Chord Energy reported $1.71 billion in revenue for Q3 2026.

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For the quarterly period ended June September 30, 2026

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Number of shares of the registrant's common stock outstanding at August 3, October 30, 2026: 54,697,872 53,183,193 shares.

1 unchanged paragraph

— Financial Statements (Unaudited) 159 changes

2 unchanged paragraphs

June September 30, 2026 December 31, 2025

1 unchanged paragraph

Inventory 121,409 115,713

Prepaid expenses 29,201 33,767

Derivative instruments 49,588 77,312

Cash and cash equivalents $ 611,568 804,713 $ 189,531

Accounts receivable, net 1,338,031 1,448,229 1,116,685

Inventory 111,978 115,713

Prepaid expenses 32,453 33,767

Derivative instruments 281 77,312

Other current assets 5,274 5,640 5,061

Current assets held for sale 444,421 —

Total current assets 2,155,071 2,847,715 1,538,069

1 unchanged paragraph

Other assets 38,240 28,104

Oil and gas properties (successful efforts method) 15,627,693 15,441,121 14,848,968

Other property and equipment 60,493 61,740 60,395

Less: accumulated depreciation, depletion and amortization ( 4,349,525 4,599,957 ) ( 3,572,834 )

Total property, plant and equipment, net 11,338,661 10,902,904 11,336,529

Derivative instruments 10,091 — 8,366

Investment in equity securities 138,789 143,507 119,698

Long-term inventory 26,073 26,042 30,759

Operating right-of-use assets 10,463 14,141 12,749

Other assets 36,967 28,104

Total assets $ 13,717,388 13,971,276 $ 13,074,274

1 unchanged paragraph

Accounts payable $ 151,908 $ 41,795

Accrued liabilities 706,836 735,386

Derivative instruments 16,070 —

Derivative instruments 2,786 —

Other liabilities 8,392 4,982

Accounts payable $ 106,525 $ 41,795

Revenues and production taxes payable 817,402 824,478 618,258

Accrued liabilities 920,542 735,386

Accrued interest payable 28,193 4,237 28,594

Derivative instruments 163,505 —

Current operating lease liabilities 7,589 10,565 14,656

Other current liabilities 36,670 45,883 11,898

Current liabilities held for sale 52,862 —

Total current liabilities 1,764,668 2,128,597 1,450,587

Long-term debt, 1,481,357 net 1,482,245 1,479,581

Deferred tax liabilities 1,656,962 1,667,325 1,615,850

Asset retirement obligations 432,030 389,037 432,802

Derivative instruments 13,373 —

Operating lease liabilities 13,854 13,562 10,518

Other liabilities 10,516 4,982

Total liabilities 5,360,049 5,704,655 4,994,320

June September 30, 2026 December 31, 2025

1 unchanged paragraph

Commitments and contingencies (Note 16) 17)

1 unchanged paragraph

Common stock, $ 0.01 par value: 240,000,000 shares authorized, 67,249,231 67,253,511 shares issued and 55,197,317 53,691,441 shares outstanding at June September 30, 2026; and 240,000,000 shares authorized, 67,150,747 shares issued and 56,762,243 shares outstanding at December 31, 2025

Treasury stock, at cost: 12,051,914 13,562,070 shares at June September 30, 2026 and 10,388,504 shares at December 31, 2025 ( 1,524,300 1,731,331 ) ( 1,304,092 )

Additional paid-in capital 7,351,992 7,358,236 7,339,735

Retained earnings 2,528,971 2,639,040 2,043,636

Total stockholders' equity 8,357,339 8,266,621 8,079,954

Total liabilities and stockholders' equity $ 13,717,388 13,971,276 $ 13,074,274

3 unchanged paragraphs

Three Months Ended June 30, Six Months Ended June 30,

Oil, NGL and gas revenues $ 1,494,284 $ 950,266 $ 2,644,873 $ 2,053,690

Purchased oil and gas sales 678,401 230,294 1,193,447 341,916

Total revenues 2,172,685 1,180,560 3,838,320 2,395,606

Lease operating expenses 267,839 256,966 512,748 490,040

Gathering, processing and transportation expenses 62,765 74,100 129,783 147,415

Purchased oil and gas expenses 671,661 231,745 1,181,493 343,113

Production taxes 125,878 68,965 212,589 143,607

Depreciation, depletion and amortization 409,237 376,997 793,452 726,806

General and administrative expenses 29,894 32,540 67,402 70,917

Impairment and exploration 2,687 541,940 5,250 543,923

Total operating expenses 1,569,961 1,583,253 2,902,717 2,465,821

Operating income (loss) 602,720 ( 403,215 ) 935,942 ( 65,222 )

Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except per share data)

Oil, NGL and gas revenues $ 1,408,368 $ 966,847 $ 4,053,241 $ 3,020,537

Purchased oil and gas sales 297,533 345,234 1,490,980 687,150

Total revenues 1,705,901 1,312,081 5,544,221 3,707,687

Lease operating expenses 282,461 248,604 795,209 738,644

Gathering, processing and transportation expenses 81,587 73,052 211,370 220,467

Purchased oil and gas expenses 296,191 340,947 1,477,684 684,060

Production taxes 115,829 79,509 328,418 223,116

Depreciation, depletion and amortization 390,749 374,919 1,184,201 1,101,725

General and administrative expenses 32,009 21,861 99,411 92,778

Impairment and exploration 2,030 2,034 7,280 545,957

Total operating expenses 1,200,856 1,140,926 4,103,573 3,606,747

Gain (loss) on sale of assets, net ( 4 28 ) ( 522 365 ) 339 4,993 311 4,628

Operating income 505,017 170,790 1,440,959 105,568

1 unchanged paragraph

Net gain (loss) on derivative instruments 107,866 82,231 ( 133,605 ) 61,950

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and 79 more changes in the filing

Note 1: Organization and Summary of Significant Accounting Policies 5 changes

Chord Energy Corporation, a Delaware corporation (together with its consolidated subsidiaries, the "Company" or "Chord"), is an independent exploration and production ("E&P") company engaged in the acquisition, exploration, development and production of crude oil, NGL and natural gas primarily in the Williston Basin with limited non-operated interests in the Marcellus Shale. As of September 30, 2026, the Company's Marcellus Shale assets were classified as held for sale. See Note 9—Assets Held for Sale.

4 unchanged paragraphs

As a producer of crude oil, NGL and natural gas, the Company's revenue, profitability and future growth are substantially dependent upon the prevailing and future prices for crude oil, NGL and natural gas, which are cyclical and dependent upon numerous factors beyond the Company's control such as economic, geopolitical, political and regulatory developments and competition from other energy sources. Energy markets experienced significant volatility during the first half nine months of 2026, driven primarily by the escalation of conflict in the Middle East beginning in late February and the resulting disruptions to global oil and natural gas supply following the effective closure of the Strait of Hormuz to most commercial shipping. Continued geopolitical tensions, including the uncertain pace and durability of any diplomatic resolution between the United States and Iran and periodic actual and potential escalations in hostilities, uncertainty around OPEC+ production policy, including the withdrawal of the United Arab Emirates from OPEC+ effective in May 2026 and the withdrawal's potential to reduce the group's ability to coordinate global supply, and the potential economic outcomes of tariff and trade policy decisions of the U.S. or other governments create difficulty in predicting future impacts to commodity prices, which could affect the Company's financial position, results of operations, cash flows, capital and operating costs, and the quantities of crude oil, NGL and natural gas reserves that may be economically produced.

1 unchanged paragraph

During the six nine months ended June September 30, 2026, the Company recorded an out-of-period tax benefit in the amount of $ 41.8 million. See Note 12—Income 13—Income Taxes.

