Civitas Resources (CIVI) 10-Q7 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

COVER PAGE

COVER PAGE - shares	9 Months Ended
COVER PAGE - shares	Sep. 30, 2023	Nov. 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-35371
Entity Registrant Name	Civitas Resources, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1630631
Entity Address, Address Line One	555 17th Street,
Entity Address, Address Line Two	Suite 3700
Entity Address, City or Town	Denver,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	293-9100
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CIVI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		93,773,847
Entity Central Index Key	0001509589
Amendment Flag	false
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 95,324	$ 768,032
Accounts receivable, net:
Oil and natural gas sales	573,077	343,500
Joint interest and other	178,643	135,816
Derivative assets	7,058	2,490
Prepaid income taxes	21,577	29,604
Prepaid expenses and other	73,066	48,988
Total current assets	948,745	1,328,430
Property and equipment (successful efforts method):
Proved properties	12,135,971	6,774,635
Less: accumulated depreciation, depletion, and amortization	(1,939,956)	(1,214,484)
Total proved properties, net	10,196,015	5,560,151
Unproved properties	973,102	593,971
Wells in progress	535,499	407,351
Other property and equipment, net of accumulated depreciation of $9,016 in 2023 and $7,329 in 2022	63,006	49,632
Total property and equipment, net	11,767,622	6,611,105
Long-term derivative assets	1,872	794
Right-of-use assets	91,766	24,125
Other noncurrent assets	31,563	6,945
Total assets	12,841,568	7,971,399
Current liabilities:
Accounts payable and accrued expenses	645,214	295,297
Production taxes payable	431,346	258,932
Oil and natural gas revenue distribution payable	745,214	538,343
Derivative liability	126,053	46,334
Asset retirement obligations	25,557	25,557
Lease liability	41,581	13,464
Deferred revenue	4,501	0
Total current liabilities	2,019,466	1,177,927
Long-term liabilities:
Senior notes	3,049,888	393,293
Credit facility	650,000	0
Ad valorem taxes	231,472	412,650
Derivative liability	10,768	17,199
Deferred income tax liabilities, net	458,590	319,618
Asset retirement obligations	304,812	265,469
Lease liability	50,924	11,324
Deferred revenue	45,015	0
Total liabilities	6,820,935	2,597,480
Commitments and contingencies (Note 6)
Stockholders’ equity:
Preferred stock, $.01 par value, 25,000,000 shares authorized, none outstanding	0	0
Common stock, $.01 par value, 225,000,000 shares authorized, 93,772,363 and 85,120,287 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	5,004	4,918
Additional paid-in capital	4,955,206	4,211,197
Retained earnings	1,060,423	1,157,804
Total stockholders’ equity	6,020,633	5,373,919
Total liabilities and stockholders’ equity	$ 12,841,568	$ 7,971,399

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Other property and equipment, accumulated depreciation	$ 9,016	$ 7,329
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	225,000,000	225,000,000
Common stock, shares issued (in shares)	93,772,363	85,120,287
Common stock, shares outstanding (in shares)	93,772,363	85,120,287

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating net revenues:
Oil and natural gas sales	$ 1,035,916,000	$ 1,007,951,000	$ 2,352,464,000	$ 2,977,125,000
Operating expenses:
Lease operating expense	94,660,000	45,063,000	191,728,000	122,959,000
Severance and ad valorem taxes	83,437,000	85,029,000	188,242,000	234,203,000
Exploration	429,000	4,355,000	1,546,000	6,436,000
Depreciation, depletion, and amortization	320,469,000	212,070,000	754,558,000	601,449,000
Abandonment and impairment of unproved properties	0	0	0	17,975,000
Unused commitments	3,942,000	193,000	4,696,000	2,700,000
Bad debt expense (recovery)	(24,000)	(11,000)	559,000	(7,000)
Transaction costs	28,450,000	1,814,000	60,077,000	23,766,000
General and administrative expense, including $8,302, $10,244, $25,577, and $24,469, respectively, of stock-based compensation	36,154,000	37,296,000	106,553,000	102,682,000
Total operating expenses	656,718,000	479,505,000	1,552,765,000	1,348,962,000
Other income (expense):
Derivative gain (loss)	(150,661,000)	9,281,000	(120,574,000)	(358,862,000)
Interest expense	(76,467,000)	(7,468,000)	(92,669,000)	(24,650,000)
Gain (loss) on property transactions, net	0	(938,000)	(254,000)	15,859,000
Other income	17,288,000	12,769,000	34,356,000	17,865,000
Total other income (expense)	(209,840,000)	13,644,000	(179,141,000)	(349,788,000)
Income from operations before income taxes	169,358,000	542,090,000	620,558,000	1,278,375,000
Income tax expense	(29,686,000)	(136,338,000)	(139,138,000)	(312,163,000)
Net income, basic	139,672,000	405,752,000	481,420,000	966,212,000
Net income, diluted	$ 139,672,000	$ 405,752,000	$ 481,420,000	$ 966,212,000
Net income per common share:
Basic (in dollars per share)	$ 1.57	$ 4.77	$ 5.75	$ 11.37
Diluted (in dollars per share)	$ 1.56	$ 4.74	$ 5.70	$ 11.30
Weighted-average common shares outstanding:
Basic (in shares)	88,911	85,069	83,700	84,968
Diluted (in shares)	89,631	85,554	84,468	85,495
Midstream operating expense
Operating expenses:
Operating expense	$ 11,661,000	$ 9,214,000	$ 35,041,000	$ 22,395,000
Gathering, transportation, and processing
Operating expenses:
Operating expense	$ 77,540,000	$ 84,482,000	$ 209,765,000	$ 214,404,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
General and administrative expense, stock-based compensation	$ 8,302	$ 10,244	$ 25,577	$ 24,469

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings
Balance at beginning of period (in shares) at Dec. 31, 2021		84,572,846
Balance at beginning of period at Dec. 31, 2021	$ 4,654,998	$ 4,912	$ 4,199,108	$ 450,978
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted common stock issued (in shares)		579,229
Restricted common stock issued	6	$ 6
Stock used for tax withholdings (in shares)		(215,811)
Stock used for tax withholdings	(12,934)	$ (2)	(12,932)
Exercise of stock options (in shares)		5,294
Exercise of stock options	178		178
Stock-based compensation	8,090		8,090
Dividends declared	(104,444)			(104,444)
Net income	91,639			91,639
Balance at end of period (in shares) at Mar. 31, 2022		84,941,558
Balance at end of period at Mar. 31, 2022	4,637,533	$ 4,916	4,194,444	438,173
Balance at beginning of period (in shares) at Dec. 31, 2021		84,572,846
Balance at beginning of period at Dec. 31, 2021	4,654,998	$ 4,912	4,199,108	450,978
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	966,212
Balance at end of period (in shares) at Sep. 30, 2022		85,105,363
Balance at end of period at Sep. 30, 2022	5,253,525	$ 4,917	4,204,742	1,043,866
Balance at beginning of period (in shares) at Mar. 31, 2022		84,941,558
Balance at beginning of period at Mar. 31, 2022	4,637,533	$ 4,916	4,194,444	438,173
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted common stock issued (in shares)		130,309
Restricted common stock issued	1	$ 1
Stock used for tax withholdings (in shares)		(40,646)
Stock used for tax withholdings	(2,813)		(2,813)
Exercise of stock options (in shares)		742
Exercise of stock options	24		24
Stock-based compensation	6,135		6,135
Dividends declared	(117,151)			(117,151)
Net income	468,821			468,821
Balance at end of period (in shares) at Jun. 30, 2022		85,031,963
Balance at end of period at Jun. 30, 2022	4,992,550	$ 4,917	4,197,790	789,843
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted common stock issued (in shares)		125,381
Restricted common stock issued	1	$ 1
Stock used for tax withholdings (in shares)		(52,879)
Stock used for tax withholdings	(3,323)	$ (1)	(3,322)
Exercise of stock options (in shares)		898
Exercise of stock options	30		30
Stock-based compensation	10,244		10,244
Dividends declared	(151,729)			(151,729)
Net income	405,752			405,752
Balance at end of period (in shares) at Sep. 30, 2022		85,105,363
Balance at end of period at Sep. 30, 2022	5,253,525	$ 4,917	4,204,742	1,043,866
Balance at beginning of period (in shares) at Dec. 31, 2022		85,120,287
Balance at beginning of period at Dec. 31, 2022	5,373,919	$ 4,918	4,211,197	1,157,804
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted common stock issued (in shares)		112,052
Stock used for tax withholdings (in shares)		(30,111)
Stock used for tax withholdings	(2,118)		(2,118)
Exercise of stock options (in shares)		13,352
Exercise of stock options	440		440
Common stock repurchased and retired (in shares)		(4,918,032)
Common stock repurchased and retired	(303,455)	$ (49)	(243,312)	(60,094)
Stock-based compensation	7,380		7,380
Dividends declared	(176,878)			(176,878)
Net income	202,461			202,461
Balance at end of period (in shares) at Mar. 31, 2023		80,297,548
Balance at end of period at Mar. 31, 2023	5,101,749	$ 4,869	3,973,587	1,123,293
Balance at beginning of period (in shares) at Dec. 31, 2022		85,120,287
Balance at beginning of period at Dec. 31, 2022	5,373,919	$ 4,918	4,211,197	1,157,804
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	481,420
Balance at end of period (in shares) at Sep. 30, 2023		93,772,363
Balance at end of period at Sep. 30, 2023	6,020,633	$ 5,004	4,955,206	1,060,423
Balance at beginning of period (in shares) at Mar. 31, 2023		80,297,548
Balance at beginning of period at Mar. 31, 2023	5,101,749	$ 4,869	3,973,587	1,123,293
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted common stock issued (in shares)		375,615
Restricted common stock issued	4	$ 4
Stock used for tax withholdings (in shares)		(139,895)
Stock used for tax withholdings	(10,496)	$ (1)	(10,495)
Exercise of stock options (in shares)		111
Exercise of stock options	4		4
Common stock repurchased and retired (in shares)		(312,766)
Common stock repurchased and retired	(20,398)	$ (3)	(15,478)	(4,917)
Stock-based compensation	9,895		9,895
Dividends declared	(173,358)			(173,358)
Net income	139,287			139,287
Balance at end of period (in shares) at Jun. 30, 2023		80,220,613
Balance at end of period at Jun. 30, 2023	5,046,687	$ 4,869	3,957,513	1,084,305
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance pursuant to acquisition (in shares)		13,538,472
Issuance pursuant to acquisition	990,204	$ 135	990,069
Restricted common stock issued (in shares)		21,596
Stock used for tax withholdings (in shares)		(8,783)
Stock used for tax withholdings	(693)		(693)
Exercise of stock options (in shares)		465
Exercise of stock options	15		15
Common stock repurchased and retired	3,456			3,456
Stock-based compensation	8,302		8,302
Dividends declared	(167,010)			(167,010)
Net income	139,672			139,672
Balance at end of period (in shares) at Sep. 30, 2023		93,772,363
Balance at end of period at Sep. 30, 2023	$ 6,020,633	$ 5,004	$ 4,955,206	$ 1,060,423

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 1.7400	$ 2.1200	$ 2.1500	$ 1.7625	$ 1.3625	$ 1.2125

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income		$ 481,420,000	$ 966,212,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization		754,558,000	601,449,000
Abandonment and impairment of unproved properties		0	17,975,000
Stock-based compensation		25,577,000	24,469,000
Derivative loss		120,574,000	358,862,000
Derivative cash settlement loss		(44,907,000)	(492,120,000)
Amortization of deferred financing costs		5,706,000	3,319,000
(Gain) loss on property transactions, net		254,000	(15,859,000)
Deferred income tax expense		138,972,000	239,766,000
Other, net		(409,000)	202,000
Changes in operating assets and liabilities, net		(86,173,000)	260,588,000
Net cash provided by operating activities		1,395,572,000	1,964,863,000
Cash flows from investing activities:
Acquisitions of oil and natural gas properties, net of cash acquired		(3,711,466,000)	(330,459,000)
Proceeds from sale of oil and natural gas properties		5,764,000	0
Exploration and development of oil and natural gas properties		(782,119,000)	(708,958,000)
Additions to other property and equipment		(1,714,000)	(97,000)
Purchases of carbon offsets		(5,864,000)	(7,196,000)
Other		(1,464,000)	126,000
Net cash used in investing activities		(4,496,863,000)	(1,046,584,000)
Cash flows from financing activities:
Proceeds from credit facility		1,120,000,000	100,000,000
Payments to credit facility		(470,000,000)	(100,000,000)
Proceeds from issuance of senior notes		2,666,250,000	0
Payment of deferred financing costs		(42,909,000)	(1,174,000)
Redemption of senior notes		0	(100,000,000)
Dividends paid		(511,031,000)	(370,591,000)
Common stock repurchased and retired		(320,398,000)	0
Proceeds from exercise of stock options		458,000	232,000
Payment of employee tax withholdings in exchange for the return of common stock		(13,302,000)	(19,062,000)
Principal payments on finance lease obligations		(483,000)	0
Net cash provided by (used in) financing activities		2,428,585,000	(490,595,000)
Net change in cash, cash equivalents, and restricted cash		(672,706,000)	427,684,000
Cash, cash equivalents, and restricted cash:
Beginning of period	[1]	768,134,000	254,556,000
End of period	[1]	$ 95,428,000	$ 682,240,000

[1] (1) Includes $0.1 million of restricted cash and consists of funds for road maintenance and repairs that is presented in other noncurrent assets within the accompanying unaudited condensed consolidated balance sheets (“balance sheets”).

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Statement of Cash Flows [Abstract]
Restricted cash included in other noncurrent assets	$ 0.1	$ 0.1

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Operations When we use the terms “Civitas,” the “Company,” “we,” “us,” or “our,” we are referring to Civitas Resources, Inc. and its consolidated subsidiaries unless the context otherwise requires. Civitas is an independent exploration and production company focused on the acquisition, development, and production of oil and associated liquids-rich natural gas primarily in the Denver-Julesburg Basin in Colorado (the “DJ Basin”) and the Permian Basin in Texas and New Mexico. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, the instructions to Quarterly Report on Form 10-Q, and Regulation S-X. Accordingly, pursuant to such rules and regulations, certain notes and other financial information included in audited financial statements have been condensed or omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation of interim financial information, have been included. All significant intercompany balances and transactions have been eliminated in consolidation. The December 31, 2022 unaudited condensed consolidated balance sheet data has been derived from the audited consolidated financial statements contained in our 2022 Form 10-K , but does not include all disclosures, including notes required by GAAP. As such, this quarterly report should be read in conjunction with the audited consolidated financial statements and related notes included in our 2022 Form 10-K . In connection with the preparation of the unaudited condensed consolidated financial statements, the Company evaluated events subsequent to the balance sheet date of September 30, 2023, through the filing date of this report. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the full year or any other future period. Significant Accounting Policies The significant accounting policies followed by the Company are set forth in Note 1 - Summary of Significant Accounting Policies in the 2022 Form 10-K and are supplemented by the notes to the unaudited condensed consolidated financial statements included in this report. Recently Issued and Adopted Accounting Standards In October 2021, the FASB issued ASU No. 2021-08, Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires that the acquiring entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The Company adopted this guidance effective December 15, 2022 and the adoption did not have a material impact on the accompanying unaudited condensed consolidated financial statements.

