0001609253 ecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001609253 2021-01-01 2021-12-31 0001609253 ecd:EqtyAwrdsInSummryCompstnTblForAplblYrMember ecd:PeoMember crc:MarkAMcfarlandMember 2025-01-01 2025-12-31 0001609253 ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001609253 ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember ecd:PeoMember crc:MarkAMcfarlandMember 2025-01-01 2025-12-31 0001609253 ecd:EqtyAwrdsInSummryCompstnTblForAplblYrMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001609253 4 2025-01-01 2025-12-31 0001609253 crc:MarkAMcfarlandMember 2025-01-01 2025-12-31 0001609253 2023-01-01 2023-12-31 0001609253 ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001609253 2025-01-01 2025-12-31 0001609253 1 2025-01-01 2025-12-31 0001609253 3 2025-01-01 2025-12-31 0001609253 crc:MarkAMcfarlandMember 2023-01-01 2023-12-31 0001609253 ecd:EqtyAwrdsAdjsMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001609253 crc:FranciscoJLeonMember 2023-01-01 2023-12-31 0001609253 2 2025-01-01 2025-12-31 0001609253 ecd:EqtyAwrdsAdjsMember ecd:PeoMember crc:MarkAMcfarlandMember 2025-01-01 2025-12-31 0001609253 ecd:FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember ecd:PeoMember crc:MarkAMcfarlandMember 2025-01-01 2025-12-31 0001609253 2022-01-01 2022-12-31 0001609253 ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember ecd:PeoMember crc:MarkAMcfarlandMember 2025-01-01 2025-12-31 0001609253 2024-01-01 2024-12-31 0001609253 ecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember ecd:PeoMember crc:MarkAMcfarlandMember 2025-01-01 2025-12-31 0001609253 ecd:FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 iso4217:USD 0001609253 false DEF 14A CALIFORNIA RESOURCES CORP true We do no currently grant stock options or option-like equity awards to our employees or directors, therefore we do not currently have a formal practice or policy with respect to the grant of stock options or option-like awards. With respect to the RSU and PSUs that were granted during the 2025 year, we did not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation in 2025. we do not currently have a formal practice or policy with respect to the grant of stock options or option-like awards. true false As required by Item 402(v) of Regulation S-K, we are providing the following information regarding the relationship between executive compensation and the Company’s financial performance for applicable years. The following table summarizes compensation values reported in the Summary Compensation Table for individuals serving as our principal executive officer (“PEO”) and the average for our other NEOs, as compared to “compensation actually paid” and the Company's financial performance for the years ended December 31, 2025, 2024, 2023, 2022 and 2021. In determining the “compensation actually paid” to our NEOs, we are required to make various adjustments to amounts that have been previously reported in the Summary Compensation Table, as the SEC’s valuation methods for this section differ from those required in the Summary Compensation Table. “Compensation actually paid” includes payments made to executives during the applicable year such as salary, performance bonus, and various benefits. However, the SEC’s valuation methods for this section emphasize the changes in fair value of equity awards under applicable financial accounting standards, and as such, references to “compensation actually paid” below reflects the change in equity award values on the applicable calculation dates and does not necessarily reflect what our NEOs received year-to-year. <table style="border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;"> <tr style="visibility:collapse;"> <td style="width:7.44%;box-sizing:content-box;"></td> <td style="width:13.98%;box-sizing:content-box;"></td> <td style="width:13.98%;box-sizing:content-box;"></td> <td style="width:13.98%;box-sizing:content-box;"></td> <td style="width:13.98%;box-sizing:content-box;"></td> <td style="width:9.34%;box-sizing:content-box;"></td> <td style="width:8.98%;box-sizing:content-box;"></td> <td style="width:9.16%;box-sizing:content-box;"></td> <td style="width:9.16%;box-sizing:content-box;"></td> </tr> <tr style="height:36pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td rowspan="2" style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"> Year</td> <td rowspan="2" style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"> Summary Compensation Table Total for PEO(1)</td> <td rowspan="2" style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"> Compensation Actually Paid to PEO(2)</td> <td rowspan="2" style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"> Average Summary Compensation Table Total for Non-PEO NEOs(1)</td> <td rowspan="2" style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"> Average Compensation Actually Paid to Non-PEO NEOs(2)</td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #0070c0;padding-right:0in;"> Value of Initial Fixed $100 Investment Based On:</td> <td rowspan="2" style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"> Net Income (Loss)(millions)</td> <td rowspan="2" style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"> Free Cash Flow(millions)</td> </tr> <tr style="height:23.75pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"> TSR</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">Peer Group TSR(3)</td> </tr> <tr