Sitio Royalties (STR) 10-Q 10 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 04, 2021
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-Q
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
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 Shell Company	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Class A common stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	FLMN
Security Exchange Name	NASDAQ
Entity Common Stock Shares Outstanding		46,208,867
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
Class C common stock [Member]
Document Information [Line Items]
Entity Common Stock Shares Outstanding		40,000,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 2,927	$ 2,724
Account receivable	8,249	5,419
Prepaid expenses	742	766
Total current assets	11,918	8,909
Royalty interests in oil and natural gas properties, net of accumulated amortization of $147,632 and $144,445 respectively	204,318	207,505
Property and equipment, net	400	427
Deferred tax asset, net	55,314	55,773
Other assets	2,719	3,015
Total assets	274,669	275,629
Current liabilities:
Accounts payable and accrued expenses	1,236	1,540
Other current liabilities	2,077	1,557
Total current liabilities	3,313	3,097
Credit facility	40,500	39,800
Warrant liability	6,706	3,503
Other non-current liabilities	740	828
Total liabilities	51,259	47,228
Commitments and contingencies (See Note 15)
Shareholders' equity:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
Additional paid in capital	121,975	121,053
Non-controlling interests	87,589	88,637
Retained earnings	13,837	18,702
Total shareholders' equity	223,410	228,401
Total liabilities and shareholders' equity	274,669	275,629
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

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accumulated amortization	$ 147,632	$ 144,445
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	46,185,393	46,107,183
Common stock, shares outstanding	46,185,393	46,107,183
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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Oil and gas sales	$ 14,216	$ 13,600
Gain (loss) on commodity derivative instruments	(1,712)
Total revenue	12,504	13,600
Operating expenses:
Production and ad valorem taxes	810	854
Marketing and transportation	391	397
Amortization of royalty interests in oil and natural gas properties	3,187	3,674
General, administrative, and other	3,436	3,073
Total operating expenses	7,824	7,998
Operating income	4,680	5,602
Other income (expense):
Change in fair value of warrant liability	(3,202)	5,678
Other income	13	31
Interest expense	(487)	(680)
Total other income (expense)	(3,676)	5,029
Income before income taxes	1,004	10,631
Provision for income taxes	459	444
Net income	545	10,187
Net income attributable to non-controlling interests	(1,952)	(2,304)
Net income (loss) attributable to common shareholders	$ (1,407)	$ 7,883
Earnings (loss) per common share:
Common shares - basic	$ (0.03)	$ 0.17
Common shares - diluted	$ (0.03)	$ 0.11
Weighted average number of shares outstanding:
Common shares - basic	46,125	45,967
Common shares - diluted	46,125	85,967

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flow from operating activities:
Net income	$ 545	$ 10,187
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of royalty interests in oil and natural gas properties	3,187	3,674
Depreciation of property and equipment	26	26
Amortization of debt issuance costs	168	161
Amortization of right-of-use assets	129	117
Unrealized (gain) loss on commodity derivative instruments	583
Change in fair value of warrant liability	3,202	(5,678)
Stock-based compensation	972	724
Deferred income taxes	459	444
Changes in operating assets and liabilities
Accounts receivable	(2,831)	2,041
Prepaid expenses	24	86
Accounts payable and accrued expenses	(302)	(985)
Other liabilities	(151)	(139)
Net cash provided by operating activities	6,011	10,658
Cash flows from investing activities:
Purchase of property and equipment		(14)
Acquisition of oil and natural gas properties		(2,101)
Net cash used in investing activities		(2,115)
Cash flows from financing activities:
Proceeds from credit facility	4,000	10,000
Repayments of long-term debt	(3,300)	(7,250)
Dividends paid	(3,458)	(6,205)
Distributions to non-controlling interests	(3,000)	(5,400)
Distribution equivalent rights paid	(50)	(42)
Net cash used in financing activities	(5,808)	(8,897)
Net increase (decrease) in cash and cash equivalents	203	(354)
Cash and cash equivalents, beginning of period	2,724	2,543
Cash and cash equivalents, end of period	2,927	2,189
Supplemental disclosure of cash flow information:
Cash paid for interest	$ 319	519
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for operating leases		1,547
Accrued bonus paid in stock		$ 113

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholder's Equity - USD ($) $ in Thousands	Total	Class A common stock [Member]	Class C common stock [Member]	Additional Paid In Capital	Non-controlling interests	Retained Earnings
Balance at Dec. 31, 2019	$ 236,395	$ 5	$ 4	$ 117,561	$ 96,089	$ 22,736
Balance, shares at Dec. 31, 2019		45,964,000	40,000,000
Vested restricted stock grants, shares		24,000
Stock-based compensation	836			836
Distribution equivalent rights paid	(42)			(42)
Distributions to non-controlling interests	(5,400)				(5,400)
Dividends to shareholders	(6,205)					(6,205)
Net income (loss)	10,187				2,304	7,883
Balance at Mar. 31, 2020	235,771	$ 5	$ 4	118,355	92,993	24,414
Balance, shares at Mar. 31, 2020		45,988,000	40,000,000
Balance at Dec. 31, 2020	228,401	$ 5	$ 4	121,053	88,637	18,702
Balance, shares at Dec. 31, 2020		46,107,183	40,000,000
Vested restricted stock grants, shares		78,210
Stock-based compensation	972			972
Distribution equivalent rights paid	(50)			(50)
Distributions to non-controlling interests	(3,000)				(3,000)
Dividends to shareholders	(3,458)					(3,458)
Net income (loss)	545				1,952	(1,407)
Balance at Mar. 31, 2021	$ 223,410	$ 5	$ 4	$ 121,975	$ 87,589	$ 13,837
Balance, shares at Mar. 31, 2021		46,185,393	40,000,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholder's Equity (Parenthetical) - $ / shares	Mar. 31, 2021	Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Dividends amount per share	$ 0.075	$ 0.135

