Quarterly report [Sections 13 or 15(d)]

Business Segment Reporting - Financial Results (Details)

v3.26.3
Business Segment Reporting - Financial Results (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2026
Sep. 30, 2025
Segment Reporting [Line Items]                
Total revenues $ 273,390     $ 203,085     $ 756,267 $ 586,611
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 $ 153,930 $ 142,902 121,238 $ 116,140 $ 120,652 464,200 358,030
Oil and gas royalties                
Segment Reporting [Line Items]                
Total revenues 167,275     108,705     431,031 314,956
Water sales                
Segment Reporting [Line Items]                
Total revenues 28,437     44,578     115,033 108,968
Produced water royalties                
Segment Reporting [Line Items]                
Total revenues 41,386     32,268     111,990 90,705
Easements and other surface-related income                
Segment Reporting [Line Items]                
Total revenues 36,181     16,715     77,158 71,163
Land sales                
Segment Reporting [Line Items]                
Total revenues 111     819     21,055 819
LRM                
Segment Reporting [Line Items]                
Salaries and related employee expenses 9,247     7,298     25,152 21,727
Water service-related expenses 0     0     0 0
General and administrative expenses 7,247     3,431     17,987 10,392
Depreciation, depletion and amortization 17,647     10,453     38,536 27,279
Ad valorem and other taxes 1,149     2,614     5,958 6,667
Total operating expenses 35,290     23,796     87,633 66,065
Operating income 166,278     98,469     431,362 311,278
Interest expense (785)     0     (2,357) 0
Other income, net 2,728     4,827     6,449 12,399
Income before income taxes 168,221     103,296     435,454 323,677
Income tax expense 34,456     22,536     91,334 70,804
Net income 133,765     80,760     344,120 252,873
LRM | Operating Segments                
Segment Reporting [Line Items]                
Total revenues 201,568     122,265     518,995 377,343
LRM | Oil and gas royalties | Operating Segments                
Segment Reporting [Line Items]                
Total revenues 167,275     108,705     431,031 314,956
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 34,182     12,741     66,909 61,568
LRM | Land sales | Operating Segments                
Segment Reporting [Line Items]                
Total revenues 111     819     21,055 819
WSO                
Segment Reporting [Line Items]                
Salaries and related employee expenses 7,920     7,089     22,564 21,304
Water service-related expenses 13,817     16,428     39,674 36,005
General and administrative expenses 3,353     2,160     9,248 6,964
Depreciation, depletion and amortization 5,186     4,510     14,979 13,324
Ad valorem and other taxes 41     11     241 34
Total operating expenses 30,317     30,198     86,706 77,631
Operating income 41,505     50,622     150,566 131,637
Interest expense (196)     0     (589) 0
Other income, net 862     1,261     2,223 3,250
Income before income taxes 42,171     51,883     152,200 134,887
Income tax expense 8,568     11,405     32,120 29,730
Net income 33,603     40,478     120,080 105,157
WSO | Operating Segments                
Segment Reporting [Line Items]                
Total revenues 71,822     80,820     237,272 209,268
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 28,437     44,578     115,033 108,968
WSO | Produced water royalties | Operating Segments                
Segment Reporting [Line Items]                
Total revenues 41,386     32,268     111,990 90,705
WSO | Easements and other surface-related income | Operating Segments                
Segment Reporting [Line Items]                
Total revenues 1,999     3,974     10,249 9,595
WSO | Land sales | Operating Segments                
Segment Reporting [Line Items]                
Total revenues $ 0     $ 0     $ 0 $ 0