10-K 0001811074-26-000018 (2026-02-18) vs 10-K 0001811074-25-000044 (2025-02-19)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 5,767 |
20.9% |
| MD&A | Item 7 | 5,949 |
37.5% |
| Legal Proceedings | Item 3, via Note 14 – Commitments and Contingencies | 407 |
21.8% |
| Accounting Policies | 10-K text, Note 2 – Summary of Significant Accounting Policies | 4,753 |
8.3% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 194 words changed in this paragraph; it is 30% similar to last year's version.
EBITDA is a non-GAAP financial measurement of earnings before interest expense, taxes, depreciation, depletion and amortization. The purpose of presenting EBITDA is to highlight earnings without finance, taxes, and depreciation, depletion and amortization expense, and its use is limited to specialized analysis. We calculate Adjusted EBITDA as EBITDA plus employee share-based compensation and less pension curtailment and settlement gain. The pension curtailment and settlement gain is related to a buyout by a third party of defined benefit obligations under our pension plan and the subsequent freezing of our pension plan, both of which occurred in the fourth quarter of 2024. We have excluded the pension curtailment and settlement gain from the calculation of Adjusted EBITDA as such gain is a non-recurring item and is not related to our core business. The purpose of presenting Adjusted EBITDA is to highlight earnings without non-cash activity such as share-based compensation and other non-recurring or unusual items, if applicable. We calculate free cash flow as Adjusted EBITDA less current income tax expense and capital expenditures. The purpose of presenting free cash flow is to provide an additional measure of operating performance. We have presented EBITDA, Adjusted EBITDA and free cash flow because we believe that these metrics are useful supplements to net income in analyzing the Company's operating performance. Our definitions of EBITDA, Adjusted EBITDA and free cash flow may differ from computations of similarly titled measures of other companies.
Source: Item 7, 10-K 0001811074-26-000018 vs Item 7, 10-K 0001811074-25-000044
Risk Factors 83 words changed in this paragraph; it is 82% similar to last year's version.
Our amended and restated certificate of incorporation provides that unless the Company otherwise determines, the Court of Chancery of the State of Delaware (or, if such court does not have jurisdiction, any state or federal court residing within the State of Delaware) or the U.S. District Court for the Northern District of Texas in Dallas, Texas (or, if such court does not have jurisdiction, any district court in Dallas County in the State of Texas) will be the sole and exclusive forums for any derivative action brought on our behalf, any action asserting a claim of breach of a fiduciary duty owed by any of our current or former directors, officers, employees or stockholders, any action or proceeding asserting a claim against us or any of our directors, officers, employees or agents arising pursuant to, or seeking to enforce any right, obligation or remedy under any provision of the DGCL, the laws of the State of Texas, the laws of the State of New York, our amended and restated certificate of incorporation or our Bylaws or any action asserting a claim against us or any of our directors, officers, employees or agents governed by the internal affairs doctrine, in each such case, subject to the applicable court having personal jurisdiction over the indispensable parties named as defendants in such action or proceeding. Our amended and restated certificate of incorporation also provides that unless our Board otherwise determines, the federal district courts of the United States will be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended (the “Securities Act”).
Source: Item 1A, 10-K 0001811074-26-000018 vs Item 1A, 10-K 0001811074-25-000044
Legal Proceedings 70 words changed in this paragraph; it is 61% similar to last year's version.
As of December 31, 2024 2025 and 2023, 2024, we have recorded right-of-use assets of $ 1.2 13.7 million and $ 1.9 1.2 million, respectively, and lease liabilities for of $ 1.3 17.8 million and $ 2.0 1.3 million, respectively, primarily related to operating leases in connection with our administrative offices located in Dallas and Midland, Texas. The office lease agreements require monthly rent payments and expire in December 2025 and July 2027, respectively. Operating lease expense is recognized on a straight-line basis over During the lease term. Operating lease cost was $ 0.9 million and $ 0.8 million for the years year ended December 31, 2024 and 2023, respectively. 2025, the Company entered into a new office lease, expiring in May 2036, for the relocation of its headquarters in Dallas, Texas. The
Source: Item 3, via Note 14 – Commitments and Contingencies, 10-K 0001811074-26-000018 vs Item 3, via Note 13 – Commitments and Contingencies, 10-K 0001811074-25-000044
Accounting Policies 50 words changed in this paragraph; it is 79% similar to last year's version.
