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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] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues $ 246,059 Ìý $ 187,543 Ìý $ 482,877 $ 383,526
Salaries and related employee expenses 15,562 Ìý 14,072 Ìý 30,549 28,644
Water service-related expenses 11,570 Ìý 8,451 Ìý 25,857 19,577
General and administrative expenses 8,004 Ìý 5,693 Ìý 16,635 11,765
Depreciation, depletion and amortization 16,639 Ìý 13,699 Ìý 30,682 25,640
Ad valorem and other taxes 2,467 Ìý 1,877 Ìý 5,009 4,076
Total operating expenses 54,242 Ìý 43,792 Ìý 108,732 89,702
Operating income 191,817 Ìý 143,751 Ìý 374,145 293,824
Interest expense (973) Ìý 0 Ìý (1,965) 0
Other income, net 2,854 Ìý 5,240 Ìý 5,082 9,561
Income before income taxes 193,698 Ìý 148,991 Ìý 377,262 303,385
Income tax expense 39,768 Ìý 32,851 Ìý 80,430 66,593
Net income 153,930 $ 142,902 116,140 $ 120,652 296,832 236,792
Oil and gas royalties Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 145,589 Ìý 95,006 Ìý 263,756 206,251
Water sales Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 39,733 Ìý 25,577 Ìý 86,596 64,390
Produced water royalties Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 37,075 Ìý 30,737 Ìý 70,604 58,437
Easements and other surface-related income Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 23,662 Ìý 36,223 Ìý 40,977 54,448
Land sales Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 0 Ìý 0 Ìý 20,944 0
LRM Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Salaries and related employee expenses 8,347 Ìý 7,025 Ìý 15,905 14,429
Water service-related expenses 0 Ìý 0 Ìý 0 0
General and administrative expenses 5,245 Ìý 3,648 Ìý 10,740 6,961
Depreciation, depletion and amortization 11,695 Ìý 9,137 Ìý 20,889 16,826
Ad valorem and other taxes 2,279 Ìý 1,864 Ìý 4,809 4,053
Total operating expenses 27,566 Ìý 21,674 Ìý 52,343 42,269
Operating income 136,301 Ìý 106,823 Ìý 265,084 212,809
Interest expense (779) Ìý 0 Ìý (1,572) 0
Other income, net 2,140 Ìý 4,156 Ìý 3,721 7,572
Income before income taxes 137,662 Ìý 110,979 Ìý 267,233 220,381
Income tax expense 28,230 Ìý 24,410 Ìý 56,878 48,268
Net income 109,432 Ìý 86,569 Ìý 210,355 172,113
LRM | Operating Segments Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 163,867 Ìý 128,497 Ìý 317,427 255,078
LRM | Oil and gas royalties | Operating Segments Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 145,589 Ìý 95,006 Ìý 263,756 206,251
LRM | Water sales | Operating Segments Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 0 Ìý 0 Ìý 0 0
LRM | Produced water royalties | Operating Segments Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 0 Ìý 0 Ìý 0 0
LRM | Easements and other surface-related income | Operating Segments Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 18,278 Ìý 33,491 Ìý 32,727 48,827
LRM | Land sales | Operating Segments Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 0 Ìý 0 Ìý 20,944 0
WSO Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Salaries and related employee expenses 7,215 Ìý 7,047 Ìý 14,644 14,215
Water service-related expenses 11,570 Ìý 8,451 Ìý 25,857 19,577
General and administrative expenses 2,759 Ìý 2,045 Ìý 5,895 4,804
Depreciation, depletion and amortization 4,944 Ìý 4,562 Ìý 9,793 8,814
Ad valorem and other taxes 188 Ìý 13 Ìý 200 23
Total operating expenses 26,676 Ìý 22,118 Ìý 56,389 47,433
Operating income 55,516 Ìý 36,928 Ìý 109,061 81,015
Interest expense (194) Ìý 0 Ìý (393) 0
Other income, net 714 Ìý 1,084 Ìý 1,361 1,989
Income before income taxes 56,036 Ìý 38,012 Ìý 110,029 83,004
Income tax expense 11,538 Ìý 8,441 Ìý 23,552 18,325
Net income 44,498 Ìý 29,571 Ìý 86,477 64,679
WSO | Operating Segments Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 82,192 Ìý 59,046 Ìý 165,450 128,448
WSO | Oil and gas royalties | Operating Segments Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 0 Ìý 0 Ìý 0 0
WSO | Water sales | Operating Segments Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 39,733 Ìý 25,577 Ìý 86,596 64,390
WSO | Produced water royalties | Operating Segments Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 37,075 Ìý 30,737 Ìý 70,604 58,437
WSO | Easements and other surface-related income | Operating Segments Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues 5,384 Ìý 2,732 Ìý 8,250 5,621
WSO | Land sales | Operating Segments Ìý Ìý Ìý Ìý Ìý Ìý
Segment Reporting [Line Items] Ìý Ìý Ìý Ìý Ìý Ìý
Total revenues $ 0 Ìý $ 0 Ìý $ 0 $ 0