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OIL AND NATURAL GAS PROPERTIES
 3 Months Ended
Mar. 31, 2026
Extractive Industries [Abstract]  
OIL AND NATURAL GAS PROPERTIES OIL AND NATURAL GAS PROPERTIES
Oil and natural gas properties include the following for the periods presented:

March 31,December 31,
20262025
(In millions)
Oil and natural gas properties:
Proved properties$9,514 $9,746 
Unproved properties(1)
4,562 4,910 
Gross oil and natural gas properties14,076 14,656 
Accumulated depletion(1,774)(1,567)
Accumulated impairment(888)(888)
Oil and natural gas properties, net11,414 12,201 
Other property, equipment and land8 8 
Property, net of accumulated depletion and impairment$11,422 $12,209 
(1)    Unevaluated properties not subject to depletion under full cost pool accounting.

As of March 31, 2026, and December 31, 2025, the Company had mineral and royalty properties representing approximately 86,639 and 96,003 net royalty acres, respectively.
No impairment expense was recorded on the Company’s proved oil and natural gas properties for either of the three months ended March 31, 2026 and 2025 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 material write-downs in subsequent quarters.