Other surface-related income includes revenue from permits, material sales, and renewable energy sources. sources, and lease bonuses related to royalty interests acquired. Revenue from permits is recognized upon execution of the contract and receipt of payment. Revenue from material sales is recognized upon the removal of materials by the customer. Revenue from renewable energy sources, such as wind and solar power, generally consist of leases, some of which may include a provision for future royalties once certain circumstances occur. As discussed above, lease payments are recorded as unearned revenue and amortized over the life of the lease. Royalties are recognized based upon actual production. Revenue from mineral lease bonuses represent upfront payments received from operators to secure the right to explore and develop oil and gas interests. Lease bonus payments are not contingent on future production and are recognized in full when received.
Source: 10-K text, Note 2 – Summary of Significant Accounting Policies, 10-K 0001811074-26-000018 vs 10-K text, Note 2 – Summary of Significant Accounting Policies, 10-K 0001811074-25-000044
Every change, by type
Sentences and paragraphs of TPL's Risk Factors and MD&A, 10-K 2026-02-18 against 10-K 2025-02-19.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
The market in which TPWR operates is highly competitive and includes numerous companies capable of competing effectively on a local basis. TPWR competes with landowners, water supply and transfer companies, and companies who engage in the sale or treatment of produced water. Some of our larger diversified competitors have a broad geographic scope and have benefits of scale, while others focus on specific areas only and may have locally competitive cost efficiencies as a result.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedRisk Factors
Additionally, there may be new companies that enter the water solutions business, or our existing and potential customers may develop their own water management solutions. Our ability to maintain current revenue and cash flows, and our ability to expand our operations, could be adversely affected by the activities of our competitors and our customers.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedRisk Factors
Our produced water desalination project creates risks related to invested capital, environmental exposure and our reputation.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedRisk Factors
Through Transmissive, we are developing a proprietary produced water desalination technology and advancing the beneficial reuse process. Development of a produced water treatment facility requires substantial capital and may result in total project costs exceeding initial estimates due to inflation, supply chain constraints, labor and equipment availability, design changes, regulatory requirements or technical challenges. Delays in permitting, produced water sourcing, waste disposal arrangements, construction or commissioning could defer or reduce expected cash flows and impair the anticipated return on our investment. Actual throughput, pricing, operating costs and utilization may also differ from forecasts because they depend on competing treatment or disposal options, and changes in environmental or water‑handling regulations. As a result, Transmissive may fail to achieve targeted returns or require additional unplanned capital, which could lead to impairments of invested capital and have a material adverse effect on our business, financial condition, results of operations and liquidity.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedRisk Factors
We are exposed to the risk that discharges of treated water and treatment‑related waste, including those made in compliance with permitted limits, may have unforeseen adverse environmental effects. Material failures to properly treat, handle or transport produced water or discharge treated water, including leaks, spills or non‑compliance with discharge permits and performance standards, could risk contaminating surface waters, groundwater or navigable waters or damage natural resources. Such material failures could also trigger enforcement actions, require remediation or corrective measures, lead to operational restrictions or permit suspension or revocation, harm our reputation or result in third‑party claims for personal injury, property damage and other losses, any of which could materially and adversely affect our business, financial condition, results of operations and liquidity.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedRisk Factors
Negative public opinion or adverse perceptions of Transmissive’s operations or reputation could materially affect our business, results of operations, or prospects over time. Negative sentiment may arise from unfavorable portrayals of produced water, water treatment operations or discharge locations by the media, special interest groups, political leaders, stakeholders, or other parties, including organized opposition to specific projects or the energy industry in general. Potential impacts of such sentiment include operational delays or interruptions, legal or regulatory challenges, blockades, increased regulatory oversight, reduced public or governmental support, and the delay, challenge, or revocation of regulatory approvals, permits, or licenses, each of which may increase costs or cause cost overruns.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedRisk Factors