4 unchanged paragraphs

During the three months ended June 30, second quarter of 2026, the Company acquired an 8.5 % ownership interest in a private specialty chemicals company, which is reflected within other long-term assets on the Condensed Consolidated Balance Sheets. The Company has applied the equity method of accounting as it has established significant influence through its contractual right to designate a member of the investee's board of directors. The Company's board designee is an employee of the Company; accordingly, the Company's investment in and commercial arrangements with the investee are considered related party transactions under FASB ASC 850-10, Related Party Disclosures .

3 unchanged paragraphs

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities ("ASU 2025-10"). This standard establishes guidance for how a business entity accounts for government grants, distinguishing between grants related to assets and grants related to income. The standard also requires enhanced disclosures regarding the nature, terms, and amounts of government grants recognized in the financial statements. ASU 2025-10 is effective for annual and interim reporting periods beginning after December 15, 2026, 2028, with early adoption permitted.

2 unchanged paragraphs

Note 2: Revenue Recognition 13 changes

1 unchanged paragraph

Three Months Ended June 30, Six Months Ended June 30,

Crude oil revenues $ 1,414,957 $ 878,928 $ 2,411,253 $ 1,835,064

Purchased crude oil sales 669,009 224,835 1,179,606 328,706

NGL and natural gas revenues 79,327 71,338 233,620 218,626

Purchased natural gas sales 9,392 5,459 13,841 13,210

Total revenues $ 2,172,685 $ 1,180,560 $ 3,838,320 $ 2,395,606

Three Months Ended September 30, Nine Months Ended September 30, (In thousands)

Crude oil revenues $ 1,306,648 $ 910,811 $ 3,717,901 $ 2,745,874

Purchased crude oil sales 285,753 338,224 1,465,359 666,931

NGL and natural gas revenues 101,720 56,036 335,340 274,663

Purchased natural gas sales 11,780 7,010 25,621 20,219

Total revenues $ 1,705,901 $ 1,312,081 $ 5,544,221 $ 3,707,687

The Company records revenue when the performance obligations under the terms of its customer contracts are satisfied. For sales of commodities, the Company records revenue in the month the production or purchased product is delivered to the purchaser. However, settlement statements and payments are typically not received for 20 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production that was delivered to the purchaser and the price that will be received for the sale of the product. The Company uses knowledge of its properties, its properties' historical performance, spot market prices and other factors as the basis for these estimates. The Company records the differences between estimates and the actual amounts received for product sales once payment is received from the purchaser. In certain cases, the Company is required to estimate these revenues during a reporting period and record any differences between the estimated revenues and actual revenues in the following reporting period. Differences between estimated revenues and actual revenues have historically not been significant. For the three and six nine months ended June September 30, 2026 and 2025, revenue recognized related to performance obligations satisfied in prior reporting periods was not material.

Note 3: Inventory 9 changes

1 unchanged paragraph

Total inventory 121,409 115,713

Total $ 147,482 $ 146,472

June September 30, 2026 December 31, 2025

Equipment and materials $ 60,912 59,327 $ 61,582

Crude oil inventory 60,497 52,651 54,131

Total inventory 111,978 115,713

Linefill in third-party pipelines 26,073 26,042 30,759

Total long-term inventory 26,073 26,042 30,759

Total $ 138,020 $ 146,472

Note 4: Additional Balance Sheet Information 18 changes

1 unchanged paragraph

June September 30, 2026 December 31, 2025

1 unchanged paragraph

Trade and other accounts $ 1,087,288 1,234,910 $ 894,309

Joint interest accounts 264,819 227,215 233,919

Total accounts receivable 1,352,107 1,462,125 1,128,228

Less: allowance for credit losses ( 14,076 13,896 ) ( 11,543 )

Total accounts receivable, net $ 1,338,031 1,448,229 $ 1,116,685

1 unchanged paragraph

Accrued dividends 1,005 859

Royalties payable and revenue suspense $ 764,406 763,417 $ 583,475

Production taxes payable 52,996 61,061 34,783

Total revenues and production taxes payable $ 817,402 824,478 $ 618,258

Accrued oil and gas marketing $ 213,215 258,682 $ 235,111

Accrued capital costs 263,660 307,856 260,280

Accrued lease operating expenses 126,758 158,375 121,306

Accrued general and administrative expenses 29,587 41,606 45,607

Current portion of asset retirement obligations 50,677 69,188 49,117

Accrued dividends 973 859

Other accrued liabilities 21,934 83,862 23,106

Total accrued liabilities $ 706,836 920,542 $ 735,386

Note 5: Fair Value Measurements 9 changes

In accordance with the FASB's authoritative guidance on fair value measurements, certain of the Company's financial assets and liabilities are measured at fair value on a recurring basis. The Company's financial instruments, including certain cash and cash equivalents, accounts receivable, accounts payable and other payables, are carried at cost, which approximates their respective fair market values due to their short-term maturities. The Company recognizes its non-financial assets and liabilities, such as ARO (see Note 11—Asset 12—Asset Retirement Obligations) and properties acquired in a business combination (See Note 8—Acquisitions) or upon impairment (see Note 7—Property, Plant and Equipment), at fair value on a non-recurring basis.

3 unchanged paragraphs

Fair value at June September 30, 2026

2 unchanged paragraphs

Total assets $ 138,789 $ 59,679 $ — $ 198,468

Investment in equity securities (see Note 9) 10)

Total assets $ 143,507 $ 281 $ — $ 143,788

1 unchanged paragraph

Total liabilities $ — $ 18,856 $ — $ 18,856

Total liabilities $ — $ 176,878 $ — $ 176,878

3 unchanged paragraphs

Investment in equity securities (see Note 9) 10)

4 unchanged paragraphs

Investment in equity securities. The Company owns common units in Energy Transfer LP ("Energy Transfer") which are accounted for using the fair value option under FASB ASC 825-10, Financial Instruments . The fair value of the Company's investment in Energy Transfer was determined using Level 1 inputs based upon the quoted market price of Energy Transfer's publicly traded common units at June September 30, 2026 and December 31, 2025, respectively. See Note 9—Investment 10—Investment in Equity Securities for additional information.

6 unchanged paragraphs

Note 6: Derivative Instruments 36 changes

Commodity derivative contracts . The Company utilizes derivative financial instruments to manage risks related to changes in commodity prices. The Company's crude oil contracts settle monthly based on the average NYMEX WTI, while crude oil basis swaps settle monthly based on the average fixed differential between NYMEX WTI and the ICE BRENT. index price. Natural gas contracts settle monthly based on the average NYMEX Henry Hub natural gas index price.

1 unchanged paragraph

At June September 30, 2026, the Company had the following outstanding commodity derivative contracts:

3 unchanged paragraphs

Crude oil 2026 Three-way collar 4,278,000 Bbls $ 56.56 $ 73.33 $ 87.02

Crude oil 2027 Three-way collar 7,969,500 Bbls $ 49.65 $ 64.80 $ 78.12

Crude oil 2026 Three-way collar 1,702,000 Bbls $ 54.05 $ 70.54 $ 82.67

Crude oil 2026 Two-way collar 3,933,000 4,485,000 Bbls $ 67.49 75.61 $ 76.76 83.88

Crude oil 2026 Fixed price swaps 2,852,000 1,012,000 Bbls $ 66.82 64.94

Crude oil 2027 Three-way collar 9,073,500 Bbls $ 50.15 $ 65.54 $ 78.33

Crude oil 2027 Two-way collar 816,000 4,448,000 Bbls $ 60.00 70.85 $ 65.82 78.23

1 unchanged paragraph

Crude oil 2028 Three-way collar 1,092,000 Bbls $ 49.58 $ 65.00 $ 78.26

Crude oil 2028 Three-way collar 3,190,000 Bbls $ 52.57 $ 68.37 $ 78.70

Natural gas 2026 Two-way collar 6,440,000 3,220,000 MMBtu $ 3.82 $ 4.33

Natural gas 2026 Fixed price swaps 14,720,000 7,360,000 MMBtu $ 3.93

3 unchanged paragraphs

At June September 30, 2026, the Company had the following outstanding crude oil basis swaps:

1 unchanged paragraph

NYMEX WTI - ICE BRENT 2026 2,576,000 1,288,000 Bbls $ ( 5.44 5.58 )

(1) The weighted average differential represents the average fixed differential to NYMEX WTI as stated in the related contracts, which is compared to the ICE BRENT. index price. If NYMEX WTI combined with the fixed differential as stated in each contract is lower than the ICE BRENT index price at any settlement date, the Company receives the difference. Conversely, if NYMEX WTI combined with the fixed differential as stated in each contract is higher than the ICE BRENT, index price, the Company pays the difference.

