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SUPPLEMENTAL OIL AND GAS RESERVE INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2025

SUPPLEMENTAL OIL AND GAS RESERVE INFORMATION (UNAUDITED)

Schedule of oil and natural gas aggregate capitalized costs and applicable accumulated depreciation, depletion and amortization

​

​	​	​	​	​	​	​
​	​	December 31,		​	December 31,
​	​	2025		​	2024
​	​	(In thousands)
Oil, natural gas and NGL interests	​	​	​	​	​	​
Proved properties	​	$	2,097,281	​	$	1,933,512
Unevaluated properties	​	​	174,189	​	​	115,200
Total oil, natural gas and NGL interests	​		2,271,470	​		2,048,712
Accumulated depreciation, depletion, accretion and impairment	​		(1,148,157)	​		(1,023,890)
Net oil, natural gas and NGL interests capitalized	​	$	1,123,313	​	$	1,024,822

Schedule of costs incurred in oil and natural gas activities

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​	2025		​	2024		​	2023
​	​	(In thousands)
Acquisition costs	​	​	​	​	​	​	​	​	​
Proved properties	​	$	95,000	​	$	22	​	$	260,146
Unevaluated properties	​	​	127,759	​	​	—	​	​	322,559
Total costs incurred on oil, natural gas and NGL activities	​	$	222,759	​	$	22	​	$	582,705

Results of operations from oil, natural gas and natural gas liquids

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​	2025		​	2024		​	2023
​	​	(In thousands)
Oil, natural gas and NGL revenues	​	$	317,473	​	$	304,605	​	$	267,586
Lease bonus and other income	​	​	4,266	​	​	6,047	​	​	5,594
Production and ad valorem taxes	​		(20,440)	​		(20,407)	​		(20,326)
Depreciation and depletion expense	​		(124,554)	​		(135,123)	​		(96,477)
Impairment of oil and natural gas properties	​		—	​		(62,118)	​		(18,220)
Marketing and other deductions	​		(16,350)	​		(16,122)	​		(12,566)
Results of operations from oil, natural gas and NGLs	​	$	160,395	​	$	76,882	​	$	125,591

Schedule of net proved oil, natural gas and natural gas liquids reserves and changes

​

​	​	​	​	​	​	​	​	​
​	​	Crude Oil and	​	​	​	Natural Gas	​	​
​	​	Condensate	​	Natural Gas	​	Liquids	​	Total
​	​ ​ ​	(MBbls)	​ ​ ​	(MMcf)	​ ​ ​	(MBbls)	​ ​ ​	(MBoe) (4)
Net proved reserves at January 1, 2023	​	12,355	​	160,298	​	7,388	​	46,459
Revisions of previous estimates (1)	​	3,273	​	26,068	​	814	​	8,432
Purchase of minerals in place (2)	​	6,565	​	41,560	​	4,400	​	17,892
Production	​	(2,393)	​	(23,384)	​	(1,083)	​	(7,374)
Net proved reserves at December 31, 2023	​	19,800	​	204,542	​	11,519	​	65,409
Revisions of previous estimates (1)	​	3,038	​	27,297	​	3,646	​	11,234
Production	​	(2,837)	​	(27,586)	​	(1,667)	​	(9,102)
Net proved reserves at December 31, 2024	​	20,001	​	204,253	​	13,498	​	67,541
Revisions of previous estimates (1)	​	2,795	​	30,045	​	2,408	​	10,211
Purchase of minerals in place (3)	​	2,236	​	6,025	​	1,355	​	4,595
Production	​	(3,062)	​	(26,734)	​	(1,885)	​	(9,403)
Net proved reserves at December 31, 2025	​	21,970	​	213,589	​	15,376	​	72,944
​	​	​	​	​	​	​	​	​
Net proved developed reserves	​	​	​	​	​	​	​	​
December 31, 2023	​	19,800	​	204,542	​	11,519	​	65,409
December 31, 2024	​	20,001	​	204,253	​	13,498	​	67,541
December 31, 2025	​	21,970	​	213,589	​	15,376	​	72,944

(1) Revisions of previous estimates include technical revisions due to changes in commodity prices, historical and projected performance and other factors.

(2) Includes the acquisition of mineral and royalty interests, primarily consisting of mineral and royalty interests in the Permian Basin and Mid-Continent.

(3) Includes the acquisition of mineral and royalty interests, primarily consisting of mineral and royalty interests in the Permian Basin.

(4) Includes total proved reserves of 9,798 MBoe, 10,273 MBoe and 14,399 MBoe as of December 31, 2025, 2024 and 2023, respectively, attributable to a non-controlling interest in the Partnership.

Schedule of standardized measure related to proved oil, natural gas and natural gas liquids reserves

The standardized measure of discounted future net cash flows before income taxes related to the proved oil, natural gas and NGL reserves of the properties is as follows (in thousands):

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​ ​ ​	2025		​	2024		​	2023
​	​	(In thousands)
Future cash inflows	​	$	2,213,270	​	$	2,040,600	​	$	2,226,313
Future production costs	​	​	(162,622)	​	​	(152,322)	​	​	(164,848)
Future state margin taxes	​	​	(47,672)	​	​	(45,384)	​	​	(49,144)
Future net cash flows	​	​	2,002,976	​	​	1,842,894	​	​	2,012,321
Less 10% annual discount to reflect timing of cash flows	​	​	(1,033,046)	​	​	(955,134)	​	​	(1,037,192)
Standard measure of discounted future net cash flows	​	$	969,930	​	$	887,760	​	$	975,129

Schedule of changes in standardized measure related to proved oil, natural gas and natural gas liquids reserves

Changes in the standardized measure of discounted future net cash flows before income taxes related to the proved oil, natural gas and NGL reserves of the properties are as follows (in thousands):

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​	2025		​	2024		​	2023
​	​	(In thousands)
Standardized measure - beginning of year	​	$	887,760	​	$	975,129	​	$	904,295
Sales, net of production costs	​	​	(278,867)	​	​	(266,202)	​	​	(236,953)
Net changes of prices and production costs related to future production	​	​	10,854	​	​	(107,311)	​	​	(302,599)
Revisions of previous quantity estimates, net of related costs	​	​	139,001	​	​	151,289	​	​	128,727
Net changes in state margin taxes	​	​	(1,223)	​	​	1,952	​	​	10,433
Accretion of discount	​	​	70,163	​	​	76,600	​	​	78,425
Purchases of reserves in place	​	​	98,210	​	​	-	​	​	435,230
Timing differences and other	​	​	44,032	​	​	56,303	​	​	(42,429)
Standardized measure - end of year	​	$	969,930	​	$	887,760	​	$	975,129

​

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Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

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