style="height:10.1pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #0075c9;padding-right:0in;">(a)</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #0075c9;padding-right:0in;">(b)</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #0075c9;padding-right:0in;">(c)</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #0075c9;padding-right:0in;">(d)</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #0075c9;padding-right:0in;">(e)</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #0075c9;padding-right:0in;">(f)</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #0075c9;padding-right:0in;">(g)</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #0075c9;padding-right:0in;">(h)</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #0075c9;padding-right:0in;">(i)</td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #0075c9;padding-right:0in;"> 2025</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #0075c9;padding-right:0in;">$12,076,766</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #0075c9;padding-right:0in;">$9,547,033</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #0075c9;padding-right:0in;">$5,998,331</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #0075c9;padding-right:0in;">$5,040,333</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #0075c9;padding-right:0in;">$211.03</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #0075c9;padding-right:0in;">$299.13</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #0075c9;padding-right:0in;">$363</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #0075c9;padding-right:0in;">$655</td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"> 2024</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$7,985,931</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$6,639,906</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$4,891,617</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$3,534,993</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$236.66</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$338.68</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$376</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$595</td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"> 2023(4)</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$914,697</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$(2,675,996)</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"> 2023(5)</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$10,185,668</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$13,968,755</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$5,255,617</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$5,995,797</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$242.89</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$362.06</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$564</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$595</td> </tr> <tr style="height:8.65pt;background-color:#ebebec;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"> 2022</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$2,807,749</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$3,368,621</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$1,382,810</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$1,448,173 </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$188.50</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$356.11</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$524</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$360</td> </tr> <tr style="height:8.65pt;background-color:#ebebec;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"> 2021</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$17,583,281</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$30,872,890</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$4,834,140</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$8,066,445 </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$181.84</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$237.14</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$625</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">$458</td> </tr> </table> <div style="font-size:10pt;font-family:Times New Roman;"><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:2.796%;text-align:left;">(1)<div style="display:inline;">The PEO and the non-PEO NEOs for each year are as follows: </div></div> <div class="item-list-element-wrapper" style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:justify;">•<div style="display:inline;">2025: PEO – Francisco J. Leon; Non-PEOs – Clio Crespy, Chris D. Gould, Omar Hayat, Michael L. Preston</div></div><div class="item-list-element-wrapper" style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:justify;">•<div style="display:inline;">2024: PEO – Francisco J. Leon; Non-PEOs – Manuela (“Nelly”) Molina, Jay A. Bys, Chris D. Gould, Michael L. Preston</div></div><div class="item-list-element-wrapper" style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:justify;">•<div style="display:inline;">2023: PEOs – Mark A. McFarland and Francisco J. Leon; Non-PEOs – Manuela (“Nelly”) Molina, Jay A. Bys, Chris D. Gould, Michael L. Preston, Shawn M. Kerns</div></div><div class="item-list-element-wrapper" style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:justify;">•<div style="display:inline;">2022 and 2021: PEO – Mark A. McFarland; Non-PEOs – Francisco J. Leon, Jay A. Bys, Shawn M. Kerns, Michael L. Preston</div></div></div><div style="font-size:8pt;font-family:Arial;"><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:2.796%;text-align:left;">(2)<div style="display:inline;">The following tables reconcile the Summary Compensation Table totals to the Compensation Actually Paid totals:</div></div> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:99.