Sitio Royalties (STR) 10-K 12 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Mar. 04, 2021	Jun. 30, 2020
Document Information [Line Items]
Entity Registrant Name	Falcon Minerals Corp
Entity Central Index Key	0001703785
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Public Float			$ 157.1
Entity File Number	001-38158
Entity Tax Identification Number	82-0820780
Entity Address, Address Line One	510 Madison Avenue
Entity Address, Address Line Two	8th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	506-5925
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Portions of the proxy statement for registrant’s 20 2 1 Annual Meeting of Stockholders are incorporated by reference in Part III in this Form 10-K.
Class A common stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		46,107,183
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	FLMN
Security Exchange Name	NASDAQ
Class C common stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		40,000,000
Warrants [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants, each to purchase one share of Class A Common Stock
Trading Symbol	FLMNW
Security Exchange Name	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 2,724	$ 2,543
Account receivable	5,419	7,889
Prepaid expenses	766	1,182
Total current assets	8,909	11,614
Royalty interests in oil and natural gas properties, net of accumulated amortization of $144,445 and $130,342 respectively	207,505	219,192
Property and equipment, net of accumulated depreciation of $179 and $75	427	517
Deferred tax asset, net	55,773	56,352
Other assets	3,015	2,530
Total assets	275,629	290,205
Current liabilities:
Accounts payable and accrued expenses	1,540	2,206
Other current liabilities	1,557
Total current liabilities	3,097	2,206
Credit facility	39,800	42,500
Other liabilities	828	473
Total liabilities	43,725	45,179
Commitments and contingencies (See Note 14)
Shareholders' equity:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
Additional paid in capital	123,457	129,127
Non-controlling interests	108,438	115,890
Total shareholders' equity	231,904	245,026
Total liabilities, shareholders' equity	275,629	290,205
Class A common stock [Member]
Shareholders' equity:
Common stock, value	5	5
Total shareholders' equity	5	5
Class C common stock [Member]
Shareholders' equity:
Common stock, value	4	4
Total shareholders' equity	$ 4	$ 4

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accumulated amortization	$ 144,445	$ 130,342
Accumulated depreciation	$ 179	$ 75
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A common stock [Member]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	240,000,000	240,000,000
Common stock, shares issued	46,107,183	45,963,716
Common stock, shares outstanding	46,107,183	45,963,716
Class C common stock [Member]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	40,000,000	40,000,000
Common stock, shares outstanding	40,000,000	40,000,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Oil and gas sales	$ 40,081	$ 68,463	$ 98,655
Gain (loss) on commodity derivative instruments	(1,200)		(1,456)
Total revenue	38,881	68,463	97,199
Operating expenses:
Production and ad valorem taxes	2,807	4,262	5,143
Marketing and transportation	1,993	2,396	2,368
Amortization of royalty interests in oil and natural gas properties	14,103	12,737	16,962
General, administrative, and other	11,997	11,912	9,544
Total operating expenses	30,900	31,307	34,017
Operating income	7,981	37,156	63,182
Other income (expense):
Gain on the sale of assets			41,382
Other income	125	165	46
Interest expense	(2,197)	(2,489)	(2,350)
Total other income (expense)	(2,072)	(2,324)	39,078
Income before income taxes	5,909	34,832	102,260
Provision for income taxes	589	3,918	3,292
Income from continuing operations	5,320	30,914	98,968
Income from discontinued operations			2,139
Net income	5,320	30,914	101,107
Net income attributable to non-controlling interests	(2,748)	(16,564)	(10,982)
Net income attributable to common shareholders/unitholders	$ 2,572	$ 14,350	$ 90,125
Earnings per common share:
Common shares (basic and diluted)	$ 0.05	$ 0.31	$ 0.20
Weighted average number of shares outstanding:
Common shares (basic and diluted)	46,031	45,893	45,855

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flow from operating activities:
Net income	$ 5,320	$ 30,914	$ 101,107
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gain on sale of assets			(41,382)
Unrealized (gain) loss on commodity derivative instruments	944		1,151
Amortization of royalty interests in oil and natural gas properties	14,103	12,737	18,536
Amortization of right-of-use assets	492
Accretion of asset retirement obligation			7
Amortization of debt issuance costs	658	643	457
Deferred rent		473
Depreciation of property and equipment	104	75
Share based compensation	3,480	2,548
Deferred income taxes	579	2,421	2,285
Cash paid to settle derivatives			(1,151)
Changes in operating assets and liabilities
Accounts receivable	2,470	3,383	1,882
Prepaid expenses	416	342	(278)
Other assets		10	(182)
Accounts payable and accrued expenses	(553)	1,683	(4,399)
Other liabilities	(579)		(147)
Net cash provided by operating activities	27,434	55,229	77,886
Cash flows from investing activities:
Additions to oil and natural gas properties			(523)
Cash acquired in the Transactions			2,920
Proceeds from the sale of assets			121,130
Acquisition of oil and natural gas properties	(2,417)	(22,761)	(1,215)
Purchase of property and equipment	(14)	(592)
Net cash provided by (used in) investing activities	(2,431)	(23,353)	122,312
Cash flows from financing activities:
Distributions to partners			(143,788)
Distribution of subsidiaries			(7,125)
Contributions			(8)
Proceeds from long-term debt	10,800	39,000
Repayments of long-term debt	(13,500)	(17,500)	(44,000)
Deferred financing fees	(88)
Dividends paid	(11,734)	(30,293)	(4,356)
Distributions to non-controlling interests	(10,200)	(27,703)	(4,101)
Dividend equivalent rights paid	(100)	(154)
Net cash used in financing activities	(24,822)	(36,650)	(203,378)
Net increase (decrease) in cash and cash equivalents	181	(4,774)	(3,180)
Cash and cash equivalents, beginning of period	2,543	7,317	10,497
Cash and cash equivalents, end of period	2,724	2,543	7,317
Supplemental disclosure of cash flow information:
Cash paid for interest	1,539	1,846	1,834
Cash paid for income taxes		$ 1,260	1,350
Non-cash investing and financing activities:
Accrued bonus paid in stock	112
Right-of-use assets obtained in exchange for operating leases	$ 1,547
Credit facility prior to the Transactions			38,000
Distribution of long-term debt to non-acquired entities prior to the Transactions			31,000
Deferred financing fees prior to the Transactions			3,214
Deferred tax asset related to the Transactions			$ 60,603

Consolidated Statements of Shar

Consolidated Statements of Shareholder's Equity and Partners' Capital - USD ($) $ in Thousands	Total	Class A common stock [Member]	Class C Common Stock	Additional Paid In Capital	Partners' Capital	Non-controlling interests	Retained Earnings
Balance at Dec. 31, 2017	$ 289,157				$ 288,528	$ 629
Distributions to partners	(143,788)				(143,750)	(38)
Net income prior to Transactions	81,074				80,959	115
Recapitalization in connection with the Transactions	31,695	$ 5	$ 4	$ 137,866	$ (225,737)	119,557
Recapitalization in connection with the Transactions, shares		45,855,000	40,000,000
Net income post Transactions	20,033					10,867	$ 9,166
Distributions to non-controlling interests	(4,101)					(4,101)
Dividends to shareholders	(4,356)						(4,356)
Net income	101,107
Balance at Dec. 31, 2018	269,714	$ 5	$ 4	137,866		127,029	4,810
Balance, shares at Dec. 31, 2018		45,855,000	40,000,000
Vested restricted stock grants, shares		109,000
Stock-based compensation	2,548			2,548
Dividend equivalent rights paid	(154)			(154)
Distributions to non-controlling interests	(27,703)					(27,703)
Dividends to shareholders	(30,293)			(11,133)			(19,160)
Net income	30,914					16,564	14,350
Balance at Dec. 31, 2019	245,026	$ 5	$ 4	129,127		115,890
Balance, shares at Dec. 31, 2019		45,963,716	40,000,000
Vested restricted stock grants, shares		143,466
Stock-based compensation	3,592			3,592
Dividend equivalent rights paid	(100)			(100)
Distributions to non-controlling interests	(10,200)					(10,200)
Dividends to shareholders	(11,734)			(9,162)			(2,572)
Net income	5,320					2,748	$ 2,572
Balance at Dec. 31, 2020	$ 231,904	$ 5	$ 4	$ 123,457		$ 108,438
Balance, shares at Dec. 31, 2020		46,107,183	40,000,000

Consolidated Statements of Sh_2

Consolidated Statements of Shareholder's Equity and Partners' Capital (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Of Stockholders Equity [Abstract]
Dividends amount per share	$ 0.255	$ 0.66	$ 0.095

Organization and Presentation

Organization and Presentation	12 Months Ended
	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Presentation	Note 1—Organization and Presentation Organization and Description of Business Falcon Minerals Corporation (the “Company” or “Falcon” and formerly named Osprey Energy Acquisition Corp.) was a blank check company, incorporated in Delaware in June 2016. The Company was formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, recapitalization, or other similar business transaction, one or more operating businesses or assets (a “Business Combination”). On August 23, 2018 (the “Closing Date”), the Company completed the acquisition of the equity interests (the “Equity Interests”) in certain of the subsidiaries (the “Royal Entities”) of Noble Royalties Acquisition Co., LP (“NRAC”), Hooks Ranch Holdings LP (“Hooks Holdings”), DGK ORRI Holdings, LP (“DGK”), DGK ORRI GP LLC (“DGK GP”) and Hooks Holding Company GP, LLC (“Hooks GP”, and collectively with NRAC, Hooks Holdings, DGK, and DGK GP, the “Contributors”). The acquisition was made pursuant to the Contribution Agreement, dated as of June 3, 2018 (the “Contribution Agreement”), by and among the Company, Royal Resources L.P. (“Royal”), Royal Resources GP L.L.C. (“Royal GP”) and the Contributors. The acquisition of the Royal Entities pursuant to the Contribution Agreement is referred to as the “Business Combination” and the Business Combination together with the other transactions contemplated by the Contribution Agreement are referred to herein as the “Transactions.” Pursuant to the Contribution Agreement, on the Closing Date, the Company contributed cash to Falcon Minerals Operating Partnership, LP, a Delaware limited partnership and wholly owned subsidiary of the Company (“Opco”), in exchange for (a) a number of OpCo Common Units representing limited partnership interests in Opco (the “OpCo Common Units”) equal to the number of shares of the Company’s Class A common stock, par value $0.0001 per share (the “Class A Common Stock”), outstanding as of the Closing Date and (b) a number of Opco warrants exercisable for OpCo Common Units equal to the number of the Company’s warrants outstanding as of the Closing Date. The Company controls Opco through Falcon Minerals GP, LLC, a Delaware limited liability company, a wholly owned subsidiary of the Company and the sole general partner of Opco (“Opco GP”). On the Closing Date, Falcon completed the acquisition of the Equity Interests and in return the Contributors received (i) $400 million of cash and (ii) 40 million OpCo Common Units. The Company also issued to the Contributors 40 million shares of non-economic Class C common stock of the Company, which entitles each holder to one vote per share. The OpCo Common Units are redeemable on a one-for-one basis for shares of Class A Common Stock at the option of the Contributors. Upon the redemption by any Contributor of OpCo Common Units for Class A Common Stock, a corresponding number of shares of Class C Common Stock held by such Contributor will be cancelled. In connection with the closing of the Business Combination (the “Closing”), the Company changed its name from “Osprey Energy Acquisition Corp.” to “Falcon Minerals Corporation.” The Company is now structured as an “Up-C,” meaning that substantially all the assets of the Company are held by OpCo, and the Company’s only operating asset is its equity interest in OpCo. Each OpCo Common Unit, together with one share of Class C Common Stock, is exchangeable for one share of Class A Common Stock at the option of the holder pursuant to the terms of the Company’s and OpCo’s organizational documents, subject to certain restrictions. The Company’s assets, via its controlling interest in OpCo, consist of royalty interests, mineral interests, non-participating royalty interests and overriding royalty interests, or ORRIs (collectively, “Royalties”), underlying approximately 256,000 gross unit acres that are concentrated in what the Company believes is the “core-of-the-core” of liquids-rich condensate region of the Eagle Ford Share in Karnes, DeWitt and Gonzales Counties, Texas. The company owns additional assets of approximately 80,000 gross unit acres in Pennsylvania, Ohio and West Virginia that is prospective for Marcellus Shale. These royalties entitle the holder to a portion of the production of oil and natural gas from the underlying acreage at the sales price received by the operator, net of any applicable post-production expenses and taxes. The holder of these interests has no obligation to fund exploration and development costs, lease operating expenses or plugging and abandonment costs at the end of a well’s productive life.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2—Summary of Significant Accounting Policies Basis of Presentation The accompanying audited consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). All intercompany balances and transactions are eliminated in consolidation. The acquisition of the Royal Entities has been accounted for as a reverse recapitalization. Under this method of accounting, Falcon will be treated as the acquired company and Royal will be treated as the acquirer for financial reporting purposes. Therefore, the consolidated financial results include information regarding Royal as the Company’s predecessor entity, which includes certain interests in subsidiary companies which were not acquired by the Company in the Transactions. Thus, the financial statements included in this report reflect ( i ) the historical operating results of Royal prior to the Transactions: (ii) the combined results of the Company, OpCo and Royal following the Transactions; (iii) the assets, liabilities, and partners’ capital of Royal at their historical costs; and (iv) the Company’s equity and earnings per share presented for the period from the Closing Date of the Transaction . The Royal subsidiaries that were contributed in the Transaction s are VickiCristina , LP, DGK ORRI Company, L.P., Noble EF DLG LP, Noble EF LP and Noble Marcellus LP. The interests in Riverbend Natural Resources, L.P . ( “ RNR”) and KGD ORRI, L.P. were not contributed in the Transactions (the “Non-Contributed Entities”). The RNR interests that were not contributed in the Transactions are classified as discontinued operations in the consolidated statements of operations. Cash and Cash Equivalents Cash and cash equivalents represent unrestricted cash on hand and include all highly liquid investments purchased with a maturity of three months or less and money market funds. The Company maintains cash and cash equivalents in bank deposit accounts which, at times, may exceed the federally insured limits. The Company has not experienced any significant losses from such investments. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities; disclosure of contingent assets and liabilities at the date of the financial statements; the reported amounts of revenues and expenses during the reporting periods; and the quantities and values of proved oil, natural gas and NGLs reserves used in calculating depletion and assessing impairment of oil and natural gas properties. Actual results could differ significantly from these estimates. Significant estimates made by management include the quantities of proved oil, natural gas and NGLs reserves, related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, fair value of the Company’s warrants, and estimates of current and deferred income taxes. While management believes these estimates are reasonable, changes in facts and assumptions or the discovery of new information may result in revised estimates. Actual results could differ from these estimates and it is reasonably possible these estimates could be revised in the near term, and these revisions could be material. Accounts Receivable The Company’s accounts receivable balance results primarily from operators’ sales of oil and natural gas to their customers. Accounts receivable are recorded at the contractual amounts and do not bear interest. The Company reserves for specific accounts receivables when it is probable that all or a part of an outstanding balance will not be collected. The Company regularly reviews collectability and establishes or adjusts the allowance as necessary using the specific identification method. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered doubtful. As of December 31, 2020, and December 31, 2019, the Company had not recorded any reserves for uncollectible amounts or deemed any amounts to be uncollectible. Commodity Derivative Financial Instruments The Company’s ongoing operations expose it to changes in the market price for oil and natural gas. To mitigate the price risk associated with its operations, the Company uses commodity derivative financial instruments. From time to time, such instruments may include variable-to-fixed-price swaps, costless collars, fixed-price contracts, and other contractual arrangements. The Company does not enter into derivative instruments for speculative purposes. Derivative instruments are recognized at fair value. If a right of offset exists under master netting arrangements and certain other criteria are met, derivative assets and liabilities with the same counterparty are netted on the consolidated balance sheets. The Company does not specifically designate derivative instruments as fair value or cash flow hedges, even though they reduce its exposure to changes in oil and natural gas prices; therefore, gains and losses arising from changes in the fair value of the derivative instruments are recognized on a net basis in the accompanying consolidated statements of operations within Gain (loss) on commodity derivative instruments. Royalty Interests in Oil and Natural Gas Properties The Company follows the successful efforts method of accounting for oil and natural gas operations. Under this method, costs to acquire mineral and royalty interests in oil and natural gas properties are capitalized when incurred. Acquisitions of royalty interests of oil and natural gas properties are considered asset acquisitions and are recorded at cost. Acquisition costs of proven royalty interests are amortized using the units of production method over the life of the property, which is estimated using proven reserves. Acquisition costs of royalty interests on unproved properties, where there are no proven reserves, are not amortized. When the associated exploration stage interests are converted to proven reserves, the cost basis is amortized using the units of production methodology over the life of the property, using proven reserves. For purposes of amortization, interests in oil and natural gas properties are grouped in a reasonable aggregation of properties with common geological structural features or stratigraphic condition . We review and evaluate our royalty interests in oil and natural gas properties for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Proved oil and gas properties are reviewed for impairment when events and circumstances indicate a potential decline in the fair value of such properties below the carrying value, such as a downward revision of the reserve estimates or lower commodity prices. When such events or changes in circumstances occur, we estimate the undiscounted future cash flows expected in connection with the properties and compare such future cash flows to the carrying amounts of the properties to determine if the carrying amounts are recoverable. If the carrying value of the properties is determined to not be recoverable based on the undiscounted cash flows, an impairment charge is recognized by comparing the carrying value to the estimated fair value of the properties. The factors used to determine fair value include, but are not limited to, estimates of proved, probable and possible reserves, future commodity prices, the timing of future production and a discount rate commensurate with the risk reflective of the lives remaining for the respective oil and gas properties. There was no such impairment of proved oil and natural gas properties for the years ended December 31, 2020 or 2019. Unproved properties are also assessed for impairment periodically on a depletable unit basis when facts and circumstances indicate that the carrying value may not be recoverable, at which point an impairment loss is recognized to the extent the carrying value exceeds the estimated recoverable value. The carrying value of unproved properties, including unleased mineral rights, is determined based on management’s assessment of fair value using factors similar to those previously noted for proved properties, as well as geographic and geologic data. There was no impairment of unproved properties for the years ended December 31, 2020 and 2019. Upon the sale of a complete depletable unit, the book value thereof, less proceeds or salvage value, is charged to income. Upon the sale or retirement of an individual well, or an aggregation of interests which make up less than a complete depletable unit, the proceeds are credited to accumulated DD&A, unless doing so would significantly alter the DD&A rate of the depletable unit, in which case a gain or loss would be recorded. Debt Issuance Costs Other assets include capitalized financing costs of $1.8 million and $2.4 million as of December 31, 2020 and 2019, respectively. The costs are associated with the Company’s credit agreement and are being amortized over the term of the credit agreement. In May 2020, the Company entered into an amendment to the Credit Facility and capitalized an additional $0.1 million of associated costs which will be amortized over the remainder of the term of the Credit Facility. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at a specified measurement date. Fair value measurements are derived using inputs and assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. GAAP establishes a valuation hierarchy for disclosure of the inputs used to measure fair value. This three-tier hierarchy classifies fair value amounts recognized or disclosed in the consolidated financial statements based on the observability of inputs used to estimate such fair values. The classification within the hierarchy of an asset or liability is determined based on the lowest level input that is significant to the fair value measurement. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). At each balance sheet reporting date, the Company categorizes its assets and liabilities recorded at fair value using this hierarchy. The amounts reported in the balance sheet for cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value because of the short-term maturities of these instruments (Level 1). Because the Credit Facility (as defined in “Note 7 – Debt – Falcon Credit Facility” below) has a market rate of interest, its carrying amount approximated fair value (Level 2). The Company’s commodity derivative instruments are classified within Level 2. The fair values of the Company’s commodity derivative instruments are based upon inputs that are either readily available in the public market, such as oil and natural gas futures prices, volatility factors and discount rates, or can be corroborated from active markets. Revenue from Contracts with Customers Revenues from royalty properties are recorded under the cash receipts approach as directly received from the remitters’ statement accompanying the revenue check. Since the revenue checks are generally received 30 to 90 days after the production month, the Company accrues for revenue earned but not received by estimating production volumes and product prices. Revenues from lease bonus are recorded upon receipt. The lease bonus is separate from the lease itself and is recognized as revenue to the Company upon receipt of payment. Transaction price allocated to remaining performance obligations The Company’s right to royalty income does not originate until production occurs and, therefore, is not considered to exist beyond each day’s production. Therefore, there are no remaining performance obligations under any of the Company’s royalty income contracts. Contract balances Under the Company’s royalty income contracts, it would have the right to receive royalty income from the producer once production has occurred, at which point payment is unconditional. Accordingly, the Company’s royalty income contracts do not give rise to contract assets or liabilities. Prior-period performance obligations The Company records revenue in the month production is delivered to the purchaser. However, settlement statements for certain oil, natural gas and NGLs sales may not be received for 30 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of royalty income to be received based upon the Company’s interest. The Company records the differences between its estimates and the actual amounts received for royalties in the quarter that payment is received from the producer. Identified differences between the Company’s revenue estimates and actual revenue received historically have not been significant. For the years ended December 31, 2020 and 2019, revenue recognized in the reporting period related to performance obligations satisfied in prior reporting periods was not material. The Company believes that the pricing provisions of its oil, natural gas and NGLs contracts are customary in the industry. To the extent actual volumes and prices of oil and natural gas sales are unavailable for a given reporting period because of timing or information not received from third parties, the royalties related to expected sales volumes and prices for those properties are estimated and recorded. Income Taxes The Company under ASC 740 uses the asset and liability method of accounting for income taxes, under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and (ii) operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the rate change is enacted. A valuation allowance is provided for deferred tax assets when it is more likely than not the deferred tax assets will not be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. Royal was historically treated as a partnership for federal income tax purposes, with each partner being separately taxed on its share of taxable income; therefore, there is no federal income tax expense reflected in Royal’s historical financial statements prior to the Transactions. Share-Based Compensation Share-based compensation awards are measured at fair value on the date of grant and are expensed, net of any actual forfeitures, over the required service period. See “Note 9 — Segment Reporting The Company derives revenue from Royalties in oil and natural gas properties in North America. The Company operates in a single operating and reportable segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s Chief Executive Officer has been determined to be the CODM and allocates resources and assesses performance based upon financial information at the consolidated level. Recently Issued Accounting Pronouncements The Company is an “emerging growth company” (“EGC”) as defined by the JOBS Act. The JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 13(a) of the Exchange Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to avail itself of this exemption and, as a result, its financial statements may not be comparable to the financial statements of issuers that are required to comply with the effective dates for new or revised accounting standards that are applicable to public companies. Section 107 of the JOBS Act provides that the Company can elect to opt out of the extended transition period at any time, which election is irrevocable. In February 2016, the Financial Accounting Standards Board (“ FASB ”) issued new guidance which amends various aspects of existing guidance for leases. The new guidance requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. The main difference between previous GAAP and the new standard is the recognition of lease assets and lease liabilities by lessees on the balance sheet for those leases classified as operating leases under previous GAAP. As a result, the Company recognize d a liability representing its lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. The new guidance was effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company adopted the modified retrospective approach upon adoption of the new guidance on the effective date of January 1, 20 20 . Please see “Note 3 — Impact of ASC 842 Adoption” for further details related to the Company’s adoption of this standard. In June 2016, the FASB issued new guidance related to Accounting Standards Update 2016-13, “Financial Instruments – Credit Losses” (“ASU 2016-13”). This update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. In November 2018, the FASB issued a further update to ASU 2016-13. This update clarifies that receivables arising from operating leases are not in scope of this topic, but rather the leasing standard. This update was effective for financial statements issued for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The adoption of this standard did not have a material impact on the Company’s financial statements. In December 2019, the FASB issued new guidance which amends certain aspects of accounting for income taxes. This amendment removes specific exceptions within existing GAAP related to the incremental approach for intraperiod tax allocation and to the general methodology for calculating income taxes in interim periods, among other changes. It also requires an entity to reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date, among other requirements. This amendment is effective for interim and annual periods beginning after December 15, 2020, and early adoption is permitted. The Company does not believe the adoption of this standard will have an impact on its financial statements. In March 2020, the FASB issued new guidance which provides optional expedients and exceptions, for a limited time, to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The standard was effective upon issuance and generally can be applied through December 31, 2022. An entity may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected the amendments in this update must be applied prospectively for all eligible contract modifications. Management has elected to apply this update subsequent to March 12, 2020. Management is currently evaluating the impact of this guidance but does not expect this update to have a material impact on the Company's financial statements.

