v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ (206) $ 604 $ 501
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Provision for (benefit from) deferred income taxes (83) (149) (7)
Depletion 607 214 146
Impairment 768 0 0
(Gain) loss on derivative instruments, net (44) (11) 26
Net cash receipts (payments) on derivatives 30 (3) (13)
(Gain) loss on extinguishment of debt 32 0 0
Other 13 6 3
Changes in operating assets and liabilities:      
Royalty income receivable (25) (13) (27)
Royalty income receivable—related party (34) (28) 3
Accounts payable and accrued liabilities (19) 7 6
Accounts payable—related party (2) 1 1
Other 16 (8) (1)
Net cash provided by (used in) operating activities 1,053 620 638
Cash flows from investing activities:      
Proceeds from sale of oil and natural gas interests 0 88 (3)
Net cash provided by (used in) investing activities (2,424) (608) (908)
Cash flows from financing activities:      
Proceeds from debt 3,250 842 973
Repayments of debt (2,163) (844) (462)
Net proceeds from public offering 1,232 476 0
Proceeds from public offering to Diamondback 0 0 200
Dividends to stockholders (328) (219) (129)
Dividends to Diamondback (361) (255) (196)
Dividends to other non-controlling interest (56) (7) 0
Other (23) (4) (13)
Net cash provided by (used in) financing activities 1,357 (11) 278
Net increase (decrease) in cash and cash equivalents (14) 1 8
Cash and cash equivalents at beginning of period 27 26 18
Cash and cash equivalents at end of period 13 27 26
Supplemental disclosure of cash flow information:      
Interest paid (70) (74) (40)
Cash paid for income taxes, net of refunds:      
Federal (47) (53) (50)
State (2) (3) (1)
Supplemental disclosure of non—cash transactions:      
Class A Common Stock issued for acquisition (1,435) 0 (255)
Operating Company Units      
Cash flows from financing activities:      
Repurchases of shares of Class A Common Stock/OpCo Units as part of the repurchase program (41) 0 0
Supplemental disclosure of non—cash transactions:      
OpCo Units issued (1,445) (468) 0
Common Class A      
Cash flows from financing activities:      
Repurchases of shares of Class A Common Stock/OpCo Units as part of the repurchase program (153) 0 (95)
Nonrelated Party      
Cash flows from investing activities:      
Acquisitions of oil and natural gas interests (1,549) (696) (830)
Related Party      
Cash flows from investing activities:      
Acquisitions of oil and natural gas interests (875) 0 (75)
Supplemental disclosure of non—cash transactions:      
OpCo Units issued $ (3,599) $ 0 $ 0