Congratulations, this may become a fun hobby. What state is the well?
YouTube has multiple videos about royalty statements, avoid videos about music & book royalties. “Oil and Gas Royalty Statements” by Blue Mesa is a good start.
Royalty statements are difficult for beginners, you can Google search some of the product codes, or try contacting the operator, or ask on this board. Owner net deductions are your share of severance taxes for the state, both you and your operator pay severance taxes. Your taxable income at year end is the net amount paid to you, you don’t deduct severance taxes because operator paid them and paid you net not gross. You are allowed to claim a 15% depletion allowance on your tax return.
Sounds like a new well, new lease? I asked my operator and received their Division Order Title Opinion, which calculates every royalty percentage. First time royalties are sometimes late, operators are required to pay some late interest.