ϳԹ

Annual report pursuant to Section 13 and 15(d)

Business Segment Reporting (Tables)

v3.25.0.1
Business Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Financial Results
The following table presents segment financial results for Land and Resource Management (“LRM”) and Water Service and Operations (“WSO”) and the reconciliation to consolidated (“Cons”) financial results for the years ended December 31, 2024, 2023 and 2022 (in thousands):
Years Ended December 31,
2024 2023 2022
LRM WSO Cons LRM WSO Cons LRM WSO Cons
Revenues:
Oil and gas royalties $ 373,331 $ — $ 373,331 $ 357,394 $ — $ 357,394 $ 452,434 $ — $ 452,434
Water sales — 150,724 150,724 — 112,203 112,203 — 84,725 84,725
Produced water royalties — 104,123 104,123 — 84,260 84,260 — 72,234 72,234
Easements and other surface-related income 63,074 10,183 73,257 67,905 3,027 70,932 44,860 3,488 48,348
Land sales 4,388 — 4,388 6,806 — 6,806 9,681 — 9,681
Total revenues 440,793 265,030 705,823 432,105 199,490 631,595 506,975 160,447 667,422
Expenses:
Salaries and related employee expenses 27,493 26,128 53,621 21,945 21,439 43,384 22,054 19,348 41,402
Water service-related expenses — 46,124 46,124 — 33,566 33,566 — 17,463 17,463
General and administrative expenses 25,531 8,952 34,483 39,078 7,372 46,450 14,978 7,042 22,020
Depreciation, depletion and amortization 10,968 14,194 25,162 3,073 11,684 14,757 2,234 13,142 15,376
Ad valorem and other taxes 7,257 38 7,295 7,382 3 7,385 8,848 6 8,854
Total operating expenses 71,249 95,436 166,685 71,478 74,064 145,542 48,114 57,001 105,115
Operating income 369,544 169,594 539,138 360,627 125,426 486,053 458,861 103,446 562,307
Other income, net 31,707 7,976 39,683 30,384 1,124 31,508 6,491 57 6,548
Income before income taxes 401,251 177,570 578,821 391,011 126,550 517,561 465,352 103,503 568,855
Income tax expense 86,350 38,511 124,861 84,305 27,611 111,916 100,311 22,182 122,493
Net income $ 314,901 $ 139,059 $ 453,960 $ 306,706 $ 98,939 $ 405,645 $ 365,041 $ 81,321 $ 446,362

Interest income by segment is included in other income, net in the table above.
Schedule of Total Assets and Property, Plant and Equipment
The following tables present capital expenditures, total assets, and property, plant and equipment, net by segment (in thousands):
Years Ended December 31,
2024 2023 2022
Capital Expenditures:
Land and resource management $ 279 $ 241 $ 393
Water services and operations 29,144 15,190 18,574
Total capital expenditures $ 29,423 $ 15,431 $ 18,967
December 31, 2024 December 31, 2023
Assets:
Land and resource management $ 1,024,188 $ 975,136
Water services and operations 223,832 181,262
Total consolidated assets $ 1,248,020 $ 1,156,398
Property, plant and equipment, net:
Land and resource management $ 4,805 $ 5,322
Water services and operations 117,773 84,265
Total consolidated property, plant and equipment, net $ 122,578 $ 89,587