v3.26.1
PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
Property and equipment includes the following as of the dates indicated:

June 30,December 31,
20262025
(In millions)
Oil and natural gas properties:
Proved properties$74,385 $71,588 
Unproved properties(1)
23,193 23,941 
Gross oil and natural gas properties97,578 95,529 
Accumulated depletion(18,475)(15,974)
Accumulated impairment(13,007)(11,606)
Oil and natural gas properties, net66,096 67,949 
Other property, equipment and land899 874 
Accumulated depreciation, amortization, accretion and impairment(223)(202)
Total property and equipment, net$66,772 $68,621 
(1)    Unevaluated properties not subject to depletion under full cost accounting.

Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter which determines a limit, or ceiling, on the book value of proved oil and natural gas properties. No ceiling test impairment was recorded for the three months ended June 30, 2026. However, the Company recorded an impairment of approximately $1.4 billion during the six months ended June 30, 2026, which is included in the caption “Accumulated depletion, depreciation, amortization and impairment” on the condensed consolidated balance sheet. No impairment expense was recorded for the three and six months ended June 30, 2025.

In addition to commodity prices, the Company’s production rates, levels of proved reserves, future development costs, transfers of unevaluated properties and other factors will determine its actual ceiling test calculation and impairment analysis in future periods. If the future trailing 12-month commodity prices decline as compared to the commodity prices used in prior quarters, the Company may have material write downs in subsequent quarters. It is possible that circumstances requiring additional impairment testing will occur in future interim periods, which could result in potentially material impairment charges being recorded.