Texas Pacific Land Corp

Texas Pacific Land Corporation (NYSE: TPL) operates as one of the largest landowners in Texas with approximately 882,000 surface acres principally concentrated in the Permian Basin. The company also owns substantial oil and gas royalty interests totaling approximately 224,000 net royalty acres. The company website is www.TexasPacific.com.

Originally organized as Texas Pacific Land Trust in 1888 to hold land previously owned by the Texas and Pacific Railway Company, the company reorganized from a business trust into a Delaware corporation in January 2021. This transformation modernized its corporate structure while preserving its long-standing land management legacy.

Texas Pacific Land Corporation operates through two reportable segments. The Land and Resource Management segment, representing 62 percent of consolidated revenue, encompasses management of the company's surface and royalty assets. This segment generates revenue from oil and gas royalties, easements for pipelines and utilities, commercial leases, material sales including caliche and sand, and land sales. The company is not an oil and gas producer but rather derives oil and gas revenue from perpetual nonparticipating royalty interests. The Water Services and Operations segment, representing 38 percent of consolidated revenue, provides full-service water solutions through its wholly-owned subsidiary Texas Pacific Water Resources LLC, including water sourcing, produced-water treatment, infrastructure development, and disposal solutions. This segment also generates revenue from produced water royalties.

The company employs 114 full-time employees as of December 31, 2025. During 2025, the company completed multiple acquisitions totaling approximately 26,000 acres and net royalty acres for approximately $490 million in aggregate consideration. Additionally, the company made a $50 million minority investment in Bolt Data & Energy, Inc., a data center infrastructure company, as part of a strategic agreement to develop large-scale data center campuses across company lands.

The company's business model emphasizes high cash flow margins with relatively low ongoing capital expenditure requirements. Revenue concentration exists with three major customers representing approximately 40 percent of 2025 revenues, each being investment-grade rated companies among the world's largest by market capitalization and significant Permian Basin operators.