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Property and Equipment
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
The following table presents a summary of the Company’s property and equipment balances as of December 31, 2025 and 2024 (in thousands).
 December 31,
 20252024
Oil and natural gas properties
Evaluated (subject to depletion)$14,286,726 $12,534,290 
Unproved and unevaluated (not subject to depletion)1,823,456 1,702,203 
Total oil and natural gas properties16,110,182 14,236,493 
Accumulated depletion(7,093,268)(5,959,845)
Net oil and natural gas properties9,016,914 8,276,648 
Midstream properties
Midstream equipment and facilities1,963,059 1,683,334 
Accumulated depreciation(264,938)(211,048)
Net midstream properties1,698,121 1,472,286 
Other property and equipment
Furniture, fixtures and other equipment22,810 20,007 
Software8,361 8,283 
Leasehold improvements22,028 19,242 
Total other property and equipment53,199 47,532 
Accumulated depreciation(36,936)(32,370)
Net other property and equipment16,263 15,162 
Net property and equipment$10,731,298 $9,764,096 
 The following table provides a breakdown of the Company’s unproved and unevaluated property costs not subject to depletion as of December 31, 2025 and the year in which these costs were incurred (in thousands).
Description 20252024202320222021 and priorTotal
Costs incurred for
Property acquisition$255,126 $585,463 $321,062 $95,880 $420,481 $1,678,012 
Exploration wells12,560 2,313 846 164 1,011 16,894 
Development wells125,988 1,604 738 156 64 128,550 
Total$393,674 $589,380 $322,646 $96,200 $421,556 $1,823,456 
Property acquisition costs are costs incurred to purchase, lease or otherwise acquire oil and natural gas properties, but may also include broker and legal expenses, geological and geophysical expenses and capitalized internal costs associated with developing oil and natural gas prospects on these properties. Property acquisition costs are transferred into the depletable base on an ongoing basis as these properties are evaluated and proved reserves are established or impairment is determined. Unproved and unevaluated properties are assessed for possible impairment on a periodic basis based upon changes in operating or economic conditions.
Property acquisition costs incurred that remain in unproved and unevaluated property at December 31, 2025 are related to the Company’s leasehold and mineral acquisitions in the Delaware Basin in Southeast New Mexico and West Texas. These costs are associated with acreage for which proved reserves have yet to be assigned. A significant portion of these costs are associated with properties that are held by production or have automatic lease renewal options. As the Company drills wells and assigns proved reserves to these properties or determines that certain portions of this acreage, if any, cannot be assigned proved reserves, portions of these costs are transferred to the depletable base.
Costs excluded from depletion also include those costs associated with exploration and development wells in progress or awaiting completion at year-end. These costs are transferred into the depletable base on an ongoing basis as these wells are completed and proved reserves are established or confirmed. These costs totaled $145.4 million at December 31, 2025, of which $16.9 million was associated with exploration wells and $128.6 million was associated with development wells. The
Company anticipates that most of the costs associated with these wells in progress at December 31, 2025 will be transferred to the depletable base during 2026. Unproved and unevaluated property costs for exploration and development wells incurred in years prior to 2025 are costs related to the advanced preparation for wells that the Company intends to drill in the future.