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Annual report pursuant to Section 13 and 15(d)

Business Segment Reporting

v3.22.0.1
Business Segment Reporting
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract] Ìý
Business Segment Reporting Business Segment Reporting
Ìý
During the periods presented, we reported our financial performance based on the following segments: Land and Resource Management and Water Services and Operations. Our segments provide management with a comprehensive financial view of our key businesses. The segments enable the alignment of our strategies and objectives and provide a framework for timely and rational allocation of resources within businesses. We eliminate any inter-segment revenues and expenses upon consolidation.
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The Land and Resource Management segment encompasses the business of managing our approximately 880,000 surface acres of land and our oil and gas royalty interests in West Texas, principally concentrated in the Permian Basin. The revenue streams of this segment consist primarily of royalties from oil and gas, revenues from easements and commercial leases and land and material sales.

The Water Services and Operations segment encompasses the business of providing a full-service water offering to operators in the Permian Basin. The revenue streams of this segment primarily consist of revenue generated from sales of sourced and treated water as well as revenue from produced water royalties.

Segment financial results were as follows (in thousands):
Ìý Years Ended December 31,
Ìý 2021 2020 2019
Revenues: Ìý Ìý Ìý
Land and resource management $ 320,387Ìý $ 195,142Ìý $ 363,328Ìý
Water services and operations 130,571Ìý 107,422Ìý 127,168Ìý
Total consolidated revenues $ 450,958Ìý $ 302,564Ìý $ 490,496Ìý
Net income: Ìý Ìý Ìý
Land and resource management $ 208,897Ìý $ 127,977Ìý $ 258,366Ìý
Water services and operations 61,083Ìý 48,072Ìý 60,362Ìý
Total consolidated net income $ 269,980Ìý $ 176,049Ìý $ 318,728Ìý
Capital Expenditures: Ìý Ìý Ìý
Land and resource management $ 4,688Ìý $ 152Ìý $ 1,603Ìý
Water services and operations 11,727Ìý 4,934Ìý 30,606Ìý
Total capital expenditures $ 16,415Ìý $ 5,086Ìý $ 32,209Ìý
Depreciation, depletion and amortization: Ìý Ìý Ìý
Land and resource management $ 2,397Ìý $ 1,514Ìý $ 1,201Ìý
Water services and operations
 13,860Ìý 12,881Ìý 7,705Ìý
Total depreciation, depletion and amortization $ 16,257Ìý $ 14,395Ìý $ 8,906Ìý
The following table presents total assets and property, plant and equipment, net by segment (in thousands):

Ìý December 31, 2021 December 31, 2020
Assets: Ìý Ìý
Land and resource management $ 635,338Ìý $ 460,053Ìý
Water services and operations 128,726Ìý 111,582Ìý
Total consolidated assets $ 764,064Ìý $ 571,635Ìý
Property, plant and equipment, net: Ìý Ìý
Land and resource management $ 6,639Ìý $ 3,527Ìý
Water services and operations 73,083Ìý 75,740Ìý
Total consolidated property, plant and equipment, net $ 79,722Ìý $ 79,267Ìý