Texas Pacific Land (TPL) 10-Q 2 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document type	10-Q
Document Quarterly Report	true
Document period end date	Jun. 30, 2023
Document transition report	false
Entity file number	1-39804
Entity registrant name	Texas Pacific Land Corporation
Entity incorporation, state or country code	DE
Entity tax identification number	75-0279735
Entity address, address line one	1700 Pacific Avenue
Entity address, address line two	Suite 2900
Entity address, city or town	Dallas
Entity address, state or province	TX
Entity address, postal zip code	75201
City area code	(214)
Local phone number	969-5530
Title of 12(b) security	Common Stock(par value $.01 per share)
Trading symbol	TPL
Security exchange name	NYSE
Entity current reporting status	Yes
Entity interactive data current	Yes
Entity filer category	Large Accelerated Filer
Entity small business	false
Entity emerging growth company	false
Entity shell company	false
Entity common stock, shares outstanding		7,677,756
Entity central index key	0001811074
Current fiscal year end date	--12-31
Document fiscal year focus	2023
Document fiscal period focus	Q2
Amendment flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 609,252	$ 510,834
Accounts receivable and accrued receivables, net	120,771	103,983
Prepaid expenses and other current assets	5,312	7,427
Tax like-kind exchange escrow	2,195	6,348
Prepaid income taxes	0	4,809
Total current assets	737,530	633,401
Real estate acquired	130,024	109,704
Property, plant and equipment, net	84,324	85,478
Royalty interests acquired, net	45,920	45,025
Other assets	3,526	3,819
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned:
Total assets	1,001,324	877,427
LIABILITIES AND EQUITY
Accounts payable and accrued expenses	27,156	23,443
Ad valorem and other taxes payable	6,355	8,497
Income taxes payable	5,151	3,167
Unearned revenue	6,222	4,488
Total current liabilities	44,884	39,595
Deferred taxes payable	40,478	41,151
Unearned revenue - noncurrent	26,638	21,708
Accrued liabilities - noncurrent	1,774	2,086
Total liabilities	113,774	104,540
Commitments and contingencies	0	0
Equity:
Preferred stock, $0.01 par value; 1,000,000 shares authorized, none outstanding as of June 30, 2023 and December 31, 2022	0	0
Common stock, $0.01 par value; 7,756,156 shares authorized and 7,679,145 and 7,695,679 outstanding as of June 30, 2023 and December 31, 2022, respectively	78	78
Treasury stock, at cost; 77,011 and 60,477 shares as of June 30, 2023 and December 31, 2022, respectively	(128,502)	(104,139)
Additional paid-in capital	10,582	8,293
Accumulated other comprehensive income	2,465	2,516
Retained earnings	1,002,927	866,139
Total equity	887,550	772,887
Total liabilities and equity	1,001,324	877,427
Land (surface rights)
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned:
Land (surface rights)	0	0
1/16th nonparticipating perpetual royalty interest
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned:
1/16th nonparticipating perpetual royalty interest	0	0
1/128th nonparticipating perpetual royalty interest
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned:
1/128th nonparticipating perpetual royalty interest	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	1,000,000	1,000,000
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	7,756,156	7,756,156
Common stock, outstanding (in shares)	7,679,145	7,695,679
Treasury stock, at cost (in shares)	77,011	60,477
1/16th nonparticipating perpetual royalty interest
Nonparticipating perpetual royalty interest rate (in percentage)	6.25%	6.25%
1/128th nonparticipating perpetual royalty interest
Nonparticipating perpetual royalty interest rate (in percentage)	0.78125%	0.78125%

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND TOTAL COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Total revenues	$ 160,609	$ 176,270	$ 306,971	$ 323,605
Expenses:
Salaries and related employee expenses	10,596	9,588	21,189	18,973
Water service-related expenses	10,287	3,915	15,943	6,697
General and administrative expenses	3,329	3,674	6,884	6,641
Legal and professional fees	10,154	1,163	26,782	2,882
Ad valorem and other taxes	2,070	2,042	3,644	4,085
Depreciation, depletion and amortization	3,893	4,180	7,297	8,306
Total operating expenses	40,329	24,562	81,739	47,584
Operating income	120,280	151,708	225,232	276,021
Other income, net	6,871	630	12,260	706
Income before income taxes	127,151	152,338	237,492	276,727
Income tax expense	26,758	33,444	50,531	59,933
Net income	100,393	118,894	186,961	216,794
Total other comprehensive income (loss)	(26)	8	(51)	16
Total comprehensive income	$ 100,367	$ 118,902	$ 186,910	$ 216,810
Net income per share of common stock
Net income per sub-share certificate - basic (in dollars per share)	$ 13.06	$ 15.37	$ 24.31	$ 28.02
Net income per sub-share certificate - diluted (in dollars per share)	$ 13.05	$ 15.37	$ 24.30	$ 28.01
Weighted average number of shares of common stock outstanding
Weighted average number of shares of common stock outstanding - basic (in shares)	7,685,662	7,733,730	7,689,352	7,737,527
Weighted average number of shares of common stock outstanding - diluted (in shares)	7,690,950	7,737,112	7,694,548	7,739,859
Cash dividends per share of common stock (in USD per share)	$ 3.25	$ 23	$ 6.50	$ 26
Oil and gas royalties
Revenues:
Total revenues	$ 82,412	$ 121,268	$ 171,542	$ 225,440
Water sales
Revenues:
Total revenues	37,648	22,272	59,377	41,092
Produced water royalties
Revenues:
Total revenues	20,841	18,669	40,975	33,539
Easements and other surface-related income
Revenues:
Total revenues	18,708	13,990	33,677	23,182
Land sales and other operating revenue
Revenues:
Total revenues	$ 1,000	$ 71	$ 1,400	$ 352

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND TOTAL COMPREHENSIVE INCOME (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Periodic pension costs (benefit), net of income taxes	$ (8)	$ (6)	$ 2	$ 2	$ (14)	$ 4

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 186,961	$ 216,794
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred taxes	(673)	(953)
Depreciation, depletion and amortization	7,297	8,306
Share-based compensation	5,323	3,495
Changes in operating assets and liabilities:
Receivables and other assets	(14,477)	(35,472)
Operating liabilities, excluding income taxes	8,040	9,668
Income taxes payable	1,984	(6,433)
Prepaid income taxes	4,809	0
Cash provided by operating activities	199,264	195,405
Cash flows from investing activities:
Proceeds from sale of fixed assets	5	96
Acquisition of real estate	(20,320)	(12)
Acquisition of royalty interests	(1,803)	(1,662)
Purchase of fixed assets	(5,536)	(6,685)
Cash used in investing activities	(27,654)	(8,263)
Cash flows from financing activities:
Repurchases of common stock	(26,379)	(24,592)
Shares exchanged for tax withholdings	(939)	0
Dividends paid	(50,027)	(200,998)
Cash used in financing activities	(77,345)	(225,590)
Net increase in cash, cash equivalents and restricted cash	94,265	(38,448)
Cash, cash equivalents and restricted cash, beginning of period	517,182	428,242
Cash, cash equivalents and restricted cash, end of period	611,447	389,794
Supplemental disclosure of cash flow information:
Income taxes paid	44,396	67,324
Supplemental non-cash investing and financing information:
Nonmonetary exchange of assets	0	4,174
(Increase) decrease in accounts payable related to capital expenditures	(392)	3,662
Share repurchases not yet settled	$ 432	$ 1,161

