Supplemental Oil and Gas Disclosures (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2023

Extractive Industries [Abstract]

Schedule of Oil and Natural Gas Properties

Aggregate capitalized costs related to oil and gas royalty and mineral interests with applicable accumulated depreciation, depletion and amortization at December 31 are as follows:

	2023		2022
Proved developed	$	16,179	$	7,302
Proved undeveloped	51,971		24,134
Proved reserves	68,150		31,436
Less: accumulated depreciation, depletion and amortization	3,309		1,936
Net royalty interests in oil and natural gas properties	$	64,841	$	29,500

Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities

The following table presents the Company's estimated net proved oil and natural gas reserves as of December 31 based on the reserve report prepared by Haas Engineering, the Company’s independent petroleum engineering firm. All of the Company’s reserves are located in the United States.

	Net reserves as of December 31, 2023
	Oil (bbl) (1)	NGL (bbl) (1)	Residue gas (Mcf) (2)
Proved developed	656,370	380,650	23,596,110
Proved undeveloped	9,020	3,720	26,420
Total	665,390	384,370	23,622,530

	Net reserves as of December 31, 2022
	Oil (bbl) (1)	NGL (bbl) (1)	Residue gas (Mcf) (2)
Proved developed	305,710	408,280	25,907,890
Proved undeveloped	32,570	11,030	1,784,670
Total	338,280	419,310	27,692,560

(1) Bbl. One stock tank barrel, or 42 U.S. gallons liquid volume.

(2) Mcf. One thousand cubic feet of natural gas at the contractual pressure and temperature bases.

Schedule of Change in Estimated Proved Reserves of Oil and Gas Quantities

The following table summarizes changes in proved reserves during the year ended December 31, 2023:

	Estimated Proved Reserves
	Oil (bbl) (1)	NGL (bbl) (1)	Residue gas (Mcf) (2)
December 31, 2022	338,280	419,310	27,692,560
Purchases	259,178	43,934	609,184
Extensions and discoveries	170,330	77,527	2,340,715
Revisions of previous estimates (3)	37,483	(73,375)	1,027,779
Production	(98,553)	(56,768)	(7,601,521)
Other	(41,328)	(26,258)	(446,187)
December 31, 2023	665,390	384,370	23,622,530

Schedule of Change in Estimated Proved Undeveloped Reserves of Oil and Gas Quantities

The following table summarizes changes in PUDs during the year ended December 31, 2023:

	Estimated Proved Undeveloped Reserves
	Oil (bbl) (1)	NGL (bbl) (1)	Residue gas (Mcf) (2)
December 31, 2022	32,570	11,030	1,784,670
Purchases	2,300	950	8,237
Extensions and discoveries	5,786	2,021	14,814
Conversions	(29,757)	(9,172)	(1,770,232)
Revisions of previous estimates (3)	(1,879)	(1,109)	(11,069)
December 31, 2023	9,020	3,720	26,420

(1) Bbl. One stock tank barrel, or 42 U.S. gallons liquid volume.

(2) Mcf. One thousand cubic feet of natural gas at the contractual pressure and temperature bases.

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

Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure

The following table provides the future net cash flows relating to proved oil and gas reserves based on the standardized measure of discounted cash flows as of December 31, 2023:

	Gross Amounts		Statutory tax rate		Net Amounts
Future cash inflows(3)	$	122,286
Future production costs	27,487
Future net cash flows before income tax expense	94,799		21	%	74,891
10% discount to reflect timing of cash flows	(33,521)		21	%	(26,481)
Standardized measure of discounted cash flows	$	61,278	21	%	$	48,410

The following table provides the future net cash flows relating to proved oil and gas reserves based on the standardized measure of discounted cash flows as of December 31, 2022:

	Gross Amounts		Statutory tax rate		Net Amounts
Future cash inflows(3)	$	218,982
Future production costs	39,841
Future net cash flows before income tax expense	179,141		21	%	141,521
10% discount to reflect timing of cash flows	(62,615)		21	%	(49,465)
Standardized measure of discounted cash flows	$	116,526	21	%	$	92,056

Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows

The following summarizes the principal sources of change in the standardized measure of discounted future net cash flows during 2023:

	Gross amounts
	2023		2022
January 1	$	116,526	$	36,839
Purchases	11,312		6,236
Extensions and discoveries	11,419		54,795
Revisions of previous estimates (3)(4)	(61,206)		18,695
Conversions	(16,773)		(39)
December 31	$	61,278	$	116,526

(3) Requirements for oil and gas reserve estimation and disclosure require that reserve estimates and future cash flows be based on the average market prices for sales of oil and gas on the first calendar day of each month during the year. The benchmark price for WTI crude oil sold at Cushing, OK during 2023 and 2022 was $78.22 and $93.67 per bbl, respectively. The benchmark price for natural gas delivered at Henry Hub during 2023 and 2022 was $2.64 and $6.36 per MMBTU, respectively. Actual future prices and costs are likely to be substantially different from historical prices and costs utilized in the computation of reported amounts. Any analysis or evaluation of the reported amounts should give specific recognition to the computational methods utilized and the limitations inherent therein.

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