v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows provided by (used in) operating activities:    
Net income including noncontrolling interests $ 219,466 $ 34,672
Adjustments to reconcile net income to net cash provided by operating activities:    
Depletion, depreciation, amortization and accretion 187,291 191,251
Impairments 5,618 5,190
Commodity derivative fair value losses (gains) 71,671 (9,446)
Gains (losses) on settled commodity derivatives (11,017) 1,368
Deferred income tax expense 53,462 6,156
Equity-based compensation expense 15,145 16,077
Equity in earnings of unconsolidated affiliate (28,661) (23,347)
Dividends of earnings from unconsolidated affiliate 31,314 31,285
Amortization of deferred revenue (6,230) (6,738)
Amortization of debt issuance costs and other 466 715
Settlement of asset retirement obligations (54) (322)
Contract termination, loss contingency and settlements (1,308) 200
Loss (gain) on sale of assets (575) 188
Loss on early extinguishment of debt 2,899  
Changes in current assets and liabilities:    
Accounts receivable (5,972) 2,498
Accrued revenue (59,769) 74,587
Prepaid expenses and other current assets (2,190) (2,701)
Accounts payable including related parties 11,995 3,244
Accrued liabilities (86,552) (60,825)
Revenue distributions payable 48,286 (3,222)
Other current liabilities 12,454 780
Net cash provided by operating activities 457,739 261,610
Cash flows provided by (used in) investing activities:    
Additions to unproved properties (30,407) (27,044)
Drilling and completion costs (175,134) (188,905)
Additions to other property and equipment (604) (6,500)
Proceeds from asset sales 575 363
Change in other assets (2,321) (4,724)
Net cash used in investing activities (207,891) (226,810)
Cash flows provided by (used in) financing activities:    
Repurchases of common stock (10,094)  
Repayment of senior notes (118,046)  
Borrowings on Credit Facility 1,308,400 1,125,700
Repayments on Credit Facility (1,397,500) (1,127,600)
Distributions to noncontrolling interests in Martica Holdings LLC (15,969) (23,617)
Employee tax withholding for settlement of equity-based compensation awards (16,298) (9,024)
Other (341) (259)
Net cash used in financing activities (249,848) (34,800)
Net increase in cash and cash equivalents 0 0
Cash and cash equivalents, beginning of period 0 0
Cash and cash equivalents, end of period 0 0
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 43,078 48,252
Decrease in accounts payable and accrued liabilities for additions to property and equipment $ (19,271) $ (3,275)

Source