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

Business Segment Reporting - Financial Results (Details)

v3.25.4
Business Segment Reporting - Financial Results (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Total revenues $ 798,190 $ 705,823 $ 631,595
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 128,953 124,861 111,916
Net income 481,376 453,960 405,645
Oil and gas royalties      
Segment Reporting Information [Line Items]      
Total revenues 411,677 373,331 357,394
Water sales      
Segment Reporting Information [Line Items]      
Total revenues 169,701 150,724 112,203
Produced water royalties      
Segment Reporting Information [Line Items]      
Total revenues 124,218 104,123 84,260
Easements and other surface-related income      
Segment Reporting Information [Line Items]      
Total revenues 91,775 73,257 70,932
Land sales      
Segment Reporting Information [Line Items]      
Total revenues 819 4,388 6,806
LRM      
Segment Reporting Information [Line Items]      
Salaries and related employee expenses 29,184 27,493 21,945
Water service-related expenses 0 0 0
General and administrative expenses 14,358 25,531 39,078
Depreciation, depletion and amortization 44,555 10,968 3,073
Ad valorem and other taxes 8,218 7,257 7,382
Total operating expenses 96,315 71,249 71,478
Operating income 394,411 369,544 360,627
Interest expense (552) 0 0
Other income, net 14,926 31,707 30,384
Income before income taxes 408,785 401,251 391,011
Income tax expense 86,370 86,350 84,305
Net income 322,415 314,901 306,706
LRM | Operating Segments      
Segment Reporting Information [Line Items]      
Total revenues 490,726 440,793 432,105
LRM | Oil and gas royalties | Operating Segments      
Segment Reporting Information [Line Items]      
Total revenues 411,677 373,331 357,394
LRM | Water sales | Operating Segments      
Segment Reporting Information [Line Items]      
Total revenues 0 0 0
LRM | Produced water royalties | Operating Segments      
Segment Reporting Information [Line Items]      
Total revenues 0 0 0
LRM | Easements and other surface-related income | Operating Segments      
Segment Reporting Information [Line Items]      
Total revenues 78,230 63,074 67,905
LRM | Land sales | Operating Segments      
Segment Reporting Information [Line Items]      
Total revenues 819 4,388 6,806
WSO      
Segment Reporting Information [Line Items]      
Salaries and related employee expenses 28,741 26,128 21,439
Water service-related expenses 53,528 46,124 33,566
General and administrative expenses 9,422 8,952 7,372
Depreciation, depletion and amortization 17,978 14,194 11,684
Ad valorem and other taxes 45 38 3
Total operating expenses 109,714 95,436 74,064
Operating income 197,750 169,594 125,426
Interest expense (138) 0 0
Other income, net 3,932 7,976 1,124
Income before income taxes 201,544 177,570 126,550
Income tax expense 42,583 38,511 27,611
Net income 158,961 139,059 98,939
WSO | Operating Segments      
Segment Reporting Information [Line Items]      
Total revenues 307,464 265,030 199,490
WSO | Oil and gas royalties | Operating Segments      
Segment Reporting Information [Line Items]      
Total revenues 0 0 0
WSO | Water sales | Operating Segments      
Segment Reporting Information [Line Items]      
Total revenues 169,701 150,724 112,203
WSO | Produced water royalties | Operating Segments      
Segment Reporting Information [Line Items]      
Total revenues 124,218 104,123 84,260
WSO | Easements and other surface-related income | Operating Segments      
Segment Reporting Information [Line Items]      
Total revenues 13,545 10,183 3,027
WSO | Land sales | Operating Segments      
Segment Reporting Information [Line Items]      
Total revenues $ 0 $ 0 $ 0