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:78.7%;box-sizing:content-box;"></td> <td style="width:1.86%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.54%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.9%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="4" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #0075c9;padding-right:0.01in;">2025</td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">PEO Summary Compensation Table Totals</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">12,076,766</td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">Add (Subtract):</td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">Fair value of equity awards granted during the year from the Summary Compensation Table</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(9,070,699</td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">Fair value at year end of equity awards granted during the year</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">8,815,272</td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">Change in fair value of equity awards granted in prior years that were unvested as of the end of the year</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(2,944,554</td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">Change in fair value of equity awards granted in prior years that vested during the year</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">670,248</td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">Equity awards granted in prior years that were forfeited during the year</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:20pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">Total Equity Award Related Adjustments</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(2,529,733</td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">Compensation Actually Paid Totals</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">9,547,033</td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> </tr> </table></div> <div style="font-size:8pt;font-family:Arial;"> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:99.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:80.236%;box-sizing:content-box;"></td> <td style="width:1.88%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.883%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #4472c4;padding-right:0in;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #4472c4;padding-right:0in;"> </td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #4472c4;padding-right:0in;">2025</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #4472c4;padding-right:0in;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Non-PEO NEOs Summary Compensation Table Totals</td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">$</td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">5,998,331</td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Add (Subtract):</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0in;text-indent:10pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Fair value of equity awards granted during the year from the Summary Compensation Table</td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">(4,250,507</td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">)</td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0in;text-indent:10pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Fair value at year end of equity awards granted during the year</td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">4,089,533</td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0in;text-indent:10pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Change in fair value of equity awards granted in prior years that were unvested as of the end of the year</td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">(936,275</td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">)</td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0in;text-indent:10pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Change in fair value of equity awards granted in prior years that vested during the year</td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">139,251</td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0in;text-indent:10pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Equity awards granted in prior years that were forfeited during the year</td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;text-align:center;">—</td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0in;text-indent:20pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Total Equity Award Related Adjustments</td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">(957,998</td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">)</td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Compensation Actually Paid Totals</td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">$</td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">5,040,333</td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> </table></div> <div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:2.796%;text-align:left;">(3)<div