Texas Pacific Land (TPL) 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		22,974,914
Entity Central Index Key	0001811074
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 533,914	$ 725,169
Accounts receivable and accrued receivables, net	122,627	128,971
Prepaid expenses and other current assets	48,426	2,944
Tax like-kind exchange escrow	0	5,380
Prepaid income taxes	4,002	0
Total current assets	708,969	862,464
Real estate acquired	142,727	130,024
Property, plant and equipment, net	119,108	89,587
Royalty interests acquired, net	164,028	46,609
Intangible assets, net	35,773	21,025
Real estate and royalty interests assigned through the Declaration of Trust, no value assigned:
Other assets	4,964	6,689
Total assets	1,175,569	1,156,398
LIABILITIES AND EQUITY
Accounts payable and accrued expenses	40,560	22,501
Ad valorem and other taxes payable	7,860	10,761
Income taxes payable	2,217	4,795
Unearned revenue	6,694	6,330
Total current liabilities	57,331	44,387
Deferred taxes payable	44,528	42,365
Unearned revenue - noncurrent	20,625	25,006
Accrued liabilities - noncurrent	953	1,444
Total liabilities	123,437	113,202
Commitments and contingencies	0	0
Equity:
Preferred stock, $0.01 par value; 1,000,000 shares authorized, none outstanding as of September 30, 2024 and December 31, 2023	0	0
Common stock, $0.01 par value; 46,536,936 and 7,756,156 shares authorized as of September 30, 2024 and December 31, 2023, respectively, and 22,977,125 and 23,007,681 (as adjusted for stock split) outstanding as of September 30, 2024 and December 31, 2023, respectively	231	78
Treasury stock, at cost; 108,951 and 86,929 shares as of September 30, 2024 and December 31, 2023, respectively	(162,416)	(144,998)
Additional paid-in capital	16,391	14,613
Accumulated other comprehensive income	1,768	1,831
Retained earnings	1,196,158	1,171,672
Total equity	1,052,132	1,043,196
Total liabilities and equity	1,175,569	1,156,398
Land (surface rights)
Real estate and royalty interests assigned through the 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 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 Declaration of Trust, no value assigned:
1/128th nonparticipating perpetual royalty interest	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, par or stated 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 or stated value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	46,536,936
Common stock, outstanding (in shares)	22,977,125	23,007,681
Treasury stock (in shares)	108,951	86,929
Previously Reported
Common stock, authorized (in shares)		7,756,156
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 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 173,563	$ 157,967	$ 520,039	$ 464,938
Expenses:
Salaries and related employee expenses	14,030	11,499	39,262	32,688
Water service-related expenses	11,731	8,553	36,767	24,496
General and administrative expenses	4,029	3,859	12,626	10,738
Legal and professional fees	8,316	1,689	14,680	28,471
Ad valorem and other taxes	2,189	1,781	5,990	5,425
Land sales expenses	175	44	425	49
Depreciation, depletion and amortization	5,762	3,584	13,695	10,881
Total operating expenses	46,232	31,009	123,445	112,748
Operating income	127,331	126,958	396,594	352,190
Other income, net	8,086	7,979	31,249	20,239
Income before income taxes	135,417	134,937	427,843	372,429
Income tax expense	28,823	29,363	92,243	79,894
Net income	106,594	105,574	335,600	292,535
Other comprehensive loss — periodic pension costs, net of income taxes for the three and nine months ended September 30, 2024 and 2023 of $6, $7, $17, and $21, respectively	(21)	(26)	(63)	(77)
Total comprehensive income	$ 106,573	$ 105,548	$ 335,537	$ 292,458
Net income per share of common stock
Basic (in dollars per share)	$ 4.64	$ 4.58	$ 14.60	$ 12.69
Diluted (in dollars per share)	$ 4.63	$ 4.58	$ 14.58	$ 12.68
Weighted average number of shares of common stock outstanding
Basic (in shares)	22,979,781	23,026,563	22,990,213	23,054,073
Diluted (in shares)	23,012,169	23,045,323	23,016,733	23,072,955
Cash dividends per share of common stock (in dollars per share)	$ 11.17	$ 1.08	$ 13.51	$ 3.24
Oil and gas royalties
Revenues:
Total revenues	$ 94,444	$ 87,102	$ 276,377	$ 258,644
Water sales
Revenues:
Total revenues	36,211	26,422	113,987	85,799
Produced water royalties
Revenues:
Total revenues	27,727	20,849	76,034	61,824
Easements and other surface-related income
Revenues:
Total revenues	14,280	18,188	51,496	51,865
Land sales
Revenues:
Total revenues	$ 901	$ 5,406	$ 2,145	$ 6,806

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND TOTAL COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended					9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Periodic pension costs, net of income taxes	$ 6	$ 5	$ 6	$ 7	$ (8)	$ 17	$ 21

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 335,600	$ 292,535
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	13,695	10,881
Share-based compensation	8,989	8,112
Deferred taxes	2,163	(1,034)
Changes in operating assets and liabilities:
Operating assets, excluding income taxes	5,806	(19,554)
Operating liabilities, excluding income taxes	4,423	9,995
Income taxes payable	(2,578)	1,114
Prepaid income taxes	(4,002)	4,809
Cash provided by operating activities	364,096	306,858
Cash flows from investing activities:
Acquisition of royalty interests, net of post-close adjustments	(120,334)	(3,566)
Acquisition of a business	(45,000)	0
Deposit for acquisition	(42,952)	0
Acquisition of intangible assets	0	(21,403)
Acquisition of real estate	(1,026)	(20,320)
Purchase of fixed assets	(16,451)	(10,630)
Proceeds from sale of fixed assets	0	5
Cash used in investing activities	(225,763)	(55,914)
Cash flows from financing activities:
Dividends paid	(310,550)	(74,979)
Settlement of common stock repurchases	(22,795)	(32,325)
Shares exchanged for tax withholdings	(1,623)	(1,284)
Cash used in financing activities	(334,968)	(108,588)
Net increase in cash, cash equivalents and restricted cash	(196,635)	142,356
Cash, cash equivalents and restricted cash, beginning of period	730,549	517,182
Cash, cash equivalents and restricted cash, end of period	533,914	659,538
Supplemental disclosure of cash flow information:
Income taxes paid	96,648	74,984
Supplemental non-cash investing and financing information:
Increase in accounts payable related to capital expenditures	$ 5,543	$ (243)

Organization and Description of

Organization and Description of Business Segments	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business Segments	Organization and Description of Business Segments 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 873,000 surface acres of land, principally 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 8,000 additional net royalty acres (normalized to 1/8th) (“NRA”) for a collective total of approximately 199,000 NRA, principally concentrated in the Permian Basin. Our revenues are derived from oil and gas royalties, water sales, produced water royalties, easements and other surface-related (“SLEM”) income and land sales. On January 11, 2021, we completed our reorganization from a business trust, Texas Pacific Land Trust (the “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”). Increase in Authorized Shares of Common Stock As of December 31, 2023, the Company had authorized shares consisting of 1,000,000 shares of preferred stock, par value $0.01 per share (“Preferred Stock”), and 7,756,156 shares of common stock, par value $0.01 per share (“Common Stock”). On March 1, 2024, we filed a Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation of the Company (the “Certificate of Incorporation”) with the Secretary of State of the State of Delaware, pursuant to which the Certificate of Incorporation was amended and restated to provide that the total number of authorized shares of capital stock of the Company be increased to 47,536,936 shares of capital stock, consisting of 1,000,000 shares of Preferred Stock and 46,536,936 shares of Common Stock. Common Stock Split On March 26, 2024, we effected a three-for-one stock split in the form of a stock dividend of two shares of Common Stock for every share of Common Stock outstanding to stockholders of record as of March 18, 2024. All shares, stock awards, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance stock units (“PSUs”) and per share information have been retroactively adjusted to reflect the stock split. The three-for-one stock split was not applied to shares held as treasury stock. The shares of Common Stock retain a par value of $0.01 per share. Accordingly, an amount equal to the par value of the increased shares resulting from the stock split was reclassified from “Additional paid-in capital” to “Common Stock.” 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, 2023. 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 September 30, 2024 and the results of its operations for the three and nine months ended September 30, 2024 and 2023, and its cash flows for the nine months ended September 30, 2024 and 2023. 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 Quarterly Report, and 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, 2023. The results for the interim periods shown in this Quarterly 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 14, “Business Segment Reporting” for further information regarding our segments.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
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 condensed consolidated balance sheets that correspond to the same such amounts shown in the condensed consolidated statements of cash flows as of September 30, 2024 and December 31, 2023 (in thousands): September 30, December 31, Cash and cash equivalents $ 533,914 $ 725,169 Tax like-kind exchange escrow — 5,380 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 533,914 $ 730,549 Business Combinations and Asset Acquisitions We evaluate whether a transaction meets the definition of a business. We first apply a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen test is met, the transaction is accounted for as an asset acquisition. If the screen test is not met, we further consider whether the set of assets acquired have, at a minimum, inputs and processes that have the ability to create outputs in the form of revenue. If the assets acquired meet this criteria, the transaction is accounted for as a business combination. Acquisitions that qualify as an asset acquisition are accounted for using a cost accumulation model where the purchase price of the acquisition is allocated to the assets acquired on a relative fair value basis on the date of acquisition. We generally account for acquisitions of mineral and royalty interests as asset acquisitions. Inputs used to determine such fair values are primarily based upon internally-developed models, publicly-available drilling information, a risk-adjusted discount rate and publicly-available data regarding mineral transactions consummated by other buyers and sellers, as applicable. These fair values are considered Level 3 assets in the fair value hierarchy. Any associated acquisition costs are capitalized. Acquisitions that qualify as a business combination are accounted for using the acquisition method of accounting. The fair value of consideration transferred for an acquisition is allocated to the assets acquired and liabilities assumed based on their fair value on a nonrecurring basis on the acquisition date and are subject to fair value adjustments under certain circumstances. The excess of the consideration transferred over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Conversely, in the event the fair value of assets acquired and liabilities assumed is greater than the consideration transferred, a bargain purchase gain is recognized. Determining the fair value of assets acquired and liabilities assumed requires judgment and often involves the use of significant estimates and assumptions as fair values are not always readily determinable. Different techniques may be used to determine fair values, including market prices (where available), comparisons to transactions for similar assets and liabilities and the discounted net present value of estimated future cash flows, among others. We engage third-party valuation firms when appropriate to assist in the fair value determination of assets acquired and liabilities assumed. Acquisition-related expenses and transaction costs associated with business combinations are expensed as incurred. We may adjust the amounts recognized in an acquisition during a measurement period not to exceed one year from the date of acquisition, as a result of subsequently obtaining additional information that existed at the acquisition date.