Impact of ASC 842 Adoption

Impact of ASC 842 Adoption	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Impact of ASC 842 Adoption	Note 3—Impact of ASC 842 Adoption On January 1, 2020, the Company adopted ASU 2016-02, Leases (“ASC 842”) using the modified retrospective method. The Company elected the package of practical expedients upon transition which will retain the lease classification for leases and any unamortized initial direct costs that existed prior to the adoption of this standard. The adoption of the standard resulted in the recognition of operating lease right-of-use (“ROU”) assets and operating lease liabilities on the consolidated balance sheet as of January 1, 2020. ROU assets represent less than 1% of the Company’s total assets and lease liabilities represent less than 5% of the Company’s total liabilities as of December 31, 2020 and were not considered material to the Company. The Company did not recognize a material cumulative adjustment to the consolidated statement of shareholders’ equity and did not have any material changes in the timing of expense recognition or the Company’s accounting policies. The standard had no impact on the Company’s debt covenant compliance under existing agreements. This ASU requires the Company to identify its contractual arrangements that contain leases at the inception of such arrangements. Specifically, the Company considered whether it can control the underlying asset and have the right to obtain substantially all of the economic benefits or outputs from the asset. The Company’s leases are long-term operating leases with fixed payment terms and will terminate at various dates through April 2027. The Company’s ROU assets represent its right to use an underlying asset for the lease term, and its operating lease liabilities represent its obligation to make lease payments. ROU operating assets and operating lease liabilities are included in the accompanying consolidated balance sheet as of December 31, 2020. ROU assets are recognized at commencement date and consist of the present value of the remaining lease payments over the lease term, initial direct costs, prepaid lease payments less any lease incentives. Operating lease liabilities are recognized at commencement date based on the present value of the remaining lease payments over the lease term. The Company uses the implicit rate, when readily determinable, or its incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments. Since the Company’s leases do not provide an implicit rate that can readily be determined, the Company used a discount rate based on its incremental borrowing rate, which is determined by the information available in our Credit Facility. The incremental borrowing rate reflects the estimated rate of interest the Company would pay to borrow, on a collateralized basis over a similar term, an amount equal to the least payments in a similar economic environment. Our lease obligations are primarily comprised of the main office spaces used for operations and are recorded as General, administrative, and other expenses in the Consolidated Statement of Operations. As of December 31, 2020, our lease obligations were classified as operating leases. The Company’s rental costs associated with these office spaces was $0.6 million for the year ended December 31, 2020. The lease terms may include periods covered by options to extend the lease when it is reasonably certain that the Company will exercise that option and periods covered by options to terminate the lease when it is not reasonably certain that the Company will exercise that option. Lease cost for lease obligations is recognized on a straight-line basis over the lease term. In the event that the Company’s assumptions and expectations change, it may have to revise its ROU assets and operating lease liabilities. As of December 31, 2020, the weighted average remaining lease term is 3.4 years, and the weighted average discount rate is 4.21%. As of December 31, 2020, the Company had ROU assets of $1.1 million recorded as Other Assets, $0.6 million of corresponding obligations recorded as Other Current Liabilities and $0.8 million of corresponding obligations recorded as Other Liabilities on the Company’s consolidated balance sheet. Under ASC 840, rent expense recorded for the years ended December 31, 2019 and 2018 was $0.3 million, and less than $0.1 million, respectively. As of December 31, 2020, the undiscounted cash flows for operating lease liabilities are as follows (in thousands): Payments Due by Period Total 2021 2022 2023 2024 2025 Thereafter Lease obligations $ 1,329 $ 609 $ 228 $ 196 $ 199 $ 58 $ 39 Total $ 1,329 $ 609 $ 228 $ 196 $ 199 $ 58 $ 39 Under ASC 842, as of December 31, 2020 $1.3 million

Transactions

Transactions	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Transactions	Note 4 – Transactions On the Closing Date, Falcon completed the acquisition of the equity interests in the Royal Entities and in return the Contributors received (i) $400 million of cash and (ii) 40 million OpCo Common Units. The Company also issued to the Contributors 40 million shares of non-economic Class C Common Stock of the Company, which entitles each holder to one vote per share. The OpCo Common Units are redeemable on a one-for-one basis for shares of Class A Common Stock at the option of the Contributors. Upon the redemption by any Contributor of OpCo Common Units for Class A Common Stock, a corresponding number of shares of Class C Common Stock held by such Contributor will be cancelled. In addition to the above, pursuant to the Contribution Agreement, Royal is entitled to receive earn-out consideration to be paid in the form of OpCo Common Units (and a corresponding number of shares of Class C Common Stock) if the 30-day volume-weighted average price (“30-Day VWAP”) of the Class A Common Stock equals or exceeds certain hurdles set forth in the Contribution Agreement. Royal can potentially receive up to an additional 20.0 million OpCo Common Units as a part of the earn-out consideration. As of December 31, 2020, none of these hurdles have been met. Royal is also entitled to the earn-out consideration described above in connection with certain liquidity events of the Company, including a merger or sale of all or substantially all of the Company’s assets, if the consideration paid to holders of the Class A Common Stock in connection with such liquidity event is greater than any of the 30-Day VWAP hurdles. In connection with the Company’s entry into the Contribution Agreement, the Company agreed to issue and sell in a private placement an aggregate of 11,480,000 shares of Class A Common Stock for a purchase price of $10.00 per share, and aggregate consideration of $114.8 million (the “Private Placement”). The Private Placement was consummated concurrently with the Closing Date and the proceeds of the Private Placement were used to fund a portion of the cash consideration paid to the Contributors. Because Royal has effective control of the combined company after the Transactions through its majority voting interests in both the Company and, accordingly, Opco, the Transactions were accounted for as a reverse recapitalization. Although the Company was the legal acquirer, Royal was the accounting acquirer. As a result, the reports filed by the Company subsequent to the Transactions are prepared “as if” Royal is the predecessor and legal successor to the Company. The historical operations of Royal are deemed to be those of the Company. Thus, the financial statements included in this report reflect (i) the historical operating results of Royal prior to the Transactions; (ii) the combined results of the Company, OpCo and Royal following the Transactions; (iii) the assets, liabilities, and partners’ capital of Royal at their historical cost; and (iv) the Company’s equity and earnings per share for the period from the Closing Date of the Transactions. Below are amounts attributed to the disposition of the RNR interests included in discontinued operations in the consolidated statements of operations (in thousands): December 31, 2018 Revenues: Oil and gas sales $ 5,401 Expenses: Production and ad valorem taxes 484 Lease operating expenses 510 Transportation and marketing 333 Depreciation, depletion, and amortization 1,574 General, administrative, and other 324 Total expenses 3,225 Operating income Other income (expense): Other income 2 Interest expense (39 ) Total other income (expense) (37 ) Net income $ 2,139 Below are the amounts attributed to the disposition of the RNR interests included in the consolidated cash flow statements (in thousands): December 31, 2018 Net cash provided by operating activities - discontinued operations $ 4,488 Net cash used in investing activities - discontinued operations (523 )

Commodity Derivative Financial

Commodity Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2020
Derivative Instrument Detail [Abstract]
Commodity Derivative Financial Instruments	Note 5—Commodity Derivative Financial Instruments The Company’s ongoing operations expose it to changes in the market price for oil and natural gas. To mitigate the inherent commodity price risk associated with its operations, the Company uses oil and natural gas commodity derivative instruments. From time to time, such instruments may include variable-to-fixed-price swaps, costless collars, fixed-price contracts, and other contractual arrangements. The Company enters into oil and natural gas derivative contracts that contain netting arrangements with each counterparty. The Company does not enter into derivative instruments for speculative purposes. As of December 31, 2020, the Company’s open derivative contracts consisted of fixed-price swap oil contracts and costless collar natural gas contracts. A fixed-price swap contract between the Company and a counterparty specifies a fixed price for the contract and pays a floating market price to the counterparty over a specified period for a contracted volume. A costless collar contract between the Company and the counterparty specifies a floor and a ceiling commodity price over a specified period for a contracted volume. The Company has not designated any of its contracts as fair value or cash flow hedges. Accordingly, the changes in fair value of the contracts are included in the consolidated statement of operations in the period of the change. All derivative gains and losses from the Company’s derivative contracts have been recognized in revenue in the Company’s accompanying consolidated statement of operations. Derivative instruments that have not yet been settled in cash are reflected as either derivative assets or liabilities in the Company’s accompanying consolidated balance sheets as of December 31, 2020 and 2019. The Company’s oil fixed price swap transactions are settled based upon the average daily prices for the calendar month of the contract period and its natural gas costless collar contracts are settled based upon the last day settlement of the first nearby month futures contract of the contract period. Settlement for oil derivative contracts occurs in the succeeding month and natural gas derivative contracts are settled in the production month. The Company’s derivative contracts expose it to credit risk in the event of nonperformance by counterparties that may adversely impact the fair value of the Company’s commodity derivative assets. While the Company does not require contract counterparties to post collateral, the Company does evaluate the credit standing on each counterparty as deemed appropriate. The evaluation includes reviewing a counterparty’s credit rating and latest financial information. As of December 31, 2020, the Company had one counterparty, which is rated Aa3 or better by Moody’s and is a lender under the Credit Facility. The Company did not enter into any derivative contracts during the year ended December 31, 2019. The Company utilizes the market approach in determining the fair value of its derivative positions by using either NYMEX, ICE or WTI published market prices, independent broker pricing data or broker/dealer valuations. The valuations of derivatives with pricing based on NYMEX or ICE published market prices may be considered Level 1 if they are settled through a NYMEX or ICE clearing broker account with daily margining. Over-the-counter derivatives with NYMEX, ICE or WTI based prices are considered Level 2 due to the impact of counterparty credit risk. The Company’s derivatives are classified within Level 2. The table below summarizes the fair values and classifications of the Company’s derivative instruments as of December 31, 2020 (in thousands): As of December 31, 2020 Classification Balance Sheet Location Gross Fair Value Effect of Netting Net Carrying Value Assets: Current asset Other current assets $ 342 $ (342 ) $ - Long-term asset Other assets - - - Total assets $ 342 $ (342 ) $ - Liabilities: Current liability Other current liabilities $ 1,286 $ (342 ) $ 944 Long-term liability Other non-current liabilities - - - Total liabilities $ 1,286 $ (342 ) $ 944 Changes in the fair values of the Company’s derivative instruments are presented on a net basis in the accompanying consolidated statements of operations and consolidated statements of cash flows and consist of the following for the periods presented (in thousands): Year Ended December 31, 2020 2019 2018 Unrealized gain (loss) of open non-hedge derivative instruments $ (944 ) $ - $ (1,151 ) Realized gain (loss) on settlement of non-hedge derivative instruments (256 ) - (305 ) Gain (loss) on commodity derivative instruments $ (1,200 ) $ - $ (1,456 ) The Company had the following open derivative contracts for oil as of December 31, 2020: Range (Per Bbl) Weighted Average Period and Type of Contract Volume (Bbl) Price (Per Bbl) Low High Oil Swap Contracts: 2021 First Quarter 98,000 $ 40.40 $ 40.40 $ 40.40 The Company had the following open derivative contracts for natural gas as of December 31, 2020: Weighted Average Weighted Average Period and Type of Contract Volume (MMBtu) Floor Price (Per MMBtu) Ceiling Price (Per MMBtu) Natural Gas Collar Contracts: 2021 First Quarter 481,000 $ 3.15 $ 3.55

