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STOCKHOLDERS' EQUITY | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Capital Return Program In August 2025, our Board reinstated a capital return strategy of allocating 50% of our annual Adjusted Free Cash Flow, after the base dividend, which remains $0.50 per share quarterly, to share repurchases. In conjunction with this decision, our Board increased the amount authorized for repurchases remaining under our existing stock repurchase program to $750 million. However, pursuant to terms of the Merger Agreement (as defined below), we are prohibited from (i) repurchasing shares of our common stock pending the consummation of the Merger and (ii) paying quarterly dividends in excess of our $0.50 base dividend. Stock Repurchases Prior to entry into the Merger Agreement, we were permitted, under our existing stock repurchase program, to repurchase 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 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. On August 8, 2025, we entered into an accelerated share repurchase agreement (the “ASR Agreement”) with a financial institution (the “Counterparty”) to repurchase an aggregate of $250 million (the “Repurchase Price”) of our common stock. Under the terms of the ASR Agreement, we paid the Repurchase Price and received an initial delivery of 6,646,726 shares of our common stock from the Counterparty, representing 80% of the Repurchase Price based on the closing price of our common stock on August 7, 2025. Final settlement of the ASR Agreement occurred in September 2025, pursuant to which we received an additional 733,832 shares of our common stock from the Counterparty. The table below summarizes stock repurchases pursuant to the stock repurchase program during the nine months ended September 30, 2025 and 2024:
| Number of Shares |  | Weighted-Average Price |  | Total Purchase Price (in millions)(1)
2025 |  |  |  |  |
ASR Agreement | 7,380,558 |  | $ | 33.87 |  |  | $ | 250 |
Open market repurchases | 1,560,305 |  | 46.08 |  |  | 72 |
Total stock repurchases | 8,940,863 |  | $ | 36.00 |  |  | $ | 322 |
2024 |  |  |  |  |
Privately negotiated transactions |  |  |  |  |
NGP | 876,193 |  | $ | 64.54 |  |  | $ | 57 |
Vitol | 1,041,667 |  | 71.99 |  |  | 75 |
Open market repurchases | 2,221,460 |  | 62.24 |  |  | 138 |
Total stock repurchases | 4,139,320 |  | $ | 65.18 |  |  | $ | 270 |
_________________________ (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, 2025, $500 million remained available under the program for repurchase of our outstanding common stock. Dividends The following table summarizes the dividends declared for the nine months ended September 30, 2025 and 2024:
| Base |  | Variable |  | Total |  | Total
| (per share) |  | (per share) |  | (per share) |  | (in millions)
2025 |  |  |  |  |  |  |
First quarter | $ | 0.50 |  |  | $ | — |  |  | $ | 0.50 |  |  | $ | 45 |
Second quarter | $ | 0.50 |  |  | $ | — |  |  | $ | 0.50 |  |  | $ | 46 |
Third quarter | $ | 0.50 |  |  | $ | — |  |  | $ | 0.50 |  |  | $ | 43 |
2024 |  |  |  |  |  |  |
First quarter | $ | 0.50 |  |  | $ | 0.95 |  |  | $ | 1.45 |  |  | $ | 148 |
Second quarter | $ | 0.50 |  |  | $ | 1.00 |  |  | $ | 1.50 |  |  | $ | 151 |
Third quarter | $ | 0.50 |  |  | $ | 1.02 |  |  | $ | 1.52 |  |  | $ | 145 |
All RSUs, DSUs, and PSUs receive a dividend equivalent per unit, recognized as a liability included in other liabilities and other long-term liabilities on the accompanying balance sheets until the recipients receive the dividend equivalents. Refer to Note 7 - Stock-Based Compensation for further discussion around our LTIP.

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