Texas Pacific Land (TPL) FY2025 results: revenue $798 million, up 13.1% on the year

Texas Pacific Land Corporation is a Delaware corporation and one of the largest landowners in the State of Texas, with approximately 882,000 surface acres principally concentrated in the Permian Basin. It is not an oil and gas producer; it owns the land and the royalty interests underneath it and earns from what operators do there. It was originally organised as Texas Pacific Land Trust under a Declaration of Trust dated 1 February 1888, to hold title to extensive tracts of land in Texas that had been the property of the Texas and Pacific Railway Company, and it reorganised from that business trust into the present corporation on 11 January 2021. Two reportable segments carry the business: Land and Resource Management, and Water Services and Operations.

The royalty acres

Alongside the surface acreage the company owns a 1/128th nonparticipating perpetual oil and gas royalty interest under approximately 85,000 acres, a 1/16th interest under approximately 371,000 acres and approximately 33,000 additional net royalty acres normalised to 1/8th, a collective total of approximately 224,000 net royalty acres, also concentrated in the Permian Basin. Because these are royalty interests, they require no capital expenditure or operating expense for well development, but what they pay turns on oil and gas prices and on what the owners and operators of those wells decide to invest and produce. Payment arrives at every stage of a well's life: fixed fee payments for use of the land and sales of caliche while infrastructure is built, sourced or treated produced water and sand sales during drilling and completion, then royalties and saltwater disposal once the well produces.

Land and Resource Management

This segment manages the surface acreage and the royalty acres, and it was 62% of the consolidated total in 2025, with oil and gas royalties alone 52%. Easements make up most of the remainder, mainly for pipelines carrying oil, gas and related hydrocarbons, power lines and utilities, and subsurface wellbores; they typically run 30 years or more and then renew every 10 years with a further payment subject to consumer price index escalators. Other surface income comes from commercial leases on processing, storage and compression facilities and roads, from sales of caliche used in building oil and gas infrastructure and sand used in completions, from occasional land sales, and from land leased to a third party that runs a nonhazardous oilfield solids waste disposal site. Agreements with third parties cover renewables and what the filing calls next generation opportunities, including the evaluation of data centers, power generation, grid-connected batteries and carbon capture, generally on multi-year terms paying royalties, fees, profit shares or rent. Its share of production volumes in 2025 was oil of 4,936 MBbls, natural gas of 23,359 MMcf and NGL of 3,784 MBbls, 12,613 MBoe in total, or 34.6 MBoe a day.

Water Services and Operations

This segment sells full-service water to oil and gas operators in the Permian Basin through the wholly owned subsidiary Texas Pacific Water Resources LLC, covering water sourcing, produced-water treatment, infrastructure development and disposal solutions. It was 38% of the consolidated total in 2025, split between sales of sourced and treated water and produced water royalties, the royalties alone 15% of the consolidated total. Water sales volumes were 278,564 MBbls in 2025, or 763 MBbls a day, and produced water royalty volumes were 1,566,588 MBbls, or 4,292 MBbls a day.

Recent deals

Four asset acquisitions closed in 2025, all in cash: 177 net royalty acres in the Midland Basin in March for $3.5 million; 787 acres in Reeves County, Texas in May for $4.5 million; 8,147 acres in Martin County, Texas in September for $31.4 million; and 17,306 net royalty acres, primarily in the Midland Basin across Martin, Howard, Midland and other counties, in November for $450.7 million. In December 2025 it put $50.0 million into a minority investment in Bolt Data & Energy, under a strategic agreement to develop large scale data center campuses and supporting infrastructure across its land; Bolt raised $150.0 million of capital including that amount, and the company took an equity interest, warrants and a right of first refusal to supply water to Bolt-affiliated projects. A three-for-one stock split took effect on 22 December 2025.

Competition and people

The filing states that the Land and Resource Management segment has few direct peers, that any owner of property in comparable areas is a potential competitor, and that few neighbouring landowners control land positions of similar scale. At 31 December 2025 there were 114 full-time employees, 35 of them employed by the water subsidiary.

From Texas Pacific Land's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 18 February 2026: read the full 10-K.