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, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues:      
Total revenues $ 705,823 $ 631,595 $ 667,422
Expenses:      
Salaries and related employee expenses 53,621 43,384 41,402
Water service-related expenses 46,124 33,566 17,463
General and administrative expenses 34,483 46,450 22,020
Depreciation, depletion and amortization 25,162 14,757 15,376
Ad valorem and other taxes 7,295 7,385 8,854
Total operating expenses 166,685 145,542 105,115
Operating income 539,138 486,053 562,307
Other income, net 39,683 31,508 6,548
Income before income taxes 578,821 517,561 568,855
Income tax expense:      
Current 120,257 110,517 121,230
Deferred 4,604 1,399 1,263
Income tax expense 124,861 111,916 122,493
Net income 453,960 405,645 446,362
Amortization of net actuarial costs, net of income taxes of $(182), $(27), and $9 for the years ended December 31, 2024, 2023 and 2022, respectively (684) (103) 32
Net actuarial (loss) gain on pension plan, net of income taxes of $483, $(157), and $931 as of December 31, 2024, 2023 and 2022, respectively 2,436 (582) 3,491
Total other comprehensive income (loss) 1,752 (685) 3,523
Total comprehensive income $ 455,712 $ 404,960 $ 449,885
Net income per share of common stock      
Basic (in dollars per share) $ 19.75 $ 17.60 $ 19.27
Diluted (in dollars per share) $ 19.72 $ 17.59 $ 19.26
Weighted average number of shares of common stock outstanding      
Basic (in shares) 22,986,197 23,044,305 23,165,871
Diluted (in shares) 23,019,751 23,059,845 23,180,427
Oil and gas royalties      
Revenues:      
Total revenues $ 373,331 $ 357,394 $ 452,434
Water sales      
Revenues:      
Total revenues 150,724 112,203 84,725
Produced water royalties      
Revenues:      
Total revenues 104,123 84,260 72,234
Easements and other surface-related income      
Revenues:      
Total revenues 73,257 70,932 48,348
Land sales      
Revenues:      
Total revenues $ 4,388 $ 6,806 $ 9,681