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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 481,376 $ 453,960 $ 405,645
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion and amortization 62,533 25,162 14,757
Amortization of debt issuance costs 211 0 0
Share-based compensation 15,131 12,498 10,343
Pension curtailment/settlement gains 0 (4,616) 0
Deferred taxes 6,555 4,604 1,399
Changes in operating assets and liabilities:      
Receivables and other assets (52,933) (610) (24,457)
Prepaid income taxes (3,716) 0 4,809
Income taxes payable (381) (407) 1,628
Unearned revenue 13,746 (3,903) 5,140
Operating liabilities, excluding income taxes 22,894 6,327 (3,240)
Ad valorem and other taxes payable 494 (2,343) 2,264
Cash provided by operating activities 545,910 490,672 418,288
Cash flows from investing activities:      
Acquisition of royalty interests, net of post-closing adjustments (454,244) (395,577) (3,566)
Acquisition of a business 0 (45,000) 0
Acquisition of intangible assets 0 0 (21,403)
Equity investment (50,000) 0 0
Acquisition of real estate (35,951) (1,476) (20,320)
Purchase of fixed assets (59,531) (29,696) (15,028)
Proceeds from sale of fixed assets 0 0 5
Post-close adjustment from seller related to prior year asset acquisition 3,878 0 0
Cash used in investing activities (595,848) (471,749) (60,312)
Cash flows from financing activities:      
Dividends paid (147,798) (347,309) (99,972)
Shares exchanged for tax withholdings (14,795) (1,623) (2,064)
Repurchases of common stock (8,380) (29,159) (42,573)
Debt issuance costs (5,066) 0 0
Cash used in financing activities (176,039) (378,091) (144,609)
Net (decrease) increase in cash, cash equivalents and restricted cash (225,977) (359,168) 213,367
Cash, cash equivalents and restricted cash, beginning of period 371,381 730,549 517,182
Cash, cash equivalents and restricted cash, end of period 145,404 371,381 730,549
Supplemental disclosure of cash flow information:      
Income taxes paid 126,955 120,669 104,079
Supplemental non-cash investing and financing information:      
Nonmonetary exchange of assets 0 0 880
Increase (decrease) in accounts payable related to capital expenditures 6,417 (273) 403
Accrued dividends on unvested stock awards (309) 730 158
Operating lease right-of-use assets $ 13,593 $ 0 $ 0