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Long-Term Debt (Tables)

3 Months Ended

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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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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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.

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