ADDED
As of February 2, 2026, the registrant had 238,359,166 shares of common stock outstanding.
Management s Discussion and Analysis of Financial Condition and Results of Operations 47 Overview of the Company 47 Financial Results of Operations and Additional Comparative Data 52 Comparison of Financial Results and Trends Between 2025 and 2024 55 Overview of Liquidity and Capital Resources 57 Critical Accounting Estimates 61 Accounting Matters 63 Environmental 63 Non-GAAP Financial Measures 64 Item 7A.
Forward-looking statements appear throughout this report, and unless otherwise specifically noted, refer to the post-Merger entity following the Merger with Civitas Resources, Inc.
( Civitas ); see Note 17 Mergers, Acquisitions, and Divestitures in Part II, Item 8 of this report and Glossary below for discussion and definition of the Civitas Merger.
military actions and heightened geopolitical tensions involving Venezuela; the war between Russia and Ukraine; instability in the Middle East including the war and armed conflicts between Israel and Hamas, Hezbollah, and Iran and its proxy forces; U.S.
Factors that may cause our financial condition, results of operations, business prospects or economic performance to differ from expectations include, among others, commodity price volatility; changes in capital markets or access to liquidity; integration risks and the anticipated benefits of acquisitions or divestitures; operational, drilling, and production risks; regulatory or environmental developments; and other risks as discussed in Part I, Item 1A, Risk Factors below and elsewhere in this report.
A large depression on the earth s surface in which sediments are generally deposited.
On November 2, 2025, we entered into an Agreement and Plan of Merger (the Merger Agreement ) with Civitas.
The Merger was completed on January 30, 2026 (the Closing Date ).
Refer to Note 17 Mergers, Acquisitions, and Divestitures in Part II, Item 8 of this report for full definition and additional discussion.
REMOVED
As of January 31, 2025, the registrant had 114,461,934 shares of common stock outstanding.
Management s Discussion and Analysis of Financial Condition and Results of Operations 41 Overview of the Company 41 Financial Results of Operations and Additional Comparative Data 45 Comparison of Financial Results and Trends Between 2024 and 2023, and Between 2023 and 2022 49 Overview of Liquidity and Capital Resources 52 Critical Accounting Estimates 56 Accounting Matters 58 Environmental 58 Non-GAAP Financial Measures 59 Item 7A.
Factors that may cause our financial condition, results of operations, business prospects or economic performance to differ from expectations include the factors discussed in Part I, Item 1A, Risk Factors below and elsewhere in this report.
BUSINESS AND PROPERTIES General We are an independent energy company engaged in the acquisition, exploration, development, and production of oil, gas, and NGLs in Texas and Utah.
Our long-term vision and strategy is to sustainably grow value for all of our stakeholders as a premier operator of top-tier assets by maintaining and optimizing our high-quality asset portfolio, generating cash flows, and maintaining a strong balance sheet.
Our team executes this strategy by prioritizing safety, technological innovation, and stewardship of natural resources, all of which are integral to our corporate culture.
Our near-term goals include focusing on operational execution and successfully integrating the Uinta Basin assets; generating cash flows that enable us to continue returning value to stockholders through fixed dividend payments, debt repayments, and our Stock Repurchase Program; and expanding our portfolio of top-tier economic drilling inventory through acquisition and exploration.
Refer to Significant Developments in 2024 below for the definitions of the Uinta Basin and the Stock Repurchase Program, and to Outlook for additional discussion of our 2025 strategy and operational plans.
Our asset portfolio is comprised of high-quality assets in the Midland Basin of West Texas, the Maverick Basin of South Texas, and the Uinta Basin of northeastern Utah, which we believe are capable of generating strong returns in the current macroeconomic environment and provide resilience to commodity price risk and volatility.
We seek to maximize returns and increase the value of our top-tier assets through disciplined capital spending, strategic acquisitions, including the Uinta Basin Acquisition, and continued development and optimization of our existing assets.