industries, which itself is influenced by a range of conditions. Our ability to sell land can be, therefore, largely dependent on the actions of adjoining landowners.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedRisk Factors
Our Credit Facility may limit our operating flexibility or otherwise adversely affect our business.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedRisk Factors
The Credit Facility contains customary affirmative and negative covenants that, among other things, limit our ability to grant liens, incur debt, make investments, effect certain mergers, dispose of assets, make certain payments, pay dividends or distributions on our capital stock, change the nature of our business, enter into certain transactions with affiliates, enter into certain burdensome agreements, enter into swap agreements and enter into sale and leaseback transactions, in each case subject to customary exceptions. We therefore may not be able to engage in any of the foregoing transactions unless we obtain the consent of the required lenders and administrative agent under the Credit Facility or terminate the Credit Facility. Our inability to engage in such actions could limit our operating flexibility and prohibit us from taking certain actions that might be beneficial to our business. Additionally, we are required to maintain as of the end of each fiscal quarter a consolidated interest coverage ratio of not less than 3.0 to 1.0 and a consolidated total leverage ratio of not greater than 3.50 to 1.0. Borrowings under the Credit Facility are initially unsecured, with a springing senior security interest in substantially all of the equity securities of our subsidiaries in the event our consolidated total leverage ratio exceeds 2.50 to 1.0. There is no guarantee that we will be able to generate sufficient cash flow to comply with these financial covenants or pay the principal and interest on any debt we incur under the Credit Facility. Furthermore, there is no guarantee that future working capital, borrowings or equity financing will be available to repay or refinance any such debt. Any inability to make scheduled payments or comply with the covenants in our Credit Facility could result in the acceleration of the obligations thereunder and could adversely affect our business.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedRisk Factors
The events of default under the Credit Facility include, among others, payment defaults, breaches of covenants, defaults under the related loan documents, material misrepresentations, cross defaults with certain other material indebtedness, bankruptcy and insolvency events, judgment defaults, certain events related to plans subject to the Employee Retirement Income Security Act of 1974, as amended, invalidity of the Credit Facility or the related loan documents and change in control events. If an event of default occurs, the lenders under the Credit Facility may be entitled to terminate the commitments and letter of credit extensions, accelerate any outstanding indebtedness under the Credit Facility, require us to post cash collateral with respect to any letters of credit and exercise any additional rights and remedies under the Credit Facility. If our indebtedness is accelerated, we may not have sufficient funds available to pay the accelerated indebtedness or that we will have the ability to refinance the accelerated indebtedness on terms favorable to us or at all.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedRisk Factors
We may make minority investments, engage in joint ventures or make other strategic alliances with third parties that subject us to risks and uncertainties outside of our control.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedRisk Factors
As part of our business strategy, from time to time, we may make minority investments in the equity securities of companies, engage in joint ventures or make other strategic alliances with third parties that we do not control. For example, in December 2025, we made a minority investment of $50.0 million in Bolt pursuant to a strategic agreement to develop and enable large scale data center campuses and supporting infrastructure across our land. In connection with our investment, we received an equity interest, warrants, and a right of first refusal to supply water to Bolt-affiliated projects and related infrastructure. We may contribute land and receive additional equity that may or may not increase in value or be liquid. Minority investments inherently involve a lesser degree of control over business operations, thereby potentially increasing the financial, legal, operational and/or compliance risks associated with the minority investment.
Read it in 10-K 2026-02-18 at sec.gov ↗
RemovedRisk Factors
We face direct and indirect supply chain risks that may adversely affect our business.
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedRisk Factors
Our business could be negatively affected by supply shortages and/or price increases driven by the increased costs of materials and logistics as a result of macroeconomic conditions, including geopolitical conflicts, general inflationary pressures, labor shortages, part or equipment availability, manufacturing capacity, tariffs, trade disputes and barriers, natural disasters or pandemics and the effects of climate change. Supply shortages and/or price increases could lead to a reduction in revenues and an increase in our operating costs, which would have a material impact on our business segments and earnings, cash flow and financial condition.
