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Quarterly report pursuant to Section 13 or 15(d)

Business Segment Reporting

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Business Segment Reporting
 3 Months Ended
Mar. 31, 2024
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 approximate 868,000 surface acres of land and our approximate 195,000 NRA of oil and gas royalty interests in West Texas, principally concentrated in the Permian Basin. 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 a full-service water offering to operators in the Permian Basin. The revenue streams of this segment primarily consist of revenue generated from sales of sourced and treated water as well as revenue from produced water royalties.
egment financial results for the three months ended MarchÌý31, 2024 and 2023 (in thousands):
Three Months Ended
March 31,
2024 2023
Revenues:
Land and resource management $ 111,485Ìý $ 104,023Ìý
Water services and operations 62,657Ìý 42,339Ìý
Total consolidated revenues $ 174,142Ìý $ 146,362Ìý
Net income:
Land and resource management $ 80,971Ìý $ 65,343Ìý
Water services and operations 33,446Ìý 21,225Ìý
Total consolidated net income $ 114,417Ìý $ 86,568Ìý
Capital expenditures:
Land and resource management $ 51Ìý $ 175Ìý
Water services and operations 5,611Ìý 3,598Ìý
Total capital expenditures $ 5,662Ìý $ 3,773Ìý
Depreciation, depletion and amortization:
Land and resource management $ 693Ìý $ 618Ìý
Water services and operations 3,147Ìý 2,786Ìý
Total depreciation, depletion and amortization $ 3,840Ìý $ 3,404Ìý
The following table presents total assets and property, plant and equipment, net by segment as of MarchÌý31, 2024 and December 31, 2023 (in thousands):
Ìý March 31,
2024		 December 31,
2023
Assets: Ìý Ìý
Land and resource management $ 1,069,160Ìý $ 975,136Ìý
Water services and operations 190,010Ìý 181,262Ìý
Total consolidated assets $ 1,259,170Ìý $ 1,156,398Ìý
Property, plant and equipment, net: Ìý Ìý
Land and resource management $ 5,179Ìý $ 5,322Ìý
Water services and operations 87,021Ìý 84,265Ìý
Total consolidated property, plant and equipment, net $ 92,200Ìý $ 89,587Ìý