OIL AND NATURAL GAS INTERESTS

9 Months Ended

Sep. 30, 2023

Oil and natural gas interests include the following:


	September 30,		December 31,
	2023		2022
	(In thousands)
Oil and natural gas interests:
Subject to depletion	$	2,441,057	$	2,167,598
Not subject to depletion	1,151,711		1,297,221
Gross oil and natural gas interests	3,592,768		3,464,819
Accumulated depletion and impairment	(821,565)		(720,234)
Oil and natural gas interests, net	2,771,203		2,744,585
Land	5,688		5,688
Property, net of accumulated depletion and impairment	$	2,776,891	$	2,750,273

As of September 30, 2023 and December 31, 2022, the Partnership had mineral and royalty interests representing 27,189 and 26,315 net royalty acres, respectively.

No impairment expense was recorded on the Partnership’s oil and natural gas interests for the three and nine months ended September 30, 2023 and 2022 based on the results of the respective quarterly ceiling tests. In addition to commodity prices, the Partnership’s production rates, levels of proved reserves, transfers of unevaluated properties and other factors will determine its actual ceiling test limitations and impairment analysis in future periods. If the trailing 12-month commodity prices decline as compared to the commodity prices used in prior quarters, the Partnership may have material write-downs in subsequent quarters.