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedRisk Factors
Supply chain issues may disrupt the operations and development activities of operators on our land, upon whom a significant portion of our revenue relies, which could negatively affect our revenues from oil and gas royalties, easements and
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedRisk Factors
our water offerings. Supply chain issues could also lead to an increase in TPWR’s operating costs and disrupt its water sourcing and treatment operations, which could further negatively affect our revenues from our water offerings. TPWR has adapted lead times for ordering parts and equipment to mitigate supply chain issues in the past and will use its best efforts to adapt to additional supply chain issues in the future, but given the uncertainty surrounding the macroeconomic factors and geopolitical situation, supply chain issues may negatively affect our business operations in the future.
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedRisk Factors
results, and the market price of our Common Stock could be subject to significant fluctuation or otherwise be adversely affected by stockholder activism.
Read it in 10-K 2025-02-19 at sec.gov ↗
RewordedRisk Factors
The risks described below, and other risks noted throughout this Annual Report on Form 10-K, Report, including those risks identified in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” are not the only ones facing us. 7.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
The risks described below, and other risks noted throughout this Annual Report on Form 10-K, including those risks identified in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” are not the only ones facing us.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
Any of these impacts could materially and adversely affect our business and operating results, and the market price of our Common Stock could be subject to significant fluctuation or otherwise be adversely affected by stockholder activism.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
(i) access and location, (ii) the national and local economies, (iii) the rate of oil and gas well development by operators, (iv) the rate of development in nearby areas, (v) the livestock carrying capacity, and (vi) the condition of the local industries, which itself is influenced by a range of conditions.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
Our oil and gas royalty revenue is derived primarily from perpetual non-participating oil and gas royalty interests that we have retained or oil and gas interests that we have acquired.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
Our historical estimates Estimates of our proved, developed and producing reserves and related valuations as of December 31, 2024 2025 were prepared by Ryder Scott, which conducted a well-by-well review of all wells in which we have a mineral or royalty interest for the period covered by its reserve report using information provided by us.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
The market price of our Common Stock may fluctuate significantly due to a number of factors, some of which may be beyond our control, including: including, but not limited to:
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
In estimating our proved developed producing (“PDP”) PDP reserves, we and Ryder Scott Company, L.P.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
The timing, declaration, amount of, and payment of any cash dividends to our stockholders is within the discretion of our Board and will depend upon many factors, including our financial condition, earnings, capital requirements of our operating subsidiaries, covenants associated with our Credit Facility or any future debt service obligations or other contractual obligations, legal requirements, regulatory constraints, industry practice, ability to access capital markets and other factors deemed relevant by the Board.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
As the largest oil producing shale basin in the world, the Permian depends on large-scale water solutions related to well development and produced water disposal. For oil and gas well development, often hundreds of thousands of barrels of water are required per well completion. To enhance productivity and drilling economics, oil and gas operators have generally expanded the amount of water per well completion and reduced the time to complete a well. These factors have led to intensifying demands for completion water delivery and assurance, which generally benefits completion water providers with larger size and scale. We believe we have a competitive advantage in this market with our significant surface footprint and a large network of owned and operated water wells, storage ponds, recycling assets, and pipelines that can source and deliver water to customers throughout the Permian.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
Permian produced water volumes have grown commensurately with overall Permian oil production. Though some produced water is reused and recycled for completion activities, the majority of Permian produced water is injected into subsurface pore space via saltwater disposal wells. Saltwater disposal availability varies throughout the Permian depending on regulations, permitted injected rates, and the availability of pore space and infrastructure. Our extensive land holdings contain and are adjacent to extensive pore space, and, through various commercial agreements, we allow produced water operators to transport and dispose of produced water across our surface footprint. Furthermore, our previously mentioned desalination project could potentially provide an additional solution for produced water by reducing the amount of water required to be injected subsurface.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
