Texas Pacific Land Corporation

Texas Pacific Land Corporation (NYSE: TPL) is one of the largest land and royalty owners in Texas. It holds approximately 896,000 surface acres and about 28,000 net royalty acres (about 224,000 normalized to 1/8th), concentrated in the Permian Basin's Delaware and Midland sub-basins. TPL is not an oil and gas producer; its land and royalty ownership generates revenue throughout the life cycle of a well.

It reports two segments:
- **Land and Resource Management:** primarily non-participating oil and gas royalty interests, plus surface leases, easements and materials (SLEM). SLEM covers pipeline, wellbore, utility and commercial easements and leases, and caliche/materials sales.
- **Water Services and Operations:** run through Texas Pacific Water Resources (TPWR). It sells brackish and treated produced water for well completions through about 480 miles of source water pipelines. It also earns volumetric produced water royalties under agreements covering about 450,000 dedicated acres; TPL does not own or operate disposal wells.

Royalties carry no capital or most operating costs, giving the company high margins.

TPL was organized in 1888 as a trust holding Texas and Pacific Railway land grants and reorganized as a C-corporation in 2021. It is now pursuing next-generation uses of its land:
- data center and power generation siting, including supplying land and brackish water for Chevron's Project Kilby power facility in Reeves County;
- patented fractional-freeze produced water desalination and beneficial reuse;
- renewables, batteries and carbon capture.

The company carries no debt. Updated Nov 4, 2026