Rights, not rigs
We own what is under the ground. Operators do the drilling.
Energy
The energy holdings
The energy division holds oil and mineral interests in Kern County, California and in Texas. Out there, land is measured in survey sections: one square mile at a time.
The grid you see is the real cadastral survey: the federal Public Land Survey System in California, and the original land surveys kept by the Railroad Commission in Texas.
Survey sections
Sample tract · illustrative
The tracts shown are illustrative placeholders, not registered holdings. Confirmed locations will replace them as each is recorded. Grid data is served live from the Bureau of Land Management and the Railroad Commission of Texas.
Royalties and mineral interests
A mineral interest is ownership of what sits beneath a tract of land, held separately from the surface above it. When an operator drills and produces, the owner of that interest is paid a royalty: a fixed share of the value of every barrel that comes out of the ground, off the top, before the operator’s costs.
That structure is why the division fits the group. A royalty carries no rig crews, no drilling budgets and no debt; the cheque rises and falls with production and price, and the interest itself does not expire. It is bought once, recorded at the county, and held — the same way the group holds everything else.
Paid from production
Royalties pay from barrels produced, not forecasts.
Section by section
Every tract recorded the way the county records it.