style="display:inline;">Peer Group TSR for the peer group of prior years is the same peer group used for Item 201(e) of Reg S-K as shown in our 2025 Annual Report. For the 2025 year, that peer group consisted of APA Corporation; BKV Corporation; Chord Energy Corporation; Civitas Resources, Inc.; Comstock Resources Inc.; Crescent Energy Company; Gulfport Energy Corp; Kosmos Energy Ltd.; Magnolia Oil & Gas Corp; Matador Resources Company; Murphy Oil Corporation; Northern Oil and Gas, Inc.; Range Resources Corporation; Sable Offshore Corporation; SM Energy Company; Talos Energy Inc.; and Vermilion Energy Inc. Before-Tax Free Cash Flow is a non-GAAP measure described above in the AIP Scorecard Metrics section of the Compensation Discussion and Analysis section above. See also Annex A for a reconciliation to the nearest GAAP measure.</div></div><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:2.796%;text-align:left;">(4)<div style="display:inline;">Information shown for PEO McFarland, who was PEO through April 28, 2023. The negative amount shown for Compensation Actually Paid is due primarily to the forfeiture of RSUs upon Mr. McFarland’s termination.</div></div><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:2.796%;text-align:left;">(5)<div style="display:inline;">Information shown for PEO Leon, who was PEO beginning April 28, 2023.</div></div> Free Cash Flow 12076766 9547033 5998331 5040333 211.03 299.13

363000000

655000000 7985931 6639906 4891617 3534993 236.66 338.68

376000000

595000000 914697 -2675996 10185668 13968755 5255617 5995797 242.89 362.06

564000000

595000000 2807749 3368621 1382810 1448173 188.5 356.11

524000000

360000000 17583281 30872890 4834140 8066445 181.84 237.14

625000000

458000000 <div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:2.796%;text-align:left;">(1)<div style="display:inline;">The PEO and the non-PEO NEOs for each year are as follows: </div></div> <div class="item-list-element-wrapper" style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:justify;">•<div style="display:inline;">2025: PEO – Francisco J. Leon; Non-PEOs – Clio Crespy, Chris D. Gould, Omar Hayat, Michael L. Preston</div></div><div class="item-list-element-wrapper" style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:justify;">•<div style="display:inline;">2024: PEO – Francisco J. Leon; Non-PEOs – Manuela (“Nelly”) Molina, Jay A. Bys, Chris D. Gould, Michael L. Preston</div></div><div class="item-list-element-wrapper" style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:justify;">•<div style="display:inline;">2023: PEOs – Mark A. McFarland and Francisco J. Leon; Non-PEOs – Manuela (“Nelly”) Molina, Jay A. Bys, Chris D. Gould, Michael L. Preston, Shawn M. Kerns</div></div><div class="item-list-element-wrapper" style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:justify;">•<div style="display:inline;">2022 and 2021: PEO – Mark A. McFarland; Non-PEOs – Francisco J. Leon, Jay A. Bys, Shawn M. Kerns, Michael L. Preston</div></div> Francisco J. Leon Francisco J. Leon Mark A. McFarland and Francisco J. Leon Mark A. McFarland Mark A. McFarland <div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:2.796%;text-align:left;">(2)<div style="display:inline;">The following tables reconcile the Summary Compensation Table totals to the Compensation Actually Paid totals:</div></div> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:99.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:78.7%;box-sizing:content-box;"></td> <td style="width:1.86%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.54%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.9%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="4" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #0075c9;padding-right:0.01in;">2025</td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">PEO Summary Compensation Table Totals</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">12,076,766</td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">Add (Subtract):</td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">Fair value of equity awards granted during the year from the Summary Compensation Table</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(9,070,699</td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">Fair value at year end of equity awards granted during the year</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">8,815,272</td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">Change in fair value of equity awards granted in prior years that were unvested as of the end of the year</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(2,944,554</td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">Change in fair value of equity awards granted in prior years that vested during the year</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">670,248</td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">Equity awards granted in prior years that were forfeited during the year</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:20pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">Total Equity Award Related Adjustments</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(2,529,733</td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">Compensation Actually Paid Totals</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">9,547,033</td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> </tr> </table> 12076766 -9070699 8815272 -2944554 670248 0 -2529733 9547033 <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:99.