| Schedule of Segment Financial Results |
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 nine months ended September听30, 2025 and 2024 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 听 |
|
Three Months Ended September 30, |
| 听 |
|
2025 |
|
2024 |
|
|
|
|
LRM |
|
WSO |
|
Consolidated |
|
LRM |
|
WSO |
|
Consolidated |
|
|
|
|
|
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oil and gas royalties |
|
$ |
108,705听 |
|
|
$ |
鈥斕 |
|
|
$ |
108,705听 |
|
|
$ |
94,444听 |
|
|
$ |
鈥斕 |
|
|
$ |
94,444听 |
|
|
|
|
|
|
|
| Water sales |
|
鈥斕 |
|
|
44,578听 |
|
|
44,578听 |
|
|
鈥斕 |
|
|
36,211听 |
|
|
36,211听 |
|
|
|
|
|
|
|
| Produced water royalties |
|
鈥斕 |
|
|
32,268听 |
|
|
32,268听 |
|
|
鈥斕 |
|
|
27,727听 |
|
|
27,727听 |
|
|
|
|
|
|
|
| Easements and other surface-related income |
|
12,741听 |
|
|
3,974听 |
|
|
16,715听 |
|
|
11,303听 |
|
|
2,977听 |
|
|
14,280听 |
|
|
|
|
|
|
|
| Land sales |
|
819听 |
|
|
鈥斕 |
|
|
819听 |
|
|
901听 |
|
|
鈥斕 |
|
|
901听 |
|
|
|
|
|
|
|
| Total revenues |
|
122,265听 |
|
|
80,820听 |
|
|
203,085听 |
|
|
106,648听 |
|
|
66,915听 |
|
|
173,563听 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and related employee expenses |
|
7,298听 |
|
|
7,089听 |
|
|
14,387听 |
|
|
7,182听 |
|
|
6,848听 |
|
|
14,030听 |
|
|
|
|
|
|
|
| Water service-related expenses |
|
鈥斕 |
|
|
16,428听 |
|
|
16,428听 |
|
|
鈥斕 |
|
|
11,731听 |
|
|
11,731听 |
|
|
|
|
|
|
|
| General and administrative expenses |
|
3,431听 |
|
|
2,160听 |
|
|
5,591听 |
|
|
10,359听 |
|
|
2,161听 |
|
|
12,520听 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation, depletion and amortization |
|
10,453听 |
|
|
4,510听 |
|
|
14,963听 |
|
|
2,135听 |
|
|
3,627听 |
|
|
5,762听 |
|
|
|
|
|
|
|
| Ad valorem and other taxes |
|
2,614听 |
|
|
11听 |
|
|
2,625听 |
|
|
2,189听 |
|
|
鈥斕 |
|
|
2,189听 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total operating expenses |
|
23,796听 |
|
|
30,198听 |
|
|
53,994听 |
|
|
21,865听 |
|
|
24,367听 |
|
|
46,232听 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating income |
|
98,469听 |
|
|
50,622听 |
|
|
149,091听 |
|
|
84,783听 |
|
|
42,548听 |
|
|
127,331听 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other income, net |
|
4,827听 |
|
|
1,261听 |
|
|
6,088听 |
|
|
6,446听 |
|
|
1,640听 |
|
|
8,086听 |
|
|
|
|
|
|
|
| Income before income taxes |
|
103,296听 |
|
|
51,883听 |
|
|
155,179听 |
|
|
91,229听 |
|
|
44,188听 |
|
|
135,417听 |
|
|
|
|
|
|
|
| Income tax expense |
|
22,536听 |
|
|
11,405听 |
|
|
33,941听 |
|
|
19,359听 |
|
|
9,464听 |
|
|
28,823听 |
|
|
|
|
|
|
|
| Net income |
|
$ |
80,760听 |
|
|
$ |
40,478听 |
|
|
$ |
121,238听 |
|
|
$ |
71,870听 |
|
|
$ |
34,724听 |
|
|
$ |
106,594听 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 听 |
|
Nine Months Ended September 30, |
| 听 |
|
2025 |
|
2024 |
|
|
LRM |
|
WSO |
|
Consolidated |
|
LRM |
|
WSO |
|
Consolidated |
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
| Oil and gas royalties |
|
$ |
314,956听 |
|
|
$ |
鈥斕 |
|
|
$ |
314,956听 |
|
|
$ |
276,377听 |
|
|
$ |
鈥斕 |
|
|
$ |
276,377听 |
|
| Water sales |
|
鈥斕 |
|
|
108,968听 |
|
|
108,968听 |
|
|
鈥斕 |
|
|
113,987听 |
|
|
113,987听 |
|
