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OIL AND NATURAL GAS INTERESTS
 9 Months Ended
Sep. 30, 2025
Extractive Industries [Abstract]  
OIL AND NATURAL GAS INTERESTS OIL AND NATURAL GAS INTERESTS
Oil and natural gas interests include the following for the periods presented:

September 30,December 31,
20252024
(In millions)
Oil and natural gas interests:
Subject to depletion$9,314 $3,533 
Not subject to depletion5,275 2,180 
Gross oil and natural gas interests14,589 5,713 
Accumulated depletion(1,334)(961)
Accumulated impairment(480)(120)
Oil and natural gas interests, net12,775 4,632 
Other property, equipment and land8 6 
Property, net of accumulated depletion and impairment$12,783 $4,638 

As of September 30, 2025, and December 31, 2024, the Company had mineral and royalty interests representing approximately 95,846 and 35,671 net royalty acres, respectively.

Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter. As a result of its ceiling test, the Company recorded a non-cash ceiling test impairment for the three and nine months ended September 30, 2025, of $360 million. No impairment expense was recorded on the Company’s oil and natural gas interests for the three and nine months ended September 30, 2024, based on the results of the respective quarterly ceiling tests. In addition to commodity prices, the Company’s production rates, levels of proved reserves, transfers of unevaluated properties, income tax rate assumptions and other factors will determine its actual ceiling test limitations and impairment analysis in future periods. If the SEC Prices decline as compared to the commodity prices used in prior quarters, the Company could have material write-downs in subsequent quarters.