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OIL AND NATURAL GAS INTERESTS
 12 Months Ended
Dec. 31, 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:

December 31,
20252024
(In millions)
Oil and natural gas interests:
Proved properties$9,746 $3,533 
Unproved properties4,910 2,180 
Gross oil and natural gas interests14,656 5,713 
Accumulated depletion(1,567)(961)
Accumulated impairment(888)(120)
Oil and natural gas interests, net12,201 4,632 
Other property, equipment and land8 6 
Property, net of accumulated depletion and impairment$12,209 $4,638 
Balance of costs not subject to depletion:
Incurred in 2025$3,614 
Incurred in 2024562 
Incurred in 2023553 
Prior181 
Total not subject to depletion$4,910 

As of December 31, 2025, and 2024, the Company had mineral and royalty interests representing approximately 96,003 and 35,671 net royalty acres, respectively.

Costs associated with unevaluated properties are excluded from the full cost pool until a determination as to the existence of proved reserves can be made. The inclusion of the Company’s unevaluated costs into the amortization base is expected to be completed within nine to 12 years. All costs incurred not subject to depletion are classified as acquisition costs.

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 aggregate non-cash ceiling test impairments for the year ended December 31, 2025 of $768 million. No impairment expense was recorded on the Company’s oil and natural gas interests for the years ended December 31, 2024 and 2023, 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 future SEC Prices decline as compared to the commodity prices used in prior quarters, the Company could have further write-downs in subsequent quarters, which may be material.