Real Estate Activity

Real Estate Activity	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Real Estate Activity	Real Estate Activity As of September 30, 2024 and December 31, 2023, TPL owned the following land and real estate (in thousands, except number of acres): September 30, December 31, Number of Acres Net Book Value Number of Acres Net Book Value Land (surface rights) (1) 798,991 $ — 798,999 $ — Real estate acquired 74,124 142,727 69,447 130,024 Total real estate 873,115 $ 142,727 868,446 $ 130,024 (1) Real estate assigned through the Declaration of Trust. Land Acquisitions During the nine months ended September 30, 2024, we acquired 4,120 acres in a business combination with a fair value of $12.1 million and 640 acres of land for an aggregate purchase price of $1.0 million. See further discussion of the business combination at Note 3, “Assets Acquired in a Business Combination.” During the nine months ended September 30, 2023, we acquired 12,141 acres of land for an aggregate purchase price of $20.0 million. Land Sales

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment, net consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands): September 30, December 31, Property, plant and equipment, at cost: Water service-related assets (1) $ 175,269 $ 136,340 Furniture, fixtures and equipment 10,018 9,801 Other 598 598 Total property, plant and equipment, at cost 185,885 146,739 Less: accumulated depreciation (66,777) (57,152) Property, plant and equipment, net $ 119,108 $ 89,587 (1) Includes $17.2 million of assets acquired in a business combination. For further information, see Note 3, “Assets Acquired in a Business Combination.” Depreciation expense was $3.4 million and $3.0 million for the three months ended September 30, 2024 and 2023, respectively. Depreciation expense was $9.7 million and $9.3 million for the nine months ended September 30, 2024 and 2023, respectively.

Oil and Gas Royalty Interests

Oil and Gas Royalty Interests	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Oil and Gas Royalty Interests	Oil and Gas Royalty Interests As of September 30, 2024 and December 31, 2023, we owned the following oil and gas royalty interests (in thousands): September 30, December 31, Oil and gas royalty interests: 1/16th nonparticipating perpetual royalty interests (1) $ — $ — 1/128th nonparticipating perpetual royalty interests (1) — — Royalty interests acquired, at cost 171,828 51,494 Total royalty interests 171,828 51,494 Less: accumulated depletion (7,800) (4,885) Royalty interests, net $ 164,028 $ 46,609 (1) Royalty interests assigned through the Declaration of Trust. During the nine months ended September 30, 2024, we acquired oil and gas royalty interests in 4,106 NRA in Culberson County, Texas for a purchase price of approximately $120.3 million, net of post-close adjustments, in an all-cash transaction. The acquisition was completed in conjunction with another entity that assigned a share of its interest in a purchase and sales agreement with an unaffiliated seller to the Company. Each party paid a pro-rata share of the purchase price and closing costs to the seller. During the nine months ended September 30, 2023, we acquired oil and gas royalty interests in 119 NRA for an aggregate purchase price of approximately $3.6 million. There were no sales of oil and gas royalty interests during the nine months ended September 30, 2024 and 2023, respectively. Depletion expense was $1.9 million and $0.5 million for the three months ended September 30, 2024 and 2023, respectively. Depletion expense was $2.9 million and $1.4 million for the nine months ended September 30, 2024 and 2023, respectively.

