v3.25.2
Business Segment Reporting - Financial Results (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]            
Total revenues $ 187,543   $ 172,334   $ 383,526 $ 346,476
Salaries and related employee expenses 14,072   12,771   28,644 25,232
Water service-related expenses 8,451   14,824   19,577 25,036
General and administrative expenses 5,693   5,980   11,765 15,211
Depreciation, depletion and amortization 13,699   4,093   25,640 7,933
Ad valorem and other taxes 1,877   1,444   4,076 3,801
Total operating expenses 43,792   39,112   89,702 77,213
Operating income 143,751   133,222   293,824 269,263
Other income, net 5,240   13,220   9,561 23,163
Income before income taxes 148,991   146,442   303,385 292,426
Income tax expense 32,851   31,853   66,593 63,420
Net income 116,140 $ 120,652 114,589 $ 114,417 236,792 229,006
Oil and gas royalties            
Segment Reporting Information [Line Items]            
Total revenues 95,006   89,813   206,251 181,933
Water sales            
Segment Reporting Information [Line Items]            
Total revenues 25,577   40,650   64,390 77,776
Produced water royalties            
Segment Reporting Information [Line Items]            
Total revenues 30,737   25,301   58,437 48,307
Easements and other surface-related income            
Segment Reporting Information [Line Items]            
Total revenues 36,223   16,570   54,448 37,216
Land sales            
Segment Reporting Information [Line Items]            
Total revenues 0   0   0 1,244
LRM            
Segment Reporting Information [Line Items]            
Total revenues 128,497   104,032   255,078 215,517
Salaries and related employee expenses 7,025   6,480   14,429 12,945
Water service-related expenses 0   0   0 0
General and administrative expenses 3,648   3,989   6,961 10,663
Depreciation, depletion and amortization 9,137   813   16,826 1,506
Ad valorem and other taxes 1,864   1,443   4,053 3,799
Total operating expenses 21,674   12,725   42,269 28,913
Operating income 106,823   91,307   212,809 186,604
Other income, net 4,156   11,014   7,572 18,944
Income before income taxes 110,979   102,321   220,381 205,548
Income tax expense 24,410   22,192   48,268 44,448
Net income 86,569   80,129   172,113 161,100
LRM | Oil and gas royalties            
Segment Reporting Information [Line Items]            
Total revenues 95,006   89,813   206,251 181,933
LRM | Water sales            
Segment Reporting Information [Line Items]            
Total revenues 0   0   0 0
LRM | Produced water royalties            
Segment Reporting Information [Line Items]            
Total revenues 0   0   0 0
LRM | Easements and other surface-related income            
Segment Reporting Information [Line Items]            
Total revenues 33,491   14,219   48,827 32,340
LRM | Land sales            
Segment Reporting Information [Line Items]            
Total revenues         0 1,244
WSO            
Segment Reporting Information [Line Items]            
Total revenues 59,046   68,302   128,448 130,959
Salaries and related employee expenses 7,047   6,291   14,215 12,287
Water service-related expenses 8,451   14,824   19,577 25,036
General and administrative expenses 2,045   1,991   4,804 4,548
Depreciation, depletion and amortization 4,562   3,280   8,814 6,427
Ad valorem and other taxes 13   1   23 2
Total operating expenses 22,118   26,387   47,433 48,300
Operating income 36,928   41,915   81,015 82,659
Other income, net 1,084   2,206   1,989 4,219
Income before income taxes 38,012   44,121   83,004 86,878
Income tax expense 8,441   9,661   18,325 18,972
Net income 29,571   34,460   64,679 67,906
WSO | Oil and gas royalties            
Segment Reporting Information [Line Items]            
Total revenues 0   0   0 0
WSO | Water sales            
Segment Reporting Information [Line Items]            
Total revenues 25,577   40,650   64,390 77,776
WSO | Produced water royalties            
Segment Reporting Information [Line Items]            
Total revenues 30,737   25,301   58,437 48,307
WSO | Easements and other surface-related income            
Segment Reporting Information [Line Items]            
Total revenues $ 2,732   $ 2,351   5,621 4,876
WSO | Land sales            
Segment Reporting Information [Line Items]            
Total revenues         $ 0 $ 0