FANG — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-06

• •Recorded net income of $25 million, which includes impairment of approximately $1.4 billion recorded on our proved oil and natural gas properties.

• •Our cash operating costs were $11.26 per BOE, including lease operating expenses of $6.21 per BOE, cash general and administrative expenses of $0.65 per BOE, production and ad valorem taxes of $3.04 per BOE and gathering, processing and transportation expenses of $1.36 per BOE.

• •Incurred cash capital expenditures, excluding acquisitions, of $933 million.

• •Paid dividends to stockholders of $295 million, or $1.05 per share, during the first quarter of 2026 and declared a base cash dividend payable in the second quarter of 2026 of $1.10 per share of common stock.

• •Repurchased $548 million of our common stock, excluding excise taxes, leaving approximately $2.1 billion available for future repurchases at March 31, 2026.

Text removed vs the prior filing · source: 10-Q · 2025-11-05

• •Paid dividends to stockholders of $289 million during the third quarter of 2025 and declared a base cash dividend payable in the fourth quarter of 2025 of $1.00 per share of common stock.

• •Increased our common stock repurchase program authorization to $8.0 billion, excluding excise taxes, repurchased $603 million of our common stock, excluding excise taxes, and had approximately $3.1 billion available for future repurchases under our common stock repurchase program at September 30, 2…

• •Our cash operating costs were $10.05 per BOE, including lease operating expenses of $5.65 per BOE, cash general and administrative expenses of $0.55 per BOE and production and ad valorem taxes of $2.44 per BOE and gathering, processing and transportation expenses of $1.41 per BOE.

• •Drilled 107 gross horizontal wells in the Midland Basin and one gross horizontal well in the Delaware Basin and turned 137 gross operated horizontal wells (137 in the Midland Basin and none in the Delaware Basin) to production.

• •Cash capital expenditures, excluding acquisitions, were $774 million.

Text added vs the prior filing · source: 10-Q · 2026-05-06

• Other than the repayment and termination of the Viper 2025 Term Loan in the first quarter of 2026 and the subsequent repayment and termination of the 2025 Term Loan in the second quarter of 2026, information regarding market risks for the three months ended March 31, 2026 does not differ materially …

Text removed vs the prior filing · source: 10-Q · 2025-11-05

• Our major market risk exposure in our exploration and production business is in the pricing applicable to our oil and natural gas production. Realized pricing is primarily driven by the prevailing worldwide price for crude oil and spot market prices applicable to our natural gas production. Pricing …

• We use derivatives, including swaps, basis swaps, roll swaps, costless collars, puts and basis puts, to reduce price volatility associated with certain of our oil and natural gas sales.

• At September 30, 2025, we had a net asset derivative position of $90 million related to our commodity price risk derivatives. Utilizing actual derivative contractual volumes under our commodity price derivatives as of September 30, 2025, a 10% increase in forward curves associated with the underlyin…

• Our principal exposures to credit risk are due to the concentration of receivables from the sale of our oil and natural gas production (approximately $1.3 billion at September 30, 2025), and to a lesser extent, receivables resulting from joint interest and other receivables (approximately $244 milli…

• Joint interest receivables arise from billings to entities that own partial interests in wells we operate. These entities participate in our wells primarily based on their ownership in leases on which we intend to drill. We have little ability to control whether these entities will participate in ou…

Text added vs the prior filing · source: 10-Q · 2026-05-06

• Evaluation of Disclosure Controls and Procedures. Under the direction of our Chief Executive Officer and Chief Financial Officer, we have established disclosure controls and procedures, as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act, as amended, or the Exchange Act, that are desig…

• Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any c…

• As of March 31, 2026, an evaluation was performed under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15(b) u…

• Changes in Internal Control over Financial Reporting. Viper is in the process of integrating the entities acquired in the Sitio Acquisition. As a result of these integration activities, certain controls will be evaluated and may be changed. Except as noted above, there have not been any changes in o…

Text removed vs the prior filing · source: 10-Q · 2025-11-05

• Evaluation of Disclosure Controls and Procedures. Under the direction of our Chief Executive Officer and Chief Financial Officer, we have established disclosure controls and procedures, as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act, as amended, or the Exchange Act, that are desig…

• As of September 30, 2025, an evaluation was performed under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15(…

• Changes in Internal Control over Financial Reporting. Management’s assessment of, and conclusion on, the effectiveness of internal control over financial reporting did not include the internal controls of the entities acquired in the Sitio Acquisition on August 19, 2025. Under guidelines established…

Text removed vs the prior filing · source: 10-Q · 2025-11-05

• On October 31, 2025, the Company’s board of directors approved certain amendments to our Fifth Amended and Restated Bylaws, effective immediately (as amended and restated, the “Sixth Amended and Restated Bylaws”). Among other things, the Sixth Amended and Restated Bylaws:

• (i)clarify and enhance procedural mechanics and disclosure requirements relating to stockholders calling special meetings and stockholder director nominations and submissions of proposals, including requiring additional background information from proposed director nominees;

• (ii)adopt a federal forum provision, selecting federal courts as the exclusive forum for claims under the Securities Act, unless the Company consents in writing to the selection of an alternative forum; and

• (iii)make other technical, conforming, modernizing and clarifying amendments.

• The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the full text of the Sixth Amended and Restated Bylaws, a copy of which is filed as Exhibit 3.3 hereto.