•In May 2025, we acquired 787 acres of land in Reeves County, Texas for an aggregate purchase price, inclusive of closing costs, of $4.5 million in an all-cash transaction.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
•In September 2025, we acquired 8,147 acres of land in Martin, County Texas for an aggregate purchase price, inclusive of closing costs, of $31.4 million in an all-cash transaction.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
•In December 2025, we made a minority investment of $50.0 million in Bolt pursuant to a strategic agreement to develop and enable large scale data center campuses and supporting infrastructure across our land.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
On October 23, 2025, we entered into a Credit Facility in the aggregate principal amount of up to $500.0 million, and the ability to request potential increases in the commitments of the lenders of up to an additional $250.0 million; provided that any such request for an increase must be in a minimum amount of $50.0 million or, if less, the amount remaining available for all such increases. The Credit Facility and all borrowings thereunder will mature on October 23, 2029.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
The borrowings under the Credit Facility will bear interest at a rate per annum (i) for each SOFR loan, equal to term SOFR for such interest period plus (x) 2.25% if our consolidated total leverage ratio is less than or equal to 2.0 to 1.0 or (y) 2.50% if our consolidated total leverage ratio is greater than 2.0 to 1.0 or (ii) for each base rate loan, equal to the base rate plus (x) 1.25% if our consolidated total leverage ratio is less than or equal to 2.0 to 1.0 or (y) 1.50% if our consolidated total
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
leverage ratio is greater than 2.0 to 1.0. The base rate for any day is a fluctuating rate per annum equal to the highest of (a) the federal funds rate plus 0.50% of 1%, (b) the rate of interest per annum publicly announced by the Administrative Agent as its prime rate, and (c) term SOFR for a one-month tenor in effect on such day plus 1.00%. We are also required to pay customary letter of credit fees.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
We intend to draw on the facility primarily for capital expenditures, ongoing working capital, acquisitions and general corporate purposes. Borrowings under the Credit Facility will be unsecured with a springing security interest in substantially all equity securities of our subsidiaries in the event our consolidated total leverage ratio exceeds 2.50 to 1.0. The Credit Facility also contains customary financial and other affirmative and negative covenants.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
The events of default under the Credit Facility include, among others, payment defaults, breaches of covenants, defaults under the related loan documents, material misrepresentations, cross defaults with certain other material indebtedness, bankruptcy and insolvency events, judgment defaults, certain events related to plans subject to the Employee Retirement Income Security Act of 1974, as amended, invalidity of the Credit Facility or the related loan documents and change in control events. The occurrence of an event of default could result in the termination of commitments and letter of credit extensions, the acceleration of our obligations under the Credit Facility, the requirement to post cash collateral with respect to letters of credit and the exercise of the Lenders of all rights and remedies under the Credit Facility.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
No draws had been made under the Credit Facility as of December 31, 2025, and the Credit Facility remained undrawn as of the date of this Annual Report.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
Years Ended December 31, 2025 2024 Water volumes (in MBbls) (1): Water sales 278,564 269,281 Produced water royalties 1,566,588 1,257,246 Water volumes in barrels per day (in MBbls/d) (2): Water sales 763 736 Produced water royalties 4,292 3,435 Water revenue (in thousands): Water sales $ 169,701 $ 150,724 Produced water royalties $ 124,218 $ 104,123
Read it in 10-K 2026-02-18 at sec.gov ↗
RemovedMD&A
We completed the following asset acquisitions and business combination during 2024:
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedMD&A
•Acquired 4,120 surface acres in Martin County, Texas along with other surface-related tangible and intangible assets in a business combination for total consideration of $45.0 million.
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedMD&A
(2) The metrics and dollars provided for the year ended December 31, 2023 exclude the impact of the $8.7 million recovery of oil and gas discussed above.
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedMD&A
Water Services and Operations segment revenues increased 32.9%, to $265.0 million for the year ended December 31, 2024 compared to $199.5 million for 2023. The increase in Water Services and Operations segment revenues was principally due to increases in water sales revenue and produced water royalties, which are discussed below. As discussed in “Market Conditions” and “Permian Basin Activity” above, our segment revenues are directly influenced by development decisions made by our customers and the overall activity level in the Permian Basin. Accordingly, our segment revenues and sales volumes, as further discussed below, will fluctuate from period to period based upon those decisions and activity levels.
