Quarterly report [Sections 13 or 15(d)]

Oil and Gas Producing Activities

v3.25.3
Oil and Gas Producing Activities
 9 Months Ended
Sep. 30, 2025
Extractive Industries [Abstract]  
Oil and Gas Producing Activities Oil and Gas Producing Activities
Our Share of Oil and Gas Produced

We measure our share of oil and gas produced in barrels of oil equivalent (“Boe”). One Boe equals one barrel of crude oil, condensate, natural gas liquids (“NGL”) or approximately 6,000 cubic feet of gas. For the three months ended September 30, 2025 and 2024, our share of oil and gas produced was approximately 36.3 thousand and 28.3 thousand Boe per day, respectively. For the nine months ended September 30, 2025 and 2024, our share of oil and gas produced was approximately 33.6 thousand and 26.0 thousand Boe per day, respectively.

Capitalized Oil and Natural Gas Costs

Aggregate capitalized costs related to oil and natural gas production activities with applicable accumulated depletion are as follows (in thousands):
September 30,
2025		 December 31,
2024
Oil, natural gas and NGL interests
Proved $ 190,101  $ 150,984 
Unproved 256,638  296,087 
Total oil, natural gas and NGL interests 446,739  447,071 
Less: accumulated depletion (40,822) (14,670)
Royalty interests, net $ 405,917  $ 432,401 

The Company owns approximately 207,000 NRA as of September 30, 2025. Of our total NRA, approximately 191,000 was acquired in 1888 and was recorded with no value. The remaining approximately 16,000 NRA have been acquired over recent years and are included in royalty interests acquired on the consolidated balance sheet. See additional discussion in Note 4, “Oil and Gas Royalty Interests.”