Summary of Significant Accounting Policies (Tables)
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6 Months Ended |
12 Months Ended |
Jun. 30, 2026 |
Dec. 31, 2025 |
| Revenue Recognition and Deferred Revenue [Abstract] |
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|
| Schedule of Disaggregated Revenues from Sales of Natural Gas,Oil and NGLs |
The disaggregated revenues from sales of natural gas, oil and NGLs for the three and six months ended June 30, 2026, and 2025 were as follows (in thousands):
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Three Months Ended |
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Six Months Ended |
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June 30, |
|
|
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Natural gas sales |
|
$ |
13,108 |
|
|
$ |
10,603 |
|
|
$ |
37,299 |
|
|
$ |
18,786 |
|
Oil sales |
|
|
4,784 |
|
|
|
236 |
|
|
|
7,666 |
|
|
|
390 |
|
NGL sales |
|
|
3,218 |
|
|
|
1,113 |
|
|
|
4,846 |
|
|
|
1,860 |
|
Less deductions for gathering, transportation and other |
|
|
(3,297 |
) |
|
|
(1,646 |
) |
|
|
(6,382 |
) |
|
|
(2,691 |
) |
Total royalty revenues |
|
$ |
17,813 |
|
|
$ |
10,306 |
|
|
$ |
43,429 |
|
|
$ |
18,345 |
|
|
The disaggregated revenues from sales of natural gas, oil and NGLs for the years ended December 31, 2025 and 2024 were as follows (in thousands):
|
|
|
|
|
|
|
|
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|
Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Natural gas sales |
|
$ |
48,720 |
|
|
$ |
13,656 |
|
Oil sales |
|
|
5,359 |
|
|
|
205 |
|
NGL sales |
|
|
4,622 |
|
|
|
1,896 |
|
Less deductions for gathering, transportation and other |
|
|
(8,626 |
) |
|
|
(3,055 |
) |
Total royalty revenues |
|
$ |
50,075 |
|
|
$ |
12,702 |
|
|
| Schedule of Concentration of Revenue |
During the three and six months ended June 30, 2026 and 2025, the following operators represented 10% or more of total revenues:
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|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
EQT Production Company |
|
|
26 |
% |
|
|
52 |
% |
|
|
30 |
% |
|
|
52 |
% |
Range Resources |
|
|
11 |
% |
|
|
18 |
% |
|
|
11 |
% |
|
|
17 |
% |
CNX Gas Company |
|
|
11 |
% |
|
|
16 |
% |
|
|
10 |
% |
|
|
15 |
% |
Total |
|
|
48 |
% |
|
|
86 |
% |
|
|
51 |
% |
|
|
84 |
% |
|
During the years ended December 31, 2025 and 2024, the following operators represented 10% or more of total revenues:
|
|
|
|
|
|
|
|
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|
Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
EQT Production Company |
|
|
33 |
% |
|
|
50 |
% |
Range Resources |
|
|
11 |
% |
|
|
19 |
% |
CNX Gas Company |
|
|
10 |
% |
|
|
13 |
% |
Total |
|
|
54 |
% |
|
|
82 |
% |
|
| Schedule of Disaggregated revenues from sales of natural gas, oil and NGLs |
The disaggregated revenues from sales of natural gas, oil and NGLs for the three and six months ended June 30, 2026, and 2025 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Natural gas sales |
|
$ |
13,108 |
|
|
$ |
10,603 |
|
|
$ |
37,299 |
|
|
$ |
18,786 |
|
Oil sales |
|
|
4,784 |
|
|
|
236 |
|
|
|
7,666 |
|
|
|
390 |
|
NGL sales |
|
|
3,218 |
|
|
|
1,113 |
|
|
|
4,846 |
|
|
|
1,860 |
|
Less deductions for gathering, transportation and other |
|
|
(3,297 |
) |
|
|
(1,646 |
) |
|
|
(6,382 |
) |
|
|
(2,691 |
) |
Total royalty revenues |
|
$ |
17,813 |
|
|
$ |
10,306 |
|
|
$ |
43,429 |
|
|
$ |
18,345 |
|
|
The disaggregated revenues from sales of natural gas, oil and NGLs for the years ended December 31, 2025 and 2024 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Natural gas sales |
|
$ |
48,720 |
|
|
$ |
13,656 |
|
Oil sales |
|
|
5,359 |
|
|
|
205 |
|
NGL sales |
|
|
4,622 |
|
|
|
1,896 |
|
Less deductions for gathering, transportation and other |
|
|
(8,626 |
) |
|
|
(3,055 |
) |
Total royalty revenues |
|
$ |
50,075 |
|
|
$ |
12,702 |
|
|