Texas Pacific Land Corp (TPL)

Texas Pacific Land Corporation is a Delaware corporation and one of the largest landowners in Texas, with approximately 882,000 surface acres principally in the Permian Basin. It also owns oil and gas royalty interests totaling approximately 224,000 net royalty acres. The company began as Texas Pacific Land Trust under a Declaration of Trust dated February 1, 1888, to hold land formerly owned by the Texas and Pacific Railway Company, and reorganized into a corporation on January 11, 2021. It is not an oil and gas producer. It earns revenue across the life cycle of a well from its surface and royalty ownership, with a business model that emphasizes high cash flow margins and low capital expenditure needs.

The company reports two segments. Land and Resource Management (62% of 2025 revenue, $490.7 million) manages the surface acreage and royalty interests. Its revenue comes from oil and gas royalties ($411.7 million in 2025; its share of production was about 34.6 MBoe per day), easements and other surface-related income such as pipeline, power line and utility easements, commercial leases, and caliche and sand sales, and land sales. It also leases land to a third party operating a nonhazardous oilfield solids waste disposal site and has agreements on renewables and next-generation uses such as data centers, power generation, batteries and carbon capture. Water Services and Operations (38% of revenue, $307.5 million) operates through Texas Pacific Water Resources LLC and offers water sourcing, produced-water treatment, infrastructure development and disposal. Its revenue consists of water sales ($169.7 million), produced water royalties ($124.2 million), and easements and other income. Through Transmissive Water Services, LLC, the company is developing a produced water desalination and treatment process and is building a 10,000-barrel-per-day test facility expected to be completed by the end of the first half of 2026. In December 2025 it invested $50.0 million in Bolt Data & Energy, Inc. to develop large-scale data center campuses on its land.

Customers are oil and gas operators and other companies active in the Permian Basin. About 40% of 2025 revenue came from three investment-grade customers that are among the world's largest companies by market capitalization. Revenue from royalties, water and other streams fluctuates with commodity prices and the production and development decisions of third-party operators. In 2025 the company bought royalty acreage, including 17,306 net royalty acres for $450.7 million, and surface land in Reeves and Martin Counties, Texas.

On competition, the Land and Resource Management segment has few direct peers, since any owner of comparable property is a potential competitor, and few neighboring landowners hold land positions of similar scale. The water business competes with landowners, water supply and transfer companies, and companies that sell or treat produced water. The company believes its land ownership gives it an advantage over competitors that must negotiate with landowners for water sourcing and rights of way. It had 114 full-time employees at December 31, 2025, 35 of them at the water subsidiary. In October 2025 it entered a revolving credit facility of up to $500.0 million with Wells Fargo Bank, National Association and other lenders, which was undrawn, and in December 2025 it effected a three-for-one stock split.