Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 296,832 $ 236,792
Adjustments to reconcile net income to net cash provided by operating activities:    
Land sale with financing arrangement (20,944) 0
Depreciation, depletion and amortization 30,682 25,640
Share-based compensation 9,451 7,882
Deferred taxes 5,191 1,329
Other 111 0
Changes in operating assets and liabilities:    
Operating assets, excluding income taxes (8,549) 8,154
Operating liabilities, excluding income taxes (6,549) (1,964)
Income taxes payable 24,926 (207)
Prepaid income taxes 3,716 0
Cash provided by operating activities 334,867 277,626
Cash flows from investing activities:    
Purchases of fixed assets (29,201) (12,277)
Acquisition of real estate (110,162) (4,505)
Acquisition of royalty interests, net of post-close adjustments 0 (3,546)
Post-close adjustment from seller related to prior year asset acquisition 0 3,878
Cash used in investing activities (139,363) (16,450)
Cash flows from financing activities:    
Dividends paid (83,183) (74,216)
Shares exchanged for tax withholdings (9,113) (14,311)
Cash settlement of common stock repurchases 0 (100)
Cash used in financing activities (92,296) (88,627)
Net increase in cash, cash equivalents and restricted cash 103,208 172,549
Cash, cash equivalents and restricted cash, beginning of period 145,404 371,381
Cash, cash equivalents and restricted cash, end of period 248,612 543,930
Supplemental disclosure of cash flow information:    
Income taxes paid 46,406 65,450
Interest paid 1,307 0
Supplemental non-cash investing and financing information:    
(Decrease) increase in accounts payable related to purchases of fixed assets (1,360) 1,439
Accrued dividends on unvested stock awards (222) (411)
Financing receivable from land sale $ 21,425 $ 0