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	9 Months Ended
ACQUISITIONS AND DIVESTITURES	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES All mergers and acquisitions disclosed are accounted for under the acquisition method of accounting for business combinations under ASC Topic 805, Business Combinations . Accordingly, we conduct assessments of the net assets acquired and recognized amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values, while transaction and integration costs associated with the acquisition are expensed as incurred. The fair value measurements of assets acquired and liabilities assumed are based on inputs that are not observable in the market, and therefore represent Level 3 inputs. The fair values of oil and natural gas properties are measured using valuation techniques that convert future cash flows to a single discounted amount. Significant inputs to the valuation of oil and natural gas properties include estimates of reserves, future operating and development costs, future commodity prices, estimated future cash flows, and a market-based weighted-average cost of capital. These inputs require significant judgments and estimates by management at the time of the valuation. Hibernia Acquisition On June 19, 2023, the Company entered into a membership interest purchase agreement (the “Hibernia Acquisition Agreement”) with Hibernia Energy III Holdings, LLC and Hibernia Energy III-B Holdings, LLC, pursuant to which the Company agreed to purchase all of the issued and outstanding equity ownership interests of Hibernia Energy III, LLC and Hibernia Energy III-B, LLC. On August 2, 2023, the Company completed the transactions contemplated by the Hibernia Acquisition Agreement (the “Hibernia Acquisition”) for aggregate consideration of approximately $2.2 billion in cash, subject to certain customary purchase price adjustments set forth in the Hibernia Acquisition Agreement. The following table presents the preliminary purchase price allocation of the assets acquired and the liabilities assumed in the Hibernia Acquisition: Preliminary Purchase Price Allocation (in thousands) Assets Acquired Cash and cash equivalents $ 30,671 Accounts receivable - oil and natural gas sales 89,766 Accounts receivable - joint interest and other 4,874 Proved properties 2,123,791 Unproved properties 115,802 Other property and equipment 520 Right-of-use assets 30,393 Total assets acquired $ 2,395,817 Liabilities Assumed Accounts payable and accrued expenses $ 91,977 Production taxes payable 10,320 Oil and natural gas revenue distribution payable 75,267 Asset retirement obligations 8,299 Lease liability 30,393 Total liabilities assumed 216,256 Net assets acquired $ 2,179,561 The purchase price allocation for the Hibernia Acquisition is preliminary, and Civitas is continuing to assess the fair values of certain of the Hibernia assets acquired and liabilities assumed. The Company expects to finalize the purchase price allocation as soon as practicable, which will not extend beyond the one-year measurement period. Tap Rock Acquisition On June 19, 2023, the Company entered into a membership interest purchase agreement (the “Tap Rock Acquisition Agreement”) with Tap Rock Resources Legacy, LLC (“Tap Rock I Legacy”), Tap Rock Resources Intermediate, LLC (“Tap Rock I Intermediate” and, together with Tap Rock I Legacy, the “Tap Rock I Sellers”), Tap Rock Resources II Legacy, LLC (“Tap Rock II Legacy”), Tap Rock Resources II Intermediate, LLC (“Tap Rock II Intermediate” and, together with Tap Rock II Legacy, the “Tap Rock II Sellers”), Tap Rock NM10 Legacy Holdings, LLC (“NM10 Legacy”), and Tap Rock NM10 Holdings Intermediate, LLC (“NM10 Intermediate” and together with NM10 Legacy, the “NM10 Sellers”, and the NM10 Sellers, together with the Tap Rock I Sellers and Tap Rock II Sellers, the “Tap Rock Sellers”), solely in its capacity as “Sellers’ Representative” (as defined therein), Tap Rock I Legacy, and solely for the limited purposes set forth therein, Tap Rock Resources, LLC, pursuant to which the Company agreed to purchase all of the issued and outstanding equity ownership interests of Tap Rock AcquisitionCo, LLC, Tap Rock Resources II, LLC, and Tap Rock NM10 Holdings, LLC from the Tap Rock I Sellers, the Tap Rock II Sellers and the NM10 Sellers, respectively. On August 2, 2023, the Company completed the transactions contemplated by the Tap Rock Acquisition Agreement (the “Tap Rock Acquisition”). The following tables present the consideration transferred and preliminary purchase price allocation of the assets acquired and the liabilities assumed in the Tap Rock Acquisition: Consideration (in thousands, except per share amount) Cash consideration $ 1,508,143 Shares of common stock issued 13,538,472 Closing price per share (1) $ 73.14 Equity consideration $ 990,204 Total consideration (2) $ 2,498,347 _______________________ (1) Based on the closing stock price of Civitas common stock on August 2, 2023. (2) Subject to certain customary purchase price adjustments set forth in the Tap Rock Acquisition Agreement. Preliminary Purchase Price Allocation (in thousands) Assets Acquired Cash and cash equivalents $ 6,543 Accounts receivable - oil and natural gas sales 106,255 Accounts receivable - joint interest and other 31,300 Prepaid expenses and other 22,013 Proved properties 2,377,649 Unproved properties 298,859 Other property and equipment 12,827 Right-of-use assets 626 Total assets acquired $ 2,856,072 Liabilities Assumed Accounts payable and accrued expenses $ 179,626 Production taxes payable 15,557 Oil and natural gas revenue distribution payable 78,758 Ad valorem taxes 1,374 Asset retirement obligations 31,518 Lease liability 626 Deferred revenue 50,266 Total liabilities assumed 357,725 Net assets acquired $ 2,498,347 The purchase price allocation for the Tap Rock Acquisition is preliminary, and Civitas is continuing to assess the fair values of certain of the Tap Rock assets acquired and liabilities assumed. The Company expects to finalize the purchase price allocation as soon as practicable, which will not extend beyond the one-year measurement period. Revenue and earnings of the acquirees The results of operations for the Hibernia Acquisition and Tap Rock Acquisition since the closing date have been included on our condensed consolidated financial statements for the three and nine months ended September 30, 2023. The amount of revenue of Hibernia and Tap Rock included in our accompanying unaudited condensed consolidated statements of operations (“statements of operations”) was approximately $124.1 million and $182.6 million, respectively, during the three and nine months ended September 30, 2023. We determined that disclosing the amount of Hibernia and Tap Rock related earnings included in the statements of operations is impracticable as the operations from these acquisitions were integrated into the operations of the Company from the dates of each acquisition. Supplemental pro forma financial information The following unaudited pro forma financial information (in thousands, except per share amounts) represents a summary of the condensed consolidated results of operations for the three and nine months ended September 30, 2023 and 2022, assuming the Hibernia Acquisition and Tap Rock Acquisition had been completed as of January 1, 2022. The pro forma financial information is not necessarily indicative of the results of operations that would have been achieved if the Hibernia Acquisition and Tap Rock Acquisition had been effective as of this date, or of future results, and includes certain nonrecurring pro forma adjustments that were directly related to these business combinations. Specifically, pro forma earnings were adjusted to exclude transaction costs incurred associated with these acquisitions for the three and nine months ended September 30, 2023 and include such transaction costs in pro forma earnings for the nine months ended September 30, 2022. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total revenue $ 1,157,615 $ 1,575,493 $ 3,306,345 $ 4,542,055 Net income 179,307 597,835 686,951 1,413,135 Net income per common share - basic $ 1.91 $ 6.06 $ 7.28 $ 14.35 Net income per common share - diluted 1.90 6.03 7.22 14.27 Bison Acquisition On March 1, 2022, the Company completed the acquisition of privately held DJ Basin operator Bison Oil & Gas II, LLC for consideration of approximately $280.4 million (the “Bison Acquisition”). Net assets acquired under the purchase price allocation were $294.0 million and consequently resulted in a bargain purchase gain of $13.6 million. Because of the immateriality of the Bison Acquisition, the related revenue and earnings, supplemental pro forma financial information, and detailed purchase price allocation are not disclosed. Transaction costs Transaction costs related to the aforementioned acquisitions are accounted for separately from the assets acquired and liabilities assumed and are included in transaction costs in the statements of operations. The Company incurred transaction costs of $28.5 million and $1.8 million during the three months ended September 30, 2023 and 2022, respectively, and $60.1 million and $23.8 million during the nine months ended September 30, 2023 and 2022, respectively.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
REVENUE RECOGNITION	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Oil and natural gas sales revenue presented within the accompanying statements of operations is reflective of the revenue generated from contracts with customers. Revenue attributable to each identified revenue stream is disaggregated below (in thousands): Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 DJ Basin Permian Basin (2) Total DJ Basin Permian Basin Total Operating net revenues: Oil $ 583,081 $ 258,595 $ 841,676 $ 653,548 $ — $ 653,548 Natural gas (1) 68,641 12,694 81,335 216,917 — 216,917 Natural gas liquids (“NGL”) (1) 77,502 35,403 112,905 137,486 — 137,486 Oil and natural gas sales $ 729,224 $ 306,692 $ 1,035,916 $ 1,007,951 $ — $ 1,007,951 __________________________ (1) Includes $0.4 million and $0.4 million of deferred revenue that has been recognized during the three months ended September 30, 2023 for natural gas and NGL, respectively. (2) Represents revenue attributable to the Hibernia Acquisition and Tap Rock Acquisition for the period from August 2, 2023 through September 30, 2023. Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 DJ Basin Permian Basin (2) Total DJ Basin Permian Basin Total Operating net revenues: Oil $ 1,584,498 $ 258,595 $ 1,843,093 $ 1,981,308 $ — $ 1,981,308 Natural gas (1) 217,560 12,694 230,254 535,918 — 535,918 NGL (1) 243,714 35,403 279,117 459,899 — 459,899 Oil and natural gas sales $ 2,045,772 $ 306,692 $ 2,352,464 $ 2,977,125 $ — $ 2,977,125 __________________________ (1) Includes $0.4 million and $0.4 million of deferred revenue that has been recognized during the nine months ended September 30, 2023 for natural gas and NGL, respectively. (2) Represents revenue attributable to the Hibernia Acquisition and Tap Rock Acquisition for the period from August 2, 2023 through September 30, 2023. The Company recognizes revenue from the sale of produced oil, natural gas, and NGL at the point in time when control of produced oil, natural gas, or NGL volumes transfer to the purchaser, which may differ depending on the applicable contractual terms. The Company considers the transfer of control to have occurred when the purchaser has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the oil, natural gas, or NGL production. Transfer of control dictates the presentation of gathering, transportation, and processing expenses within the accompanying statements of operations. Gathering, transportation, and processing expenses incurred by the Company prior to the transfer of control are recorded gross within the gathering, transportation, and processing line item on the accompanying statements of operations. Conversely, gathering, transportation, and processing expenses incurred by the Company subsequent to the transfer of control are recorded net within the oil and natural gas sales line item on the accompanying statements of operations. Please refer to Note 1 - Summary of Significant Accounting Policies in the 2022 Form 10-K for more information regarding the types of contracts under which oil, natural gas, and NGL sales revenue is generated. The Company records revenue in the month production is delivered and control is transferred to the purchaser. However, settlement statements and payment may not be received for 30 to 60 days after the date production is delivered and control is transferred. Until such time settlement statements and payment are received, the Company records a revenue accrual based on, amongst other factors, an estimate of the volumes delivered at estimated prices as determined by the applicable contractual terms. The Company records the differences between its estimates and the actual amounts received for product sales in the month in which payment is received from the purchaser. For the three and nine months ended September 30, 2023 and 2022, revenue recognized in the reporting period related to performance obligations satisfied in prior reporting periods was insignificant. As of September 30, 2023 and December 31, 2022, the Company’s receivables from contracts with customers were $573.1 million and $343.5 million, respectively.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	9 Months Ended
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	Sep. 30, 2023
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses contain the following (in thousands): September 30, 2023 December 31, 2022 Accounts payable trade $ 85,938 $ 31,783 Accrued drilling and completion costs 249,625 137,171 Accrued lease operating expense 70,722 18,109 Accrued gathering, transportation, and processing 80,441 59,398 Accrued general and administrative expense 19,282 20,054 Accrued transaction costs 6,410 — Accrued commodity derivative settlements 20,599 12,514 Accrued interest expense 75,183 5,509 Accrued settlement 1,727 1,497 Other accrued expenses 35,287 9,262 Total accounts payable and accrued expenses $ 645,214 $ 295,297

