Quarterly report [Sections 13 or 15(d)]

Business Segment Reporting (Tables)

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

Interest income by segment is included in other income, net in the table above.
Schedule of Total Assets and Property, Plant and Equipment
The following tables present capital expenditures, total assets and property, plant and equipment, net by segment for the periods presented (in thousands):
Three Months Ended
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
Capital Expenditures:
Land and resource management $ 161  $ 93  $ 164  $ 144 
Water services and operations 3,647  6,406  13,552  12,017 
Total capital expenditures $ 3,808  $ 6,499  $ 13,716  $ 12,161 

  June 30,
2025		 December 31,
2024
Assets:    
Land and resource management $ 1,186,884  $ 1,024,188 
Water services and operations 217,780  223,832 
Total consolidated assets $ 1,404,664  $ 1,248,020 
Property, plant and equipment, net:    
Land and resource management $ 4,570  $ 4,805 
Water services and operations 123,379  117,773 
Total consolidated property, plant and equipment, net $ 127,949  $ 122,578