Oil and Natural Gas Interests

Oil and Natural Gas Interests	12 Months Ended
	Dec. 31, 2020
Oil And Gas Exploration And Production Industries Disclosures [Abstract]
Oil and Natural Gas Interests	Note 6—Oil and Natural Gas Interests Oil and natural gas interest include the following (in thousands): As of December 31, December 31, 2020 2019 Oil and natural gas interests: Subject to depletion $ 319,487 $ 311,954 Not subject to depletion 32,463 37,580 Gross oil and natural gas interests 351,950 349,534 Accumulated depletion and impairment (144,445 ) (130,342 ) Oil and natural gas interests, net $ 207,505 $ 219,192 In February 2018, Royal completed the sale of its interests in a portion of its oil and natural gas properties to an unaffiliated third-party for cash proceeds of $121.1 million. The sale resulted in a realized gain of $41.4 million. For the years ended December 31, 2020, 2019 and 2018, the Company has recorded approximately $0 million, $0 million and $41.4 million in realized gains related to the sale of its interests in a portion of its oil and natural gas properties.

Debt

Debt	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt	Note 7—Debt Falcon Credit Facility On the Closing Date, the Company entered into a credit facility with Citibank, N.A., as administrative agent and collateral agent for the lenders from time-to-time party thereto (the “Credit Facility”). The Credit Facility initially provided for a maximum credit amount of $500.0 million and a borrowing base based on its oil and natural gas reserves and other factors (currently $70 million), subject to scheduled semi-annual and other borrowing base redeterminations and expires on the fifth anniversary of the Closing Date. On the Closing Date, $38.0 million was drawn under the Credit Agreement to fund a portion of the purchase price of the Transactions, to pay transaction expenses, to fund any original issue discount or upfront fees in connection with the “market flex” provisions previously agreed upon and to finance working capital needs and other general corporate purposes. As of December 31, 2020, the Company had borrowings of $39.8 million under the Credit Facility at an interest rate of 2.65% and $30.2 million available for future borrowings under the Credit Facility. The Company incurred $3.2 million in connection with the closing of the Credit Facility. These amounts have been recorded as a deferred asset and will be amortized over the term of the Credit Facility. Unamortized deferred issuance costs were $1.8 million as of December 31, 2020. Principal amounts borrowed are payable on the maturity date. The Company has a choice of borrowing at an alternative base rate (which is equal to the greatest of the federal funds rate plus one-half of 1.0% st st Obligations under the Credit Facility are guaranteed by the Company and each of its existing and future, direct and indirect domestic subsidiaries (the “Credit Parties”) and are secured by all the present and future assets of the Credit Parties, subject to customary carve-outs. The Credit Facility contains various affirmative, negative, and financial maintenance covenants. These covenants, among other things, include restrictions on the Company’s ability to incur additional indebtedness, acquire and sell assets, create liens, enter into certain lease agreements, make investments, make distributions, and require the maintenance of the financial ratios described below. Financial Covenant Required Ratio Ratio of total net debt to EBITDAX, as defined in the Credit Facility Not greater than 4.0 to 1.0 Ratio of current assets to current liabilities, as defined in the Credit Facility Not less than 1.0 to 1.0 As of December 31, 2020, the Company was in compliance with such covenants.

Shareholder's Equity and Divide

Shareholder's Equity and Dividends	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Shareholder's Equity and Dividends	Note 8—Shareholder’s Equity and Dividends Shares Outstanding Prior to the Transactions, Falcon was a special purpose acquisition company with no operations, formed as a vehicle to affect a business combination with one or more operating businesses. After the Closing of the Transactions, the Company became a holding company whose sole material operating asset consists of its interest in Royal through its interest in OpCo. The following table summarizes the changes in outstanding stock and warrants during the year ended December 31, 2020. Class A Common Stock Class C Common Stock Warrants Beginning Balance at December 31, 2019 45,963,716 40,000,000 21,249,999 Restricted stock grant vesting 143,466 - - Warrants exercised 1 - (1 ) Shares outstanding at December 31, 2020 46,107,183 40,000,000 21,249,998 Preferred stock - At December 31, 2020, there were no shares of preferred stock issued or outstanding. The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share with such designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors. Class A Common Stock - At December 31, 2020, there were 46,107,183 shares of Class A Common Stock issued and outstanding. Holders of the Company’s Class A Common Stock are entitled to one vote for each share. The Company is authorized to issue 240,000,000 shares of Class A Common Stock with a par value of $0.0001 per share. Class C Common Stock – At December 31, 2020, there were 40,000,000 shares of Class C Common Stock issued and outstanding. Class C common stock was issued to the Contributors in connection with the Transactions and are non-economic but entitled the holder to one vote per share. The Company is authorized to issue 120,000,000 shares of Class C Common Stock with a par value of $0.0001 per share. Public Warrants – In July 2017, the Company consummated its initial public offering of units, each consisting of one share of Class A Common Stock and one-half of one warrant (“Public Warrant”). At December 31, 2020, there were 13,749,998 Public Warrants outstanding. Each Public Warrant entitles the holder to purchase one share of Class A Common Stock at the initial price of $11.50 per share. Pursuant to the Warrant Agreement, to the extent that any common stock dividend paid by the Company, when combined with other common stock dividends paid in the prior 365 days, exceeds $0.50 cents, it is categorized as an Extraordinary Dividend. Extraordinary Dividends reduce, penny for penny, the exercise price of the Company’s warrants. For the quarters ending June 30, 2019 and September 30, 2019, the Company paid Extraordinary Dividends of $0.12 and $0.04, respectively. Accordingly, the exercise price of the Company’s warrants was reduced to $11.38 after the Extraordinary Dividend paid for the quarter ended June 30, 2019 and was further reduced to $11.34 after the Extraordinary Dividend paid for the quarter ended September 30, 2019. There have been no additional changes to the exercise price since then. The Public Warrants will expire five years after the closing of the Transactions or earlier upon redemption or liquidation. The Company may call the Public Warrants for redemption, in whole and not in part, at a price of $0.01 per warrant with not less than 30 days’ notice provided to the Public Warrant holders. However, this redemption right can only be exercised if the last sale price of the Class A Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30-day trading period ending three business days before we send the notice of redemption to the Public Warrant holders. Private Placement Warrants –Upon closing of the Osprey initial public offering, the Sponsor purchased an aggregate of 7,500,000 warrants at a price of $1.00 per warrant (the “Private Placement Warrants). Each Private Placement Warrant is exercisable for one share of Class A Common Stock at a price of $11.34. The Private Placement Warrants are identical to the Public Warrants discussed above, except (i) they will not be redeemable by the Company so long as they are held by the Sponsor and (ii) they may be exercisable by the holders on a cashless basis. At December 31, 2020, there were 7,500,000 Private Placement Warrants outstanding. In connection with the Transactions, the Company issued 40,000,000 OpCo Common Units to the Contributors. The OpCo Common Units are redeemable on a one-for-one basis for shares of Class A Common Stock at the option of the holder. Upon the redemption by any Contributor of OpCo Common Units for shares of Class A Common Stock, a corresponding number of shares of Class C Common Stock held by such Contributor will be cancelled. Earn-Out In addition to the above, the Contributors will be entitled to receive earn-out consideration to be paid in the form of OpCo Common Units (with a corresponding number of shares of Class C Common Stock) if the volume-weighted average price of the trading days during any thirty (30) calendar days (the “30-Day VWAP”) of the Class A Common Stock equals or exceeds certain hurdles set forth in the Contribution Agreement. If the 30-Day VWAP of the Class A Common Stock is $12.50 or more per share at any time within the seven years following the closing, Royal LP will receive (i) an additional 10 million OpCo Common Units (and an equivalent number of shares of Class C Common Stock), plus (ii) an amount of OpCo Common Units (and an equivalent number of shares of Class C Common Stock) equal to (x) the amount by which annual cash dividends paid on each share of Class A Common Stock exceeds $0.50 in each year between the closing and the date the first earn-out is achieved (with any dividends paid in the stub year in which the first earn-out is achieved annualized for purposes of determining what portion of such dividends would have, on an annual basis, exceeded $0.50), multiplied by 10 million, (y) divided by $12.50. If the 30-Day VWAP of the Class A Common Stock is $15.00 or more per share at any time within the seven years following the closing (which $15.00 threshold will be reduced by the amount by which annual cash dividends paid on each share of Class A Common Stock exceeds $0.50 in each year between the closing and the date the earn-out is achieved, but not below $12.50), the Contributors will receive an additional 10 million OpCo Common Units (and an equivalent number of Class C Common Stock). Upon recognition of the earn-out, as there is no consideration received, the Company would record the payment of the earn-out as adjustments through equity (non-controlling interest and additional-paid-in-capital). Private Placement In connection with the Company’s entry into the Contribution Agreement, the Company agreed to issue and sell in a private placement an aggregate of 11,480,000 shares of Class A Common Stock for a purchase price of $10.00 per share, and aggregate consideration of $114.8 million (the “Private Placement”). The Private Placement was consummated concurrently with the Closing Date and the proceeds of the Private Placement were used to fund a portion of the cash consideration paid to the Contributors. Noncontrolling Interest The Company owns 100% of the general partner interests and 54% of the limited partner interests of OpCo and due to the Company’s controlling interest in OpCo, OpCo is a consolidated subsidiary of the Company. Non-controlling ownership interests in OpCo are presented in the consolidated balance sheet within shareholders’ equity as a separate component. In addition, consolidated net income includes earnings attributable to both the shareholders and the non-controlling interests. For the years ended December 31, 2020, 2019 and 2018, $10.2 million, $27.7 million, and $4.1 million, respectively, of distributions for each period have been made to non-controlling interest holders of the consolidated subsidiaries. Cash Dividends The table below summarizes the quarterly dividends related to the Company’s quarterly financial results (in thousands, except per unit data): Quarter Ended Total Quarterly Dividend Per Share Total Cash Dividends Payment Date Shareholders Record Date December 31, 2020 $ 0.0750 $ 3,458 March 8, 2021 February 25, 2021 September 30, 2020 $ 0.0650 $ 2,997 December 8, 2020 November 24, 2020 June 30, 2020 $ 0.0300 $ 1,383 September 8, 2020 August 25, 2020 March 31, 2020 $ 0.0250 $ 1,150 June 8, 2020 May 25, 2020 December 31, 2019 $ 0.1350 $ 6,205 March 9, 2020 February 25, 2020 September 30, 2019 $ 0.1350 $ 6,203 December 3, 2019 November 20, 2019 June 30, 2019 $ 0.1500 $ 6,879 September 6, 2019 August 26, 2019 March 31, 2019 $ 0.1750 $ 8,026 May 29, 2019 May 17, 2019 December 31, 2018 $ 0.2000 $ 9,171 February 28, 2019 February 21, 2019

