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 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues:        
Total revenues $ 246,059 $ 187,543 $ 482,877 $ 383,526
Expenses:        
Salaries and related employee expenses 15,562 14,072 30,549 28,644
Water service-related expenses 11,570 8,451 25,857 19,577
General and administrative expenses 8,004 5,693 16,635 11,765
Depreciation, depletion and amortization 16,639 13,699 30,682 25,640
Ad valorem and other taxes 2,467 1,877 5,009 4,076
Total operating expenses 54,242 43,792 108,732 89,702
Operating income 191,817 143,751 374,145 293,824
Interest expense (973) 0 (1,965) 0
Other income, net 2,854 5,240 5,082 9,561
Income before income taxes 193,698 148,991 377,262 303,385
Income tax expense 39,768 32,851 80,430 66,593
Net income 153,930 116,140 296,832 236,792
Other comprehensive loss — periodic pension costs, net of income taxes for the three and six months ended June 30, 2026 and 2025 of $96, $10, $191, $21, respectively (358) (39) (717) (78)
Total comprehensive income $ 153,572 $ 116,101 $ 296,115 $ 236,714
Net income per share of common stock        
Basic (in dollars per share) $ 2.23 $ 1.68 $ 4.30 $ 3.43
Diluted (in dollars per share) $ 2.23 $ 1.68 $ 4.30 $ 3.43
Weighted average number of shares of common stock outstanding        
Basic (in shares) 68,974,580 68,961,978 68,966,839 68,952,087
Diluted (in shares) 69,034,580 69,040,740 69,019,380 69,026,862
Cash dividends per share of common stock (in dollars per share) $ 0.60 $ 0.53 $ 1.20 $ 1.06
Oil and gas royalties        
Revenues:        
Total revenues $ 145,589 $ 95,006 $ 263,756 $ 206,251
Water sales        
Revenues:        
Total revenues 39,733 25,577 86,596 64,390
Produced water royalties        
Revenues:        
Total revenues 37,075 30,737 70,604 58,437
Easements and other surface-related income        
Revenues:        
Total revenues 23,662 36,223 40,977 54,448
Land sales        
Revenues:        
Total revenues $ 0 $ 0 $ 20,944 $ 0