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 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Segment Reporting [Line Items]            
Total revenues $ 246,059   $ 187,543   $ 482,877 $ 383,526
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 $ 142,902 116,140 $ 120,652 296,832 236,792
Oil and gas royalties            
Segment Reporting [Line Items]            
Total revenues 145,589   95,006   263,756 206,251
Water sales            
Segment Reporting [Line Items]            
Total revenues 39,733   25,577   86,596 64,390
Produced water royalties            
Segment Reporting [Line Items]            
Total revenues 37,075   30,737   70,604 58,437
Easements and other surface-related income            
Segment Reporting [Line Items]            
Total revenues 23,662   36,223   40,977 54,448
Land sales            
Segment Reporting [Line Items]            
Total revenues 0   0   20,944 0
LRM            
Segment Reporting [Line Items]            
Salaries and related employee expenses 8,347   7,025   15,905 14,429
Water service-related expenses 0   0   0 0
General and administrative expenses 5,245   3,648   10,740 6,961
Depreciation, depletion and amortization 11,695   9,137   20,889 16,826
Ad valorem and other taxes 2,279   1,864   4,809 4,053
Total operating expenses 27,566   21,674   52,343 42,269
Operating income 136,301   106,823   265,084 212,809
Interest expense (779)   0   (1,572) 0
Other income, net 2,140   4,156   3,721 7,572
Income before income taxes 137,662   110,979   267,233 220,381
Income tax expense 28,230   24,410   56,878 48,268
Net income 109,432   86,569   210,355 172,113
LRM | Operating Segments            
Segment Reporting [Line Items]            
Total revenues 163,867   128,497   317,427 255,078
LRM | Oil and gas royalties | Operating Segments            
Segment Reporting [Line Items]            
Total revenues 145,589   95,006   263,756 206,251
LRM | Water sales | Operating Segments            
Segment Reporting [Line Items]            
Total revenues 0   0   0 0
LRM | Produced water royalties | Operating Segments            
Segment Reporting [Line Items]            
Total revenues 0   0   0 0
LRM | Easements and other surface-related income | Operating Segments            
Segment Reporting [Line Items]            
Total revenues 18,278   33,491   32,727 48,827
LRM | Land sales | Operating Segments            
Segment Reporting [Line Items]            
Total revenues 0   0   20,944 0
WSO            
Segment Reporting [Line Items]            
Salaries and related employee expenses 7,215   7,047   14,644 14,215
Water service-related expenses 11,570   8,451   25,857 19,577
General and administrative expenses 2,759   2,045   5,895 4,804
Depreciation, depletion and amortization 4,944   4,562   9,793 8,814
Ad valorem and other taxes 188   13   200 23
Total operating expenses 26,676   22,118   56,389 47,433
Operating income 55,516   36,928   109,061 81,015
Interest expense (194)   0   (393) 0
Other income, net 714   1,084   1,361 1,989
Income before income taxes 56,036   38,012   110,029 83,004
Income tax expense 11,538   8,441   23,552 18,325
Net income 44,498   29,571   86,477 64,679
WSO | Operating Segments            
Segment Reporting [Line Items]            
Total revenues 82,192   59,046   165,450 128,448
WSO | Oil and gas royalties | Operating Segments            
Segment Reporting [Line Items]            
Total revenues 0   0   0 0
WSO | Water sales | Operating Segments            
Segment Reporting [Line Items]            
Total revenues 39,733   25,577   86,596 64,390
WSO | Produced water royalties | Operating Segments            
Segment Reporting [Line Items]            
Total revenues 37,075   30,737   70,604 58,437
WSO | Easements and other surface-related income | Operating Segments            
Segment Reporting [Line Items]            
Total revenues 5,384   2,732   8,250 5,621
WSO | Land sales | Operating Segments            
Segment Reporting [Line Items]            
Total revenues $ 0   $ 0   $ 0 $ 0