TPL
Updated: 23/09/2026, 22:29:39
Texas Pacific Land Corporation (TPL) operates in two core business segments: land and resource management, and water services. Its Land and Resource Management division oversees a vast land portfolio, spanning nearly 880,000 acres. This segment also holds significant oil and gas royalty interests. These include perpetual non-participating royalty interests (NPRIs) covering approximately 85,000 acres (at a 1/128th rate) and about 371,000 acres (at a 1/16th rate). Furthermore, it possesses around 4,000 additional net royalty acres, primarily located in West Texas. The segment grants various easements and commercial leases for purposes such as oil, gas, and hydrocarbon infrastructure, power and utility lines, and subsurface wellbores. It also leases its land for facilities like processing, storage, and compression plants, as well as roads, and sells materials such as caliche. The Water Services and Operations division provides comprehensive water solutions to energy operators throughout the Permian Basin. Its services encompass water sourcing, the gathering and treatment of produced water, infrastructure development, disposal solutions, water tracking, analytics, and well testing. This segment also generates royalty income from water extracted from its own lands. Founded in 1888, Texas Pacific Land Corporation maintains its headquarters in Dallas, Texas.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$0.8B
FY 2025 · Reported
Net income
$0.5B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
$0.0B
FY 2025 · Reported
| Product / service | Sales | Share of sales | YoY growth | By reported area |
|---|---|---|---|---|
total_segment_revenues_usd_mSource evidence“Water sales revenue of $169.7 million; Produced water royalties revenue of $124.2 million; Total segment revenues of $307.5 million” | 307.5 | N/A | N/A | Not disclosed by product and area |
water_sales_revenue_usd_mSource evidence“Water sales revenue of $169.7 million; Produced water royalties revenue of $124.2 million; Total segment revenues of $307.5 million” | 169.7 | N/A | N/A | Not disclosed by product and area |
total_segment_net_income_usd_mSource evidence“Water sales revenue of $169.7 million; Produced water royalties revenue of $124.2 million; Total segment revenues of $307.5 million” | 159 | N/A | N/A | Not disclosed by product and area |
produced_water_royalties_revenue_usd_mSource evidence“Water sales revenue of $169.7 million; Produced water royalties revenue of $124.2 million; Total segment revenues of $307.5 million” | 124.2 | N/A | N/A | Not disclosed by product and area |
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Business overview
Permian Basin-focused surface and royalty owner; not an oil and gas producer; organized 1888, reincorporated as corporation Jan 11, 2021
“Our business activity is generated from our surface and royalty interest ownership, primarily in the Permian Basin. Our revenues are derived from oil and gas royalties, water sales, produced water royalties, easements and other surface-related income and land sales.”
Company overview
Delaware corporation; ~882,000 surface acres and ~224,000 NRA, principally Permian Basin; not an oil and gas producer
“one of the largest landowners in the State of Texas with approximately 882,000 surface acres of land, principally concentrated in the Permian Basin”
Land and royalty ownership base
~882,000 surface acres in Texas (principally Permian Basin); 1/128th NPRI under ~85,000 acres; 1/16th NPRI under ~371,000 acres; ~33,000 additional NRA for ~224,000 total NRA
“approximately 882,000 surface acres of land, principally concentrated in the Permian Basin”
Two reportable segments
Land and Resource Management; Water Services and Operations
“We operate our business in two reportable segments: Land and Resource Management and Water Services and Operations.”
Two reportable segments
Two reportable segments: Land and Resource Management and Water Services and Operations; CODM uses Net Income
“the Company operates two operating segments which represent our reportable segments: Land and Resource Management and Water Services and Operations”
Water Services and Operations segment
Water Services and Operations segment
“Our primary liquidity and capital requirements are for acquisitions, capital expenditures related to our Water Services and Operations segment (the extent and timing of which are under our control), working capital, and general corporate needs.”
