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Annual report pursuant to Section 13 and 15(d)

Business Segment Reporting

v3.20.4
Business Segment Reporting
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract] Ìý
Business Segment Reporting Business Segment Reporting
Ìý
During the periods presented, we reported our financial performance based on the following segments: Land and Resource Management and Water Services and Operations. Our segments provide management with a comprehensive financial view of our key businesses. The segments enable the alignment of our strategies and objectives and provide a framework for timely and rational allocation of resources within businesses. We eliminate any inter-segment revenues and expenses upon consolidation.
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The Land and Resource Management segment encompasses the business of managing our approximately 880,000 acres of land and our oil and gas royalty interests in West Texas. The revenue streams of this segment consist primarily of royalties from oil and gas, revenues from easements and commercial leases and land and material sales.

The Water Services and Operations segment encompasses the business of providing full-service water offerings to operators in the Permian Basin. The revenue streams of this segment consist of revenue generated from sales of sourced and treated water as well as revenue from royalties on water service-related activity.
Segment financial results were as follows (in thousands):
Ìý Years Ended December 31,
Ìý 2020 2019 2018
Revenues: Ìý Ìý Ìý
Land and resource management $ 195,132Ìý $ 363,328Ìý $ 211,476Ìý
Water services and operations 107,422Ìý 127,168Ìý 88,744Ìý
Total consolidated revenues $ 302,554Ìý $ 490,496Ìý $ 300,220Ìý
Net income: Ìý Ìý Ìý
Land and resource management $ 127,977Ìý $ 258,366Ìý $ 159,611Ìý
Water services and operations 48,072Ìý 60,362Ìý 50,125Ìý
Total consolidated net income $ 176,049Ìý $ 318,728Ìý $ 209,736Ìý
Capital Expenditures: Ìý Ìý Ìý
Land and resource management $ 152Ìý $ 1,603Ìý $ 2,790Ìý
Water services and operations 4,934Ìý 30,606Ìý 45,088Ìý
Total capital expenditures $ 5,086Ìý $ 32,209Ìý $ 47,878Ìý
Depreciation, depletion and amortization: Ìý Ìý Ìý
Land and resource management $ 1,514Ìý $ 1,201Ìý $ 506Ìý
Water services and operations
 12,881Ìý 7,705Ìý 2,077Ìý
Total depreciation, depletion and amortization $ 14,395Ìý $ 8,906Ìý $ 2,583Ìý

The following table presents total assets and property, plant and equipment, net by segment (in thousands):

Ìý December 31, 2020 December 31, 2019
Assets: Ìý Ìý
Land and resource management $ 460,053Ìý $ 467,758Ìý
Water services and operations 111,582Ìý 130,418Ìý
Total consolidated assets $ 571,635Ìý $ 598,176Ìý
Property, plant and equipment, net: Ìý Ìý
Land and resource management $ 3,527Ìý $ 4,359Ìý
Water services and operations 75,740Ìý 83,964Ìý
Total consolidated property, plant and equipment, net $ 79,267Ìý $ 88,323Ìý