v3.25.3
Condensed Consolidated Statements of Changes to Stockholders' Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Class A
Common Class B
Operating Company Units
Common Stock
Common Class A
Common Stock
Common Class B
Additional Paid-in Capital
Retained Earnings (Accumulated Deficit)
Non-Controlling Interest
Non-Controlling Interest
Operating Company Units
Beginning balance (in shares) at Dec. 31, 2023 [1]         86,144,000 90,710,000        
Beginning balance at Dec. 31, 2023 $ 2,857           $ 1,031 $ (17) $ 1,843  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Conversion of shares (in shares) [1]         5,279,000 (5,279,000)        
Issuance of shares upon vesting of equity awards [1]         1,000          
Dividends to stockholders (44)             (44)    
Dividends to Diamondback (67)             (4) (63)  
Change in ownership of consolidated subsidiaries, net 19           70   (51)  
Net income (loss) 99             43 56  
Ending balance (in shares) at Mar. 31, 2024 [1]         91,424,000 85,431,000        
Ending balance at Mar. 31, 2024 2,864           1,101 (22) 1,785  
Beginning balance (in shares) at Dec. 31, 2023 [1]         86,144,000 90,710,000        
Beginning balance at Dec. 31, 2023 2,857           1,031 (17) 1,843  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) 331                  
Ending balance (in shares) at Sep. 30, 2024 [1]         102,947,000 85,431,000        
Ending balance at Sep. 30, 2024 3,336           1,430 (29) 1,935  
Beginning balance (in shares) at Mar. 31, 2024 [1]         91,424,000 85,431,000        
Beginning balance at Mar. 31, 2024 2,864           1,101 (22) 1,785  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Equity-based compensation 1           1      
Dividends to stockholders (54)             (54)    
Dividends to Diamondback (60)               (60)  
Change in ownership of consolidated subsidiaries, net 0           7   (7)  
Net income (loss) 123             57 66  
Ending balance (in shares) at Jun. 30, 2024 [1]         91,424,000 85,431,000        
Ending balance at Jun. 30, 2024 2,874           1,109 (19) 1,784  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net proceeds from the issuance of Common Stock (in shares) [1]         11,523,000          
Net proceeds from the issuance of Common Stock 476           476      
Equity-based compensation 1           1      
Dividends to stockholders (59)             (59)    
Dividends to Diamondback (65)               (65)  
Change in ownership of consolidated subsidiaries, net 0           (156)   156  
Net income (loss) 109             49 60  
Ending balance (in shares) at Sep. 30, 2024 [1]         102,947,000 85,431,000        
Ending balance at Sep. 30, 2024 3,336           1,430 (29) 1,935  
Beginning balance (in shares) at Dec. 31, 2024   102,977,142 85,431,453   102,977,000 [2] 85,431,000 [2]        
Beginning balance at Dec. 31, 2024 3,907           1,569 118 2,220  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Common shares issued for acquisition (in shares) [2]           2,400,000        
OpCo Units issued for acquisition       $ 119           $ 119
Net proceeds from the issuance of Common Stock (in shares) [2]         28,336,000          
Net proceeds from the issuance of Common Stock 1,232           1,232      
Equity-based compensation 1           1      
Issuance of shares upon vesting of equity awards [2]         10,000          
Dividends to stockholders (85)             (85)    
Dividends to Diamondback (59)               (59)  
Dividends to other non-controlling interest (9)               (9)  
Change in ownership of consolidated subsidiaries, net 64           (236)   300  
Net income (loss) 153             75 78  
Ending balance (in shares) at Mar. 31, 2025 [2]         131,323,000 87,831,000        
Ending balance at Mar. 31, 2025 5,323           2,566 108 2,649  
Beginning balance (in shares) at Dec. 31, 2024   102,977,142 85,431,453   102,977,000 [2] 85,431,000 [2]        
Beginning balance at Dec. 31, 2024 3,907           1,569 118 2,220  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) 40                  
Ending balance (in shares) at Sep. 30, 2025   169,261,023 191,078,341   169,261,000 [2] 191,078,000 [2]        
Ending balance at Sep. 30, 2025 10,941           4,696 (76) 6,321  
Beginning balance (in shares) at Mar. 31, 2025 [2]         131,323,000 87,831,000        
Beginning balance at Mar. 31, 2025 5,323           2,566 108 2,649  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Common shares issued to related party/ OpCo Units issued to related party (in shares) [2]           69,627,000        
Common shares issued to related party/ OpCo Units issued to related party       3,618           3,618
Equity-based compensation 2           2      
Dividends to stockholders (75)             (75)    
Dividends to Diamondback (109)               (109)  
Dividends to other non-controlling interest (8)               (8)  
Change in ownership of consolidated subsidiaries, net (214)           792   (1,006)  
Repurchases as part of share buyback (in shares) [2]         (256,000)          
Repurchases as part of share buyback (10)           (10)      
Net income (loss) 84             37 47  
Ending balance (in shares) at Jun. 30, 2025 [2]         131,067,000 157,458,000        
Ending balance at Jun. 30, 2025 8,611           3,350 70 5,191  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Conversion of shares (in shares) [2]         2,000,000 (2,000,000)        
Conversion of shares 0           74   (74)  
Common shares issued for acquisition (in shares) [2]         38,536,000 35,620,000        
OpCo Units issued for acquisition 1,435     $ 1,326     1,435     $ 1,326
Equity-based compensation 2           2      
Issuance of shares upon vesting of equity awards [2]         16,000          
Distribution equivalent rights payments (1)             (1)    
Dividends to stockholders (68)             (68)    
Dividends to Diamondback (90)               (90)  
Dividends to other non-controlling interest (8)               (8)  
Change in ownership of consolidated subsidiaries, net 21           (75)   96  
Repurchases as part of share buyback (in shares) [2]         (2,358,000)          
Repurchases as part of share buyback (90)           (90)      
Net income (loss) (197)             (77) (120)  
Ending balance (in shares) at Sep. 30, 2025   169,261,023 191,078,341   169,261,000 [2] 191,078,000 [2]        
Ending balance at Sep. 30, 2025 $ 10,941           $ 4,696 $ (76) $ 6,321  
[1] The par values of the outstanding shares of Class A Common Stock and Class B Common Stock each round to zero during the periods presented.
[2] The par values of the outstanding shares of Class A Common Stock and Class B Common Stock each round to zero during the periods presented.