Read it in 10-K 2025-02-19 at sec.gov ↗
RewordedMD&A
As of December 31, 2024, 2025, we had cash and cash equivalents of $369.8 $144.8 million that we expect to utilize, along with cash flow from operations, to provide capital to support our business, to pay regular dividends, subject to the discretion of our Board, to, subject to market conditions, repurchase shares of our Common Stock, for potential acquisitions and for general corporate purposes.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
During Cumulatively through December 31, 2025, we have spent $45.5 million ($33.6 million during the year ended December 31, 2024, we spent $9.9 million 2025) on this new energy-efficient desalination and treatment process and equipment, of which $7.4 $38.8 million was capitalized. had been capitalized as of December 31, 2025.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
The decrease in easements Easements and other surface-related income was principally related to a decrease of $5.1 $78.2 million in wellbore easements for the year ended December 31, 2024 2025, an increase of 24.0% compared to 2023. $63.1 million for the year ended December 31, 2024.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
Salaries and related employee expenses expenses, which include not only salaries, equity and non-equity incentive compensation, but also employee benefits and contract labor expense, were $53.6 $29.2 million for the year ended December 31, 2024 2025 compared to $43.4 $27.5 million for 2023. the same period of 2024.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
Salaries and related employee expenses expenses, which include not only salaries, equity and non-equity incentive compensation, but also employee benefits and contract labor expense, were $53.6 $28.7 million for the year ended December 31, 2024 2025 compared to $43.4 $26.1 million for 2023. the same period of 2024.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
The decrease increase in easements and other surface-related income was principally related to a decrease increases of $5.1 $10.0 million in pipeline easements, $3.8 million in wellbore easements and $2.5 million in lease bonuses on acquired royalty interests for the year ended December 31, 2024 2025 compared to 2023. the same period of 2024.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
Total revenues increased $74.2 million, or 11.8%, were $798.2 million for the year ended December 31, 2025 compared to $705.8 million for the year ended December 31, 2024 compared to $631.6 million for the year ended December 31, 2023. 2024.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
Years Ended December 31, 2025 2024 2023 Oil and Gas Pricing Metrics:(1) WTI Cushing average price per bbl Bbl $ 65.39 $ 76.63 $ 77.58 Henry Hub average price per mmbtu $ 3.52 $ 2.19 $ 2.53 Waha Hub natural gas average price per mmbtu $ 0.69 $ 0.14 $ 1.68 Activity Metrics specific to the Permian Basin:(1)(2) Average monthly horizontal permits 581 654 499 Average monthly horizontal wells drilled 457 504 422 Average weekly horizontal rig count 257 296 323 DUCs as of December 31 for each applicable year 3,946 4,536 4,656 Total Average US U.S. weekly horizontal rig count (2) 498 536 620
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
The increase in cash flows provided by operating activities for the year ended December 31, 2024 2025 compared to the same period of 2023 2024 was primarily driven by an increase in operating income income, principally related to increased oil and gas production volumes and water sales volumes, and changes in working capital requirements. requirements during 2025 as compared to 2024.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
Over the last few years, In 2024, we have been working with announced our progress towards developing a leading industrial technology and manufacturing firm to develop an patented energy-efficient desalination and treatment process and associated equipment that can recycle produced water into fresh water with quality standards appropriate for surface discharge and beneficial reuse.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
Oil and gas royalty revenue was $411.7 million for the year ended December 31, 2025 compared to $373.3 million for the year ended December 31, 2024 compared to $357.4 million for the year ended December 31, 2023, 2024, an increase of 4.5%. 10.3%.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
Total income Income tax expense was $124.9 million and $111.9 $42.6 million for the years year ended December 31, 2024 and 2023, respectively. 2025 compared to $38.5 million for the same period of 2024.
Read it in 10-K 2026-02-18 at sec.gov ↗