Assets Acquired in a Business C

Assets Acquired in a Business Combination	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Assets Acquired in a Business Combination	Assets Acquired in a Business Combination On August 20, 2024, we acquired 4,120 acres of land along with other surface-related tangible and intangible assets (collectively referred to as the “Acquired Assets”) from an unaffiliated seller for total consideration of $45.0 million, in an all-cash transaction. There were no liabilities assumed by the Company in this transaction. The Acquired Assets generate revenue streams across water sales, produced water royalties, and SLEM revenue, and provide additional commercial growth opportunities for the Company to expand water sourcing and produced water opportunities to both new and existing customers. The Acquired Assets are located in the Midland Basin. The Acquired Assets included the following: Acquired Assets Balance Sheet Classification Business Segment 4,120 acres of land Real estate acquired Land and Resource Management Water sourcing assets, including water pits, water wells, pipes and electrical infrastructure Property, plant and equipment Water Services and Operations A 25% non-operating working interest in an existing saltwater disposal (“SWD”) system Property, plant and equipment Water Services and Operations Contractual right to a 10% royalty on produced water revenue generated from the SWD system Intangible assets Water Services and Operations Contractual right to a 7.5% royalty on revenue generated from nonhazardous oilfield solids waste disposal site Intangible assets Land and Resource Management The combination of the 25% non-operating working interest and the 10% royalty interest from the SWD system entitles the Company to 32.5% of produced water revenues generated from the SWD system. As a 25% non-operating working interest owner, the Company is also responsible for its 25% share of operating expenses associated with the SWD system. The operator of the SWD system is responsible for the day-to-day management and operations. Of the 4,120 acres of land acquired, approximately 392 acres are leased to, and operated by, an environmental solution (“ES”) company that operates a nonhazardous oilfield solids waste disposal site. The ES company pays a 7.5% royalty, on revenue generated, to the Company. The Company reports this as SLEM revenue. The acquisition was accounted for as a business combination using the acquisition method, and therefore, the Acquired Assets were recorded based on their fair value on a nonrecurring basis on the date of acquisition and are subject to fair value adjustments under certain circumstances. When determining the fair values of assets acquired, management made estimates, judgements and assumptions. Inputs used to determine fair values of assets included internally-developed models, risk-adjusted discount rates by asset class, publicly available data on land sales comparisons and other costs analysis. These fair values are considered Level 3 assets in the fair value hierarchy. There was no goodwill recorded on this acquisition. The Company’s determination of the fair value attributable to the Acquired Assets based on the fair value at the acquisition date is preliminary. Certain data necessary to complete the purchase price allocation is subject to change. We expect to complete the purchase price allocation prior to December 31, 2024, during which time the value of the assets may be revised as appropriate. The following table presents the allocation of fair value by asset class as of August 20, 2024 (in thousands): Real estate acquired $ 12,100 Property, plant and equipment 17,200 Intangible assets 15,700 Total consideration and fair value $ 45,000 The Company incurred $0.1 million of transaction-related costs related to this asset acquisition during the nine months ended September 30, 2024 and such costs are included in general and administrative expenses in the condensed consolidated statements of income. From August 20, 2024 through September 30, 2024, revenues and operating expenses from the business combination were approximately $0.7 million and $0.1 million, respectively, and are included in our condensed consolidated statements of income. Pro forma financial information is not disclosed as the acquisition was deemed not to have a material impact on our results of operations.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets, net consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands): September 30, December 31, Intangible assets, at cost: Saltwater disposal easement $ 17,557 $ 17,557 Contracts acquired in a business combination (1) 15,700 — Groundwater rights acquired 3,846 3,846 Total intangible assets, at cost (2) 37,103 21,403 Less: accumulated amortization (1,330) (378) Intangible assets, net $ 35,773 $ 21,025 (1) See further discussion in Note 3, “Assets Acquired in a Business Combination.” (2) The remaining weighted average amortization period for total intangible assets was 15.8 years as of September 30, 2024. Amortization of intangible assets was $0.4 million and $1.0 million for the three and nine months ended September 30, 2024, respectively. Amortization of intangible assets was $0.1 million for the three and nine months ended September 30, 2023. The estimated future annual amortization expense of intangible assets is $0.6 million for the remainder of 2024, $2.3 million for each year of 2025 through 2029, and $23.7 million thereafter.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation The Company grants share-based compensation to employees under the Texas Pacific Land Corporation 2021 Incentive Plan (the “2021 Plan”) and to its non-employee directors under the 2021 Non-Employee Director Stock and Deferred Compensation Plan (the “2021 Directors Plan” and, with the 2021 Plan, collectively referred to herein as the “Plans”). In conjunction with the three-for-one stock split effected on March 26, 2024, the Plans were adjusted to increase the authorized number of shares that may be issued under the Plans. As of September 30, 2024, share-based compensation granted under the Plans has included these award types: stock awards, RSAs, RSUs and 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 years if the performance metrics are achieved (as discussed further below). RSAs granted prior to October 31, 2023 under the 2021 Directors Plan vested on the first anniversary of the award. Effective October 31, 2023, the 2021 Directors Plan was amended such that stock awards granted vest in full on the date of grant. Incentive Plan for Employees The maximum aggregate number of shares of the Company’s Common Stock that may be issued under the 2021 Plan is 225,000 shares, which may consist, in whole or in part, of authorized and unissued shares, treasury shares, or shares reacquired by the Company in any manner. As of September 30, 2024, 136,238 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 nine months ended September 30, 2024 and 2023: Nine Months Ended September 30, 2024 2023 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) — $ — 18,675 $ 527 4,011 $ 417 16,836 $ 441 Granted (2) — — 12,655 481 — — 8,544 641 Vested (3) — — (7,812) 507 — — (5,592) 441 Cancelled and forfeited — — (306) 528 — — — — Nonvested at end of period — $ — 23,212 $ 509 4,011 $ 417 19,788 $ 528 (1) There were 4,011 RSAs unvested as of September 30, 2023. As of December 31, 2023, the 4,011 RSAs had either vested or had been forfeited. No additional RSAs have been granted under the 2021 plan. (2) RSUs vest in one-third increments over a three-year period. (3) Of the 7,812 RSUs that vested during the nine months ended September 30, 2024, 2,948 RSUs were surrendered by employees to the Company upon vesting to settle tax withholdings. The following table summarizes activity related to PSUs for the nine months ended September 30, 2024 and 2023: Nine Months Ended September 30, 2024 2023 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) 12,738 $ 595 7,182 $ 452 Granted (2) 8,340 538 5,556 781 Vested — — — — Cancelled and forfeited — — — — Nonvested at end of period 21,078 $ 573 12,738 $ 595 (1) Nonvested PSUs as of January 1, 2024 include 6,369 RTSR (as defined below) PSUs and 6,369 FCF (as defined below) PSUs. If the maximum amount of the performance metrics described in the PSU agreements are achieved, the actual number of shares that will ultimately be awarded under the PSU agreements will exceed target PSUs by 100% (i.e., a collective 12,738 additional shares would be issued). (2) The PSUs were granted on February 13, 2024 and include 4,170 RTSR PSUs (based on target) with a grant date fair value of $602 per share and 4,170 FCF PSUs (based on target) with a grant date fair value of $475 per share. If the maximum amount of the performance metrics described in the PSU agreements are achieved, the actual number of shares that will ultimately be awarded under the PSU agreements will exceed target PSUs by 100% (i.e., a collective 8,340 additional shares 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 SPDR ® S&P ® Oil & Gas Exploration & Production ETF (“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. Because 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. The inputs for the Monte Carlo simulation model are designated as Level 2 within the fair value hierarchy. 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 30,000 shares, which may consist, in whole or in part, of authorized and unissued shares, treasury shares, or shares reacquired by the Company in any manner. As of September 30, 2024, 24,219 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 nine months ended September 30, 2024 and 2023: Nine Months Ended September 30, 2024 2023 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 1,134 $ 781 2,097 $ 427 Granted (1) — — 1,458 781 Vested (1,134) 781 (2,097) 427 Cancelled and forfeited — — — — Nonvested at end of period — $ — 1,458 $ 781 (1) RSAs granted prior to October 31, 2023 vest on the first anniversary of the grant date. In January 2024, the Company granted a total of 2,160 shares of Common Stock with a grant date fair value of $524 per share, which was the closing price of its Common Stock on the date of grant, to the members of the Company’s board of directors (the “Board”). The stock awards were vested in full on the date of 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 Nine Months Ended 2024 2023 2024 2023 Salaries and related employee expenses (employee awards) $ 2,935 $ 2,502 $ 7,855 $ 7,217 General and administrative expenses (director awards) — 287 1,134 895 Total share-based compensation expense (1) $ 2,935 $ 2,789 $ 8,989 $ 8,112 (1) The Company recognized a tax benefit of $0.6 million related to share-based compensation for each of the three months ended September 30, 2024 and 2023. The Company recognized a tax benefit of $1.9 million and $1.7 million related to share-based compensation for the nine months ended September 30, 2024 and 2023, respectively.

Other Income, Net

Other Income, Net	9 Months Ended
	Sep. 30, 2024
Other Income and Expenses [Abstract]
Other Income, Net	Other Income, Net Other income, net, includes interest earned on our cash balances and miscellaneous income (expense). Other income, net for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Other income, net: Interest earned on cash and cash equivalents, net $ 7,913 $ 7,850 $ 28,475 $ 19,849 Miscellaneous income (expense), net (1) 173 129 2,774 390 Total other income, net $ 8,086 $ 7,979 $ 31,249 $ 20,239 (1) During the nine months ended September 30, 2024, miscellaneous income (expense), net includes $1.9 million of proceeds from a settlement with a title company regarding a defect in title to property acquired in a prior year.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The calculation of our effective tax rate was as follows for the three and nine months ended September 30, 2024 and 2023 (in thousands, except percentages): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Income before income taxes $ 135,417 $ 134,937 $ 427,843 $ 372,429 Income tax expense $ 28,823 $ 29,363 $ 92,243 $ 79,894 Effective tax rate 21.3 % 21.8 % 21.6 % 21.5 % 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	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic 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 nine months ended September 30, 2024 and 2023 (in thousands, except number of shares and per share data): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Net income $ 106,594 $ 105,574 $ 335,600 $ 292,535 Basic earnings per share: Weighted average shares outstanding for basic earnings per share 22,979,781 23,026,563 22,990,213 23,054,073 Basic earnings per share $ 4.64 $ 4.58 $ 14.60 $ 12.69 Diluted earnings per share: Weighted average shares outstanding for basic earnings per share 22,979,781 23,026,563 22,990,213 23,054,073 Effect of dilutive securities: Incentive and equity compensation plans 32,388 18,760 26,520 18,882 Weighted average shares outstanding for diluted earnings per share 23,012,169 23,045,323 23,016,733 23,072,955 Diluted earnings per share $ 4.63 $ 4.58 $ 14.58 $ 12.68 Restricted stock, if any, 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 were anti-dilutive for the three and nine months ended September 30, 2023. There were no anti-dilutive securities for the three and nine months ended September 30, 2024.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024, other than as described below. 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. After the completion of our Corporate Reorganization, we received notice from a third party that it no longer intended 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 party 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 September 30, 2024.

