Quarterly report [Sections 13 or 15(d)]

Business Segment Reporting - Financial Results (Details)

v3.26.1
Business Segment Reporting - Financial Results (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Total revenues $ 236,818 $ 195,983
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
Oil and gas royalties    
Segment Reporting Information [Line Items]    
Total revenues 118,167 111,245
Water sales    
Segment Reporting Information [Line Items]    
Total revenues 46,863 38,813
Produced water royalties    
Segment Reporting Information [Line Items]    
Total revenues 33,529 27,700
Easements and other surface-related income    
Segment Reporting Information [Line Items]    
Total revenues 17,315 18,225
Land sale    
Segment Reporting Information [Line Items]    
Total revenues 20,944 0
LRM    
Segment Reporting Information [Line Items]    
Salaries and related employee expenses 7,558 7,404
Water service-related expenses 0 0
General and administrative expenses 5,495 3,313
Depreciation, depletion and amortization 9,194 7,689
Ad valorem and other taxes 2,530 2,189
Total operating expenses 24,777 20,595
Operating income 128,783 105,986
Interest expense (793) 0
Other income, net 1,581 3,416
Income before income taxes 129,571 109,402
Income tax expense 28,648 23,858
Net income 100,923 85,544
LRM | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenues 153,560 126,581
LRM | Oil and gas royalties | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenues 118,167 111,245
LRM | Water sales | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenues 0 0
LRM | Produced water royalties | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenues 0 0
LRM | Easements and other surface-related income | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenues 14,449 15,336
LRM | Land sale | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenues 20,944 0
WSO    
Segment Reporting Information [Line Items]    
Salaries and related employee expenses 7,429 7,168
Water service-related expenses 14,287 11,126
General and administrative expenses 3,136 2,759
Depreciation, depletion and amortization 4,849 4,252
Ad valorem and other taxes 12 10
Total operating expenses 29,713 25,315
Operating income 53,545 44,087
Interest expense (199) 0
Other income, net 647 905
Income before income taxes 53,993 44,992
Income tax expense 12,014 9,884
Net income 41,979 35,108
WSO | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenues 83,258 69,402
WSO | Oil and gas royalties | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenues 0 0
WSO | Water sales | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenues 46,863 38,813
WSO | Produced water royalties | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenues 33,529 27,700
WSO | Easements and other surface-related income | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenues 2,866 2,889
WSO | Land sale | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenues $ 0 $ 0