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Share-Based Compensation	Note 9—Share-Based Compensation In connection with the Closing, the Falcon Board of Directors adopted the Falcon Minerals Corporation 2018 Long-Term Incentive Plan (the “Plan”). An aggregate of 8.6 million shares of Class A Common Stock are available for issuance under the Plan. The Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards. Common shares that are cancelled, forfeited, or withheld to satisfy exercise prices or tax withholding obligations will be available for delivery pursuant to other awards. Distribution equivalent rights (“DER”) are also available for grant under the Plan, either alone or in tandem with other specific awards, which will entitle the recipient to receive an amount equal to dividends paid on a Class A common share. The Plan is administered by the Falcon Board of Directors or a committee thereof. Restricted Stock Grants In accordance with the Plan, the Falcon Board of Directors is authorized to issue restricted stock awards (“RSA”) to eligible employees and directors. The Company estimates the fair value of the RSAs as the closing price of the Company’s Class A Common Stock on the grant date of the award, which is expensed over the applicable vesting period. Each RSA that has been granted has a DER included in each agreement. Dividends paid in connection with the DERs are accounted for as a reduction in retained earnings for those awards that are expected to vest. RSAs that are forfeited could cause a reclassification of any previously recognized DER payments from a reduction in retained earnings to additional compensation cost. Performance Stock Units Under the Plan, the Falcon Board of Directors is authorized to issue performance stock units (“PSU”) to eligible employees and directors. The Company estimates the fair value and the derived service period of the PSUs utilizing a lattice model since the vesting requirements are a market-based condition (indexed to the Falcon stock price). The Company engaged a third-party consultant to calculate fair value and the derived service period of the grants at the time of issuance. The fair value of the PSUs is then amortized over the longer of the service condition or the derived service period attributable to each grant. All compensation cost for the PSUs will be recognized over the longer of the service condition or the derived service period, even if the market-condition is never satisfied as long as the award is not forfeited. The PSUs that have been granted to date do not have any DERs included in the agreements. PSUs that are forfeited could cause a reclassification of any previously recognized DER payments from a reduction in retained earnings to additional compensation cost. We utilized a lattice model pricing model to measure the fair value of the PSUs. The derived service period equals the median time to achieve the hurdle in all simulations where the hurdle was achieved. Volatility assumptions are based on the average historical volatility of Falcon stock over the derived service period of the PSU. The risk-free interest rate is based on the U.S. Treasury rate in effect at the time of the grant over the derived service period of the PSU. The dividend yield is based on an annual dividend yield, taking in account historical dividends, over the derived service period of the PSU. The Company used the following weighted average assumptions to estimate the grant date fair value of the PSUs granted during the year ended December 31, 2020 and 2019: 2020 2019 Stock price $ 2.24 $ 9.05 Volatility 53.4 % 42.3 % Risk-free rate 0.60 % 2.42 % Dividend yield 9.10 % 8.84 % Derived service period 3.00 years 2.35 - 4.00 years The following table summarizes the activity in our unvested RSAs and PSUs for the years ended December 31, 2020 and 2019: Weighted Av er Weighted Av er Restricted Grant-Date Performance Stock Grant-Date Stock Fair Value Units Fair Value Unvested at December 31, 2018 - $ - - $ - Granted 419,640 $ 8.14 1,413,334 $ 3.45 Vested (110,598 ) $ 8.27 - $ - Forfeited (25,125 ) $ 7.97 - $ - Unvested at December 31, 2019 283,917 $ 8.10 1,413,334 $ 3.45 Granted 337,744 $ 2.48 751,286 $ 0.64 Vested (143,466 ) $ 7.31 - $ - Forfeited (1,958 ) $ 6.00 - $ - Unvested at December 31, 2020 476,237 $ 4.36 2,164,620 $ 2.48 For the years ended December 31, 2020 and 2019, the Company incurred $3.5 million and $2.5 million, respectively, of share-based compensation which is included in general, administrative, and other expenses in the accompanying consolidated statements of operations. The Company did not have any restricted shares granted before 2019 and therefore the Company did not incur any related expenses during any years prior to 2019. The unamortized estimated fair value of unvested RSAs and PSUs was $3.2 million at December 31, 2020. These costs are expected to be recognized as expense over a weighted average period of 1.3 years. In addition, for the years ended December 31, 2020 and 2019, the Company paid $0.1 million and $0.2 million, respectively, of DERs to RSA holders.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Note 10—Earnings Per Share Earnings per share is computed using the two-class method. The two-class method determines earnings per share of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. Participating securities represent restricted stock awards in which the recipients have non-forfeitable rights to dividend equivalents during the performance period. The following table sets forth the calculation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data): For the Year Ended December 31, 2020 2019 2018 Numerator: Net income attributable to common stockholders - basic and diluted $ 2,572 14,350 9,166 Less: Earnings allocated to participating securities (64 ) (115 ) - $ 2,508 $ 14,235 $ 9,166 Denominator: Weighted average shares outstanding - basic and diluted 46,031 45,893 45,855 Net income per common share, basic and diluted $ 0.05 $ 0.31 $ 0.20 The Company had the following shares that were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive for the periods presented but could potentially dilute basic earnings per share in future periods (in thousands): For the Year Ended December 31, 2020 2019 2018 Warrants 21,250 21,250 21,250 Class C common shares 40,000 40,000 40,000 Total 61,250 61,250 61,250 Diluted net income per share also excludes the effects of OpCo Common Units (and related Class C Common Stock) associated with the earn-out, which are convertible into Class A Common Stock, and the PSUs because each are considered contingently issuable shares and the conditions for issuance were not satisfied as of December 31, 2020.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 11—Income Taxes The Company under ASC 740 uses the asset and liability method of accounting for income taxes, under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and (ii) operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the rate change is enacted. A valuation allowance is provided for deferred tax assets when it is more likely than not the deferred tax assets will not be realized. For the years ended December 31, 2020, 2019, and 2018, the Company recorded an income tax expense of $0.6 million, $3.9 million and $3.3 million, respectively. Royal was historically treated as a partnership for federal income tax purposes, with each partner being separately taxed on its share of taxable income; therefore, there is no federal income tax expense reflected in Royal’s financial statements for any period prior to the Transactions on August 23, 2018. As of December 31, 2020, and 2019, the Company had $55.8 million and $56.4 million, respectively, of net deferred tax assets. These net deferred tax assets relate to oil and gas assets and other temporary items where the tax basis differs from the GAAP carrying amounts. As of December 31, 2020, and 2019, the Company had net operating loss carryforwards for federal income tax purposes of $9.7 million and $0 million, respectively, that, subject to limitation, may be available in future tax years to offset taxable income. The federal net operating loss carryforwards do not expire but are subject to certain income limitations in future tax years. In the event that the Company experiences an ownership change within the meaning of Section 382 of the Internal Revenue Code, our ability to utilize net operating losses, tax credits, and other tax attributes may be limited. At December 31, 2020 and 2019, the Company had recorded a prepayment of income taxes of $0 million and $0.5 million, respectively. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. The components of the provision for income taxes for the years ended December 31, 2020, 2019, and 2018 are as follows: For the Year Ended December 31, 2020 2019 2018 (in thousands) Current income tax provision: Federal $ 10 $ 1,459 $ 995 State - 38 12 Total current income tax provision 10 1,497 1,007 Deferred income tax provision: Federal 574 2,399 2,264 State 5 22 21 Total deferred income tax provision 579 2,421 2,285 Total provision for income taxes $ 589 $ 3,918 $ 3,292 A reconciliation of the statutory federal income tax amount to the recorded expense is as follows: For the Year Ended December 31, 2020 2019 2018 (in thousands) Income tax expense at the federal statutory tax rate (21%) $ 1,241 $ 7,315 $ 21,475 Impact of net income attributable to the non-controlling interests (577 ) (3,478 ) (2,306 ) State taxes, net of federal benefit 4 47 - Impact of net income attributable to pre-business combination period - - (16,576 ) Impact of pre-business combination tax adjustment - - 824 Other, net (79 ) 34 (125 ) Provision for (benefit from) income taxes $ 589 $ 3,918 $ 3,292 The components of the Company’s deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows: As of December 31, 2020 2019 (in thousands) Deferred tax assets: Difference in carrying value and tax basis in oil and gas assets $ 52,790 $ 56,057 Net operating loss 2,032 - Share-based compensation 1,052 394 Total deferred tax assets 55,874 56,451 Valuation allowance - - Net deferred tax assets 55,874 56,451 Deferred tax liabilities: Prepaid Expenses 101 99 Net deferred tax assets $ 55,773 $ 56,352

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 12—Related Party Transactions Founder Shares In June 2016, the Company issued an aggregate of 125,000 shares of Class B Common Stock to Osprey Sponsor, LLC (the “Sponsor”) for an aggregate purchase price of $25,000 (the “Founder Shares”). In March 2017, the Company effectuated a 57.5-for-1 stock split resulting in an aggregate of 7,187,500 Founder Shares outstanding and held by the Sponsor. The Founder Shares automatically converted into Class A Common Stock upon the consummation of the Transactions on a one-for-one basis. Due to the underwriter’s election not to exercise the remaining portion of the over-allotment option related to the Osprey initial public offering, 312,500 Founder Shares were forfeited resulting in an aggregate of 6,875,000 Founder Shares held by the Sponsor prior to the Transactions. Hepco Capital Management, LLC Hepco Capital Management, LLC (“Hepco Capital”), which Company officer Jeffrey Brotman is also a director and officer of, and its affiliates share certain employees and office space and reimburses the Company for a proportionate amount of the shared expenses on a monthly basis. For the years ended December 31, 2020, 2019, and 2018, the Company received $0.3 million, $0.3 million, and less than $0.1 million, respectively. Royal Resources L.P. Royal, which owns 35.2 million shares of the Class C Common Stock of the Company, as well as 35.2 million OpCo Common Units, entered into a Master Service Agreement (“MSA”) with the Company in December 2018. Under the MSA, the Company provides certain management services to Royal. For the years ended December 31, 2020, 2019, and 2018, the Company received $1.1 million, $0.6 million and less than $0.1 million, respectively, under this agreement.

Major Operators

Major Operators	12 Months Ended
	Dec. 31, 2020
Risks And Uncertainties [Abstract]
Major Operators	Note 13—Major Operators The following table presents the percentage of revenues with the Company’s significant operators (those that have accounted for 10% or more of the Company’s revenues in a given period) for the periods indicated: For the Year Ended December 31, 2020 2019 2018 Conoco Phillips 42 % 33 % 39 % EOG 20 % 29 % 22 % Devon 16 % 18 % 16 % Total 78 % 80 % 77 %

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14—Commitments and Contingencies The Company could be subject to various possible loss contingencies which arise primarily from interpretation of federal and state laws and regulations affecting the natural gas and crude oil industry. Such contingencies include differing interpretations as to the prices at which natural gas and crude oil sales may be made, the prices at which royalty owners may be paid for production from their leases, environmental issues, and other matters. Management believes it has complied with the various applicable laws and regulations, administrative rulings, and interpretations.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 15—Subsequent Events Cash Dividends In February 2021, the Company declared a quarterly cash dividend of $0.075 per share of Class A Common Stock totaling approximately $3.5 million for all shares of Class A Common Stock outstanding. The dividend is for the period from October 1, 2020 through December 31, 2020. The dividend was paid on March 8, 2021 to all Class A shareholders of record on February 25, 2021. OpCo Distribution In March 2021, OpCo made distributions totaling $6.5 million to its unitholders. Of the $6.5 million distributed by OpCo, the Company received $3.5 million.

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (Unaudited)	Note 16 – Quarterly Financial Data (Unaudited) (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter 2020: Revenues $ 13,600 $ 6,115 $ 9,669 $ 9,497 Operating income (loss) $ 5,602 $ (1,104 ) $ 2,014 $ 1,469 Net income (loss) attributable to common shareholders $ 2,205 $ (575 ) $ 589 $ 353 Net income (loss) per share: Common shares, basic and diluted $ 0.05 $ (0.01 ) $ 0.01 $ 0.01 Weighted average number of shares outstanding: Common shares, basic and diluted 45,967 46,001 46,055 46,099 (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter 2019: Revenues $ 21,258 $ 18,246 $ 15,908 $ 13,051 Operating income $ 13,331 $ 10,776 $ 8,081 $ 4,968 Net income attributable to common shareholders $ 5,382 $ 3,756 $ 2,884 $ 2,328 Net income per share: Common shares, basic and diluted $ 0.12 $ 0.08 $ 0.06 $ 0.05 Weighted average number of shares outstanding: Common shares, basic and diluted 45,856 45,858 45,899 45,956

Supplemental Information on Oil

Supplemental Information on Oil and Natural Gas Operations (Unaudited)	12 Months Ended
	Dec. 31, 2020
Extractive Industries [Abstract]
Supplemental Information on Oil and Natural Gas Operations (Unaudited)	Note 17 – Supplemental Information on Oil and Natural Gas Operations (Unaudited) The Company’s oil and natural gas reserves are attributable solely to properties within the United States. Discontinued operations information comprising of the RNR interests which were not acquired in the Transactions have not been included in the Supplemental Information for Crude Oil Producing Activities for each period presented below. Capitalized oil and natural gas costs Aggregate capitalized costs related to oil and natural gas production activities with applicable accumulated depreciation, depletion and amortization are as follows: As of December 31, 2020 2019 (in thousands) Proved royalty interest $ 319,487 $ 311,954 Unproved royalty interests 32,463 37,580 Accumulated amortization (144,445 ) (130,342 ) Net royalty interests in oil and natural gas properties $ 207,505 $ 219,192 Costs incurred in oil and natural gas activities Costs incurred in oil and natural gas property acquisitions, exploration and development activities are as follows: December 31, 2020 2019 2018 (in thousands) Acquisition costs: Proved properties $ 1,066 $ 4,011 $ 207 Unproved properties 1,351 18,750 1,008 Total $ 2,417 $ 22,761 $ 1,215 Results of operations from oil and natural gas producing activities The following table sets forth the revenues and expenses related to the production and sale of oil and natural gas. It does not include any interest costs or general and administrative costs and, therefore, is not necessarily indicative of the contribution to the net operating results of the Company’s oil, natural gas and natural gas liquids operations. December 31, 2020 2019 2018 (in thousands) Royalty income $ 40,081 $ 68,463 $ 98,655 Production and ad valorem taxes (2,807 ) (4,262 ) (5,143 ) Marketing and transportation (1,993 ) (2,396 ) (2,368 ) Depletion (14,103 ) (12,737 ) (16,962 ) Income tax expense (589 ) (3,918 ) (3,292 ) Results of operations from oil, natural gas and natural gas liquids $ 20,589 $ 45,150 $ 70,890 Oil and Natural Gas Reserves Proved oil and gas reserve estimates as of December 31, 2020, 2019 and 2018 were prepared by Ryder Scott Company, L.P. independent petroleum engineers. Proved reserves were estimated in accordance with guidelines established by the SEC, which require that reserve estimates be prepared under existing economic and operating conditions based upon the 12-month There are numerous uncertainties inherent in estimating quantities of proved oil and natural gas reserves. Oil and natural gas reserve engineering is a subjective process of estimating underground accumulations of oil and natural gas that cannot be precisely measured and the accuracy of any reserve estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. Results of drilling, testing and production subsequent to the date of the estimate may justify revision of such estimate. Accordingly, reserve estimates are often different from the quantities of oil and natural gas that are ultimately recovered. The changes in estimated proved reserves are as follows: Oil Natural Gas Natural Gas Liquids Total (MBbls) (MMcf) (MBbls) (MBOE) Proved Developed and Undeveloped Reserves: As of December 31, 2017 18,076 58,790 4,318 32,192 Purchase of reserves in place 23 83 13 50 Extensions and discoveries - - - - Revisions of previous estimates 421 7,514 86 1,759 Divestiture of reserves (2,150 ) (6,155 ) (969 ) (4,145 ) Production (1,158 ) (4,047 ) (285 ) (2,117 ) As of December 31, 2018 15,212 56,185 3,163 27,740 Purchase of reserves in place 32 70 12 56 Extensions and discoveries 215 553 71 378 Revisions of previous estimates (1,984 ) (6,950 ) (230 ) (3,373 ) Production (879 ) (3,588 ) (297 ) (1,774 ) As of December 31, 2019 12,596 46,270 2,719 23,027 Purchase of reserves in place 62 62 - 72 Extensions and discoveries 34 797 12 179 Revisions of previous estimates (2,114 ) 4,935 (298 ) (1,590 ) Production (836 ) (3,528 ) (247 ) (1,671 ) As of December 31, 2020 9,742 48,536 2,186 20,017 Proved Developed Reserves December 31, 2018 3,857 18,700 1,293 8,267 December 31, 2019 3,900 18,016 1,230 8,133 December 31, 2020 3,291 19,755 1,164 7,747 Proved Undeveloped Reserves: December 31, 2018 11,355 37,485 1,870 19,473 December 31, 2019 8,696 28,254 1,489 14,894 December 31, 2020 6,451 28,781 1,022 12,270 Revisions represent changes in previous reserves estimates, either upward or downward, resulting from new information normally obtained from development drilling and production history or resulting from a change in economic factors, such as commodity prices, operating costs, or development costs. During the year ended December 31, 2020, the Company’s negative revisions of previous estimates of 1,590 MBOE resulted primarily from reducing the existing PUD locations by 269 wells due to a change in development timing and lower commodity prices. The purchase of reserves in place of 72 MBOE were due to multiple acquisitions located within the Eagle Ford Shale. During the year ended December 31, 2019, the Company’s negative revisions of previous estimates of 3,373 MBOE resulted primarily from reducing the existing PUD locations by 314 wells due to a change in development timing and lower commodity prices. The purchase of reserves in place of 56 MBOE were due to multiple acquisitions located within the Eagle Ford Shale. During the year ended December 31, 2018, the Company’s positive revisions of previous estimates of 1,759 MBOE resulted primarily from the drilling of 92 new wells and from 225 new proved undeveloped locations added. The purchase of reserves in place of 50 MBOE were due to multiple acquisitions primarily located in Karnes county within the Eagle Ford Shale. Standardized Measure of Discounted Cash Flows The standardized measure of discounted future net cash flows are based on the unweighted average, first-day-of-the-month price. The projections should not be viewed as realistic estimates of future cash flows, nor should the “standardized measure” be interpreted as representing current value to the Company. Material revisions to estimates of proved reserves may occur in the future; development and production of the reserves may not occur in the periods assumed; actual prices realized are expected to vary significantly from those used; and actual costs may vary. The following table sets forth the standardized measure of discounted future net cash flows attributable to the Company’s proved oil and natural gas reserves as of December 31, 2020, 2019 and 2018: December 31, 2020 2019 2018 (in thousands) Future cash inflows $ 476,315 $ 882,076 $ 1,265,153 Future production costs (41,770 ) (70,956 ) (98,672 ) Future income tax expense (6,431 ) (48,040 ) (87,803 ) Future net cash flows 428,114 763,080 1,078,678 10% discount to reflect timing of cash flows (176,302 ) (304,730 ) (469,808 ) Standardized measure of discounted cash flows $ 251,812 $ 458,350 $ 608,870 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: December 31, 2020 2019 2018 Unweighted Arithmetic Average First-Day-of-the-Month Prices Oil (per Bbl) $ 39.57 $ 55.69 $ 65.56 Natural gas (per Mcf) $ 1.99 $ 2.58 $ 3.10 Natural gas liquids (per Bbl) $ 12.27 $ 13.37 $ 25.57 Principal changes in the standardized measure of discounted future net cash flows attributable to the Company’s proved reserves are as follows: December 31, 2020 2019 2018 (in thousands) Standardized measure of discounted future net cash flows at the beginning of the period $ 458,350 $ 608,870 $ 595,579 Purchase of minerals in place 2,134 1,256 1,092 Sales of oil and natural gas, net of production costs (35,281 ) (59,949 ) (91,180 ) Extensions and discoveries 1,462 9,711 - Net changes in prices and production costs (148,892 ) (91,386 ) 165,659 Revisions of previous quantity estimates (72,896 ) (92,479 ) 41,728 Divestiture of reserves - - (73,755 ) Net changes in income taxes 25,419 20,613 (49,758 ) Accretion of discount 44,279 65,863 59,558 Net changes in timing of production and other (22,763 ) (4,149 ) (40,053 ) Standardized measure of discounted future net cash flows at the end of the period $ 251,812 $ 458,350 $ 608,870

