Oil and Gas Producing Activities

9 Months Ended

Sep. 30, 2019

Extractive Industries [Abstract]

Oil and Gas Producing Activities

Oil and Gas Producing ActivitiesThere are a number of oil and gas wells that have been drilled but are not yet completed (“DUC”) where the Trust has a royalty interest. As of September 30, 2019, the Trust has identified 424 DUC wells subject to our royalty interest. Beginning in the third quarter of 2019, we implemented a new methodology to quantify the number of DUC wells. We changed the measurement period for determining a DUC well from waiting a minimum of 120 days to all wells awaiting completion. Additionally, we began using uniform drilling spacing units with pooled interests which yields a higher number of DUC wells at a lower net royalty interest. For comparative purposes, the table below presents the number of DUC wells by quarter for current and prior periods utilizing the new methodology discussed above:

	Number of DUC wells
September 30, 2019	424
June 30, 2019	369
March 31, 2019	376
December 31, 2018	362
September 30, 2018	341
June 30, 2018	364
March 31, 2018	347
December 31, 2017	319