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:80.236%;box-sizing:content-box;"></td> <td style="width:1.88%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.883%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #4472c4;padding-right:0in;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #4472c4;padding-right:0in;"> </td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #4472c4;padding-right:0in;">2025</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #4472c4;padding-right:0in;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Non-PEO NEOs Summary Compensation Table Totals</td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">$</td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">5,998,331</td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Add (Subtract):</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0in;text-indent:10pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Fair value of equity awards granted during the year from the Summary Compensation Table</td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">(4,250,507</td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">)</td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0in;text-indent:10pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Fair value at year end of equity awards granted during the year</td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">4,089,533</td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0in;text-indent:10pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Change in fair value of equity awards granted in prior years that were unvested as of the end of the year</td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">(936,275</td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">)</td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0in;text-indent:10pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Change in fair value of equity awards granted in prior years that vested during the year</td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">139,251</td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0in;text-indent:10pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Equity awards granted in prior years that were forfeited during the year</td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;text-align:center;">—</td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0in;text-indent:20pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Total Equity Award Related Adjustments</td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">(957,998</td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">)</td> </tr> <tr style="height:8pt;background-color:#ebebec;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Compensation Actually Paid Totals</td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">$</td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">5,040,333</td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> </table> 5998331 -4250507 4089533 -936275 139251 -0 -957998 5040333 Peer Group TSR for the peer group of prior years is the same peer group used for Item 201(e) of Reg S-K as shown in our 2025 Annual Report. For the 2025 year, that peer group consisted of APA Corporation; BKV Corporation; Chord Energy Corporation; Civitas Resources, Inc.; Comstock Resources Inc.; Crescent Energy Company; Gulfport Energy Corp; Kosmos Energy Ltd.; Magnolia Oil & Gas Corp; Matador Resources Company; Murphy Oil Corporation; Northern Oil and Gas, Inc.; Range Resources Corporation; Sable Offshore Corporation; SM Energy Company; Talos Energy Inc.; and Vermilion Energy Inc. Before-Tax Free Cash Flow is a non-GAAP measure described above in the AIP Scorecard Metrics section of the Compensation Discussion and Analysis section above. See also Annex A for a reconciliation to the nearest GAAP measure. PEO From 2024 to 2025, compensation actually paid to the PEO increased by $2,907,127 or 44%. Over this same period, the Company's TSR decreased by 10.8%, net income decreased by 6.4% and free cash-flow increased by 10.1%. The key factors that drove the increase in compensation actually paid to our PEO were the amount of equity award grants, partially offset by the decrease in TSR. The PEO received more in equity award grants in 2025 compared to 2024 due to the grant of the non-recurring RSU Retention Award in 2025 for which a similar grant was not made in 2024. From 2023 to 2024, compensation actually paid to the PEO decreased by $4,652,853 or 41%. Over this same period, the Company's TSR decreased by 2.6%, net income decreased by 33.3% and free cash-flow was unchanged. The key factors that drove the decrease in compensation actually paid to our PEO were the amount of equity award grants and the decrease in TSR during the year. The PEO received less in equity award grants in 2024 compared to 2023. From 2022 to 2023, compensation actually paid to the PEO increased by $7,924,138 or 235%. Over this same period, the Company's TSR increased by 28.9%, net income increased by 7.6% and free cash-flow increased by 65%. The key factors that drove the increase in compensation actually paid to our PEO were the timing of equity award grants and the increase in TSR from the equity award grant date early in 2023. The PEO received equity award grants in 2023, but did receive any equity award