Organization and Description of

Organization and Description of Business Segments	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business Segments	Organization and Description of Business Segments Organization Texas Pacific Land Corporation (which, together with its subsidiaries as the context requires, may be referred to as “TPL”, the “Company”, “our”, “we” or “us”) is a Delaware corporation and one of the largest landowners in the State of Texas with approximately 886,000 surface acres of land in West Texas, with the majority of our ownership concentrated in the Permian Basin. Additionally, we own a 1/128th nonparticipating perpetual oil and gas royalty interest (“NPRI”) under approximately 85,000 acres of land, a 1/16th NPRI under approximately 371,000 acres of land, and approximately 4,000 additional net royalty acres (normalized to 1/8th) in the western part of Texas. TPL’s income is derived primarily from oil, gas and produced water royalties, sales of water and land, easements and commercial leases of the land. On January 11, 2021, we completed our reorganization from a business trust, Texas Pacific Land Trust, organized under a Declaration of Trust dated February 1, 1888 (the “Declaration of Trust”), into Texas Pacific Land Corporation, a corporation formed and existing under the laws of the state of Delaware (the “Corporate Reorganization”). Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and on the same basis as the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022. The condensed consolidated financial statements herein include all adjustments which are, in the opinion of management, necessary to fairly state the financial position of the Company as of June 30, 2023 and the results of its operations for the three and six months ended June 30, 2023 and 2022, respectively, and its cash flows for the six months ended June 30, 2023 and 2022, respectively. Such adjustments are of a normal nature and all intercompany accounts and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, and accordingly these interim financial statements and footnotes should be read in conjunction with the audited financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2022. The results for the interim periods shown in this report are not necessarily indicative of future financial results. We operate our business in two segments: Land and Resource Management and Water Services and Operations. Our segments provide management with a comprehensive financial view of our key businesses. The segments enable the alignment of strategies and objectives of TPL and provide a framework for timely and rational allocation of resources within businesses. See Note 11, “Business Segment Reporting” for further information regarding our segments.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates in the Preparation of Financial Statements The preparation of condensed 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 and reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information. Cash, Cash Equivalents and Restricted Cash We consider investments in bank deposits, money market funds, and other highly-liquid cash investments, such as U.S. Treasury bills and commercial paper, with original maturities of three months or less to be cash equivalents. Our cash equivalents are considered Level 1 assets in the fair value hierarchy. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows as of June 30, 2023 and December 31, 2022 (in thousands): June 30, December 31, Cash and cash equivalents $ 609,252 $ 510,834 Tax like-kind exchange escrow 2,195 6,348 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 611,447 $ 517,182 Reclassifications Certain financial information on the condensed consolidated balance sheet as of December 31, 2022 and condensed consolidated statement of income and total comprehensive income for the three and six months ended June 30, 2022 has been revised to conform to the current year presentation. These revisions include a balance sheet reclassification of $454,000 of other taxes payable previously included in accounts payable and accrued expenses to ad valorem and other taxes payable and an income statement reclassification of $31,000 and $64,000 of property taxes previously included in general and administrative expenses to ad valorem and other taxes for the three and six months ended June 30, 2022, respectively.

Real Estate Activity

Real Estate Activity	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Real Estate Activity	Real Estate Activity As of June 30, 2023 and December 31, 2022, TPL owned the following land and real estate (in thousands, except number of acres): June 30, December 31, Number of Acres Net Book Value Number of Acres Net Book Value Land (surface rights) (1) 817,017 $ — 817,060 $ — Real estate acquired 69,447 130,024 57,306 109,704 Total real estate situated in Texas 886,464 $ 130,024 874,366 $ 109,704 (1) Real estate assigned through the Declaration of Trust. Land Sales For the six months ended June 30, 2023, we sold 43 acres of land in Texas for an aggregate sales price of $1.4 million. There were no significant land sales for the six months ended June 30, 2022. Land Acquisitions For the six months ended June 30, 2023, we acquired 12,141 acres of land in Texas for an aggregate purchase price of $20.0 million. There were no significant land acquisitions for the six months ended June 30, 2022.

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment, net consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands): June 30, December 31, Property, plant and equipment, at cost: Water service-related assets $ 130,106 $ 125,166 Furniture, fixtures and equipment 9,852 9,718 Other 598 598 Total property, plant and equipment, at cost 140,556 135,482 Less: accumulated depreciation (56,232) (50,004) Property, plant and equipment, net $ 84,324 $ 85,478