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
LONG-TERM DEBT	Sep. 30, 2023
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Senior Notes Senior Notes are recorded net of unamortized discount and unamortized deferred financing costs within senior notes on the accompanying balance sheets, with no associated premiums. The tables below present the related carrying values as of September 30, 2023 and December 31, 2022 (in thousands): As of September 30, 2023 Principal Amount Unamortized Discount Unamortized Deferred Financing Costs Principal Amount, Net 2026 Senior Notes $ 400,000 $ — $ 5,489 $ 394,511 2028 Senior Notes 1,350,000 16,409 5,773 1,327,818 2031 Senior Notes 1,350,000 16,600 5,841 1,327,559 Total $ 3,100,000 $ 33,009 $ 17,103 $ 3,049,888 As of December 31, 2022 Principal Amount Unamortized Discount Unamortized Deferred Financing Costs Principal Amount, Net 2026 Senior Notes $ 400,000 $ — $ 6,707 $ 393,293 8.375% Senior Notes due 2028 and 8.750% Senior Notes due 2031. On June 29, 2023, the Company issued $1.35 billion aggregate principal amount of 8.375% Senior Notes due 2028 (the “2028 Senior Notes”), at par, pursuant to an indenture (the “2028 Indenture”) among the Company, Computershare Trust Company, N.A., as trustee, and the guarantors party thereto, and $1.35 billion aggregate principal amount of 8.750% Senior Notes due 2031 (the “2031 Senior Notes”), at par, pursuant to an indenture (the “2031 Indenture”) among the Company, Computershare Trust Company, N.A., as trustee. Upon issuance of the 2028 Senior Notes and 2031 Senior Notes, the Company received net proceeds of $2.67 billion after deducting fees of $33.8 million. The Company used the net proceeds from the 2028 Senior Notes and 2031 Senior Notes, together with cash on hand and borrowings under the Credit Facility (as defined below), to fund a portion of the consideration for the Hibernia Acquisition and Tap Rock Acquisition. Interest on the 2028 Senior Notes and 2031 Senior Notes will accrue at the rate of 8.375% per annum and 8.750% per annum, respectively, and will be payable semi-annually in arrears on January 1 and July 1 of each year, commencing on January 1, 2024. The 2028 Indenture and 2031 Indenture each contain covenants that limit, among other things, the Company’s ability and the ability of its subsidiaries to: incur or guarantee additional indebtedness; create liens securing indebtedness; pay dividends on or redeem or repurchase stock or subordinated debt; make specified types of investments and acquisitions; enter into or permit to exist contractual limits on the ability of the Company’s subsidiaries to pay dividends to the Company; enter into transactions with affiliates; and sell assets or merge with other companies. These covenants are subject to a number of important limitations and exceptions. The Company was in compliance with all covenants under the 2028 Indenture and 2031 Indenture as of September 30, 2023, and through the filing of this report. Each of the 2028 Indenture and 2031 Indenture also contain customary events of default. At any time prior to July 1, 2025, the Company may redeem all or part of the 2028 Senior Notes, in whole or in part, at a redemption price equal to the sum of (i) the principal amount thereof, plus (ii) the “make-whole” premium at the redemption date, plus (iii) accrued and unpaid interest, if any. On or after July 1, 2025, the Company may redeem all or part of the 2028 Senior Notes at redemption prices (expressed as percentages of the principal amount redeemed) equal to (i) 104.188% for the twelve-month period beginning on July 1, 2025; (ii) 102.094% for the twelve-month period beginning on July 1, 2026; and (iii) 100.000% for the period beginning July 1, 2027 and at any time thereafter, plus accrued and unpaid interest, if any to, but excluding the redemption date. At any time prior to July 1, 2026, the Company may redeem all or part of the 2031 Senior Notes, in whole or in part, at a redemption price equal to the sum of (i) the principal amount thereof, plus (ii) the “make-whole” premium at the redemption date, plus (iii) accrued and unpaid interest, if any. On or after July 1, 2026, the Company may redeem all or part of the 2031 Senior Notes at redemption prices (expressed as percentages of the principal amount redeemed) equal to (i) 104.375% for the twelve-month period beginning on July 1, 2026; (ii) 102.188% for the twelve-month period beginning on July 1, 2027; and (iii) 100.000% for the period beginning July 1, 2028 and at any time thereafter, plus accrued and unpaid interest, if any. The Company may redeem up to 35% of the aggregate principal amount of the 2028 Senior Notes or 2031 Senior Notes at any time prior to July 1, 2025 or 2026, respectively, with an amount not to exceed the net cash proceeds from certain equity offerings at a redemption price equal to 108.375%, with respect to the 2028 Senior Notes, and 108.750%, with respect to the 2031 Senior Notes, of the principal amount of such series of 2028 Senior Notes and 2031 Senior Notes redeemed, plus accrued and unpaid interest, if any, provided, however, that (i) at least 65.0% of the aggregate principal amount of 2028 Senior Notes and 2031 Senior Notes of such series originally issued on the issue date (but excluding the 2028 Senior Notes and 2031 Senior Notes of such series held by the Company and its subsidiaries) remains outstanding immediately after the occurrence of such redemption (unless all such 2028 Senior Notes and 2031 Senior Notes are redeemed substantially concurrently) and (ii) the redemption occurs within 180 days after the date of the closing of such equity offering. The 2028 Senior Notes and 2031 Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of the Company’s subsidiaries, including the entities that became subsidiaries of the Company upon the consummation of the Hibernia Acquisition and Tap Rock Acquisition, as well as by certain other future subsidiaries that may be required to guarantee the 2028 Senior Notes and 2031 Senior Notes. 5.000% Senior Notes due 2026. On October 13, 2021, the Company issued $400.0 million aggregate principal amount of 5.000% Senior Notes due 2026 (the “2026 Senior Notes”) pursuant to an indenture (the “2026 Indenture”), among Civitas Resources, Wells Fargo Bank, National Association, as trustee, and the guarantors party thereto. Interest accrues at the rate of 5.000% per annum and is payable semiannually in arrears on April 15 and October 15 of each year. Payments commenced on April 15, 2022. The 2026 Indenture contains covenants that limit, among other things, the Company’s ability to: (i) incur or guarantee additional indebtedness; (ii) create liens securing indebtedness; (iii) pay dividends on or redeem or repurchase stock or subordinated debt; (iv) make specified types of investments and acquisitions; (v) enter into or permit to exist contractual limits on the ability of the Company’s subsidiaries to pay dividends to Civitas Resources; (vi) enter into transactions with affiliates; and (vii) sell assets or merge with other companies. These covenants are subject to a number of important limitations and exceptions. The Company was in compliance with all covenants under the 2026 Indenture as of September 30, 2023, and through the filing of this report. In addition, certain of these covenants will be terminated before the 2026 Senior Notes mature if at any time no default or event of default exists under the 2026 Indenture and the 2026 Senior Notes receive an investment-grade rating from at least two ratings agencies. The 2026 Indenture also contains customary events of default. At any time prior to October 15, 2023, the Company may redeem the 2026 Senior Notes, in whole or in part, at a redemption price equal to the sum of (i) the principal amount thereof, plus (ii) the “make-whole” premium at the redemption date, plus (iii) accrued and unpaid interest, if any. On or after October 15, 2023, the Company may redeem all or part of the 2026 Senior Notes at redemption prices (expressed as percentages of the principal amount redeemed) equal to (i) 102.500% for the twelve-month period beginning on October 15, 2023; (ii) 101.250% for the twelve-month period beginning on October 15, 2024; and (iii) 100.000% for the twelve-month period beginning October 15, 2025 and at any time thereafter, plus accrued and unpaid interest, if any. The Company may redeem up to 35% of the aggregate principal amount of the 2026 Senior Notes at any time prior to October 15, 2023 with an amount not to exceed the net cash proceeds from certain equity offerings at a redemption price equal to 105.000% of the principal amount of the 2026 Senior Notes redeemed, plus accrued and unpaid interest, if any, provided, however, that (i) at least 65.0% of the aggregate principal amount of the 2026 Senior Notes originally issued on the issue date (but excluding 2026 Senior Notes held by the Company) remains outstanding immediately after the occurrence of such redemption (unless all such 2026 Senior Notes are redeemed substantially concurrently) and (ii) the redemption occurs within 180 days after the date of the closing of such equity offering. The 2026 Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of Civitas’ existing subsidiaries, including the entities that became subsidiaries of the Company upon the consummation of the Hibernia Acquisition and Tap Rock Acquisition. 7.500% Senior Notes due 2026. In April 2021, the Company issued $100.0 million aggregate principal amount of 7.500% Senior Notes due 2026 pursuant to an indenture by and among Civitas Resources, U.S. Bank National Association, as trustee, and the guarantors party thereto. Interest accrued at the rate of 7.500% per annum and was payable semiannually in arrears on April 30 and October 31 of each year. On May 1, 2022, the Company redeemed all of the issued and outstanding 7.500% Senior Notes at 100.0% of their aggregate principal amount, plus accrued and unpaid interest thereon to the redemption date. Credit Facility The Company is party to a reserve-based revolving facility, as the borrower, with JPMorgan Chase Bank, N.A. (“JPMorgan”), as the administrative agent, and a syndicate of financial institutions, as lenders, that has an aggregate maximum commitment amount of $4.0 billion and is set to mature on August 2, 2028 (together with all amendments thereto, the “Credit Facility” or the “Credit Agreement”). The Credit Facility is guaranteed by all restricted domestic subsidiaries of the Company, including the entities that became subsidiaries of the Company upon the consummation of the Hibernia Acquisition and Tap Rock Acquisition, and is secured by first priority security interests on substantially all assets, including a mortgage on at least 90% of the total value of the proved properties evaluated in the most recently delivered reserve reports prior to the amendment effective date, including any engineering reports relating to the oil and natural gas properties of the restricted domestic subsidiaries of the Company, subject to customary exceptions. The Credit Facility contains customary representations and affirmative covenants. The Credit Facility also contains customary negative covenants, which, among other things, and subject to certain exceptions, include restrictions on (i) liens, (ii) indebtedness, guarantees and other obligations, (iii) restrictions in agreements on liens and distributions, (iv) mergers or consolidations, (v) asset sales, (vi) restricted payments, (vii) investments, (viii) affiliate transactions, (ix) change of business, (x) foreign operations or subsidiaries, (xi) name changes, (xii) use of proceeds, letters of credit, (xiii) gas imbalances, (xiv) hedging transactions, (xv) additional subsidiaries, (xvi) changes in fiscal year or fiscal quarter, (xvii) operating leases, (xviii) prepayments of certain debt and other obligations, (xix) sales or discounts of receivables, (xx) dividend payment thresholds, and (xxi) cash balances. In addition, the Company is subject to certain financial covenants under the Credit Facility, as tested on the last day of each fiscal quarter, including, without limitation, (a) permitted net leverage ratio of 3.00 to 1.00 and (b) a current ratio, inclusive of the unused commitments then available to be borrowed, to not be less than 1.00 to 1.00. The Company was in compliance with all covenants under the Credit Facility as of September 30, 2023 and through the filing of this report. Borrowings under the Credit Facility bear interest at a per annum rate equal to, at the option of the Company, either (i) the Alternate Base Rate (“ABR”, for ABR revolving credit loans) plus the applicable margin, or (ii) the term-specific Secured Overnight Financing Rate (“SOFR”) plus the applicable margin. ABR is established as a rate per annum equal to the greatest of (a) the rate of interest publicly announced by JPMorgan as its prime rate, (b) the applicable rate of interest published by the Federal Reserve Bank of New York plus 0.5%, or (c) the term-specific SOFR plus 1.0%, subject to a 1.5% floor plus the applicable margin of 1.0% to 2.0%, based on the utilization of the Credit Facility. Term-specific SOFR is based on one-, three-, or six-month terms as selected by the Company and is subject to a 0.5% floor plus the applicable margin of 2.0% to 3.0%, based on the utilization of the Credit Facility. Interest on borrowings that bear interest at the SOFR are payable on the last day of the applicable interest period selected by the Company, and interest on borrowings that bear interest at the ABR are payable quarterly in arrears. In connection with the Company’s entry into the Hibernia Acquisition Agreement and the Tap Rock Acquisition Agreement, on June 23, 2023, the Company entered into an amendment to the Credit Agreement. Pursuant to the amendment, the Company was authorized to, among other things, (i) offer and issue the 2028 Senior Notes and the 2031 Senior Notes, (ii) incur indebtedness pursuant to those certain debt commitment letters by and among the Company, Bank of America N.A., BofA Securities, Inc., and JPMorgan Chase Bank, N.A. providing for two separate 364-day bridge loan facilities in an aggregate principal amount of up to $2.7 billion (such facilities, the “Bridge Facilities” and the loans made thereunder, the “Bridge Loans”), the proceeds of which would have, if drawn, been used to partially fund the Hibernia Acquisition and the Tap Rock Acquisition, (iii) incur the debt described in the immediately preceding clauses (i) and (ii) without any corresponding reduction in the borrowing base of the Credit Facility, and (iv) incur pari passu term loan indebtedness subject to a total secured leverage test of 2.00 to 1.00 and certain other customary terms and Finally, in connection with the Company’s closing of the Hibernia Acquisition and Tap Rock Acquisition, on August 2, 2023, the Company entered in an amendment to the Credit Agreement whereby aggregate elected commitments increased from $1.0 billion to $1.85 billion, the borrowing base increased from $1.85 billion to $3.0 billion, and the aggregate maximum credit commitment increased from $2.0 billion to $4.0 billion. In addition, the maturity of the Credit Facility was extended to August 2028. The next scheduled borrowing base redetermination date is set to occur in May 2024. The following table presents the outstanding balance, total amount of letters of credit outstanding, and available borrowing capacity under the Credit Facility as of the dates indicated (in thousands): November 7, 2023 September 30, 2023 December 31, 2022 Revolving credit facility $ — $ 650,000 $ — Letters of credit 2,100 2,100 12,100 Available borrowing capacity 1,847,900 1,197,900 987,900 Total aggregate elected commitments $ 1,850,000 $ 1,850,000 $ 1,000,000 As of September 30, 2023 and December 31, 2022, the unamortized deferred financing costs associated with the amendments to the Credit Facility were $36.1 million and $8.5 million, respectively. Of the unamortized deferred financing costs, (i) $28.6 million and $5.5 million are presented within other noncurrent assets on the accompanying balance sheets as of September 30, 2023 and December 31, 2022, respectively, and (ii) $7.5 million and $3.0 million are presented within prepaid expenses and other on the accompanying balance sheets as of September 30, 2023 and December 31, 2022, respectively. Interest Expense For the three months ended September 30, 2023 and 2022, the Company incurred interest expense of $76.5 million and $7.5 million, respectively. For the nine months ended September 30, 2023 and 2022, the Company incurred interest expense of $92.7 million and $24.7 million, respectively. No interest was capitalized during the three and nine months ended September 30, 2023 and 2022.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, the Company is involved in various commercial and regulatory claims, litigation, and other legal proceedings that arise in the ordinary course of its business. The Company assesses these claims in an effort to determine the degree of probability and range of possible loss for potential accrual in its consolidated financial statements. In accordance with authoritative accounting guidance, an accrual is recorded for a loss contingency when its occurrence is probable and damages can be reasonably estimated based on the most likely anticipated outcome or the minimum amount within a range of possible outcomes. Because legal proceedings are inherently unpredictable and unfavorable resolutions could occur, assessing contingencies is highly subjective and requires judgments about uncertain future events. When evaluating contingencies, the Company may be unable to provide a meaningful estimate due to a number of factors, including the procedural status of the matter in question, the presence of complex or novel legal theories, and/or the ongoing discovery and development of information important to the matters. The Company regularly reviews contingencies to determine the adequacy of its accruals and related disclosures. As of the filing date of this report, there were no probable, material pending, or overtly threatened legal actions against the Company of which it was aware. Enforcement. Disclosure of certain environmental matters is required when a governmental authority is a party to the proceedings and the proceedings involve potential monetary sanctions that the Company believes could exceed $0.3 million. The Company has received Notices of Alleged Violations (“NOAV”) from the ECMC alleging violations of various Colorado statutes and ECMC regulations governing oil and gas operations. The Company has further received notices from the Colorado Air Pollution Control Division. The Company continues to engage in discussions regarding resolution of the alleged violations. As of September 30, 2023 and December 31, 2022, the Company has accrued approximately $0.8 million and $0.7 million, respectively, associated with the NOAVs and Colorado Air Pollution Control Division notices. Commitments Firm Transportation Agreements. The Company is party to a firm pipeline transportation contract to provide a guaranteed outlet for production on an oil pipeline system. The contract requires the Company to pay minimum volume transportation charges on 12,500 barrels (“Bbl”) per day through April 2025, regardless of the amount of pipeline capacity utilized by the Company. The aggregate financial commitment fee over the remaining term was $28.5 million as of September 30, 2023. The Company has not and does not expect to incur any deficiency payments. Minimum Volume Agreement - Oil. The Company is party to a purchase agreement to deliver fixed and determinable quantities of crude oil. Under the terms of the agreement, the Company is required to make periodic deficiency payments for any shortfalls in delivering the minimum volume commitment of 20,000 Bbls per day over a term ending in December 2023. The aggregate financial commitment fee over the remaining term is $11.7 million as of September 30, 2023. The Company has not and does not expect to incur any deficiency payments. Minimum Volume Agreement - Gas and Other. The Company is party to a gas gathering and processing agreement (the “Gathering Agreement”) with a third-party midstream provider over a term ending in 2029 with an annual minimum volume commitment of 13.0 billion cubic feet of natural gas. The Gathering Agreement also includes a commitment to sell take-in-kind NGL from other processing agreements of 7,500 Bbls a day through 2026 with the ability to roll forward up to a 10% shortfall in a given month to the subsequent month. The aggregate financial commitment fee over the remaining term is $109.7 million as of September 30, 2023, which fluctuates with commodity prices as this is a value-based percentage of proceeds sales contract. During the three months ended September 30, 2023, we recorded $3.6 million in unused commitments in the statements of operations based on volumes delivered relative to the minimum volume commitment. Based on current projections, the Company may incur approximately $31.9 million, inclusive of the amounts recorded as described above, of shortfall payments under the Gathering Agreement during the remaining term of approximately six years; however, the Company is actively engaging alternative strategies to reduce any potential contract deficiencies incurred in future periods. Additionally, the Company is also party to a gas gathering and processing agreement with several third-party producers and a third-party midstream provider to deliver to two different plants over terms that end in August 2025 and July 2026. The Company’s share of these commitments requires an incremental 51.5 and 20.6 million cubic feet of natural gas (“MMcf”) per day, respectively, over a baseline volume of 65 MMcf per day for a period of seven years following the in-service dates of the plants. The Company may be required to pay a shortfall fee for any incremental volume deficiencies under these commitments. These contractual obligations can be reduced by the Company’s proportionate share of the collective volumes delivered to the plants by other incremental third-party volumes available to the midstream provider that are in excess of the total commitments. Because of the third-party producer reduction provision, we believe that the aggregate financial commitment fee over the remaining term is zero as of September 30, 2023. The Company has not and does not expect to incur any deficiency payments. The Company is also party to additional individually immaterial agreements that require the Company to pay a fee associated with the minimum volumes over various terms ending in December 2025, regardless of the amount delivered. The aggregate financial commitment fee over the remaining term for these contracts was $9.0 million as of September 30, 2023. The minimum annual payments under these agreements for the next five years as of September 30, 2023 are presented below (in thousands): Firm Transportation Minimum Volume (1) Remainder of 2023 $ 4,531 $ 21,688 2024 18,026 20,655 2025 5,910 21,349 2026 — 17,598 2027 — 16,900 2028 and thereafter — 32,240 Total $ 28,467 $ 130,430 ___________________________ (1) The above calculation is based on the minimum volume commitment schedule (as defined in the relevant agreement) and applicable differential fees. Other commitments. The Company is party to a drilling commitment agreement with a third-party midstream provider such that the Company is required to drill and complete a total of 106 qualifying wells, whereby a minimum number of wells out of the total must be drilled by a deadline occurring every two years over a period ending December 31, 2026. The drilling commitment agreement provides for, among other things, a number of specifications such as minimum consecutive days of production, well performance, and lateral length. Wells operated by others can satisfy this commitment, subject to limitations. If the Company were to fail to complete the wells by the applicable deadline, it would be in breach of the agreement and the third-party midstream provider could attempt to assert damages against Civitas and its affiliates. As of the date of filing, the Company cannot reasonably estimate how much, if any, damages will be paid. Refer to Note 13 - Leases

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
STOCK-BASED COMPENSATION	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Long Term Incentive Plans In April 2017, the Company adopted the 2017 Long Term Incentive Plan (“2017 LTIP”), which provides for the issuance of restricted stock units, performance stock units, and stock options, and reserved 2,467,430 shares of common stock. In June 2021, the Company adopted the 2021 Long Term Incentive Plan (“2021 LTIP”), which reserved an incremental 700,000 shares of common stock to those previously reserved under the 2017 LTIP. Finally, in conjunction with the Company’s merger with Extraction Oil & Gas, Inc. (“Extraction”) in November 2021, Civitas assumed Extraction’s 2021 Long Term Incentive Plan (the “Extraction Equity Plan”), which reserved 3,305,080 shares of common stock now issuable by Civitas. The 2017 LTIP, 2021 LTIP, and Extraction Equity Plan are collectively referred to herein as the “LTIP”. The Company records compensation expense associated with the issuance of awards under the LTIP on a straight-line basis over the vesting period based on the fair value of the awards as of the date of grant within general and administrative expense. The following table outlines the compensation expense recorded by type of award (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Restricted and deferred stock units $ 4,711 $ 5,809 $ 13,905 $ 14,991 Performance stock units 3,591 4,435 11,672 9,478 Total stock-based compensation $ 8,302 $ 10,244 $ 25,577 $ 24,469 As of September 30, 2023, unrecognized compensation expense related to the awards granted under the LTIP will be amortized through the relevant periods as follows (in thousands): Unrecognized Compensation Expense Final Year of Recognition Restricted and deferred stock units $ 39,645 2026 Performance stock units 23,225 2025 Total unrecognized stock-based compensation $ 62,870 Restricted Stock Units and Deferred Stock Units The Company grants time-based Restricted Stock Units (“RSUs”) to its officers, executives, and employees and time-based Deferred Stock Units (“DSUs”) to its non-employee directors as part of its LTIP. Each RSU and DSU represents a right to receive one share of the Company’s common stock after the RSU or DSU vests and is settled as described below. RSUs generally vest and settle either over a (i) one-year vesting period, with the entire grant vesting and settling on the anniversary date, (ii) two-year vesting period, with one-half of the total grant vesting and settling on each anniversary date, or (iii) three-year vesting period, with one-third of the total grant vesting and settling on each anniversary date. Each RSU is entitled to a dividend equivalent right to receive, upon settlement, a cash payment based on the regular cash dividends that would have been paid on a share of the Company’s common stock during the period between the grant date and the date the RSUs vest and are settled. Accrued but unpaid dividend equivalents are recognized as a liability on the accompanying balance sheets, until the recipients receive the dividend equivalents upon vesting and settlement. DSUs generally vest over a one-year period following the grant date. DSUs are settled in shares of the Company’s common stock upon the non-employee director’s separation of service from the Board of Directors (the “Board”). Each DSU is entitled to a dividend equivalent right to receive a cash payment based on the regular cash dividends that would have been paid on a share of the Company’s common stock. All amounts payable as a result of such dividend equivalent right are paid (1) with respect to vested DSUs, at the same time dividends are paid to the Company’s stockholders and (2) with respect to unvested DSUs, when such underlying DSUs vest. Accrued but unpaid dividend equivalents in respect of unvested DSUs are recognized as a liability on the accompanying balance sheets, until the recipients receive the dividend equivalents upon vesting. The grant-date fair value of RSUs and DSUs is equal to the closing price of the Company’s common stock on the date of the grant. A summary of the status and activity of non-vested RSUs and DSUs for the nine months ended September 30, 2023 is presented below: RSUs and DSUs Weighted-Average Grant-Date Fair Value Non-vested, beginning of year 675,898 $ 50.27 Granted 549,127 72.30 Vested (364,159) 47.30 Forfeited (48,866) 58.78 Non-vested, end of period 812,000 $ 65.99 The aggregate grant-date fair value of the RSUs and DSUs granted under the LTIP during the nine months ended September 30, 2023 was $39.7 million. Performance Stock Units The Company grants market-based performance stock units (“PSUs”) to its officers and certain executives as part of its LTIP. The number of shares of the Company’s common stock issued to settle PSUs ranges from zero to 225% (or, for PSUs granted prior to fiscal year 2023, 200%) of the number of PSUs granted and is determined based on performance achievement against certain market-based criteria over a three-year performance period. PSUs generally vest and settle on December 31 of the year preceding the third anniversary of the date of grant. Each PSU is entitled to a dividend equivalent right to receive, upon settlement, a cash payment based on the regular cash dividends that would have been paid on a share of the Company’s common stock during the period between the grant date and the date the PSUs vest and are settled. Accrued but unpaid dividend equivalents are recognized as a liability on the accompanying balance sheets, until the recipients receive the dividend equivalents upon vesting and settlement. Performance achievement is determined based on either, or a combination of, (1) the Company’s annualized absolute total stockholder return (“TSR”) or (2) for certain PSUs granted prior to fiscal year 2023, the Company’s absolute TSR relative to that of a defined peer group. Absolute TSR is determined based upon the performance of the Company’s common stock over the performance period relative to the price of the Company’s common stock at the grant date. For awards with a relative TSR component, the Company’s absolute TSR is compared with the absolute TSRs of a group of peer companies over the performance period. The absolute TSR for the Company and each of the peer companies is determined by dividing (A) (i) the volume-weighted average share price for the last 30 trading days of the performance period, minus (ii) the volume-weighted average share price for the 30 trading days preceding the beginning of the performance period, plus (iii) dividends paid by (B) the volume-weighted average share price for the 30 trading days preceding the beginning of the performance period. The resultant amount is then annualized based on the length of the performance period. The grant-date fair value of the PSUs was estimated using a Monte Carlo valuation model. The Monte Carlo valuation model is based on random projections of stock price paths and must be repeated numerous times to achieve a probabilistic assessment. Significant assumptions used in this valuation include the Company’s expected volatility as well as the volatilities for each of the Company’s peers and an interpolated risk-free interest rate based on U.S. Treasury yields with maturities consistent with the performance period. A summary of the status and activity of non-vested PSUs for the nine months ended September 30, 2023 is presented below: PSUs (1) Weighted-Average Grant-Date Fair Value Non-vested, beginning of year 345,999 $ 77.42 Granted 247,421 104.44 Vested (89,901) 78.49 Forfeited (73,759) 87.49 Expired (242) 18.26 Non-vested, end of period 429,518 $ 91.07 ___________________________ (1) The number of awards assumes that the associated performance condition is met at the target amount (multiplier of one). The final number of shares of the Company’s common stock issued may vary depending on the performance multiplier, which ranges from zero to 225% (or, for PSUs granted prior to fiscal year 2023, 200%), depending on the level of satisfaction of the performance condition. The aggregate grant-date fair value of the PSUs granted under the LTIP during the nine months ended September 30, 2023 was $25.8 million. Stock Options The LTIP allows for the issuance of stock options to the Company’s employees at the sole discretion of the Board. Options expire ten years from the grant date unless otherwise determined by the Board. Stock options are valued using a Black-Scholes Model where expected volatility is based on an average historical volatility of a peer group selected by management over a period consistent with the expected life assumption on the grant date, the risk-free rate of return is based on the U.S. Treasury constant maturity yield on the grant date with a remaining term equal to the expected term of the awards, and the Company’s expected life of stock option awards is derived from the midpoint of the average vesting time and contractual term of the awards. A summary of the status and activity of stock options for the nine months ended September 30, 2023 is presented below: Stock Options Weighted- Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding, beginning of year 15,170 $ 34.36 Exercised (13,928) 34.36 Expired (111) 34.36 Outstanding, end of period 1,131 $ 34.36 3.6 $ 49 Options outstanding and exercisable 1,131 $ 34.36 3.6 $ 49 The aggregate intrinsic value of options exercised during the nine months ended September 30, 2023 was $0.5 million.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company follows authoritative accounting guidance for measuring the fair value of assets and liabilities in its financial statements. This guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Further, this guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The fair value hierarchy is broken down into three levels based on the reliability of the inputs as follows: Level 1: Quoted prices in active markets for identical assets or liabilities Level 2: Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose inputs are observable or whose significant value drivers are observable Level 3: Significant inputs to the valuation model are unobservable Financial and non-financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy. Derivatives The Company uses Level 2 inputs to measure the fair value of oil and natural gas commodity price derivatives. The fair value of the Company’s commodity price derivatives is estimated using industry-standard models that contemplate various inputs including, but not limited to, the contractual price of the underlying position, current market prices, forward commodity price curves, volatility factors, time value of money, and the credit risk of both the Company and its counterparties. We validate our fair value estimate by corroborating the original source of inputs, monitoring changes in valuation methods and assumptions, and reviewing counterparty mark-to-market statements and other supporting documentation. Refer to Note 9 - Derivatives for more information regarding the Company’s derivative instruments. The following tables present the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 and their classification within the fair value hierarchy (in thousands): As of September 30, 2023 Level 1 Level 2 Level 3 Derivative assets $ — $ 8,930 $ — Derivative liabilities $ — $ 136,821 $ — As of December 31, 2022 Level 1 Level 2 Level 3 Derivative assets $ — $ 3,284 $ — Derivative liabilities $ — $ 63,533 $ — Long-Term Debt The 2026 Senior Notes, 2028 Senior Notes, and 2031 Senior Notes are recorded at cost, net of any unamortized discount or deferred financing costs. As of September 30, 2023, the fair value of the 2026 Senior Notes, 2028 Senior Notes, and 2031 Senior Notes were $375.4 million, $1.38 billion, and $1.38 billion, respectively. These fair values are based on quoted market prices, and as such, are designated as Level 1 within the fair value hierarchy. The recorded value of the Credit Facility, if any, approximates its fair value as it bears interest at a floating rate that approximates a current market rate. Please refer to Note 5 - Long-Term Debt for additional information. Warrants Warrants issued are indexed to the Company’s common stock and required to be net share settled via a cashless exercise. Accordingly, they are classified as equity instruments. The Company’s share price traded below the exercise price of the warrants and therefore were not exercisable during the three and nine months ended September 30, 2023 and 2022. The fair value of the warrants on the issuance date was determined using Level 3 inputs including, but not limited to, volatility, risk-free rate, and dividend yield under the Cox-Ross-Rubinstein binomial option pricing model. The warrants are recorded within additional paid-in capital on the accompanying balance sheets at a fair value of $77.5 million, with no recurring fair value measurement required. There have been no changes to the initial carrying amount of the warrants since issuance. Acquisitions and Impairments of Proved and Unproved Properties We measure acquired assets or businesses at fair value on a nonrecurring basis and review our proved and unproved oil and natural gas properties for impairment using inputs that are not observable in the market, and are therefore designated as Level 3 within the valuation hierarchy. There were no impairments of proved properties recorded during the three and nine months ended September 30, 2023 and 2022, and no abandonment and impairment of unproved properties expense was incurred during the three months ended September 30, 2023 and 2022. During the nine months ended September 30, 2023 and 2022, the Company incurred abandonment and impairment of unproved properties expense of zero and $18.0 million, respectively. Please refer to Note 1 – Summary of Significant Accounting Policies in the 2022 Form 10-K for information on the Company’s policies for determining fair value of its proved and unproved properties and related impairment expense.

