91ëƬ

Quarterly report [Sections 13 or 15(d)]

Business Segment Reporting - Financial Results (Details)

v3.25.2
Business Segment Reporting - Financial Results (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues $ 187,543 Ìý $ 172,334 Ìý $ 383,526 $ 346,476
Salaries and related employee expenses 14,072 Ìý 12,771 Ìý 28,644 25,232
Water service-related expenses 8,451 Ìý 14,824 Ìý 19,577 25,036
General and administrative expenses 5,693 Ìý 5,980 Ìý 11,765 15,211
Depreciation, depletion and amortization 13,699 Ìý 4,093 Ìý 25,640 7,933
Ad valorem and other taxes 1,877 Ìý 1,444 Ìý 4,076 3,801
Total operating expenses 43,792 Ìý 39,112 Ìý 89,702 77,213
Operating income 143,751 Ìý 133,222 Ìý 293,824 269,263
Other income, net 5,240 Ìý 13,220 Ìý 9,561 23,163
Income before income taxes 148,991 Ìý 146,442 Ìý 303,385 292,426
Income tax expense 32,851 Ìý 31,853 Ìý 66,593 63,420
Net income 116,140 $ 120,652 114,589 $ 114,417 236,792 229,006
Oil and gas royalties Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting Information [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 95,006 Ìý 89,813 Ìý 206,251 181,933
Water sales Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting Information [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 25,577 Ìý 40,650 Ìý 64,390 77,776
Produced water royalties Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting Information [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 30,737 Ìý 25,301 Ìý 58,437 48,307
Easements and other surface-related income Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting Information [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 36,223 Ìý 16,570 Ìý 54,448 37,216
Land sales Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting Information [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 0 Ìý 0 Ìý 0 1,244
LRM Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting Information [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 128,497 Ìý 104,032 Ìý 255,078 215,517
Salaries and related employee expenses 7,025 Ìý 6,480 Ìý 14,429 12,945
Water service-related expenses 0 Ìý 0 Ìý 0 0
General and administrative expenses 3,648 Ìý 3,989 Ìý 6,961 10,663
Depreciation, depletion and amortization 9,137 Ìý 813 Ìý 16,826 1,506
Ad valorem and other taxes 1,864 Ìý 1,443 Ìý 4,053 3,799
Total operating expenses 21,674 Ìý 12,725 Ìý 42,269 28,913
Operating income 106,823 Ìý 91,307 Ìý 212,809 186,604
Other income, net 4,156 Ìý 11,014 Ìý 7,572 18,944
Income before income taxes 110,979 Ìý 102,321 Ìý 220,381 205,548
Income tax expense 24,410 Ìý 22,192 Ìý 48,268 44,448
Net income 86,569 Ìý 80,129 Ìý 172,113 161,100
LRM | Oil and gas royalties Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting Information [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 95,006 Ìý 89,813 Ìý 206,251 181,933
LRM | Water sales Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting Information [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 0 Ìý 0 Ìý 0 0
LRM | Produced water royalties Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting Information [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 0 Ìý 0 Ìý 0 0
LRM | Easements and other surface-related income Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting Information [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 33,491 Ìý 14,219 Ìý 48,827 32,340
LRM | Land sales Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting Information [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues Ìý Ìý Ìý Ìý 0 1,244
WSO Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting Information [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 59,046 Ìý 68,302 Ìý 128,448 130,959
Salaries and related employee expenses 7,047 Ìý 6,291 Ìý 14,215 12,287
Water service-related expenses 8,451 Ìý 14,824 Ìý 19,577 25,036
General and administrative expenses 2,045 Ìý 1,991 Ìý 4,804 4,548
Depreciation, depletion and amortization 4,562 Ìý 3,280 Ìý 8,814 6,427
Ad valorem and other taxes 13 Ìý 1 Ìý 23 2
Total operating expenses 22,118 Ìý 26,387 Ìý 47,433 48,300
Operating income 36,928 Ìý 41,915 Ìý 81,015 82,659
Other income, net 1,084 Ìý 2,206 Ìý 1,989 4,219
Income before income taxes 38,012 Ìý 44,121 Ìý 83,004 86,878
Income tax expense 8,441 Ìý 9,661 Ìý 18,325 18,972
Net income 29,571 Ìý 34,460 Ìý 64,679 67,906
WSO | Oil and gas royalties Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting Information [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 0 Ìý 0 Ìý 0 0
WSO | Water sales Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting Information [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 25,577 Ìý 40,650 Ìý 64,390 77,776
WSO | Produced water royalties Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting Information [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 30,737 Ìý 25,301 Ìý 58,437 48,307
WSO | Easements and other surface-related income Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting Information [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues $ 2,732 Ìý $ 2,351 Ìý 5,621 4,876
WSO | Land sales Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting Information [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues Ìý Ìý Ìý Ìý $ 0 $ 0