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Segment Reporting
 3 Months Ended
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,
20262025
(in millions)
Total operating revenues and other income$1,479 $845 
Less:
Lease operating expense209 109 
Transportation costs122 70 
Production taxes81 37 
Ad valorem tax expense16 10 
Depletion, depreciation, and amortization
432 270 
Exploration26 12 
General and administrative174 39 
Net derivative loss697 17 
Other operating expense20 5 
Interest expense113 44 
Interest income (1)
(4)— 
Other non-operating expense3 — 
Income tax expense (benefit)(75)50 
E&P Segment net income (loss)$(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.