SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Amendment to our Revolving Credit Facility

On November 1, 2024, we amended our existing Revolving Credit Facility. The amendments included, among other things:

•increasing the amount of the revolving commitments by $50 million to $1,150 million to reflect changes to our lender group;

•extending the maturity date of the facility from July 31, 2027 to March 16, 2029;

•amending the springing maturity to permit our 2026 Senior Notes to remain outstanding past October 31, 2025 so long as the aggregate availability (less the outstanding 2026 Senior Notes) is not less than 25% of the total revolving commitments;

•increasing our capacity to issue letters of credit from $250 million to $300 million; and

•other technical amendments.

Borrowing Base Redetermination

The borrowing base under our Revolving Credit Facility is redetermined semi-annually and was reaffirmed at $1.5 billion on November 1, 2024.

Dividend

On November 5, 2024, our Board of Directors declared a quarterly cash dividend of $0.3875 per share of common stock. The dividend is payable to shareholders of record at the close of business on December 2, 2024 and is expected to be paid on December 16, 2024.

Ventura Basin Divestiture

On October 14, 2024, we completed the sale of Ventura basin assets for net proceeds of $3 million. See Note 8 Divestitures, Acquisitions and Assets Held for Sale above and Part II, Item 8 – Financial Statements and Supplementary Data, Note 8 Divestitures and Acquisitions in our 2023 Annual Report for additional information on the Ventura basin transactions.

Warrants

During October 2024, we issued 2,630,540 shares of our common stock in connection with warrant exercises. Since the issuance date of the warrants in October 2020, 3,856,833 shares have been issued upon the exercise of warrants and 469,429 shares were cancelled due to net settlement. On October 28, 2024, any unexercised warrants expired in accordance with their terms and 57,920 shares underlying such warrants were never issued.