DERIVATIVES

DERIVATIVES	9 Months Ended
DERIVATIVES	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company periodically enters into commodity derivative contracts to mitigate a portion of its exposure to potentially adverse market changes in commodity prices for its expected future oil and natural gas production and the associated impact on cash flows. The Company’s commodity derivative contracts consist of swaps, collars, basis protection swaps, and puts. As of September 30, 2023, all derivative counterparties were members of the Credit Facility lender group and all commodity derivative contracts are entered into for other-than-trading purposes. The Company does not designate its commodity derivative contracts as hedging instruments. A typical swap arrangement guarantees a fixed price on contracted volumes. If the agreed upon published third-party index price (“index price”) is lower than the fixed contract price at the time of settlement, the Company receives the difference between the index price and the fixed contract price. If the index price is higher than the fixed contact price at the time of settlement, the Company pays the difference between the index price and the fixed contract price. A typical collar arrangement establishes a floor and ceiling price on contracted volumes through the use of a short call and a long put (“two-way collar”). When the index price is above the ceiling price at the time of settlement, the Company pays the difference between the index price and the ceiling price. When the index price is below the floor price at the time of settlement, the Company receives the difference between the index price and floor price. When the index price is between the floor price and ceiling price, no payment or receipt occurs. A minority of our collar arrangements combine a two-way collar with a short put that holds an exercise price below the floor price (“three-way collar”). In these arrangements, when the index price is below the floor price at the time of settlement, the Company receives the difference between the index price and the floor price, capped at the difference between the floor price and the exercise price of the short put. Basis protection swaps are arrangements that guarantee a price differential for natural gas from a specified delivery point. For basis protection swaps, the Company receives a payment from the counterparty if the price differential is greater than the stated terms of the contract and pays the counterparty if the price differential is less than the stated terms of the contract. A put arrangement gives the Company the right to sell the underlying commodity at a strike price over the term of the contract. If the index price is higher than the strike price, no payment or receipt occurs. If the index price is lower than the strike price, the Company receives the difference between the index price and the strike price. As of September 30, 2023, the Company had entered into the following commodity price derivative contracts: Contract Period Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) Swaps NYMEX WTI Volumes 29,161 12,727 11,991 10,536 8,997 Weighted-Average Contract Price $ 71.83 $ 70.39 $ 68.75 $ 68.87 $ 69.46 Two-Way Collars NYMEX WTI Volumes 9,392 11,913 10,430 9,324 8,504 Weighted-Average Ceiling Price $ 82.28 $ 81.51 $ 80.83 $ 80.27 $ 79.85 Weighted-Average Floor Price $ 60.00 $ 58.00 $ 58.00 $ 58.00 $ 58.00 Three-Way Collars NYMEX WTI Volumes 1,172 573 — — — Weighted-Average Ceiling Price $ 56.49 $ 56.25 $ — $ — $ — Weighted-Average Floor Price $ 49.04 $ 45.00 $ — $ — $ — Weighted-Average Sold Put Price $ 39.04 $ 35.00 $ — $ — $ — Bought Puts NYMEX WTI Volumes — 7,942 6,953 6,216 5,669 Weighted-Average Contract Price $ — $ 55.00 $ 55.00 $ 55.00 $ 55.00 Natural Gas Derivatives (volumes in MMBtu/day and prices in $/million British thermal units (“MMBtu”)) Swaps NYMEX HH Volumes 45,947 31,790 31,686 31,578 1,701 Weighted-Average Contract Price $ 2.60 $ 2.69 $ 2.68 $ 2.66 $ 4.23 Two-Way Collars NYMEX HH Volumes 1,756 736 1,732 1,668 — Weighted-Average Ceiling Price $ 2.96 $ 3.16 $ 2.89 $ 3.16 $ — Weighted-Average Floor Price $ 2.38 $ 2.50 $ 2.20 $ 2.50 $ — Three-Way Collars NYMEX HH Volumes — 1,166 55 — — Weighted-Average Ceiling Price $ — $ 3.50 $ 3.42 $ — $ — Weighted-Average Floor Price $ — $ 2.50 $ 2.50 $ — $ — Weighted-Average Sold Put Price $ — $ 2.00 $ 2.00 $ — $ — Basis Protection Swaps CIG-NYMEX HH Volumes 47,703 33,691 33,473 33,246 — Weighted-Average Contract Price $ (0.46) $ (0.27) $ (0.27) $ (0.27) $ — As of November 3, 2023, the Company had entered into the following commodity price derivative contracts: Contract Period Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 - Q2 2025 Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) Swaps NYMEX WTI Volumes 29,161 12,727 11,991 10,536 3,032 Weighted-Average Contract Price $ 71.83 $ 70.39 $ 68.75 $ 68.87 $ 69.46 Two-Way Collars NYMEX WTI Volumes 9,392 25,913 22,930 18,324 10,708 Weighted-Average Ceiling Price $ 82.28 $ 88.38 $ 85.91 $ 83.26 $ 80.99 Weighted-Average Floor Price $ 60.00 $ 64.48 $ 64.54 $ 63.89 $ 66.79 Three-Way Collars NYMEX WTI Volumes 1,172 573 — — — Weighted-Average Ceiling Price $ 56.49 $ 56.25 $ — $ — $ — Weighted-Average Floor Price $ 49.04 $ 45.00 $ — $ — $ — Weighted-Average Sold Put Price $ 39.04 $ 35.00 $ — $ — $ — Puts NYMEX WTI Volumes — 7,942 6,953 6,216 1,911 Weighted-Average Strike Price $ — $ 55.00 $ 55.00 $ 55.00 $ 55.00 Natural Gas Derivatives (volumes in MMBtu/day and prices in $/MMBtu) Swaps NYMEX HH Volumes 45,947 31,790 31,686 31,578 573 Weighted-Average Contract Price $ 2.60 $ 2.69 $ 2.68 $ 2.66 $ 4.23 Two-Way Collars NYMEX HH Volumes 1,756 736 1,732 1,668 — Weighted-Average Ceiling Price $ 2.96 $ 3.16 $ 2.89 $ 3.16 $ — Weighted-Average Floor Price $ 2.38 $ 2.50 $ 2.20 $ 2.50 $ — Three-Way Collars NYMEX HH Volumes — 1,166 55 — — Weighted-Average Ceiling Price $ — $ 3.50 $ 3.42 $ — $ — Weighted-Average Floor Price $ — $ 2.50 $ 2.50 $ — $ — Weighted-Average Sold Put Price $ — $ 2.00 $ 2.00 $ — $ — Basis Protection Swaps CIG-NYMEX HH Volumes 47,703 33,691 33,473 33,246 — Weighted-Average Contract Price $ (0.46) $ (0.27) $ (0.27) $ (0.27) $ — Derivative Assets and Liabilities Fair Value The Company’s commodity price derivatives are measured at fair value and are included in the accompanying balance sheets as derivative assets and liabilities. The following table contains a summary of all the Company’s derivative positions reported on the accompanying balance sheets as well as a reconciliation between the gross assets and liabilities and the potential effects of master netting arrangements on the fair value of the Company’s commodity derivative contracts as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Derivative Assets: Commodity contracts - current $ 7,058 $ 2,490 Commodity contracts - noncurrent 1,872 794 Total derivative assets 8,930 3,284 Amounts not offset in the accompanying balance sheets (906) — Total derivative assets, net $ 8,024 $ 3,284 Derivative Liabilities: Commodity contracts - current $ (126,053) $ (46,334) Commodity contracts - long-term (10,768) (17,199) Total derivative liabilities (136,821) (63,533) Amounts not offset in the accompanying balance sheets 906 — Total derivative liabilities, net $ (135,915) $ (63,533) The following table summarizes the components of the derivative gain (loss) presented on the accompanying statements of operations for the periods below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Derivative cash settlement loss: Oil contracts $ (32,397) $ (67,623) $ (38,010) $ (307,563) Natural gas contracts (625) (66,610) (6,897) (149,485) NGL contracts — (9,678) — (35,072) Total derivative cash settlement loss (33,022) (143,911) (44,907) (492,120) Change in fair value gain (loss) (117,639) 153,192 (75,667) 133,258 Total derivative gain (loss) $ (150,661) $ 9,281 $ (120,574) $ (358,862)

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	9 Months Ended
ASSET RETIREMENT OBLIGATIONS	Sep. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATIONS	ASSET RETIREMENT OBLIGATIONS The Company recognizes an estimated liability for future costs associated with the abandonment of its oil and gas properties, including facilities requiring decommissioning. A liability for the fair value of an asset retirement obligation and corresponding increase to the carrying value of the related long-lived asset are recorded at the time a well is drilled or acquired, or a facility is constructed. The increase in carrying value is included in proved properties in the accompanying balance sheets. The Company depletes the amount added to proved properties and recognizes expense in connection with the accretion of the discounted liability over the remaining estimated economic lives of the respective long-lived assets. Cash paid to settle asset retirement obligations is included in the cash flows from operating activities section of the accompanying unaudited condensed consolidated statements of cash flows. The Company’s estimated asset retirement obligation liability is based on historical experience plugging and abandoning wells, estimated economic lives, estimated plugging and abandonment cost, and regulatory requirements. The liability is discounted using the credit-adjusted risk-free rate estimated at the time the liability is incurred or revised. A roll-forward of the Company’s asset retirement obligation is as follows (in thousands): Amount Balance as of December 31, 2022 $ 291,026 Additional liabilities incurred 42,549 Accretion expense 12,134 Liabilities settled (15,340) Balance as of September 30, 2023 $ 330,369 Current portion 25,557 Long-term portion $ 304,812

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
EARNINGS PER SHARE	Sep. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Earnings per basic and diluted share are calculated under the treasury stock method. Basic net income per common share is calculated by dividing net income by the basic weighted-average common shares outstanding for the respective period. Diluted net income per common share is calculated by dividing net income by the diluted weighted-average common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities consist of unvested RSUs, DSUs, and PSUs, as well as outstanding in-the-money stock options and warrants. When the Company recognizes a loss from continuing operations, all potentially dilutive shares are anti-dilutive and are consequently excluded from the calculation of diluted earnings per share. As discussed in Note 7 - Stock-Based Compensation , PSUs represent the right to receive a number of shares of the Company’s common stock ranging from zero to 225% (or, for PSUs granted prior to fiscal year 2023, 200%) of PSUs granted based on the performance achievement over the applicable performance period. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, that would be issuable at the end of the respective reporting period, assuming that date was the end of the performance period applicable to such awards. The Company has also issued stock options and warrants, which both represent the right to purchase the Company’s common stock at a specified exercise price. The number of potentially dilutive shares related to the stock options and warrants is based on the number of shares, if any, that would be exercisable at the end of the respective reporting period, assuming that date was the end of such stock options’ or warrants’ term. Stock options and warrants are only dilutive when the average price of the common stock during the period exceeds the exercise price. The following table sets forth the calculations of basic and diluted net income per common share (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income $ 139,672 $ 405,752 $ 481,420 $ 966,212 Basic net income per common share $ 1.57 $ 4.77 $ 5.75 $ 11.37 Diluted net income per common share $ 1.56 $ 4.74 $ 5.70 $ 11.30 Weighted-average shares outstanding - basic 88,911 85,069 83,700 84,968 Add: dilutive effect of stock awards 720 485 768 527 Weighted-average shares outstanding - diluted 89,631 85,554 84,468 85,495 There were 10,103 and 109,519 shares that were anti-dilutive for the three months ended September 30, 2023 and 2022, respectively. There were 7,437 and 68,171 shares that were anti-dilutive for the nine months ended September 30, 2023 and 2022, respectively. The exercise price of the Company’s warrants was in excess of the Company’s stock price during the three and nine months ended September 30, 2023 and 2022

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Deferred tax assets and liabilities are measured by applying the provisions of enacted tax laws to determine the amount of taxes payable or refundable currently or in future years related to cumulative temporary differences between the tax basis of assets and liabilities and amounts reported in the accompanying balance sheets. The tax effect of the net change in the cumulative temporary differences during each period in the deferred tax assets and liabilities determines the periodic provision for deferred taxes. The Company assesses the recoverability of its deferred tax assets each period by considering whether it is more likely than not that all or a portion of the deferred tax assets will be realized. In making such determination, the Company considers all available (both positive and negative) evidence, including future reversals of temporary differences, tax-planning strategies, projected future taxable income, and results of operations. As a result of merger activity in 2021, the Company had a valuation allowance of $25.4 million as of both September 30, 2023 and December 31, 2022 against certain acquired net operating losses and other tax attributes due to the limitation on realizability caused by the change of ownership provisions of Section 382 of the Internal Revenue Code. The Company will continue to monitor facts and circumstances in the reassessment of the likelihood that the deferred tax assets will be realized. The net deferred tax liability as of September 30, 2023 and December 31, 2022 was $458.6 million and $319.6 million, respectively. Additionally, prepaid income taxes under current assets as of September 30, 2023 and December 31, 2022 were $21.6 million and $29.6 million, respectively. During the three months ended September 30, 2023 and 2022, the Company recorded income tax expense of $29.7 million and $136.3 million, respectively. During the nine months ended September 30, 2023 and 2022, the Company recorded income tax expense of $139.1 million and $312.2 million, respectively. Income tax expense differs from the amount that would be provided by applying the statutory United States federal income tax rate of 21% to income before income taxes due to the effect of state income taxes, excess tax benefits and deficiencies on stock-based compensation awards, and tax limitations on compensation of covered individuals. During the three and nine months ended September 30, 2023, income tax expense was additionally impacted by deferred tax benefits from state apportionment changes as a result of the Hibernia Acquisition and Tap Rock Acquisition. During the three and nine months ended September 30, 2022, income tax expense was additionally impacted by changes in valuation allowances and other permanent differences including bargain purchase gain. The Company had no unrecognized tax benefits as of September 30, 2023 and December 31, 2022. The Company’s management does not believe that there are any new items or changes in facts or judgments that would impact the Company’s tax position taken thus far in 2023. On August 16, 2022, the Inflation Reduction Act (“IRA”) was signed into law. Among other provisions, the IRA imposes a 15% corporate alternative minimum tax (“Corporate AMT”) for tax years beginning after December 31, 2022. The Company is evaluating the potential impact of the Corporate AMT on our current income tax expense and income taxes payable; however, we currently do not believe this will materially affect our income taxes paid for the 2023 tax year.