Organization and Presentation

Organization and Presentation	3 Months Ended
	Mar. 31, 2021
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 July 26, 2017, the Company consummated an Initial Public Offering (“IPO”) issuing units consisting of common shares and warrants (“Unit”). Each Unit consists of one share of Class A common stock and one-half of one warrant (“Public Warrant”), totaling 13,750,000 Public Warrants. Each whole Public Warrant entitles the holder to purchase one share of Class A common stock at an exercise price of $11.50. Simultaneously with the closing of the IPO, the Company consummated the sale of 7,500,000 warrants (the “Private Placement Warrants”) at a price of $1.00 per warrant in a private placement to the Company’s sponsor, Osprey Sponsor, LLC (“Sponsor”), generating gross proceeds of $7,500,000. 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 includes 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 pay for capital expenditures such as plugging and abandonment costs at the beginning and end of a well’s productive life.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2—Summary of Significant Accounting Policies Basis of Presentation The accompanying interim statements of the Company have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the Securities Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments and disclosures necessary for a fair statement of these interim statements have been included. All intercompany balances and transactions are eliminated in consolidation. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year or for any other period. These interim statements should be read in conjunction with the audited financial statements for the year ended December 31, 2020 included in our Amended Annual Report on Form 10-K/A that the Company filed with the SEC on May 5, 2021. 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 March 31, 2021, and December 31, 2020, 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 three months ended March 31, 2021 or 2020. 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 three months ended March 31, 2021 and 2020. 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 $1.6 million and $1.8 million as of March 31, 2021 and December 31, 2020, 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. The Company’s Public Warrants also approximate their fair value because the publicly quoted prices on active, liquid, and visible markets such as stock exchanges (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. The Company’s Private Placement Warrant liability is classified within Level 3 due to the significant unobservable inputs utilized in determining the fair value. See “Note 8 – Warrants” for further information. Warrant Liability The Company issued the Public and Private Placement Warrants in connection with its IPO in 2017. Warrants are accounted for in accordance with applicable accounting guidance provided in ASC 815-40 – “Derivatives and Hedging – Contracts in Entity’s Own Equity (“ASC 815”), as either liabilities or as equity instruments depending on the specific terms of the warrant agreement. The Company’s warrants were classified as liabilities and are recorded at fair value upon issuance and are subject to remeasurement at each reporting period. Any change in fair value has been recorded in the statement of operations. 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 three months ended March 31, 2021 and 2020, 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 March 31, 2021. 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 has been subject to income tax examinations by major taxing authorities since inception. 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 10 — 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 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 adoption of this standard did not have a material impact to the Company’s financial statements. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting 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.

Restatement of Previously Issue

Restatement of Previously Issued Condensed Consolidated Financial Statements	3 Months Ended
	Mar. 31, 2021
Prior Period Adjustment [Abstract]
Restatement of Previously Issued Condensed Consolidated Financial Statements	Note 3—Restatement of Previously Issued Condensed Consolidated Financial Statements On May 5, 2021, the Company amended our Annual Report on Form 10-K/A for the year ended December 31, 2020 to restate our audited consolidated financial statements as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018. On April 12, 2021, the SEC Division of Corporation of Finance released Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”) (the “Statement”). Upon review and analysis of the Statement, management determined that the Company’s Public Warrants and Private Placement Warrants issued in connection with the closing of the Company’s IPO in July 2017 (see Notes 1 and 8) do not meet the scope exception from derivative accounting prescribed by ASC 815-40. Accordingly, the Warrants should have been recognized by the Company at fair value as of August 23, 2018, the Closing Date, and classified as a liability, rather than equity. Thereafter, the change in fair value of the outstanding Warrants should have been recognized as a derivative gain (loss) each reporting period in the Company’s consolidated statement of operations. The change in fair value amounted to $5,678 thousand for the three months ended March 31, 2020. Management concluded the effect of this error on the Company’s previously reported condensed consolidated financial statements is material and, as such, the accompanying condensed consolidated financial statements for the three months ended March 31, 2020, and accompanying notes hereto have been restated from the amounts previously reported to give effect to the correction of this error (the “Restatement”). The following tables reflect the impact of the Restatement of the Company’s previously reported condensed consolidated financial statements: Condensed Consolidated Statement of Operations For the three months ended March 31, 2020 As Previously Reported Adjustments As Restated Change in fair value of warrant liability $ - $ 5,678 $ 5,678 Total other income (expense) $ (649 ) $ 5,678 $ 5,029 Income before taxes $ 4,953 $ 5,678 $ 10,631 Net income $ 4,509 $ 5,678 $ 10,187 Net income attributable to common shareholders $ 2,205 $ 5,678 $ 7,883 Earnings per share - basic $ 0.05 $ 0.12 $ 0.17 Earnings per share - diluted $ 0.05 $ 0.06 $ 0.11 Common shares - diluted 45,967 40,000 85,967 Condensed Consolidated Statement of Cash Flows For the three months ended March 31, 2020 As Previously Reported Adjustments As Restated Net income $ 4,509 $ 5,678 $ 10,187 Change in fair value of warrant liability $ - $ (5,678 ) $ (5,678 ) Condensed Consolidated Statement of Shareholders' Equity For the three months ended March 31, 2020 As Previously Reported Adjustments As Restated Additional paid in capital $ 125,921 $ (7,566 ) $ 118,355 Non-controlling interests $ 112,794 $ (19,801 ) $ 92,993 Retained earnings $ - $ 24,414 $ 24,414 Net income $ 4,509 $ 5,678 $ 10,187

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leases	Note 4—Leases Substantially all of 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 unaudited condensed consolidated balance sheet as of March 31, 2021. 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 March 31, 2021, our lease obligations were classified as operating leases. The Company’s rental costs associated with these office spaces was $0.2 million and $0.1 million, respectively, for the three months ended March 31, 2021 and 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 expense for lease payments 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 March 31, 2021, the weighted average remaining lease term is 3.3 years and the weighted average discount rate is 4.22%. As of March 31, 2021, the Company has ROU assets of $0.9 million recorded as Other Assets, $0.6 million of corresponding obligations recorded as Other Current Liabilities and $0.7 million of corresponding obligations recorded as Other Liabilities on the Company’s condensed consolidated balance sheet. As of March 31, 2021, the undiscounted cash flows for operating lease liabilities are as follows (in thousands): Payments Due by Period Total Remainder of 2021 2022 2023 2024 2025 Thereafter Lease obligations $ 1,177 $ 457 $ 228 $ 196 $ 199 $ 58 $ 39 Total $ 1,177 $ 457 $ 228 $ 196 $ 199 $ 58 $ 39 Under ASC 842, as of December 31, 2020 $1.3 million

