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OIL AND NATURAL GAS INTERESTS

9 Months Ended

Sep. 30, 2020

Oil and natural gas interests include the following:


	September 30,		December 31,
	2020		2019

	(In thousands)
Oil and natural gas interests:
Subject to depletion	$	1,478,621	$	1,316,692
Not subject to depletion	1,452,248		1,551,767
Gross oil and natural gas interests	2,930,869		2,868,459
Accumulated depletion and impairment	(398,678)		(326,474)
Oil and natural gas interests, net	2,532,191		2,541,985
Land	5,688		5,688
Property, net of accumulated depletion and impairment	$	2,537,879	$	2,547,673

As of September 30, 2020 and December 31, 2019, the Partnership had mineral and royalty interests representing 24,696 and 24,304 net royalty acres, respectively.

Under the full cost method of accounting, the Partnership is required to perform a ceiling test each quarter. The test determines a limit, or ceiling, on the book value of the proved oil and gas interests. After performing the ceiling test for the quarter ended September 30, 2020, the Partnership was not required to record an impairment. If the trailing 12-month commodity prices continue to fall as compared to the commodity prices used in prior quarters, the Partnership will have write-downs in subsequent quarters, which may be material.