LEASES

LEASES	9 Months Ended
LEASES	Sep. 30, 2023
Leases [Abstract]
LEASES	LEASES The Company’s right-of-use assets and lease liabilities are recognized on the accompanying balance sheets based on the present value of the expected lease payments over the lease term. The following table summarizes the asset classes of the Company’s leases (in thousands): September 30, 2023 December 31, 2022 Operating Leases Field equipment (1) $ 64,076 $ 15,131 Corporate leases 6,140 8,235 Vehicles 4,446 759 Total right-of-use asset $ 74,662 $ 24,125 Field equipment (1) $ 64,132 $ 15,131 Corporate leases 6,796 8,898 Vehicles 4,446 759 Total lease liability $ 75,374 $ 24,788 Finance Leases Right of use asset - field equipment $ 17,104 $ — Lease liability - field equipment $ 17,131 $ — ____________________________ (1) Includes drilling rigs, compressors, certain natural gas processing equipment, and other field equipment. Future commitments by year for the Company’s leases with a lease term of greater than one year as of September 30, 2023 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the accompanying balance sheets as follows (in thousands): Operating Leases Finance Leases Remainder of 2023 $ 11,103 $ 992 2024 39,100 4,210 2025 21,887 4,277 2026 5,554 4,020 2027 2,138 3,683 Thereafter 654 2,810 Total lease payments 80,436 19,992 Less: imputed interest (5,062) (2,861) Total lease liability $ 75,374 $ 17,131
LEASES	LEASES The Company’s right-of-use assets and lease liabilities are recognized on the accompanying balance sheets based on the present value of the expected lease payments over the lease term. The following table summarizes the asset classes of the Company’s leases (in thousands): September 30, 2023 December 31, 2022 Operating Leases Field equipment (1) $ 64,076 $ 15,131 Corporate leases 6,140 8,235 Vehicles 4,446 759 Total right-of-use asset $ 74,662 $ 24,125 Field equipment (1) $ 64,132 $ 15,131 Corporate leases 6,796 8,898 Vehicles 4,446 759 Total lease liability $ 75,374 $ 24,788 Finance Leases Right of use asset - field equipment $ 17,104 $ — Lease liability - field equipment $ 17,131 $ — ____________________________ (1) Includes drilling rigs, compressors, certain natural gas processing equipment, and other field equipment. Future commitments by year for the Company’s leases with a lease term of greater than one year as of September 30, 2023 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the accompanying balance sheets as follows (in thousands): Operating Leases Finance Leases Remainder of 2023 $ 11,103 $ 992 2024 39,100 4,210 2025 21,887 4,277 2026 5,554 4,020 2027 2,138 3,683 Thereafter 654 2,810 Total lease payments 80,436 19,992 Less: imputed interest (5,062) (2,861) Total lease liability $ 75,374 $ 17,131

SUPPLEMENTAL DISCLOSURES OF CAS

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	9 Months Ended
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Supplemental cash flow disclosures are presented below (in thousands): Nine Months Ended September 30, 2023 2022 Supplemental cash flow information: Cash (paid) refunded for income taxes $ 7,861 $ (59,800) Cash paid for interest (17,110) (17,124) Supplemental non-cash investing activities: Non-cash investing activities 1,065,901 — Non-cash financing activities 990,204 — Changes in working capital related to capital expenditures (112,454) 33

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
STOCKHOLDERS' EQUITY	Sep. 30, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Share Repurchases On January 24, 2023, we entered into a privately-negotiated share purchase agreement with CPPIB Crestone Peak Resources Canada Inc. for the purchase of approximately 4.9 million shares of the Company’s common stock at a price of $61.00 per share for a total purchase price of approximately $300.0 million. The purchase closed on January 27, 2023 and was funded from the Company’s cash on hand. The shares repurchased were immediately retired. In February 2023, we announced that the Board provided authorization for a stock repurchase program (the “stock repurchase program”) pursuant to which we may, from time to time and through December 31, 2024, acquire shares of our common stock in the open market, in privately negotiated transactions, or through block trades, derivative transactions, or purchases made in accordance with the Rule 10b5-1 of the Exchange Act in an amount not to exceed $1.0 billion, exclusive of any fees, commissions, or other expenses related to such repurchases. In June 2023, commensurate with the announcement of the Hibernia Acquisition and Tap Rock Acquisition, the Board reduced the amount of stock authorized for repurchase by the Company under the stock repurchase program from $1.0 billion to $500.0 million. The stock repurchase program does not require any specific number of shares to be acquired and can be modified or discontinued by the Board at any time. As of September 30, 2023, the Company has repurchased approximately 312,800 shares under the program at a weighted average price of $64.55 per share for a total cost of $20.3 million. We record share repurchases at cost, which includes incremental direct transaction costs, as a reduction to stockholder’s equity. As part of the incremental direct transactions costs and subject to netting against the fair value of stock issuances, we record a 1% excise tax with the corresponding liability recorded within accounts payable and accrued expenses on the accompanying balance sheets. Any excess of cost over the par value is charged to additional paid-in-capital on a pro-rata basis, with any remaining cost charged to retained earnings. Dividends As approved by the Board, cash dividends are paid quarterly and consist of a base and variable component. Variable cash dividends are equal to 50% of free cash flow after the base cash dividend for the preceding twelve-month period and pro forma for all acquisition and divestiture activity, assuming pro forma compliance with certain leverage targets. The following table summarizes the dividends declared for the nine months ended September 30, 2023 and 2022: Base Variable Total Total (per share) (per share) (per share) (in thousands) 2023: First quarter $ 0.50 $ 1.65 $ 2.15 $ 176,878 Second quarter $ 0.50 $ 1.62 $ 2.12 $ 173,358 Third Quarter $ 0.50 $ 1.24 $ 1.74 $ 167,010 2022: First quarter $ 0.46 $ 0.75 $ 1.21 $ 104,444 Second quarter $ 0.46 $ 0.90 $ 1.36 $ 117,151 Third Quarter $ 0.46 $ 1.30 $ 1.76 $ 151,729

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Vencer Acquisition On October 3, 2023, the Company entered into a purchase and sale agreement (the “PSA”) with Vencer Energy, LLC (“Vencer”), pursuant to which the Company agreed to acquire from Vencer certain oil and gas properties, interests and related assets located in Glasscock, Martin, Midland, Reagan and Upton Counties, Texas (the “Assets”). As consideration for the pending transactions contemplated by the PSA (the “Vencer Acquisition”, Vencer will receive an aggregate of $2.15 billion with the initial consideration payable at the closing of the transactions (the “Closing”) comprised of (i) $1.0 billion in cash, subject to certain customary purchase price adjustments set forth in the PSA (as adjusted, the “Cash Consideration”), and (ii) 7,289,515 shares of common stock, par value $0.01 per share, of the Company (the “Shares”) valued at approximately $600.0 million, subject to certain customary anti-dilution and purchase price adjustments (as adjusted, the “Stock Consideration”). As further consideration for the Assets, the Company will pay to Vencer up to $550.0 million in cash on January 3, 2025 (the “Deferred Payment” and, together with the Cash Consideration and the Stock Consideration, as each may be adjusted, the “Purchase Price”). The Company has the option to increase the Cash Consideration payable at Closing and retire all or a portion of the Deferred Payment, in which event, the remaining Deferred Payment (if any) due on January 3, 2025, will be reduced as and to the extent provided in the PSA. The obligations of the parties to complete the Vencer Acquisition are subject to the satisfaction or waiver of customary closing conditions set forth in the PSA. In connection with and upon execution of the PSA, the Company deposited with an escrow agent a cash deposit equal to 7.5% of the unadjusted Purchase Price, which deposit will be credited against the Purchase Price payable at closing, or returned to the Company if the closing does not occur for any reason other than as a result of a breach of the Company that results in certain closing conditions not to be satisfied (as further described in the PSA). Fifth Amendment to the Credit Facility In connection with the Company’s entry into the PSA, on October 6, 2023, the Company entered into an amendment to the Credit Agreement (the “Fifth Amendment”). The Fifth Amendment amends the Credit Agreement to, among other things, permit the Company to incur, on or before January 31, 2024, an aggregate of up to $1.5 billion of indebtedness comprised of new senior unsecured notes, unsecured bridge facilities or a combination thereof, provided the proceeds therefrom are used to fund the Vencer Acquisition. 8.625% Senior Notes due 2030 On October 17, 2023, the Company issued $1.0 billion aggregate principal amount of 8.625% Senior Notes due 2030 (the “2030 Senior Notes”), at par, pursuant to an indenture (the “2030 Indenture”) among the Company, Computershare Trust Company, N.A., as trustee, and the guarantors party thereto. Upon issuance of the 2030 Senior Notes, the Company received net proceeds of $987.5 million after deducting fees of $12.5 million. The Company expects to use the net proceeds, together with cash on hand, to fund a portion of the cash purchase price for the Vencer Acquisition. Pending the potential use of the net proceeds to fund a portion of the consideration for the Vencer Acquisition, the Company has temporarily applied the net proceeds to repay outstanding borrowings under the Credit Facility. The 2030 Senior Notes are subject to a special mandatory redemption such that if (i) the consummation of the Vencer Acquisition does not occur on or before January 31, 2024 or (ii) prior thereto, the Company notifies Computershare Trust Company, N.A. that it will not pursue the consummation of the Vencer Acquisition, it will be required to redeem all 2030 Senior Notes then outstanding (such redemption, the “Special Mandatory Redemption”) at a redemption price equal to 100% of the principal amount of the 2030 Senior Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the date of the Special Mandatory Redemption. The 2030 Senior Notes will mature on November 1, 2030. Interest on the 2030 Senior Notes will accrue at the rate of 8.625% per annum and will be payable semi-annually in arrears on May 1 and November 1 of each year, commencing on May 1, 2024. At any time prior to November 1, 2026, the Company may redeem all or part of the 2030 Senior Notes, in whole or in part, at a redemption price equal to the sum of (i) the principal amount thereof, plus (ii) the “make-whole” premium at the redemption date, plus (iii) accrued and unpaid interest, if any. On or after November 1, 2026, the Company may redeem all or part of the 2030 Senior Notes at redemption prices (expressed as percentages of the principal amount redeemed) equal to (i) 104.313% for the twelve-month period beginning on November 1, 2026; (ii) 102.156% for the twelve-month period beginning on November 1, 2027; and (iii) 100.000% for the period beginning November 1, 2028 and at any time thereafter, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of the noteholders on the relevant record date to receive interest on the relevant interest payment date). The Company may redeem up to 35% of the aggregate principal amount of the 2030 Senior Notes at any time prior to November 1, 2026 with an amount not to exceed the net cash proceeds from certain equity offerings at a redemption price equal to 108.625% of the principal amount of the 2030 Senior Notes redeemed, plus accrued and unpaid interest, if any, provided, however, that (i) at least 65.0% of the aggregate principal amount of 2030 Senior Notes originally issued on the issue date (but excluding 2030 Senior Notes held by the Company and its subsidiaries) remains outstanding immediately after the occurrence of such redemption (unless all such 2030 Senior Notes are redeemed substantially concurrently) and (ii) the redemption occurs within 180 days after the date of the closing of such equity offering. The 2030 Indenture contains covenants that limit, among other things, the Company’s ability and the ability of its subsidiaries to: incur or guarantee additional indebtedness; create liens securing indebtedness; pay dividends on or redeem or repurchase stock or subordinated debt; make specified types of investments and acquisitions; enter into or permit to exist contractual limits on the ability of the Company’s subsidiaries to pay dividends to the Company; enter into transactions with affiliates; and sell assets or merge with other companies. These covenants are subject to a number of important limitations and exceptions. The Company was in compliance with all covenants under the 2030 Indenture through the filing of this report. The 2030 Indenture also contain customary events of default. The 2030 Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of the Company’s existing subsidiaries and are expected to be guaranteed by certain other future subsidiaries that may be required to guarantee the 2030 Senior Notes.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, the instructions to Quarterly Report on Form 10-Q, and Regulation S-X. Accordingly, pursuant to such rules and regulations, certain notes and other financial information included in audited financial statements have been condensed or omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation of interim financial information, have been included. All significant intercompany balances and transactions have been eliminated in consolidation. The December 31, 2022 unaudited condensed consolidated balance sheet data has been derived from the audited consolidated financial statements contained in our 2022 Form 10-K , but does not include all disclosures, including notes required by GAAP. As such, this quarterly report should be read in conjunction with the audited consolidated financial statements and related notes included in our 2022 Form 10-K . In connection with the preparation of the unaudited condensed consolidated financial statements, the Company evaluated events subsequent to the balance sheet date of September 30, 2023, through the filing date of this report. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the full year or any other future period. Significant Accounting Policies The significant accounting policies followed by the Company are set forth in Note 1 - Summary of Significant Accounting Policies in the 2022 Form 10-K and are supplemented by the notes to the unaudited condensed consolidated financial statements included in this report.
Recently Issued and Adopted Accounting Standards	Recently Issued and Adopted Accounting Standards In October 2021, the FASB issued ASU No. 2021-08, Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires that the acquiring entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The Company adopted this guidance effective December 15, 2022 and the adoption did not have a material impact on the accompanying unaudited condensed consolidated financial statements.
Acquisitions and Divestitures	ACQUISITIONS AND DIVESTITURES All mergers and acquisitions disclosed are accounted for under the acquisition method of accounting for business combinations under ASC Topic 805, Business Combinations
Revenue Recognition	The Company recognizes revenue from the sale of produced oil, natural gas, and NGL at the point in time when control of produced oil, natural gas, or NGL volumes transfer to the purchaser, which may differ depending on the applicable contractual terms. The Company considers the transfer of control to have occurred when the purchaser has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the oil, natural gas, or NGL production. Transfer of control dictates the presentation of gathering, transportation, and processing expenses within the accompanying statements of operations. Gathering, transportation, and processing expenses incurred by the Company prior to the transfer of control are recorded gross within the gathering, transportation, and processing line item on the accompanying statements of operations. Conversely, gathering, transportation, and processing expenses incurred by the Company subsequent to the transfer of control are recorded net within the oil and natural gas sales line item on the accompanying statements of operations. Please refer to Note 1 - Summary of Significant Accounting Policies in the 2022 Form 10-K for more information regarding the types of contracts under which oil, natural gas, and NGL sales revenue is generated.

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	9 Months Ended
ACQUISITIONS AND DIVESTITURES (Tables)	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Consideration Transferred and Preliminary Purchase Price Allocation	The following table presents the preliminary purchase price allocation of the assets acquired and the liabilities assumed in the Hibernia Acquisition: Preliminary Purchase Price Allocation (in thousands) Assets Acquired Cash and cash equivalents $ 30,671 Accounts receivable - oil and natural gas sales 89,766 Accounts receivable - joint interest and other 4,874 Proved properties 2,123,791 Unproved properties 115,802 Other property and equipment 520 Right-of-use assets 30,393 Total assets acquired $ 2,395,817 Liabilities Assumed Accounts payable and accrued expenses $ 91,977 Production taxes payable 10,320 Oil and natural gas revenue distribution payable 75,267 Asset retirement obligations 8,299 Lease liability 30,393 Total liabilities assumed 216,256 Net assets acquired $ 2,179,561 Consideration (in thousands, except per share amount) Cash consideration $ 1,508,143 Shares of common stock issued 13,538,472 Closing price per share (1) $ 73.14 Equity consideration $ 990,204 Total consideration (2) $ 2,498,347 _______________________ (1) Based on the closing stock price of Civitas common stock on August 2, 2023. (2) Subject to certain customary purchase price adjustments set forth in the Tap Rock Acquisition Agreement. Preliminary Purchase Price Allocation (in thousands) Assets Acquired Cash and cash equivalents $ 6,543 Accounts receivable - oil and natural gas sales 106,255 Accounts receivable - joint interest and other 31,300 Prepaid expenses and other 22,013 Proved properties 2,377,649 Unproved properties 298,859 Other property and equipment 12,827 Right-of-use assets 626 Total assets acquired $ 2,856,072 Liabilities Assumed Accounts payable and accrued expenses $ 179,626 Production taxes payable 15,557 Oil and natural gas revenue distribution payable 78,758 Ad valorem taxes 1,374 Asset retirement obligations 31,518 Lease liability 626 Deferred revenue 50,266 Total liabilities assumed 357,725 Net assets acquired $ 2,498,347
Schedule of Pro Forma Financial Information	The following unaudited pro forma financial information (in thousands, except per share amounts) represents a summary of the condensed consolidated results of operations for the three and nine months ended September 30, 2023 and 2022, assuming the Hibernia Acquisition and Tap Rock Acquisition had been completed as of January 1, 2022. The pro forma financial information is not necessarily indicative of the results of operations that would have been achieved if the Hibernia Acquisition and Tap Rock Acquisition had been effective as of this date, or of future results, and includes certain nonrecurring pro forma adjustments that were directly related to these business combinations. Specifically, pro forma earnings were adjusted to exclude transaction costs incurred associated with these acquisitions for the three and nine months ended September 30, 2023 and include such transaction costs in pro forma earnings for the nine months ended September 30, 2022. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total revenue $ 1,157,615 $ 1,575,493 $ 3,306,345 $ 4,542,055 Net income 179,307 597,835 686,951 1,413,135 Net income per common share - basic $ 1.91 $ 6.06 $ 7.28 $ 14.35 Net income per common share - diluted 1.90 6.03 7.22 14.27

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
REVENUE RECOGNITION (Tables)	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Revenue by Revenue Stream	Revenue attributable to each identified revenue stream is disaggregated below (in thousands): Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 DJ Basin Permian Basin (2) Total DJ Basin Permian Basin Total Operating net revenues: Oil $ 583,081 $ 258,595 $ 841,676 $ 653,548 $ — $ 653,548 Natural gas (1) 68,641 12,694 81,335 216,917 — 216,917 Natural gas liquids (“NGL”) (1) 77,502 35,403 112,905 137,486 — 137,486 Oil and natural gas sales $ 729,224 $ 306,692 $ 1,035,916 $ 1,007,951 $ — $ 1,007,951 __________________________ (1) Includes $0.4 million and $0.4 million of deferred revenue that has been recognized during the three months ended September 30, 2023 for natural gas and NGL, respectively. (2) Represents revenue attributable to the Hibernia Acquisition and Tap Rock Acquisition for the period from August 2, 2023 through September 30, 2023. Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 DJ Basin Permian Basin (2) Total DJ Basin Permian Basin Total Operating net revenues: Oil $ 1,584,498 $ 258,595 $ 1,843,093 $ 1,981,308 $ — $ 1,981,308 Natural gas (1) 217,560 12,694 230,254 535,918 — 535,918 NGL (1) 243,714 35,403 279,117 459,899 — 459,899 Oil and natural gas sales $ 2,045,772 $ 306,692 $ 2,352,464 $ 2,977,125 $ — $ 2,977,125 __________________________ (1) Includes $0.4 million and $0.4 million of deferred revenue that has been recognized during the nine months ended September 30, 2023 for natural gas and NGL, respectively. (2) Represents revenue attributable to the Hibernia Acquisition and Tap Rock Acquisition for the period from August 2, 2023 through September 30, 2023.