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying audited consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). All intercompany balances and transactions are eliminated in consolidation. The acquisition of the Royal Entities has been accounted for as a reverse recapitalization. Under this method of accounting, Falcon will be treated as the acquired company and Royal will be treated as the acquirer for financial reporting purposes. Therefore, the consolidated financial results include information regarding Royal as the Company’s predecessor entity, which includes certain interests in subsidiary companies which were not acquired by the Company in the Transactions. Thus, the financial statements included in this report reflect ( i ) the historical operating results of Royal prior to the Transactions: (ii) the combined results of the Company, OpCo and Royal following the Transactions; (iii) the assets, liabilities, and partners’ capital of Royal at their historical costs; and (iv) the Company’s equity and earnings per share presented for the period from the Closing Date of the Transaction . The Royal subsidiaries that were contributed in the Transaction s are VickiCristina , LP, DGK ORRI Company, L.P., Noble EF DLG LP, Noble EF LP and Noble Marcellus LP. The interests in Riverbend Natural Resources, L.P . ( “ RNR”) and KGD ORRI, L.P. were not contributed in the Transactions (the “Non-Contributed Entities”). The RNR interests that were not contributed in the Transactions are classified as discontinued operations in the consolidated statements of operations.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represent unrestricted cash on hand and include all highly liquid investments purchased with a maturity of three months or less and money market funds. The Company maintains cash and cash equivalents in bank deposit accounts which, at times, may exceed the federally insured limits. The Company has not experienced any significant losses from such investments.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities; disclosure of contingent assets and liabilities at the date of the financial statements; the reported amounts of revenues and expenses during the reporting periods; and the quantities and values of proved oil, natural gas and NGLs reserves used in calculating depletion and assessing impairment of oil and natural gas properties. Actual results could differ significantly from these estimates. Significant estimates made by management include the quantities of proved oil, natural gas and NGLs reserves, related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, fair value of the Company’s warrants, and estimates of current and deferred income taxes. While management believes these estimates are reasonable, changes in facts and assumptions or the discovery of new information may result in revised estimates. Actual results could differ from these estimates and it is reasonably possible these estimates could be revised in the near term, and these revisions could be material.
Accounts Receivable	Accounts Receivable The Company’s accounts receivable balance results primarily from operators’ sales of oil and natural gas to their customers. Accounts receivable are recorded at the contractual amounts and do not bear interest. The Company reserves for specific accounts receivables when it is probable that all or a part of an outstanding balance will not be collected. The Company regularly reviews collectability and establishes or adjusts the allowance as necessary using the specific identification method. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered doubtful. As of December 31, 2020, and December 31, 2019, the Company had not recorded any reserves for uncollectible amounts or deemed any amounts to be uncollectible.
Commodity Derivative Financial Instruments	Commodity Derivative Financial Instruments The Company’s ongoing operations expose it to changes in the market price for oil and natural gas. To mitigate the price risk associated with its operations, the Company uses commodity derivative financial instruments. From time to time, such instruments may include variable-to-fixed-price swaps, costless collars, fixed-price contracts, and other contractual arrangements. The Company does not enter into derivative instruments for speculative purposes. Derivative instruments are recognized at fair value. If a right of offset exists under master netting arrangements and certain other criteria are met, derivative assets and liabilities with the same counterparty are netted on the consolidated balance sheets. The Company does not specifically designate derivative instruments as fair value or cash flow hedges, even though they reduce its exposure to changes in oil and natural gas prices; therefore, gains and losses arising from changes in the fair value of the derivative instruments are recognized on a net basis in the accompanying consolidated statements of operations within Gain (loss) on commodity derivative instruments.
Royalty Interests in Oil and Natural Gas Properties	Royalty Interests in Oil and Natural Gas Properties The Company follows the successful efforts method of accounting for oil and natural gas operations. Under this method, costs to acquire mineral and royalty interests in oil and natural gas properties are capitalized when incurred. Acquisitions of royalty interests of oil and natural gas properties are considered asset acquisitions and are recorded at cost. Acquisition costs of proven royalty interests are amortized using the units of production method over the life of the property, which is estimated using proven reserves. Acquisition costs of royalty interests on unproved properties, where there are no proven reserves, are not amortized. When the associated exploration stage interests are converted to proven reserves, the cost basis is amortized using the units of production methodology over the life of the property, using proven reserves. For purposes of amortization, interests in oil and natural gas properties are grouped in a reasonable aggregation of properties with common geological structural features or stratigraphic condition . We review and evaluate our royalty interests in oil and natural gas properties for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Proved oil and gas properties are reviewed for impairment when events and circumstances indicate a potential decline in the fair value of such properties below the carrying value, such as a downward revision of the reserve estimates or lower commodity prices. When such events or changes in circumstances occur, we estimate the undiscounted future cash flows expected in connection with the properties and compare such future cash flows to the carrying amounts of the properties to determine if the carrying amounts are recoverable. If the carrying value of the properties is determined to not be recoverable based on the undiscounted cash flows, an impairment charge is recognized by comparing the carrying value to the estimated fair value of the properties. The factors used to determine fair value include, but are not limited to, estimates of proved, probable and possible reserves, future commodity prices, the timing of future production and a discount rate commensurate with the risk reflective of the lives remaining for the respective oil and gas properties. There was no such impairment of proved oil and natural gas properties for the years ended December 31, 2020 or 2019. Unproved properties are also assessed for impairment periodically on a depletable unit basis when facts and circumstances indicate that the carrying value may not be recoverable, at which point an impairment loss is recognized to the extent the carrying value exceeds the estimated recoverable value. The carrying value of unproved properties, including unleased mineral rights, is determined based on management’s assessment of fair value using factors similar to those previously noted for proved properties, as well as geographic and geologic data. There was no impairment of unproved properties for the years ended December 31, 2020 and 2019. Upon the sale of a complete depletable unit, the book value thereof, less proceeds or salvage value, is charged to income. Upon the sale or retirement of an individual well, or an aggregation of interests which make up less than a complete depletable unit, the proceeds are credited to accumulated DD&A, unless doing so would significantly alter the DD&A rate of the depletable unit, in which case a gain or loss would be recorded.
Debt Issuance Costs	Debt Issuance Costs Other assets include capitalized financing costs of $1.8 million and $2.4 million as of December 31, 2020 and 2019, respectively. The costs are associated with the Company’s credit agreement and are being amortized over the term of the credit agreement. In May 2020, the Company entered into an amendment to the Credit Facility and capitalized an additional $0.1 million of associated costs which will be amortized over the remainder of the term of the Credit Facility.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at a specified measurement date. Fair value measurements are derived using inputs and assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. GAAP establishes a valuation hierarchy for disclosure of the inputs used to measure fair value. This three-tier hierarchy classifies fair value amounts recognized or disclosed in the consolidated financial statements based on the observability of inputs used to estimate such fair values. The classification within the hierarchy of an asset or liability is determined based on the lowest level input that is significant to the fair value measurement. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). At each balance sheet reporting date, the Company categorizes its assets and liabilities recorded at fair value using this hierarchy. The amounts reported in the balance sheet for cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value because of the short-term maturities of these instruments (Level 1). Because the Credit Facility (as defined in “Note 7 – Debt – Falcon Credit Facility” below) has a market rate of interest, its carrying amount approximated fair value (Level 2). The Company’s commodity derivative instruments are classified within Level 2. The fair values of the Company’s commodity derivative instruments are based upon inputs that are either readily available in the public market, such as oil and natural gas futures prices, volatility factors and discount rates, or can be corroborated from active markets.
Revenue from Contract with Customer	Revenue from Contracts with Customers Revenues from royalty properties are recorded under the cash receipts approach as directly received from the remitters’ statement accompanying the revenue check. Since the revenue checks are generally received 30 to 90 days after the production month, the Company accrues for revenue earned but not received by estimating production volumes and product prices. Revenues from lease bonus are recorded upon receipt. The lease bonus is separate from the lease itself and is recognized as revenue to the Company upon receipt of payment. Transaction price allocated to remaining performance obligations The Company’s right to royalty income does not originate until production occurs and, therefore, is not considered to exist beyond each day’s production. Therefore, there are no remaining performance obligations under any of the Company’s royalty income contracts. Contract balances Under the Company’s royalty income contracts, it would have the right to receive royalty income from the producer once production has occurred, at which point payment is unconditional. Accordingly, the Company’s royalty income contracts do not give rise to contract assets or liabilities. Prior-period performance obligations The Company records revenue in the month production is delivered to the purchaser. However, settlement statements for certain oil, natural gas and NGLs sales may not be received for 30 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of royalty income to be received based upon the Company’s interest. The Company records the differences between its estimates and the actual amounts received for royalties in the quarter that payment is received from the producer. Identified differences between the Company’s revenue estimates and actual revenue received historically have not been significant. For the years ended December 31, 2020 and 2019, revenue recognized in the reporting period related to performance obligations satisfied in prior reporting periods was not material. The Company believes that the pricing provisions of its oil, natural gas and NGLs contracts are customary in the industry. To the extent actual volumes and prices of oil and natural gas sales are unavailable for a given reporting period because of timing or information not received from third parties, the royalties related to expected sales volumes and prices for those properties are estimated and recorded.
Income Taxes	Income Taxes The Company under ASC 740 uses the asset and liability method of accounting for income taxes, under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and (ii) operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the rate change is enacted. A valuation allowance is provided for deferred tax assets when it is more likely than not the deferred tax assets will not be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. Royal was historically treated as a partnership for federal income tax purposes, with each partner being separately taxed on its share of taxable income; therefore, there is no federal income tax expense reflected in Royal’s historical financial statements prior to the Transactions.
Share-Based Compensation	Share-Based Compensation Share-based compensation awards are measured at fair value on the date of grant and are expensed, net of any actual forfeitures, over the required service period. See “Note 9 —
Segment Reporting	Segment Reporting The Company derives revenue from Royalties in oil and natural gas properties in North America. The Company operates in a single operating and reportable segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s Chief Executive Officer has been determined to be the CODM and allocates resources and assesses performance based upon financial information at the consolidated level.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company is an “emerging growth company” (“EGC”) as defined by the JOBS Act. The JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 13(a) of the Exchange Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to avail itself of this exemption and, as a result, its financial statements may not be comparable to the financial statements of issuers that are required to comply with the effective dates for new or revised accounting standards that are applicable to public companies. Section 107 of the JOBS Act provides that the Company can elect to opt out of the extended transition period at any time, which election is irrevocable. In February 2016, the Financial Accounting Standards Board (“ FASB ”) issued new guidance which amends various aspects of existing guidance for leases. The new guidance requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. The main difference between previous GAAP and the new standard is the recognition of lease assets and lease liabilities by lessees on the balance sheet for those leases classified as operating leases under previous GAAP. As a result, the Company recognize d a liability representing its lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. The new guidance was effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company adopted the modified retrospective approach upon adoption of the new guidance on the effective date of January 1, 20 20 . Please see “Note 3 — Impact of ASC 842 Adoption” for further details related to the Company’s adoption of this standard. In June 2016, the FASB issued new guidance related to Accounting Standards Update 2016-13, “Financial Instruments – Credit Losses” (“ASU 2016-13”). This update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. In November 2018, the FASB issued a further update to ASU 2016-13. This update clarifies that receivables arising from operating leases are not in scope of this topic, but rather the leasing standard. This update was effective for financial statements issued for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The adoption of this standard did not have a material impact on the Company’s financial statements. In December 2019, the FASB issued new guidance which amends certain aspects of accounting for income taxes. This amendment removes specific exceptions within existing GAAP related to the incremental approach for intraperiod tax allocation and to the general methodology for calculating income taxes in interim periods, among other changes. It also requires an entity to reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date, among other requirements. This amendment is effective for interim and annual periods beginning after December 15, 2020, and early adoption is permitted. The Company does not believe the adoption of this standard will have an impact on its financial statements. In March 2020, the FASB issued new guidance which provides optional expedients and exceptions, for a limited time, to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The standard was effective upon issuance and generally can be applied through December 31, 2022. An entity may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected the amendments in this update must be applied prospectively for all eligible contract modifications. Management has elected to apply this update subsequent to March 12, 2020. Management is currently evaluating the impact of this guidance but does not expect this update to have a material impact on the Company's financial statements.

Impact of ASC 842 Adoption (Tab

Impact of ASC 842 Adoption (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of Undiscounted Cash Flows for Operating Lease Liabilities	As of December 31, 2020, the undiscounted cash flows for operating lease liabilities are as follows (in thousands): Payments Due by Period Total 2021 2022 2023 2024 2025 Thereafter Lease obligations $ 1,329 $ 609 $ 228 $ 196 $ 199 $ 58 $ 39 Total $ 1,329 $ 609 $ 228 $ 196 $ 199 $ 58 $ 39

Transactions (Tables)

Transactions (Tables)	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Schedule of discontinued operations that are classified as held for sale	Below are amounts attributed to the disposition of the RNR interests included in discontinued operations in the consolidated statements of operations (in thousands): December 31, 2018 Revenues: Oil and gas sales $ 5,401 Expenses: Production and ad valorem taxes 484 Lease operating expenses 510 Transportation and marketing 333 Depreciation, depletion, and amortization 1,574 General, administrative, and other 324 Total expenses 3,225 Operating income Other income (expense): Other income 2 Interest expense (39 ) Total other income (expense) (37 ) Net income $ 2,139 Below are the amounts attributed to the disposition of the RNR interests included in the consolidated cash flow statements (in thousands): December 31, 2018 Net cash provided by operating activities - discontinued operations $ 4,488 Net cash used in investing activities - discontinued operations (523 )

Commodity Derivative Financia_2

Commodity Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative [Line Items]
Summary of Fair Values and Classifications of Derivative Instruments	The table below summarizes the fair values and classifications of the Company’s derivative instruments as of December 31, 2020 (in thousands): As of December 31, 2020 Classification Balance Sheet Location Gross Fair Value Effect of Netting Net Carrying Value Assets: Current asset Other current assets $ 342 $ (342 ) $ - Long-term asset Other assets - - - Total assets $ 342 $ (342 ) $ - Liabilities: Current liability Other current liabilities $ 1,286 $ (342 ) $ 944 Long-term liability Other non-current liabilities - - - Total liabilities $ 1,286 $ (342 ) $ 944
Summary of Change in Fair Values of Derivative	Changes in the fair values of the Company’s derivative instruments are presented on a net basis in the accompanying consolidated statements of operations and consolidated statements of cash flows and consist of the following for the periods presented (in thousands): Year Ended December 31, 2020 2019 2018 Unrealized gain (loss) of open non-hedge derivative instruments $ (944 ) $ - $ (1,151 ) Realized gain (loss) on settlement of non-hedge derivative instruments (256 ) - (305 ) Gain (loss) on commodity derivative instruments $ (1,200 ) $ - $ (1,456 )
Oil Swap Contracts [Member]
Derivative [Line Items]
Summary of Open Derivative Contracts	The Company had the following open derivative contracts for oil as of December 31, 2020: Range (Per Bbl) Weighted Average Period and Type of Contract Volume (Bbl) Price (Per Bbl) Low High Oil Swap Contracts: 2021 First Quarter 98,000 $ 40.40 $ 40.40 $ 40.40
Natural Gas Collar Contracts [Member]
Derivative [Line Items]
Summary of Open Derivative Contracts	The Company had the following open derivative contracts for natural gas as of December 31, 2020: Weighted Average Weighted Average Period and Type of Contract Volume (MMBtu) Floor Price (Per MMBtu) Ceiling Price (Per MMBtu) Natural Gas Collar Contracts: 2021 First Quarter 481,000 $ 3.15 $ 3.55

Oil and Natural Gas Interests (

Oil and Natural Gas Interests (Tables)	12 Months Ended
	Dec. 31, 2020
Oil And Gas Exploration And Production Industries Disclosures [Abstract]
Schedule of oil and natural gas interest	Oil and natural gas interest include the following (in thousands): As of December 31, December 31, 2020 2019 Oil and natural gas interests: Subject to depletion $ 319,487 $ 311,954 Not subject to depletion 32,463 37,580 Gross oil and natural gas interests 351,950 349,534 Accumulated depletion and impairment (144,445 ) (130,342 ) Oil and natural gas interests, net $ 207,505 $ 219,192 Aggregate capitalized costs related to oil and natural gas production activities with applicable accumulated depreciation, depletion and amortization are as follows: As of December 31, 2020 2019 (in thousands) Proved royalty interest $ 319,487 $ 311,954 Unproved royalty interests 32,463 37,580 Accumulated amortization (144,445 ) (130,342 ) Net royalty interests in oil and natural gas properties $ 207,505 $ 219,192

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Financial Covenant Ratio	The Credit Facility contains various affirmative, negative, and financial maintenance covenants. These covenants, among other things, include restrictions on the Company’s ability to incur additional indebtedness, acquire and sell assets, create liens, enter into certain lease agreements, make investments, make distributions, and require the maintenance of the financial ratios described below. Financial Covenant Required Ratio Ratio of total net debt to EBITDAX, as defined in the Credit Facility Not greater than 4.0 to 1.0 Ratio of current assets to current liabilities, as defined in the Credit Facility Not less than 1.0 to 1.0