Commodity Derivative Financial

Commodity Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021, the Company’s open derivative contracts consisted of fixed-price swap oil 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. 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 March 31, 2021 and December 31, 2020. The Company’s oil fixed price swap transactions are settled based upon the average daily prices for the calendar month of the contract period. Settlement for oil derivative contracts occurs in the succeeding 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 March 31, 2021, the Company had one counterparty, which is rated Aa3 or better by Moody’s and is a lender under the Credit Facility. 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 March 31, 2021 and December 31, 2020 (in thousands): As of March 31, 2021 Classification Balance Sheet Location Gross Fair Value Effect of Netting Net Carrying Value Assets: Current asset Other current assets $ - $ - $ - Long-term asset Other assets - - - Total assets $ - $ - $ - Liabilities: Current liability Other current liabilities $ 1,527 $ - $ 1,527 Long-term liability Other non-current liabilities - - - Total liabilities $ 1,527 $ - $ 1,527 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): Three Months Ended March 31, 2021 2020 Unrealized gain (loss) of open non-hedge derivative instruments $ (583 ) $ - Realized gain (loss) on settlement of non-hedge derivative instruments (1,129 ) - Gain (loss) on commodity derivative instruments $ (1,712 ) $ - The Company had the following open derivative contracts for oil as of March 31, 2021: Range (Per Bbl) Period and Type of Contract Volume (Bbl) Weighted Average Price (Per Bbl) Low High Oil Swap Contracts: 2021 Second Quarter 100,000 $ 57.85 $ 57.85 $ 57.85 Third Quarter 86,000 $ 56.29 $ 56.29 $ 56.29 Fourth Quarter 77,000 $ 54.85 $ 54.85 $ 54.85

Oil and Natural Gas Interests

Oil and Natural Gas Interests	3 Months Ended
	Mar. 31, 2021
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 March 31, December 31, 2021 2020 Oil and natural gas interests: Subjection to depletion $ 320,762 $ 319,487 Not subjection to depletion 31,188 32,463 Gross oil and natural gas interests 351,950 351,950 Accumulated depletion and impairment (147,632 ) (144,445 ) Oil and natural gas interests, net $ 204,318 $ 207,505

Debt

Debt	3 Months Ended
	Mar. 31, 2021
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 provides for a maximum credit amount of $500.0 million and a borrowing base based on its oil and natural gas reserves and other factors is currently $70.0 million, subject to scheduled semi-annual and other borrowing base redeterminations and expires on the fifth anniversary of the Closing Date.As of March 31, 2021, the Company had borrowings of $40.5 million under the Credit Facility at an interest rate of 2.61% and $29.5 million available for future borrowings under the Credit Facility. Unamortized deferred issuance costs were $1.6 million as of March 31, 2021 and are being amortized over the remaining term of the Credit Facility. 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 1 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 March 31, 2021, the Company was in compliance with such covenants.

Warrants

Warrants	3 Months Ended
	Mar. 31, 2021
Warrants And Rights Note Disclosure [Abstract]
Warrants	Note 8—Warrants In July 2017, the Company consummated its IPO of units, each consisting of one share of Class A Common Stock and one-half of one warrant. 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. Upon closing of the IPO, the Sponsor purchased an aggregate of 7,500,000 warrants at a price of $1.00 per warrant. 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. The Company accounted for the Public and Private Placement Warrants (the “Warrants”) in accordance with ASC 815. ASC 815 provides guidance for determining whether an equity-linked financial instrument (or embedded feature) is indexed to an entity’s own stock. This applies to any freestanding financial instrument or embedded feature that has all the characteristics of a derivative under ASC 815, including any freestanding financial instrument that is potentially settled in an entity’s own stock. Due to certain circumstances that could require the Company to settle the Warrants in cash, the Warrants have been classified as derivative liabilities, as opposed to an equity contract. Therefore, the Warrants were recorded at fair value upon issuance and remeasured at each reporting period with the change in fair value recorded in the statement of operations. As of March 31, 2021 and December 31, 2020, there were 13,749,998 of Public Warrants outstanding for each period. As of March 31, 2021 and December 31, 2020, there were 7,500,000 of Private Placement Warrants outstanding for each period. The fair value of the Public Warrants was determined using the readily observable publicly traded price (Level 1) as of the end of each reporting period and the Private Placement Warrants were estimated utilizing a binomial lattice model using the following range of significant unobservable inputs (Level 3) for the respective periods: 2021 2020 Stock price $ 4.49 $2.01 - $3.10 Volatility 63.1 % 57.8% - 75.0% Risk-free rate 0.24 % 0.16% - 0.31% Dividend yield 6.63 % 8.30% - 9.00% Term 2.4 years 2.65 - 3.40 years The following is a reconciliation of the beginning and ending balance for the liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2021 and 2020(in thousands): Level 3 Warrant Liability Fair value of Private Placement Warrant Liability at December 31, 2020 $ 1,500 Increase (decrease) in fair value 1,650 Fair value of Private Placement Warrant Liability at March 31, 2021 $ 3,150 Level 3 Warrant Liability Fair value of Private Placement Warrant Liability at December 31, 2019 $ 3,750 Increase (decrease) in fair value (2,550 ) Fair value of Private Placement Warrant Liability at March 31, 2020 $ 1,200

Shareholders' Equity and Divide

Shareholders' Equity and Dividends	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Shareholders' Equity and Dividends	Note 9—Shareholders’ Equity and Dividends Shares Outstanding The Company is a holding company whose sole material operating asset consists of its interest in OpCo. The following table summarizes the changes in the outstanding stock and warrants through March 31, 2021. Class A Common Stock Class C Common Stock Warrants Beginning Balance at December 31, 2020 46,107,183 40,000,000 21,249,998 Restricted stock grant vesting 78,210 - - Shares outstanding at March 31, 2021 46,185,393 40,000,000 21,249,998 Preferred Stock – At March 31, 2021, 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 March 31, 2021, there were 46,185,393 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 March 31, 2021, 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 entitle 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. 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 holder of OpCo Common Units for shares of Class A Common Stock, a corresponding number of shares of Class C Common Stock held by such holder 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). 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 three months ended March 31, 2021 and 2020, $3.0 million and $5.4 million, respectively, of distributions 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: Quarter Ended Total Quarterly Dividend Per Class A Common Share Total Cash Dividend Payment Date Stockholders Record Date March 31, 2021 $ 0.1000 $ 4,618,539 June 8, 2021 May 25, 2021 December 31, 2020 $ 0.0750 $ 3,458,039 March 8, 2021 February 25, 2021 September 30, 2020 $ 0.0650 $ 2,996,528 December 8, 2020 November 24, 2020 June 30, 2020 $ 0.0300 $ 1,382,825 September 8, 2020 August 25, 2020 March 31, 2020 $ 0.0250 $ 1,149,695 June 8, 2020 May 25, 2020

