| Schedule of Aggregate Capitalized Costs Related to Oil and Natural Gas Production Activities |
Oil and natural gas interests include the following for the periods presented:
| | | | | | | | | | | | | December 31, | | 2025 | | 2024 | | (In millions) | | Oil and natural gas interests: | | | | | Proved properties | $ | 9,746 | | | $ | 3,533 | | | Unproved properties | 4,910 | | | 2,180 | | | Gross oil and natural gas interests | 14,656 | | | 5,713 | | | Accumulated depletion | (1,567) | | | (961) | | | Accumulated impairment | (888) | | | (120) | | | Oil and natural gas interests, net | 12,201 | | | 4,632 | | | Other property, equipment and land | 8 | | | 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 2024 | 562 | | | | | Incurred in 2023 | 553 | | | | | Prior | 181 | | | | | Total not subject to depletion | $ | 4,910 | | | |
Aggregate capitalized costs related to oil and natural gas production activities with applicable accumulated depreciation, depletion and amortization are as follows:
| | | | | | | | | | | | | December 31, | | 2025 | | 2024 | | (In millions) | | Oil and natural gas interests: | | | | | Proved | $ | 9,746 | | | $ | 3,533 | | | Unproved | 4,910 | | | 2,180 | | | Total oil and natural gas interests | 14,656 | | | 5,713 | | | Accumulated depletion | (1,567) | | | (961) | | | Accumulated impairment | (888) | | | (120) | | | Net oil and natural gas interests capitalized | $ | 12,201 | | | $ | 4,632 | |
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