Subsequent to June September 30, 2026 through August 3, November 4, 2026, the Company entered into the following commodity derivative contracts:

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Crude oil 2026 Two-way collar 184,000 Bbls $ 73.25 $ 84.35

Crude oil 2027 Three-way collar 276,000 Bbls $ 50.00 $ 67.92 $ 79.47

Crude oil 2028 Three-way collar 365,000 Bbls $ 50.00 $ 66.06 $ 78.69

Crude Oil 2027 Two-way collar 726,000 3,820,000 Bbls $ 68.67 83.05 $ 77.51 90.49

Crude Oil 2028 Three-way collar 457,000 Bbls $ 55.00 $ 76.18 $ 83.92

Contingent consideration. In connection with the Company's 2021 divestiture of certain oil and gas properties, the Company was entitled to receive up to three earn-out payments of $ 25.0 million per year for each of 2023, 2024 and 2025 if the average daily settlement price of NYMEX WTI exceeded $ 60 per barrel for such year (the "Contingent Consideration"). In each of January 2024, 2025 and 2026, the Company received $ 25.0 million related to the 2023, 2024 and 2025 earn-out payments, respectively. There are no earn-out payments remaining as of June September 30, 2026.

1 unchanged paragraph

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

1 unchanged paragraph

Commodity derivatives Net gain (loss) on derivative instruments $ 107,866 ( 246,002 ) $ 81,991 19,784 $ ( 133,605 379,607 ) $ 61,030 80,814

Contingent consideration Net gain (loss) on derivative instruments — 240 940 — 920 1,860

3 unchanged paragraphs

Total derivatives assets $ 152,151 $ ( 92,472 ) $ 59,679

Commodity derivatives Derivative instruments — current assets $ 116,099 73,310 $ ( 66,511 73,029 ) $ 49,588 281

Commodity derivatives Derivative instruments — non-current assets 36,052 34,943 ( 25,961 34,943 ) 10,091 —

Total derivatives assets $ 108,253 $ ( 107,972 ) $ 281

1 unchanged paragraph

Commodity derivatives Derivative instruments — current liabilities $ 82,581 $ ( 66,511 ) $ 16,070

Total derivatives liabilities $ 111,328 $ ( 92,472 ) $ 18,856

Commodity derivatives Derivative instruments — current liabilities $ 236,534 $ ( 73,029 ) $ 163,505

Commodity derivatives Derivative instruments — non-current liabilities 28,747 48,316 ( 25,961 34,943 ) 2,786 13,373

Total derivatives liabilities $ 284,850 $ ( 107,972 ) $ 176,878

8 unchanged paragraphs

Note 7: Property, Plant and Equipment 7 changes

1 unchanged paragraph

June September 30, 2026 December 31, 2025

1 unchanged paragraph

Less: Accumulated depletion ( 4,316,217 4,565,673 ) ( 3,541,219 )

Proved oil and gas properties, net 10,596,971 10,205,474 10,586,067

Unproved oil and gas properties 714,505 669,974 721,682

1 unchanged paragraph

Less: Accumulated depreciation ( 33,308 34,284 ) ( 31,615 )

Other property and equipment, net 27,185 27,456 28,780

Total property, plant and equipment, net $ 11,338,661 10,902,904 $ 11,336,529

Note 8: Acquisitions 2 changes

1 unchanged paragraph

On October 31, 2025, the Company completed the 2025 Williston Basin Acquisition for total cash consideration of $ 542.2 million, including a cash deposit of $ 55.0 million to XTO upon execution of the purchase and sale agreement and $ 487.2 million paid to XTO at closing (subject to customary purchase price adjustments). As of June 30, 2026, the purchase price was finalized for total net cash consideration (including purchase price adjustments) of $ 540.4 million. The Company funded the 2025 Williston Basin Acquisition with proceeds from the issuance of the 2030 Senior Notes (defined in Note 10—Long-Term 11—Long-Term Debt) and cash on hand. The 2025 Williston Basin Acquisition was accounted for as a business combination and was recorded under the acquisition method of accounting in accordance with FASB ASC 805, Business Combinations . The post-acquisition operating results and pro forma revenue and earnings for the 2025 Williston Basin Acquisition were not material to the Company's condensed consolidated financial statements and have therefore not been presented.

1 unchanged paragraph

The tables below present the total consideration transferred and its allocation to the identifiable assets acquired and liabilities assumed as of the acquisition date on October 31, 2025. As of June 30, 2026, the purchase price was finalized.

11 unchanged paragraphs

Note 10: Investment in Equity Securities 2 changes

As of June September 30, 2026 and December 31, 2025, the fair value of the Company's investment in Energy Transfer was $ 138.8 143.5 million and $ 119.7 million, respectively, which represented less than 5 % of Energy Transfer's issued and outstanding common units. The carrying amount of the Company's investment in Energy Transfer is recorded to investment in equity securities on the Condensed Consolidated Balance Sheets.

During the three and six nine months ended June September 30, 2026, the Company recorded a net gain of $ 1.1 7.2 million and $ 24.0 31.2 million, respectively, on its investment in Energy Transfer, comprised of an unrealized loss gain for the change in fair value of the investment of $ 1.3 4.7 million and an unrealized gain of $ 19.1 23.8 million, respectively, and a realized gain for cash distributions received of $ 2.4 2.5 million and $ 4.9 7.3 million, respectively. During the three and six nine months ended June September 30, 2025, the Company recorded a net loss of $ 1.0 4.6 million and $ 5.9 10.5 million, respectively, on its investment in Energy Transfer, comprised of an unrealized loss for the change in the fair value of its investment of $ 3.3 7.0 million and $ 10.6 17.6 million, respectively, partially offset by a realized gain for cash distributions received of $ 2.4 million and $ 4.7 7.1 million, respectively.

Note 11: Long-Term Debt 10 changes

1 unchanged paragraph

June September 30, 2026 December 31, 2025

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Senior secured revolving line of credit . The Company has a senior secured revolving credit facility (the "Credit Facility") that matures on November 3, 2029. The Credit Facility's borrowing base is subject to redetermination semi-annually, on or about April 1 and October 1. The most recent redetermination was completed in May 2026 and reaffirmed the borrowing base and the aggregate elected commitment at $ 2.75 billion and $ 2.0 billion, respectively. The next redetermination is scheduled for October 2026.

Total long-term debt, net $ 1,481,357 1,482,245 $ 1,479,581

Senior secured revolving line of credit . As of September 30, 2026, the Company had a senior secured revolving credit facility with a maturity date of November 3, 2029.

