INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision (Benefit)

The components of the Company’s consolidated provision for income taxes from continuing operations for the years ended December 31, 2024, 2023 and 2022 are as follows:

	Year Ended December 31,
	2024		2023		2022
	(In millions)
Current income tax provision (benefit):
Federal	$	752	$	505	$	421
State	33		29		33
Total current income tax provision (benefit)	785		534		454
Deferred income tax provision (benefit):
Federal	10		370		706
State	5		8		14
Total deferred income tax provision (benefit)	15		378		720
Total provision for (benefit from) income taxes	$	800	$	912	$	1,174

Schedule of Reconciliation of Statutory Federal Income Tax

A reconciliation of the statutory federal income tax amount from continuing operations to the recorded expense is as follows:

	Year Ended December 31,
	2024		2023		2022
	(In millions)
Income tax expense (benefit) at the federal statutory rate (21%)	$	945	$	892	$	1,205
State income tax expense, net of federal tax effect	30		31		42
Non-deductible compensation	9		8		10
Change in valuation allowance	(156)		(7)		(71)
Other, net	(28)		(12)		(12)
Provision for (benefit from) income taxes	$	800	$	912	$	1,174

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023 are as follows:

	December 31,
	2024		2023
	(In millions)
Deferred tax assets:
Net operating loss and other carryforwards	$	225	$	236
Derivative instruments	—		22
Viper's investment in Viper LLC	185		170
Other	75		28
Deferred tax assets	485		456
Valuation allowance	(119)		(233)
Deferred tax assets, net of valuation allowance	366		223
Deferred tax liabilities:
Oil and natural gas properties and equipment	9,850		2,463
Midstream investments	140		162
Other	29		2
Total deferred tax liabilities	10,019		2,627
Net deferred tax liabilities	$	9,653	$	2,404

Schedule of Unrecognized Tax Benefits

The following table sets forth changes in the Company’s unrecognized tax benefits:

	December 31,
	2024		2023		2022
	(In millions)
Balance at beginning of year	$	—	$	7	$	7
Decrease resulting from expiration of statute	—		(7)		—
Balance at end of year	—		—		7
Less: Effects of temporary items	—		—		(4)
Total that, if recognized, would impact the effective income tax rate as of the end of the year	$	—	$	—	$	3