v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income (loss) $ 40 $ 331
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Provision for (benefit from) deferred income taxes (42) (1)
Depletion 373 150
Impairment 360 0
(Gain) loss on derivative instruments, net (21) (5)
Net cash receipts (payments) on derivatives 23 (2)
(Gain) loss on extinguishment of debt 32 0
Other 10 4
Changes in operating assets and liabilities:    
Royalty income receivable (40) 3
Royalty income receivable—related party (33) (33)
Accounts payable and accrued liabilities (40) 14
Accounts payable—related party (2) (1)
Income taxes payable (1) 0
Other (5) 2
Net cash provided by (used in) operating activities 654 462
Cash flows from investing activities:    
Proceeds from sale of oil and natural gas interests 0 88
Net cash provided by (used in) investing activities (2,357) (183)
Cash flows from financing activities:    
Proceeds from term loan 500 0
Proceeds from borrowings under credit facility 990 470
Repayment on credit facility (1,091) (733)
Proceeds from Guaranteed Senior Notes 1,600 0
Repayment of Notes (477) 0
Net proceeds from public offering 1,232 476
Repurchases under share buyback program (100) 0
Dividends to stockholders (229) (157)
Dividends to Diamondback (258) (192)
Dividends to other non-controlling interest (25) 0
Other (23) 0
Net cash provided by (used in) financing activities 2,119 (136)
Net increase (decrease) in cash, cash equivalents and restricted cash 416 143
Cash, cash equivalents and restricted cash at beginning of period 27 26
Cash, cash equivalents and restricted cash at end of period 443 169
Supplemental disclosure of cash flow information:    
Interest paid (48) (43)
Cash (paid) received for income taxes (48) (43)
Related Party    
Cash flows from investing activities:    
Acquisitions of oil and natural gas interests (873) 0
Supplemental disclosure of non—cash transactions:    
OpCo Units issued (3,618) 0
Nonrelated Party    
Cash flows from investing activities:    
Acquisitions of oil and natural gas interests (1,484) (271)
Operating Company Units    
Supplemental disclosure of non—cash transactions:    
OpCo Units issued $ (1,445) $ 0