In October 2026, the Company entered into an eighth amendment (the "Eighth Amendment") to the senior secured revolving credit facility (as amended, the "Credit Facility"). Pursuant to the Eighth Amendment, the maturity date was extended from November 3, 2029 to October 30, 2031, subject to an earlier springing maturity tied to the 2030 Senior Notes (as defined below) if they are not earlier substantially repaid. Additionally, certain other amendments were made to baskets and thresholds and certain other provisions were updated to reflect current market practice. In connection with entry into the Eighth Amendment, the semi-annual redetermination of the Company's borrowing base was completed, which reaffirmed the borrowing base and the aggregate elected commitment at $ 2.75 billion and $ 2.0 billion, respectively. The Credit Facility's borrowing base is subject to redetermination semi-annually, on or about April 1 and October 1, with the next redetermination scheduled for April 1, 2027.

At June September 30, 2026, the Company had no borrowings outstanding and $ 30.4 30.3 million of outstanding letters of credit issued under the Credit Facility, resulting in an unused borrowing base capacity of $ 1,969.6 1,969.7 million. At December 31, 2025, the Company had no borrowings outstanding and $ 32.8 million of outstanding letters of credit issued under the Credit Facility, resulting in an unused borrowing base capacity of $ 1,967.2 million.

During both the three and six nine months ended June September 30, 2026, the weighted average interest rate incurred on borrowings on the Credit Facility was 7.50 %. The Company had no borrowings outstanding under the Credit Facility during the three months ended September 30, 2026. During the three and six nine months ended June September 30, 2025, the weighted average interest rate was 6.56 6.60 % and 6.47 6.51 %, respectively. The Company was in compliance with the financial covenants under the Credit Facility at June September 30, 2026. The fair value of the Credit Facility approximates its carrying value since borrowings under the Credit Facility bear interest at variable rates, which are tied to current market rates.

Borrowings are subject to varying rates of interest based on (i) the total outstanding borrowings (including the value of all outstanding letters of credit and swingline loans) in relation to the borrowing base total revolving commitments and (ii) whether the loan is a Term SOFR Loan, an ABR Loan or a Swingline Loan (each as defined in the Credit Facility). The Company incurs interest on outstanding loans at their respective interest rates plus a margin rate ranging between from 1.75 % to 2.75 % for Term SOFR Loans and 0.75 % to 1.75 % for ABR Loans or Swingline Loans. The unused borrowing base is revolving commitments are subject to a commitment fee ranging between from 0.375 % to 0.500 %.

2030 Senior Notes. On September 30, 2025, the Company issued in a private placement $ 750.0 million of 6.000 % senior unsecured notes due October 1, 2030 (the "2030 Senior Notes"). The 2030 Senior Notes were issued at par and resulted in proceeds of $ 739.6 million, after deducting underwriters' discounts, commissions and other expenses. Interest on the 2030 Senior Notes is payable semi-annually on April 1 and October 1 of each year, beginning April 1, 2026. The proceeds were used (i) to fund the 2025 Williston Basin Acquisition and to pay related costs and expenses, (ii) to pay fees and expenses associated with the offering of the 2030 Senior Notes and (iii) for general corporate purposes, including repayment of a portion of the borrowings outstanding under the Credit Facility. In connection with the issuance of the 2030 Senior Notes, the Company recorded deferred financing costs of $ 10.4 million, which are amortized to interest expense on the Company's Condensed Consolidated Statement of Operations over the term of the 2030 Senior Notes. As of June September 30, 2026, the fair value of the 2030 Senior Notes, which are traded among qualified institutional investors and represent a Level 1 fair value measurement, was $ 753.2 736.0 million.

2033 Senior Notes. On March 13, 2025, the Company issued in a private placement $ 750.0 million of 6.750 % senior unsecured notes due March 15, 2033 (the "2033 Senior Notes"). The 2033 Senior Notes were issued at par and resulted in proceeds of $ 738.8 million, after deducting underwriters' discounts, commissions and other expenses. Interest on the 2033 Senior Notes is payable semi-annually on March 15 and September 15 of each year, which began on September 15, 2025. The proceeds were used to repurchase the 2026 Senior Notes (as defined below) tendered in a concurrent tender offer, to satisfy and discharge the remaining 2026 Senior Notes not tendered in the concurrent tender offer (which were redeemed on June 1, 2025) and to repay a portion of the borrowings outstanding under the Credit Facility. In connection with the issuance of the 2033 Senior Notes, the Company recorded deferred financing costs of $ 11.6 million, which are amortized to interest expense on the Company's Condensed Consolidated Statement of Operations over the term of the 2033 Senior Notes. As of June September 30, 2026, the fair value of the 2033 Senior Notes, which are traded among qualified institutional investors and represent a Level 1 fair value measurement, was $ 761.1 738.5 million.

2 unchanged paragraphs

Note 12: Asset Retirement Obligations 7 changes

The following table reflects the changes in the Company's ARO during the six nine months ended June September 30, 2026:

1 unchanged paragraph

Liabilities incurred during period 3,810 5,343

Liabilities settled during period ( 17,935 27,747 )

Liabilities settled through divestitures ( 320 443 )

1 unchanged paragraph

Liabilities held for sale

Balance at June September 30, 2026

The Company's ARO includes plugging and abandonment liabilities for its oil and gas properties in the United States and Canada. Accretion expense is included in depreciation, depletion and amortization on the Company's Condensed Consolidated Statements of Operations. At June September 30, 2026, the current portion of the total ARO balance was $ 50.7 69.2 million, and is included in accrued liabilities on the Company's Condensed Consolidated Balance Sheet.

Note 13: Income Taxes 4 changes

The Company's effective tax rate was 23.6 26.1 % and 18.9 20.6 % for the three and six nine months ended June September 30, 2026, respectively, as compared to an effective tax rate of ( 16.2 23.6 % and ( 298.4 131.3 % for the three and six nine months ended June September 30, 2025, respectively.

The effective tax rate for the three months ended June September 30, 2026 was higher than the statutory federal rate of 21% primarily as a result of state income taxes. The effective tax rate for the six nine months ended June September 30, 2026 was lower than the statutory federal rate of 21% primarily as a result of the identification of an error in the tax provision for the three and six months ended June 30, 2025 pertaining to the impact of goodwill impairment on the Company's deferred taxes on unremitted earnings. As a result, the Company recognized an additional income tax benefit of $ 41.8 million during the six nine months ended June September 30, 2026, with a corresponding decrease to deferred tax liabilities. The Company determined that this misstatement was not material to any of its previously issued financial statements nor is it expected to be material to the results for the full year ending December 31, 2026.

The effective tax rate for the three and six months ended June September 30, 2025 was lower higher than the statutory federal rate of 21% primarily as a result of state income taxes. The effective tax rate for the nine months ended September 30, 2025 was higher than the statutory federal rate of 21% primarily as a result of the impact of goodwill impairment.

The Company paid income taxes of $ 67.4 30.8 million and $ 88.4 119.2 million during the three and six nine months ended June September 30, 2026, respectively, and $ 32.1 7.0 million and $ 66.1 73.1 million during the three and six nine months ended June September 30, 2025, respectively.

Note 14: Equity-Based Compensation 8 changes

1 unchanged paragraph

Equity-based compensation expenses are recognized in general and administrative expenses on the Company's Condensed Consolidated Statements of Operations. The Company recognized $ 8.8 million and $ 16.8 million in equity-based compensation expenses related to equity-classified awards of $ 6.6 million and $ 23.4 million during the three and six nine months ended June September 30, 2026, respectively, and $ 6.5 million and $ 19.5 million during the three and six nine months ended June September 30, 2025, the Company recognized $ 6.1 million and $ 13.0 million in equity-based compensation expenses related to equity-classified awards, respectively. Equity-based compensation expenses related to liability-classified awards were $ 3.2 2.9 million and $ 6.1 million for the six three and nine months ended June September 30, 2026, and respectively. Equity-based compensation expenses related to liability-classified awards were not material for the three months ended June 30, 2026 or the three and six nine months ended June September 30, 2025.