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Share-Based Compensation	Note 10—Share-Based Compensation The Falcon Board of Directors has 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 one of the vesting requirements is 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. 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 three months ended March 31, 2021 and the year ended December 31, 2020: 2021 Stock price $ 3.97 Volatility 68.6 % Risk-free rate 0.30 % Dividend yield 6.50 % Derived service period 3.00 years The following table summarizes the activity in our unvested RSAs and PSUs for the three months ended March 31, 2021: Weighted Av er Weighted Av er Restricted Grant-Date Performance Stock Grant-Date Stock Fair Value Units Fair Value Unvested at December 31, 2020 476,237 $ 4.36 2,164,620 $ 2.48 Granted 242,316 $ 3.97 802,114 $ 2.28 Vested (78,210 ) $ 2.24 - $ - Forfeited (12,017 ) $ 4.45 - $ - Unvested at March 31, 2021 628,326 $ 4.47 2,966,734 $ 2.42 For the three months ended March 31, 2021 and 2020, the Company incurred $1.0 million and $0.7 million, respectively, of share-based compensation which is included in general, administrative, and other expenses in the accompanying consolidated statements of operations. The unamortized estimated fair value of unvested RSAs and PSUs was $5.0 million at March 31, 2021. These costs are expected to be recognized as expense over a weighted average period of 2.0 years. For the three months ended March 31, 2021 and 2020, the Company paid less than $0.1 million and less than $0.1 million, respectively, related to DERs of RSA holders.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Note 11—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): Three Months Ended March 31, 2021 2020 Numerator: Net income (loss) attributable to common stockholders - basic $ (1,407 ) $ 7,883 Plus: Net income (loss) attributable to non-controlling interests, net of taxes - 1,909 Less: Earnings allocated to participating securities - (9 ) $ (1,407 ) $ 9,783 Denominator: Weighted average shares outstanding - basic 46,125 45,967 Effect of dilutive securities - 40,000 Weighted average shares outstanding - diluted 46,125 85,967 Net income (loss) per common share - basic $ (0.03 ) $ 0.17 Net income (loss) per common share - diluted $ (0.03 ) $ 0.11 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): Three Months Ended March 31, 2021 2020 Warrants 21,250 21,250 Class C common shares 40,000 - Total 61,250 21,250 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 March 31, 2021.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 12—Income Taxes The Company uses an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates, to determine its quarterly provision for income taxes. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rates from quarter to quarter. For the three months ended March 31, 2021 and 2020, the Company recorded an income tax expense of $0.5 million and $0.4 million, respectively. As of March 31, 2021 and December 31, 2020, the Company had $55.3 million and $55.7 million, respectively, of net deferred tax assets net of valuation allowances. 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 March 31, 2021, the Company had net operating loss carryforwards for federal income tax purposes of $9.7 million 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 March 31, 2021 and December 31, 2020, the Company did not have any prepaid income taxes. 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.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Note 13—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 Company’s IPO, 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 three months ended March 31, 2021, the Company was reimbursed less than $0.1 million and $0.1 million, respectively, under this agreement. 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 three months ended March 31, 2021, the Company received less than $0.1 million and $0.7 million, respectively, under this agreement.

Major Operators

Major Operators	3 Months Ended
	Mar. 31, 2021
Risks And Uncertainties [Abstract]
Major Operators	Note 14—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: % of Revenues Three Months Ended March 31, 2021 2020 ConocoPhillips 62 % 41 % EOG Resources 16 % 20 % Devon 11 % 16 % Total 89 % 77 %

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 15—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 laws and regulations, administrative rulings, and interpretations.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 16—Subsequent Events Cash Dividends In May 2021, the Company declared a quarterly cash dividend of $0.10 per share of Class A Common Stock totaling approximately $4.6 million for all shares of Class A Common Stock outstanding. The dividend is for the period from January 1, 2021 through March 31, 2021. The dividend is payable on June 8, 2021 to all Class A shareholders of record on May 25, 2021. OpCo Distribution In May 2021, OpCo declared distributions totaling $8.6 million to its unitholders, of which $4.6 million will be distributed to the Company.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim statements of the Company have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the Securities Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments and disclosures necessary for a fair statement of these interim statements have been included. All intercompany balances and transactions are eliminated in consolidation. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year or for any other period. These interim statements should be read in conjunction with the audited financial statements for the year ended December 31, 2020 included in our Amended Annual Report on Form 10-K/A that the Company filed with the SEC on May 5, 2021.
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 March 31, 2021, and December 31, 2020, 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 three months ended March 31, 2021 or 2020. 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 three months ended March 31, 2021 and 2020. 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 $1.6 million and $1.8 million as of March 31, 2021 and December 31, 2020, 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. The Company’s Public Warrants also approximate their fair value because the publicly quoted prices on active, liquid, and visible markets such as stock exchanges (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. The Company’s Private Placement Warrant liability is classified within Level 3 due to the significant unobservable inputs utilized in determining the fair value. See “Note 8 – Warrants” for further information.
Warrant Liability	Warrant Liability The Company issued the Public and Private Placement Warrants in connection with its IPO in 2017. Warrants are accounted for in accordance with applicable accounting guidance provided in ASC 815-40 – “Derivatives and Hedging – Contracts in Entity’s Own Equity (“ASC 815”), as either liabilities or as equity instruments depending on the specific terms of the warrant agreement. The Company’s warrants were classified as liabilities and are recorded at fair value upon issuance and are subject to remeasurement at each reporting period. Any change in fair value has been recorded in the statement of operations.
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 three months ended March 31, 2021 and 2020, 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 March 31, 2021. 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 has been subject to income tax examinations by major taxing authorities since inception.
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 10 —
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 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 adoption of this standard did not have a material impact to the Company’s financial statements. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting 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.

Restatement of Previously Iss_2

Restatement of Previously Issued Condensed Consolidated Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2021
Prior Period Adjustment [Abstract]
Schedule of Restatement of Previously Issued Condensed Consolidated Financial Statements	The following tables reflect the impact of the Restatement of the Company’s previously reported condensed consolidated financial statements: Condensed Consolidated Statement of Operations For the three months ended March 31, 2020 As Previously Reported Adjustments As Restated Change in fair value of warrant liability $ - $ 5,678 $ 5,678 Total other income (expense) $ (649 ) $ 5,678 $ 5,029 Income before taxes $ 4,953 $ 5,678 $ 10,631 Net income $ 4,509 $ 5,678 $ 10,187 Net income attributable to common shareholders $ 2,205 $ 5,678 $ 7,883 Earnings per share - basic $ 0.05 $ 0.12 $ 0.17 Earnings per share - diluted $ 0.05 $ 0.06 $ 0.11 Common shares - diluted 45,967 40,000 85,967 Condensed Consolidated Statement of Cash Flows For the three months ended March 31, 2020 As Previously Reported Adjustments As Restated Net income $ 4,509 $ 5,678 $ 10,187 Change in fair value of warrant liability $ - $ (5,678 ) $ (5,678 ) Condensed Consolidated Statement of Shareholders' Equity For the three months ended March 31, 2020 As Previously Reported Adjustments As Restated Additional paid in capital $ 125,921 $ (7,566 ) $ 118,355 Non-controlling interests $ 112,794 $ (19,801 ) $ 92,993 Retained earnings $ - $ 24,414 $ 24,414 Net income $ 4,509 $ 5,678 $ 10,187

