, 2025, consisted of the following:
| As of March 31, 2026
| Principal Amount |  | Unamortized Premium |  | Unamortized Deferred Financing Costs |  | Principal Amount, Net
| (in millions)
6.75% Senior Notes due 2026 (1) | $ | 419 |  |  | $ | — |  |  | $ | — |  |  | $ | 419 |
5.0% Senior Notes due 2026 (1)(2) | 400 |  |  | — |  |  | — |  |  | 400 |
6.625% Senior Notes due 2027 | 417 |  |  | — |  |  | (1) |  |  | 416 |
8.375% Senior Notes due 2028 (2) | 566 |  |  | 18 |  |  | — |  |  | 584 |
6.5% Senior Notes due 2028 | 400 |  |  | — |  |  | (2) |  |  | 398 |
6.75% Senior Notes due 2029 | 750 |  |  | — |  |  | (8) |  |  | 742 |
8.625% Senior Notes due 2030 (2) | 1,000 |  |  | 56 |  |  | — |  |  | 1,056 |
8.75% Senior Notes due 2031 (2) | 1,350 |  |  | 66 |  |  | — |  |  | 1,416 |
7.0% Senior Notes due 2032 | 750 |  |  | — |  |  | (9) |  |  | 741 |
9.625% Senior Notes due 2033 (2) | 750 |  |  | 69 |  |  | — |  |  | 819 |
6.625% Senior Notes due 2034 | 1,000 |  |  | — |  |  | (15) |  |  | 985 |
Total | $ | 7,802 |  |  | $ | 209 |  |  | $ | (35) |  |  | $ | 7,976 |
____________________________________________ (1) As of March 31, 2026, the 6.75% Senior Notes due 2026 (“2026 Senior Notes”), the 5.0% Senior Notes due 2026 (“Civitas 2026 Senior Notes”) originally issued by Civitas, and the 6.625% Senior Notes due 2027 (“2027 Senior Notes”) are presented in the current liabilities section of the accompanying balance sheets. (2) Civitas Senior Notes assumed as part of the Civitas Merger.
| As of December 31, 2025
| Principal Amount |  |  |  | Unamortized Deferred Financing Costs |  | Principal Amount, Net
| (in millions)
6.75% Senior Notes due 2026 (1) | $ | 419 |  |  |  |  | $ | — |  |  | $ | 419 |
6.625% Senior Notes due 2027 | 417 |  |  |  |  | (1) |  |  | 416 |
6.5% Senior Notes due 2028 | 400 |  |  |  |  | (3) |  |  | 397 |
6.75% Senior Notes due 2029 | 750 |  |  |  |  | (8) |  |  | 742 |
7.0% Senior Notes due 2032 | 750 |  |  |  |  | (10) |  |  | 740 |
Total | $ | 2,736 |  |  |  |  | $ | (22) |  |  | $ | 2,714 |
____________________________________________ (1) As of December 31, 2025, the 2026 Senior Notes are presented in the current liabilities section of the accompanying balance sheets.

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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