Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income and Total Comprehensive Income

v3.19.3.a.u2
Consolidated Statements of Income and Total Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues:      
Total revenues $ 490,496 $ 300,220 $ 154,634
Expenses:      
Salaries and related employee expenses 35,041 18,433 3,774
Water service-related expenses 20,808 11,168 491
General and administrative expenses 9,765 4,704 1,523
Legal and professional fees 16,403 2,498 3,523
Depreciation, depletion and amortization 8,906 2,583 376
Total operating expenses 90,923 39,386 9,687
Operating income 399,573 260,834 144,947
Other income 2,682 916 114
Income before income taxes 402,255 261,750 145,061
Income tax expense:      
Current 57,492 37,200 46,864
Deferred 26,035 14,814 966
Income Taxes 83,527 52,014 47,830
Net income 318,728 209,736 97,231
Amortization of net actuarial costs, net of income taxes of $10, $14, and $38 for the years ended December 31, 2019, 2018 and 2017, respectively 36 50 70
Net actuarial (loss) gain on pension plan net of income taxes of $(111), $(38), and $46 as of December 31, 2019, 2018 and 2017, respectively (419) (144) 86
Total other comprehensive (loss) gain (383) (94) 156
Total comprehensive income $ 318,345 $ 209,642 $ 97,387
Net income per Sub-share Certificate - basic and diluted (in USD per share) $ 41.09 $ 26.93 $ 12.38
Weighted average number of Sub-share Certificates outstanding (in shares) 7,756,437 7,787,407 7,854,705
Oil and gas royalties      
Revenues:      
Total revenues $ 154,729 $ 123,834 $ 58,418
Easements and other surface-related income      
Revenues:      
Total revenues 115,362 88,739 69,957
Water sales and royalties      
Revenues:      
Total revenues 84,949 63,913 25,536
Sale of oil and gas royalty interests      
Revenues:      
Total revenues 0 18,875 0
Land sales      
Revenues:      
Total revenues 135,020 4,367 220
Other operating revenue      
Revenues:      
Total revenues $ 436 $ 492 $ 503