Annual report pursuant to Section 13 and 15(d)

Business Segment Reporting - Financial Results (Details)

v3.25.0.1
Business Segment Reporting - Financial Results (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Total consolidated revenues $ 705,823 $ 631,595 $ 667,422
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 124,861 111,916 122,493
Net income 453,960 405,645 446,362
Oil and gas royalties      
Segment Reporting Information [Line Items]      
Total consolidated revenues 373,331 357,394 452,434
Water sales      
Segment Reporting Information [Line Items]      
Total consolidated revenues 150,724 112,203 84,725
Produced water royalties      
Segment Reporting Information [Line Items]      
Total consolidated revenues 104,123 84,260 72,234
Easements and other surface-related income      
Segment Reporting Information [Line Items]      
Total consolidated revenues 73,257 70,932 48,348
Land sales      
Segment Reporting Information [Line Items]      
Total consolidated revenues 4,388 6,806 9,681
LRM      
Segment Reporting Information [Line Items]      
Total consolidated revenues 440,793 432,105 506,975
Salaries and related employee expenses 27,493 21,945 22,054
Water service-related expenses 0 0 0
General and administrative expenses 25,531 39,078 14,978
Depreciation, depletion and amortization 10,968 3,073 2,234
Ad valorem and other taxes 7,257 7,382 8,848
Total operating expenses 71,249 71,478 48,114
Operating income 369,544 360,627 458,861
Other income, net 31,707 30,384 6,491
Income before income taxes 401,251 391,011 465,352
Income tax expense 86,350 84,305 100,311
Net income 314,901 306,706 365,041
LRM | Oil and gas royalties      
Segment Reporting Information [Line Items]      
Total consolidated revenues 373,331 357,394 452,434
LRM | Water sales      
Segment Reporting Information [Line Items]      
Total consolidated revenues 0 0 0
LRM | Produced water royalties      
Segment Reporting Information [Line Items]      
Total consolidated revenues 0 0 0
LRM | Easements and other surface-related income      
Segment Reporting Information [Line Items]      
Total consolidated revenues 63,074 67,905 44,860
LRM | Land sales      
Segment Reporting Information [Line Items]      
Total consolidated revenues 4,388 6,806 9,681
WSO      
Segment Reporting Information [Line Items]      
Total consolidated revenues 265,030 199,490 160,447
Salaries and related employee expenses 26,128 21,439 19,348
Water service-related expenses 46,124 33,566 17,463
General and administrative expenses 8,952 7,372 7,042
Depreciation, depletion and amortization 14,194 11,684 13,142
Ad valorem and other taxes 38 3 6
Total operating expenses 95,436 74,064 57,001
Operating income 169,594 125,426 103,446
Other income, net 7,976 1,124 57
Income before income taxes 177,570 126,550 103,503
Income tax expense 38,511 27,611 22,182
Net income 139,059 98,939 81,321
WSO | Oil and gas royalties      
Segment Reporting Information [Line Items]      
Total consolidated revenues 0 0 0
WSO | Water sales      
Segment Reporting Information [Line Items]      
Total consolidated revenues 150,724 112,203 84,725
WSO | Produced water royalties      
Segment Reporting Information [Line Items]      
Total consolidated revenues 104,123 84,260 72,234
WSO | Easements and other surface-related income      
Segment Reporting Information [Line Items]      
Total consolidated revenues 10,183 3,027 3,488
WSO | Land sales      
Segment Reporting Information [Line Items]      
Total consolidated revenues $ 0 $ 0 $ 0