SUBSEQUENT EVENTS |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Cash Dividend On February 18, 2026, our board of directors approved an increase to the Company’s annual base dividend to $1.52 per share of Class A Common Stock beginning with the dividend payable for the fourth quarter of 2025. Our board of directors further approved a cash dividend for the fourth quarter of 2025 of $0.52 per share of Class A Common Stock and $0.65 per OpCo Unit, in each case, payable on March 12, 2026, to holders of record at the close of business on March 5, 2026. The dividend on Class A Common Stock consists of a base quarterly dividend of $0.38 per share and a variable quarterly dividend of $0.14 per share. Increase in Repurchase Program Authorization On February 18, 2026, our board of directors approved an increase in authorization under the Company’s existing repurchase program from $750 million to $1.75 billion, excluding excise tax. As of February 20, 2026, approximately $1.2 billion remains available for future repurchases under our repurchase program, excluding excise tax. Divestiture of Non-Permian Assets On February 9, 2026, the Company divested all of its non-Permian assets, including those acquired from Sitio, to an affiliate of GRP Energy Capital LLC and Warwick Capital Partners LLP for net cash proceeds of approximately $617 million, subject to customary post-closing adjustments. The divested properties consisted of approximately 9,400 net royalty acres in the Denver-Julesburg, Eagle Ford and Williston basins with current production of approximately 4,750 BO/d. Proceeds from the divestiture were used to (i) repay the Company’s $500 million Term Loan in full, (ii) fully repay $90 million of then-outstanding borrowings under the 2025 Revolving Credit Facility, and (iii) for general corporate purposes.
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