Oil and Gas Royalty Interests

Oil and Gas Royalty Interests	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Oil and Gas Royalty Interests	Oil and Gas Royalty Interests As of June 30, 2023 and December 31, 2022, we owned the following oil and gas royalty interests (in thousands): June 30, December 31, 1/16th nonparticipating perpetual royalty interests $ — $ — 1/128th nonparticipating perpetual royalty interests — — Royalty interests acquired 49,731 47,928 Total royalty interests, gross 49,731 47,928 Less: accumulated depletion (3,811) (2,903) Total royalty interests, net $ 45,920 $ 45,025 Acquisitions For the six months ended June 30, 2023, we acquired oil and gas royalty interests in 61 net royalty acres (normalized to 1/8th) for an aggregate purchase price of approximately $1.8 million. For the six months ended June 30, 2022, we acquired oil and gas royalty interests in 92 net royalty acres (normalized to 1/8th) for an aggregate purchase price of approximately $1.7 million. Depletion expense was $0.6 million and $0.2 million for the three months ended June 30, 2023 and 2022, respectively.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based CompensationThe Company grants share-based compensation to employees under the Texas Pacific Land Corporation 2021 Incentive Plan (the “2021 Plan”) and to its directors under the 2021 Non-Employee Director Stock and Deferred Compensation Plan (the “2021 Directors Plan”). Share-based compensation granted to date under the plans has included restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and performance-based units (“PSUs”). Currently, all awards granted under the plans are entitled to receive dividends (which are accrued and distributed to award recipients upon vesting) or have dividend equivalent rights. Dividends and dividend equivalent rights are subject to the same vesting conditions as the awards to which they relate and are forfeitable if the related awards are forfeited. RSUs granted under the 2021 Plan vest in one-third increments and PSUs granted under the 2021 Plan cliff vest at the end of three Incentive Plan for Employees The maximum aggregate number of shares of the Company’s common stock, par value $0.01 per share (“Common Stock”) that may be issued under the 2021 Plan is 75,000 shares, which may consist, in whole or in part, of authorized and unissued shares (if any), treasury shares, or shares reacquired by the Company in any manner. As of June 30, 2023, 54,718 shares of Common Stock remained available under the 2021 Plan for future grants. The following table summarizes activity related to RSAs and RSUs under the 2021 Plan for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 2022 Restricted Stock Awards Restricted Stock Units Restricted Stock Awards Restricted Stock Units Number of RSAs Weighted-Average Grant-Date Fair Value per Share Number of RSUs Weighted-Average Grant-Date Fair Value per Share Number of RSAs Weighted-Average Grant-Date Fair Value per Share Number of RSUs Weighted-Average Grant-Date Fair Value per Share Nonvested at beginning of period (1) 1,337 $ 1,252 5,612 $ 1,323 3,330 $ 1,252 — $ — Granted (2) — — 2,848 1,924 — — 3,824 1,105 Vested (3) — — (1,270) 1,105 — — — — Cancelled and forfeited — — — — — — — — Nonvested at end of period 1,337 $ 1,252 7,190 $ 1,600 3,330 $ 1,252 3,824 $ 1,105 (1) The RSAs were granted on December 29, 2021: 1,993 shares vested on December 29, 2022 and 1,337 shares will vest on December 29, 2023. (2) The RSUs were granted on February 10, 2023 and vest in one-third increments over a three-year period. (3) Of the 1,270 shares that vested on February 11, 2023, 488 shares were surrendered by employees to the Company to settle tax withholdings. The following table summarizes activity related to PSUs for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 2022 Number of Target PSUs Weighted-Average Grant-Date Fair Value per Share Number of Target PSUs Weighted-Average Grant-Date Fair Value per Share Nonvested at beginning of period (1) 2,394 $ 1,355 — $ — Granted (2) 1,852 2,342 2,394 1,355 Vested — — — — Cancelled and forfeited — — — — Nonvested at end of period 4,246 $ 1,786 2,394 $ 1,355 (1) The PSUs were granted on February 11, 2022 and include 1,197 RTSR (as defined below) PSUs (based on target) with a grant date fair value of $1,605 per share and 1,197 FCF (as defined below) PSUs (based on target) with a grant date fair value of $1,105 per share. If the maximum performance potential metrics described in the PSU agreements are achieved, the actual number of units that will ultimately be awarded under the PSU agreements will exceed target units by 100% (i.e., a collective 2,394 additional units would be issued). (2) The PSUs were granted on February 10, 2023 and include 926 RTSR PSUs (based on target) with a grant date fair value of $2,761 per share and 926 FCF PSUs (based on target) with a grant date fair value of $1,924 per share. If the maximum performance potential metrics described in the PSU agreements are achieved, the actual number of units that will ultimately be awarded under the PSU agreements will exceed target units by 100% (i.e., a collective 1,852 additional units would be issued). Each PSU has a value equal to one share of Common Stock. The PSUs will vest three years after grant if certain performance metrics are met, as follows: 50% of the PSUs may be earned based on the Company’s relative total stockholder return (“RTSR”) over the applicable three-year measurement period compared to the XOP Index, and 50% of the PSUs may be earned based on the cumulative free cash flow per share (“FCF”) over the three-year vesting period. As the RTSR PSU is a market-based award, its grant date fair value was determined using a Monte Carlo simulation model that uses the same input assumptions as the Black-Scholes model to determine the expected potential ranking of the Company against the XOP Index, i.e. the probability of satisfying the market condition defined in the award. Expected volatility in the model was estimated based on the volatility of historical stock prices over a period matching the expected term of the award. The risk-free interest rate was based on U.S. Treasury yield constant maturities for a term matching the expected term of the award. Equity Plan for Non-Employee Directors The maximum aggregate number of shares of Common Stock that may be issued under the 2021 Directors Plan is 10,000 shares, which may consist, in whole or in part, of authorized and unissued shares (if any), treasury shares, or shares reacquired by the Company in any manner. As of June 30, 2023, 8,815 shares of Common Stock remained available under the 2021 Directors Plan for future grants. The following table summarizes activity related to the RSAs under the 2021 Directors Plan for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 2022 Number of RSAs Weighted-Average Grant-Date Fair Value per Share Number of RSAs Weighted-Average Grant-Date Fair Value per Share Nonvested at beginning of period 699 $ 1,281 — $ — Granted (1) 486 2,344 784 1,277 Vested (699) 1,281 — — Cancelled and forfeited — — (85) 1,249 Nonvested at end of period 486 $ 2,344 699 $ 1,281 (1) The RSAs were granted on January 1, 2023 and will vest on the first anniversary of the grant. Share-Based Compensation Expense The following table summarizes our share-based compensation expense by line item in the condensed consolidated statements of income (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Salaries and related employee expenses (employee awards) $ 2,559 $ 1,760 $ 4,715 $ 3,079 General and administrative expenses (director awards) 291 230 608 416 Total share-based compensation expense (1) $ 2,850 $ 1,990 $ 5,323 $ 3,495 (1) The Company recognized a tax benefit of $0.6 million and $0.4 million related to share-based compensation for the three months ended June 30, 2023 and 2022, respectively. The Company recognized a tax benefit of $1.1 million and $0.7 million related to share-based compensation for the six months ended June 30, 2023 and 2022, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe calculation of our effective tax rate is as follows for the three and six months ended June 30, 2023 and 2022 (in thousands, except percentages): Three Months Ended Six Months Ended 2023 2022 2023 2022 Income before income taxes $ 127,151 $ 152,338 $ 237,492 $ 276,727 Income tax expense $ 26,758 $ 33,444 $ 50,531 $ 59,933 Effective tax rate 21.0 % 22.0 % 21.3 % 21.7 % For interim periods, our income tax expense and resulting effective tax rate are based upon an estimated annual effective tax rate adjusted for the effects of items required to be treated as discrete to the period, including changes in tax laws, changes in estimated exposures for uncertain tax positions, and other items.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareBasic earnings per share (“EPS”) is computed based on the weighted average number of shares outstanding during the period. Diluted EPS is computed based upon the weighted average number of shares outstanding during the period plus unvested restricted stock and other unvested awards granted pursuant to our incentive and equity compensation plans. The computation of diluted EPS reflects the potential dilution that could occur if all outstanding awards under the incentive and equity compensation plans were converted into shares of Common Stock or resulted in the issuance of shares of Common Stock that would then share in the earnings of the Company. The number of dilutive securities is computed using the treasury stock method. The following table sets forth the computation of EPS for the three and six months ended June 30, 2023 and 2022 (in thousands, except number of shares and per share data): Three Months Ended Six Months Ended 2023 2022 2023 2022 Net income $ 100,393 $ 118,894 $ 186,961 $ 216,794 Basic earnings per share: Weighted average shares outstanding for basic earnings per share 7,685,662 7,733,730 7,689,352 7,737,527 Basic earnings per share $ 13.06 $ 15.37 $ 24.31 $ 28.02 Diluted earnings per share: Weighted average shares outstanding for basic earnings per share 7,685,662 7,733,730 7,689,352 7,737,527 Effect of dilutive securities: Incentive and equity compensation plans 5,288 3,382 5,196 2,333 Weighted average shares outstanding for diluted earnings per share 7,690,950 7,737,112 7,694,548 7,739,859 Diluted earnings per share $ 13.05 $ 15.37 $ 24.30 $ 28.01 Restricted stock is included in the number of shares of Common Stock issued and outstanding, but omitted from the basic EPS calculation until such time as the shares of restricted stock vest. Certain stock awards granted are not included in the dilutive securities in the table above as they are anti-dilutive for the three and six months ended June 30, 2023 and June 30, 2022.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation Management is not aware of any legal, environmental or other commitments or contingencies that would have a material effect on the Company’s financial condition, results of operations or liquidity as of June 30, 2023. Prior to January 1, 2022, ad valorem taxes with respect to our historical royalty interests were paid directly by third parties pursuant to an existing arrangement. Since the completion of our Corporate Reorganization, we have received notice from certain third parties that they no longer intend to pay the ad valorem taxes related to such historical royalty interests. In order to protect the historical royalty interests from any potential tax liens for non-payment of ad valorem taxes, we have accrued and/or paid such ad valorem taxes since January 1, 2022. While we intend to seek reimbursement from the third parties for such taxes, we are unable to estimate the amount and/or likelihood of such reimbursement, and accordingly, no loss recovery receivable has been recorded as of June 30, 2023. Ongoing Arbitration with an Operator.

