Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF INCOME AND TOTAL COMPREHENSIVE INCOME

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CONSOLIDATED STATEMENTS OF INCOME AND TOTAL COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenues:      
Total revenues $ 667,422 $ 450,958 $ 302,564
Expenses:      
Salaries and related employee expenses 41,402 40,012 32,173
Water service-related expenses 17,463 13,233 14,233
General and administrative expenses 13,350 11,782 9,751
Legal and professional fees 8,735 7,281 10,778
Ad valorem taxes 8,734 0 0
Depreciation, depletion and amortization 15,376 16,257 14,395
Total operating expenses 105,115 88,565 85,303
Operating income 562,307 362,393 217,261
Other income, net 6,548 624 2,401
Income before income taxes 568,855 363,017 219,662
Income tax expense 122,493 93,037 43,613
Net income 446,362 269,980 176,049
Total other comprehensive income (loss) 3,523 1,686 (1,232)
Total comprehensive income $ 449,885 $ 271,666 $ 174,817
Net income per share of common stock      
Net income per sub-share certificate - basic (in dollars per share) $ 57.80 $ 34.83 $ 22.70
Net income per sub-share certificate - diluted (in dollars per share) $ 57.77 $ 34.83 $ 22.70
Weighted average number of shares of common stock outstanding      
Weighted average number of shares of common stock outstanding - basic (in shares) 7,721,957 7,752,027 7,756,156
Weighted average number of shares of common stock outstanding - diluted (in shares) 7,726,809 7,752,054 7,756,156
Dividend paid per common stock (in USD per share)   $ 11.00  
Land Sales Expense $ 55 $ 0 $ 3,973
Current 121,230 93,265 46,002
Deferred (benefit) expense 1,263 (228) (2,389)
Amortization of net actuarial costs, net of income taxes of $9, $30, and $14 for the years ended December 31, 2022, 2021 and 2020, respectively 32 114 53
Net actuarial gain (loss) on pension plan, net of income taxes of $931, $418, and $(342) as of December 31, 2022, 2021 and 2020, respectively 3,491 1,572 (1,285)
Oil and gas royalties      
Revenues:      
Total revenues 452,434 286,468 137,948
Water sales      
Revenues:      
Total revenues 84,725 67,766 54,862
Produced water royalties      
Revenues:      
Total revenues 72,234 58,081 50,640
Easements and other surface-related income      
Revenues:      
Total revenues 48,057 37,616 41,398
Land sales and other operating revenue      
Revenues:      
Total revenues $ 9,972 $ 1,027 $ 17,716