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 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenues:        
Total revenues $ 273,390 $ 203,085 $ 756,267 $ 586,611
Expenses:        
Salaries and related employee expenses 17,167 14,387 47,716 43,031
Water service-related expenses 13,817 16,428 39,674 36,005
General and administrative expenses 10,600 5,591 27,235 17,356
Depreciation, depletion and amortization 22,833 14,963 53,515 40,603
Ad valorem and other taxes 1,190 2,625 6,199 6,701
Total operating expenses 65,607 53,994 174,339 143,696
Operating income 207,783 149,091 581,928 442,915
Interest expense (981) 0 (2,946) 0
Other income, net 3,590 6,088 8,672 15,649
Income before income taxes 210,392 155,179 587,654 458,564
Income tax expense 43,024 33,941 123,454 100,534
Net income 167,368 121,238 464,200 358,030
Other comprehensive loss — periodic pension costs, net of income taxes for the three and nine months ended September 30, 2026 and 2025 of $95, $10, $286, $31, respectively (359) (40) (1,076) (118)
Total comprehensive income $ 167,009 $ 121,198 $ 463,124 $ 357,912
Net income per share of common stock        
Basic (in dollars per share) $ 2.43 $ 1.76 $ 6.73 $ 5.19
Diluted (in dollars per share) $ 2.42 $ 1.76 $ 6.73 $ 5.19
Weighted average number of shares of common stock outstanding        
Basic (in shares) 68,974,683 68,954,649 68,969,482 68,952,951
Diluted (in shares) 69,036,336 69,030,774 69,019,458 69,024,846
Cash dividends per share of common stock (in dollars per share) $ 0.60 $ 0.54 $ 1.80 $ 1.60
Oil and gas royalties        
Revenues:        
Total revenues $ 167,275 $ 108,705 $ 431,031 $ 314,956
Water sales        
Revenues:        
Total revenues 28,437 44,578 115,033 108,968
Produced water royalties        
Revenues:        
Total revenues 41,386 32,268 111,990 90,705
Easements and other surface-related income        
Revenues:        
Total revenues 36,181 16,715 77,158 71,163
Land sales        
Revenues:        
Total revenues $ 111 $ 819 $ 21,055 $ 819