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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income $ 196,430 $ 191,839
Adjustments to reconcile net income to net cash provided by operating activities:    
Depletion, depreciation and amortization (including deferred financing costs) 318,564 339,177
Deferred income taxes 11,280 (37,481)
Unsuccessful well costs and leasehold impairments 3,872 2,244
Change in fair value of derivatives 11,808 52,467
Cash settlements on derivatives, net (including $(10.0) million and $(12.3) million on commodity hedges during 2024 and 2023) (14,754) (21,478)
Equity-based compensation 27,849 31,778
Debt modifications and extinguishments 24,794 1,503
Other (12,126) 2,547
Changes in assets and liabilities:    
Increase in receivables (33,304) (5,766)
Increase in inventories and prepaid expenses (2,320) (49,767)
Decrease in accounts payable and accrued liabilities (29,591) (35,669)
Net cash provided by operating activities 502,502 471,394
Investing activities    
Oil and gas assets (772,238) (611,914)
Notes receivable from partners (2,575) (46,632)
Net cash used in investing activities (774,813) (658,546)
Financing activities    
Borrowings under long-term debt 275,000 300,000
Payments on long-term debt (350,000) (145,000)
Net proceeds from issuance of senior notes 885,285 0
Repurchase of senior notes (499,515) 0
Purchase of capped call transactions (49,800) 0
Dividends 0 (166)
Other financing costs (35,534) (12,345)
Net cash provided by financing activities 225,436 142,489
Net decrease in cash, cash equivalents and restricted cash (46,875) (44,663)
Cash, cash equivalents and restricted cash at beginning of period 98,761 186,821
Cash, cash equivalents and restricted cash at end of period 51,886 142,158
Cash paid for:    
Income taxes, net of refund received $ 232,923 $ 212,352