XML 56 R24.htm IDEA: XBRL DOCUMENT v3.25.0.1
STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 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 consolidated 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 year ended December 31, 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
5,394.254.81295,647
Total stock repurchases7,312.1$58.42 $427,196 
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 
_________________________
(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 December 31, 2024, $264.7 million remained available under the program for repurchase of our outstanding common stock. No shares of stock were repurchased in 2022.
Dividends
As approved by our Board, cash dividends are comprised of a quarterly base and a discretionary variable dividend component. The following table summarizes the dividends declared for the years ended December 31, 2024, 2023, and 2022 (in thousands, except per share amounts):
 Year Ended December 31,
 202420232022
Base dividend$2.00 $2.00 $1.89 
Variable dividend2.97 5.60 4.40 
Total dividend$4.97 $7.60 $6.29 
Total dividend (in thousands)$489,160 $668,669 $541,254