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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 175,821 $ 202,461
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion, and amortization 466,840 201,303
Stock-based compensation 11,199 7,380
Derivative (gain) loss, net 109,680 (25,160)
Derivative cash settlement loss, net (11,155) (10,550)
Amortization of deferred financing costs and deferred acquisition consideration 12,345 1,150
Loss on property transactions, net 1,430 241
Deferred income tax expense 29,994 45,953
Other, net (1,035) (8)
Changes in operating assets and liabilities, net 17,433 116,079
Net cash provided by operating activities 812,552 538,849
Cash flows from investing activities:    
Acquisitions of businesses, net of cash acquired (833,902) 0
Acquisitions of crude oil and natural gas properties 0 (30,824)
Capital expenditures for drilling and completion activities and other fixed assets (571,577) (250,389)
Proceeds from property transactions 92,862 5,700
Other, net 0 (94)
Net cash used in investing activities (1,312,617) (275,607)
Cash flows from financing activities:    
Proceeds from credit facility 300,000 0
Payments to credit facility (650,000) 0
Payment of deferred financing costs and deferred acquisition consideration (1,368) 0
Dividends paid (148,439) (173,376)
Common stock repurchased and retired (66,936) (300,107)
Proceeds from exercise of stock options 0 440
Payment of employee tax withholdings in exchange for the return of common stock (7,070) (2,118)
Principal payments on finance lease obligations (763) 0
Net cash used in financing activities (574,576) (475,161)
Net change in cash, cash equivalents, and restricted cash (1,074,641) (211,919)
Cash, cash equivalents, and restricted cash:    
Beginning of period [1] 1,126,815 768,134
End of period [1] $ 52,174 $ 556,215
[1]
(1) Includes $2.0 million of restricted cash and consists of $1.9 million of interest earned on cash held in escrow that is presented in deposits for acquisitions within the accompanying unaudited condensed consolidated balance sheets (“balance sheets”) for the period ended December 31, 2023 and $0.1 million of funds for road maintenance and repairs that is presented in other noncurrent assets within the accompanying balance sheets for all periods presented.