Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND TOTAL COMPREHENSIVE INCOME

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND TOTAL COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Total revenues $ 236,818 $ 195,983
Expenses:    
Salaries and related employee expenses 14,987 14,572
Water service-related expenses 14,287 11,126
General and administrative expenses 8,631 6,072
Depreciation, depletion and amortization 14,043 11,941
Ad valorem and other taxes 2,542 2,199
Total operating expenses 54,490 45,910
Operating income 182,328 150,073
Interest expense (992) 0
Other income, net 2,228 4,321
Income before income taxes 183,564 154,394
Income tax expense 40,662 33,742
Net income 142,902 120,652
Other comprehensive loss — periodic pension costs, net of income taxes of $95 and $11 for the three months ended March 31, 2026 and 2025, respectively (359) (39)
Total comprehensive income $ 142,543 $ 120,613
Net income per share of common stock    
Basic (in dollars per share) $ 2.07 $ 1.75
Diluted (in dollars per share) $ 2.07 $ 1.75
Weighted average number of shares of common stock outstanding    
Basic (in shares) 68,959,013 68,942,085
Diluted (in shares) 69,009,942 69,017,541
Cash dividends per share of common stock (in dollars per share) $ 0.60 $ 0.53
Oil and gas royalties    
Revenues:    
Total revenues $ 118,167 $ 111,245
Water sales    
Revenues:    
Total revenues 46,863 38,813
Produced water royalties    
Revenues:    
Total revenues 33,529 27,700
Easements and other surface-related income    
Revenues:    
Total revenues 17,315 18,225
Land sale    
Revenues:    
Total revenues $ 20,944 $ 0