Shareholder's Equity and Divi_2

Shareholder's Equity and Dividends (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule of outstanding stock and warrants	The following table summarizes the changes in outstanding stock and warrants during the year ended December 31, 2020. Class A Common Stock Class C Common Stock Warrants Beginning Balance at December 31, 2019 45,963,716 40,000,000 21,249,999 Restricted stock grant vesting 143,466 - - Warrants exercised 1 - (1 ) Shares outstanding at December 31, 2020 46,107,183 40,000,000 21,249,998
Schedule of quarterly dividends related to the Company's quarterly financial results	The table below summarizes the quarterly dividends related to the Company’s quarterly financial results (in thousands, except per unit data): Quarter Ended Total Quarterly Dividend Per Share Total Cash Dividends Payment Date Shareholders Record Date December 31, 2020 $ 0.0750 $ 3,458 March 8, 2021 February 25, 2021 September 30, 2020 $ 0.0650 $ 2,997 December 8, 2020 November 24, 2020 June 30, 2020 $ 0.0300 $ 1,383 September 8, 2020 August 25, 2020 March 31, 2020 $ 0.0250 $ 1,150 June 8, 2020 May 25, 2020 December 31, 2019 $ 0.1350 $ 6,205 March 9, 2020 February 25, 2020 September 30, 2019 $ 0.1350 $ 6,203 December 3, 2019 November 20, 2019 June 30, 2019 $ 0.1500 $ 6,879 September 6, 2019 August 26, 2019 March 31, 2019 $ 0.1750 $ 8,026 May 29, 2019 May 17, 2019 December 31, 2018 $ 0.2000 $ 9,171 February 28, 2019 February 21, 2019

Share-based Compensation (Table

Share-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule of Weighted Average Assumptions to Estimate Grant Date Fair Value	The Company used the following weighted average assumptions to estimate the grant date fair value of the PSUs granted during the year ended December 31, 2020 and 2019: 2020 2019 Stock price $ 2.24 $ 9.05 Volatility 53.4 % 42.3 % Risk-free rate 0.60 % 2.42 % Dividend yield 9.10 % 8.84 % Derived service period 3.00 years 2.35 - 4.00 years
Summary of activity in unvested RSAs and PSUs	The following table summarizes the activity in our unvested RSAs and PSUs for the years ended December 31, 2020 and 2019: Weighted Av er Weighted Av er Restricted Grant-Date Performance Stock Grant-Date Stock Fair Value Units Fair Value Unvested at December 31, 2018 - $ - - $ - Granted 419,640 $ 8.14 1,413,334 $ 3.45 Vested (110,598 ) $ 8.27 - $ - Forfeited (25,125 ) $ 7.97 - $ - Unvested at December 31, 2019 283,917 $ 8.10 1,413,334 $ 3.45 Granted 337,744 $ 2.48 751,286 $ 0.64 Vested (143,466 ) $ 7.31 - $ - Forfeited (1,958 ) $ 6.00 - $ - Unvested at December 31, 2020 476,237 $ 4.36 2,164,620 $ 2.48

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Schedule of basic and diluted earnings per share	The following table sets forth the calculation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data): For the Year Ended December 31, 2020 2019 2018 Numerator: Net income attributable to common stockholders - basic and diluted $ 2,572 14,350 9,166 Less: Earnings allocated to participating securities (64 ) (115 ) - $ 2,508 $ 14,235 $ 9,166 Denominator: Weighted average shares outstanding - basic and diluted 46,031 45,893 45,855 Net income per common share, basic and diluted $ 0.05 $ 0.31 $ 0.20
Schedule of computation of diluted earnings per share	The Company had the following shares that were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive for the periods presented but could potentially dilute basic earnings per share in future periods (in thousands): For the Year Ended December 31, 2020 2019 2018 Warrants 21,250 21,250 21,250 Class C common shares 40,000 40,000 40,000 Total 61,250 61,250 61,250

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of provision for income taxes	The components of the provision for income taxes for the years ended December 31, 2020, 2019, and 2018 are as follows: For the Year Ended December 31, 2020 2019 2018 (in thousands) Current income tax provision: Federal $ 10 $ 1,459 $ 995 State - 38 12 Total current income tax provision 10 1,497 1,007 Deferred income tax provision: Federal 574 2,399 2,264 State 5 22 21 Total deferred income tax provision 579 2,421 2,285 Total provision for income taxes $ 589 $ 3,918 $ 3,292
Schedule of reconciliation of the statutory federal income tax	A reconciliation of the statutory federal income tax amount to the recorded expense is as follows: For the Year Ended December 31, 2020 2019 2018 (in thousands) Income tax expense at the federal statutory tax rate (21%) $ 1,241 $ 7,315 $ 21,475 Impact of net income attributable to the non-controlling interests (577 ) (3,478 ) (2,306 ) State taxes, net of federal benefit 4 47 - Impact of net income attributable to pre-business combination period - - (16,576 ) Impact of pre-business combination tax adjustment - - 824 Other, net (79 ) 34 (125 ) Provision for (benefit from) income taxes $ 589 $ 3,918 $ 3,292
Schedule of deferred tax assets and liabilities	The components of the Company’s deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows: As of December 31, 2020 2019 (in thousands) Deferred tax assets: Difference in carrying value and tax basis in oil and gas assets $ 52,790 $ 56,057 Net operating loss 2,032 - Share-based compensation 1,052 394 Total deferred tax assets 55,874 56,451 Valuation allowance - - Net deferred tax assets 55,874 56,451 Deferred tax liabilities: Prepaid Expenses 101 99 Net deferred tax assets $ 55,773 $ 56,352

Major Operators (Tables)

Major Operators (Tables)	12 Months Ended
	Dec. 31, 2020
Major Customers [Abstract]
Schedule of revenues with the Company's significant operators	The following table presents the percentage of revenues with the Company’s significant operators (those that have accounted for 10% or more of the Company’s revenues in a given period) for the periods indicated: For the Year Ended December 31, 2020 2019 2018 Conoco Phillips 42 % 33 % 39 % EOG 20 % 29 % 22 % Devon 16 % 18 % 16 % Total 78 % 80 % 77 %

Quarterly Financial Data (Una_2

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	(in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter 2020: Revenues $ 13,600 $ 6,115 $ 9,669 $ 9,497 Operating income (loss) $ 5,602 $ (1,104 ) $ 2,014 $ 1,469 Net income (loss) attributable to common shareholders $ 2,205 $ (575 ) $ 589 $ 353 Net income (loss) per share: Common shares, basic and diluted $ 0.05 $ (0.01 ) $ 0.01 $ 0.01 Weighted average number of shares outstanding: Common shares, basic and diluted 45,967 46,001 46,055 46,099 (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter 2019: Revenues $ 21,258 $ 18,246 $ 15,908 $ 13,051 Operating income $ 13,331 $ 10,776 $ 8,081 $ 4,968 Net income attributable to common shareholders $ 5,382 $ 3,756 $ 2,884 $ 2,328 Net income per share: Common shares, basic and diluted $ 0.12 $ 0.08 $ 0.06 $ 0.05 Weighted average number of shares outstanding: Common shares, basic and diluted 45,856 45,858 45,899 45,956

Supplemental Information on O_2

Supplemental Information on Oil and Natural Gas Operations (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Extractive Industries [Abstract]
Schedule of oil and natural gas interest	Oil and natural gas interest include the following (in thousands): As of December 31, December 31, 2020 2019 Oil and natural gas interests: Subject to depletion $ 319,487 $ 311,954 Not subject to depletion 32,463 37,580 Gross oil and natural gas interests 351,950 349,534 Accumulated depletion and impairment (144,445 ) (130,342 ) Oil and natural gas interests, net $ 207,505 $ 219,192 Aggregate capitalized costs related to oil and natural gas production activities with applicable accumulated depreciation, depletion and amortization are as follows: As of December 31, 2020 2019 (in thousands) Proved royalty interest $ 319,487 $ 311,954 Unproved royalty interests 32,463 37,580 Accumulated amortization (144,445 ) (130,342 ) Net royalty interests in oil and natural gas properties $ 207,505 $ 219,192
Schedule of Costs Incurred in Oil and Natural Gas Property Acquisitions, Exploration and Development Activities	Costs incurred in oil and natural gas property acquisitions, exploration and development activities are as follows: December 31, 2020 2019 2018 (in thousands) Acquisition costs: Proved properties $ 1,066 $ 4,011 $ 207 Unproved properties 1,351 18,750 1,008 Total $ 2,417 $ 22,761 $ 1,215
Schedule of Results of Operations from Oil, Natural Gas and Natural Gas Liquids Operations	The following table sets forth the revenues and expenses related to the production and sale of oil and natural gas. It does not include any interest costs or general and administrative costs and, therefore, is not necessarily indicative of the contribution to the net operating results of the Company’s oil, natural gas and natural gas liquids operations. December 31, 2020 2019 2018 (in thousands) Royalty income $ 40,081 $ 68,463 $ 98,655 Production and ad valorem taxes (2,807 ) (4,262 ) (5,143 ) Marketing and transportation (1,993 ) (2,396 ) (2,368 ) Depletion (14,103 ) (12,737 ) (16,962 ) Income tax expense (589 ) (3,918 ) (3,292 ) Results of operations from oil, natural gas and natural gas liquids $ 20,589 $ 45,150 $ 70,890
Schedule of Changes in Estimated Proved Reserves	The changes in estimated proved reserves are as follows: Oil Natural Gas Natural Gas Liquids Total (MBbls) (MMcf) (MBbls) (MBOE) Proved Developed and Undeveloped Reserves: As of December 31, 2017 18,076 58,790 4,318 32,192 Purchase of reserves in place 23 83 13 50 Extensions and discoveries - - - - Revisions of previous estimates 421 7,514 86 1,759 Divestiture of reserves (2,150 ) (6,155 ) (969 ) (4,145 ) Production (1,158 ) (4,047 ) (285 ) (2,117 ) As of December 31, 2018 15,212 56,185 3,163 27,740 Purchase of reserves in place 32 70 12 56 Extensions and discoveries 215 553 71 378 Revisions of previous estimates (1,984 ) (6,950 ) (230 ) (3,373 ) Production (879 ) (3,588 ) (297 ) (1,774 ) As of December 31, 2019 12,596 46,270 2,719 23,027 Purchase of reserves in place 62 62 - 72 Extensions and discoveries 34 797 12 179 Revisions of previous estimates (2,114 ) 4,935 (298 ) (1,590 ) Production (836 ) (3,528 ) (247 ) (1,671 ) As of December 31, 2020 9,742 48,536 2,186 20,017 Proved Developed Reserves December 31, 2018 3,857 18,700 1,293 8,267 December 31, 2019 3,900 18,016 1,230 8,133 December 31, 2020 3,291 19,755 1,164 7,747 Proved Undeveloped Reserves: December 31, 2018 11,355 37,485 1,870 19,473 December 31, 2019 8,696 28,254 1,489 14,894 December 31, 2020 6,451 28,781 1,022 12,270
Schedule of Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Natural Gas Reserves	The following table sets forth the standardized measure of discounted future net cash flows attributable to the Company’s proved oil and natural gas reserves as of December 31, 2020, 2019 and 2018: December 31, 2020 2019 2018 (in thousands) Future cash inflows $ 476,315 $ 882,076 $ 1,265,153 Future production costs (41,770 ) (70,956 ) (98,672 ) Future income tax expense (6,431 ) (48,040 ) (87,803 ) Future net cash flows 428,114 763,080 1,078,678 10% discount to reflect timing of cash flows (176,302 ) (304,730 ) (469,808 ) Standardized measure of discounted cash flows $ 251,812 $ 458,350 $ 608,870
Schedule of Average First Day of the Month Price for Oil, Natural Gas and Natural Gas Liquids	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: December 31, 2020 2019 2018 Unweighted Arithmetic Average First-Day-of-the-Month Prices Oil (per Bbl) $ 39.57 $ 55.69 $ 65.56 Natural gas (per Mcf) $ 1.99 $ 2.58 $ 3.10 Natural gas liquids (per Bbl) $ 12.27 $ 13.37 $ 25.57
Schedule of Principal 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: December 31, 2020 2019 2018 (in thousands) Standardized measure of discounted future net cash flows at the beginning of the period $ 458,350 $ 608,870 $ 595,579 Purchase of minerals in place 2,134 1,256 1,092 Sales of oil and natural gas, net of production costs (35,281 ) (59,949 ) (91,180 ) Extensions and discoveries 1,462 9,711 - Net changes in prices and production costs (148,892 ) (91,386 ) 165,659 Revisions of previous quantity estimates (72,896 ) (92,479 ) 41,728 Divestiture of reserves - - (73,755 ) Net changes in income taxes 25,419 20,613 (49,758 ) Accretion of discount 44,279 65,863 59,558 Net changes in timing of production and other (22,763 ) (4,149 ) (40,053 ) Standardized measure of discounted future net cash flows at the end of the period $ 251,812 $ 458,350 $ 608,870

Organization and Presentation (

Organization and Presentation (Details) $ / shares in Units, a in Thousands, $ in Millions	Aug. 23, 2018USD ($)aVoteshares	Dec. 31, 2020USD ($)Vote$ / shares
Business Acquisition [Line Items]
Description of the acquisition		(i) $400 million of cash and (ii) 40 million OpCo Common Units. The Company also issued to the Contributors 40 million shares of non-economic Class C Common Stock of the Company, which entitles each holder to one vote per share. The OpCo Common Units are redeemable on a one-for-one basis for shares of Class A Common Stock at the option of the Contributors. Upon the redemption by any Contributor of OpCo Common Units for Class A Common Stock, a corresponding number of shares of Class C Common Stock held by such Contributor will be cancelled.
Descriptions of royalties		The Company’s assets, via its controlling interest in OpCo, consist of royalty interests, mineral interests, non-participating royalty interests and overriding royalty interests, or ORRIs (collectively, “Royalties”), underlying approximately 256,000 gross unit acres that are concentrated in what the Company believes is the “core-of-the-core” of liquids-rich condensate region of the Eagle Ford Share in Karnes, DeWitt and Gonzales Counties, Texas. The company owns additional assets of approximately 80,000 gross unit acres in Pennsylvania, Ohio and West Virginia that is prospective for Marcellus Shale.
Class A common stock [Member]
Business Acquisition [Line Items]
Common stock, par value | $ / shares		$ 0.0001
Common stock, number of votes per share		1
Class C common stock [Member]
Business Acquisition [Line Items]
Common stock, number of votes per share		1
Royal Entities [Member]
Business Acquisition [Line Items]
Cash paid | $	$ 400	$ 400
Royal Entities [Member] | Class A common stock [Member]
Business Acquisition [Line Items]
Common units redemption ratio	100.00%
Royal Entities [Member] | Class C common stock [Member]
Business Acquisition [Line Items]
Common stock, number of votes per share	1
Common stock issued or agreed to issue | shares	40,000,000
Royal Entities [Member] | Subsidiaries [Member]
Business Acquisition [Line Items]
Common units issued | shares	40,000,000
Royal Entities [Member] | Subsidiaries [Member] | Texas [Member]
Business Acquisition [Line Items]
Gross acres owned by the company | a	256
Royal Entities [Member] | Subsidiaries [Member] | Pennsylvania, Ohio and West Virginia [Member]
Business Acquisition [Line Items]
Gross acres owned by the company | a	80
Royal Entities [Member] | Subsidiaries [Member] | Class A common stock [Member]
Business Acquisition [Line Items]
Common units redemption ratio	100.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Textual) - USD ($)	Aug. 23, 2018	Dec. 31, 2020	Dec. 31, 2019	May 31, 2020
Summary of Significant Accounting Policy [Line Items]
Impairment of proved oil and natural gas properties		$ 0	$ 0
Impairment of unproved properties		0	0
Debt issuance costs capitalized				$ 100,000
Federal income tax expense	$ 0	0
Other Assets [Member]
Summary of Significant Accounting Policy [Line Items]
Debt issuance costs capitalized		$ 1,800,000	$ 2,400,000

Impact of ASC 842 Adoption (Det

Impact of ASC 842 Adoption (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Lessee Lease Description [Line Items]
Rental costs associated with office space	$ 600,000
Weighted average remaining lease term	3 years 4 months 24 days
Weighted average discount rate	4.21%
ROU assets	$ 1,100,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherNoncurrentAssetsMember
Lease obligations current	$ 600,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherCurrentLiabilitiesMember
Lease obligations non-current	$ 800,000
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherNoncurrentLiabilitiesMember
Rent expenses		$ 300,000
Lease obligations	$ 1,329,000
Maximum [Member]
Lessee Lease Description [Line Items]
Percentage of right of use assets to total assets	1.00%
Percentage of lease liabilities to total liabilities	5.00%
Rent expenses			$ 100,000

Impact of ASC 842 Adoption - Sc

Impact of ASC 842 Adoption - Schedule of Undiscounted Cash Flows for Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2020USD ($)
Lease obligations
Total	$ 1,329
2021	609
2022	228
2023	196
2024	199
2025	58
Thereafter	$ 39

Transactions (Details Textual)