grants in 2022. From 2021 to 2022, compensation actually paid to the PEO decreased by $27,504,269 or 89%. Over this same period, the Company’s TSR increased by 3.7%, net income decreased by 16.2%, and before-tax free cash flow decreased by 21.4%. The key factor that drove the decrease in compensation actually paid to our PEO was due to the timing of equity award grants. The PEO received an equity award in 2021 following the Company’s emergence from bankruptcy whereas a similar grant was not made in 2022. Since a substantial majority of the compensation paid to the PEO during 2021 - 2024 was equity-based, the compensation actually paid is directly linked to increases or decreases in the Company’s stock price. Non-PEOs From 2024 to 2025, compensation actually paid to the non-PEOs increased by $1,505,340 or 43%. Over this same period, the Company's TSR decreased by 10.8%, net income decreased by 6.4% and free cash-flow increased by 10.1%. The key factors that drove the increase in compensation actually paid to our non-PEOs were the amount of equity award grants, partially offset by the decrease in TSR. The non-PEOs received more in equity award grants in 2025 compared to 2024 due to the grant of the non-recurring Initial RSU Award and RSU Retention Awards in 2025 for which similar grants were not made in 2024. From 2023 to 2024, compensation actually paid to the Non-PEOs decreased by $2,460,804 or 41%. Over this same period, the Company's TSR decreased by 2.6%, net income decreased by 33.3%% and freed cash-flow was unchanged. The key factors that drove the decrease in compensation actually paid to our Non-PEOs were the amount of equity award grants and the decrease in TSR during the year. The Non-PEOs received less in equity award grants in 2024 compared to 2023. From 2022 to 2023, compensation actually paid to the Non-PEOs increased by $4,547,624 or 314%. Over this same period, the Company's TSR increased by 28.9%, net income increased by 7.6% and freed cash-flow increased by 65%. The key factors that drove the increase in compensation actually paid to our Non-PEOs were the timing of equity award grants and the increase in TSR from the equity award grant date early in 2023. The Non-PEOs received equity award grants in 2023, but did receive any equity award grants in 2022. From 2021 to 2022, compensation actually paid to the Non-PEOs decreased by $6,618,272 or 82%. Over this same period, the Company’s TSR increased by 3.7%, net income decreased by 16.2%, and before-tax free cash flow decreased by 21.4%. The key factor that drove the decline in compensation actually paid in 2022 from the prior period was the timing of equity award grants. The non-PEOs did not receive equity awards in 2022; however, equity awards were granted in 2021 following the Company’s emergence from bankruptcy on October 27, 2020. Since a majority of the compensation paid to the non-PEOs during 2021 - 2025 was equity-based, the compensation actually paid is directly linked to increases or decreases in the Company’s stock price. PEO From 2024 to 2025, compensation actually paid to the PEO increased by $2,907,127 or 44%. Over this same period, the Company's TSR decreased by 10.8%, net income decreased by 6.4% and free cash-flow increased by 10.1%. The key factors that drove the increase in compensation actually paid to our PEO were the amount of equity award grants, partially offset by the decrease in TSR. The PEO received more in equity award grants in 2025 compared to 2024 due to the grant of the non-recurring RSU Retention Award in 2025 for which a similar grant was not made in 2024. From 2023 to 2024, compensation actually paid to the PEO decreased by $4,652,853 or 41%. Over this same period, the Company's TSR decreased by 2.6%, net income decreased by 33.3% and free cash-flow was unchanged. The key factors that drove the decrease in compensation actually paid to our PEO were the amount of equity award grants and the decrease in TSR during the year. The PEO received less in equity award grants in 2024 compared to 2023. From 2022 to 2023, compensation actually paid to the PEO increased by $7,924,138 or 235%. Over this same period, the Company's TSR increased by 28.9%, net income increased by 7.6% and free cash-flow increased by 65%. The key factors that drove the increase in compensation actually paid to our PEO were the timing of equity award grants and the increase in TSR from the equity award grant date early in 2023. The PEO received equity award grants in 2023, but did receive any equity award grants in 2022. From 2021 to 2022, compensation actually paid to the PEO decreased by $27,504,269 or 89%. Over this same period, the Company’s TSR increased by 3.7%, net income decreased by 16.2%, and before-tax free cash flow decreased by 21.4%. The key factor that drove the decrease in compensation actually paid to our PEO was due to the timing of equity award grants. The PEO received an equity award in 2021 following the Company’s emergence from bankruptcy whereas a similar grant was not made in 2022. Since a substantial majority of the compensation paid to the PEO during 2021 - 2024 was equity-based, the compensation actually paid is directly linked to increases or decreases in the Company’s stock price. Non-PEOs From 2024 to 2025, compensation actually paid to the non-PEOs increased by $1,505,340 or 43%. Over this same period, the Company's TSR decreased by 10.8%, net income decreased by 6.4% and free