Restricted stock units. Restricted stock units ("RSUs") are contingent shares that generally vest on either a cliff or graded basis over a one-year or three-year period (as applicable) and are subject to a service condition. During the six nine months ended June September 30, 2026, the Company granted 287,780 292,049 RSUs to employees and non-employee directors of the Company with a weighted average grant date fair value of $ 98.76 99.17 per share.

Market stock units. During the six nine months ended June September 30, 2026, the Company granted Market Stock Units ("MSUs"), which are eligible to vest and become earned at the end of the three-year performance period, which begins on January 1 of the initial grant year and ends on December 31 of the third year, subject to the level of achievement with respect to certain performance goals.

1 unchanged paragraph

During the six nine months ended June September 30, 2026, the Company granted 24,131 24,327 MSUs to certain employees of the Company with a weighted average grant date fair value of $ 128.29 per share.

Performance share units. During the six nine months ended June September 30, 2026, the Company granted PSUs that include (i) absolute TSR PSUs ("Absolute TSR PSUs") and (ii) relative TSR PSUs ("Relative TSR PSUs" and collectively with the Absolute TSR PSUs, the "PSUs"), which are eligible to vest and become earned at the end of the three-year performance period which begins on January 1 of the initial grant year and ends on December 31 of the third year.

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During the six nine months ended June September 30, 2026, the Company granted (i) 30,299 30,495 Absolute TSR PSUs to certain employees of the Company with a weighted average grant date fair value of $ 101.14 per share and (ii) 90,912 91,502 Relative TSR PSUs to employees of the Company with a weighted average grant date fair value of $ 114.53 per share.

1 unchanged paragraph

The following table summarizes the assumptions used in the Monte Carlo simulation model to determine the grant date fair value and associated equity-based compensation expenses for the PSUs and MSUs granted during the six nine months ended June September 30, 2026:

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Phantom unit awards. Phantom unit awards represent the right to receive a cash payment equal to the fair market value of one share of common stock upon vesting and vest on a graded basis over a three-year period and are subject to a service condition. During the six nine months ended June September 30, 2026, the Company granted 21,970 22,345 phantom unit awards to employees with a weighted average grant date fair value of $ 95.63 95.90 per share.

Note 15: Stockholders' Equity 9 changes

The following table summarizes the Company's dividends declared for the six nine months ended June September 30, 2026 and 2025:

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Total $ 2.60 $ 148,459

Total $ 2.60 $ 153,162

Total $ 3.90 $ 219,952

Total $ 3.90 $ 227,934

Total dividends declared in the table above include $ 0.9 0.6 million and $ 1.9 2.5 million associated with dividend equivalent rights on unvested equity-based compensation awards for the three and six nine months ended June September 30, 2026, respectively, and $ 0.6 million and $ 1.5 2.0 million for the three and six nine months ended June September 30, 2025, respectively.

On August 5, November 4, 2026, the Company declared a base cash dividend of $ 1.30 per share of common stock. The dividend will be payable on September 4, December 7, 2026 to shareholders of record as of August 20, November 19, 2026.

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During the six nine months ended June September 30, 2026, the Company repurchased 1,663,410 3,173,566 shares of common stock at a weighted average price of $ 131.14 133.33 per common share for a total cost of $ 218.1 423.1 million, excluding accrued excise tax of $ 2.1 4.1 million. As of June September 30, 2026, there was $ 734.0 529.0 million of capacity remaining under the Company's $ 1.0 billion share repurchase program. Subsequent to June September 30, 2026 through August 3, November 4, 2026, the Company repurchased 521,792 622,034 shares of common stock at a weighted average price of $ 127.61 146.33 per common share for a total cost of $ 66.6 91.0 million.

During the six nine months ended June September 30, 2025, the Company repurchased 2,600,117 3,388,561 shares of common stock at a weighted average price of $ 104.41 104.61 per common share for a total cost of $ 271.5 354.5 million, excluding excise tax of $ 2.5 3.3 million, under its previous share repurchase programs.

Note 16: Earnings Per Share 19 changes

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Three Months Ended June 30, Six Months Ended June 30,

Net income (loss) $ 525,186 $ ( 389,905 ) $ 633,794 $ ( 170,068 )

Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except per share data)

Net income (loss) $ 181,562 $ 130,111 $ 815,356 $ ( 39,957 )

Distributed and undistributed earnings allocated to participating securities ( 4,243 1,461 ) 2,312 ( 4,432 751 ) 1,425 ( 6,490 ) ( 1,313 )

Net income (loss) attributable to common stockholders (basic) 520,943 ( 387,593 ) 629,362 180,101 129,360 808,866 ( 168,643 41,270 )

Reallocation of distributed and undistributed earnings allocated to participating securities 4,243 ( 3,604 ) 4,432 3 — 2,687 6,490 —

Net income (loss) attributable to common stockholders (diluted) $ 525,186 180,104 $ ( 391,197 ) 129,360 $ 633,794 815,356 $ ( 171,330 41,270 )

1 unchanged paragraph

Basic weighted average common shares outstanding 56,010 57,786 56,361 58,420

Basic weighted average common shares outstanding 54,583 57,157 55,762 57,141

1 unchanged paragraph

Diluted weighted average common shares outstanding 56,605 57,786 56,909 58,501

Basic earnings (loss) per share $ 9.30 $ ( 6.71 ) $ 11.17 $ ( 2.89 )

Diluted earnings (loss) per share $ 9.28 $ ( 6.77 ) $ 11.14 $ ( 2.93 )

Diluted weighted average common shares outstanding 54,745 57,157 56,329 57,195

Basic earnings (loss) per share $ 3.30 $ 2.26 $ 14.51 $ ( 0.72 )

Diluted earnings (loss) per share $ 3.29 $ 2.26 $ 14.47 $ ( 0.72 )

1 unchanged paragraph

Potential common shares 160 1,067 182 980

Potential common shares 128 771 164 910

For the three and six nine months ended June September 30, 2026, the diluted earnings per share calculation excludes the impact of unvested share-based awards that were anti-dilutive. For the three and six nine months ended June September 30, 2025, the diluted earnings per share calculation excludes the impact of unvested share-based awards and outstanding warrants that were anti-dilutive. There were no remaining warrants as of June September 30, 2026, as all previously outstanding warrants expired on September 1, 2025.

Note 17: Commitments and Contingencies 4 changes

Included below is a discussion of various future commitments of the Company as of June September 30, 2026. The commitments under these arrangements are not recorded in the accompanying Condensed Consolidated Balance Sheets. The amounts disclosed represent undiscounted cash flows on a gross basis and no inflation elements have been applied. As of June September 30, 2026, the Company's material off-balance sheet arrangements and transactions include $ 30.4 30.3 million in outstanding letters of credit issued under the Credit Facility and $ 119.1 121.7 million in net surety bond exposure issued as financial assurance on certain agreements.

Volume commitment agreements . As of June September 30, 2026, the Company had certain agreements with an aggregate requirement to deliver, transport or purchase a minimum quantity of approximately 77.6 76.0 MMBbl of crude oil, 9.2 8.4 MMBbl of NGL, 272.5 249.3 Bcf of natural gas and 11.0 8.9 MMBbl of water within specified timeframes.

As of June September 30, 2026, the undiscounted estimable future commitments under these volume commitment agreements are as follows:

2 unchanged paragraphs

As of June September 30, 2026, there have been no material changes to the Company's contingencies disclosed in Note 20—Commitments and Contingencies in the 2025 Annual Report.

