Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 358,030 $ 335,600
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 40,603 13,695
Share-based compensation 11,375 8,989
Deferred taxes 5,104 2,163
Changes in operating assets and liabilities:    
Operating assets, excluding income taxes (16,021) 5,806
Operating liabilities, excluding income taxes 27,643 4,423
Income taxes payable 5,504 (2,578)
Prepaid income taxes 0 (4,002)
Cash provided by operating activities 432,238 364,096
Cash flows from investing activities:    
Deposit for acquisition (71,108) (42,952)
Acquisition of real estate (35,951) (1,026)
Purchase of fixed assets (30,878) (16,451)
Acquisition of royalty interests, net of post-closing adjustments (3,546) (120,334)
Acquisition of a business 0 (45,000)
Post-close adjustment from seller related to prior year asset acquisition 3,878 0
Cash used in investing activities (137,605) (225,763)
Cash flows from financing activities:    
Dividends paid (111,031) (310,550)
Shares exchanged for tax withholdings (14,795) (1,623)
Cash settlement of common stock repurchases (8,380) (22,795)
Cash used in financing activities (134,206) (334,968)
Net increase in cash, cash equivalents and restricted cash 160,427 (196,635)
Cash, cash equivalents and restricted cash, beginning of period 371,381 730,549
Cash, cash equivalents and restricted cash, end of period 531,808 533,914
Supplemental disclosure of cash flow information:    
Income taxes paid 89,865 96,648
Supplemental non-cash investing and financing information:    
Increase in accounts payable related to purchases of fixed assets 3,444 5,543
(Decrease) increase in accrued dividends on unvested stock awards (386) 564
Addition of operating lease right-of-use asset, net of lease incentive $ 13,593 $ 0