Changes in Equity

Changes in Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Changes in Equity	Changes in Equity The following tables present changes in our equity for the six months ended June 30, 2023 and 2022 (in thousands, except shares and per share amounts): Common Stock Treasury Stock Additional Paid-in Capital Accum. Retained Earnings Total Shares Amount Shares Amount For the six months ended June 30, 2023: Balances as of December 31, 2022 7,695,679 $ 78 60,477 $ (104,139) $ 8,293 $ 2,516 $ 866,139 $ 772,887 Net income — — — — — — 86,568 86,568 Dividends paid — $3.25 per share of common stock — — — — — — (25,061) (25,061) Share-based compensation, net of forfeitures 1,756 — (1,756) 3,033 (560) — (103) 2,370 Repurchases of common stock, including excise taxes of $67 (3,627) — 3,627 (6,749) — — — (6,749) Shares exchanged for tax withholdings (488) — 488 (939) — — — (939) Periodic pension costs, net of income taxes of $6 — — — — — (25) — (25) Balances as of March 31, 2023 7,693,320 $ 78 62,836 $ (108,794) $ 7,733 $ 2,491 $ 927,543 $ 829,051 Net income — — — — — — 100,393 100,393 Dividends paid — $3.25 per share of common stock — — — — — — (24,966) (24,966) Share-based compensation, net of forfeitures — — — — 2,849 — (43) 2,806 Repurchases of common stock, including excise taxes of $165 (14,175) — 14,175 (19,708) — — — (19,708) Periodic pension costs, net of income taxes of $8 — — — — — (26) — (26) Balances as of June 30, 2023 7,679,145 $ 78 77,011 $ (128,502) $ 10,582 $ 2,465 $ 1,002,927 $ 887,550 Common Stock Treasury Stock Additional Paid-in Capital Accum. Retained Earnings Total Shares Amount Shares Amount For the six months ended June 30, 2022: Balances as of December 31, 2021 7,744,695 $ 78 11,461 $ (15,417) $ 28 $ (1,007) $ 668,029 $ 651,711 Net income — — — — — — 97,900 97,900 Dividends paid — $3.00 per share of common stock — — — — — — (23,224) (23,224) Share-based compensation, net of forfeitures 595 — (595) 800 1,477 — (796) 1,481 Periodic pension costs, net of income taxes of $2 — — — — — 8 — 8 Balances as of March 31, 2022 7,745,290 $ 78 10,866 $ (14,617) $ 1,505 $ (999) $ 741,909 $ 727,876 Net income — — — — — — 118,894 118,894 Dividends paid — $3.00 per share of common stock — — — — — — (23,188) (23,188) Special dividends paid — $20.00 per share of common stock — — — — — — (154,586) (154,586) Share-based compensation, net of forfeitures 104 — (104) 140 1,851 — (180) 1,811 Repurchases of common stock (17,478) — 17,478 (25,534) — — — (25,534) Periodic pension costs, net of income taxes of $2 — — — — — 8 — 8 Balances as of June 30, 2022 7,727,916 $ 78 28,240 $ (40,011) $ 3,356 $ (991) $ 682,849 $ 645,281 Stock Repurchase Program On November 1, 2022, our board of directors approved a stock repurchase program, which became effective January 1, 2023, to purchase up to an aggregate of $250 million of our outstanding Common Stock. The Company intends to purchase stock under the repurchase program opportunistically with funds generated by cash from operations. This repurchase program may be suspended from time to time, modified, extended or discontinued by the board of directors at any time. Purchases under the stock repurchase program may be made through a combination of open market repurchases in compliance with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, and/or other transactions at the Company’s discretion, including under a Rule 10b5-1 trading plan implemented by the Company, and will be subject to market conditions, applicable legal requirements and other factors.

Business Segment Reporting

Business Segment Reporting	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Business Segment Reporting	Business Segment Reporting During the periods presented, we reported our financial performance based on the following segments: Land and Resource Management and Water Services and Operations. Our segments provide management with a comprehensive financial view of our key businesses. The segments enable the alignment of our strategies and objectives and provide a framework for timely and rational allocation of resources within businesses. We eliminate any inter-segment revenues and expenses upon consolidation. The Land and Resource Management segment encompasses the business of managing our approximately 886,000 surface acres of land and our oil and gas royalty interests in West Texas, principally concentrated in the Permian Basin. The revenue streams of this segment consist primarily of royalties from oil and gas, revenues from easements and commercial leases and land and material sales. The Water Services and Operations segment encompasses the business of providing a full-service water offering to operators in the Permian Basin. The revenue streams of this segment primarily consist of revenue generated from sales of sourced and treated water as well as revenue from produced water royalties. Segment financial results were as follows for the three and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Revenues: Land and resource management $ 101,320 $ 133,385 $ 205,343 $ 246,732 Water services and operations 59,289 42,885 101,628 76,873 Total consolidated revenues $ 160,609 $ 176,270 $ 306,971 $ 323,605 Net income: Land and resource management $ 69,633 $ 96,074 $ 134,976 $ 177,230 Water services and operations 30,760 22,820 51,985 39,564 Total consolidated net income $ 100,393 $ 118,894 $ 186,961 $ 216,794 Capital expenditures: Land and resource management $ (31) $ 103 $ 144 $ 225 Water services and operations 1,402 7,239 5,000 10,122 Total capital expenditures $ 1,371 $ 7,342 $ 5,144 $ 10,347 Depreciation, depletion and amortization: Land and resource management $ 912 $ 529 $ 1,530 $ 1,065 Water services and operations 2,981 3,651 5,767 7,241 Total depreciation, depletion and amortization $ 3,893 $ 4,180 $ 7,297 $ 8,306 The following table presents total assets and property, plant and equipment, net by segment as of June 30, 2023 and December 31, 2022 (in thousands): June 30, December 31, Assets: Land and resource management $ 845,847 $ 735,193 Water services and operations 155,477 142,234 Total consolidated assets $ 1,001,324 $ 877,427 Property, plant and equipment, net: Land and resource management $ 5,607 $ 5,998 Water services and operations 78,717 79,480 Total consolidated property, plant and equipment, net $ 84,324 $ 85,478

Oil and Gas Producing Activitie

Oil and Gas Producing Activities	6 Months Ended
	Jun. 30, 2023
Extractive Industries [Abstract]
Oil and Gas Producing Activities	Oil and Gas Producing Activities We measure our share of oil and gas produced in barrels of oil equivalent (“Boe”). One Boe equals one barrel of crude oil, condensate, NGLs (natural gas liquids) or approximately 6,000 cubic feet of gas. For the three months ended June 30, 2023 and 2022, our share of oil and gas produced was approximately 24.9 and 19.8 thousand Boe per day, respectively. For the six months ended June 30, 2023 and 2022, our share of oil and gas produced was approximately 22.9 and 20.3 thousand Boe per day, respectively. Reserves related to our royalty interests are not presented because the information is unavailable. There are a number of oil and gas wells that have been drilled but are not yet completed (“DUC”) where we have a royalty interest. The number of DUC wells is determined using uniform drilling spacing units with pooled interests for all wells

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events We evaluated events that occurred after the balance sheet date through the date these financial statements were issued, and the following events that met recognition or disclosure criteria were identified: Dividends Declared On August 1, 2023, our board of directors declared a quarterly cash dividend of $3.25 per share, payable on September 15, 2023 to stockholders of record at the close of business on September 1, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 100,393	$ 86,568	$ 118,894	$ 97,900	$ 186,961	$ 216,794

