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Oil and Gas Producing Activities | 6 Months Ended
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Jun. 30, 2026
Extractive Industries [Abstract] |
Oil and Gas Producing Activities | Oil and Gas Producing Activities Our Share of Oil and Gas Produced We measure our share of oil and gas produced in barrels of oil equivalent (“Boe”). One Boe equals one barrel of crude oil, condensate, natural gas liquids (“NGL”) or approximately 6,000 cubic feet of gas. For the three months ended June 30, 2026 and 2025, our share of oil and gas produced was approximately 39.7 thousand and 33.2 thousand Boe per day, respectively. For the six months ended June 30, 2026 and 2025, our share of oil and gas produced was approximately 38.4 thousand and 32.2 thousand Boe per day, respectively. Capitalized Oil and Gas Costs Aggregate capitalized costs related to oil and gas production activities with applicable accumulated depletion are as follows (in thousands):
|  | June 30, 2026 |  | December 31, 2025
Oil, natural gas and NGL interests |  |  |  |
Proved |  | $ | 390,027 |  |  | $ | 369,282 |
Unproved |  | 507,410 |  |  | 528,155 |
Total oil, natural gas and NGL interests |  | 897,437 |  |  | 897,437 |
Less: accumulated depletion |  | (77,064) |  |  | (57,413) |
Net oil, natural gas and NGL interests capitalized |  | $ | 820,373 |  |  | $ | 840,024 |
The Company owns approximately 224,000 NRA as of June 30, 2026. Of our total NRA, approximately 191,000 was acquired in 1888 and was recorded with no value. The remaining approximately 33,000 NRA have been acquired over recent years and are included in royalty interests acquired on the condensed consolidated balance sheets. See additional discussion in Note 3, “Oil and Gas Royalty Interests.”

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- Definition The entire disclosure for oil- and gas-producing activities considered to be supplementary information. Includes, but is not limited to, proved reserve quantity, cost incurred and capitalized, result of operation, standardized measure, and change in standardized measure of discounted future cash flow. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 932 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478688/932-270-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 12.A.3.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477759/932-235-S99-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section S50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479097/932-235-S50-3 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-8 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 932 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/932/tableOfContent Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-8 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 36 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-36 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-5 + Details
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