Oil & Gas Royalties & Mineral Interests

7 members, BSM to VNOM, A to Z by ticker.

Gross profitability: not read: no member carries three readable years of gross profit and total assets
Capital intensity: median 1.0% — capital expenditure as a share of revenue, each member's median across its readable years; read on 3 of 7 members
Net cash: 1 of the 5 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

From the latest filings · data as of July 18, 2026.

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BSM Black Stone Minerals L.P. Common

Revenue is Crude Oil (50%), Natural Gas (45%) and Real Estate (5%).

Owner earnings 2016–2025 $195M$279M$379M$370M$282M$247M$425M$507M$344M$273M

Retained capital Retained $2.4B of earnings over 2016–2025; annual owner earnings grew $90M, $0.04 per $1 retained.

Balance sheet Modest net debt, $153M

DMLP Dorchester Minerals L.P. Common

Dorchester Minerals Operating LP owns working interests and other properties underlying our Net Profits Interest, provides day-to-day operational and administrative services to us and our General Partner, and is the employer of all the employees who perform such services.

Owner earnings 2017–2018 $43M$62M

Retained capital not read

Balance sheet Net cash, debt-free, +$42M

KRP Kimbell Royalty Partners

Revenue is led by Oil revenue (59%) and Natural gas revenue (23%), with 2 more lines behind.

Owner earnings 2018–2025 $33M$69M$14M$55M$117M$78M$251M$122M

Retained capital Paid out $104M more than it earned over 2018–2025; annual owner earnings grew $112M.

Balance sheet Meaningful net debt, $398M

LB Landbridge Company LLC

LandBridge is a holding company, the principal asset of which is membership interests in OpCo.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

NRP Natural Resource Partners LP

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 $108M$127M$189M$89M$122M$267M$311M$248M$166M

Retained capital Retained $1.0B of earnings over 2016–2025; annual owner earnings grew $100M, $0.10 per $1 retained.

Balance sheet Heavy net debt, $837M · dividend paid 1 of 9 yrs, never cut

TPL Texas Pacific Land

Revenue is led by Oil and gas royalties (52%) and Water sales (21%), with 2 more lines behind.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $1,151 · dividend paid 5 of 5 yrs, cut at least once

VNOM Viper Energy

Revenue is Oil income (84%), Natural gas liquids income (12%) and Natural gas income (4%).

Owner earnings not read

Retained capital not read

Balance sheet Net debt against an operating loss, $2.2B

The same shelf as one comparative table, every member a row and every column sortable: the Oil & Gas Royalties & Mineral Interests table →

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.