Oil and Gas Royalty Interests |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Oil and Gas Royalty Interests | Oil and Gas Royalty Interests As of June 30, 2025 and December 31, 2024, the net book value of the oil and gas royalty interests we owned was as follows (in thousands):
(1)Royalty interests assigned through the Declaration of Trust dated February 1, 1888. Nonparticipating perpetual royalty interests in 185,369 NRA as of June 30, 2025 and December 31, 2024. (2)Royalty interests assigned through the Declaration of Trust dated February 1, 1888. Nonparticipating perpetual royalty interests in 5,308 NRA as of June 30, 2025 and December 31, 2024. (3)Royalty interest in 16,074 and 15,897 NRA as of June 30, 2025 and December 31, 2024, respectively. During the six months ended June 30, 2025, we acquired oil and gas royalty interests in 177 NRA for a purchase price of approximately $3.5 million, net of post-close adjustments. In addition, we received a $3.9 million post-close adjustment from the seller of oil and gas interests we acquired in 2024 related to curative title defects. There were no acquisitions of oil and gas royalty interests during the six months ended June 30, 2024. There were no sales of oil and gas royalty interests during the six months ended June 30, 2025 or 2024. Depletion expense was $8.7 million and $0.6 million for the three months ended June 30, 2025 and 2024, respectively. Depletion expense was $16.0 million and $1.0 million for the six months ended June 30, 2025 and 2024, respectively.
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