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Quarterly report [Sections 13 or 15(d)]

Business Segment Reporting

v3.25.2
Business Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract] 听
Business Segment Reporting Business Segment Reporting
听
During the periods presented, we reported our financial performance based on the following reportable segments: Land and Resource Management and Water Services and Operations. We eliminate inter-segment revenues and expenses, if any, upon consolidation. There were no inter-segment revenues for the three and six months ended June听30, 2025 and 2024.

The Land and Resource Management segment encompasses the business of managing our approximately 874,000 surface acres of land and our approximately 207,000 NRA of oil and gas royalty interests, 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.
The following tables present segment financial results for Land and Resource Management (鈥淟RM鈥) and Water Service and Operations (鈥淲SO鈥) and the reconciliation to consolidated financial results for the three and six months ended June听30, 2025 and 2024 (in thousands):
听 Three Months Ended June 30,
听 2025 2024
LRM WSO Consolidated LRM WSO Consolidated
Revenues:
Oil and gas royalties $ 95,006听 $ 鈥斕 $ 95,006听 $ 89,813听 $ 鈥斕 $ 89,813听
Water sales 鈥斕 25,577听 25,577听 鈥斕 40,650听 40,650听
Produced water royalties 鈥斕 30,737听 30,737听 鈥斕 25,301听 25,301听
Easements and other surface-related income 33,491听 2,732听 36,223听 14,219听 2,351听 16,570听
Total revenues 128,497听 59,046听 187,543听 104,032听 68,302听 172,334听
Expenses:
Salaries and related employee expenses 7,025听 7,047听 14,072听 6,480听 6,291听 12,771听
Water service-related expenses 鈥斕 8,451听 8,451听 鈥斕 14,824听 14,824听
General and administrative expenses 3,648听 2,045听 5,693听 3,989听 1,991听 5,980听
Depreciation, depletion and amortization 9,137听 4,562听 13,699听 813听 3,280听 4,093听
Ad valorem and other taxes 1,864听 13听 1,877听 1,443听 1听 1,444听
Total operating expenses 21,674听 22,118听 43,792听 12,725听 26,387听 39,112听
Operating income 106,823听 36,928听 143,751听 91,307听 41,915听 133,222听
Other income, net 4,156听 1,084听 5,240听 11,014听 2,206听 13,220听
Income before income taxes 110,979听 38,012听 148,991听 102,321听 44,121听 146,442听
Income tax expense 24,410听 8,441听 32,851听 22,192听 9,661听 31,853听
Net income $ 86,569听 $ 29,571听 $ 116,140听 $ 80,129听 $ 34,460听 $ 114,589听
听 Six Months Ended June 30,
听 2025 2024
LRM WSO Consolidated LRM WSO Consolidated
Revenues:
Oil and gas royalties $ 206,251听 $ 鈥斕 $ 206,251听 $ 181,933听 $ 鈥斕 $ 181,933听
Water sales 鈥斕 64,390听 64,390听 鈥斕 77,776听 77,776听
Produced water royalties 鈥斕 58,437听 58,437听 鈥斕 48,307听 48,307听
Easements and other surface-related income 48,827听 5,621听 54,448听 32,340听 4,876听 37,216听
Land sales 鈥斕 鈥斕 鈥斕 1,244听 鈥斕 1,244听
Total revenues 255,078听 128,448听 383,526听 215,517听 130,959听 346,476听
Expenses:
Salaries and related employee expenses 14,429听 14,215听 28,644听 12,945听 12,287听 25,232听
Water service-related expenses 鈥斕 19,577听 19,577听 鈥斕 25,036听 25,036听
General and administrative expenses 6,961听 4,804听 11,765听 10,663听 4,548听 15,211听
Depreciation, depletion and amortization 16,826听 8,814听 25,640听 1,506听 6,427听 7,933听
Ad valorem and other taxes 4,053听 23听 4,076听 3,799听 2听 3,801听
Total operating expenses 42,269听 47,433听 89,702听 28,913听 48,300听 77,213听
Operating income 212,809听 81,015听 293,824听 186,604听 82,659听 269,263听
Other income, net 7,572听 1,989听 9,561听 18,944听 4,219听 23,163听
Income before income taxes 220,381听 83,004听 303,385听 205,548听 86,878听 292,426听
Income tax expense 48,268听 18,325听 66,593听 44,448听 18,972听 63,420听
Net income $ 172,113听 $ 64,679听 $ 236,792听 $ 161,100听 $ 67,906听 $ 229,006听

Interest income by segment is included in other income, net in the table above.

The following tables present capital expenditures, total assets and property, plant and equipment, net by segment for the periods presented (in thousands):
Three Months Ended
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
Capital Expenditures:
Land and resource management $ 161听 $ 93听 $ 164听 $ 144听
Water services and operations 3,647听 6,406听 13,552听 12,017听
Total capital expenditures $ 3,808听 $ 6,499听 $ 13,716听 $ 12,161听

听 June 30,
2025		 December 31,
2024
Assets: 听 听
Land and resource management $ 1,186,884听 $ 1,024,188听
Water services and operations 217,780听 223,832听
Total consolidated assets $ 1,404,664听 $ 1,248,020听
Property, plant and equipment, net: 听 听
Land and resource management $ 4,570听 $ 4,805听
Water services and operations 123,379听 117,773听
Total consolidated property, plant and equipment, net $ 127,949听 $ 122,578听