Texas Pacific Land Corporation

Texas Pacific Land Corporation is one of the largest land and royalty owners in the State of Texas, with approximately 894,000 surface acres and roughly 28,000 net royalty acres concentrated in the Permian Basin. The company is not an oil and gas producer; instead, it generates revenue throughout the lifecycle of a well through multiple capital-light, high-margin streams. These include oil and gas royalty interests (non-participating royalty interests entitling TPL to a fixed percentage of production), water sales (sourcing and delivering brackish and treated produced water for well completions through its Texas Pacific Water Resources subsidiary), produced water royalties (volumetric fees for allowing produced water disposal infrastructure on its surface), and surface leases, easements, and materials (pipeline easements, wellbore easements, commercial leases, and caliche sales). TPL operates two reportable segments: Land and Resource Management (encompassing oil and gas royalties, easements, land sales) and Water Services and Operations (water sales and produced water royalties). The company is expanding into data center and power generation support, providing land and water resources for projects such as Chevron's Project Kilby in Reeves County. TPL is also developing proprietary produced water desalination technology using fractional freeze methods, with a 10,000 barrel per day test facility commissioned in Orla, Texas. The company maintains a debt-free balance sheet with an undrawn $500 million credit facility and has historically returned substantial capital to shareholders through dividends and share repurchases. Updated Aug 5, 2026