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	9 Months Ended
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	Sep. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses contain the following (in thousands): September 30, 2023 December 31, 2022 Accounts payable trade $ 85,938 $ 31,783 Accrued drilling and completion costs 249,625 137,171 Accrued lease operating expense 70,722 18,109 Accrued gathering, transportation, and processing 80,441 59,398 Accrued general and administrative expense 19,282 20,054 Accrued transaction costs 6,410 — Accrued commodity derivative settlements 20,599 12,514 Accrued interest expense 75,183 5,509 Accrued settlement 1,727 1,497 Other accrued expenses 35,287 9,262 Total accounts payable and accrued expenses $ 645,214 $ 295,297

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
LONG-TERM DEBT (Tables)	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The tables below present the related carrying values as of September 30, 2023 and December 31, 2022 (in thousands): As of September 30, 2023 Principal Amount Unamortized Discount Unamortized Deferred Financing Costs Principal Amount, Net 2026 Senior Notes $ 400,000 $ — $ 5,489 $ 394,511 2028 Senior Notes 1,350,000 16,409 5,773 1,327,818 2031 Senior Notes 1,350,000 16,600 5,841 1,327,559 Total $ 3,100,000 $ 33,009 $ 17,103 $ 3,049,888 As of December 31, 2022 Principal Amount Unamortized Discount Unamortized Deferred Financing Costs Principal Amount, Net 2026 Senior Notes $ 400,000 $ — $ 6,707 $ 393,293 The following table presents the outstanding balance, total amount of letters of credit outstanding, and available borrowing capacity under the Credit Facility as of the dates indicated (in thousands): November 7, 2023 September 30, 2023 December 31, 2022 Revolving credit facility $ — $ 650,000 $ — Letters of credit 2,100 2,100 12,100 Available borrowing capacity 1,847,900 1,197,900 987,900 Total aggregate elected commitments $ 1,850,000 $ 1,850,000 $ 1,000,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Annual Minimum Commitment Payments	The minimum annual payments under these agreements for the next five years as of September 30, 2023 are presented below (in thousands): Firm Transportation Minimum Volume (1) Remainder of 2023 $ 4,531 $ 21,688 2024 18,026 20,655 2025 5,910 21,349 2026 — 17,598 2027 — 16,900 2028 and thereafter — 32,240 Total $ 28,467 $ 130,430 ___________________________ (1) The above calculation is based on the minimum volume commitment schedule (as defined in the relevant agreement) and applicable differential fees.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
STOCK-BASED COMPENSATION (Tables)	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Share-Based Compensation Expense	The following table outlines the compensation expense recorded by type of award (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Restricted and deferred stock units $ 4,711 $ 5,809 $ 13,905 $ 14,991 Performance stock units 3,591 4,435 11,672 9,478 Total stock-based compensation $ 8,302 $ 10,244 $ 25,577 $ 24,469
Summary of Unrecognized Compensation Expense	As of September 30, 2023, unrecognized compensation expense related to the awards granted under the LTIP will be amortized through the relevant periods as follows (in thousands): Unrecognized Compensation Expense Final Year of Recognition Restricted and deferred stock units $ 39,645 2026 Performance stock units 23,225 2025 Total unrecognized stock-based compensation $ 62,870
Summary of the Status and Activity of Non-Vested RSUs, DSUs, and Options	A summary of the status and activity of non-vested RSUs and DSUs for the nine months ended September 30, 2023 is presented below: RSUs and DSUs Weighted-Average Grant-Date Fair Value Non-vested, beginning of year 675,898 $ 50.27 Granted 549,127 72.30 Vested (364,159) 47.30 Forfeited (48,866) 58.78 Non-vested, end of period 812,000 $ 65.99 A summary of the status and activity of stock options for the nine months ended September 30, 2023 is presented below: Stock Options Weighted- Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding, beginning of year 15,170 $ 34.36 Exercised (13,928) 34.36 Expired (111) 34.36 Outstanding, end of period 1,131 $ 34.36 3.6 $ 49 Options outstanding and exercisable 1,131 $ 34.36 3.6 $ 49
Summary of the Status and Activity of PSUs	A summary of the status and activity of non-vested PSUs for the nine months ended September 30, 2023 is presented below: PSUs (1) Weighted-Average Grant-Date Fair Value Non-vested, beginning of year 345,999 $ 77.42 Granted 247,421 104.44 Vested (89,901) 78.49 Forfeited (73,759) 87.49 Expired (242) 18.26 Non-vested, end of period 429,518 $ 91.07 ___________________________ (1) The number of awards assumes that the associated performance condition is met at the target amount (multiplier of one). The final number of shares of the Company’s common stock issued may vary depending on the performance multiplier, which ranges from zero to 225% (or, for PSUs granted prior to fiscal year 2023, 200%), depending on the level of satisfaction of the performance condition.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities at Fair Value on Recurring Basis	The following tables present the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 and their classification within the fair value hierarchy (in thousands): As of September 30, 2023 Level 1 Level 2 Level 3 Derivative assets $ — $ 8,930 $ — Derivative liabilities $ — $ 136,821 $ — As of December 31, 2022 Level 1 Level 2 Level 3 Derivative assets $ — $ 3,284 $ — Derivative liabilities $ — $ 63,533 $ —

DERIVATIVES (Tables)

DERIVATIVES (Tables)	9 Months Ended
DERIVATIVES (Tables)	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Commodity Derivatives	As of September 30, 2023, the Company had entered into the following commodity price derivative contracts: Contract Period Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) Swaps NYMEX WTI Volumes 29,161 12,727 11,991 10,536 8,997 Weighted-Average Contract Price $ 71.83 $ 70.39 $ 68.75 $ 68.87 $ 69.46 Two-Way Collars NYMEX WTI Volumes 9,392 11,913 10,430 9,324 8,504 Weighted-Average Ceiling Price $ 82.28 $ 81.51 $ 80.83 $ 80.27 $ 79.85 Weighted-Average Floor Price $ 60.00 $ 58.00 $ 58.00 $ 58.00 $ 58.00 Three-Way Collars NYMEX WTI Volumes 1,172 573 — — — Weighted-Average Ceiling Price $ 56.49 $ 56.25 $ — $ — $ — Weighted-Average Floor Price $ 49.04 $ 45.00 $ — $ — $ — Weighted-Average Sold Put Price $ 39.04 $ 35.00 $ — $ — $ — Bought Puts NYMEX WTI Volumes — 7,942 6,953 6,216 5,669 Weighted-Average Contract Price $ — $ 55.00 $ 55.00 $ 55.00 $ 55.00 Natural Gas Derivatives (volumes in MMBtu/day and prices in $/million British thermal units (“MMBtu”)) Swaps NYMEX HH Volumes 45,947 31,790 31,686 31,578 1,701 Weighted-Average Contract Price $ 2.60 $ 2.69 $ 2.68 $ 2.66 $ 4.23 Two-Way Collars NYMEX HH Volumes 1,756 736 1,732 1,668 — Weighted-Average Ceiling Price $ 2.96 $ 3.16 $ 2.89 $ 3.16 $ — Weighted-Average Floor Price $ 2.38 $ 2.50 $ 2.20 $ 2.50 $ — Three-Way Collars NYMEX HH Volumes — 1,166 55 — — Weighted-Average Ceiling Price $ — $ 3.50 $ 3.42 $ — $ — Weighted-Average Floor Price $ — $ 2.50 $ 2.50 $ — $ — Weighted-Average Sold Put Price $ — $ 2.00 $ 2.00 $ — $ — Basis Protection Swaps CIG-NYMEX HH Volumes 47,703 33,691 33,473 33,246 — Weighted-Average Contract Price $ (0.46) $ (0.27) $ (0.27) $ (0.27) $ — As of November 3, 2023, the Company had entered into the following commodity price derivative contracts: Contract Period Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 - Q2 2025 Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) Swaps NYMEX WTI Volumes 29,161 12,727 11,991 10,536 3,032 Weighted-Average Contract Price $ 71.83 $ 70.39 $ 68.75 $ 68.87 $ 69.46 Two-Way Collars NYMEX WTI Volumes 9,392 25,913 22,930 18,324 10,708 Weighted-Average Ceiling Price $ 82.28 $ 88.38 $ 85.91 $ 83.26 $ 80.99 Weighted-Average Floor Price $ 60.00 $ 64.48 $ 64.54 $ 63.89 $ 66.79 Three-Way Collars NYMEX WTI Volumes 1,172 573 — — — Weighted-Average Ceiling Price $ 56.49 $ 56.25 $ — $ — $ — Weighted-Average Floor Price $ 49.04 $ 45.00 $ — $ — $ — Weighted-Average Sold Put Price $ 39.04 $ 35.00 $ — $ — $ — Puts NYMEX WTI Volumes — 7,942 6,953 6,216 1,911 Weighted-Average Strike Price $ — $ 55.00 $ 55.00 $ 55.00 $ 55.00 Natural Gas Derivatives (volumes in MMBtu/day and prices in $/MMBtu) Swaps NYMEX HH Volumes 45,947 31,790 31,686 31,578 573 Weighted-Average Contract Price $ 2.60 $ 2.69 $ 2.68 $ 2.66 $ 4.23 Two-Way Collars NYMEX HH Volumes 1,756 736 1,732 1,668 — Weighted-Average Ceiling Price $ 2.96 $ 3.16 $ 2.89 $ 3.16 $ — Weighted-Average Floor Price $ 2.38 $ 2.50 $ 2.20 $ 2.50 $ — Three-Way Collars NYMEX HH Volumes — 1,166 55 — — Weighted-Average Ceiling Price $ — $ 3.50 $ 3.42 $ — $ — Weighted-Average Floor Price $ — $ 2.50 $ 2.50 $ — $ — Weighted-Average Sold Put Price $ — $ 2.00 $ 2.00 $ — $ — Basis Protection Swaps CIG-NYMEX HH Volumes 47,703 33,691 33,473 33,246 — Weighted-Average Contract Price $ (0.46) $ (0.27) $ (0.27) $ (0.27) $ —
Summary of all the Company's Derivative Positions	The following table contains a summary of all the Company’s derivative positions reported on the accompanying balance sheets as well as a reconciliation between the gross assets and liabilities and the potential effects of master netting arrangements on the fair value of the Company’s commodity derivative contracts as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Derivative Assets: Commodity contracts - current $ 7,058 $ 2,490 Commodity contracts - noncurrent 1,872 794 Total derivative assets 8,930 3,284 Amounts not offset in the accompanying balance sheets (906) — Total derivative assets, net $ 8,024 $ 3,284 Derivative Liabilities: Commodity contracts - current $ (126,053) $ (46,334) Commodity contracts - long-term (10,768) (17,199) Total derivative liabilities (136,821) (63,533) Amounts not offset in the accompanying balance sheets 906 — Total derivative liabilities, net $ (135,915) $ (63,533)
Summary of the Components of the Derivative Gain (Loss)	The following table summarizes the components of the derivative gain (loss) presented on the accompanying statements of operations for the periods below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Derivative cash settlement loss: Oil contracts $ (32,397) $ (67,623) $ (38,010) $ (307,563) Natural gas contracts (625) (66,610) (6,897) (149,485) NGL contracts — (9,678) — (35,072) Total derivative cash settlement loss (33,022) (143,911) (44,907) (492,120) Change in fair value gain (loss) (117,639) 153,192 (75,667) 133,258 Total derivative gain (loss) $ (150,661) $ 9,281 $ (120,574) $ (358,862)

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	9 Months Ended
ASSET RETIREMENT OBLIGATIONS (Tables)	Sep. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligation Changes	A roll-forward of the Company’s asset retirement obligation is as follows (in thousands): Amount Balance as of December 31, 2022 $ 291,026 Additional liabilities incurred 42,549 Accretion expense 12,134 Liabilities settled (15,340) Balance as of September 30, 2023 $ 330,369 Current portion 25,557 Long-term portion $ 304,812

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
EARNINGS PER SHARE (Tables)	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following table sets forth the calculations of basic and diluted net income per common share (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income $ 139,672 $ 405,752 $ 481,420 $ 966,212 Basic net income per common share $ 1.57 $ 4.77 $ 5.75 $ 11.37 Diluted net income per common share $ 1.56 $ 4.74 $ 5.70 $ 11.30 Weighted-average shares outstanding - basic 88,911 85,069 83,700 84,968 Add: dilutive effect of stock awards 720 485 768 527 Weighted-average shares outstanding - diluted 89,631 85,554 84,468 85,495

LEASES (Tables)

LEASES (Tables)	9 Months Ended
LEASES (Tables)	Sep. 30, 2023
Leases [Abstract]
Schedule of Balance Sheet Activity, Asset Classes	The following table summarizes the asset classes of the Company’s leases (in thousands): September 30, 2023 December 31, 2022 Operating Leases Field equipment (1) $ 64,076 $ 15,131 Corporate leases 6,140 8,235 Vehicles 4,446 759 Total right-of-use asset $ 74,662 $ 24,125 Field equipment (1) $ 64,132 $ 15,131 Corporate leases 6,796 8,898 Vehicles 4,446 759 Total lease liability $ 75,374 $ 24,788 Finance Leases Right of use asset - field equipment $ 17,104 $ — Lease liability - field equipment $ 17,131 $ — ____________________________ (1) Includes drilling rigs, compressors, certain natural gas processing equipment, and other field equipment.
Schedule of Future Minimum Commitments for Operating Leases	Future commitments by year for the Company’s leases with a lease term of greater than one year as of September 30, 2023 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the accompanying balance sheets as follows (in thousands): Operating Leases Finance Leases Remainder of 2023 $ 11,103 $ 992 2024 39,100 4,210 2025 21,887 4,277 2026 5,554 4,020 2027 2,138 3,683 Thereafter 654 2,810 Total lease payments 80,436 19,992 Less: imputed interest (5,062) (2,861) Total lease liability $ 75,374 $ 17,131
Schedule of Future Minimum Commitments for Finance Leases	Future commitments by year for the Company’s leases with a lease term of greater than one year as of September 30, 2023 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the accompanying balance sheets as follows (in thousands): Operating Leases Finance Leases Remainder of 2023 $ 11,103 $ 992 2024 39,100 4,210 2025 21,887 4,277 2026 5,554 4,020 2027 2,138 3,683 Thereafter 654 2,810 Total lease payments 80,436 19,992 Less: imputed interest (5,062) (2,861) Total lease liability $ 75,374 $ 17,131

SUPPLEMENTAL DISCLOSURES OF C_2

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Tables)	9 Months Ended
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Tables)	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Supplemental Cash Flow Information	Supplemental cash flow disclosures are presented below (in thousands): Nine Months Ended September 30, 2023 2022 Supplemental cash flow information: Cash (paid) refunded for income taxes $ 7,861 $ (59,800) Cash paid for interest (17,110) (17,124) Supplemental non-cash investing activities: Non-cash investing activities 1,065,901 — Non-cash financing activities 990,204 — Changes in working capital related to capital expenditures (112,454) 33

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Sep. 30, 2023
Equity [Abstract]
Schedule of Dividends Paid	The following table summarizes the dividends declared for the nine months ended September 30, 2023 and 2022: Base Variable Total Total (per share) (per share) (per share) (in thousands) 2023: First quarter $ 0.50 $ 1.65 $ 2.15 $ 176,878 Second quarter $ 0.50 $ 1.62 $ 2.12 $ 173,358 Third Quarter $ 0.50 $ 1.24 $ 1.74 $ 167,010 2022: First quarter $ 0.46 $ 0.75 $ 1.21 $ 104,444 Second quarter $ 0.46 $ 0.90 $ 1.36 $ 117,151 Third Quarter $ 0.46 $ 1.30 $ 1.76 $ 151,729

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	Aug. 02, 2023	Mar. 01, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Transaction costs			$ 28,450	$ 1,814	$ 60,077	$ 23,766
Hibernia Acquisition and Tap Rock Acquisition
Business Acquisition [Line Items]
Revenue, included in statements of operations			$ 124,100		$ 182,600
Hibernia Acquisition
Business Acquisition [Line Items]
Cash consideration	$ 2,200,000
Net assets acquired	2,179,561
Tap Rock Acquisition
Business Acquisition [Line Items]
Cash consideration	1,508,143
Total consideration	2,498,347
Net assets acquired	$ 2,498,347
Bison Acquisition
Business Acquisition [Line Items]
Total consideration		$ 280,400
Net assets acquired		294,000
Bargain purchase gain		$ 13,600

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES - Purchase Price Allocation (Details) $ in Thousands	Aug. 02, 2023 USD ($)
Hibernia Acquisition
Assets Acquired
Cash and cash equivalents	$ 30,671
Accounts receivable - oil and natural gas sales	89,766
Accounts receivable - joint interest and other	4,874
Proved properties	2,123,791
Unproved properties	115,802
Other property and equipment	520
Right-of-use assets	30,393
Total assets acquired	2,395,817
Liabilities Assumed
Accounts payable and accrued expenses	91,977
Production taxes payable	10,320
Oil and natural gas revenue distribution payable	75,267
Asset retirement obligations	8,299
Lease liability	30,393
Total liabilities assumed	216,256
Net assets acquired	2,179,561
Tap Rock Acquisition
Assets Acquired
Cash and cash equivalents	6,543
Accounts receivable - oil and natural gas sales	106,255
Accounts receivable - joint interest and other	31,300
Prepaid expenses and other	22,013
Proved properties	2,377,649
Unproved properties	298,859
Other property and equipment	12,827
Right-of-use assets	626
Total assets acquired	2,856,072
Liabilities Assumed
Accounts payable and accrued expenses	179,626
Production taxes payable	15,557
Oil and natural gas revenue distribution payable	78,758
Ad valorem taxes	1,374
Asset retirement obligations	31,518
Lease liability	626
Deferred revenue	50,266
Total liabilities assumed	357,725
Net assets acquired	$ 2,498,347

ACQUISITIONS AND DIVESTITURES_3

ACQUISITIONS AND DIVESTITURES - Consideration Transferred (Details) - Tap Rock Acquisition $ / shares in Units, $ in Thousands	Aug. 02, 2023 USD ($) $ / shares shares
Business Acquisition [Line Items]
Cash consideration	$ 1,508,143
Closing price per share (in dollars per share) \| $ / shares	$ 73.14
Equity consideration	$ 990,204
Total consideration	$ 2,498,347
Common Stock
Business Acquisition [Line Items]
Shares of common stock issued (in shares) \| shares	13,538,472

ACQUISITIONS AND DIVESTITURES_4

ACQUISITIONS AND DIVESTITURES - Pro Forma Information (Details) - Hibernia Acquisition and Tap Rock Acquisition - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Total revenue	$ 1,157,615	$ 1,575,493	$ 3,306,345	$ 4,542,055
Net income	$ 179,307	$ 597,835	$ 686,951	$ 1,413,135
Net income per common share - basic (in dollars per share)	$ 1.91	$ 6.06	$ 7.28	$ 14.35
Net income per common share - diluted (in dollars per share)	$ 1.90	$ 6.03	$ 7.22	$ 14.27

REVENUE RECOGNITION - Schedule

REVENUE RECOGNITION - Schedule of Revenue by Revenue Stream (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Oil and natural gas sales	$ 1,035,916	$ 1,007,951	$ 2,352,464	$ 2,977,125
DJ Basin
Disaggregation of Revenue [Line Items]
Oil and natural gas sales	729,224	1,007,951	2,045,772	2,977,125
Permian Basin
Disaggregation of Revenue [Line Items]
Oil and natural gas sales	306,692	0	306,692	0
Oil
Disaggregation of Revenue [Line Items]
Oil and natural gas sales	841,676	653,548	1,843,093	1,981,308
Oil \| DJ Basin
Disaggregation of Revenue [Line Items]
Oil and natural gas sales	583,081	653,548	1,584,498	1,981,308
Oil \| Permian Basin
Disaggregation of Revenue [Line Items]
Oil and natural gas sales	258,595	0	258,595	0
Natural gas
Disaggregation of Revenue [Line Items]
Oil and natural gas sales	81,335	216,917	230,254	535,918
Deferred revenue recognized	400		400
Natural gas \| DJ Basin
Disaggregation of Revenue [Line Items]
Oil and natural gas sales	68,641	216,917	217,560	535,918
Natural gas \| Permian Basin
Disaggregation of Revenue [Line Items]
Oil and natural gas sales	12,694	0	12,694	0
Natural gas liquids (“NGL”)
Disaggregation of Revenue [Line Items]
Oil and natural gas sales	112,905	137,486	279,117	459,899
Deferred revenue recognized	400		400
Natural gas liquids (“NGL”) \| DJ Basin
Disaggregation of Revenue [Line Items]
Oil and natural gas sales	77,502	137,486	243,714	459,899
Natural gas liquids (“NGL”) \| Permian Basin
Disaggregation of Revenue [Line Items]
Oil and natural gas sales	$ 35,403	$ 0	$ 35,403	$ 0