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Schedule of Undiscounted Cash Flows for Operating Lease Liabilities	As of March 31, 2021, the undiscounted cash flows for operating lease liabilities are as follows (in thousands): Payments Due by Period Total Remainder of 2021 2022 2023 2024 2025 Thereafter Lease obligations $ 1,177 $ 457 $ 228 $ 196 $ 199 $ 58 $ 39 Total $ 1,177 $ 457 $ 228 $ 196 $ 199 $ 58 $ 39

Commodity Derivative Financia_2

Commodity Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 (in thousands): As of March 31, 2021 Classification Balance Sheet Location Gross Fair Value Effect of Netting Net Carrying Value Assets: Current asset Other current assets $ - $ - $ - Long-term asset Other assets - - - Total assets $ - $ - $ - Liabilities: Current liability Other current liabilities $ 1,527 $ - $ 1,527 Long-term liability Other non-current liabilities - - - Total liabilities $ 1,527 $ - $ 1,527 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): Three Months Ended March 31, 2021 2020 Unrealized gain (loss) of open non-hedge derivative instruments $ (583 ) $ - Realized gain (loss) on settlement of non-hedge derivative instruments (1,129 ) - Gain (loss) on commodity derivative instruments $ (1,712 ) $ -
Oil Swap Contracts [Member]
Derivative [Line Items]
Summary of Open Derivative Contracts	The Company had the following open derivative contracts for oil as of March 31, 2021: Range (Per Bbl) Period and Type of Contract Volume (Bbl) Weighted Average Price (Per Bbl) Low High Oil Swap Contracts: 2021 Second Quarter 100,000 $ 57.85 $ 57.85 $ 57.85 Third Quarter 86,000 $ 56.29 $ 56.29 $ 56.29 Fourth Quarter 77,000 $ 54.85 $ 54.85 $ 54.85

Oil and Natural Gas Interests (

Oil and Natural Gas Interests (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, December 31, 2021 2020 Oil and natural gas interests: Subjection to depletion $ 320,762 $ 319,487 Not subjection to depletion 31,188 32,463 Gross oil and natural gas interests 351,950 351,950 Accumulated depletion and impairment (147,632 ) (144,445 ) Oil and natural gas interests, net $ 204,318 $ 207,505

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
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

Warrants (Tables)

Warrants (Tables)	3 Months Ended
	Mar. 31, 2021
Warrants And Rights Note Disclosure [Abstract]
Schedule of Range of Significant Unobservable Inputs Used in Measurement of Fair Value of Warrants	The fair value of the Public Warrants was determined using the readily observable publicly traded price (Level 1) as of the end of each reporting period and the Private Placement Warrants were estimated utilizing a binomial lattice model using the following range of significant unobservable inputs (Level 3) for the respective periods: 2021 2020 Stock price $ 4.49 $2.01 - $3.10 Volatility 63.1 % 57.8% - 75.0% Risk-free rate 0.24 % 0.16% - 0.31% Dividend yield 6.63 % 8.30% - 9.00% Term 2.4 years 2.65 - 3.40 years
Schedule of Reconciliation of Beginning and Ending Balance for Liabilities Measured at Fair Value on Recurring Basis	The following is a reconciliation of the beginning and ending balance for the liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2021 and 2020(in thousands): Level 3 Warrant Liability Fair value of Private Placement Warrant Liability at December 31, 2020 $ 1,500 Increase (decrease) in fair value 1,650 Fair value of Private Placement Warrant Liability at March 31, 2021 $ 3,150 Level 3 Warrant Liability Fair value of Private Placement Warrant Liability at December 31, 2019 $ 3,750 Increase (decrease) in fair value (2,550 ) Fair value of Private Placement Warrant Liability at March 31, 2020 $ 1,200

Shareholders' Equity and Divi_2

Shareholders' Equity and Dividends (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of outstanding stock and warrants	The following table summarizes the changes in the outstanding stock and warrants through March 31, 2021. Class A Common Stock Class C Common Stock Warrants Beginning Balance at December 31, 2020 46,107,183 40,000,000 21,249,998 Restricted stock grant vesting 78,210 - - Shares outstanding at March 31, 2021 46,185,393 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: Quarter Ended Total Quarterly Dividend Per Class A Common Share Total Cash Dividend Payment Date Stockholders Record Date March 31, 2021 $ 0.1000 $ 4,618,539 June 8, 2021 May 25, 2021 December 31, 2020 $ 0.0750 $ 3,458,039 March 8, 2021 February 25, 2021 September 30, 2020 $ 0.0650 $ 2,996,528 December 8, 2020 November 24, 2020 June 30, 2020 $ 0.0300 $ 1,382,825 September 8, 2020 August 25, 2020 March 31, 2020 $ 0.0250 $ 1,149,695 June 8, 2020 May 25, 2020

Share-based Compensation (Table

Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
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 three months ended March 31, 2021 and the year ended December 31, 2020: 2021 Stock price $ 3.97 Volatility 68.6 % Risk-free rate 0.30 % Dividend yield 6.50 % Derived service period 3.00 years
Summary of activity in unvested RSAs and PSUs	The following table summarizes the activity in our unvested RSAs and PSUs for the three months ended March 31, 2021: Weighted Av er Weighted Av er Restricted Grant-Date Performance Stock Grant-Date Stock Fair Value Units Fair Value Unvested at December 31, 2020 476,237 $ 4.36 2,164,620 $ 2.48 Granted 242,316 $ 3.97 802,114 $ 2.28 Vested (78,210 ) $ 2.24 - $ - Forfeited (12,017 ) $ 4.45 - $ - Unvested at March 31, 2021 628,326 $ 4.47 2,966,734 $ 2.42

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
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): Three Months Ended March 31, 2021 2020 Numerator: Net income (loss) attributable to common stockholders - basic $ (1,407 ) $ 7,883 Plus: Net income (loss) attributable to non-controlling interests, net of taxes - 1,909 Less: Earnings allocated to participating securities - (9 ) $ (1,407 ) $ 9,783 Denominator: Weighted average shares outstanding - basic 46,125 45,967 Effect of dilutive securities - 40,000 Weighted average shares outstanding - diluted 46,125 85,967 Net income (loss) per common share - basic $ (0.03 ) $ 0.17 Net income (loss) per common share - diluted $ (0.03 ) $ 0.11
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): Three Months Ended March 31, 2021 2020 Warrants 21,250 21,250 Class C common shares 40,000 - Total 61,250 21,250

