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STOCKHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Share Repurchases
In January 2023, we closed a privately negotiated share purchase agreement with CPPIB Crestone Peak Resources Canada Inc. for the purchase of approximately 4.9 million shares of our common stock for a total purchase price of $300.0 million. The shares repurchased were immediately retired.
In February 2023, our Board provided authorization for a stock repurchase program (the “stock repurchase program”) pursuant to which we may, from time to time and through December 31, 2024, acquire shares of our common stock in the open market, in privately negotiated transactions, or through block trades, derivative transactions, or purchases made in accordance with the Rule 10b5-1 of the Exchange Act in an amount not to exceed $1.0 billion, exclusive of any fees, commissions, or other expenses related to such repurchases. In June 2023, commensurate with the announcement of the Hibernia and Tap Rock acquisitions, our Board reduced the amount of stock authorized for repurchase under the stock repurchase program from $1.0 billion to $500.0 million.
The table below summarizes stock repurchases pursuant to the stock repurchase program during the six months ended June 30, 2024:
Six Months Ended June 30, 2024
Number of Shares (in thousands)
Weighted-Average Price
Total Purchase Price (in thousands)(1)
Privately-negotiated transactions
NGP Tap Rock Holdings, LLC and certain of its affiliates
876.2$64.54 $56,549 
Vencer
1,041.771.99 75,000 
Other transactions
877.468.73 60,305 
Total stock repurchases
2,795.3$68.63 $191,854 
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(1)Excludes commissions paid and excise taxes accrued related to stock repurchases.
These purchases were funded from our cash on hand and the shares were immediately retired. As of June 30, 2024, $288.0 million remained available under the program for repurchase of our outstanding common stock.
We record share repurchases at cost, which includes incremental direct transaction costs, as a reduction to stockholder’s equity. As part of the incremental direct transaction costs and subject to netting against the fair value of stock issuances, we record a 1% excise tax with the corresponding liability recorded within accounts payable and accrued expenses on the accompanying balance sheets. Any excess of cost over the par value is charged to additional paid-in-capital on a pro-rata basis, with any remaining cost charged to retained earnings.
Dividends
The following table summarizes the dividends declared in the six months ended June 30, 2024 and 2023:
BaseVariableTotalTotal
(per share)(per share)(per share)(in thousands)
2024
First quarter$0.50 $0.95 $1.45 $148,327 
Second quarter$0.50 $1.00 $1.50 $150,797 
2023
First quarter$0.50 $1.65 $2.15 $176,878 
Second quarter$0.50 $1.62 $2.12 $173,358 
Capital Return Program
Beginning in the third quarter of 2024, variable cash dividends will be equal to 50% of Adjusted Free Cash Flow for the preceding twelve-month period and pro forma for all acquisition and divestiture activity, after the base cash dividend less any share repurchases made during the quarter for which the dividend is declared, assuming pro forma compliance with certain leverage targets under our debt agreements. Share repurchase activity will be determined by management and our Board.
As part of enhancing our capital return framework, in July 2024 our Board authorized a new stock repurchase program authorizing repurchases of up to $500 million of our outstanding shares of common stock, replacing our prior stock repurchase program that has been terminated.
The stock repurchase program does not have a termination date, does not require any specific number of shares to be acquired, and can be modified or discontinued by our Board at any time. Additionally, the decision to pay any future dividends is solely within the discretion of, and subject to approval by, our Board. Our Board’s determination with respect to any such dividends, including the record date, the payment date, and the actual amount of the dividend, will depend upon our profitability and financial condition, contractual restrictions, restrictions imposed by applicable law, and other factors that our Board deems relevant at the time of such determination.