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STOCKHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Stock Repurchases
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, in the open market, in privately negotiated transactions, or through block trades, derivative transactions, or purchases made in accordance with Rule 10b-18 and Rule 10b5-1 of the Exchange Act. The new stock repurchase program replaced our prior stock repurchase program, which was terminated in connection with the adoption of the new stock repurchase program. 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.
We record stock repurchases at cost, which includes transaction costs that are direct and incremental to the repurchase, as a reduction to stockholders’ equity. As part of the transaction costs that are direct and incremental to the repurchase 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.
The table below summarizes stock repurchases pursuant to the stock repurchase program during the nine months ended September 30, 2024 and 2023:
Number of Shares (in thousands)Weighted-Average Price
Total Purchase Price (in thousands)(1)
2024
Privately negotiated transactions
NGP Tap Rock Holdings, LLC and certain of its affiliates
876.2$64.54 $56,549 
Vencer1,041.771.99 75,000 
Other transactions
2,221.462.24 138,267 
Total stock repurchases4,139.3$65.18 $269,816 
2023
Privately negotiated transactions
CPPIB Crestone Peak Resources Canada Inc.
4,918.0$61.00 $300,000 
Other transactions
312.864.55 20,190 
Total stock repurchases5,230.8$61.21 $320,190 
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(1)Excludes commissions paid and excise taxes accrued related to stock repurchases.
These stock repurchases were funded from our cash on hand, and the shares were immediately retired. As of September 30, 2024, $422.0 million remained available under the program for repurchase of our outstanding common stock.
Dividends
As approved by our Board, cash dividends are paid quarterly and consist of a base and variable component. Beginning in the third quarter of 2024, variable cash dividends are 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 stock repurchases allocated to the quarter for which the dividend is declared, assuming pro forma compliance with certain leverage targets under our debt agreements. Future dividend payments must be approved by our Board and will depend on our liquidity, financial requirements, and other factors considered relevant by our Board.
The following table summarizes the dividends declared in the nine months ended September 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 
Third quarter
$0.50 $1.02 $1.52 $144,884 
2023
First quarter$0.50 $1.65 $2.15 $176,878 
Second quarter$0.50 $1.62 $2.12 $173,358 
Third quarter
$0.50 $1.24 $1.74 $167,010