Q2 net income +160% to $390.7M on higher oil prices, below-the-line tax improvement

Filed August 7, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 25, 2025 · ~1 min read

Key Changes

• high

  Net income rose 160% to $390.7M ($3.15/share) while operating income rose 100% to $577.3M — the $240.5M net-income gain outpaced the $288.6M operating gain by $48.2M due to lower income tax, non-operating/other, and noncontrolling interest drags, not operational strength.

  MD&A: Earnings Quality verify on EDGAR →
• high

  Announced three major acquisitions totaling ~$2.0B: Paloma ($1.275B Delaware Basin acreage/production), Ridge Runner (Woodford acreage/production), and Cardinal midstream ($752M), all expected to close Q4 2026, funded by expanded credit facilities and cash.

  MD&A: Acquisitions; Notes: Subsequent Events verify on EDGAR →
• high

  Completed $1.16B BLM acreage acquisition (5,154 net acres in Delaware Basin core) in May 2026, funded by credit facility borrowings which rose from $390M to $939M at June 30 and further to $1.18B by August 5.

  MD&A: BLM Acquisition; Notes: Debt verify on EDGAR →