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Receivable from contracts with customers	$ 573,077	$ 343,500

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable trade	$ 85,938	$ 31,783
Accrued drilling and completion costs	249,625	137,171
Accrued lease operating expense	70,722	18,109
Accrued gathering, transportation, and processing	80,441	59,398
Accrued general and administrative expense	19,282	20,054
Accrued transaction costs	6,410	0
Accrued commodity derivative settlements	20,599	12,514
Accrued interest expense	75,183	5,509
Accrued settlement	1,727	1,497
Other accrued expenses	35,287	9,262
Total accounts payable and accrued expenses	$ 645,214	$ 295,297

LONG-TERM DEBT - Schedule of Ca

LONG-TERM DEBT - Schedule of Carrying Values (Details) - Senior Notes - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
LONG-TERM DEBT
Principal Amount	$ 3,100,000
Unamortized Discount	33,009
Unamortized Deferred Financing Costs	17,103
Principal Amount, Net	3,049,888
2026 Senior Notes
LONG-TERM DEBT
Principal Amount	400,000	$ 400,000
Unamortized Discount	0	0
Unamortized Deferred Financing Costs	5,489	6,707
Principal Amount, Net	394,511	$ 393,293
2028 Senior Notes
LONG-TERM DEBT
Principal Amount	1,350,000
Unamortized Discount	16,409
Unamortized Deferred Financing Costs	5,773
Principal Amount, Net	1,327,818
2031 Senior Notes
LONG-TERM DEBT
Principal Amount	1,350,000
Unamortized Discount	16,600
Unamortized Deferred Financing Costs	5,841
Principal Amount, Net	$ 1,327,559

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details)

3 Months Ended

9 Months Ended

Jun. 29, 2023 USD ($)

May 01, 2022

Apr. 20, 2022 USD ($)

Nov. 01, 2021

Oct. 13, 2021 USD ($) agency

Sep. 30, 2023 USD ($)

Sep. 30, 2022 USD ($)

Sep. 30, 2023 USD ($)

Sep. 30, 2022 USD ($)

Aug. 02, 2023 USD ($)

Aug. 01, 2023 USD ($)

Jun. 23, 2023 USD ($) bridge_loan_facility

Dec. 31, 2022 USD ($)

Oct. 27, 2022 USD ($)

Apr. 30, 2021 USD ($)

LONG-TERM DEBT

Proceeds from issuance of senior notes

$ 2,666,250,000

$ 0

Transaction costs

$ 28,450,000

$ 1,814,000

60,077,000

23,766,000

Interest expense

76,500,000

7,500,000

92,700,000

24,700,000

Capitalized interest

$ 0

Revolving credit facility

LONG-TERM DEBT

Minimum current ratio covenant

Amended Credit Agreement | Revolving credit facility

LONG-TERM DEBT

Maximum borrowing capacity

$ 4,000,000,000

$ 2,000,000,000

Covenant, minimum percentage of mortgage on total value of certain proved oil and gas properties

90%

Maximum net leverage ratio

Borrowing base amount

3,000,000,000

$ 1,850,000,000

Elected commitments

$ 1,000,000,000

$ 1,850,000,000

Amended Credit Agreement | Revolving credit facility | Fed Funds Effective Rate Overnight Index Swap Rate

LONG-TERM DEBT

Basis spread on variable rate

0.50%

Amended Credit Agreement | Revolving credit facility | SOFR

LONG-TERM DEBT

Basis spread on variable rate

Basis spread on variable rate, floor

0.50%

Amended Credit Agreement | Revolving credit facility | SOFR | Minimum

LONG-TERM DEBT

Basis spread on variable rate

Amended Credit Agreement | Revolving credit facility | SOFR | Maximum

LONG-TERM DEBT

Basis spread on variable rate

Amended Credit Agreement | Revolving credit facility | SOFR, Plus Basis Spread One

LONG-TERM DEBT

Basis spread on variable rate, floor

1.50%

Amended Credit Agreement | Revolving credit facility | SOFR, Plus Basis Spread One | Minimum

LONG-TERM DEBT

Basis spread on variable rate

Amended Credit Agreement | Revolving credit facility | SOFR, Plus Basis Spread One | Maximum

LONG-TERM DEBT

Basis spread on variable rate

Amended Credit Agreement | HighPoint Merger | Revolving credit facility

LONG-TERM DEBT

Deferred financing costs, gross

36,100,000

$ 8,500,000

Deferred financing costs, net

28,600,000

5,500,000

Debt issuance costs

7,500,000

3,000,000

Bridge Loans Credit Facilities | Hibernia Acquisition | Bridge Loan

LONG-TERM DEBT

Aggregate principal amount

$ 2,700,000,000

Number of separate 364-day bridge loan facilities | bridge_loan_facility

Total secured leverage test

Transaction costs

500,000

21,000,000

Senior Notes

LONG-TERM DEBT

Debt issuance costs

17,103,000

Senior Notes | Senior Notes due 2028, 8.375% and Senior Notes due 2031, 8.750%

LONG-TERM DEBT

Proceeds from issuance of senior notes

$ 2,670,000,000

Debt issuance costs

$ 33,800,000

Senior Notes | Senior Notes due 2028, 8.375% and Senior Notes due 2031, 8.750% | Debt Instrument, Redemption, Period Eight

LONG-TERM DEBT

Percentage of principal amount redeemed

65%

Redemption period, after date of closing of equity offering

180 days

Senior Notes | Senior Notes due 2028, 8.375%

LONG-TERM DEBT

Interest rate (as a percent)

8.375%

Aggregate principal amount

$ 1,350,000,000

Debt issuance costs

5,773,000

Senior Notes | Senior Notes due 2028, 8.375% | Debt Instrument, Redemption, Period Four

LONG-TERM DEBT

Redemption price, percentage

104.188%

Senior Notes | Senior Notes due 2028, 8.375% | Debt Instrument, Redemption, Period Five

LONG-TERM DEBT

Redemption price, percentage

102.094%

Senior Notes | Senior Notes due 2028, 8.375% | Debt Instrument, Redemption, Period Six

LONG-TERM DEBT

Redemption price, percentage

100%

Senior Notes | Senior Notes due 2028, 8.375% | Debt Instrument, Redemption, Period Seven

LONG-TERM DEBT

Redemption price, percentage

108.375%

Percentage of principal amount redeemed

35%

Senior Notes | Senior Notes due 2031, 8.750%

LONG-TERM DEBT

Interest rate (as a percent)

8.75%

Aggregate principal amount

$ 1,350,000,000

Debt issuance costs

5,841,000

Senior Notes | Senior Notes due 2031, 8.750% | Debt Instrument, Redemption, Period Four

LONG-TERM DEBT

Redemption price, percentage

104.375%

Senior Notes | Senior Notes due 2031, 8.750% | Debt Instrument, Redemption, Period Five

LONG-TERM DEBT

Redemption price, percentage

102.188%

Senior Notes | Senior Notes due 2031, 8.750% | Debt Instrument, Redemption, Period Six

LONG-TERM DEBT

Redemption price, percentage

100%

Senior Notes | Senior Notes due 2031, 8.750% | Debt Instrument, Redemption, Period Seven

LONG-TERM DEBT

Redemption price, percentage

108.75%

Percentage of principal amount redeemed

35%

Senior Notes | Senior Notes due 2026, 5.0%

LONG-TERM DEBT

Interest rate (as a percent)

Aggregate principal amount

$ 400,000,000

Covenant, investment-grade rating, number of ratings agencies (at least) | agency

Debt issuance costs

$ 5,489,000

$ 6,707,000

Senior Notes | Senior Notes due 2026, 5.0% | Debt Instrument, Redemption, Period One

LONG-TERM DEBT

Percentage of principal amount redeemed

35%

Redemption period, after date of closing of equity offering

180 days

Senior Notes | Senior Notes due 2026, 5.0% | Debt Instrument, Redemption, Period Two

LONG-TERM DEBT

Redemption price, percentage

102.50%

Percentage of principal amount not redeemed

65%

Senior Notes | Senior Notes due 2026, 5.0% | Debt Instrument, Redemption, Period Three

LONG-TERM DEBT

Redemption price, percentage

101.25%

Senior Notes | Senior Notes due 2026, 5.0% | Debt Instrument, Redemption, Period Four

LONG-TERM DEBT

Redemption price, percentage

100%

Senior Notes | Senior Notes due 2026, 5.0% | Debt Instrument, Redemption, Period Five

LONG-TERM DEBT

Redemption price, percentage

105%

Senior Notes | Senior Notes due 2026, 7.50% | HighPoint Merger

LONG-TERM DEBT

Interest rate (as a percent)

7.50%

Aggregate principal amount

$ 100,000,000

Senior Notes | Senior Notes due 2026, 7.50% | HighPoint Merger | Debt Instrument, Redemption, Period Two

LONG-TERM DEBT

Redemption price, percentage

100%

LONG-TERM DEBT - Schedule of De

LONG-TERM DEBT - Schedule of Debt Outstanding and Borrowing Capacity (Details) - Line of Credit - USD ($) $ in Thousands	Nov. 07, 2023	Sep. 30, 2023	Dec. 31, 2022
Revolving credit facility and Letters of credit
LONG-TERM DEBT
Available borrowing capacity		$ 1,197,900	$ 987,900
Total aggregate elected commitments		1,850,000	1,000,000
Revolving credit facility and Letters of credit \| Subsequent Event
LONG-TERM DEBT
Available borrowing capacity	$ 1,847,900
Total aggregate elected commitments	1,850,000
Revolving credit facility
LONG-TERM DEBT
Credit facility outstanding		650,000	0
Revolving credit facility \| Subsequent Event
LONG-TERM DEBT
Credit facility outstanding	0
Letters of credit
LONG-TERM DEBT
Credit facility outstanding		$ 2,100	$ 12,100
Letters of credit \| Subsequent Event
LONG-TERM DEBT
Credit facility outstanding	$ 2,100

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) plant bbl horizontal_well	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) plant bbl horizontal_well Bcf bbl MMcf	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Unused commitments	$ 3,942	$ 193	$ 4,696	$ 2,700
Pipeline Transportation Commitment
Loss Contingencies [Line Items]
Minimum volume transportation charges, barrels per day requirement thereafter through April 2025 (in barrels per day) \| bbl	12,500		12,500
Financial commitment	$ 28,500		$ 28,500
Natural Gas and Fresh Water \| Natural Gas and Fresh Water Commitment
Loss Contingencies [Line Items]
Financial commitment	0		0
NGL Crude Logistics \| Crude Oil \| Crude Oil Commitment
Loss Contingencies [Line Items]
Financial commitment	$ 11,700		$ 11,700
Maximum volume requirement \| bbl			20,000
Third-Party Midstream Provider
Loss Contingencies [Line Items]
Number of qualifying wells required to be drilled \| horizontal_well	106		106
Minimum number of qualifying wells required to be drilled, period ending December 31, 2026			2 years
Third-Party Midstream Provider \| Natural gas contracts \| Natural Gas Commitment and Take-In-Kind Natural Gas Liquids Commitment
Loss Contingencies [Line Items]
Financial commitment	$ 109,700		$ 109,700
Unused commitments	3,600
Expected shortfall payments	$ 31,900		$ 31,900
Remaining term			6 years
Third-Party Midstream Provider \| Natural gas contracts \| Natural Gas Commitment
Loss Contingencies [Line Items]
Annual minimum volume requirement \| Bcf			13
Third-Party Midstream Provider \| Natural gas contracts \| Take-In-Kind Natural Gas Liquids Commitment
Loss Contingencies [Line Items]
Daily sales commitment requirement, through year seven \| bbl			7,500
Monthly roll forward shortfall requirement, percent (up to)			10%
Third-Party Producers and a Third-Party Midstream Provider \| Natural gas contracts \| Natural Gas Commitment
Loss Contingencies [Line Items]
Number of different plants \| plant	2		2
Daily baseline volume requirement \| MMcf			65
Daily baseline volume requirement, term			7 years
Third-Party Producers and a Third-Party Midstream Provider \| Natural gas contracts \| Natural Gas Commitment \| Minimum
Loss Contingencies [Line Items]
Daily incremental volume requirement \| MMcf			51.5
Third-Party Producers and a Third-Party Midstream Provider \| Natural gas contracts \| Natural Gas Commitment \| Maximum
Loss Contingencies [Line Items]
Daily incremental volume requirement \| MMcf			20.6
Water Suppliers \| Natural Gas and Fresh Water \| Natural Gas and Fresh Water Commitment
Loss Contingencies [Line Items]
Financial commitment	$ 9,000		$ 9,000
Sterling Energy Investments LLC Versus HighPoint Operating Corporation Litigation \| Pending Litigation
Loss Contingencies [Line Items]
Accrued litigation liability	$ 800		$ 800		$ 700

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of Purchase Obligations (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Firm Transportation
Long-term Purchase Commitment [Line Items]
Remainder of 2023	$ 4,531
2024	18,026
2025	5,910
2026	0
2027	0
2028 and thereafter	0
Total	28,467
Minimum Volume
Long-term Purchase Commitment [Line Items]
Remainder of 2023	21,688
2024	20,655
2025	21,349
2026	17,598
2027	16,900
2028 and thereafter	32,240
Total	$ 130,430

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Nov. 30, 2021	Sep. 30, 2021	Apr. 30, 2017
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value, options exercised	$ 0.5
LTIP \| Restricted Stock Units (RSUs) and Deferred Stock Units (DSUs) \| Non-executive Board Members
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of units granted	$ 39.7
LTIP \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares released upon vesting (in shares)	1
LTIP \| Restricted Stock Units (RSUs) \| Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
LTIP \| Restricted Stock Units (RSUs) \| Vesting Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
LTIP \| Restricted Stock Units (RSUs) \| Vesting Period Two, Anniversary One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent of shares	50%
LTIP \| Restricted Stock Units (RSUs) \| Vesting Period Two, Anniversary Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent of shares	50%
LTIP \| Restricted Stock Units (RSUs) \| Vesting Period Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
LTIP \| Restricted Stock Units (RSUs) \| Vesting Period Three, Anniversary One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent of shares	33%
LTIP \| Restricted Stock Units (RSUs) \| Vesting Period Three, Anniversary Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent of shares	33%
LTIP \| Restricted Stock Units (RSUs) \| Vesting Period Three, Anniversary Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent of shares	33%
LTIP \| Deferred Stock Units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares released upon vesting (in shares)	1
LTIP \| Deferred Stock Units (DSUs) \| Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
LTIP \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
LTIP \| Performance Stock Units (PSUs) \| Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Fair value of units granted	$ 25.8
Number of trading days	30 days
LTIP \| Performance Stock Units (PSUs) \| Officers \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ratio at which award holders get common stock of the company	0
LTIP \| Performance Stock Units (PSUs) \| Officers \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ratio at which award holders get common stock of the company	2.25
LTIP \| Performance Stock Units (PSUs), Granted Prior to Fiscal Year 2023 \| Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ratio at which award holders get common stock of the company	2
2017 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)				2,467,430
2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)			700,000
Extraction Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)		3,305,080

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Expenses (Details) - LTIP - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 8,302	$ 10,244	$ 25,577	$ 24,469
Restricted and deferred stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	4,711	5,809	13,905	14,991
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 3,591	$ 4,435	$ 11,672	$ 9,478

STOCK-BASED COMPENSATION - Unre

STOCK-BASED COMPENSATION - Unrecognized Compensation Expense (Details) - LTIP $ in Thousands	Sep. 30, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation	$ 62,870
Restricted and deferred stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation	39,645
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation	$ 23,225

STOCK-BASED COMPENSATION - Acti

STOCK-BASED COMPENSATION - Activity of Non-Option Awards (Details) - LTIP	9 Months Ended
	Sep. 30, 2023 $ / shares shares
RSUs and DSUs
Stock Units
Non-vested, beginning of year (in shares) \| shares	675,898
Granted (in shares) \| shares	549,127
Vested (in shares) \| shares	(364,159)
Forfeited (in shares) \| shares	(48,866)
Non-vested, end of period (in shares) \| shares	812,000
Weighted-Average Grant-Date Fair Value
Non-vested, beginning of year (in dollars per share) \| $ / shares	$ 50.27
Granted (in dollars per share) \| $ / shares	72.30
Vested (in dollars per share) \| $ / shares	47.30
Forfeited (in dollars per share) \| $ / shares	58.78
Non-vested, end of period (in dollars per share) \| $ / shares	$ 65.99
PSUs \| Officers
Stock Units
Non-vested, beginning of year (in shares) \| shares	345,999
Granted (in shares) \| shares	247,421
Vested (in shares) \| shares	(89,901)
Forfeited (in shares) \| shares	(73,759)
Expired (in shares) \| shares	(242)
Non-vested, end of period (in shares) \| shares	429,518
Weighted-Average Grant-Date Fair Value
Non-vested, beginning of year (in dollars per share) \| $ / shares	$ 77.42
Granted (in dollars per share) \| $ / shares	104.44
Vested (in dollars per share) \| $ / shares	78.49
Forfeited (in dollars per share) \| $ / shares	87.49
Expired (in dollars per share) \| $ / shares	18.26
Non-vested, end of period (in dollars per share) \| $ / shares	$ 91.07
Target amount multiplier	1
PSUs \| Minimum \| Officers
Weighted-Average Grant-Date Fair Value
Ratio at which award holders get common stock of the company	0
PSUs \| Maximum \| Officers
Weighted-Average Grant-Date Fair Value
Ratio at which award holders get common stock of the company	2.25
PSUs, Granted Prior to Fiscal Year 2023 \| Officers
Weighted-Average Grant-Date Fair Value
Ratio at which award holders get common stock of the company	2

STOCK-BASED COMPENSATION - Ac_2

STOCK-BASED COMPENSATION - Activity of Stock Options (Details) - LTIP - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023
Stock Options
Outstanding, beginning of year (shares)	15,170
Exercised (shares)	(13,928)
Expired (shares)	(111)
Outstanding, end of period (shares)	1,131
Options outstanding and exercisable (shares)	1,131
Weighted- Average Exercise Price
Outstanding, beginning of year (in dollars per share)	$ 34.36
Exercised (in dollars per share)	34.36
Expired (in dollars per share)	34.36
Outstanding, end of period (in dollars per share)	34.36
Options outstanding and exercisable (in dollars per share)	$ 34.36
Additional Information
Outstanding, Weighted-Average Remaining Contractual Term (in years)	3 years 7 months 6 days
Options outstanding and exercisable, Weighted-Average Remaining Contractual Term (in years)	3 years 7 months 6 days
Outstanding, Aggregate Intrinsic Value (in thousands)	$ 49
Options outstanding and exercisable, Aggregate Intrinsic Value (in thousands)	$ 49