Changes in Equity

Changes in Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Changes in Equity	Changes in Equity The following tables present changes in our equity for the nine months ended September 30, 2024 and 2023 (in thousands, except shares and per share amounts): Common Stock Treasury Stock Additional Paid-in Capital Accum. Retained Earnings Total Shares Amount For the nine months ended September 30, 2024: Balances as of December 31, 2023 23,007,681 $ 78 $ (144,998) $ 14,613 $ 1,831 $ 1,171,672 $ 1,043,196 Net income — — — — — 114,417 114,417 Issuance of common stock related to stock split — 153 — (153) — — — Dividends paid — $1.17 per share of common stock — — — — — (26,907) (26,907) Share-based compensation, net of forfeitures 8,373 — 4,698 (1,297) — 15 3,416 Repurchases of common stock and related excise taxes (20,106) — (10,445) — — — (10,445) Shares exchanged for tax withholdings (2,469) — (1,207) — — — (1,207) Periodic pension costs, net of income taxes of $6 — — — — (21) — (21) Balances as of March 31, 2024 22,993,479 231 (151,952) 13,163 1,810 1,259,197 1,122,449 Net income — — — — — 114,589 114,589 Dividends paid — $1.17 per share of common stock — — — — — (26,894) (26,894) Share-based compensation, net of forfeitures — — — 2,700 — (58) 2,642 Repurchases of common stock and related excise taxes (10,087) — (6,344) — — — (6,344) Periodic pension costs, net of income taxes of $5 — — — — (21) — (21) Balances as of June 30, 2024 22,983,392 231 (158,296) 15,863 1,789 1,346,834 1,206,421 Net income — — — — — 106,594 106,594 Dividends paid — $1.17 per share of common stock — — — — — (26,915) (26,915) Special dividends paid — $10.00 per share of common stock — — — — — (229,834) (229,834) Share-based compensation, net of forfeitures 1,599 — 2,430 528 — (521) 2,437 Repurchases of common stock and related excise taxes (7,387) — (6,134) — — — (6,134) Shares exchanged for tax withholdings (479) — (416) — — — (416) Periodic pension costs, net of income taxes of $6 — — — — (21) — (21) Balances as of September 30, 2024 22,977,125 $ 231 $ (162,416) $ 16,391 $ 1,768 $ 1,196,158 $ 1,052,132 Common Stock Treasury Stock Additional Paid-in Capital Accum. Retained Earnings Total Shares Amount For the nine months ended September 30, 2023: Balances as of December 31, 2022 23,087,037 $ 78 $ (104,139) $ 8,293 $ 2,516 $ 866,139 $ 772,887 Net income — — — — — 86,568 86,568 Dividends paid — $1.08 per share of common stock — — — — — (25,061) (25,061) Share-based compensation, net of forfeitures 5,268 — 3,033 (560) — (103) 2,370 Repurchases of common stock and related excise taxes (10,881) — (6,749) — — — (6,749) Shares exchanged for tax withholdings (1,464) — (939) — — — (939) Periodic pension costs, net of income taxes of $6 — — — — (25) — (25) Balances as of March 31, 2023 23,079,960 78 (108,794) 7,733 2,491 927,543 829,051 Net income — — — — — 100,393 100,393 Dividends paid — $1.08 per share of common stock — — — — — (24,966) (24,966) Share-based compensation, net of forfeitures — — — 2,849 — (43) 2,806 Repurchases of common stock and related excise taxes (42,525) — (19,708) — — — (19,708) Periodic pension costs, net of income taxes of $8 — — — — (26) — (26) Balances as of June 30, 2023 23,037,435 78 (128,502) 10,582 2,465 1,002,927 887,550 Net income — — — — — 105,574 105,574 Dividends paid — $1.08 per share of common stock — — — — — (24,952) (24,952) Share-based compensation, net of forfeitures 1,782 — 990 1,800 — (38) 2,752 Repurchases of common stock and related excise taxes (10,692) — (5,995) — — — (5,995) Shares exchanged for tax withholdings (543) — (345) — — — (345) Periodic pension costs, net of income taxes of $7 — — — — (26) — (26) Balances as of September 30, 2023 23,027,982 $ 78 $ (133,852) $ 12,382 $ 2,439 $ 1,083,511 $ 964,558 Increase in Authorized Shares of Common Stock On March 1, 2024, the Company increased its authorized shares of capital stock to 47,536,936, consisting of 1,000,000 shares of Preferred Stock and 46,536,936 shares of Common Stock. For further information see Note 1, “Organization and Description of Business Segments.” Stock Repurchase Program On November 1, 2022, our Board approved a stock repurchase program, which became effective January 1, 2023, to purchase up to an aggregate of $250.0 million of our outstanding Common Stock. The Company opportunistically repurchases stock under the stock repurchase program with funds generated by cash from operations. This stock repurchase program may be suspended from time to time, modified, extended or discontinued by the Board 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 are subject to market conditions, applicable legal requirements and other factors.

Business Segment Reporting

Business Segment Reporting	9 Months Ended
	Sep. 30, 2024
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 873,000 surface acres of land and our approximately 199,000 NRA of oil and gas royalty interests, 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. The following table presents segment financial results for the three and nine months ended September 30, 2024 and 2023 (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenues: Land and resource management $ 106,648 $ 109,933 $ 322,165 $ 315,276 Water services and operations 66,915 48,034 197,874 149,662 Total consolidated revenues $ 173,563 $ 157,967 $ 520,039 $ 464,938 Net income: Land and resource management $ 71,870 $ 82,884 $ 232,970 $ 217,860 Water services and operations 34,724 22,690 102,630 74,675 Total consolidated net income $ 106,594 $ 105,574 $ 335,600 $ 292,535 Capital expenditures: Land and resource management $ 66 $ 47 $ 210 $ 191 Water services and operations 9,767 5,196 21,784 10,196 Total capital expenditures $ 9,833 $ 5,243 $ 21,994 $ 10,387 Depreciation, depletion and amortization: Land and resource management $ 2,135 $ 703 $ 3,641 $ 2,233 Water services and operations 3,627 2,881 10,054 8,648 Total depreciation, depletion and amortization $ 5,762 $ 3,584 $ 13,695 $ 10,881 The following table presents total assets and property, plant and equipment, net by segment as of September 30, 2024 and December 31, 2023 (in thousands): September 30, December 31, Assets: Land and resource management $ 954,411 $ 975,136 Water services and operations 221,158 181,262 Total consolidated assets $ 1,175,569 $ 1,156,398 Property, plant and equipment, net: Land and resource management $ 4,937 $ 5,322 Water services and operations 114,171 84,265 Total consolidated property, plant and equipment, net $ 119,108 $ 89,587

Oil and Gas Producing Activitie

Oil and Gas Producing Activities	9 Months Ended
	Sep. 30, 2024
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 each of the three months ended September 30, 2024 and 2023, our share of oil and gas produced was approximately 28.3 and 21.8 thousand Boe per day, respectively. For the nine months ended September 30, 2024 and 2023, our share of oil and gas produced was approximately 26.0 and 22.6 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 where we have a royalty interest that have been permitted but are still awaiting drilling and completion activity. In addition, we have also identified oil and gas wells where we have a royalty interest that have been drilled but are not yet completed (“DUC”). These permitted and DUC wells represent potential near-term candidates for further development by operators towards ultimately being placed into production. We have identified 496 permitted gross wells (an estimated 6.9 net wells) and 673 DUC wells (an estimated 11.8 net wells) subject to our royalty interest as of September 30, 2024. The number of permitted and DUC wells is determined using uniform drilling spacing units with pooled interests for all wells awaiting completion.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
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: Royalty Interest Acquisition On October 2, 2024, we acquired approximately 7,490 NRA located primarily in the Midland Basin in Martin, Midland and other counties, with over 80% of the acquired interests adjacent to or overlapping existing TPL surface and royalty acreage for total cash consideration of $276.4 million, $43.0 million of which represented a deposit held in escrow as of September 30, 2024 and recorded in prepaid expenses and other current assets on the condensed consolidated balance sheet and reported as a cash outflow in the investing section of the condensed consolidated statements of cash flows. Dividends Declared On November 4, 2024, our Board declared a quarterly cash dividend of $1.60 per share, payable on December 16, 2024 to stockholders of record at the close of business on December 2, 2024. *****

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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, 2023. 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 September 30, 2024 and the results of its operations for the three and nine months ended September 30, 2024 and 2023, and its cash flows for the nine months ended September 30, 2024 and 2023. 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 Quarterly Report, and 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, 2023. The results for the interim periods shown in this Quarterly 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
Business Combinations and Asset Acquisitions	Business Combinations and Asset Acquisitions We evaluate whether a transaction meets the definition of a business. We first apply a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen test is met, the transaction is accounted for as an asset acquisition. If the screen test is not met, we further consider whether the set of assets acquired have, at a minimum, inputs and processes that have the ability to create outputs in the form of revenue. If the assets acquired meet this criteria, the transaction is accounted for as a business combination. Acquisitions that qualify as an asset acquisition are accounted for using a cost accumulation model where the purchase price of the acquisition is allocated to the assets acquired on a relative fair value basis on the date of acquisition. We generally account for acquisitions of mineral and royalty interests as asset acquisitions. Inputs used to determine such fair values are primarily based upon internally-developed models, publicly-available drilling information, a risk-adjusted discount rate and publicly-available data regarding mineral transactions consummated by other buyers and sellers, as applicable. These fair values are considered Level 3 assets in the fair value hierarchy. Any associated acquisition costs are capitalized. Acquisitions that qualify as a business combination are accounted for using the acquisition method of accounting. The fair value of consideration transferred for an acquisition is allocated to the assets acquired and liabilities assumed based on their fair value on a nonrecurring basis on the acquisition date and are subject to fair value adjustments under certain circumstances. The excess of the consideration transferred over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Conversely, in the event the fair value of assets acquired and liabilities assumed is greater than the consideration transferred, a bargain purchase gain is recognized. Determining the fair value of assets acquired and liabilities assumed requires judgment and often involves the use of significant estimates and assumptions as fair values are not always readily determinable. Different techniques may be used to determine fair values, including market prices (where available), comparisons to transactions for similar assets and liabilities and the discounted net present value of estimated future cash flows, among others. We engage third-party valuation firms when appropriate to assist in the fair value determination of assets acquired and liabilities assumed. Acquisition-related expenses and transaction costs associated with business combinations are expensed as incurred. We may adjust the amounts recognized in an acquisition during a measurement period not to exceed one year from the date of acquisition, as a result of subsequently obtaining additional information that existed at the acquisition date.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
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 condensed consolidated balance sheets that correspond to the same such amounts shown in the condensed consolidated statements of cash flows as of September 30, 2024 and December 31, 2023 (in thousands): September 30, December 31, Cash and cash equivalents $ 533,914 $ 725,169 Tax like-kind exchange escrow — 5,380 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 533,914 $ 730,549

Real Estate Activity (Tables)

Real Estate Activity (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Schedule of Real Estate Activity	As of September 30, 2024 and December 31, 2023, TPL owned the following land and real estate (in thousands, except number of acres): September 30, December 31, Number of Acres Net Book Value Number of Acres Net Book Value Land (surface rights) (1) 798,991 $ — 798,999 $ — Real estate acquired 74,124 142,727 69,447 130,024 Total real estate 873,115 $ 142,727 868,446 $ 130,024 (1) Real estate assigned through the Declaration of Trust.

