Supplemental Information on Natural Gas Mineral Operations (Unaudited) (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Mineral Industries Disclosures [Abstract] |
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| Schedule of Aggregate Capitalized Costs Related to Natural Gas Mineral Production Activities |
Aggregate capitalized costs related to natural gas mineral production activities with applicable accumulated depreciation, depletion and amortization are as follows:
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As of December 31, |
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2025 |
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2024 |
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(in thousands) |
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Proved royalty interest |
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$ |
327,342 |
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$ |
110,001 |
|
Unproved royalty interests |
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|
176,240 |
|
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|
63,932 |
|
Accumulated amortization |
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|
(42,996 |
) |
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|
(18,849 |
) |
Net royalty interests in oil and natural gas
properties |
|
$ |
460,586 |
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|
$ |
155,084 |
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| Schedule Of Costs Incurred in Natural Gas Mineral Property Acquisitions, Exploration and Development Activities |
Costs incurred in natural gas mineral property acquisitions, exploration and development activities are as follows:
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December 31, |
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2025 |
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2024 |
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(in thousands) |
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Acquisition costs: |
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Proved properties |
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$ |
205,108 |
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$ |
17,402 |
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Unproved properties |
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|
124,542 |
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|
12,990 |
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Total |
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$ |
329,650 |
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|
$ |
30,392 |
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| Schedule of Results of Operations from Natural Gas Mineral Producing Activities |
The following table sets forth the revenues and expenses related to the production and sale of natural gas mineral.
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For the Year Ended December 31, |
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2025 |
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2024 |
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(in thousands) |
Royalty income |
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$ |
50,075 |
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$ |
12,702 |
|
Depletion |
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(24,237 |
) |
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(10,827 |
) |
Income tax (expense) benefit |
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|
2,640 |
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|
1,587 |
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Results of operations from natural gas |
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$ |
28,478 |
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$ |
3,462 |
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| Schedule of Proved Developed and Undeveloped Natural Gas Mineral Reserves Quantities |
The changes in estimated proved reserves are as follows:
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Oil
(MBbls) |
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Natural Gas
(MMcf) |
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Natural Gas
Liquids
(MBbls) |
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Total
(MMcfe) |
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Proved Developed and Undeveloped Reserves: |
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As of December 31, 2023 |
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18 |
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62,421 |
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|
582 |
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66,013 |
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Purchase of reserves in place |
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12 |
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|
12,023 |
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|
416 |
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14,588 |
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Extensions and discoveries |
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11 |
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5,655 |
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43 |
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5,975 |
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Revisions of previous estimates |
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3 |
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8,991 |
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(89 |
) |
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|
8,475 |
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Production |
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(5 |
) |
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(7,371 |
) |
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(75 |
) |
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(7,838 |
) |
As of December 31, 2024 |
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39 |
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81,719 |
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|
877 |
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87,213 |
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Purchase of reserves in place |
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1,210 |
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|
101,193 |
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2,338 |
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122,484 |
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Extensions and discoveries |
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196 |
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15,454 |
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|
286 |
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18,345 |
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Revisions of previous estimates |
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34 |
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(4,400 |
) |
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|
167 |
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(3,191 |
) |
Production |
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(88 |
) |
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(16,586 |
) |
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(210 |
) |
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(18,378 |
) |
As of December 31, 2025 |
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|
1,391 |
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|
177,380 |
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|
3,458 |
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|
206,473 |
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Proved Developed Reserves |
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December 31, 2024 |
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23 |
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65,252 |
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|
701 |
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69,594 |
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December 31, 2025 |
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1,356 |
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173,231 |
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3,373 |
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|
201,609 |
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Proved Undeveloped Reserves: |
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December 31, 2024 |
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16 |
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16,469 |
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|
176 |
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17,619 |
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December 31, 2025 |
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35 |
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4,149 |
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|
84 |
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|
4,864 |
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| Schedule of Standardized Measure of Discounted Future Net Cash Flows |
The following table sets forth the standardized measure of discounted future net cash flows attributable to the Company’s proved natural gas mineral reserves as of December 31, 2025 and 2024:
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December 31, |
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2025 |
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2024 |
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(in thousands) |
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Future cash inflows |
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$ |
700,567 |
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$ |
171,733 |
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Future production costs |
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(109,293 |
) |
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(22,608 |
) |
Future development costs (capital costs) |
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(1,271 |
) |
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|
— |
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Future income tax expense |
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(56,289 |
) |
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(24,246 |
) |
Future net cash flows |
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533,714 |
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|
124,879 |
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10% discount to reflect timing of cash flows |
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(267,388 |
) |
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(62,946 |
) |
Standardized measure of discounted cash flows |
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$ |
266,326 |
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$ |
61,933 |
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| Schedule of Average First Day of Month Price for Oil Natural Gas and Natural Gas Liquids Utilized in Future Cash Inflows |
In the table below the average first-day-of–the-month price for oil, natural gas and natural gas liquids is presented, all utilized in the computation of future cash inflows:
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December 31, |
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2025 |
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|
2024 |
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Unweighted Arithmetic Average
First-Day-of-the-Month Prices |
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Oil (per Bbl) |
|
$ |
65.34 |
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$ |
75.48 |
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Natural gas (per Mcf) |
|
$ |
3.39 |
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$ |
2.13 |
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Natural gas liquids (per Bbl) |
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$ |
25.48 |
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$ |
29.44 |
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| Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows |
Principal changes in the standardized measure of discounted future net cash flows attributable to the Company’s proved reserves are as follows:
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December 31, |
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|
2025 |
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|
2024 |
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|
(in thousands) |
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Standardized measure of discounted future net
cash flows at the beginning of the period |
|
$ |
61,933 |
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$ |
50,663 |
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Net changes in prices and production costs |
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|
44,893 |
|
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(2,491 |
) |
Purchase of minerals in place |
|
|
195,062 |
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|
12,081 |
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Extension and discoveries |
|
|
34,223 |
|
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|
4,951 |
|
Revisions of previous quantity estimates |
|
|
(2,640 |
) |
|
|
7,017 |
|
Natural gas and oil produced during the period |
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(50,075 |
) |
|
|
(12,702 |
) |
Accretion of discount |
|
|
7,215 |
|
|
|
5,684 |
|
Net changes in income taxes |
|
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(17,143 |
) |
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|
(3,301 |
) |
Net changes in timing of production and other |
|
|
(7,142 |
) |
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|
31 |
|
Standardized measure of discounted future net
cash flows at the end of the period |
|
$ |
266,326 |
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|
$ |
61,933 |
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