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REVENUE FROM CONTRACTS WITH CUSTOMERS
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Royalty income represents the right to receive revenues from oil, natural gas and natural gas liquids sales obtained from third party purchasers by the operator of the wells in which the Company owns a royalty interest. Royalty income is recognized at the point control of the product is transferred to the purchaser at the wellhead or at the gas processing facility based on the Company’s percentage ownership share of the revenue, net of any deductions for gathering and transportation. Virtually all of the pricing provisions in the Company’s contracts are tied to a market index.

The following table disaggregates the Company’s revenue from oil, natural gas and natural gas liquids by revenue generated from production on properties operated by Diamondback and revenue generated from production on properties operated by third parties:

Three Months Ended September 30,
20242023
Revenue Generated from Diamondback Operated Properties
Revenue Generated from Third Party Operated Properties
Total
Revenue Generated from Diamondback Operated Properties
Revenue Generated from Third Party Operated Properties
Total
(In thousands)
Oil income$99,192 $87,558 $186,750 $110,934 $57,074 $168,008 
Natural gas income1,535 (712)823 5,243 3,650 8,893 
Natural gas liquids income12,186 8,399 20,585 11,815 6,898 18,713 
Total royalty income$112,913 $95,245 $208,158 $127,992 $67,622 $195,614 
Nine Months Ended September 30,
20242023
Revenue Generated from Diamondback Operated Properties
Revenue Generated from Third Party Operated Properties
Total
Revenue Generated from Diamondback Operated Properties
Revenue Generated from Third Party Operated Properties
Total
(In thousands)
Oil income$293,687 $264,516 $558,203 $275,466 $168,461 $443,927 
Natural gas income6,103 2,660 8,763 11,903 11,071 22,974 
Natural gas liquids income34,463 27,282 61,745 30,648 17,347 47,995 
Total royalty income$334,253 $294,458 $628,711 $318,017 $196,879 $514,896