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment, net consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands): September 30, December 31, Property, plant and equipment, at cost: Water service-related assets (1) $ 175,269 $ 136,340 Furniture, fixtures and equipment 10,018 9,801 Other 598 598 Total property, plant and equipment, at cost 185,885 146,739 Less: accumulated depreciation (66,777) (57,152) Property, plant and equipment, net $ 119,108 $ 89,587 (1) Includes $17.2 million of assets acquired in a business combination. For further information, see Note 3, “Assets Acquired in a Business Combination.”

Oil and Gas Royalty Interests (

Oil and Gas Royalty Interests (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Schedule of Royalty Interests	As of September 30, 2024 and December 31, 2023, we owned the following oil and gas royalty interests (in thousands): September 30, December 31, Oil and gas royalty interests: 1/16th nonparticipating perpetual royalty interests (1) $ — $ — 1/128th nonparticipating perpetual royalty interests (1) — — Royalty interests acquired, at cost 171,828 51,494 Total royalty interests 171,828 51,494 Less: accumulated depletion (7,800) (4,885) Royalty interests, net $ 164,028 $ 46,609 (1) Royalty interests assigned through the Declaration of Trust.

Assets Acquired in a Business_2

Assets Acquired in a Business Combination (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Property, plant and equipment, Real Estate and Other Intangible Assets	The Acquired Assets included the following: Acquired Assets Balance Sheet Classification Business Segment 4,120 acres of land Real estate acquired Land and Resource Management Water sourcing assets, including water pits, water wells, pipes and electrical infrastructure Property, plant and equipment Water Services and Operations A 25% non-operating working interest in an existing saltwater disposal (“SWD”) system Property, plant and equipment Water Services and Operations Contractual right to a 10% royalty on produced water revenue generated from the SWD system Intangible assets Water Services and Operations Contractual right to a 7.5% royalty on revenue generated from nonhazardous oilfield solids waste disposal site Intangible assets Land and Resource Management
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination	The following table presents the allocation of fair value by asset class as of August 20, 2024 (in thousands): Real estate acquired $ 12,100 Property, plant and equipment 17,200 Intangible assets 15,700 Total consideration and fair value $ 45,000

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Net	Intangible assets, net consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands): September 30, December 31, Intangible assets, at cost: Saltwater disposal easement $ 17,557 $ 17,557 Contracts acquired in a business combination (1) 15,700 — Groundwater rights acquired 3,846 3,846 Total intangible assets, at cost (2) 37,103 21,403 Less: accumulated amortization (1,330) (378) Intangible assets, net $ 35,773 $ 21,025 (1) See further discussion in Note 3, “Assets Acquired in a Business Combination.” (2)

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
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 nine months ended September 30, 2024 and 2023: Nine Months Ended September 30, 2024 2023 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) — $ — 18,675 $ 527 4,011 $ 417 16,836 $ 441 Granted (2) — — 12,655 481 — — 8,544 641 Vested (3) — — (7,812) 507 — — (5,592) 441 Cancelled and forfeited — — (306) 528 — — — — Nonvested at end of period — $ — 23,212 $ 509 4,011 $ 417 19,788 $ 528 (1) There were 4,011 RSAs unvested as of September 30, 2023. As of December 31, 2023, the 4,011 RSAs had either vested or had been forfeited. No additional RSAs have been granted under the 2021 plan. (2) RSUs vest in one-third increments over a three-year period. (3) Of the 7,812 RSUs that vested during the nine months ended September 30, 2024, 2,948 RSUs were surrendered by employees to the Company upon vesting to settle tax withholdings. The following table summarizes activity related to the RSAs under the 2021 Directors Plan for the nine months ended September 30, 2024 and 2023: Nine Months Ended September 30, 2024 2023 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 1,134 $ 781 2,097 $ 427 Granted (1) — — 1,458 781 Vested (1,134) 781 (2,097) 427 Cancelled and forfeited — — — — Nonvested at end of period — $ — 1,458 $ 781 (1) RSAs granted prior to October 31, 2023 vest on the first anniversary of the grant date.
Schedule of Performance Share Units Activity	The following table summarizes activity related to PSUs for the nine months ended September 30, 2024 and 2023: Nine Months Ended September 30, 2024 2023 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) 12,738 $ 595 7,182 $ 452 Granted (2) 8,340 538 5,556 781 Vested — — — — Cancelled and forfeited — — — — Nonvested at end of period 21,078 $ 573 12,738 $ 595 (1) Nonvested PSUs as of January 1, 2024 include 6,369 RTSR (as defined below) PSUs and 6,369 FCF (as defined below) PSUs. If the maximum amount of the performance metrics described in the PSU agreements are achieved, the actual number of shares that will ultimately be awarded under the PSU agreements will exceed target PSUs by 100% (i.e., a collective 12,738 additional shares would be issued). (2) The PSUs were granted on February 13, 2024 and include 4,170 RTSR PSUs (based on target) with a grant date fair value of $602 per share and 4,170 FCF PSUs (based on target) with a grant date fair value of $475 per share. If the maximum amount of the performance metrics described in the PSU agreements are achieved, the actual number of shares that will ultimately be awarded under the PSU agreements will exceed target PSUs by 100% (i.e., a collective 8,340 additional shares 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 Nine Months Ended 2024 2023 2024 2023 Salaries and related employee expenses (employee awards) $ 2,935 $ 2,502 $ 7,855 $ 7,217 General and administrative expenses (director awards) — 287 1,134 895 Total share-based compensation expense (1) $ 2,935 $ 2,789 $ 8,989 $ 8,112 (1) The Company recognized a tax benefit of $0.6 million related to share-based compensation for each of the three months ended September 30, 2024 and 2023. The Company recognized a tax benefit of $1.9 million and $1.7 million related to share-based compensation for the nine months ended September 30, 2024 and 2023, respectively.

Other Income, Net (Tables)

Other Income, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Other Income and Expenses [Abstract]
Schedule of Other Income, Net	Other income, net for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Other income, net: Interest earned on cash and cash equivalents, net $ 7,913 $ 7,850 $ 28,475 $ 19,849 Miscellaneous income (expense), net (1) 173 129 2,774 390 Total other income, net $ 8,086 $ 7,979 $ 31,249 $ 20,239 (1) During the nine months ended September 30, 2024, miscellaneous income (expense), net includes $1.9 million of proceeds from a settlement with a title company regarding a defect in title to property acquired in a prior year.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Calculation of Effective Tax	The calculation of our effective tax rate was as follows for the three and nine months ended September 30, 2024 and 2023 (in thousands, except percentages): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Income before income taxes $ 135,417 $ 134,937 $ 427,843 $ 372,429 Income tax expense $ 28,823 $ 29,363 $ 92,243 $ 79,894 Effective tax rate 21.3 % 21.8 % 21.6 % 21.5 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
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 nine months ended September 30, 2024 and 2023 (in thousands, except number of shares and per share data): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Net income $ 106,594 $ 105,574 $ 335,600 $ 292,535 Basic earnings per share: Weighted average shares outstanding for basic earnings per share 22,979,781 23,026,563 22,990,213 23,054,073 Basic earnings per share $ 4.64 $ 4.58 $ 14.60 $ 12.69 Diluted earnings per share: Weighted average shares outstanding for basic earnings per share 22,979,781 23,026,563 22,990,213 23,054,073 Effect of dilutive securities: Incentive and equity compensation plans 32,388 18,760 26,520 18,882 Weighted average shares outstanding for diluted earnings per share 23,012,169 23,045,323 23,016,733 23,072,955 Diluted earnings per share $ 4.63 $ 4.58 $ 14.58 $ 12.68

Changes in Equity (Tables)

