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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Operating net revenues:        
Oil and natural gas sales $ 660,526,000 $ 1,151,364,000 $ 1,316,548,000 $ 1,969,174,000
Operating expenses:        
Lease operating expense 51,230,000 41,877,000 97,068,000 77,896,000
Severance and ad valorem taxes 52,443,000 85,870,000 104,805,000 149,174,000
Exploration 546,000 1,553,000 1,117,000 2,081,000
Depreciation, depletion, and amortization 232,786,000 204,519,000 434,089,000 389,379,000
Abandonment and impairment of unproved properties 0 0 0 17,975,000
Unused commitments 363,000 1,731,000 754,000 2,507,000
Bad debt expense 836,000 4,000 583,000 4,000
Merger transaction costs 31,145,000 1,418,000 31,627,000 21,952,000
General and administrative expense, including $9,895, $6,135, $17,275, and $14,225, respectively, of stock-based compensation 33,541,000 29,666,000 70,399,000 65,386,000
Total operating expenses 481,082,000 453,626,000 896,047,000 869,457,000
Other income (expense):        
Derivative gain (loss) 4,927,000 (72,650,000) 30,087,000 (368,143,000)
Interest expense (8,753,000) (8,116,000) (16,202,000) (17,182,000)
Gain (loss) on property transactions, net (13,000) 0 (254,000) 16,797,000
Other income 8,045,000 4,313,000 17,068,000 5,096,000
Total other income (expense) 4,206,000 (76,453,000) 30,699,000 (363,432,000)
Income from operations before income taxes 183,650,000 621,285,000 451,200,000 736,285,000
Income tax expense (44,363,000) (152,464,000) (109,452,000) (175,825,000)
Net income, basic 139,287,000 468,821,000 341,748,000 560,460,000
Net income, diluted $ 139,287,000 $ 468,821,000 $ 341,748,000 $ 560,460,000
Net income per common share:        
Basic (in dollars per share) $ 1.73 $ 5.52 $ 4.22 $ 6.60
Diluted (in dollars per share) $ 1.72 $ 5.48 $ 4.18 $ 6.56
Weighted-average common shares outstanding:        
Basic (in shares) 80,393 84,993 81,052 84,917
Diluted (in shares) 81,144 85,554 81,824 85,453
Midstream operating expense        
Operating expenses:        
Operating expense $ 13,319,000 $ 7,469,000 $ 23,380,000 $ 13,181,000
Gathering, transportation, and processing        
Operating expenses:        
Operating expense $ 64,873,000 $ 79,519,000 $ 132,225,000 $ 129,922,000