Transactions (Details Textual) $ / shares in Units, $ in Millions	Aug. 23, 2018USD ($)Voteshares	Dec. 31, 2020USD ($)Vote$ / sharesshares
Transaction (Textual)
Description of the acquisition		(i) $400 million of cash and (ii) 40 million OpCo Common Units. The Company also issued to the Contributors 40 million shares of non-economic Class C Common Stock of the Company, which entitles each holder to one vote per share. The OpCo Common Units are redeemable on a one-for-one basis for shares of Class A Common Stock at the option of the Contributors. Upon the redemption by any Contributor of OpCo Common Units for Class A Common Stock, a corresponding number of shares of Class C Common Stock held by such Contributor will be cancelled.
Private Placement [Member]
Transaction (Textual)
Common stock issued or agreed to issue		11,480,000
Aggregate common shares purchase price | $ / shares		$ 10
Aggregate common shares amount | $		$ 114.8
Class C common stock [Member]
Transaction (Textual)
Common stock, number of votes per share | Vote		1
Class A common stock [Member]
Transaction (Textual)
Common stock, number of votes per share | Vote		1
Aggregate common shares purchase price | $ / shares		$ 0.0001
Class A common stock [Member] | Contribution Agreement [Member]
Transaction (Textual)
Volume weighted average price, period		30 days
Potentially receive up to an additional OpCo Common Units		20,000,000
Royal Entities [Member]
Transaction (Textual)
Cash paid | $	$ 400	$ 400
Royal Entities [Member] | Class C common stock [Member]
Transaction (Textual)
Common stock issued or agreed to issue	40,000,000
Common stock, number of votes per share | Vote	1
Royal Entities [Member] | Class A common stock [Member]
Transaction (Textual)
Common units redemption ratio	100.00%
Royal Entities [Member] | Subsidiaries [Member]
Transaction (Textual)
Common units issued	40,000,000
Royal Entities [Member] | Subsidiaries [Member] | Class A common stock [Member]
Transaction (Textual)
Common units redemption ratio	100.00%

Transactions (Details 1)

Transactions (Details 1) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Revenues:
Oil and gas sales	$ 5,401
Expenses:
Production and ad valorem taxes	484
Lease operating expenses	510
Transportation and marketing	333
Depreciation, depletion, and amortization	1,574
General, administrative, and other	324
Total expenses	3,225
Other income (expense):
Other income	2
Interest expense	(39)
Total other income (expense)	(37)
Net income	$ 2,139

Transactions (Details 2)

Transactions (Details 2) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Discontinued Operations And Disposal Groups [Abstract]
Net cash provided by operating activities - discontinued operations	$ 4,488
Net cash used in investing activities - discontinued operations	$ (523)

Commodity Derivative Financia_3

Commodity Derivative Financial Instruments (Details Textual)	Dec. 31, 2020CounterParty
Derivative Instrument Detail [Abstract]
Number of derivative counter parties	1

Commodity Derivative Financia_4

Commodity Derivative Financial Instruments - Summary of Fair Values and Classifications of Derivative Instruments (Details) $ in Thousands	Dec. 31, 2020USD ($)
Derivative [Line Items]
Derivative Assets, Gross Fair Value	$ 342
Derivative Assets, Effect of Netting	(342)
Derivative Liabilities, Gross Fair Value	1,286
Derivative Liabilities, Effect of Netting	(342)
Derivative Liabilities, Net Carrying Value	944
Other Current Assets [Member]
Derivative [Line Items]
Derivative Assets, Gross Fair Value	342
Derivative Assets, Effect of Netting	(342)
Other Current Liabilities [Member]
Derivative [Line Items]
Derivative Liabilities, Gross Fair Value	1,286
Derivative Liabilities, Effect of Netting	(342)
Derivative Liabilities, Net Carrying Value	$ 944

Commodity Derivative Financia_5

Commodity Derivative Financial Instruments - Summary of Change in Fair Values of Derivative (Details) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2018
Derivative [Line Items]
Unrealized gain (loss) of open non-hedge derivative instruments	$ (944)	$ (1,151)
Realized gain (loss) on settlement of non-hedge derivative instruments	(256)	(305)
Gain (loss) on commodity derivative instruments	$ (1,200)	$ (1,456)

Commodity Derivative Financia_6

Commodity Derivative Financial Instruments - Summary of Open Derivative Contracts (Details) bbl in Thousands, MMBTU in Thousands	12 Months Ended
	Dec. 31, 2020MMBTU$ / bbl$ / MMBTUbbl
Oil Swap Contract First Quarter, 2021 [Member]
Derivative [Line Items]
Volume (Bbl) | bbl	98
Weighted Average Price (Per Bbl)	40.40
Natural Gas Collar Contracts First Quarter, 2021 [Member]
Derivative [Line Items]
Volume (MMBtu) | MMBTU	481
Weighted Average Floor Price (Per MMBtu) | $ / MMBTU	3.15
Weighted Average Ceiling Price (Per MMBtu) | $ / MMBTU	3.55
Minimum [Member] | Oil Swap Contract First Quarter, 2021 [Member]
Derivative [Line Items]
Weighted Average Price (Per Bbl)	40.40
Maximum [Member] | Oil Swap Contract First Quarter, 2021 [Member]
Derivative [Line Items]
Weighted Average Price (Per Bbl)	40.40

Oil and Natural Gas Interests_2

Oil and Natural Gas Interests (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Oil and natural gas interests:
Subject to depletion	$ 319,487	$ 311,954
Not subject to depletion	32,463	37,580
Gross oil and natural gas interests	351,950	349,534
Accumulated depletion and impairment	(144,445)	(130,342)
Oil and natural gas interests, net	$ 207,505	$ 219,192

Oil and Natural Gas Interests_3

Oil and Natural Gas Interests (Details Textual) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Oil And Gas Exploration And Production Industries Disclosures [Abstract]
Unaffiliated third party for cash proceeds amount	$ 121.1
Realized gain on sale of oil and gas properties	$ 41.4	$ 0	$ 0	$ 41.4

Debt (Details)

Debt (Details) - Falcon Credit Facility [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Aug. 23, 2018
Line Of Credit Facility [Line Items]
Borrowing base on credit facility	$ 500
Current borrowing base	70
Drawn under credit facility	$ 39.8	$ 38
Credit facility interest rate	2.65%
Available for future borrowings under the credit facility	$ 30.2
Description of maximum aggregate revolving borrowings	The Credit Facility initially provided for a maximum credit amount of $500.0 million and a borrowing base based on its oil and natural gas reserves and other factors (currently $70 million), subject to scheduled semi-annual and other borrowing base redeterminations and expires on the fifth anniversary of the Closing Date.
Expense incurred in closing of Credit Facility	$ 3.2
Unamortized deferred issuance costs	$ 1.8
Borrowings interest rate, description	Principal amounts borrowed are payable on the maturity date. The Company has a choice of borrowing at an alternative base rate (which is equal to the greatest of the federal funds rate plus one-half of 1.0%, the prime rate or the one-month LIBOR rate plus 1.0%) or LIBOR, with such borrowings bearing interest, payable quarterly in arrears for base rate loans and one month, two-month, three month or six-month periods for LIBOR loans. LIBOR loans bear interest at a rate per annum equal to the rate appearing on the Reuters Reference LIBOR01 or LIBOR02 page as the LIBOR, for deposits in dollars at 12:00 noon (London, England time) for one, two, three, or six months plus an applicable margin ranging from 200 to 300 basis points. Base rate loans bear interest at a rate per annum equal to the greatest of (i) the agent bank’s reference rate, (ii) the federal funds effective rate plus 50 basis points and (iii) the rate for one-month LIBOR loans plus 1%, plus an applicable margin ranging from 100 to 200 basis points. The scheduled redeterminations of our borrowing base take place on April 1st and October 1st of each year.
Federal Funds [Member]
Line Of Credit Facility [Line Items]
Applicable margin	0.50%
London Interbank Offered Rate (LIBOR)
Line Of Credit Facility [Line Items]
Applicable margin	1.00%
London Interbank Offered Rate (LIBOR) | Minimum [Member]
Line Of Credit Facility [Line Items]
Applicable margin	1.00%
London Interbank Offered Rate (LIBOR) | Maximum [Member]
Line Of Credit Facility [Line Items]
Applicable margin	2.00%

Debt - (Details 1)

Debt - (Details 1) - Falcon Credit Facility [Member]	12 Months Ended
	Dec. 31, 2020
Maximum [Member]
Ratio of total net debt to EBITDAX, as defined in the Credit Facility	4.00%
Minimum [Member]
Ratio of current assets to current liabilities, as defined in the Credit Facility	1.00%

Shareholder's Equity and Divi_3

Shareholder's Equity and Dividends (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Warrants [Member]
Class Of Stock [Line Items]
Balance, shares	21,249,999
Warrants exercised	(1)
Balance, shares	21,249,998	21,249,999
Class A common stock [Member]
Class Of Stock [Line Items]
Balance, shares	45,963,716	45,855,000
Restricted stock grant vesting	143,466	109,000
Warrants exercised	1
Balance, shares	46,107,183	45,963,716
Class C common stock [Member]
Class Of Stock [Line Items]
Balance, shares	40,000,000	40,000,000
Balance, shares	40,000,000	40,000,000

Shareholder's Equity and Divi_4

Shareholder's Equity and Dividends (Details Textual)	Aug. 23, 2018Voteshares	Sep. 30, 2019$ / shares	Jun. 30, 2019$ / shares	Dec. 31, 2020USD ($)Vote$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)	Aug. 23, 2019$ / sharesshares
Shareholders Equity and Dividends (Textual)
Distributions of non-controlling interest holders | $				$ 10,200,000	$ 27,703,000	$ 4,101,000
Preferred stock, shares issued				0	0
Preferred stock, shares outstanding				0	0
Preferred stock, par value | $ / shares				$ 0.0001	$ 0.0001
Preferred stock, shares authorized				1,000,000	1,000,000
Subsidiaries [Member] | General Partner [Member] | OpCo [Member]
Shareholders Equity and Dividends (Textual)
Ownership percentage				100.00%
Subsidiaries [Member] | Limited Partner [Member] | OpCo [Member]
Shareholders Equity and Dividends (Textual)
Ownership percentage				54.00%
Warrants [Member]
Shareholders Equity and Dividends (Textual)
Stock issued common units to contributors				40,000,000
Business combination, description				In addition to the above, the Contributors will be entitled to receive earn-out consideration to be paid in the form of OpCo Common Units (with a corresponding number of shares of Class C Common Stock) if the volume-weighted average price of the trading days during any thirty (30) calendar days (the “30-Day VWAP”) of the Class A Common Stock equals or exceeds certain hurdles set forth in the Contribution Agreement. If the 30-Day VWAP of the Class A Common Stock is $12.50 or more per share at any time within the seven years following the closing, Royal LP will receive (i) an additional 10 million OpCo Common Units (and an equivalent number of shares of Class C Common Stock), plus (ii) an amount of OpCo Common Units (and an equivalent number of shares of Class C Common Stock) equal to (x) the amount by which annual cash dividends paid on each share of Class A Common Stock exceeds $0.50 in each year between the closing and the date the first earn-out is achieved (with any dividends paid in the stub year in which the first earn-out is achieved annualized for purposes of determining what portion of such dividends would have, on an annual basis, exceeded $0.50), multiplied by 10 million, (y) divided by $12.50. If the 30-Day VWAP of the Class A Common Stock is $15.00 or more per share at any time within the seven years following the closing (which $15.00 threshold will be reduced by the amount by which annual cash dividends paid on each share of Class A Common Stock exceeds $0.50 in each year between the closing and the date the earn-out is achieved, but not below $12.50), the Contributors will receive an additional 10 million OpCo Common Units (and an equivalent number of Class C Common Stock).  Upon recognition of the earn-out, as there is no consideration received, the Company would record the payment of the earn-out as adjustments through equity (non-controlling interest and additional-paid-in-capital)
Consideration received | $				$ 0
Warrants [Member] | Royal Entities [Member] | Subsidiaries [Member]
Shareholders Equity and Dividends (Textual)
Additional common units may be issued				10,000,000
Private Placement Warrants [Member]
Shareholders Equity and Dividends (Textual)
Warrant outstanding, shares				7,500,000			7,500,000
Warrants, description				Each Private Placement Warrant is exercisable for one share of Class A Common Stock at a price of $11.34.  The Private Placement Warrants are identical to the Public Warrants discussed above, except (i) they will not be redeemable by the Company so long as they are held by the Sponsor and (ii) they may be exercisable by the holders on a cashless basis.  At December 31, 2020, there were 7,500,000 Private Placement Warrants outstanding
Warrants, number of common stocks purchased by each warrant							1
Warrants, initial exercise price | $ / shares							$ 1
Warrant to purchase shares of common stock exercise price | $ / shares							$ 11.34
Private Placement [Member]
Shareholders Equity and Dividends (Textual)
Aggregate common shares				11,480,000
Aggregate common shares purchase price | $ / shares				$ 10
Aggregate common shares amount | $				$ 114,800,000
Public Warrants [Member]
Shareholders Equity and Dividends (Textual)
Warrant outstanding, shares				13,749,998
Warrants, description				Each Public Warrant entitles the holder to purchase one share of Class A Common Stock at the initial price of $11.50 per share. Pursuant to the Warrant Agreement, to the extent that any common stock dividend paid by the Company, when combined with other common stock dividends paid in the prior 365 days, exceeds $0.50 cents, it is categorized as an Extraordinary Dividend.  Extraordinary Dividends reduce, penny for penny, the exercise price of the Company’s warrants.  For the quarters ending June 30, 2019 and September 30, 2019, the Company paid Extraordinary Dividends of $0.12 and $0.04, respectively.  Accordingly, the exercise price of the Company’s warrants was reduced to $11.38 after the Extraordinary Dividend paid for the quarter ended June 30, 2019 and was further reduced to $11.34 after the Extraordinary Dividend paid for the quarter ended September 30, 2019.  There have been no additional changes to the exercise price since then.  The Public Warrants will expire five years after the closing of the Transactions or earlier upon redemption or liquidation.  The Company may call the Public Warrants for redemption, in whole and not in part, at a price of $0.01 per warrant with not less than 30 days’ notice provided to the Public Warrant holders.  However, this redemption right can only be exercised if the last sale price of the Class A Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30-day trading period ending three business days before we send the notice of redemption to the Public Warrant holders
Warrants, outstanding, term				5 years
Redemption price per warrant | $ / shares				$ 0.01
Redemption of warrants notice period				30 days
Redemption of warrants threshold consecutive trading days				20 days
Public Warrants [Member] | Maximum [Member]
Shareholders Equity and Dividends (Textual)
Redemption of warrants threshold trading days				30 days
Class C common stock [Member]
Shareholders Equity and Dividends (Textual)
Common stock, shares issued				40,000,000	40,000,000
Common stock, shares outstanding				40,000,000	40,000,000
Common stock, shares authorized				120,000,000	120,000,000
Common stock, par value | $ / shares				$ 0.0001	$ 0.0001
Common stock, number of votes per share | Vote				1
Class C common stock [Member] | Royal Entities [Member]
Shareholders Equity and Dividends (Textual)
Common stock, number of votes per share | Vote	1
Aggregate common shares	40,000,000
Class A common stock [Member]
Shareholders Equity and Dividends (Textual)
Common stock, shares issued				46,107,183	45,963,716
Common stock, shares outstanding				46,107,183	45,963,716
Common stock, shares authorized				240,000,000	240,000,000
Common stock, par value | $ / shares				$ 0.0001	$ 0.0001
Common stock voting, description				Holders of the Company’s Class A Common Stock are entitled to one vote for each share.
Common stock, number of votes per share | Vote				1
Aggregate common shares purchase price | $ / shares				$ 0.0001
Class A common stock [Member] | Royal Entities [Member]
Shareholders Equity and Dividends (Textual)
Common units redemption ratio	100.00%
Class A common stock [Member] | Royal Entities [Member] | Subsidiaries [Member]
Shareholders Equity and Dividends (Textual)
Common units redemption ratio	100.00%
Class A common stock [Member] | Warrants [Member]
Shareholders Equity and Dividends (Textual)
Common units redemption ratio				100.00%
Class A common stock [Member] | Public Warrants [Member]
Shareholders Equity and Dividends (Textual)
Warrants, number of common stocks purchased by each warrant				1
Warrants, initial exercise price | $ / shares				$ 11.50
Class A common stock [Member] | Public Warrants [Member] | Minimum [Member]
Shareholders Equity and Dividends (Textual)
Redemption of warrants common stock trigger price per share | $ / shares				$ 18
Extraordinary Dividends [Member] | Public Warrants [Member]
Shareholders Equity and Dividends (Textual)
Warrants, initial exercise price | $ / shares		$ 11.34	$ 11.38
Common stock dividends paid, period				365 days
Extraordinary dividend threshold limit | $ / shares				$ 0.50
Dividends amount per share | $ / shares		$ 0.04	$ 0.12

Shareholder's Equity and Divi_5

Shareholder's Equity and Dividends (Details 1) - USD ($) $ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Class Of Stock [Line Items]

Total Cash Dividends

$ 11,734

$ 30,293

$ 4,356

Dividend Declared [Member]

Class Of Stock [Line Items]