cash-flow increased by 10.1%. The key factors that drove the increase in compensation actually paid to our non-PEOs were the amount of equity award grants, partially offset by the decrease in TSR. The non-PEOs received more in equity award grants in 2025 compared to 2024 due to the grant of the non-recurring Initial RSU Award and RSU Retention Awards in 2025 for which similar grants were not made in 2024. From 2023 to 2024, compensation actually paid to the Non-PEOs decreased by $2,460,804 or 41%. Over this same period, the Company's TSR decreased by 2.6%, net income decreased by 33.3%% and freed cash-flow was unchanged. The key factors that drove the decrease in compensation actually paid to our Non-PEOs were the amount of equity award grants and the decrease in TSR during the year. The Non-PEOs received less in equity award grants in 2024 compared to 2023. From 2022 to 2023, compensation actually paid to the Non-PEOs increased by $4,547,624 or 314%. Over this same period, the Company's TSR increased by 28.9%, net income increased by 7.6% and freed cash-flow increased by 65%. The key factors that drove the increase in compensation actually paid to our Non-PEOs were the timing of equity award grants and the increase in TSR from the equity award grant date early in 2023. The Non-PEOs received equity award grants in 2023, but did receive any equity award grants in 2022. From 2021 to 2022, compensation actually paid to the Non-PEOs decreased by $6,618,272 or 82%. Over this same period, the Company’s TSR increased by 3.7%, net income decreased by 16.2%, and before-tax free cash flow decreased by 21.4%. The key factor that drove the decline in compensation actually paid in 2022 from the prior period was the timing of equity award grants. The non-PEOs did not receive equity awards in 2022; however, equity awards were granted in 2021 following the Company’s emergence from bankruptcy on October 27, 2020. Since a majority of the compensation paid to the non-PEOs during 2021 - 2025 was equity-based, the compensation actually paid is directly linked to increases or decreases in the Company’s stock price. PEO From 2024 to 2025, compensation actually paid to the PEO increased by $2,907,127 or 44%. Over this same period, the Company's TSR decreased by 10.8%, net income decreased by 6.4% and free cash-flow increased by 10.1%. The key factors that drove the increase in compensation actually paid to our PEO were the amount of equity award grants, partially offset by the decrease in TSR. The PEO received more in equity award grants in 2025 compared to 2024 due to the grant of the non-recurring RSU Retention Award in 2025 for which a similar grant was not made in 2024. From 2023 to 2024, compensation actually paid to the PEO decreased by $4,652,853 or 41%. Over this same period, the Company's TSR decreased by 2.6%, net income decreased by 33.3% and free cash-flow was unchanged. The key factors that drove the decrease in compensation actually paid to our PEO were the amount of equity award grants and the decrease in TSR during the year. The PEO received less in equity award grants in 2024 compared to 2023. From 2022 to 2023, compensation actually paid to the PEO increased by $7,924,138 or 235%. Over this same period, the Company's TSR increased by 28.9%, net income increased by 7.6% and free cash-flow increased by 65%. The key factors that drove the increase in compensation actually paid to our PEO were the timing of equity award grants and the increase in TSR from the equity award grant date early in 2023. The PEO received equity award grants in 2023, but did receive any equity award grants in 2022. From 2021 to 2022, compensation actually paid to the PEO decreased by $27,504,269 or 89%. Over this same period, the Company’s TSR increased by 3.7%, net income decreased by 16.2%, and before-tax free cash flow decreased by 21.4%. The key factor that drove the decrease in compensation actually paid to our PEO was due to the timing of equity award grants. The PEO received an equity award in 2021 following the Company’s emergence from bankruptcy whereas a similar grant was not made in 2022. Since a substantial majority of the compensation paid to the PEO during 2021 - 2024 was equity-based, the compensation actually paid is directly linked to increases or decreases in the Company’s stock price. Non-PEOs From 2024 to 2025, compensation actually paid to the non-PEOs increased by $1,505,340 or 43%. Over this same period, the Company's TSR decreased by 10.8%, net income decreased by 6.4% and free cash-flow increased by 10.1%. The key factors that drove the increase in compensation actually paid to our non-PEOs were the amount of equity award grants, partially offset by the decrease in TSR. The non-PEOs received more in equity award grants in 2025 compared to 2024 due to the grant of the non-recurring Initial RSU Award and RSU Retention Awards in 2025 for which similar grants were not made in 2024. From 2023 to 2024, compensation actually paid to the Non-PEOs decreased by $2,460,804 or 41%. Over this same period, the Company's TSR decreased by 2.6%, net income decreased by 33.3%% and freed cash-flow was unchanged. The key factors that drove the decrease in compensation actually paid to our Non-PEOs were the amount of equity award grants and the decrease in TSR during the year. The Non-PEOs received less in equity award grants in 2024 compared to 2023. From 2022 to 2023, compensation actually paid to the