v3.25.4
SUPPLEMENTAL INFORMATION ON OIL AND NATURAL GAS OPERATIONS (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2025
Extractive Industries [Abstract]  
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,
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 
Aggregate capitalized costs related to oil and natural gas production activities with applicable accumulated depreciation, depletion and amortization are as follows:

December 31,
20252024
(In millions)
Oil and natural gas interests:
Proved$9,746 $3,533 
Unproved4,910 2,180 
Total oil and natural gas interests14,656 5,713 
Accumulated depletion(1,567)(961)
Accumulated impairment(888)(120)
Net oil and natural gas interests capitalized$12,201 $4,632 
Schedule of Cost Incurred in Oil and Gas Property Acquisition Activities
Costs incurred in oil and natural gas property acquisition activities are as follows:

Year Ended December 31,
202520242023
(In millions)
Acquisition costs:
Proved properties$4,976 $341 $403 
Unproved properties3,968 830 758 
Total$8,944 $1,171 $1,161 
Schedule of Changes in Estimated Proved Reserves
The following table presents changes in estimated proved reserves, which were prepared in accordance with the rules and regulations of the SEC:

Oil
(MBbls)		Natural Gas
(MMcf)		Natural Gas Liquids
(MBbls)
Total (MBOE)(1)
Proved Developed and Undeveloped Reserves:
As of December 31, 202279,004 209,964 34,902 148,900 
Purchase of reserves in place10,469 27,011 4,006 18,977 
Extensions and discoveries13,636 34,632 6,150 25,558 
Revisions of previous estimates(5,178)11,101 3,466 138 
Production(8,028)(19,130)(3,108)(14,324)
As of December 31, 202389,903 263,578 45,416 179,249 
Purchase of reserves in place7,891 20,310 3,665 14,941 
Extensions and discoveries13,099 33,498 6,254 24,936 
Revisions of previous estimates(6,472)4,449 2,837 (2,894)
Divestitures(919)(4,605)(451)(2,138)
Production(9,939)(24,606)(4,181)(18,221)
As of December 31, 202493,563 292,624 53,540 195,873 
Purchase of reserves in place90,168 336,127 55,102 201,291 
Extensions and discoveries31,305 90,973 15,702 62,170 
Revisions of previous estimates(3,951)(31,751)(9,328)(18,570)
Divestitures(4)(12)(2)(8)
Production(17,875)(51,676)(8,233)(34,721)
As of December 31, 2025193,206 636,285 106,781 406,035 
Proved Developed Reserves:
December 31, 202369,043 221,462 37,417 143,371 
December 31, 202476,020 253,271 45,633 163,865 
December 31, 2025147,036 512,302 84,282 316,702 
Proved Undeveloped Reserves:
December 31, 202320,860 42,116 7,999 35,878 
December 31, 202417,543 39,353 7,907 32,009 
December 31, 202546,170 123,983 22,499 89,333 
(1)Includes total proved reserves of 219,259 MBOE, 94,019 MBOE, 91,417 MBOE and 81,895 MBOE as of December 31, 2025, 2024, 2023 and 2022, respectively, attributable to a non-controlling interest in the Operating Company.
The following table includes the changes in PUD reserves for 2025:

MBOE
Beginning proved undeveloped reserves at December 31, 2024
32,009 
Undeveloped reserves transferred to developed(11,848)
Revisions(5,643)
Purchases28,395 
Extensions and discoveries46,420 
Ending proved undeveloped reserves at December 31, 2025
89,333 
Schedule of Standardized Measure of Discounted Future Net Cash Flows
The following table sets forth the standardized measure of discounted future net cash flows attributable to the Company’s proved oil and natural gas reserves as of December 31, 2025, 2024 and 2023:

December 31,
202520242023
(In millions)
Future cash inflows$15,377 $8,323 $8,494 
Future production taxes(1,080)(578)(594)
Future income tax expense(1,389)(749)(935)
Future net cash flows12,908 6,996 6,965 
10% discount to reflect timing of cash flows(6,261)(3,676)(3,778)
Standardized measure of discounted future net cash flows(1)
$6,647 $3,320 $3,187 
(1)Includes a 54%, 48% and 51% non-controlling interest in the Operating Company at December 31, 2025, 2024 and 2023, respectively.
Schedule of Average First-Day-of-the-Month Price for Oil, Natural Gas and Natural Gas Liquids
The following table presents the SEC Prices as adjusted for differentials and contractual arrangements utilized in the computation of future cash inflows:

December 31,
202520242023
Oil (per Bbl)$64.80 $75.61 $77.93 
Natural gas (per Mcf)$1.31 $0.49 $1.54 
Natural gas liquids (per Bbl)$18.95 $20.62 $23.79 
Schedule of Principal Changes in Standardized Measure of Discounted Future Net Cash Flows
Principal changes in the standardized measure of discounted future net cash flows attributable to the Company’s proved reserves are as follows:

Year Ended December 31,
202520242023
(In millions)
Standardized measure of discounted future net cash flows at the beginning of the period$3,320 $3,187 $3,454 
Purchase of minerals in place3,738 355 474 
Divestiture of reserves— (51)— 
Sales of oil and natural gas, net of production costs(1,252)(793)(667)
Extensions and discoveries1,401 640 627 
Net changes in prices and production costs(279)(438)(1,405)
Revisions of previous quantity estimates(374)(85)3 
Net changes in income taxes(370)70 212 
Accretion of discount368 374 428 
Net changes in timing of production and other95 61 61 
Standardized measure of discounted future net cash flows at the end of the period$6,647 $3,320 $3,187