Changes in Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Stockholders Equity	The following tables present changes in our equity for the nine months ended September 30, 2024 and 2023 (in thousands, except shares and per share amounts): Common Stock Treasury Stock Additional Paid-in Capital Accum. Retained Earnings Total Shares Amount For the nine months ended September 30, 2024: Balances as of December 31, 2023 23,007,681 $ 78 $ (144,998) $ 14,613 $ 1,831 $ 1,171,672 $ 1,043,196 Net income — — — — — 114,417 114,417 Issuance of common stock related to stock split — 153 — (153) — — — Dividends paid — $1.17 per share of common stock — — — — — (26,907) (26,907) Share-based compensation, net of forfeitures 8,373 — 4,698 (1,297) — 15 3,416 Repurchases of common stock and related excise taxes (20,106) — (10,445) — — — (10,445) Shares exchanged for tax withholdings (2,469) — (1,207) — — — (1,207) Periodic pension costs, net of income taxes of $6 — — — — (21) — (21) Balances as of March 31, 2024 22,993,479 231 (151,952) 13,163 1,810 1,259,197 1,122,449 Net income — — — — — 114,589 114,589 Dividends paid — $1.17 per share of common stock — — — — — (26,894) (26,894) Share-based compensation, net of forfeitures — — — 2,700 — (58) 2,642 Repurchases of common stock and related excise taxes (10,087) — (6,344) — — — (6,344) Periodic pension costs, net of income taxes of $5 — — — — (21) — (21) Balances as of June 30, 2024 22,983,392 231 (158,296) 15,863 1,789 1,346,834 1,206,421 Net income — — — — — 106,594 106,594 Dividends paid — $1.17 per share of common stock — — — — — (26,915) (26,915) Special dividends paid — $10.00 per share of common stock — — — — — (229,834) (229,834) Share-based compensation, net of forfeitures 1,599 — 2,430 528 — (521) 2,437 Repurchases of common stock and related excise taxes (7,387) — (6,134) — — — (6,134) Shares exchanged for tax withholdings (479) — (416) — — — (416) Periodic pension costs, net of income taxes of $6 — — — — (21) — (21) Balances as of September 30, 2024 22,977,125 $ 231 $ (162,416) $ 16,391 $ 1,768 $ 1,196,158 $ 1,052,132 Common Stock Treasury Stock Additional Paid-in Capital Accum. Retained Earnings Total Shares Amount For the nine months ended September 30, 2023: Balances as of December 31, 2022 23,087,037 $ 78 $ (104,139) $ 8,293 $ 2,516 $ 866,139 $ 772,887 Net income — — — — — 86,568 86,568 Dividends paid — $1.08 per share of common stock — — — — — (25,061) (25,061) Share-based compensation, net of forfeitures 5,268 — 3,033 (560) — (103) 2,370 Repurchases of common stock and related excise taxes (10,881) — (6,749) — — — (6,749) Shares exchanged for tax withholdings (1,464) — (939) — — — (939) Periodic pension costs, net of income taxes of $6 — — — — (25) — (25) Balances as of March 31, 2023 23,079,960 78 (108,794) 7,733 2,491 927,543 829,051 Net income — — — — — 100,393 100,393 Dividends paid — $1.08 per share of common stock — — — — — (24,966) (24,966) Share-based compensation, net of forfeitures — — — 2,849 — (43) 2,806 Repurchases of common stock and related excise taxes (42,525) — (19,708) — — — (19,708) Periodic pension costs, net of income taxes of $8 — — — — (26) — (26) Balances as of June 30, 2023 23,037,435 78 (128,502) 10,582 2,465 1,002,927 887,550 Net income — — — — — 105,574 105,574 Dividends paid — $1.08 per share of common stock — — — — — (24,952) (24,952) Share-based compensation, net of forfeitures 1,782 — 990 1,800 — (38) 2,752 Repurchases of common stock and related excise taxes (10,692) — (5,995) — — — (5,995) Shares exchanged for tax withholdings (543) — (345) — — — (345) Periodic pension costs, net of income taxes of $7 — — — — (26) — (26) Balances as of September 30, 2023 23,027,982 $ 78 $ (133,852) $ 12,382 $ 2,439 $ 1,083,511 $ 964,558

Business Segment Reporting (Tab

Business Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Financial Results	The following table presents segment financial results for the three and nine months ended September 30, 2024 and 2023 (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenues: Land and resource management $ 106,648 $ 109,933 $ 322,165 $ 315,276 Water services and operations 66,915 48,034 197,874 149,662 Total consolidated revenues $ 173,563 $ 157,967 $ 520,039 $ 464,938 Net income: Land and resource management $ 71,870 $ 82,884 $ 232,970 $ 217,860 Water services and operations 34,724 22,690 102,630 74,675 Total consolidated net income $ 106,594 $ 105,574 $ 335,600 $ 292,535 Capital expenditures: Land and resource management $ 66 $ 47 $ 210 $ 191 Water services and operations 9,767 5,196 21,784 10,196 Total capital expenditures $ 9,833 $ 5,243 $ 21,994 $ 10,387 Depreciation, depletion and amortization: Land and resource management $ 2,135 $ 703 $ 3,641 $ 2,233 Water services and operations 3,627 2,881 10,054 8,648 Total depreciation, depletion and amortization $ 5,762 $ 3,584 $ 13,695 $ 10,881
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 September 30, 2024 and December 31, 2023 (in thousands): September 30, December 31, Assets: Land and resource management $ 954,411 $ 975,136 Water services and operations 221,158 181,262 Total consolidated assets $ 1,175,569 $ 1,156,398 Property, plant and equipment, net: Land and resource management $ 4,937 $ 5,322 Water services and operations 114,171 84,265 Total consolidated property, plant and equipment, net $ 119,108 $ 89,587

Organization and Description _2

Organization and Description of Business Segments (Details)		6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 26, 2024 $ / shares shares	Jun. 30, 2024	Sep. 30, 2024 a segment $ / shares shares	Dec. 31, 2023 $ / shares shares	Mar. 01, 2024 shares
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of land (in acres)			640
Preferred stock, authorized (in shares) | shares			1,000,000	1,000,000
Certificates of proprietary interest, par value (in dollars per share) | $ / shares			$ 0.01	$ 0.01
Common stock, authorized (in shares) | shares			46,536,936
Common stock, par value (in dollars per share) | $ / shares	$ 0.01		$ 0.01	$ 0.01
Capital stock, authorized (in shares) | shares					47,536,936
Stock split, conversion ratio (in shares)	3
Common stock dividends (in shares) | shares	2
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)			873,000
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)			85,000
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)			371,000
West Texas | 1/8th Net royalty acres
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of land (in acres)			8,000
West Texas | Net Royalty Acres
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Area of land (in acres)			199,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 533,914	$ 725,169
Tax like-kind exchange escrow	0	5,380
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 533,914	$ 730,549	$ 659,538	$ 517,182

Real Estate Activity - Schedule

Real Estate Activity - Schedule of Real Estate Activity (Details) $ in Thousands	Sep. 30, 2024 USD ($) a	Dec. 31, 2023 USD ($) a
Number of Acres
Land (surface rights) (acre) | a	798,991	798,999
Real estate acquired (acre) | a	74,124	69,447
Total real estate | a	873,115	868,446
Net Book Value
Land (surface rights) | $	$ 0	$ 0
Real estate acquired | $	142,727	130,024
Total real estate situated in Texas (in USD) | $	$ 142,727	$ 130,024

Real Estate Activity - Narrativ

Real Estate Activity - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) a	Sep. 30, 2023 USD ($) a	Aug. 20, 2024 USD ($) a
Real Estate Properties [Line Items]
Area of land (in acres)	640
Acquired Assets
Real Estate Properties [Line Items]
Area of land (in acres)	4,120
Real estate acquired | $			$ 12,100
Land acquisitions
Real Estate Properties [Line Items]
Additions | $	$ 1,000
Texas | Land acquisitions
Real Estate Properties [Line Items]
Additions | $		$ 20,000
Additions (acres)		12,141
Texas | Land acquisitions | Acquired Assets
Real Estate Properties [Line Items]
Area of land (in acres)			4,120
Texas | Land sales
Real Estate Properties [Line Items]
Area of real estate property, sold (in acres)	91	18,061
Proceeds from sale of real estate | $	$ 2,100	$ 6,800

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 185,885		$ 185,885		$ 146,739
Less: accumulated depreciation	(66,777)		(66,777)		(57,152)
Property, plant and equipment, net	119,108		119,108		89,587
Depreciation expense	3,400	$ 3,000	9,700	$ 9,300
Water Service-related Assets
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	175,269		175,269		136,340
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	10,018		10,018		9,801
Other
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 598		$ 598		$ 598

Oil and Gas Royalty Interests -

Oil and Gas Royalty Interests - Royalty Interests (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Oil and gas royalty interests:
Royalty interests acquired, at cost	$ 171,828	$ 51,494
Total royalty interests	171,828	51,494
Less: accumulated depletion	(7,800)	(4,885)
Royalty interests, net	164,028	46,609
1/16th nonparticipating perpetual royalty interest
Oil and gas royalty interests:
1/16th nonparticipating perpetual royalty interests	0	0
1/128th nonparticipating perpetual royalty interest
Oil and gas royalty interests:
1/128th nonparticipating perpetual royalty interests	$ 0	$ 0

