Texas Pacific Land Corporation
texaspacific.comWhat Do They Do?
Collects oil and gas royalties and manages land used by energy companies; sells sourced and treated water and provides produced-water treatment and disposal services to oil and gas operators.
10-K for FY2025, filed Feb 18, 2026Our Land and Resource Management segment encompasses the business of managing our approximately 882,000 surface acres of land and…View ↗
We are not an oil and gas producer. Rather, our oil and gas revenue is derived from our oil and gas royalty interests. Thus, in addition to…View ↗
Our Water Services and Operations segment encompasses the business of providing full-service water offerings to oil and gas operators in…View ↗
These full-service water offerings include, but are not limited to, water sourcing, produced-water treatment, infrastructure development…View ↗
The revenue streams of this segment principally consist of revenue from sales of sourced and treated water as well as revenue from produced…View ↗
How Do They Make Money?
-
10-K for FY2025, filed Feb 18, 2026
FY2025 revenue by product or service ↗
$798.2M
-
10-K for FY2025, filed Feb 18, 2026
$798.2M ↗
| Segment | Share | Revenue |
|---|---|---|
|
Oil and gas royalties
|
52%
FY2022: 68%
|
Oil and gas royalties, FY2025
$411.7M Sources
|
|
Water sales
|
21%
FY2022: 13%
|
Water sales, FY2025
$169.7M Sources
|
|
Produced water royalties
|
16%
FY2022: 11%
|
Produced water royalties, FY2025
$124.2M Sources
|
|
Easements and other surface-related income
|
12%
FY2022: 7.2%
|
Easements and other surface-related income, FY2025
$91.8M Sources
|
|
Land sales
|
0.1%
FY2022: 1.5%
|
Land sales, FY2025
$819K Sources
|
Who Are Their Customers?
Oil and gas operators use TPL's water offerings, while water-management companies operate facilities that sell water to energy businesses and handle produced-water disposal. TPL's oil and gas royalties are tied to wells operated by others.
10-K for FY2025, filed Feb 18, 2026We are not an oil and gas producer. Rather, our oil and gas revenue is derived from our oil and gas royalty interests. Thus, in addition to…View ↗
Our Water Services and Operations segment encompasses the business of providing full-service water offerings to oil and gas operators in…View ↗
The revenue streams of this segment principally consist of revenue from sales of sourced and treated water as well as revenue from produced…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 60 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 18, 2026
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 5, 2026
$153.9MView ↗
- ▲ +33%
- vs $116.1M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
-
Jun 23, 2026
Agreed to provide land and water solutions for Chevron power project
The agreement covers a large-scale power project in West Texas.
Sources
8-K, filed Jun 23, 2026
On June 23, 2026, Texas Pacific Land Corporation (the “Company”) issued a press release announcing its agreement to provide land and water…View ↗
Growing. Revenue grew 77% in 4 years, from $451M in FY2021 to $798.2M in FY2025, about 15% a year.
A waste-disposal lease
The latest report describes income from land leased to a third party operating a nonhazardous oilfield-solids disposal site; the older report describes commercial leases mainly for processing, storage, compression facilities and roads.
10-K for FY2022, filed Feb 22, 2023 10-K for FY2025, filed Feb 18, 2026Our revenue from easements is primarily generated from pipelines transporting oil, gas and related hydrocarbons, power line and utility…View ↗
Our revenue from easements is primarily generated from easements for pipelines transporting oil, gas and related hydrocarbons, power line…View ↗
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