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and on the same basis as the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022. The condensed consolidated financial statements herein include all adjustments which are, in the opinion of management, necessary to fairly state the financial position of the Company as of June 30, 2023 and the results of its operations for the three and six months ended June 30, 2023 and 2022, respectively, and its cash flows for the six months ended June 30, 2023 and 2022, respectively. Such adjustments are of a normal nature and all intercompany accounts and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, and accordingly these interim financial statements and footnotes should be read in conjunction with the audited financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2022. The results for the interim periods shown in this report are not necessarily indicative of future financial results.
Segment Reporting	We operate our business in two segments: Land and Resource Management and Water Services and Operations. Our segments provide management with a comprehensive financial view of our key businesses. The segments enable the alignment of strategies and objectives of TPL and provide a framework for timely and rational allocation of resources within businesses.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of condensed 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 and reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash
Reclassifications	Reclassifications Certain financial information on the condensed consolidated balance sheet as of December 31, 2022 and condensed consolidated statement of income and total comprehensive income for the three and six months ended June 30, 2022 has been revised to conform to the current year presentation. These revisions include a balance sheet reclassification of $454,000 of other taxes payable previously included in accounts payable and accrued expenses to ad valorem and other taxes payable and an income statement reclassification of $31,000 and $64,000 of property taxes previously included in general and administrative expenses to ad valorem and other taxes for the three and six months ended June 30, 2022, respectively.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows as of June 30, 2023 and December 31, 2022 (in thousands): June 30, December 31, Cash and cash equivalents $ 609,252 $ 510,834 Tax like-kind exchange escrow 2,195 6,348 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 611,447 $ 517,182

Real Estate Activity (Tables)

Real Estate Activity (Tables)	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Schedule of Real Estate Activity	As of June 30, 2023 and December 31, 2022, TPL owned the following land and real estate (in thousands, except number of acres): June 30, December 31, Number of Acres Net Book Value Number of Acres Net Book Value Land (surface rights) (1) 817,017 $ — 817,060 $ — Real estate acquired 69,447 130,024 57,306 109,704 Total real estate situated in Texas 886,464 $ 130,024 874,366 $ 109,704 (1) Real estate assigned through the Declaration of Trust.

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment, net consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands): June 30, December 31, Property, plant and equipment, at cost: Water service-related assets $ 130,106 $ 125,166 Furniture, fixtures and equipment 9,852 9,718 Other 598 598 Total property, plant and equipment, at cost 140,556 135,482 Less: accumulated depreciation (56,232) (50,004) Property, plant and equipment, net $ 84,324 $ 85,478

Oil and Gas Royalty Interests (

Oil and Gas Royalty Interests (Tables)	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Schedule of Royalty Interests	As of June 30, 2023 and December 31, 2022, we owned the following oil and gas royalty interests (in thousands): June 30, December 31, 1/16th nonparticipating perpetual royalty interests $ — $ — 1/128th nonparticipating perpetual royalty interests — — Royalty interests acquired 49,731 47,928 Total royalty interests, gross 49,731 47,928 Less: accumulated depletion (3,811) (2,903) Total royalty interests, net $ 45,920 $ 45,025

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Awards and Units Activity	The following table summarizes activity related to RSAs and RSUs under the 2021 Plan for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 2022 Restricted Stock Awards Restricted Stock Units Restricted Stock Awards Restricted Stock Units Number of RSAs Weighted-Average Grant-Date Fair Value per Share Number of RSUs Weighted-Average Grant-Date Fair Value per Share Number of RSAs Weighted-Average Grant-Date Fair Value per Share Number of RSUs Weighted-Average Grant-Date Fair Value per Share Nonvested at beginning of period (1) 1,337 $ 1,252 5,612 $ 1,323 3,330 $ 1,252 — $ — Granted (2) — — 2,848 1,924 — — 3,824 1,105 Vested (3) — — (1,270) 1,105 — — — — Cancelled and forfeited — — — — — — — — Nonvested at end of period 1,337 $ 1,252 7,190 $ 1,600 3,330 $ 1,252 3,824 $ 1,105 (1) The RSAs were granted on December 29, 2021: 1,993 shares vested on December 29, 2022 and 1,337 shares will vest on December 29, 2023. (2) The RSUs were granted on February 10, 2023 and vest in one-third increments over a three-year period. (3) Of the 1,270 shares that vested on February 11, 2023, 488 shares were surrendered by employees to the Company to settle tax withholdings. The following table summarizes activity related to the RSAs under the 2021 Directors Plan for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 2022 Number of RSAs Weighted-Average Grant-Date Fair Value per Share Number of RSAs Weighted-Average Grant-Date Fair Value per Share Nonvested at beginning of period 699 $ 1,281 — $ — Granted (1) 486 2,344 784 1,277 Vested (699) 1,281 — — Cancelled and forfeited — — (85) 1,249 Nonvested at end of period 486 $ 2,344 699 $ 1,281 (1) The RSAs were granted on January 1, 2023 and will vest on the first anniversary of the grant.
Schedule of Performance Share Units Activity	The following table summarizes activity related to PSUs for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 2022 Number of Target PSUs Weighted-Average Grant-Date Fair Value per Share Number of Target PSUs Weighted-Average Grant-Date Fair Value per Share Nonvested at beginning of period (1) 2,394 $ 1,355 — $ — Granted (2) 1,852 2,342 2,394 1,355 Vested — — — — Cancelled and forfeited — — — — Nonvested at end of period 4,246 $ 1,786 2,394 $ 1,355 (1) The PSUs were granted on February 11, 2022 and include 1,197 RTSR (as defined below) PSUs (based on target) with a grant date fair value of $1,605 per share and 1,197 FCF (as defined below) PSUs (based on target) with a grant date fair value of $1,105 per share. If the maximum performance potential metrics described in the PSU agreements are achieved, the actual number of units that will ultimately be awarded under the PSU agreements will exceed target units by 100% (i.e., a collective 2,394 additional units would be issued).
Schedule of Share-Based Compensation Expense	The following table summarizes our share-based compensation expense by line item in the condensed consolidated statements of income (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Salaries and related employee expenses (employee awards) $ 2,559 $ 1,760 $ 4,715 $ 3,079 General and administrative expenses (director awards) 291 230 608 416 Total share-based compensation expense (1) $ 2,850 $ 1,990 $ 5,323 $ 3,495

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The calculation of our effective tax rate is as follows for the three and six months ended June 30, 2023 and 2022 (in thousands, except percentages): Three Months Ended Six Months Ended 2023 2022 2023 2022 Income before income taxes $ 127,151 $ 152,338 $ 237,492 $ 276,727 Income tax expense $ 26,758 $ 33,444 $ 50,531 $ 59,933 Effective tax rate 21.0 % 22.0 % 21.3 % 21.7 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of EPS for the three and six months ended June 30, 2023 and 2022 (in thousands, except number of shares and per share data): Three Months Ended Six Months Ended 2023 2022 2023 2022 Net income $ 100,393 $ 118,894 $ 186,961 $ 216,794 Basic earnings per share: Weighted average shares outstanding for basic earnings per share 7,685,662 7,733,730 7,689,352 7,737,527 Basic earnings per share $ 13.06 $ 15.37 $ 24.31 $ 28.02 Diluted earnings per share: Weighted average shares outstanding for basic earnings per share 7,685,662 7,733,730 7,689,352 7,737,527 Effect of dilutive securities: Incentive and equity compensation plans 5,288 3,382 5,196 2,333 Weighted average shares outstanding for diluted earnings per share 7,690,950 7,737,112 7,694,548 7,739,859 Diluted earnings per share $ 13.05 $ 15.37 $ 24.30 $ 28.01