Forward-looking statements 138 changes

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• our ability to realize the anticipated benefits from acquisitions;

• our ability to complete or realize the anticipated benefits from acquisitions or divestitures, including the divestiture of our non-operated interest in the Marcellus Shale;

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Our revenue, profitability and ability to return cash to shareholders depend substantially on factors beyond our control, such as economic, political and regulatory developments as well as competition from other sources of energy. Energy markets experienced significant volatility during the first half nine months of 2026, driven primarily by the escalation of conflict in the Middle East beginning in late February and the resulting disruptions to global oil and natural gas supply following the effective closure of the Strait of Hormuz to most commercial shipping. Continued geopolitical tensions, including the uncertain pace and durability of any diplomatic resolution between the United States and Iran and periodic actual and potential escalations in hostilities, uncertainty around OPEC+ production policy, including the withdrawal of the United Arab Emirates from OPEC+ effective in May 2026 and the withdrawal's potential to reduce the group's ability to coordinate global supply, and the potential economic outcomes of tariff and trade policy decisions of the U.S. or other governments create difficulty in predicting future impacts to commodity prices, which could affect our financial position, results of operations, cash flows, capital and operating costs, and the quantities of crude oil, NGL and natural gas reserves that may be economically produced.

1 unchanged paragraph

Additionally, we sell a significant amount of our crude oil production through gathering systems connected to multiple pipeline and rail facilities. These gathering systems, which originate at the wellhead, reduce the need to transport barrels by truck from the wellhead, helping remove trucks from local highways and reduce greenhouse gas emissions. As of June September 30, 2026, substantially all of our gross operated crude oil and natural gas production were connected to gathering systems. Our market optionality on these crude oil gathering systems allows us to shift volumes between pipeline and, to a lesser extent, rail markets in order to optimize price realizations. Expansions of both pipeline and rail facilities in the Williston Basin have reduced prior constraints on crude oil takeaway capacity and improved our price differentials received at the lease.

In an effort to reduce inflationary pressures that emerged in the broader economy, central banks have in the past raised interest rates. During the first half of 2026, higher energy and commodity prices contributed to a renewed rise in U.S. inflation, and which contributed to the U.S. Federal Reserve held Reserve's decision to raise its benchmark interest rate steady. during the three months ended September 30, 2026. Higher interest rates generally reduce economic activity levels, which have and could in the future again result in lower commodity prices due to reduced demand for crude oil, NGL and natural gas. To the extent we and our relevant markets experience high inflation, we may see cost increases in our operations, including increases in equipment and labor costs, and as a result our revenues, estimates of future reserves, borrowing base calculations and impairment assessments could be negatively impacted.

On September 14, 2026, we entered into an agreement to divest our entire non-operated interest in the Marcellus Shale to a subsidiary of POSCO International Corporation. The transaction is expected to close during the fourth quarter of 2026, subject to customary closing conditions, for estimated total gross proceeds of $550.0 million, subject to customary purchase price adjustments. Upon execution of the purchase and sale agreement, we received a refundable cash deposit of $55.0 million from POSCO, which is included in accrued liabilities on our Condensed Consolidated Balance Sheet at September 30, 2026.

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• Production volumes averaged 286,447 290,756 Boepd (58% (57% oil), including average daily crude oil volumes of 165,436 165,540 Bopd in the second third quarter of 2026.

• Capital expenditures (excluding capitalized interest) were $416.7 $381.8 million in the second third quarter of 2026.

• Lease operating expenses ("LOE") were $10.28 $10.56 per Boe in the second third quarter of 2026.

• Net cash provided by operating activities was $1,116.2 $781.4 million and net income was $525.2 $181.6 million for the second third quarter of 2026.

1 unchanged paragraph

• Paid $1.30 per share base cash dividend on June 5, September 4, 2026.

• Repurchased $147.4 $205.0 million of common stock (excluding accrued excise taxes) in the second third quarter of 2026.

• Declared a base cash dividend of $1.30 per share of common stock. The dividend will be payable on September 4, December 7, 2026 to shareholders of record as of August 20, November 19, 2026.

We had net income of $525.2 $181.6 million and $633.8 $815.4 million for the three and six nine months ended June September 30, 2026, respectively, primarily due to increased realized oil prices and production volumes and net impacts from derivative instruments, compared to net losses income of $389.9 $130.1 million and $170.1 net loss of $40.0 million for the three and six nine months ended June September 30, 2025, respectively, primarily due to a non-cash impairment charge on our goodwill recorded during the second quarter of 2025. Additional impacts on net income from increases and decreases in certain revenues and expenses are further explained below.

2 unchanged paragraphs

Three Months Ended June September 30, 2026 Three Months Ended March 31, June 30, 2026 Six Nine Months Ended June September 30, 2026 Six Nine Months Ended June September 30, 2025

1 unchanged paragraph

NGL revenues 44,596 38,222 82,818 89,914

Natural gas revenues 34,731 116,071 150,802 128,712

NGL revenues 60,458 44,596 143,276 114,736

Natural gas revenues 41,262 34,731 192,064 159,927

1 unchanged paragraph

Total revenues $ 2,172,685 $ 1,665,635 $ 3,838,320 $ 2,395,606

Crude oil (MBbls) 15,055 14,222 29,277 28,098

NGL (MBbls) 4,823 4,413 9,236 9,251

Total revenues $ 1,705,901 $ 2,172,685 $ 5,544,221 $ 3,707,687

Crude oil (MBbls) 15,230 15,055 44,507 42,422

NGL (MBbls) 5,069 4,823 14,307 14,324

1 unchanged paragraph

Oil equivalents (MBoe) 26,067 24,805 50,872 50,026

Average daily production (Boepd) 286,447 275,615 281,061 276,387

Oil equivalents (MBoe) 26,750 26,067 77,622 75,865

Average daily production (Boepd) 290,756 286,447 284,328 277,893

Average daily crude oil production (Bopd) 165,540 165,436 158,027 161,752 155,235 163,028 155,391

1 unchanged paragraph

Average sales price $ 93.99 $ 70.05 $ 82.36 $ 65.31

Average sales price $ 85.80 $ 93.99 $ 83.54 $ 64.73

2 unchanged paragraphs

Average sales price $ 9.25 $ 8.66 $ 8.97 $ 9.72

Average sales price $ 11.92 $ 9.25 $ 10.01 $ 8.01

6 unchanged paragraphs

(1) For the three months ended June September 30, 2026 and March 31, June 30, 2026, natural gas production volume from the Marcellus Shale was 10,637 10,912 MMcf and 11,745 10,637 MMcf, respectively. The realized natural gas price related to this production, prior to the effect of derivative settlements, was $2.10 $2.03 per Mcf and $6.40 $2.10 per Mcf for the three months ended June September 30, 2026 and March 31, June 30, 2026, respectively. For the six nine months ended June September 30, 2026 and June September 30, 2025, natural gas production volume from the Marcellus Shale was 22,382 33,294 MMcf and 23,384 34,197 MMcf, respectively. The realized natural gas price related to this production, prior to the effect of derivative settlements, was $4.36 $3.60 per Mcf and $3.59 $3.14 per Mcf for the six nine months ended June September 30, 2026 and June September 30, 2025, respectively.

1 unchanged paragraph

Natural gas revenues. Our natural gas revenues decreased $81.3 million to $34.7 million for the three months ended June 30, 2026 as compared to the three months ended March 31, 2026. The decrease was primarily due to lower natural gas average realized prices quarter over quarter resulting in an $81.4 million decrease quarter over quarter. Average natural gas sales prices, without derivative settlements, decreased by $2.20 per Mcf quarter over quarter to $0.94 per Mcf for the three months ended June 30, 2026 primarily due to the seasonality of warmer weather resulting in lower index prices quarter over quarter.