| Produced water royalties |
|
鈥斕 |
|
|
90,705听 |
|
|
90,705听 |
|
|
鈥斕 |
|
|
76,034听 |
|
|
76,034听 |
|
| Easements and other surface-related income |
|
61,568听 |
|
|
9,595听 |
|
|
71,163听 |
|
|
43,643听 |
|
|
7,853听 |
|
|
51,496听 |
|
| Land sales |
|
819听 |
|
|
鈥斕 |
|
|
819听 |
|
|
2,145听 |
|
|
鈥斕 |
|
|
2,145听 |
|
| Total revenues |
|
377,343听 |
|
|
209,268听 |
|
|
586,611听 |
|
|
322,165听 |
|
|
197,874听 |
|
|
520,039听 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and related employee expenses |
|
21,727听 |
|
|
21,304听 |
|
|
43,031听 |
|
|
20,127听 |
|
|
19,135听 |
|
|
39,262听 |
|
| Water service-related expenses |
|
鈥斕 |
|
|
36,005听 |
|
|
36,005听 |
|
|
鈥斕 |
|
|
36,767听 |
|
|
36,767听 |
|
| General and administrative expenses |
|
10,392听 |
|
|
6,964听 |
|
|
17,356听 |
|
|
21,022听 |
|
|
6,709听 |
|
|
27,731听 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation, depletion and amortization |
|
27,279听 |
|
|
13,324听 |
|
|
40,603听 |
|
|
3,641听 |
|
|
10,054听 |
|
|
13,695听 |
|
| Ad valorem and other taxes |
|
6,667听 |
|
|
34听 |
|
|
6,701听 |
|
|
5,988听 |
|
|
2听 |
|
|
5,990听 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total operating expenses |
|
66,065听 |
|
|
77,631听 |
|
|
143,696听 |
|
|
50,778听 |
|
|
72,667听 |
|
|
123,445听 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating income |
|
311,278听 |
|
|
131,637听 |
|
|
442,915听 |
|
|
271,387听 |
|
|
125,207听 |
|
|
396,594听 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other income, net |
|
12,399听 |
|
|
3,250听 |
|
|
15,649听 |
|
|
25,390听 |
|
|
5,859听 |
|
|
31,249听 |
|
| Income before income taxes |
|
323,677听 |
|
|
134,887听 |
|
|
458,564听 |
|
|
296,777听 |
|
|
131,066听 |
|
|
427,843听 |
|
| Income tax expense |
|
70,804听 |
|
|
29,730听 |
|
|
100,534听 |
|
|
63,807听 |
|
|
28,436听 |
|
|
92,243听 |
|
| Net income |
|
$ |
252,873听 |
|
|
$ |
105,157听 |
|
|
$ |
358,030听 |
|
|
$ |
232,970听 |
|
|
$ |
102,630听 |
|
|
$ |
335,600听 |
|
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 purchases of fixed assets, total assets and property, plant and equipment, net by segment for the periods presented (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
| Purchases of Fixed Assets: |
|
|
|
|
|
|
|
|
| Land and resource management |
|
$ |
10,050听 |
|
|
$ |
66听 |
|
|
$ |
10,214听 |
|
|
$ |
210听 |
|
| Water services and operations |
|
10,556听 |
|
|
9,767听 |
|
|
24,108听 |
|
|
21,784听 |
|
| Total purchases of fixed assets |
|
$ |
20,606听 |
|
|
$ |
9,833听 |
|
|
$ |
34,322听 |
|
|
$ |
21,994听 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 听 |
|
September 30,
2025 |
|
December 31,
2024 |
| Assets: |
|
听 |
|
听 |
| Land and resource management |
|
$ |
1,290,694听 |
|
|
$ |
1,024,188听 |
|
| Water services and operations |
|
234,220听 |
|
|
223,832听 |
|
| Total consolidated assets |
|
$ |
1,524,914听 |
|
|
$ |
1,248,020听 |
|
|
|
|
|
|
| Property, plant and equipment, net: |
|
听 |
|
听 |
| Land and resource management |
|
$ |
7,666听 |
|
|
$ |
4,805听 |
|
| Water services and operations |
|
129,861听 |
|
|
117,773听 |
|
| Total consolidated property, plant and equipment, net |
|
$ |
137,527听 |
|
|
$ |
122,578听 |
|
|