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Texas Pacific LandTPL

Legal name
Texas Pacific Land Corporation
Sector
Energy
Industry
Oil Royalty Traders
Exchange
NYSE

Stock Price $TPL

Latest filings

You are here#71 of 77 in Financials by market cap

Filing record · 2020–202610-K610-Q178-K72

TPL filed 6 annual reports (10-K), 17 quarterly reports (10-Q) and 72 current reports (8-K) between 2020 and 2026.

  1. Change in control8-K · Jan ’21Jan ’21
  2. Leadership change8-K · Apr ’22Apr ’22
  3. Leadership change8-K · Aug ’23Aug ’23
  4. FY2025 annual report10-K · Feb ’26Feb ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  8. $798.2M
YoY changeLargest recent move+63.4%in FY19Latest +13.1%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All TPL Financial Metrics46 metrics

Income Statement11

Balance Sheet18

Cash Flow12

Per Share5

02—Overview

Texas Pacific Land Financial Overview 2021–2025

Updated Nov 4, 2026

TPL's realized oil and gas price fell to $34.18 per Boea in FY2025, down from $44.14 in FY2021, yet revenue still rose 77% over that span. Volume and water, not commodity prices, are driving the growth. The central claim is that TPL now behaves like a toll road on Permian land, earning more each year without needing higher oil prices.

Revenue climbed from $451.0 million in FY2021 to $798.2 millionb in FY2025. Net income rose from $270.0 million to $481.4 million, a 60% net margin in the latest year. Royalty production nearly doubled, from 18.6 thousand Boe per day to 34.6 thousand. Water Services and Operations generated $307.5 million in FY2025, up from $130.6 million in FY2021. Free cash flow reached $498.3 million.

The balance sheet shows the cost of expansion. Cash dropped to $144.8 millionc at year-end FY2025 from $369.8 million a year earlier, after about $536 million of acquisitions. A $500.0 million credit facility sits undrawn. At the FY2025 close (December 30, 2025), shares traded at $287.22, or 41.2x earnings, for a market cap of $19.8 billion. That is a premium multiple for a business whose growth has outrun its price realizations.

Recent Developments (Q1 and Q2 2026)

Net income reached $153.9 milliond in Q2 2026, up from $116.1 million a year earlier, as realized pricing recovered to $42.17 per Boe from $37.06 in Q1 2026. Oil and gas royalties rose to $145.6 million from $95.0 million. Easements and other surface income fell to $23.7 million from $36.2 million on lower pipeline easements. Management ties higher oil prices to Middle East disruption and calls the duration uncertain.

TPL leaned into data center demand. It agreed with Chevron on Project Kilby in Reeves County and bought $110.2 millione of land for power and data center use. Horizon Kinetics, the largest shareholder, gained a board designee in May 2026. Executive contracts now run through 2029.

Bull case: water and royalty volumes keep growing, and cash of $248.6 million with an undrawn facility funds more land deals. Bear case: at 57.5x earnings as of the August 4, 2026 quarterly report date, not today, earnings gains from oil prices could fade.

What to watch: Phase 2B desalination commissioning results and any Phase 3 decision; disclosure of Project Kilby cash terms