Major Operators (Tables)

Major Operators (Tables)	3 Months Ended
	Mar. 31, 2021
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: % of Revenues Three Months Ended March 31, 2021 2020 ConocoPhillips 62 % 41 % EOG Resources 16 % 20 % Devon 11 % 16 % Total 89 % 77 %

Organization and Presentation (

Organization and Presentation (Details) $ / shares in Units, a in Thousands, $ in Millions	Aug. 23, 2018USD ($)aVoteshares	Jul. 26, 2017$ / sharesshares	Mar. 31, 2021Vote$ / sharesshares
Business Acquisition [Line Items]
Warrant outstanding, shares		7,500,000	7,500,000
Warrants, description		Each whole Public Warrant entitles the holder to purchase one share of Class A common stock at an exercise price of $11.50.
Warrants, initial exercise price | $ / shares		$ 1
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 includes Marcellus Shale.
Royal Entities [Member]
Business Acquisition [Line Items]
Cash paid | $	$ 400
Royal Entities [Member] | Subsidiaries [Member]
Business Acquisition [Line Items]
Common units issued	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
Class A common stock [Member]
Business Acquisition [Line Items]
Warrant outstanding, shares		13,750,000
Warrants, number of common stocks purchased by each warrant		1
Warrants, initial exercise price | $ / shares		$ 11.50
Common stock, par value | $ / shares			$ 0.0001
Common stock, number of votes per share | Vote			1
Class A common stock [Member] | Royal Entities [Member] | Subsidiaries [Member]
Business Acquisition [Line Items]
Common units redemption ratio	100.00%
Class C common stock [Member]
Business Acquisition [Line Items]
Common stock, number of votes per share | Vote			1
Class C common stock [Member] | Royal Entities [Member]
Business Acquisition [Line Items]
Common stock, number of votes per share | Vote	1
Common stock issued or agreed to issue	40,000,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	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
Other Assets [Member]
Summary of Significant Accounting Policy [Line Items]
Debt issuance costs capitalized	$ 1,600,000		$ 1,800,000

Restatement of Previously Iss_3

Restatement of Previously Issued Condensed Consolidated Financial Statements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Prior Period Adjustment [Abstract]
Change in fair value of warrant liability	$ (3,202)	$ 5,678

Restatement of Previously Iss_4

Restatement of Previously Issued Condensed Consolidated Financial Statements - Schedule of Restatement of Previously Issued Condensed Consolidated Statement of Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Change in fair value of warrant liability	$ (3,202)	$ 5,678
Total other income (expense)	(3,676)	5,029
Income before taxes	1,004	10,631
Net income	545	10,187
Net income attributable to common shareholders	$ (1,407)	$ 7,883
Common shares - basic	$ (0.03)	$ 0.17
Common shares - diluted	$ (0.03)	$ 0.11
Common shares - diluted	46,125	85,967
Previously Reported
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Total other income (expense)		$ (649)
Income before taxes		4,953
Net income		4,509
Net income attributable to common shareholders		$ 2,205
Common shares - basic		$ 0.05
Common shares - diluted		$ 0.05
Common shares - diluted		45,967
Revision of Prior Period, Adjustment
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Change in fair value of warrant liability		$ 5,678
Total other income (expense)		5,678
Income before taxes		5,678
Net income		5,678
Net income attributable to common shareholders		$ 5,678
Common shares - basic		$ 0.12
Common shares - diluted		$ 0.06
Common shares - diluted		40,000

Restatement of Previously Iss_5

Restatement of Previously Issued Condensed Consolidated Financial Statements - Schedule of Restatement of Previously Issued Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Net income	$ 545	$ 10,187
Change in fair value of warrant liability	$ 3,202	(5,678)
Previously Reported
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Net income		4,509
Revision of Prior Period, Adjustment
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Net income		5,678
Change in fair value of warrant liability		$ (5,678)

Restatement of Previously Iss_6

Restatement of Previously Issued Condensed Consolidated Financial Statements - Schedule of Restatement of Previously Issued Condensed Consolidated Statement of Shareholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Balance	$ 223,410	$ 235,771	$ 228,401	$ 236,395
Net income	545	10,187
Additional Paid In Capital
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Balance	121,975	118,355	121,053	117,561
Non-controlling interests
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Balance	87,589	92,993	88,637	96,089
Net income	1,952	2,304
Retained Earnings
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Balance	13,837	24,414	$ 18,702	$ 22,736
Net income	$ (1,407)	7,883
Previously Reported
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Net income		4,509
Previously Reported | Additional Paid In Capital
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Balance		125,921
Previously Reported | Non-controlling interests
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Balance		112,794
Revision of Prior Period, Adjustment
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Net income		5,678
Revision of Prior Period, Adjustment | Additional Paid In Capital
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Balance		(7,566)
Revision of Prior Period, Adjustment | Non-controlling interests
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Balance		(19,801)
Revision of Prior Period, Adjustment | Retained Earnings
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Balance		$ 24,414

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Leases [Abstract]
Rental costs associated with office space	$ 200	$ 100
Weighted average remaining lease term	3 years 3 months 18 days
Weighted average discount rate	4.22%
ROU assets	$ 900
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets [Member]
Lease obligations current	$ 600
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Current Liabilities [Member]
Lease obligations non-current	$ 700
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Non-current Liabilities [Member]
Lease obligations	$ 1,177		$ 1,300

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Cash Flows for Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Lease obligations
Total	$ 1,177	$ 1,300
Remainder of 2021	457
2022	228
2023	196
2024	199
2025	58
Thereafter	$ 39

Commodity Derivative Financia_3

Commodity Derivative Financial Instruments (Details Textual)	Mar. 31, 2021CounterParty
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) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative Liabilities, Gross Fair Value	$ 1,527	$ 1,286
Derivative Liabilities, Effect of Netting		(342)
Derivative Liabilities, Net Carrying Value	1,527	944
Derivative Assets, Gross Fair Value		342
Derivative Assets, Effect of Netting		(342)
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	1,527	1,286
Derivative Liabilities, Effect of Netting		(342)
Derivative Liabilities, Net Carrying Value	$ 1,527	$ 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] $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Derivative [Line Items]
Unrealized gain (loss) of open non-hedge derivative instruments	$ (583)
Realized gain (loss) on settlement of non-hedge derivative instruments	(1,129)
Gain (loss) on commodity derivative instruments	$ (1,712)

