Texas Pacific Land Corp (NYSE: TPL) is a land and natural resources company that owns and manages surface and royalty interests across a large acreage position in West Texas. It generates revenue through oil and gas royalties collected from third-party operators producing on its land, water services and operations fees charged to oil and gas producers in the Permian Basin, and surface use revenues from easements, commercial leases, and land sales. TPL is listed on the NYSE and headquartered in Dallas, Texas. The company operates across two reported segments: Land and Resource Management, and Water Services and Operations. Its royalty and surface income streams require minimal capital expenditure relative to revenue generated, as TPL does not operate wells itself but rather collects fees from producers who do. The filing was made on 2026-02-18 covering the fiscal year ended in that cycle.

Revenue model

Royalty income from oil and gas production on TPL-owned land, water services and operations fees charged to Permian Basin producers, and surface use revenues from easements, leases, and land sales. TPL does not operate wells; it collects fees and royalties from third-party operators.

Products and services

Oil and gas royalty interests, produced water royalties, water sourcing and disposal services, surface use easements, commercial leases, land sales. Two segments: Land and Resource Management; Water Services and Operations.

Customers and end markets

Oil and gas producers operating in the Permian Basin, West Texas. End markets are crude oil, natural gas, and water infrastructure serving upstream energy production.

Value-chain role

Landowner and royalty interest holder. Sits upstream of operators in the value chain, collecting royalties and surface fees without operating wells or bearing direct drilling capital expenditure.

Geographic exposure

West Texas, primarily the Permian Basin.

Source: SEC 10-K, filed 2026-02-18

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