03—Filings

Recent SEC Filings

  1. 8-KTexas Pacific Land 8-K Report, Executive Changes (Sep 25, 2026)Texas Pacific Land Corporation (TPL) filed this Current Report on Form 8-K dated September 25, 2026, reporting two items: an executive employment agreement amendment and shareholder director nomination deadlines for its 2027 annual meeting. Under Item 5.02, the Company amended the amended and restated employment agreements, each dated October 13, 2023, with Tyler Glover (President and Chief Executive Officer), Chris Steddum (Chief Financial Officer), and Micheal W. Dobbs (Senior Vice President, Secretary and General Counsel). The amendments extend the expiration date of the agreements from December 31, 2026 to December 31, 2029, with automatic one-year renewals unless either party gives notice of non-renewal at least 120 days before the end of the then-current term. All other terms remain in effect. Under Item 5.08, the Company states that, as disclosed in its definitive proxy statement filed the same day, it intends to hold its 2027 annual meeting on May 6, 2027. That date is more than 30 calendar days from the anniversary of its 2026 annual meeting, which is scheduled for November 5, 2026. For stockholder proposals to be considered for inclusion in the 2027 proxy materials under Rule 14a-8, the Company must receive notice at its principal executive offices by the close of business on November 27, 2026. Director nominations or proposals submitted outside Rule 14a-8 will be considered untimely unless received between January 6, 2027 and February 5, 2027, per the bylaws. For investors, the filing is primarily governance-related: it secures continuity in the senior executive team through 2029 and sets out shareholder engagement deadlines for the 2027 annual meeting. The filing does not disclose financial results or compensation figures.
  2. 8-KTexas Pacific Land 8-K Report, Financial Results (Aug 5, 2026)Texas Pacific Land Corporation (TPL) reported record second-quarter 2026 results, per Exhibit 99.1, a press release furnished with this Form 8-K. Total revenues were $246.1 million, up from $236.8 million in the first quarter of 2026. Net income was $153.9 million, or $2.23 per diluted share, compared with $142.9 million in the first quarter. Adjusted EBITDA was $215.6 million and free cash flow was $155.5 million. The company attributed the sequential revenue increase mainly to a $27.4 million rise in oil and gas royalty revenue, and noted that its average realized price rose to $42.17 per Boe from $37.06 per Boe. Oil and gas royalty production was 39.7 thousand Boe per day, and produced water royalty volumes reached 4.9 million barrels per day. Management highlighted strategic developments, including an agreement with a Chevron subsidiary to provide land and brackish water resources for Project Kilby, a multi-gigawatt power generation and data center hub in Reeves County, Texas. The company also reported $110.2 million of aggregate land acquisitions in Shackelford and Jones Counties, Texas, tied to its data center and power generation efforts. Construction and commissioning of the Phase 2B produced water desalination facility in Orla, Texas, with anticipated capacity of 10,000 inlet barrels per day, was completed and started. The company declared a quarterly dividend of $0.60 per share, payable September 15, 2026. The company reported cash and equivalents of $248.6 million and no debt as of June 30, 2026, according to the accompanying investor presentation (Exhibit 99.2). Exhibit 99.2 also includes an updated August 2026 investor presentation posted to the company's website for use in investor and analyst meetings.
  3. 8-KTexas Pacific Land 8-K Report, Regulation FD Disclosure (Jun 23, 2026)Texas Pacific Land Corporation (TPL) announced on June 23, 2026 that it has reached an agreement with Chevron U.S.A. Inc., a subsidiary of Chevron Corporation, to provide land and brackish water resources for Chevron's recently announced Project Kilby. Project Kilby is a large-scale power generation facility Chevron is developing to support a customer data center in Reeves County, Texas. Under the agreement, TPL contributed surface acreage in exchange for cash consideration and the exclusive right to source aquifer-derived water for the power generation facility and other associated aspects of the project. CEO Ty Glover said the project validates West Texas as a premier location for compute infrastructure and that TPL is well positioned to support regional growth through its surface footprint, industry relationships, and access to energy and water resources. The filing notes that Chevron has emphasized water stewardship and community engagement, and that TPL intends to supply brackish groundwater to help reduce demand for shared freshwater resources. TPL also states it continues to advance solutions for reuse of desalinated produced water. The announcement is furnished under Item 7.01 (Regulation FD Disclosure) and is not deemed filed for purposes of Section 18 of the Exchange Act. The filing does not disclose the cash consideration amount or the financial impact of the agreement.
  4. 8-KTexas Pacific Land 8-K Report, Regulation FD Disclosure (May 18, 2026)Texas Pacific Land Corporation (TPL) furnished an investor presentation under Item 7.01 (Regulation FD) for its Investor Day on May 18, 2026 in Midland, Texas, as Exhibit 99.1. The filing itself contains no new financial results; the presentation is described as summary information to be read alongside the company's SEC filings. The presentation covers TPL's three surface-estate revenue streams (SLEM and water sales, produced water royalties, and related activities), with the company citing FY 2025 revenue of $386 million for the segment, representing 48% of consolidated revenue. The presentation highlights strong water segment economics. Management states the TPL Water segment has been profitable every year since inception in 2017, with cumulative post-tax cash flow and capital expenditure data shown for 2017 through 2025. Produced water royalties generated $124 million of FY 2025 revenue with no direct operating expenses or capital expenditures, and royalty volumes averaged 4.3 million barrels per day in FY 2025. Water Sales volumes reached 763 thousand barrels per day in 2025 versus 736 thousand in 2024. Beyond core operations, management outlined growth initiatives in desalination and data centers. TPL's Phase 1 freeze desalination pilot is complete, and Phase 2 construction was slated to begin operations in May 2026, with a final investment decision pending Phase 2 results. The company also disclosed a $50 million investment in Bolt Data & Energy, Inc. made in December 2025, which is pursuing multi-gigawatt data center projects, and it describes a data center opportunity pipeline in West Texas.
  5. 8-KTexas Pacific Land 8-K Report, Material Agreement (May 6, 2026)Texas Pacific Land Corporation (TPL) filed this Form 8-K on May 6, 2026 to report first-quarter 2026 results and disclose a board appointment and a board representative agreement with Horizon Kinetics, TPL's largest shareholder. Total revenues for the three months ended March 31, 2026 were $236.8 million, compared with $196.0 million a year earlier, and net income was $142.9 million, or $2.07 per diluted share, versus $120.7 million in the first quarter of 2025. The company cited a $20.9 million land sale revenue recognized from a $42.5 million land sale tied to a power generation and data center project, which it describes as a land sale under a financing arrangement. Adjusted EBITDA was $181.4 million and free cash flow was $136.4 million, and the quarterly dividend of $0.60 per share was declared for payment on June 15, 2026. Governance changes are the other key item. Under a Board Representative Agreement dated May 5, 2026, TPL agreed to nominate a Horizon Kinetics designee for election at its 2026 annual meeting, and Peter Doyle, Co-Chief Executive Officer of Horizon Kinetics, was appointed to the Board and to the strategic acquisitions committee on May 5, 2026. Doyle is slated to stand for re-election at the 2026 Annual Meeting, which the company intends to hold on November 5, 2026. Operationally, oil and gas royalty production averaged 37.1 thousand Boe per day, down from 37.5 thousand in the fourth quarter of 2025 but up from 31.1 thousand a year earlier. The average realized price was $37.06 per Boe, compared with $41.58 per Boe in the first quarter of 2025. The company also reported progress on its produced water desalination R&D test facility in Orla, Texas, which it said was nearing completion and expected to receive its first inlet barrels in the coming weeks.
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04—See also

Related Companies

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