Changes in Equity (Tables)

Changes in Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Stockholders Equity	The following tables present changes in our equity for the six months ended June 30, 2023 and 2022 (in thousands, except shares and per share amounts): Common Stock Treasury Stock Additional Paid-in Capital Accum. Retained Earnings Total Shares Amount Shares Amount For the six months ended June 30, 2023: Balances as of December 31, 2022 7,695,679 $ 78 60,477 $ (104,139) $ 8,293 $ 2,516 $ 866,139 $ 772,887 Net income — — — — — — 86,568 86,568 Dividends paid — $3.25 per share of common stock — — — — — — (25,061) (25,061) Share-based compensation, net of forfeitures 1,756 — (1,756) 3,033 (560) — (103) 2,370 Repurchases of common stock, including excise taxes of $67 (3,627) — 3,627 (6,749) — — — (6,749) Shares exchanged for tax withholdings (488) — 488 (939) — — — (939) Periodic pension costs, net of income taxes of $6 — — — — — (25) — (25) Balances as of March 31, 2023 7,693,320 $ 78 62,836 $ (108,794) $ 7,733 $ 2,491 $ 927,543 $ 829,051 Net income — — — — — — 100,393 100,393 Dividends paid — $3.25 per share of common stock — — — — — — (24,966) (24,966) Share-based compensation, net of forfeitures — — — — 2,849 — (43) 2,806 Repurchases of common stock, including excise taxes of $165 (14,175) — 14,175 (19,708) — — — (19,708) Periodic pension costs, net of income taxes of $8 — — — — — (26) — (26) Balances as of June 30, 2023 7,679,145 $ 78 77,011 $ (128,502) $ 10,582 $ 2,465 $ 1,002,927 $ 887,550 Common Stock Treasury Stock Additional Paid-in Capital Accum. Retained Earnings Total Shares Amount Shares Amount For the six months ended June 30, 2022: Balances as of December 31, 2021 7,744,695 $ 78 11,461 $ (15,417) $ 28 $ (1,007) $ 668,029 $ 651,711 Net income — — — — — — 97,900 97,900 Dividends paid — $3.00 per share of common stock — — — — — — (23,224) (23,224) Share-based compensation, net of forfeitures 595 — (595) 800 1,477 — (796) 1,481 Periodic pension costs, net of income taxes of $2 — — — — — 8 — 8 Balances as of March 31, 2022 7,745,290 $ 78 10,866 $ (14,617) $ 1,505 $ (999) $ 741,909 $ 727,876 Net income — — — — — — 118,894 118,894 Dividends paid — $3.00 per share of common stock — — — — — — (23,188) (23,188) Special dividends paid — $20.00 per share of common stock — — — — — — (154,586) (154,586) Share-based compensation, net of forfeitures 104 — (104) 140 1,851 — (180) 1,811 Repurchases of common stock (17,478) — 17,478 (25,534) — — — (25,534) Periodic pension costs, net of income taxes of $2 — — — — — 8 — 8 Balances as of June 30, 2022 7,727,916 $ 78 28,240 $ (40,011) $ 3,356 $ (991) $ 682,849 $ 645,281

Business Segment Reporting (Tab

Business Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Financial Results	Segment financial results were as follows for the three and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Revenues: Land and resource management $ 101,320 $ 133,385 $ 205,343 $ 246,732 Water services and operations 59,289 42,885 101,628 76,873 Total consolidated revenues $ 160,609 $ 176,270 $ 306,971 $ 323,605 Net income: Land and resource management $ 69,633 $ 96,074 $ 134,976 $ 177,230 Water services and operations 30,760 22,820 51,985 39,564 Total consolidated net income $ 100,393 $ 118,894 $ 186,961 $ 216,794 Capital expenditures: Land and resource management $ (31) $ 103 $ 144 $ 225 Water services and operations 1,402 7,239 5,000 10,122 Total capital expenditures $ 1,371 $ 7,342 $ 5,144 $ 10,347 Depreciation, depletion and amortization: Land and resource management $ 912 $ 529 $ 1,530 $ 1,065 Water services and operations 2,981 3,651 5,767 7,241 Total depreciation, depletion and amortization $ 3,893 $ 4,180 $ 7,297 $ 8,306
Schedule of Total Assets And Property, Plant and Equipment	The following table presents total assets and property, plant and equipment, net by segment as of June 30, 2023 and December 31, 2022 (in thousands): June 30, December 31, Assets: Land and resource management $ 845,847 $ 735,193 Water services and operations 155,477 142,234 Total consolidated assets $ 1,001,324 $ 877,427 Property, plant and equipment, net: Land and resource management $ 5,607 $ 5,998 Water services and operations 78,717 79,480 Total consolidated property, plant and equipment, net $ 84,324 $ 85,478

Organization and Description _2

Organization and Description of Business Segments (Details) a in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023 a segment	Jun. 30, 2022	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of operating segments | segment	2
1/16th nonparticipating perpetual royalty interest
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Nonparticipating perpetual royalty interest rate (in percentage)	6.25%	6.25%	6.25%
1/128th nonparticipating perpetual royalty interest
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Nonparticipating perpetual royalty interest rate (in percentage)	0.78125%		0.78125%
1/8th Net royalty acres
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Nonparticipating perpetual royalty interest rate (in percentage)	12.50%
West Texas
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of land (in acres)	886
West Texas | 1/128th Nonparticipating perpetual oil and gas royalty interest
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of land (in acres)	85
West Texas | 1/16th Nonparticipating perpetual oil and gas royalty interest
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of land (in acres)	371
West Texas | 1/8th Net royalty acres
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of land (in acres)	4

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reclassifications (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ad valorem taxes payable	$ 31	$ 64
Revision of prior period, reclassification, adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accrual for ad valorem taxes	$ 454	$ 454

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 609,252	$ 510,834
Tax like-kind exchange escrow	2,195	6,348
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 611,447	$ 517,182	$ 389,794	$ 428,242

Real Estate Activity - Schedule

Real Estate Activity - Schedule of Land and Real Estate Ownership (Details) $ in Thousands	Jun. 30, 2023 USD ($) a	Dec. 31, 2022 USD ($) a
Number of Acres
Land (surface rights) (acre) | a	817,017	817,060
Real estate acquired (acre) | a	69,447	57,306
Total Real Estate Situated in Texas (acre) | a	886,464	874,366
Net Book Value
Land (surface rights) | $	$ 0	$ 0
Real estate acquired | $	130,024	109,704
Total real estate situated in Texas (in USD) | $	$ 130,024	$ 109,704

Real Estate - Narrative (Detail

Real Estate - Narrative (Details) - Texas $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) a
Land acquisitions
Real Estate Properties [Line Items]
Additions (acres) | a	12,141
Additions | $	$ 20
Land sales and other operating revenue
Real Estate Properties [Line Items]
Area of real estate property, sold (in acres) | a	43
Proceeds from sale of real estate (in USD) | $	$ 1.4

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 140,556		$ 140,556		$ 135,482
Less: accumulated depreciation	(56,232)		(56,232)		(50,004)
Property, plant and equipment, net	84,324		84,324		85,478
Depreciation expense	3,200	$ 3,900	6,300	$ 7,700
Water service-related assets
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	130,106		130,106		125,166
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	9,852		9,852		9,718
Other
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 598		$ 598		$ 598