Consolidated revenue by stream 2023-2025
Revenue by stream (2025/2024/2023, $K): oil & gas royalties 411,677/373,331/357,394; water sales 169,701/150,724/112,203; produced water royalties 124,218/104,123/84,260; easements & other surface income 91,775/73,257/70,932; land sales 819/4,388/6,806; total 798,190/705,823/631,595
“Oil and gas royalties$411,677 $373,331 $357,394”
Water Service and Operations segment 2025 results
2025 Water Service and Operations: water sales $169.7M, produced water royalties $124.2M, segment revenues $307.5M, segment net income $159.0M
“Water sales revenue of $169.7 million; Produced water royalties revenue of $124.2 million; Total segment revenues of $307.5 million”
Land and Resource Management segment revenue 2023-2025
Total segment revenue: $490.7M (62% of consolidated) in 2025; oil and gas royalties $411.7M (52%), easements/other $78.2M (10%), land sales $0.8M
“Total Revenue – Land and Resource Management segment$490,726 62 %$440,793 63 %$432,105 69 %”
2025 royalty and land acquisitions
Acquired 17,306 NRA primarily in the Midland Basin (Martin, Howard, Midland and other counties) for $450.7M net, all-cash; and 8,147 acres in Martin County, TX for $31.4M
“Acquired 17,306 NRA located primarily in the Midland Basin in Martin, Howard, Midland, and other counties for an aggregate purchase price of $450.7 million”
2025 acquisition activity
Four 2025 all-cash acquisitions including 17,306 NRA for $450.7M (Nov 2025) and 8,147 acres in Martin County for $31.4M
“In November 2025, we acquired 17,306 NRA located primarily in the Midland Basin in Martin, Howard, Midland, and other counties for an aggregate purchase price of $450.7 million”
Strategic investment in Bolt Data & Energy, Inc.
$50.0M minority investment in Bolt (Dec 2025) for data center campuses on TPL land; equity, warrants, water ROFR
“we made a minority investment of $50.0 million in Bolt Data & Energy, Inc. (“Bolt”) pursuant to a strategic agreement to develop and enable large scale data center campuses”
2025 acquisitions and investment
2025: $450.7M Midland Basin NRA acquisition (Nov), $31.4M Martin Co land, $4.5M Reeves Co land, $3.5M 177 NRA, $50.0M minority investment in Bolt (data centers)
“In November 2025, we acquired 17,306 NRA located primarily in the Midland Basin in Martin, Howard, Midland, and other counties for an aggregate purchase price of $450.7 million, net of post-closing adjustments, in an all-cash transaction.”
TPWR competition
TPWR competes with landowners, water supply/transfer companies, produced water treatment companies; some diversified competitors have scale advantages
“TPWR competes with landowners, water supply and transfer companies, and companies who engage in the sale or treatment of produced water.”
Land sales demand factors
Land sales demand influenced by economic conditions, nearby development rate, and tract suitability for commercial uses
“Sales demand and related sale prices of particular tracts of land are influenced by many factors, including general economic conditions, the rate of development in nearby areas and the suitability of the particular tract for commercial uses.”
Largest publicly-traded oil and gas mineral royalty company with large surface rights
TPL is the largest publicly-traded oil and gas mineral royalty focused organization and also owns/manages large surface rights enabling water, SLEM, data centers and power generation opportunities
“It is the largest publicly-traded oil and gas mineral royalty focused organization”
Competitive advantage in Permian water
Competitive advantage in Permian completion water from surface footprint and owned water infrastructure
“We believe we have a competitive advantage in this market with our significant surface footprint and a large network of owned and operated water wells, storage ponds, recycling assets, and pipelines”
Capital allocation: $700M cash target and shareholder returns
Target cash balance ~$700M; excess FCF to special dividends/share repurchases; $144.8M cash at YE2025
“we have set a target cash and cash equivalents balance of approximately $700 million. Above this target, we will seek to deploy the majority of our free cash flow towards returning capital to our stockholders”
Surface rights enable new business lines including data centers and power generation
Surface rights allow creation of additional business lines such as water business and SLEM, and potential investments including data centers and power generation infrastructure
“These surface rights allow the creation of additional business lines, such as our water business and SLEM and potential investment opportunities, including data centers and power generation infrastructure”
Next-generation and renewables opportunities
Evaluating data centers, power generation, grid-connected batteries, and carbon capture on surface assets
“These agreements include the evaluation of data centers, power generation, grid-connected batteries, and carbon capture and sequestration, among other opportunities.”