Non-PEOs increased by $4,547,624 or 314%. Over this same period, the Company's TSR increased by 28.9%, net income increased by 7.6% and freed cash-flow increased by 65%. The key factors that drove the increase in compensation actually paid to our Non-PEOs were the timing of equity award grants and the increase in TSR from the equity award grant date early in 2023. The Non-PEOs received equity award grants in 2023, but did receive any equity award grants in 2022. From 2021 to 2022, compensation actually paid to the Non-PEOs decreased by $6,618,272 or 82%. Over this same period, the Company’s TSR increased by 3.7%, net income decreased by 16.2%, and before-tax free cash flow decreased by 21.4%. The key factor that drove the decline in compensation actually paid in 2022 from the prior period was the timing of equity award grants. The non-PEOs did not receive equity awards in 2022; however, equity awards were granted in 2021 following the Company’s emergence from bankruptcy on October 27, 2020. Since a majority of the compensation paid to the non-PEOs during 2021 - 2025 was equity-based, the compensation actually paid is directly linked to increases or decreases in the Company’s stock price. Company TSR versus Peer Group TSR Our peer group changed from 2024 to 2025. We added Northern Oil and Gas, Inc. and Gulfport Energy Corporation due to their similar market capitalization and operations. We removed Antero Resources Corporation and Permian Resources Corporation from our peer group due to their larger market capitalization. We removed Berry Corporation from our peer group as a result of our merger with them in December 2025. The relationship of our TSR to the two peer groups as of December 31 for each year presented in the table below: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:93.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:16.046%;box-sizing:content-box;"></td> <td style="width:20.325%;box-sizing:content-box;"></td> <td style="width:34.232%;box-sizing:content-box;"></td> <td style="width:29.397%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#0075c0;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">Year</td> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">Our TSR</td> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">2025 Peer Group TSR</td> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">2024 Peer Group TSR</td> </tr> <tr style="height:9pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">2025</td> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">$211.03</td> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">$299.13</td> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">$343.91</td> </tr> <tr style="height:9pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">2024</td> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">$236.66</td> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">$338.68</td> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">$376.47</td> </tr> <tr style="height:9pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">2023</td> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">$242.89</td> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">$362.06</td> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">$381.39</td> </tr> <tr style="height:9pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">2021</td> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">$188.50</td> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">$356.11</td> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">$383.48</td> </tr> <tr style="height:9pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">2021</td> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">$181.84</td> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">$237.14</td> <td style="padding-top:0in;padding-left:0.08in;vertical-align:top;padding-bottom:0in;padding-right:0.08in;">$247.35</td> </tr> </table> Disclosure of Most Important Performance Measures for Fiscal Year 2025 The following unranked performance measures for fiscal year 2025 were the most important performance measures the Company used to link executive compensation actually paid to our PEO and Non-PEOs during the last fiscal year to company performance. <table style="border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;"> <tr style="visibility:collapse;"> <td style="width:100%;box-sizing:content-box;"></td> </tr> <tr style="height:13.7pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">Most Important Performance Measures</td> </tr> <tr style="height:11.5pt;background-color:#ebebec;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">Combined Company Synergies (as described in the Compensation Discussion and Analysis section above)</td> </tr> <tr style="height:7.2pt;background-color:#ebebec;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">Adjusted EBITDAX (as described in the Compensation Discussion and Analysis section above)</td> </tr> <tr style="height:10.1pt;background-color:#ebebec;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">Free Cash Flow (as described in the Compensation Discussion and Analysis section above) </td> </tr> <tr style="height:10.1pt;background-color:#ebebec;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;">Carbon Management Projects (as described in the Compensation Discussion and Analysis section above)</td> </tr> </table> Combined Company Synergies Adjusted EBITDAX Free Cash Flow Carbon Management Projects