Oil and Gas Royalty Interests_2

Oil and Gas Royalty Interests (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Net Book Value of Royalty Interests [Abstract]
Royalty interests acquired	$ 49,731	$ 47,928
Total royalty interests, gross	49,731	47,928
Less: accumulated depletion	(3,811)	(2,903)
Total royalty interests, net	45,920	45,025
1/16th nonparticipating perpetual royalty interest
Net Book Value of Royalty Interests [Abstract]
1/16th nonparticipating perpetual royalty interest	0	0
1/128th nonparticipating perpetual royalty interest
Net Book Value of Royalty Interests [Abstract]
1/128th nonparticipating perpetual royalty interest	$ 0	$ 0

Oil and Gas Royalty Interests -

Oil and Gas Royalty Interests - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) a	Jun. 30, 2022 USD ($) a	Jun. 30, 2023 USD ($) a	Jun. 30, 2022 USD ($) a	Dec. 31, 2022
Real Estate Properties [Line Items]
Acquisition of royalty interests			$ 1,803	$ 1,662
Depletion expense	$ 600	$ 200	$ 900	$ 500
Additional real estate acquisitions
Real Estate Properties [Line Items]
Net royalty interests (in acres) | a	61	92	61	92
Acquisition of royalty interests			$ 1,800	$ 1,700
1/16th nonparticipating perpetual royalty interest
Real Estate Properties [Line Items]
Nonparticipating perpetual royalty interest rate (in percentage)			6.25%	6.25%	6.25%
1/128th nonparticipating perpetual royalty interest
Real Estate Properties [Line Items]
Nonparticipating perpetual royalty interest rate (in percentage)			0.78125%		0.78125%

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			6 Months Ended
	Feb. 10, 2023	Feb. 11, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in dollars per share)			$ 0.01		$ 0.01
Total unrecognized compensation cost			$ 14.2
Total unrecognized compensation cost, period for recognition			1 year 6 months
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grants (in shares)			54,718
Common Stock | 2021 Plan | Maximum | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			75,000
Common Stock | 2021 Directors Plan | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grants (in shares)			8,815
Common Stock | 2021 Directors Plan | Maximum | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			10,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU conversion ration (in shares)		1
Award vesting period		3 years
Award vesting rights, percentage		100%
Granted (in shares)	1,852	2,394	1,852	2,394
Cancelled and forfeited (in shares)			0	0
Performance Shares | Shares vesting December 29, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		50%
Performance Shares | Shares vesting December 29, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		50%
Restricted Stock Awards | Shares vesting December 29, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			33%
Restricted Stock Awards | Shares vesting December 29, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			33%
Restricted Stock Awards | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			33%
Restricted Stock Awards | 2021 Plan | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			0	0
Cancelled and forfeited (in shares)			0	0
Restricted Stock Awards | 2021 Directors Plan | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			486	784
Cancelled and forfeited (in shares)			0	(85)

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Transactions (Details) - $ / shares			6 Months Ended
	Dec. 29, 2022	Dec. 29, 2021	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Awards | Shares vesting December 29, 2022
Weighted-Average Grant-Date Fair Value per Share
Awards granted (in shares)		1,993
Restricted Stock Awards | Shares vesting December 29, 2023
Weighted-Average Grant-Date Fair Value per Share
Awards granted (in shares)		1,337
Restricted Stock Awards | Employee | 2021 Plan
Number of RSAs
Non-vested, beginning of period (in shares)			1,337	3,330
Granted (in shares)			0	0
Vested (in shares)			0	0
Cancelled and forfeited (in shares)			0	0
Non-vested, at end of period (in shares)			1,337	3,330
Weighted-Average Grant-Date Fair Value per Share
Non-vested, beginning of period (in dollars per share)			$ 1,252	$ 1,252	$ 1,252	$ 1,252
Granted (in dollars per share)			0	0
Vested (in dollars per share)			0	0
Cancelled and forfeited (in dollars per share)			0	0
Non-vested, at end of period (in dollars per share)			$ 1,252	$ 1,252
Surrendered (in shares)	488
Restricted Stock Awards | Director | 2021 Directors Plan
Number of RSAs
Non-vested, beginning of period (in shares)			699	0
Granted (in shares)			486	784
Vested (in shares)			(699)	0
Cancelled and forfeited (in shares)			0	(85)
Non-vested, at end of period (in shares)			486	699
Weighted-Average Grant-Date Fair Value per Share
Non-vested, beginning of period (in dollars per share)			$ 2,344	$ 1,281	1,281	0
Granted (in dollars per share)			2,344	1,277
Vested (in dollars per share)			1,281	0
Cancelled and forfeited (in dollars per share)			0	1,249
Non-vested, at end of period (in dollars per share)			$ 2,344	$ 1,281
Restricted Stock Units (RSUs) | Employee | 2021 Plan
Number of RSAs
Non-vested, beginning of period (in shares)			5,612	0
Granted (in shares)			2,848	3,824
Vested (in shares)			(1,270)	0
Cancelled and forfeited (in shares)			0	0
Non-vested, at end of period (in shares)			7,190	3,824
Weighted-Average Grant-Date Fair Value per Share
Non-vested, beginning of period (in dollars per share)			$ 1,600	$ 1,105	$ 1,323	$ 0
Granted (in dollars per share)			1,924	1,105
Vested (in dollars per share)			1,105	0
Cancelled and forfeited (in dollars per share)			0	0
Non-vested, at end of period (in dollars per share)			$ 1,600	$ 1,105

Share-Based Compensation - Perf

Share-Based Compensation - Performance Share Units (Details) - Performance Shares - $ / shares			6 Months Ended
	Feb. 10, 2023	Feb. 11, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Number of RSAs
Non-vested, beginning of period (in shares)			2,394	0
Granted (in shares)	1,852	2,394	1,852	2,394
Vested (in shares)			0	0
Cancelled and forfeited (in shares)			0	0
Non-vested, at end of period (in shares)			4,246	2,394
Weighted-Average Grant-Date Fair Value per Share
Non-vested, beginning of period (in dollars per share)			$ 1,786	$ 1,355	$ 1,355	$ 0
Granted (in dollars per share)			2,342	1,355
Vested (in dollars per share)			0	0
Cancelled and forfeited (in dollars per share)			0	0
Non-vested, at end of period (in dollars per share)			$ 1,786	$ 1,355
Relative total stockholder return
Number of RSAs
Granted (in shares)	926	1,197
Weighted-Average Grant-Date Fair Value per Share
Non-vested, beginning of period (in dollars per share)	$ 2,761	$ 1,605
Non-vested, at end of period (in dollars per share)	$ 2,761	$ 1,605
Free cash flow
Number of RSAs
Granted (in shares)	926	1,197
Weighted-Average Grant-Date Fair Value per Share
Non-vested, beginning of period (in dollars per share)	$ 1,924	$ 1,105
Non-vested, at end of period (in dollars per share)	$ 1,924	$ 1,105

Share-Based Compensation - Shar

Share-Based Compensation - Share-Based Compensation - (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 2,850	$ 1,990	$ 5,323	$ 3,495
Tax benefit related to share-based compensation	600	400	1,100	700
Salaries and related employee expenses (employee awards)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	2,559	1,760	4,715	3,079
General and administrative expenses (director awards)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 291	$ 230	$ 608	$ 416

