Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF INCOME AND TOTAL COMPREHENSIVE INCOME

v3.25.4
CONSOLIDATED STATEMENTS OF INCOME AND TOTAL COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Total revenues $ 798,190 $ 705,823 $ 631,595
Expenses:      
Salaries and related employee expenses 57,925 53,621 43,384
Water service-related expenses 53,528 46,124 33,566
General and administrative expenses 23,780 34,483 46,450
Depreciation, depletion and amortization 62,533 25,162 14,757
Ad valorem and other taxes 8,263 7,295 7,385
Total operating expenses 206,029 166,685 145,542
Operating income 592,161 539,138 486,053
Interest expense (690) 0 0
Other income, net 18,858 39,683 31,508
Income before income taxes 610,329 578,821 517,561
Income tax expense:      
Current 122,398 120,257 110,517
Deferred 6,555 4,604 1,399
Total income tax expense 128,953 124,861 111,916
Net income 481,376 453,960 405,645
Amortization of net actuarial costs, net of income taxes of $(41), $(182), and $(27) for the years ended December 31, 2025, 2024 and 2023, respectively (156) (684) (103)
Net actuarial gain (loss) on pension plan, net of income taxes of $192, $483, and $(157) as of December 31, 2025, 2024 and 2023, respectively 723 2,436 (582)
Total other comprehensive income (loss) 567 1,752 (685)
Total comprehensive income $ 481,943 $ 455,712 $ 404,960
Net income per share of common stock      
Basic (in dollars per share) $ 6.98 $ 6.58 $ 5.87
Diluted (in dollars per share) $ 6.97 $ 6.57 $ 5.86
Weighted average number of shares of common stock outstanding      
Basic (in shares) 68,949,240 68,958,591 69,132,915
Diluted (in shares) 69,027,492 69,059,252 69,179,535
Oil and gas royalties      
Revenues:      
Total revenues $ 411,677 $ 373,331 $ 357,394
Water sales      
Revenues:      
Total revenues 169,701 150,724 112,203
Produced water royalties      
Revenues:      
Total revenues 124,218 104,123 84,260
Easements and other surface-related income      
Revenues:      
Total revenues 91,775 73,257 70,932
Land sales      
Revenues:      
Total revenues $ 819 $ 4,388 $ 6,806