Forestar Group Inc. operates as a real estate, and oil and gas company in the United States. It operates through three segments: Real Estate, Oil and Gas, and Other Natural Resources. The Real Estate segment engages in the acquisition, entitlement, development, and sale of real estate, primarily residential and mixed-use communities. It also sells commercial tracts; residential lots primarily to homebuilders; and undeveloped land through its retail sales programs, as well as operates income producing properties, such as a hotel and multifamily properties. This segment owns, directly or through ventures, approximately 113,000 acres of real estate located in 10 states and 13 markets in the United States; has 11 real estate projects representing approximately 24,000 acres in the entitlement process, as well as 75 entitled, developed, or under development projects in 8 states and 13 markets encompassing approximately 12,000 acres. The Oil and Gas segment focuses on the exploration, development, and production of oil and gas on its owned and leasehold mineral interests. It leases its mineral interests to third parties for the exploration and production of oil and gas. This segment has approximately 960,000 net acres of oil and gas mineral interests located in 16 states in the continental United States. The Other Natural Resources segment sells wood fiber from portions of its land primarily in Georgia; and leases land for recreational uses. This segment, directly or through ventures, owns approximately 102,000 acres of timber. It also holds water interests in about 1.5 million acres. The company is headquartered in Austin, Texas.