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, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues:      
Total revenues $ 631,595 $ 667,422 $ 450,958
Expenses:      
Salaries and related employee expenses 43,384 41,402 40,012
Water service-related expenses 33,566 17,463 13,233
General and administrative expenses 14,928 13,285 11,638
Legal and professional fees 31,522 8,735 7,281
Ad valorem and other taxes 7,385 8,854 144
Depreciation, depletion and amortization 14,757 15,376 16,257
Total operating expenses 145,542 105,115 88,565
Operating income 486,053 562,307 362,393
Other income, net 31,508 6,548 624
Income before income taxes 517,561 568,855 363,017
Current 110,517 121,230 93,265
Deferred 1,399 1,263 (228)
Income tax expense 111,916 122,493 93,037
Net income 405,645 446,362 269,980
Amortization of net actuarial costs, net of income taxes of $(27), $9, and $30 for the years ended December 31, 2023, 2022 and 2021, respectively (103) 32 114
Net actuarial (loss) gain on pension plan, net of income taxes of $(157), $931, and $418 as of December 31, 2023, 2022 and 2021, respectively (582) 3,491 1,572
Total other comprehensive income (loss) (685) 3,523 1,686
Total comprehensive income $ 404,960 $ 449,885 $ 271,666
Net income per share of common stock      
Net income per share of common stock - basic (in dollars per share) $ 52.81 $ 57.80 $ 34.83
Net income per share of common stock - diluted (in dollars per share) $ 52.77 $ 57.77 $ 34.83
Weighted average number of shares of common stock outstanding      
Weighted average number of shares of common stock outstanding - basic (in shares) 7,681,435 7,721,957 7,752,027
Weighted average number of shares of common stock outstanding - diluted (in shares) 7,686,615 7,726,809 7,752,054
Oil and gas royalties      
Revenues:      
Total revenues $ 357,394 $ 452,434 $ 286,468
Water sales      
Revenues:      
Total revenues 112,203 84,725 67,766
Produced water royalties      
Revenues:      
Total revenues 84,260 72,234 58,081
Easements and other surface-related income      
Revenues:      
Total revenues 70,932 48,057 37,616
Land sales and other operating revenue      
Revenues:      
Total revenues $ 6,806 $ 9,972 $ 1,027