Income Taxes - Calculation of E

Income Taxes - Calculation of Effective Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income before income taxes	$ 127,151	$ 152,338	$ 237,492	$ 276,727
Income tax expense	$ 26,758	$ 33,444	$ 50,531	$ 59,933
Effective tax rate (in percent)	21%	22%	21.30%	21.70%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 100,393	$ 86,568	$ 118,894	$ 97,900	$ 186,961	$ 216,794
Basic earnings per share:
Weighted average shares outstanding for basic EPS (in shares)	7,685,662		7,733,730		7,689,352	7,737,527
Basic earnings per share (in dollars per share)	$ 13.06		$ 15.37		$ 24.31	$ 28.02
Diluted earnings per share:
Weighted average shares outstanding for basic EPS (in shares)	7,685,662		7,733,730		7,689,352	7,737,527
Stock-based incentive plan (in shares)	5,288		3,382		5,196	2,333
Weighted average shares outstanding for diluted EPS (in shares)	7,690,950		7,737,112		7,694,548	7,739,859
Diluted earnings per share (in dollars per share)	$ 13.05		$ 15.37		$ 24.30	$ 28.01

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Commitments [Line Items]
Total consolidated revenues		$ 160,609	$ 176,270	$ 306,971	$ 323,605
Oil and gas royalties
Other Commitments [Line Items]
Total consolidated revenues	$ 8,700	$ 82,412	$ 121,268	$ 171,542	$ 225,440

Changes in Equity (Details)

Changes in Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 829,051	$ 772,887	$ 727,876	$ 651,711	$ 772,887	$ 651,711
Beginning balance, treasury stock (in shares)		60,477			60,477
Net income	100,393	$ 86,568	118,894	97,900	$ 186,961	216,794
Share-based compensation, net of forfeitures	2,806	2,370	1,811	1,481
Repurchases of common stock	(19,708)	(6,749)	(25,534)
Shares exchanged for tax withholdings		(939)
Periodic pension costs, net of income taxes	(26)	(25)	8	8	(51)	16
Ending balance	$ 887,550	829,051	$ 645,281	727,876	$ 887,550	$ 645,281
Ending balance, treasury stock (in shares)	77,011				77,011
Cash dividends per share of common stock (in USD per share)	$ 3.25		$ 23		$ 6.50	$ 26
Excise taxes collected	$ 165	67
Periodic pension costs (benefit), net of income taxes	$ (8)	$ (6)	$ 2	$ 2	$ (14)	$ 4
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	7,693,320	7,695,679	7,745,290	7,744,695	7,695,679	7,744,695
Beginning balance	$ 78	$ 78	$ 78	$ 78	$ 78	$ 78
Share-based compensation, net of forfeitures (in shares)		1,756	104	595
Repurchases of common stock (in shares)	(14,175)	(3,627)	(17,478)
Shares exchanged for tax withholdings (in shares)		(488)
Ending balance (in shares)	7,679,145	7,693,320	7,727,916	7,745,290	7,679,145	7,727,916
Ending balance	$ 78	$ 78	$ 78	$ 78	$ 78	$ 78
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (108,794)	$ (104,139)	$ (14,617)	$ (15,417)	$ (104,139)	$ (15,417)
Beginning balance, treasury stock (in shares)	62,836	60,477	10,866	11,461	60,477	11,461
Share-based compensation, forfeitures (in shares)		(1,756)	(104)	(595)
Share-based compensation, net of forfeitures		$ 3,033	$ 140	$ 800
Repurchases of common stock (in shares)	14,175	3,627	17,478
Repurchases of common stock	$ (19,708)	$ (6,749)	$ (25,534)
Shares exchanged for tax withholdings (in shares)		488
Shares exchanged for tax withholdings		$ (939)
Ending balance	$ (128,502)	$ (108,794)	$ (40,011)	$ (14,617)	$ (128,502)	$ (40,011)
Ending balance, treasury stock (in shares)	77,011	62,836	28,240	10,866	77,011	28,240
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 7,733	$ 8,293	$ 1,505	$ 28	$ 8,293	$ 28
Share-based compensation, net of forfeitures	2,849	(560)	1,851	1,477
Ending balance	10,582	7,733	3,356	1,505	10,582	3,356
Accum. Other Comp. Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	2,491	2,516	(999)	(1,007)	2,516	(1,007)
Periodic pension costs, net of income taxes	(26)	(25)	8	8
Ending balance	2,465	2,491	(991)	(999)	2,465	(991)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	927,543	866,139	741,909	668,029	866,139	668,029
Net income	100,393	86,568	118,894	97,900
Share-based compensation, net of forfeitures	(43)	(103)	(180)	(796)
Ending balance	1,002,927	927,543	682,849	741,909	$ 1,002,927	$ 682,849
Dividend Paid
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends paid	$ (24,966)	$ (25,061)	$ (23,188)	$ (23,224)
Cash dividends per share of common stock (in USD per share)	$ 3.25	$ 3.25	$ 3	$ 3
Dividend Paid | Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends paid	$ (24,966)	$ (25,061)	$ (23,188)	$ (23,224)
Special Dividend Paid
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Special dividends paid			$ (154,586)
Cash dividends per share of common stock (in USD per share)			$ 20
Special Dividend Paid | Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Special dividends paid			$ (154,586)

Changes in Equity - Narrative (

Changes in Equity - Narrative (Details) $ in Millions	Nov. 01, 2022 USD ($)
Equity [Abstract]
Stock repurchase program, authorized amount	$ 250

Business Segment Reporting - Na

Business Segment Reporting - Narrative (Details) a in Thousands	Jun. 30, 2023 a
West Texas
Segment Reporting Information [Line Items]
Area of land (in acres)	886

Business Segment Reporting - Fi

Business Segment Reporting - Financial Results (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total consolidated revenues	$ 160,609		$ 176,270		$ 306,971	$ 323,605
Net income	100,393	$ 86,568	118,894	$ 97,900	186,961	216,794
Total capital expenditures	1,371		7,342		5,144	10,347
Depreciation, depletion and amortization	3,893		4,180		7,297	8,306
Land and resource management
Segment Reporting Information [Line Items]
Total consolidated revenues	101,320		133,385		205,343	246,732
Net income	69,633		96,074		134,976	177,230
Total capital expenditures	(31)		103		144	225
Depreciation, depletion and amortization	912		529		1,530	1,065
Water services and operations
Segment Reporting Information [Line Items]
Total consolidated revenues	59,289		42,885		101,628	76,873
Net income	30,760		22,820		51,985	39,564
Total capital expenditures	1,402		7,239		5,000	10,122
Depreciation, depletion and amortization	$ 2,981		$ 3,651		$ 5,767	$ 7,241

Business Segment Reporting - As

Business Segment Reporting - Assets and Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total consolidated assets	$ 1,001,324	$ 877,427
Total consolidated property, plant and equipment, net	84,324	85,478
Land and resource management
Segment Reporting Information [Line Items]
Total consolidated assets	845,847	735,193
Total consolidated property, plant and equipment, net	5,607	5,998
Water services and operations
Segment Reporting Information [Line Items]
Total consolidated assets	155,477	142,234
Total consolidated property, plant and equipment, net	$ 78,717	$ 79,480

Oil and Gas Producing Activit_2

Oil and Gas Producing Activities (Unaudited) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 Boe well	Jun. 30, 2022 Boe	Jun. 30, 2023 Boe well	Jun. 30, 2022 Boe	Dec. 31, 2022 well
Extractive Industries [Abstract]
Share of oil and gas produced in thousands per day | Boe	24,900	19,800	22,900	20,300
Number of oil and gas wells | well	593		593		584

Subsequent Events (Details)

Subsequent Events (Details)	Aug. 01, 2023 $ / shares
Dividend declared | Subsequent event
Subsequent Event [Line Items]
Annual cash dividend (in dollars per share)	$ 3.25