Oil and Gas Royalty Interests_2

Oil and Gas Royalty Interests - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) a	Sep. 30, 2023 USD ($) a	Sep. 30, 2024 USD ($) a	Sep. 30, 2023 USD ($) a
Real Estate Properties [Line Items]
Acquisition of royalty interests			$ 120,334	$ 3,566
Depletion expense	$ 1,900	$ 500	$ 2,900	$ 1,400
Additional real estate acquisitions
Real Estate Properties [Line Items]
Net royalty interests (in acres) | a	4,106	119	4,106	119
Acquisition of royalty interests			$ 120,300	$ 3,600

Assets Acquired in a Business_3

Assets Acquired in a Business Combination - Narrative (Details) $ in Millions		1 Months Ended	9 Months Ended
	Aug. 20, 2024 USD ($) a	Sep. 30, 2024 USD ($) a	Sep. 30, 2024 USD ($) a
Business Acquisition [Line Items]
Area of land (in acres) | a		640	640
Acquired Assets
Business Acquisition [Line Items]
Area of land (in acres) | a		4,120	4,120
Aggregate purchase price	$ 45
Non-operating working interest rate			25%
Royalty interest rate			10%
Operating expenses interest rate			25%
Royalty on revenue percentage			7.50%
Transaction costs		$ 0.1	$ 0.1
Revenue since acquisition		0.7
Operating expenses		$ 0.1
Produced water royalties | Acquired Assets
Business Acquisition [Line Items]
Royalty interest rate			32.50%
Lease Agreements | Acquired Assets
Business Acquisition [Line Items]
Area of land (in acres) | a	392

Assets Acquired in a Business_4

Assets Acquired in a Business Combination - Allocation of Fair Value by Asset Class (Details) - Acquired Assets $ in Thousands	Aug. 20, 2024 USD ($)
Business Acquisition [Line Items]
Real estate acquired	$ 12,100
Property, plant and equipment	17,200
Intangible assets	15,700
Total consideration and fair value	$ 45,000

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, at cost	$ 37,103	$ 21,403
Less: accumulated amortization	(1,330)	(378)
Intangible assets, net	$ 35,773	21,025
Finite-lived intangible asset, useful life	15 years 9 months 18 days
Saltwater disposal easement
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, at cost	$ 17,557	17,557
Contracts Acquired In Business Combination
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, at cost	15,700	0
Groundwater rights acquired
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, at cost	$ 3,846	$ 3,846

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 0.4	$ 0.1	$ 1	$ 0.1
Estimated future annual amortization expense of intangible assets remainder of 2024	0.6		0.6
Estimated future annual amortization expense of intangible assets for 2025	2.3		2.3
Estimated future annual amortization expense of intangible assets for 2026	2.3		2.3
Estimated future annual amortization expense of intangible assets for 2027	2.3		2.3
Estimated future annual amortization expense of intangible assets for 2028	2.3		2.3
Estimated future annual amortization expense of intangible assets for 2029	2.3		2.3
Estimated future annual amortization expense of intangible assets thereafter	$ 23.7		$ 23.7

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions				1 Months Ended	9 Months Ended	12 Months Ended
	Mar. 26, 2024	Feb. 13, 2024	Jan. 01, 2024	Jan. 31, 2024 $ / shares shares	Sep. 30, 2024 USD ($) shares	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock split, conversion ratio (in shares)	3
Total unrecognized compensation cost | $					$ 11.6
Total unrecognized compensation cost, period for recognition					1 year 3 months 18 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years	3 years
PSU conversion ration (in shares)					1
Award vesting rights, percentage		100%	100%
Performance Shares | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage					50%
Performance Shares | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage					50%
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grants (in shares)					136,238
Common Stock | Director | 2021 Directors Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grants (in shares)					24,219
Common Stock | Maximum | Employee | 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)					225,000
Common Stock | Maximum | Director | 2021 Directors Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)					30,000
Stock Awards | Director | 2021 Directors Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted and immediately vested (in shares)				2,160
Granted and immediately vested (in dollars per share) | $ / shares				$ 524
Restricted Stock Awards | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage					33%
Restricted Stock Awards | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years
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%

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Transactions (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock Awards | Tranche Two
Weighted-Average Grant-Date Fair Value per Share
Award vesting period	3 years
Restricted Stock Awards | Employee | 2021 Plan
Number of RSAs
Nonvested, beginning of period (in shares)	0	4,011
Granted (in shares)	0	0
Vested (in shares)	0	0
Cancelled and forfeited (in shares)	0	0
Nonvested, at end of period (in shares)	0	4,011
Weighted-Average Grant-Date Fair Value per Share
Non-vested, beginning of period (in dollars per share)	$ 0	$ 417	$ 0	$ 417
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)	$ 0	$ 417
Restricted Stock Awards | Employee | 2021 Plan | Tranche One
Number of RSAs
Nonvested, beginning of period (in shares)	4,011
Nonvested, at end of period (in shares)		4,011
Restricted Stock Awards | Director | 2021 Directors Plan
Number of RSAs
Nonvested, beginning of period (in shares)	1,134	2,097
Granted (in shares)	0	1,458
Vested (in shares)	(1,134)	(2,097)
Cancelled and forfeited (in shares)	0	0
Nonvested, at end of period (in shares)	0	1,458
Weighted-Average Grant-Date Fair Value per Share
Non-vested, beginning of period (in dollars per share)	$ 0	$ 781	781	427
Granted (in dollars per share)	0	781
Vested (in dollars per share)	781	427
Cancelled and forfeited (in dollars per share)	0	0
Non-vested, at end of period (in dollars per share)	$ 0	$ 781
Restricted Stock Units (RSUs) | Employee | 2021 Plan
Number of RSAs
Nonvested, beginning of period (in shares)	18,675	16,836
Granted (in shares)	12,655	8,544
Vested (in shares)	(7,812)	(5,592)
Cancelled and forfeited (in shares)	(306)	0
Nonvested, at end of period (in shares)	23,212	19,788
Weighted-Average Grant-Date Fair Value per Share
Non-vested, beginning of period (in dollars per share)	$ 509	$ 528	$ 527	$ 441
Granted (in dollars per share)	481	641
Vested (in dollars per share)	507	441
Cancelled and forfeited (in dollars per share)	528	0
Non-vested, at end of period (in dollars per share)	$ 509	$ 528
Restricted Stock Awards and Restricted Stock Units | Employee | 2021 Plan
Number of RSAs
Vested (in shares)	(7,812)
Weighted-Average Grant-Date Fair Value per Share
Shares withheld for tax withholdings (in shares)	2,948

Share-Based Compensation - Perf

Share-Based Compensation - Performance Share Units (Details) - Performance Shares - $ / shares			9 Months Ended
	Feb. 13, 2024	Jan. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Number of RSAs
Nonvested, beginning of period (in shares)		12,738	12,738	7,182
Granted (in shares)	8,340	12,738	8,340	5,556
Vested (in shares)			0	0
Cancelled and forfeited (in shares)			0	0
Nonvested, at end of period (in shares)			21,078	12,738
Weighted-Average Grant-Date Fair Value per Share
Non-vested, beginning of period (in dollars per share)			$ 573	$ 595	$ 595	$ 452
Granted (in dollars per share)			538	781
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)			$ 573	$ 595
Award vesting rights, percentage	100%	100%
Relative total stockholder return
Number of RSAs
Granted (in shares)	4,170	6,369
Weighted-Average Grant-Date Fair Value per Share
Non-vested, beginning of period (in dollars per share)	$ 602
Non-vested, at end of period (in dollars per share)	$ 602
Free cash flow
Number of RSAs
Granted (in shares)	4,170	6,369
Weighted-Average Grant-Date Fair Value per Share
Non-vested, beginning of period (in dollars per share)	$ 475
Non-vested, at end of period (in dollars per share)	$ 475

Share-Based Compensation - Shar

Share-Based Compensation - Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 2,935	$ 2,789	$ 8,989	$ 8,112
Tax benefit related to share-based compensation	600	600	1,900	1,700
Salaries and related employee expenses (employee awards)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	2,935	2,502	7,855	7,217
General and administrative expenses (director awards)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 0	$ 287	$ 1,134	$ 895

Other Income, Net (Details)

Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other income, net:
Interest earned on cash and cash equivalents, net	$ 7,913	$ 7,850	$ 28,475	$ 19,849
Miscellaneous income (expense), net	173	129	2,774	390
Total other income, net	$ 8,086	$ 7,979	31,249	$ 20,239
Proceeds from a litigation settlement			$ 1,900

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 135,417	$ 134,937	$ 427,843	$ 372,429
Income tax expense	$ 28,823	$ 29,363	$ 92,243	$ 79,894
Effective tax rate (in percent)	21.30%	21.80%	21.60%	21.50%

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						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 106,594	$ 114,589	$ 114,417	$ 105,574	$ 100,393	$ 86,568	$ 335,600	$ 292,535
Basic earnings per share:
Weighted average shares outstanding for basic earnings per share (in shares)	22,979,781			23,026,563			22,990,213	23,054,073
Basic earnings per share (in dollars per share)	$ 4.64			$ 4.58			$ 14.60	$ 12.69
Diluted earnings per share:
Weighted average shares outstanding for basic earnings per share (in shares)	22,979,781			23,026,563			22,990,213	23,054,073
Incentive and equity compensation plans (in shares)	32,388			18,760			26,520	18,882
Weighted average shares outstanding for diluted earnings per share (in shares)	23,012,169			23,045,323			23,016,733	23,072,955
Diluted earnings per share (in dollars per share)	$ 4.63			$ 4.58			$ 14.58	$ 12.68

