Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND TOTAL COMPREHENSIVE INCOME

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND TOTAL COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Total revenues $ 173,563 $ 157,967 $ 520,039 $ 464,938
Expenses:        
Salaries and related employee expenses 14,030 11,499 39,262 32,688
Water service-related expenses 11,731 8,553 36,767 24,496
General and administrative expenses 4,029 3,859 12,626 10,738
Legal and professional fees 8,316 1,689 14,680 28,471
Ad valorem and other taxes 2,189 1,781 5,990 5,425
Land sales expenses 175 44 425 49
Depreciation, depletion and amortization 5,762 3,584 13,695 10,881
Total operating expenses 46,232 31,009 123,445 112,748
Operating income 127,331 126,958 396,594 352,190
Other income, net 8,086 7,979 31,249 20,239
Income before income taxes 135,417 134,937 427,843 372,429
Income tax expense 28,823 29,363 92,243 79,894
Net income 106,594 105,574 335,600 292,535
Other comprehensive loss — periodic pension costs, net of income taxes for the three and nine months ended September 30, 2024 and 2023 of $6, $7, $17, and $21, respectively (21) (26) (63) (77)
Total comprehensive income $ 106,573 $ 105,548 $ 335,537 $ 292,458
Net income per share of common stock        
Basic (in dollars per share) $ 4.64 $ 4.58 $ 14.60 $ 12.69
Diluted (in dollars per share) $ 4.63 $ 4.58 $ 14.58 $ 12.68
Weighted average number of shares of common stock outstanding        
Basic (in shares) 22,979,781 23,026,563 22,990,213 23,054,073
Diluted (in shares) 23,012,169 23,045,323 23,016,733 23,072,955
Cash dividends per share of common stock (in dollars per share) $ 11.17 $ 1.08 $ 13.51 $ 3.24
Oil and gas royalties        
Revenues:        
Total revenues $ 94,444 $ 87,102 $ 276,377 $ 258,644
Water sales        
Revenues:        
Total revenues 36,211 26,422 113,987 85,799
Produced water royalties        
Revenues:        
Total revenues 27,727 20,849 76,034 61,824
Easements and other surface-related income        
Revenues:        
Total revenues 14,280 18,188 51,496 51,865
Land sales        
Revenues:        
Total revenues $ 901 $ 5,406 $ 2,145 $ 6,806