Quarterly report [Sections 13 or 15(d)]

Business Segment Reporting - Financial Results (Details)

v3.25.1
Business Segment Reporting - Financial Results (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Total revenues $ 195,983 $ 174,142
Salaries and related employee expenses 14,572 12,461
Water service-related expenses 11,126 10,212
General and administrative expenses 6,072 9,231
Depreciation, depletion and amortization 11,941 3,840
Ad valorem and other taxes 2,199 2,357
Total operating expenses 45,910 38,101
Operating income 150,073 136,041
Other income, net 4,321 9,943
Income before income taxes 154,394 145,984
Income tax expense 33,742 31,567
Net income 120,652 114,417
Oil and gas royalties    
Segment Reporting Information [Line Items]    
Total revenues 111,245 92,120
Water sales    
Segment Reporting Information [Line Items]    
Total revenues 38,813 37,126
Produced water royalties    
Segment Reporting Information [Line Items]    
Total revenues 27,700 23,006
Easements and other surface-related income    
Segment Reporting Information [Line Items]    
Total revenues 18,225 20,646
Land sales    
Segment Reporting Information [Line Items]    
Total revenues 0 1,244
LRM    
Segment Reporting Information [Line Items]    
Total revenues 126,581 111,485
Salaries and related employee expenses 7,404 6,465
Water service-related expenses 0 0
General and administrative expenses 3,313 6,674
Depreciation, depletion and amortization 7,689 693
Ad valorem and other taxes 2,189 2,356
Total operating expenses 20,595 16,188
Operating income 105,986 95,297
Other income, net 3,416 7,930
Income before income taxes 109,402 103,227
Income tax expense 23,858 22,256
Net income 85,544 80,971
LRM | Oil and gas royalties    
Segment Reporting Information [Line Items]    
Total revenues 111,245 92,120
LRM | Water sales    
Segment Reporting Information [Line Items]    
Total revenues 0 0
LRM | Produced water royalties    
Segment Reporting Information [Line Items]    
Total revenues 0 0
LRM | Easements and other surface-related income    
Segment Reporting Information [Line Items]    
Total revenues 15,336 18,121
LRM | Land sales    
Segment Reporting Information [Line Items]    
Total revenues 0 1,244
WSO    
Segment Reporting Information [Line Items]    
Total revenues 69,402 62,657
Salaries and related employee expenses 7,168 5,996
Water service-related expenses 11,126 10,212
General and administrative expenses 2,759 2,557
Depreciation, depletion and amortization 4,252 3,147
Ad valorem and other taxes 10 1
Total operating expenses 25,315 21,913
Operating income 44,087 40,744
Other income, net 905 2,013
Income before income taxes 44,992 42,757
Income tax expense 9,884 9,311
Net income 35,108 33,446
WSO | Oil and gas royalties    
Segment Reporting Information [Line Items]    
Total revenues 0 0
WSO | Water sales    
Segment Reporting Information [Line Items]    
Total revenues 38,813 37,126
WSO | Produced water royalties    
Segment Reporting Information [Line Items]    
Total revenues 27,700 23,006
WSO | Easements and other surface-related income    
Segment Reporting Information [Line Items]    
Total revenues 2,889 2,525
WSO | Land sales    
Segment Reporting Information [Line Items]    
Total revenues $ 0 $ 0