Commodity Derivative Financia_6

Commodity Derivative Financial Instruments - Summary of Open Derivative Contracts (Details) bbl in Thousands	3 Months Ended
	Mar. 31, 2021$ / bblbbl
Oil Swap Contract Second Quarter, 2021 [Member]
Derivative [Line Items]
Volume (Bbl) | bbl	100
Weighted Average Price (Per Bbl)	57.85
Oil Swap Contract Second Quarter, 2021 [Member] | Minimum [Member]
Derivative [Line Items]
Weighted Average Price (Per Bbl)	57.85
Oil Swap Contract Second Quarter, 2021 [Member] | Maximum [Member]
Derivative [Line Items]
Weighted Average Price (Per Bbl)	57.85
Oil Swap Contract Third Quarter, 2021 [Member]
Derivative [Line Items]
Volume (Bbl) | bbl	86
Weighted Average Price (Per Bbl)	56.29
Oil Swap Contract Third Quarter, 2021 [Member] | Minimum [Member]
Derivative [Line Items]
Weighted Average Price (Per Bbl)	56.29
Oil Swap Contract Third Quarter, 2021 [Member] | Maximum [Member]
Derivative [Line Items]
Weighted Average Price (Per Bbl)	56.29
Oil Swap Contract Fourth Quarter, 2021 [Member]
Derivative [Line Items]
Volume (Bbl) | bbl	77
Weighted Average Price (Per Bbl)	54.85
Oil Swap Contract Fourth Quarter, 2021 [Member] | Minimum [Member]
Derivative [Line Items]
Weighted Average Price (Per Bbl)	54.85
Oil Swap Contract Fourth Quarter, 2021 [Member] | Maximum [Member]
Derivative [Line Items]
Weighted Average Price (Per Bbl)	54.85

Oil and Natural Gas Interests_2

Oil and Natural Gas Interests (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Oil and natural gas interests:
Subjection to depletion	$ 320,762	$ 319,487
Not subjection to depletion	31,188	32,463
Gross oil and natural gas interests	351,950	351,950
Accumulated depletion and impairment	(147,632)	(144,445)
Oil and natural gas interests, net	$ 204,318	$ 207,505

Debt (Details)

Debt (Details) - Falcon Credit Facility [Member] $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Line Of Credit Facility [Line Items]
Borrowing base on credit facility	$ 500
Current borrowing base	70
Drawn under credit facility	$ 40.5
Credit facility interest rate	2.61%
Available for future borrowings under the credit facility	$ 29.5
Description of maximum aggregate revolving borrowings	The Credit Facility provides for a maximum credit amount of $500.0 million and a borrowing base based on its oil and natural gas reserves and other factors is currently $70.0 million, subject to scheduled semi-annual and other borrowing base redeterminations and expires on the fifth anniversary of the Closing Date.
Unamortized deferred issuance costs	$ 1.6
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]	3 Months Ended
	Mar. 31, 2021
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%

Warrants (Details Textual)

Warrants (Details Textual) - $ / shares	Jul. 26, 2017	Mar. 31, 2021	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2020	Aug. 23, 2018
Warrants (Details Textual)
Warrants, description	Each whole Public Warrant entitles the holder to purchase one share of Class A common stock at an exercise price of $11.50.
Warrants, initial exercise price	$ 1
Warrant outstanding, shares	7,500,000	7,500,000
Private Placement Warrants [Member]
Warrants (Details Textual)
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.
Warrants, number of common stocks purchased by each warrant						1
Warrants, initial exercise price						$ 1
Warrant outstanding, shares		7,500,000			7,500,000	7,500,000
Warrant to purchase shares of common stock exercise price						$ 11.34
Public Warrants [Member]
Warrants (Details Textual)
Warrant outstanding, shares		13,749,998			13,749,998
Public Warrants [Member]
Warrants (Details Textual)
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		$ 0.01
Redemption of warrants notice period		30 days
Redemption of warrants threshold consecutive trading days		20 days
Public Warrants [Member] | Maximum [Member]
Warrants (Details Textual)
Redemption of warrants threshold trading days		30 days
Class A common stock [Member]
Warrants (Details Textual)
Warrants, number of common stocks purchased by each warrant	1
Warrants, initial exercise price	$ 11.50
Warrant outstanding, shares	13,750,000
Class A common stock [Member] | Public Warrants [Member]
Warrants (Details Textual)
Warrants, number of common stocks purchased by each warrant		1
Warrants, initial exercise price		$ 11.50
Class A common stock [Member] | Public Warrants [Member] | Minimum [Member]
Warrants (Details Textual)
Redemption of warrants common stock trigger price per share		$ 18
Extraordinary Dividends [Member] | Public Warrants [Member]
Warrants (Details Textual)
Warrants, initial exercise price			$ 11.34	$ 11.38
Common stock dividends paid, period		365 days
Extraordinary dividend threshold limit		$ 0.50
Dividends amount per share			$ 0.04	$ 0.12

Warrants (Details)

Warrants (Details) - Level 3 [Member]	Mar. 31, 2021$ / shares	Dec. 31, 2020$ / shares
Class Of Warrant Or Right [Line Items]
Warrants, outstanding, term	2 years 4 months 24 days
Minimum [Member]
Class Of Warrant Or Right [Line Items]
Warrants, outstanding, term		2 years 7 months 24 days
Maximum [Member]
Class Of Warrant Or Right [Line Items]
Warrants, outstanding, term		3 years 4 months 24 days
Stock Price [Member]
Class Of Warrant Or Right [Line Items]
Stock price	4.49
Stock Price [Member] | Minimum [Member]
Class Of Warrant Or Right [Line Items]
Stock price		2.01
Stock Price [Member] | Maximum [Member]
Class Of Warrant Or Right [Line Items]
Stock price		3.10
Volatility [Member]
Class Of Warrant Or Right [Line Items]
Stock price	0.631
Volatility [Member] | Minimum [Member]
Class Of Warrant Or Right [Line Items]
Stock price		0.573
Volatility [Member] | Maximum [Member]
Class Of Warrant Or Right [Line Items]
Stock price		0.742
Risk-Free Rate [Member]
Class Of Warrant Or Right [Line Items]
Stock price	0.0024
Risk-Free Rate [Member] | Minimum [Member]
Class Of Warrant Or Right [Line Items]
Stock price		0.0156
Risk-Free Rate [Member] | Maximum [Member]
Class Of Warrant Or Right [Line Items]
Stock price		0.0220
Dividend Yield [Member]
Class Of Warrant Or Right [Line Items]
Stock price	0.0663
Dividend Yield [Member] | Minimum [Member]
Class Of Warrant Or Right [Line Items]
Stock price		0.0839
Dividend Yield [Member] | Maximum [Member]
Class Of Warrant Or Right [Line Items]
Stock price		0.0910

Warrants (Details 1)