$500 million revolving credit facility (Wells Fargo, 2025)
Undrawn $500.0M revolver maturing October 23, 2029, SOFR + 2.25%-2.50%, springing security if leverage >2.50:1.0, $250M accordion
“provides for a revolving credit facility (the “Credit Facility”) in the aggregate principal amount of up to $500.0 million”
Revolving Credit Facility
$500.0M undrawn revolver entered Oct 23, 2025, maturing Oct 23, 2029; SOFR + 2.25%/2.50% leverage-based grid
“On October 23, 2025, we entered into a Credit Facility in the aggregate principal amount of up to $500.0 million, and the ability to request potential increases in the commitments of the lenders of up to an additional $250.0 million”
$500.0M Credit Facility entered in 2025
Entered a $500.0 million Credit Facility in 2025; credit facility balance was $0 at December 31, 2025; $5.07M debt issuance costs paid
“Entered into a $500.0 million Credit Facility.”
2025 commodity price environment
WTI down ~15% in 2025; Henry Hub up ~61%; Waha remained at significant negative basis to Henry Hub
“Average West Texas Intermediate ("WTI") oil prices for the year ended December 31, 2025 were down approximately 15% compared to average WTI oil prices during the same period last year.”
$50.0M investment in Bolt for data center development
Invested $50.0M in Bolt under a strategic agreement to develop large-scale data center campuses and supporting infrastructure on TPL land
“Invested $50.0 million in Bolt pursuant to a strategic agreement to develop and enable large scale data center campuses”
Three-for-one stock split effected December 22, 2025
Effected a three-for-one stock split on December 22, 2025
“Effected a three-for-one stock split on December 22, 2025.”
Three-for-one stock split
Three-for-one stock split effected December 22, 2025; par value unchanged at $0.01
“On December 22, 2025, we effected a three-for-one stock split of our common stock, par value $0.01 per share”
Royalty revenue dependence on oil/gas prices and operator decisions
Royalty revenue reliant on oil/gas prices and actions of third-party operators over which TPL has no control
“We are not an oil and gas producer. Our oil and gas royalty revenue is derived primarily from perpetual non-participating nonparticipating oil and gas royalty interests that we have retained or oil and gas interests that we have acquired.”
Seismic response areas limiting saltwater disposal
Texas RRC SRA implementation could limit or redirect produced water disposal on TPL surface; Culberson/Reeves deep injection suspended Jan 2024
“in January 2024, the Railroad Commission of Texas indefinitely suspended all deep oil and gas produced water injections in Culberson and Reeves counties.”
Transmissive desalination project risks
Desalination project may exceed cost estimates, fail targeted returns, or require impairments
“Transmissive may fail to achieve targeted returns or require additional unplanned capital, which could lead to impairments of invested capital”
Ownership is concentrated in one geographic location (Permian Basin, Texas), making revenue and net income subject to substantial fluctuations.
“Due to the nature of our operations and concentration of our ownership in one geographic location”
Oil royalties of $304.9M in 2025 dominate revenue; realized oil price fell to $64.69/Bbl from $75.80 in 2024, directly affecting royalty income.
“Oil royalties$304,930 $298,074 $273,304”
Surface acres and ~224,000 NRA are principally concentrated in the Permian Basin, concentrating geographic exposure.
“for a collective total of approximately 224,000 NRA, principally concentrated in the Permian Basin”
Royalty, water sales, produced water royalties and surface income all depend on operator drilling/development decisions and capital expenditures.