Three months ended June September 30, 2026 as compared to three months ended March 31, June 30, 2026

Crude oil revenues . Our crude oil revenues increased $418.7 decreased $108.3 million to $1,415.0 $1,306.6 million for the three months ended June September 30, 2026 as compared to the three months ended March 31, June 30, 2026. The increase decrease was primarily due to higher lower crude oil average realized prices quarter over quarter resulting in a $340.4 $123.3 million increase, coupled with decrease, partially offset by an increase of $78.3 $15.0 million due to higher crude oil production volumes sold quarter over quarter. Average crude oil sales prices, without derivative settlements, increased decreased by $23.94 $8.19 per barrel quarter over quarter to an average of $93.99 $85.80 per barrel for the three months ended June September 30, 2026 primarily due to an increase a decrease in the average NYMEX WTI quarter over quarter.

NGL revenues. Our NGL revenues increased $6.4 $15.9 million to $44.6 $60.5 million for the three months ended June September 30, 2026 as compared to the three months ended March 31, June 30, 2026. The increase was primarily due to higher average realized NGL production volumes sold prices quarter over quarter resulting in a $3.8 million an increase of $13.0 million, coupled with an increase of $2.6 $2.9 million due to higher average realized NGL prices production volumes sold quarter over quarter. Average NGL sales prices, without derivative settlements, increased by $0.59 $2.68 per barrel quarter over quarter to an average of $9.25 $11.92 per barrel for the three months ended June September 30, 2026 primarily due to increases in the corresponding NGL product index prices for butane, pentane and propane.

Natural gas revenues. Our natural ga s revenu es gas revenues increased $22.1 $6.5 million to $150.8 $41.3 million for the six three months ended June September 30, 2026 as compared to the six three months ended June 30, 2025. 2026. The increase was primarily due to higher natural gas average realized prices period quarter over period quarter resulting in a $26.0 $4.8 million increase partially offset by a decrease quarter over quarter, coupled with an increase of $3.9 $1.7 million due to lower higher natural gas production volumes sold period quarter over period. quarter. Average natural gas sales prices, without derivative settlements, increased by $0.34 $0.13 per Mcf period quarter over period quarter to $2.03 $1.07 per Mcf for the six three months ended June September 30, 2026 primarily due to increases in the corresponding natural gas index prices period quarter over period. quarter.

Purchased oil and gas sales . Purchased oil and gas sales increased $163.4 decreased $380.9 million to $678.4 $297.5 million for the three months ended June September 30, 2026 as compared to the three months ended March 31, June 30, 2026. This increase decrease was primarily due to higher crude oil prices quarter over quarter, partially offset by a decrease in the volume of crude oil purchased and subsequently sold quarter over quarter, coupled with lower crude oil prices quarter over quarter.

Six Nine months ended June September 30, 2026 as compared to six nine months ended June September 30, 2025

Crude oil revenues. Our crude oil revenues increased $576.2 $972.0 million to $2,411.3 $3,717.9 million for the six nine months ended June September 30, 2026 as compared to the six nine months ended June September 30, 2025. The increase was primarily due to higher crude oil average realized prices period over period resulting in a $479.1 $797.8 million increase, coupled with an increase of $97.1 $174.2 million due to higher crude oil production volumes sold period over period. Average crude oil sales prices, without derivative settlements, increased by $17.05 $18.81 per barrel period over period to an average of $82.36 $83.54 per barrel for the six nine months ended June September 30, 2026 primarily due to an increase in the average NYMEX WTI period over period.

NGL revenues. Our NGL revenues decreased $7.1 increased $28.5 million to $82.8 $143.3 million for the six nine months ended June September 30, 2026 as compared to the six nine months ended June September 30, 2025. The decrease increase was primarily due to lower higher average realized NGL prices period over period resulting in a $7.0 $28.7 million decrease increase period over period. Average NGL sales prices, without derivative settlements, decreased increased by $0.75 $2.00 per barrel period over period to an average of $8.97 $10.01 per barrel for the six nine months ended June September 30, 2026 primarily due to decreases increases in the corresponding NGL product index prices for butane, pentane and propane period over period.

Natural gas revenues. Our natural gas revenues increased $32.1 million to $192.1 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. The increase was primarily due to higher natural gas average realized prices period over period resulting in a $35.3 million increase, partially offset by a decrease of $3.2 million due to lower natural gas production volumes sold period over period. Average natural gas sales prices, without derivative settlements, increased by $0.31 per Mcf period over period to $1.70 per Mcf for the nine months ended September 30, 2026 primarily due to increases in the corresponding natural gas index prices period over period.

Purchased oil and gas sales. Purchased oil and gas sales increased $851.5 $803.8 million to $1,193.4 $1,491.0 million for the six nine months ended June September 30, 2026 as compared to the six nine months ended June September 30, 2025. This increase was primarily due to an increase in the volume of crude oil purchased and subsequently sold period over period, coupled with increased crude oil prices over the same period.

2 unchanged paragraphs

Lease operating expenses $ 267,839 $ 244,909 $ 512,748 $ 490,040

Gathering, processing and transportation expenses 62,765 67,018 129,783 147,415

Purchased oil and gas expenses 671,661 509,832 1,181,493 343,113

Production taxes 125,878 86,711 212,589 143,607

Depreciation, depletion and amortization 409,237 384,215 793,452 726,806

General and administrative expenses 29,894 37,508 67,402 70,917

Impairment and exploration 2,687 2,563 5,250 543,923

Total operating expenses 1,569,961 1,332,756 2,902,717 2,465,821

Operating income (loss) 602,720 333,222 935,942 (65,222)

Three Months Ended June September 30, 2026 Three Months Ended March 31, June 30, 2026 Six Nine Months Ended June September 30, 2026 Six Nine Months Ended June September 30, 2025 (In thousands, except per Boe of production data)

Lease operating expenses $ 282,461 $ 267,839 $ 795,209 $ 738,644

Gathering, processing and transportation expenses 81,587 62,765 211,370 220,467

Purchased oil and gas expenses 296,191 671,661 1,477,684 684,060

Production taxes 115,829 125,878 328,418 223,116

Depreciation, depletion and amortization 390,749 409,237 1,184,201 1,101,725

General and administrative expenses 32,009 29,894 99,411 92,778

Impairment and exploration 2,030 2,687 7,280 545,957

Total operating expenses 1,200,856 1,569,961 4,103,573 3,606,747

Gain (loss) on sale of assets, net (28) (4) 343 339 4,993 311 4,628

Operating income 505,017 602,720 1,440,959 105,568

1 unchanged paragraph

Net gain (loss) on derivative instruments (246,002) 107,866 (241,471) (133,605) 61,950 (379,607) 82,674

Net gain (loss) from investment in equity securities 7,186 1,143 22,829 23,972 (5,862) 31,158 (10,507)

Interest expense, net of capitalized interest (26,747) (26,663) (26,596) (53,259) (34,606) (80,006) (53,324)

1 unchanged paragraph

Other income, net 2,186 6,329 8,515 4,546

Total other income (expense), net 84,532 (238,909) (154,377) 22,534

Income (loss) before income taxes 687,252 94,313 781,565 (42,688)

Income tax benefit (expense) (162,066) 14,295 (147,771) (127,380)

Net income (loss) $ 525,186 $ 108,608 $ 633,794 $ (170,068)

Other income, net 6,189 2,186 14,704 6,692

Total other income (expense), net (259,374) 84,532 (413,751) 22,041

Income before income taxes 245,643 687,252 1,027,208 127,609

Income tax expense (64,081) (162,066) (211,852) (167,566)