Warrants (Details 1) - Level 3 [Member] - Warrant Liability [Member] - Private Placement Warrants [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of Private Placement Warrant Liability	$ 1,500	$ 3,750
Increase (decrease) in fair value	1,650	(2,550)
Fair value of Private Placement Warrant Liability	$ 3,150	$ 1,200

Shareholders' Equity and Divi_3

Shareholders' Equity and Dividends (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Warrants [Member]
Class Of Stock [Line Items]
Balance, shares	21,249,998
Balance, shares	21,249,998
Class A common stock [Member]
Class Of Stock [Line Items]
Balance, shares	46,107,183	45,964,000
Restricted stock grant vesting	78,210	24,000
Balance, shares	46,185,393	45,988,000
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

Shareholders' Equity and Divi_4

Shareholders' Equity and Dividends (Details Textual)	Aug. 23, 2018Vote	Mar. 31, 2021USD ($)Vote$ / sharesshares	Mar. 31, 2020USD ($)	Dec. 31, 2020$ / sharesshares
Shareholders Equity and Dividends (Textual)
Distributions of non-controlling interest holders | $		$ 3,000,000	$ 5,400,000
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
Class A common stock [Member]
Shareholders Equity and Dividends (Textual)
Common stock, shares issued		46,185,393		46,107,183
Common stock, shares outstanding		46,185,393		46,107,183
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
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 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

Shareholders' Equity and Divi_5

Shareholders' Equity and Dividends (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Class Of Stock [Line Items]
Total Cash Dividend	$ 3,458,000				$ 6,205,000
Dividend Declared [Member]
Class Of Stock [Line Items]
Total Cash Dividend	$ 4,618,539
Payment Date	Jun. 8, 2021
Stockholders Record Date	May 25, 2021
Dividend Declared [Member] | Class A common stock [Member]
Class Of Stock [Line Items]
Dividends amount per share, declared	$ 0.1000
Dividend Paid [Member]
Class Of Stock [Line Items]
Total Cash Dividend		$ 3,458,039	$ 2,996,528	$ 1,382,825	$ 1,149,695
Payment Date		Mar. 8, 2021	Dec. 8, 2020	Sep. 8, 2020	Jun. 8, 2020
Stockholders Record Date		Feb. 25, 2021	Nov. 24, 2020	Aug. 25, 2020	May 25, 2020
Dividend Paid [Member] | Class A common stock [Member]
Class Of Stock [Line Items]
Dividends amount per share		$ 0.0750	$ 0.0650	$ 0.0300	$ 0.0250

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Expense	$ 1,000,000	$ 700,000
Unamortized portion of the estimated fair value of non-vested RSAs and PSUs	$ 5,000,000
Weighted average period expected to be recognized	2 years
Amount paid to restricted stock award holders under distribution equivalent rights	$ 50,000	42,000
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Amount paid to restricted stock award holders under distribution equivalent rights	$ 100,000	$ 100,000
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]	3 Months Ended
	Mar. 31, 2021$ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock price	$ 3.97
Volatility	68.60%
Risk-free rate	0.30%
Dividend yield	6.50%
Derived service period	3 years

Share-Based Compensation - Summ

Share-Based Compensation - Summary of activity in unvested RSAs and PSUs (Details)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted stock, beginning balance | shares	476,237
Granted | shares	242,316
Vested | shares	(78,210)
Forfeited | shares	(12,017)
Unvested restricted stock, ending balance | shares	628,326
Weighted Average Grant Date Fair Value, outstanding, beginning balance | $ / shares	$ 4.36
Weighted Average Grant Date Fair Value, Granted | $ / shares	3.97
Weighted Average Grant Date Fair Value, Vested | $ / shares	2.24
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	4.45
Weighted Average Grant Date Fair Value, ending balance | $ / shares	$ 4.47
Performance Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted stock, beginning balance | shares	2,164,620
Granted | shares	802,114
Unvested restricted stock, ending balance | shares	2,966,734
Weighted Average Grant Date Fair Value, outstanding, beginning balance | $ / shares	$ 2.48
Weighted Average Grant Date Fair Value, Granted | $ / shares	2.28
Weighted Average Grant Date Fair Value, ending balance | $ / shares	$ 2.42

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
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income (loss) attributable to common stockholders - basic	$ (1,407)	$ 7,883
Plus: Net income (loss) attributable to non-controlling interests, net of taxes		1,909
Less: Earnings allocated to participating securities		(9)
Net income (loss) available to common stockholders, basic	$ (1,407)	$ 9,783
Denominator:
Weighted average shares outstanding - basic	46,125	45,967
Effect of dilutive securities		40,000
Weighted average shares outstanding - diluted	46,125	85,967
Net income (loss) per common share - basic	$ (0.03)	$ 0.17
Net income (loss) per common share - diluted	$ (0.03)	$ 0.11

Earnings Per Share - Computatio

Earnings Per Share - Computation of diluted earnings per share (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total diluted earnings	61,250,000	21,250,000
Warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total diluted earnings	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

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Examination [Line Items]
Income tax expense	$ 459,000	$ 444,000
Net deferred tax assets	55,300,000		$ 55,700,000
Prepayment of income taxes	0		$ 0
Federal [Member]
Income Tax Examination [Line Items]
Net operating loss carryforwards	$ 9,700,000

Related Party Transactions (Det

Related Party Transactions (Details)	1 Months Ended		3 Months Ended
	Mar. 31, 2017shares	Jun. 30, 2016USD ($)shares	Mar. 31, 2021USD ($)shares	Dec. 31, 2020shares
Class A common stock [Member]
Related Party Transaction [Line Items]
Founders shares outstanding			46,185,393	46,107,183
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 | $			$ 100,000
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 | $			$ 700,000
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)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenues	89.00%	77.00%
ConocoPhillips [Member]
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenues	62.00%	41.00%
EOG Resources [Member]
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenues	16.00%	20.00%
Devon [Member]
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenues	11.00%	16.00%

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	May 31, 2021	Mar. 31, 2021	Mar. 31, 2020
Subsequent Event [Line Items]
Cash dividend of per share		$ 0.075	$ 0.135
Subsequent Event [Member]
Subsequent Event [Line Items]
Distributions to unitholders	$ 8.6
Subsequent Event [Member] | Falcon Minerals [Member]
Subsequent Event [Line Items]
Payment received from OpCo	$ 4.6
Class A common stock [Member]
Subsequent Event [Line Items]
Dividends payable, description		The dividend is for the period from January 1, 2021 through March 31, 2021.
Class A common stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Cash dividend of per share	$ 0.10
Total cash dividend	$ 4.6
Dividend payable date	Jun. 8, 2021
Dividend payable record date	May 25, 2021