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Earnings Per Share [Abstract]
Antidilutive securities	0	0

Changes in Equity - Changes in

Changes in Equity - Changes in Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,206,421	$ 1,122,449	$ 1,043,196	$ 887,550	$ 829,051	$ 772,887	$ 1,043,196	$ 772,887
Net income	106,594	114,589	114,417	105,574	100,393	86,568	335,600	292,535
Issuance of common stock related to stock split			0
Dividends paid	(26,915)	(26,894)	(26,907)	(24,952)	(24,966)	(25,061)
Special dividends paid	(229,834)
Share-based compensation, net of forfeitures	2,437	2,642	3,416	2,752	2,806	2,370
Repurchases of common stock and related excise taxes	(6,134)	(6,344)	(10,445)	(5,995)	(19,708)	(6,749)
Shares exchanged for tax withholdings	(416)		(1,207)	(345)		(939)
Periodic pension costs, net of income taxes	(21)	(21)	(21)	(26)	(26)	(25)	(63)	(77)
Ending balance	$ 1,052,132	$ 1,206,421	$ 1,122,449	$ 964,558	$ 887,550	$ 829,051	$ 1,052,132	$ 964,558
Cash dividends per share of common stock (in dollars per share)	$ 11.17	$ 1.17	$ 1.17	$ 1.08	$ 1.08	$ 1.08	$ 13.51	$ 3.24
Periodic pension costs, net of income taxes	$ 6	$ 5	$ 6	$ 7	$ (8)		$ 17	$ 21
O 2024 Q3 Dividends
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends per share of common stock (in dollars per share)	$ 1.17
S 2024 Q3 Dividends
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends per share of common stock (in dollars per share)	$ 10
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	22,983,392	22,993,479	23,007,681	23,037,435	23,079,960	23,087,037	23,007,681	23,087,037
Beginning balance	$ 231	$ 231	$ 78	$ 78	$ 78	$ 78	$ 78	$ 78
Issuance of common stock related to stock split			$ 153
Share-based compensation, net of forfeitures (in shares)	1,599		8,373	1,782		5,268
Repurchases of common stock and related excise taxes (in shares)	(7,387)	(10,087)	(20,106)	(10,692)	(42,525)	(10,881)
Shares exchanged for tax withholdings (in shares)	(479)		(2,469)	(543)		(1,464)
Ending balance (in shares)	22,977,125	22,983,392	22,993,479	23,027,982	23,037,435	23,079,960	22,977,125	23,027,982
Ending balance	$ 231	$ 231	$ 231	$ 78	$ 78	$ 78	$ 231	$ 78
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(158,296)	(151,952)	(144,998)	(128,502)	(108,794)	(104,139)	(144,998)	(104,139)
Share-based compensation, net of forfeitures	2,430		4,698	990		3,033
Repurchases of common stock and related excise taxes	(6,134)	(6,344)	(10,445)	(5,995)	(19,708)	(6,749)
Shares exchanged for tax withholdings	(416)		(1,207)	(345)		(939)
Ending balance	(162,416)	(158,296)	(151,952)	(133,852)	(128,502)	(108,794)	(162,416)	(133,852)
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	15,863	13,163	14,613	10,582	7,733	8,293	14,613	8,293
Issuance of common stock related to stock split			(153)
Share-based compensation, net of forfeitures	528	2,700	(1,297)	1,800	2,849	(560)
Ending balance	16,391	15,863	13,163	12,382	10,582	7,733	16,391	12,382
Accum. Other Comp. Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,789	1,810	1,831	2,465	2,491	2,516	1,831	2,516
Periodic pension costs, net of income taxes	(21)	(21)	(21)	(26)	(26)	(25)
Ending balance	1,768	1,789	1,810	2,439	2,465	2,491	1,768	2,439
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,346,834	1,259,197	1,171,672	1,002,927	927,543	866,139	1,171,672	866,139
Net income	106,594	114,589	114,417	105,574	100,393	86,568
Dividends paid	(26,915)	(26,894)	(26,907)	(24,952)	(24,966)	(25,061)
Special dividends paid	(229,834)
Share-based compensation, net of forfeitures	(521)	(58)	15	(38)	(43)	(103)
Ending balance	$ 1,196,158	$ 1,346,834	$ 1,259,197	$ 1,083,511	$ 1,002,927	$ 927,543	$ 1,196,158	$ 1,083,511

Changes in Equity - Narrative (

Changes in Equity - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Mar. 01, 2024	Dec. 31, 2023	Nov. 01, 2022
Equity [Abstract]
Capital stock, authorized (in shares)			47,536,936
Preferred stock, authorized (in shares)	1,000,000			1,000,000
Common stock, authorized (in shares)	46,536,936
Stock repurchase program, authorized amount					$ 250
Value of share repurchased (in shares)	$ 22.7	$ 32.2

Business Segment Reporting - Na

Business Segment Reporting - Narrative (Details)	Sep. 30, 2024 a
Segment Reporting Information [Line Items]
Area of land (in acres)	640
West Texas
Segment Reporting Information [Line Items]
Area of land (in acres)	873,000
West Texas | Net Royalty Acres
Segment Reporting Information [Line Items]
Area of land (in acres)	199,000

Business Segment Reporting - Fi

Business Segment Reporting - Financial Results (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total consolidated revenues	$ 173,563			$ 157,967			$ 520,039	$ 464,938
Total consolidated net income	106,594	$ 114,589	$ 114,417	105,574	$ 100,393	$ 86,568	335,600	292,535
Total capital expenditures	9,833			5,243			21,994	10,387
Total depreciation, depletion and amortization	5,762			3,584			13,695	10,881
Land and resource management
Segment Reporting Information [Line Items]
Total consolidated revenues	106,648			109,933			322,165	315,276
Total consolidated net income	71,870			82,884			232,970	217,860
Total capital expenditures	66			47			210	191
Total depreciation, depletion and amortization	2,135			703			3,641	2,233
Water services and operations
Segment Reporting Information [Line Items]
Total consolidated revenues	66,915			48,034			197,874	149,662
Total consolidated net income	34,724			22,690			102,630	74,675
Total capital expenditures	9,767			5,196			21,784	10,196
Total depreciation, depletion and amortization	$ 3,627			$ 2,881			$ 10,054	$ 8,648

Business Segment Reporting - As

Business Segment Reporting - Assets and Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total consolidated assets	$ 1,175,569	$ 1,156,398
Total consolidated property, plant and equipment, net	119,108	89,587
Land and resource management
Segment Reporting Information [Line Items]
Total consolidated assets	954,411	975,136
Total consolidated property, plant and equipment, net	4,937	5,322
Water services and operations
Segment Reporting Information [Line Items]
Total consolidated assets	221,158	181,262
Total consolidated property, plant and equipment, net	$ 114,171	$ 84,265

Oil and Gas Producing Activit_2

Oil and Gas Producing Activities (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 Boe well	Sep. 30, 2023 Boe	Sep. 30, 2024 Boe well	Sep. 30, 2023 Boe
Productive Wells [Line Items]
Share of oil and gas produced in thousands per day | Boe	28,300	21,800	26,000	22,600
Permitted Wells
Productive Wells [Line Items]
Number of oil and gas wells	496		496
Royalty interest of oil and gas wells produced	6.9		6.9
DUC Wells
Productive Wells [Line Items]
Number of oil and gas wells	673		673
Royalty interest of oil and gas wells produced	11.8		11.8

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands			3 Months Ended						9 Months Ended
	Nov. 05, 2024 $ / shares	Oct. 02, 2024 USD ($) acquiredBusiness	Sep. 30, 2024 USD ($) $ / shares	Jun. 30, 2024 $ / shares	Mar. 31, 2024 $ / shares	Sep. 30, 2023 $ / shares	Jun. 30, 2023 $ / shares	Mar. 31, 2023 $ / shares	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 $ / shares	Dec. 31, 2023 USD ($)
Subsequent Event [Line Items]
Escrow deposit			$ 0						$ 0		$ 5,380
Cash dividends per share of common stock (in dollars per share) | $ / shares			$ 11.17	$ 1.17	$ 1.17	$ 1.08	$ 1.08	$ 1.08	$ 13.51	$ 3.24
Subsequent event
Subsequent Event [Line Items]
Cash dividends per share of common stock (in dollars per share) | $ / shares	$ 1.60
Subsequent event | NRA Locations In Midland
Subsequent Event [Line Items]
Number of businesses acquired | acquiredBusiness		7,490
Business acquisition, percentage of interests acquired		80%
Total consideration and fair value		$ 276,400
Escrow deposit		$ 43,000