Total Cash Dividends

$ 3,458

Payment Date

Mar. 8, 2021

Shareholders Record Date

Feb. 25, 2021

Dividend Declared [Member] | Class A common stock [Member]

Class Of Stock [Line Items]

Dividends amount per share, declared

$ 0.0750

Dividend Paid [Member]

Class Of Stock [Line Items]

Total Cash Dividends

$ 2,997

$ 1,383

$ 1,150

$ 6,205

$ 6,203

$ 6,879

$ 8,026

$ 9,171

Payment Date

Dec. 8, 2020

Sep. 8, 2020

Jun. 8, 2020

Mar. 9, 2020

Dec. 3, 2019

Sep. 6, 2019

May 29, 2019

Feb. 28, 2019

Shareholders Record Date

Nov. 24, 2020

Aug. 25, 2020

May 25, 2020

Feb. 25, 2020

Nov. 20, 2019

Aug. 26, 2019

May 17, 2019

Feb. 21, 2019

Dividend Paid [Member] | Class A common stock [Member]

Class Of Stock [Line Items]

Dividends amount per share

$ 0.0650

$ 0.0300

$ 0.0250

$ 0.1350

$ 0.1350

$ 0.1500

$ 0.1750

$ 0.2000

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Expense	$ 3,500,000	$ 2,500,000
Unamortized portion of the estimated fair value of non-vested RSAs and PSUs	$ 3,200,000
Weighted average period expected to be recognized	1 year 3 months 18 days
Amount paid to restricted stock award holders under distribution equivalent rights	$ 100,000	$ 154,000
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Expense			$ 0
Granted	337,744	419,640	0
Class A common stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate common stock available for issuance	8,600,000

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Weighted Average Assumptions to Estimate Grant Date Fair Value (Details) - Performance Stock Units [Member] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock price	$ 2.24	$ 9.05
Volatility	53.40%	42.30%
Risk-free rate	0.60%	2.42%
Dividend yield	9.10%	8.84%
Derived service period	3 years
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Derived service period		2 years 4 months 6 days
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Derived service period		4 years

Share-Based Compensation - Summ

Share-Based Compensation - Summary of activity in unvested RSAs and PSUs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted stock, beginning balance	283,917	0
Granted	337,744	419,640	0
Vested	(143,466)	(110,598)
Forfeited	(1,958)	(25,125)
Unvested restricted stock, ending balance	476,237	283,917	0
Weighted Average Grant Date Fair Value, outstanding, beginning balance	$ 8.10
Weighted Average Grant Date Fair Value, Granted	2.48	$ 8.14
Weighted Average Grant Date Fair Value, Vested	7.31	8.27
Weighted Average Grant Date Fair Value, Forfeited	6	7.97
Weighted Average Grant Date Fair Value, ending balance	$ 4.36	$ 8.10
Performance Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted stock, beginning balance	1,413,334	0
Granted	751,286	1,413,334
Unvested restricted stock, ending balance	2,164,620	1,413,334	0
Weighted Average Grant Date Fair Value, outstanding, beginning balance	$ 3.45
Weighted Average Grant Date Fair Value, Granted	0.64	$ 3.45
Weighted Average Grant Date Fair Value, ending balance	$ 2.48	$ 3.45

Earnings Per Share - Calculatio

Earnings Per Share - Calculation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net income attributable to common stockholders - basic and diluted									$ 2,572	$ 14,350	$ 9,166
Less: Earnings allocated to participating securities									(64)	(115)
Net income available to common stockholders, basic and diluted									$ 2,508	$ 14,235	$ 9,166
Denominator:
Weighted average shares outstanding - basic and diluted	46,099	46,055	46,001	45,967	45,956	45,899	45,858	45,856	46,031	45,893	45,855
Net income per common share, basic and diluted	$ 0.01	$ 0.01	$ (0.01)	$ 0.05	$ 0.05	$ 0.06	$ 0.08	$ 0.12	$ 0.05	$ 0.31	$ 0.20

Earnings Per Share - Computatio

Earnings Per Share - Computation of diluted earnings per share (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total diluted earnings	61,250,000	61,250,000	61,250,000
Warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total diluted earnings	21,250,000	21,250,000	21,250,000
Class C common stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total diluted earnings	40,000,000	40,000,000	40,000,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Aug. 23, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Examination [Line Items]
Income tax expense (benefit)		$ 589,000	$ 3,918,000	$ 3,292,000
Federal income tax expense	$ 0	0
Net deferred tax assets		55,800,000	56,400,000
Prepayment of income taxes		0	500,000
Accrued interest and penalties		0
Federal [Member]
Income Tax Examination [Line Items]
Net operating loss carryforwards		$ 9,700,000	$ 0

Income Taxes - (Details 1)

Income Taxes - (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current income tax provision:
Federal	$ 10	$ 1,459	$ 995
State		38	12
Total current income tax provision	10	1,497	1,007
Deferred income tax provision:
Federal	574	2,399	2,264
State	5	22	21
Total deferred income tax provision	579	2,421	2,285
Total provision for income taxes	$ 589	$ 3,918	$ 3,292

Income Taxes - (Details 2)

Income Taxes - (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax expense at the federal statutory tax rate (21%)	$ 1,241	$ 7,315	$ 21,475
Impact of net income attributable to the non-controlling interests	(577)	(3,478)	(2,306)
State taxes, net of federal benefit	4	47
Impact of net income attributable to pre-business combination period			(16,576)
Impact of pre-business combination tax adjustment			824
Other, net	(79)	34	(125)
Total provision for income taxes	$ 589	$ 3,918	$ 3,292

Income Taxes - (Details 3)

Income Taxes - (Details 3) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Difference in carrying value and tax basis in oil and gas assets	$ 52,790	$ 56,057
Net operating loss	2,032
Share-based compensation	1,052	394
Total deferred tax assets	55,874	56,451
Net deferred tax assets	55,874	56,451
Deferred tax liabilities:
Prepaid Expenses	101	99
Net deferred tax assets	$ 55,773	$ 56,352

Related Party Transactions (Det

Related Party Transactions (Details)	1 Months Ended		12 Months Ended
	Mar. 31, 2017shares	Jun. 30, 2016USD ($)shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)
Class A common stock [Member]
Related Party Transaction [Line Items]
Founders shares outstanding			46,107,183	45,963,716
Class C common stock [Member]
Related Party Transaction [Line Items]
Founders shares outstanding			40,000,000	40,000,000
Founder Shares [Member]
Related Party Transaction [Line Items]
Issuance common stock to the sponsor		125,000
Aggregate purchase price | $		$ 25,000
Stock split conversion ratio	57.5
Founders shares outstanding	6,875,000
Forfeiture of founder shares	312,500
Founder Shares [Member] | Class A common stock [Member]
Related Party Transaction [Line Items]
Common stock, conversion ratio	100.00%
Hepco Capital Management, LLC [Member]
Related Party Transaction [Line Items]
Amount of related party transaction | $			$ 300,000	$ 300,000
Hepco Capital Management, LLC [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Amount of related party transaction | $					$ 100,000
Royal Entities [Member] | Master Service Agreement [Member]
Related Party Transaction [Line Items]
Amount of related party transaction | $			$ 1,100,000	$ 600,000
Royal Entities [Member] | Master Service Agreement [Member] | Subsidiaries [Member]
Related Party Transaction [Line Items]
Common shares owned			35,200,000
Royal Entities [Member] | Maximum [Member] | Master Service Agreement [Member]
Related Party Transaction [Line Items]
Amount of related party transaction | $					$ 100,000
Royal Entities [Member] | Class C common stock [Member] | Master Service Agreement [Member]
Related Party Transaction [Line Items]
Common shares owned			35,200,000
Over-Allotment Option [Member] | Founder Shares [Member]
Related Party Transaction [Line Items]
Founders shares outstanding	7,187,500

Major Operators (Details)

Major Operators (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenues	78.00%	80.00%	77.00%
Conoco Phillips [Member]
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenues	42.00%	33.00%	39.00%
EOG Resources [Member]
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenues	20.00%	29.00%	22.00%
Devon [Member]
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenues	16.00%	18.00%	16.00%

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 28, 2021	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Cash dividend of per share			$ 0.255	$ 0.66	$ 0.095
Scenario, Forecast [Member]
Subsequent Event [Line Items]
Distributions to unitholders		$ 6.5
Scenario, Forecast [Member] | Falcon Minerals [Member]
Subsequent Event [Line Items]
Payment received from OpCo		$ 3.5
Class A common stock [Member]
Subsequent Event [Line Items]
Dividends payable, description			The dividend is for the period from October 1, 2020 through December 31, 2020.
Subsequent Event [Member] | Class A common stock [Member]
Subsequent Event [Line Items]
Cash dividend of per share	$ 0.075
Total cash dividend	$ 3.5
Dividend paid date	Mar. 8, 2021
Dividend payable record date	Feb. 25, 2021

Quarterly Financial Data (Una_3

Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 9,497	$ 9,669	$ 6,115	$ 13,600	$ 13,051	$ 15,908	$ 18,246	$ 21,258	$ 38,881	$ 68,463	$ 97,199
Operating income (loss)	1,469	2,014	(1,104)	5,602	4,968	8,081	10,776	13,331	7,981	37,156	63,182
Net income (loss) attributable to common shareholders	$ 353	$ 589	$ (575)	$ 2,205	$ 2,328	$ 2,884	$ 3,756	$ 5,382	$ 2,572	$ 14,350	$ 90,125
Net income (loss) per share:
Common shares, basic and diluted	$ 0.01	$ 0.01	$ (0.01)	$ 0.05	$ 0.05	$ 0.06	$ 0.08	$ 0.12	$ 0.05	$ 0.31	$ 0.20
Weighted average number of shares outstanding:
Weighted average shares outstanding - basic and diluted	46,099	46,055	46,001	45,967	45,956	45,899	45,858	45,856	46,031	45,893	45,855

Schedule of Aggregate Capitaliz

Schedule of Aggregate Capitalized Costs Related to Oil and Natural Gas Production Activities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Capitalized Costs, Oil and Gas Producing Activities, Net [Abstract]
Proved royalty interest	$ 319,487	$ 311,954
Unproved royalty interests	32,463	37,580
Accumulated amortization	(144,445)	(130,342)
Net royalty interests in oil and natural gas properties	$ 207,505	$ 219,192

Schedule of Costs Incurred in O

Schedule of Costs Incurred in Oil and Natural Gas Property Acquisitions, Exploration and Development Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Acquisition costs:
Proved properties	$ 1,066	$ 4,011	$ 207
Unproved properties	1,351	18,750	1,008
Total	$ 2,417	$ 22,761	$ 1,215

Schedule of Results of Operatio

Schedule of Results of Operations from Oil, Natural Gas and Natural Gas Liquids Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Results Of Operations Oil And Gas Producing Activities Net Income Excluding Corporate Overhead And Interest Costs [Abstract]
Royalty income	$ 40,081	$ 68,463	$ 98,655
Production and ad valorem taxes	(2,807)	(4,262)	(5,143)
Marketing and transportation	(1,993)	(2,396)	(2,368)
Depletion	(14,103)	(12,737)	(16,962)
Income tax expense	(589)	(3,918)	(3,292)
Results of operations from oil, natural gas and natural gas liquids	$ 20,589	$ 45,150	$ 70,890

Supplemental Information on O_3

Supplemental Information on Oil and Natural Gas Operations (Unaudited) (Details Textual) MBoe in Thousands	12 Months Ended
	Dec. 31, 2020MBoeWell	Dec. 31, 2019MBoeWell	Dec. 31, 2018MBoeWellLocation
Extractive Industries [Abstract]
Unweighted average of first day of month prices	12 months	12 months	12 months
Number of wells, net | Well			92
Number of oil wells reduced | Well	269	314
Revisions of previous estimates | MBoe	(1,590)	(3,373)	1,759
Purchase of reserves in place | MBoe	72	56	50
Number of new proved undeveloped locations | Location			225

Schedule of Changes in Estimate

Schedule of Changes in Estimated Proved Reserves (Details) Mcf in Thousands, MBoe in Thousands, MBbls in Thousands	12 Months Ended
	Dec. 31, 2020MBoeMBblsMcf	Dec. 31, 2019MBoeMBblsMcf	Dec. 31, 2018MBoeMBblsMcf
Proved developed and undeveloped reserves:
Beginning Balance | MBoe	23,027	27,740	32,192
Purchase of reserves in place | MBoe	72	56	50
Extensions and discoveries | MBoe	179	378
Revisions of previous estimates | MBoe	(1,590)	(3,373)	1,759
Divestiture of reserves | MBoe			(4,145)
Production | MBoe	(1,671)	(1,774)	(2,117)
Ending balance | MBoe	20,017	23,027	27,740
Proved developed reserves | MBoe	7,747	8,133	8,267
Proved undeveloped reserves | MBoe	12,270	14,894	19,473
Oil [Member]
Proved developed and undeveloped reserves:
Beginning Balance	12,596	15,212	18,076
Purchase of reserves in place	62	32	23
Extensions and discoveries	34	215
Revisions of previous estimates	(2,114)	(1,984)	421
Divestiture of reserves			(2,150)
Production	(836)	(879)	(1,158)
Ending balance	9,742	12,596	15,212
Proved developed reserves	3,291	3,900	3,857
Proved undeveloped reserves	6,451	8,696	11,355
Natural Gas [Member]
Proved developed and undeveloped reserves:
Beginning Balance | Mcf	46,270	56,185	58,790
Purchase of reserves in place | Mcf	62	70	83
Extensions and discoveries | Mcf	797	553
Revisions of previous estimates | Mcf	4,935	(6,950)	7,514
Divestiture of reserves | Mcf			(6,155)
Production | Mcf	(3,528)	(3,588)	(4,047)
Ending balance | Mcf	48,536	46,270	56,185
Proved developed reserves | Mcf	19,755	18,016	18,700
Proved undeveloped reserves | Mcf	28,781	28,254	37,485
Natural Gas Liquids [Member]
Proved developed and undeveloped reserves:
Beginning Balance	2,719	3,163	4,318
Purchase of reserves in place		12	13
Extensions and discoveries	12	71
Revisions of previous estimates	(298)	(230)	86
Divestiture of reserves			(969)
Production	(247)	(297)	(285)
Ending balance	2,186	2,719	3,163
Proved developed reserves	1,164	1,230	1,293
Proved undeveloped reserves	1,022	1,489	1,870

Schedule of Standardized Measur

Schedule of Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Natural Gas Reserves (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Extractive Industries [Abstract]
Future cash inflows	$ 476,315	$ 882,076	$ 1,265,153
Future production costs	(41,770)	(70,956)	(98,672)
Future income tax expense	(6,431)	(48,040)	(87,803)
Future net cash flows	428,114	763,080	1,078,678
10% discount to reflect timing of cash flows	(176,302)	(304,730)	(469,808)
Standardized measure of discounted cash flows	$ 251,812	$ 458,350	$ 608,870	$ 595,579

Schedule of Standardized Meas_2

Schedule of Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Natural Gas Reserves (Parenthetical) (Details)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Measurement Input, Discount Rate [Member]
Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves [Line Items]
Alternative investment, measurement input	0.10	0.10	0.10

Schedule of Average First Day o

Schedule of Average First Day of the Month Price for Oil, Natural Gas and Natural Gas Liquids (Details)	12 Months Ended
	Dec. 31, 2020$ / bbl$ / Mcf	Dec. 31, 2019$ / bbl$ / Mcf	Dec. 31, 2018$ / bbl$ / Mcf
Oil [Member]
Oil and Gas Average Sale Price and Production Cost Per Unit [Line Items]
Unweighted Arithmetic Average First-Day-of-the-Month Prices	39.57	55.69	65.56
Natural Gas [Member]
Oil and Gas Average Sale Price and Production Cost Per Unit [Line Items]
Unweighted Arithmetic Average First-Day-of-the-Month Prices | $ / Mcf	1.99	2.58	3.10
Natural Gas Liquids [Member]
Oil and Gas Average Sale Price and Production Cost Per Unit [Line Items]
Unweighted Arithmetic Average First-Day-of-the-Month Prices	12.27	13.37	25.57

Schedule of Principal Changes i

Schedule of Principal Changes in Standardized Measure of Discounted Future Net Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Increase (Decrease) in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Roll Forward]
Standardized measure of discounted future net cash flows at the beginning of the period	$ 458,350	$ 608,870	$ 595,579
Purchase of minerals in place	2,134	1,256	1,092
Sales of oil and natural gas, net of production costs	(35,281)	(59,949)	(91,180)
Extensions and discoveries	1,462	9,711
Net changes in prices and production costs	(148,892)	(91,386)	165,659
Revisions of previous quantity estimates	(72,896)	(92,479)	41,728
Divestiture of reserves			(73,755)
Net changes in income taxes	25,419	20,613	(49,758)
Accretion of discount	44,279	65,863	59,558
Net changes in timing of production and other	(22,763)	(4,149)	(40,053)
Standardized measure of discounted future net cash flows at the end of the period	$ 251,812	$ 458,350	$ 608,870