“Demand for TPWR's products and services is substantially dependent on demand and expenditures by our customers for the exploration, development and production of oil and gas reserves.”
Financial results depend on drilling and completion decisions by owners and operators of wells in the Permian Basin across royalty, water, easement revenue streams.
“subject to decisions by the owners and operators of not only the oil and gas wells to which our oil and gas royalty interests relate”
Royalty income depends on operators' investment and production decisions, and surface revenues depend on development activity on TPL land.
“our oil and gas royalties are also subject to decisions made by the owners and operators of the oil and gas wells to which our royalty interests relate as to investments in and production from those wells”
Oil and gas royalties ($411.7M in 2025, the largest revenue stream) depend on market prices for oil and gas, which are subject to significant fluctuations.
“The oil and gas royalties which we receive are dependent upon the market prices for oil and gas”
Caliche, sand, water services, easements, and royalty revenues all derive from operators developing wells and infrastructure on TPL land.
“Material sales include caliche, sand, and other material sales to operators.”
All land and royalty assets are in the State of Texas; revenue entirely tied to Texas land and Permian development.
“one of the largest landowners in the State of Texas with approximately 882,000 surface acres of land”
Permian produced water volumes and water demand grow with Permian oil production; hundreds of thousands of barrels of water per well completion.
“For oil and gas well development, often hundreds of thousands of barrels of water are required per well completion.”
Natural gas prices affect royalty revenue; Henry Hub rose ~61% in 2025 while Waha traded at negative basis due to limited Permian takeaway capacity.
“Since mid-2022, the Waha Hub located in Pecos County, Texas has at times experienced significant negative price differentials relative to Henry Hub... due in part to growing local Permian natural gas production and limited natural gas pipeline takeaway capacity.”
Bolt strategic agreement and next-generation agreements target large-scale data center campuses on TPL land, a new revenue lever beyond oil and gas.
“a strategic agreement to develop and enable large scale data center campuses and supporting infrastructure across our land”
Royalty revenue includes natural gas products removed from mineral reserve locations; prices subject to national and international economic and political conditions.
“Oil and gas royalty payments are generally received one to two months after the crude oil and gas products are removed”
Water sales revenue encompasses sale and delivery of sourced, produced and treated water to operators and other customers in the Permian Basin.
“the sale and delivery of sourced, produced and treated water to operators and other customers”
Natural gas royalties swung from $18.5M (2024, $1.17/Mcf) to $37.4M (2025, $1.73/Mcf), showing commodity-price sensitivity.
“Natural gas royalties37,432 18,512 29,915”
SRAs limiting SWD injected volumes could restrict produced water disposal on TPL surface or redirect volumes to TPL SWDs outside SRAs.
“The implementation of SRAs could limit the volume of produced water disposed on the Company's surface within the SRAs or, in certain cases, could direct additional volumes of produced water to SWDs on the Company's surface outside of SRAs.”
TPWR faces pricing pressure from new competition; customers may develop their own water management solutions.
“pricing pressure driven by new competition; ... our existing and potential customers may develop their own water management solutions.”
$50.0M minority investment with warrants and water-supply ROFR; land contribution option; Bolt still pursuing commercial partnerships and anchor customers.
“Bolt is currently pursuing commercial partnerships and anchor customers to develop large-scale data centers on our land.”
$50.0M minority investment in Bolt to develop large-scale data center campuses and supporting infrastructure across TPL land.
“we made a minority investment of $50.0 million in Bolt pursuant to a strategic agreement to develop and enable large scale data center campuses and supporting infrastructure across our land.”
TPL invested $50.0M in Bolt to develop large-scale data center campuses on TPL land, a new growth avenue from surface rights.
“strategic agreement to develop and enable large scale data center campuses and supporting infrastructure across TPL land”
Desalination project costs may exceed estimates due to inflation, supply chain constraints, labor and equipment availability.
“may result in total project costs exceeding initial estimates due to inflation, supply chain constraints, labor and equipment availability, design changes, regulatory requirements or technical challenges.”
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