Net income (loss) $ 181,562 $ 525,186 $ 815,356 $ (39,957)

1 unchanged paragraph

Lease operating expenses $ 10.28 $ 9.87 $ 10.08 $ 9.80

1 unchanged paragraph

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and 58 more changes in the filing

Market risk 4 changes

3 unchanged paragraphs

The fair value of our unrealized crude oil derivative positions at June September 30, 2026 was a net asset liability position of $35.3 $163.6 million. A 10% increase in crude oil prices would reduce increase the fair value of this unrealized derivative asset liability position by approximately $105.5 $158.8 million, while a 10% decrease in crude oil prices would increase reduce the fair value of this unrealized derivative asset liability position by approximately $99.3 $147.9 million. The fair value of our unrealized natural gas derivative positions at June September 30, 2026 was a net asset position of $18.9 $20.5 million. A 10% increase in natural gas prices would reduce the fair value of this unrealized derivative asset position by approximately $13.9 $10.8 million, while a 10% decrease in natural gas prices would increase the fair value of this unrealized derivative asset position by approximately $9.2 $4.4 million. See "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations—Market Conditions and Commodity Prices," for further discussion on the commodity price environment. See "Item 1. Financial Statements (Unaudited)—Note 6—Derivative Instruments" for additional information regarding our derivative instruments.

Interest rate risk . At June September 30, 2026, we had $750.0 million of senior unsecured notes at a fixed interest rate of 6.000% per annum and $750.0 million of senior unsecured notes at a fixed interest rate of 6.750% per annum. At June September 30, 2026, we had no borrowings and $30.4 $30.3 million of outstanding letters of credit issued under the Credit Facility. Borrowings under the Credit Facility are subject to varying rates of interest based on (i) the total outstanding borrowings (including the value of all outstanding letters of credit) in relation to the borrowing base and (ii) whether the loan is a Term SOFR Loan, an ABR Loan or a Swingline Loan (each as defined in the Credit Facility). As of June September 30, 2026, there were no borrowings outstanding under our Credit Facility; therefore, a 100-basis point increase in interest rates would have no impact on our annual interest expense. See "Item 1. Financial Statements (Unaudited)—Note 10—Long-Term 11—Long-Term Debt" for additional information on the interest incurred on the Credit Facility.

1 unchanged paragraph

Counterparty and customer credit risk. Joint interest receivables arise from billing entities which own partial interest in the wells we operate. These entities participate in our wells primarily based on their ownership in leases on which we choose to drill. We have limited ability to control participation in our wells. For the six nine months ended June September 30, 2026, our current expected credit losses on joint interest receivables were $2.5 $2.4 million. We had no credit losses on joint interest receivables for the three months ended June 30, 2026. We are also subject to credit risk due to the concentration of our crude oil, NGL and natural gas receivables with several significant customers. The inability or failure of our significant customers to meet their obligations to us, or their insolvency or liquidation, may adversely affect our financial position and related financial results.

We are also subject to credit risk due to the concentration of our crude oil, NGL and natural gas receivables with several significant customers. The inability or failure of our significant customers to meet their obligations to us, or their insolvency or liquidation, may adversely affect our financial position and related financial results. We monitor our exposure to counterparties on crude oil, NGL and natural gas sales primarily by reviewing credit ratings, financial statements and payment history. We extend credit terms based on our evaluation of each counterparty's credit worthiness. We have not generally required our counterparties to provide collateral to secure crude oil, NGL and natural gas sales receivables owed to us. Historically, our credit losses on crude oil, NGL and natural gas sales receivables have been immaterial.

1 unchanged paragraph

Controls and procedures 2 changes

1 unchanged paragraph

As required by Rule 13a-15(b) of the Exchange Act, management, under the supervision and with the participation of our Chief Executive Officer ("CEO"), our principal executive officer, and our Chief Financial Officer ("CFO"), our principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June September 30, 2026. Our disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our CEO and CFO as appropriate, to allow timely decisions regarding required disclosure. Based on the evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of June September 30, 2026.

1 unchanged paragraph

There were no changes in internal control over financial reporting that occurred during the quarter ended June September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Legal proceedings 1 change

See "Part I, Item 1. — Financial Statements (Unaudited)—Note 16—Commitments 17—Commitments and Contingencies," which is incorporated herein by reference, for a discussion of material legal proceedings.

Unregistered sales of stock 11 changes

1 unchanged paragraph

Issuer purchases of equity securities. The following table contains information about our acquisition of equity securities during the three months ended June September 30, 2026:

3 unchanged paragraphs

April 1 – April 30, 2026 — $ — — $ 881,431,900

May 1 – May 31, 2026 415,380 140.79 413,768 823,185,145

June 1 – June 30, 2026 690,578 129.09 690,578 734,036,116

Total 1,105,958 $ 133.48 1,104,346

July 1 – July 31, 2026 499,445 $ 127.12 499,445 $ 670,548,600

August 1 – August 31, 2026 350,752 140.49 347,973 621,660,928

September 1 – September 30, 2026 662,738 139.74 662,738 529,048,992

Total 1,512,935 $ 135.75 1,510,156

(1) During the second third quarter of 2026, we withheld 1,612 2,779 shares of common stock to satisfy tax withholding obligations upon vesting of certain equity-based awards.

(2) In August 2025, our Board of Directors authorized a new share repurchase program covering up to $1.0 billion of common stock with no expiration date. During the second third quarter of 2026, we repurchased 1,104,346 1,510,156 shares of our common stock at a weighted average price of $133.47 $135.74 per common share for a total cost of $147.4 $205.0 million, excluding accrued excise tax of $1.4 $2.0 million, under this share repurchase program.

Other information 6 changes

The information set forth below is included herein for the purpose of providing the disclosure required under "Item 1.01 – Entry into a Material Definitive Agreement." of Form 8-K.

Amendment to Credit Facility

On October 30, 2026, the Company entered into an eighth amendment (the "Eighth Amendment") to that certain Amended and Restated Credit Agreement dated as of July 1, 2022, by and among the Company, Oasis Petroleum North America LLC, a Delaware limited liability company, Wells Fargo Bank, N.A., as administrative agent, and the other parties party thereto (the "Credit Facility"). In connection with entry into the Eighth Amendment, the semi-annual redetermination of the Company's borrowing base under the Credit Agreement was completed on October 30, 2026, which reaffirmed the borrowing base and the aggregate elected commitment at $2.75 billion and $2.0 billion, respectively. Pursuant to the Eighth Amendment, the maturity date of the Credit Facility was extended from November 3, 2029 to October 30, 2031, subject to a springing maturity date that is 91 days prior to the scheduled maturity date of the 2030 Senior Notes if, on such date, (i) more than $100.0 million in aggregate principal amount of the 2030 Senior Notes remains outstanding (excluding any 2030 Senior Notes that have been satisfied and discharged or defeased) and (ii) the utilization of the total revolving commitments under the Credit Facility, calculated on a pro forma basis, exceeds 80%. The Eighth Amendment also increased thresholds and caps with respect to certain ratios and added a new basket. Additionally, certain other provisions were updated to reflect current market practice.

The foregoing description of the Eighth Amendment to the Credit Agreement is a summary only, does not purport to be complete, and is qualified in its entirety by reference to the full text of the Eighth Amendment, which is attached hereto as Exhibit 10.1 and incorporated by reference into this Item 5.

Rule 10b5-1 trading arrangements.

Rule 10b5-1 trading arrangements. During the fiscal quarter ended June September 30, 2026, none of our directors or officers (as defined in Rule 16a-1 under the Exchange Act) adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.