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Non-financial Assets and Liabilities (Details) - Estimate of Fair Value Measurement - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Level 1
Financial assets and liabilities accounted for at fair value
Derivative assets	$ 0	$ 0
Derivative liabilities	0	0
Level 2
Financial assets and liabilities accounted for at fair value
Derivative assets	8,930	3,284
Derivative liabilities	136,821	63,533
Level 3
Financial assets and liabilities accounted for at fair value
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	Nov. 01, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Financial assets and liabilities accounted for at fair value
Proved oil and gas property impairments		$ 0	$ 0	$ 0	$ 0
Abandonment and impairment of unproved properties		0	$ 0	0	$ 17,975,000
Extraction Merger \| Tranche A and Tranche B Warrants
Financial assets and liabilities accounted for at fair value
Fair value allocated to consideration transferred	$ 77,500,000
2026 Senior Notes \| Senior Notes \| Level 1
Financial assets and liabilities accounted for at fair value
Long-term debt, fair value		375,400,000		375,400,000
2028 Senior Notes \| Senior Notes \| Level 1
Financial assets and liabilities accounted for at fair value
Long-term debt, fair value		1,380,000,000		1,380,000,000
2031 Senior Notes \| Senior Notes \| Level 1
Financial assets and liabilities accounted for at fair value
Long-term debt, fair value		$ 1,380,000,000		$ 1,380,000,000

DERIVATIVES - Commodity Derivat

DERIVATIVES - Commodity Derivatives (Details) - Scenario, Forecast	3 Months Ended					12 Months Ended
	Dec. 31, 2024 MMBTU $ / bbl $ / MMBTU bbl	Sep. 30, 2024 MMBTU $ / MMBTU $ / gal $ / bbl bbl	Jun. 30, 2024 MMBTU $ / MMBTU $ / bbl $ / gal bbl	Mar. 31, 2024 MMBTU $ / bbl $ / MMBTU $ / gal bbl	Dec. 31, 2023 MMBTU $ / bbl $ / MMBTU bbl	Jun. 30, 2025 MMBTU $ / bbl $ / gal $ / MMBTU bbl
Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) \| Swaps
Derivative [Line Items]
NYMEX WTI Volumes (in unit per day) \| bbl	8,997	10,536	11,991	12,727	29,161
Weighted-Average Contract Price (in dollars per unit) \| $ / bbl	69.46	68.87	68.75	70.39	71.83
Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) \| Swaps \| Subsequent Event
Derivative [Line Items]
NYMEX WTI Volumes (in unit per day) \| bbl		10,536	11,991	12,727	29,161	3,032
Weighted-Average Contract Price (in dollars per unit) \| $ / bbl		68.87	68.75	70.39	71.83	69.46
Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) \| Two-Way Collars
Derivative [Line Items]
NYMEX WTI Volumes (in unit per day) \| bbl	8,504	9,324	10,430	11,913	9,392
Weighted-Average Ceiling Price (in dollars per unit) \| $ / bbl	79.85	80.27	80.83	81.51	82.28
Weighted-Average Floor Price (in dollars per unit) \| $ / bbl	58	58	58	58	60
Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) \| Two-Way Collars \| Subsequent Event
Derivative [Line Items]
NYMEX WTI Volumes (in unit per day) \| bbl		18,324	22,930	25,913	9,392	10,708
Weighted-Average Ceiling Price (in dollars per unit) \| $ / bbl		83.26	85.91	88.38	82.28	80.99
Weighted-Average Floor Price (in dollars per unit) \| $ / bbl		63.89	64.54	64.48	60	66.79
Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) \| Three-Way Collars
Derivative [Line Items]
NYMEX WTI Volumes (in unit per day) \| bbl				573	1,172
Weighted-Average Ceiling Price (in dollars per unit) \| $ / bbl				56.25	56.49
Weighted-Average Floor Price (in dollars per unit) \| $ / bbl				45	49.04
Weighted-Average Sold Put Price (in dollars per unit) \| $ / bbl				35	39.04
Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) \| Three-Way Collars \| Subsequent Event
Derivative [Line Items]
NYMEX WTI Volumes (in unit per day) \| bbl				573	1,172
Weighted-Average Ceiling Price (in dollars per unit) \| $ / bbl				56.25	56.49
Weighted-Average Floor Price (in dollars per unit) \| $ / bbl				45	49.04
Weighted-Average Sold Put Price (in dollars per unit) \| $ / bbl				35	39.04
Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) \| Bought Puts
Derivative [Line Items]
NYMEX WTI Volumes (in unit per day) \| bbl	5,669	6,216	6,953	7,942
Weighted-Average Contract Price (in dollars per unit) \| $ / bbl	55	55	55	55
Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) \| Puts \| Subsequent Event
Derivative [Line Items]
NYMEX WTI Volumes (in unit per day) \| bbl		6,216	6,953	7,942		1,911
Weighted-Average Strike Price (in dollars per unit) \| $ / gal		55	55	55		55
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/million British thermal units (“MMBtu”)) \| Swaps
Derivative [Line Items]
Weighted-Average Contract Price (in dollars per unit)	4.23	2.66	2.68	2.69	2.60
NYMEX HH Volumes and CIG NYMEX HH Volumes (in unit per day) \| MMBTU	1,701	31,578	31,686	31,790	45,947
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/million British thermal units (“MMBtu”)) \| Swaps \| Subsequent Event
Derivative [Line Items]
Weighted-Average Contract Price (in dollars per unit)		2.66	2.68	2.69	2.60	4.23
NYMEX HH Volumes and CIG NYMEX HH Volumes (in unit per day) \| MMBTU		31,578	31,686	31,790	45,947	573
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/million British thermal units (“MMBtu”)) \| Two-Way Collars
Derivative [Line Items]
Weighted-Average Ceiling Price (in dollars per unit)		3.16	2.89	3.16	2.96
Weighted-Average Floor Price (in dollars per unit)		2.50	2.20	2.50	2.38
NYMEX HH Volumes and CIG NYMEX HH Volumes (in unit per day) \| MMBTU		1,668	1,732	736	1,756
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/million British thermal units (“MMBtu”)) \| Two-Way Collars \| Subsequent Event
Derivative [Line Items]
Weighted-Average Ceiling Price (in dollars per unit)		3.16	2.89	3.16	2.96
Weighted-Average Floor Price (in dollars per unit)		2.50	2.20	2.50	2.38
NYMEX HH Volumes and CIG NYMEX HH Volumes (in unit per day) \| MMBTU		1,668	1,732	736	1,756
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/million British thermal units (“MMBtu”)) \| Three-Way Collars
Derivative [Line Items]
Weighted-Average Ceiling Price (in dollars per unit)			3.42	3.50
Weighted-Average Floor Price (in dollars per unit)			2.50	2.50
Weighted-Average Sold Put Price (in dollars per unit)			2	2
NYMEX HH Volumes and CIG NYMEX HH Volumes (in unit per day) \| MMBTU			55	1,166
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/million British thermal units (“MMBtu”)) \| Three-Way Collars \| Subsequent Event
Derivative [Line Items]
Weighted-Average Ceiling Price (in dollars per unit)			3.42	3.50
Weighted-Average Floor Price (in dollars per unit)			2.50	2.50
Weighted-Average Sold Put Price (in dollars per unit)			2	2
NYMEX HH Volumes and CIG NYMEX HH Volumes (in unit per day) \| MMBTU			55	1,166
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/million British thermal units (“MMBtu”)) \| Basis Protection Swaps
Derivative [Line Items]
Weighted-Average Contract Price (in dollars per unit)		(0.27)	(0.27)	(0.27)	(0.46)
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/million British thermal units (“MMBtu”)) \| Basis Protection Swaps \| Subsequent Event
Derivative [Line Items]
Weighted-Average Contract Price (in dollars per unit)		(0.27)	(0.27)	(0.27)	(0.46)
Natural Gas (CIG) \| Basis Protection Swaps
Derivative [Line Items]
NYMEX HH Volumes and CIG NYMEX HH Volumes (in unit per day) \| MMBTU		33,246	33,473	33,691	47,703
Natural Gas (CIG) \| Basis Protection Swaps \| Subsequent Event
Derivative [Line Items]
NYMEX HH Volumes and CIG NYMEX HH Volumes (in unit per day) \| MMBTU		33,246	33,473	33,691	47,703

DERIVATIVES - Derivative Positi

DERIVATIVES - Derivative Positions (Details) - Commodity - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative Assets:
Total derivative assets	$ 8,930	$ 3,284
Amounts not offset in the accompanying balance sheets	(906)	0
Total derivative assets, net	8,024	3,284
Derivative Liabilities:
Total derivative liabilities	(136,821)	(63,533)
Amounts not offset in the accompanying balance sheets	906	0
Total derivative liabilities, net	(135,915)	(63,533)
Commodity contracts - current
Derivative Assets:
Total derivative assets	7,058	2,490
Commodity contracts - noncurrent
Derivative Assets:
Total derivative assets	1,872	794
Commodity contracts - current
Derivative Liabilities:
Total derivative liabilities	(126,053)	(46,334)
Commodity contracts - long-term
Derivative Liabilities:
Total derivative liabilities	$ (10,768)	$ (17,199)

DERIVATIVES - Derivative Loss (

DERIVATIVES - Derivative Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Components of the derivative gain (loss)
Total derivative gain (loss)	$ (150,661)	$ 9,281	$ (120,574)	$ (358,862)
Commodity derivative
Components of the derivative gain (loss)
Total derivative cash settlement loss	(33,022)	(143,911)	(44,907)	(492,120)
Change in fair value gain (loss)	(117,639)	153,192	(75,667)	133,258
Total derivative gain (loss)	(150,661)	9,281	(120,574)	(358,862)
Commodity derivative \| Oil contracts
Components of the derivative gain (loss)
Total derivative cash settlement loss	(32,397)	(67,623)	(38,010)	(307,563)
Commodity derivative \| Natural gas contracts
Components of the derivative gain (loss)
Total derivative cash settlement loss	(625)	(66,610)	(6,897)	(149,485)
Commodity derivative \| NGL contracts
Components of the derivative gain (loss)
Total derivative cash settlement loss	$ 0	$ (9,678)	$ 0	$ (35,072)

ASSET RETIREMENT OBLIGATIONS -

ASSET RETIREMENT OBLIGATIONS - Schedule of Roll-Forward Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Change in asset retirement obligations
Balance as of December 31, 2022	$ 291,026
Additional liabilities incurred	42,549
Accretion expense	12,134
Liabilities settled	(15,340)
Balance as of September 30, 2023	330,369
Current portion	25,557	$ 25,557
Long-term portion	$ 304,812	$ 265,469

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details)	3 Months Ended		9 Months Ended
EARNINGS PER SHARE - Narrative (Details)	Sep. 30, 2023 shares	Sep. 30, 2022 shares	Sep. 30, 2023 shares	Sep. 30, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from EPS calculation (in shares)	10,103	109,519	7,437	68,171
LTIP \| Performance Stock Units (PSUs), Granted Prior to Fiscal Year 2023 \| Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ratio at which award holders get common stock of the company			2
LTIP \| Minimum \| Performance Stock Units (PSUs) \| Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ratio at which award holders get common stock of the company			0
LTIP \| Maximum \| Performance Stock Units (PSUs) \| Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ratio at which award holders get common stock of the company			2.25

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income, basic	$ 139,672	$ 139,287	$ 202,461	$ 405,752	$ 468,821	$ 91,639	$ 481,420	$ 966,212
Net income, diluted	$ 139,672			$ 405,752			$ 481,420	$ 966,212
Basic net income per common share (in dollars per share)	$ 1.57			$ 4.77			$ 5.75	$ 11.37
Diluted net income per common share (in dollars per share)	$ 1.56			$ 4.74			$ 5.70	$ 11.30
Weighted-average shares outstanding - basic (in shares)	88,911			85,069			83,700	84,968
Add: dilutive effect of contingent stock awards (in shares)	720			485			768	527
Weighted-average shares outstanding - diluted (in shares)	89,631			85,554			84,468	85,495

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Deferred tax assets, valuation allowance	$ 25,400,000		$ 25,400,000		$ 25,400,000
Net deferred tax liability	458,590,000		458,590,000		319,618,000
Prepaid income taxes	21,577,000		21,577,000		29,604,000
Income tax expense	29,686,000	$ 136,338,000	139,138,000	$ 312,163,000
Unrecognized tax benefits	$ 0		$ 0		$ 0

LEASES - Assets and Liabilities

LEASES - Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Operating Leases
Total right-of-use asset	$ 74,662	$ 24,125
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right-of-use assets	Right-of-use assets
Total lease liability	$ 75,374	$ 24,788
Finance Leases
Lease liability - field equipment	17,131
Field equipment
Operating Leases
Total right-of-use asset	64,076	15,131
Total lease liability	64,132	15,131
Finance Leases
Right of use asset - field equipment	17,104	0
Lease liability - field equipment	17,131	0
Corporate leases
Operating Leases
Total right-of-use asset	6,140	8,235
Total lease liability	6,796	8,898
Vehicles
Operating Leases
Total right-of-use asset	4,446	759
Total lease liability	$ 4,446	$ 759

LEASES - Lease Maturities (Deta

LEASES - Lease Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Operating Leases
Remainder of 2023	$ 11,103
2024	39,100
2025	21,887
2026	5,554
2027	2,138
Thereafter	654
Total lease payments	80,436
Less: imputed interest	(5,062)
Total lease liability	75,374	$ 24,788
Finance Leases
Remainder of 2023	992
2024	4,210
2025	4,277
2026	4,020
2027	3,683
Thereafter	2,810
Total lease payments	19,992
Less: imputed interest	(2,861)
Total lease liability	$ 17,131

SUPPLEMENTAL DISCLOSURES OF C_3

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Supplemental cash flow information:
Cash (paid) refunded for income taxes	$ 7,861	$ (59,800)
Cash paid for interest	(17,110)	(17,124)
Supplemental non-cash investing activities:
Non-cash investing activities	1,065,901	0
Non-cash financing activities	990,204	0
Changes in working capital related to capital expenditures	$ (112,454)	$ 33

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)		1 Months Ended	9 Months Ended
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)	Jan. 27, 2023	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Feb. 28, 2023
Equity, Class of Treasury Stock [Line Items]
Stock repurchased, purchase price			$ 320,398,000	$ 0
Quarterly Variable Cash Dividend
Equity, Class of Treasury Stock [Line Items]
Common stock, cash dividends, criteria, free cash flow after base cash dividend preceding twelve-month period, percent		50%
2023 Stock Repurchase Program, Through December 2024 \| Common Stock
Equity, Class of Treasury Stock [Line Items]
Stock repurchased (in shares)			312,800
Stock repurchased, per share (in dollars per share)			$ 64.55
Stock repurchased, purchase price			$ 20,300,000
Stock repurchase program, authorized amount (not to exceed)					$ 500,000,000	$ 1,000,000,000
CPPIB Crestone Peak Resources Canada Inc. \| 2023 Share Repurchase Plan \| Common Stock
Equity, Class of Treasury Stock [Line Items]
Stock repurchased (in shares)	4,900,000
Stock repurchased, per share (in dollars per share)	$ 61
Stock repurchased, purchase price	$ 300,000,000

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Dividends Paid [Line Items]
Total (in dollars per share)	$ 1.74	$ 2.12	$ 2.15	$ 1.76	$ 1.36	$ 1.21
Total	$ 167,010	$ 173,358	$ 176,878	$ 151,729	$ 117,151	$ 104,444
Base
Dividends Paid [Line Items]
Total (in dollars per share)	$ 0.50	$ 0.50	$ 0.50	$ 0.46	$ 0.46	$ 0.46
Variable
Dividends Paid [Line Items]
Total (in dollars per share)	$ 1.24	$ 1.62	$ 1.65	$ 1.30	$ 0.90	$ 0.75

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details) - USD ($)			9 Months Ended
SUBSEQUENT EVENTS - Narrative (Details) - USD ($)	Oct. 17, 2023	Oct. 03, 2023	Sep. 30, 2023	Sep. 30, 2022	Oct. 06, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)			$ 0.01			$ 0.01
Proceeds from issuance of senior notes			$ 2,666,250,000	$ 0
Subsequent Event
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)		$ 0.01
Subsequent Event \| Senior Notes \| Senior Notes Due 2030, 8.625%
Subsequent Event [Line Items]
Interest rate (as a percent)	8.625%
Aggregate principal amount	$ 1,000,000,000
Proceeds from issuance of senior notes	987,500,000
Debt issuance costs	$ 12,500,000
Subsequent Event \| Senior Notes \| Senior Notes Due 2030, 8.625% \| Debt Instrument, Redemption, Period One
Subsequent Event [Line Items]
Redemption price, percentage	100%
Subsequent Event \| Senior Notes \| Senior Notes Due 2030, 8.625% \| Debt Instrument, Redemption, Period Two
Subsequent Event [Line Items]
Redemption price, percentage	104.313%
Subsequent Event \| Senior Notes \| Senior Notes Due 2030, 8.625% \| Debt Instrument, Redemption, Period Three
Subsequent Event [Line Items]
Redemption price, percentage	102.156%
Subsequent Event \| Senior Notes \| Senior Notes Due 2030, 8.625% \| Debt Instrument, Redemption, Period Four
Subsequent Event [Line Items]
Redemption price, percentage	100%
Subsequent Event \| Senior Notes \| Senior Notes Due 2030, 8.625% \| Debt Instrument, Redemption, Period Five
Subsequent Event [Line Items]
Redemption price, percentage	108.625%
Percentage of principal amount redeemed	35%
Subsequent Event \| Senior Notes \| Senior Notes Due 2030, 8.625% \| Debt Instrument, Redemption, Period Six
Subsequent Event [Line Items]
Percentage of principal amount redeemed	65%
Subsequent Event \| Senior Notes \| Senior Notes Due 2030, 8.625% \| Debt Instrument, Redemption, Period Seven
Subsequent Event [Line Items]
Redemption period, after date of closing of equity offering	180 days
Subsequent Event \| Vencer Energy Acquisition
Subsequent Event [Line Items]
Proposed acquisition, expected purchase price		$ 2,150,000,000
Proposed acquisition, cash payment		$ 1,000,000,000
Proposed acquisition, number of shares to be issued (in shares)		7,289,515
Proposed acquisition, number of shares to be issued, value		$ 600,000,000
Proposed acquisition, additional cash payment (up to)		$ 550,000,000
Proposed acquisition, cash deposit, percent of purchase price		7.50%
Subsequent Event \| Vencer Energy Acquisition \| Unsecured Senior Notes and Unsecured Bridge Facilities
Subsequent Event [Line Items]
Authorized indebtedness (up to)					$ 1,500,000,000