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TPL · Texas Pacific Land

6 filings

10-K

TPL 10-K Annual Reports

Texas Pacific Land - 6 annual reports

Filing record · 2020–202610-K610-Q188-K72

2025
Texas Pacific Land Annual Report, Year Ended Dec 31, 2025
Texas Pacific Land Corporation reported record 2025 results. Revenues were $798.2 million, up from $705.8 million in 2024, and net income was $481.4 million, or $6.97 per diluted share, compared with $454.0 million in 2024. Oil and gas royalty revenue rose to $411.7 million from $373.3 million on higher production of 34.6 thousand Boe per day, offset by lower realized prices of $34.18 per Boe versus $39.87. The Water Services and Operations segment generated $307.5 million of revenue, including $169.7 million of water sales and $124.2 million of produced water royalties, and segment net income of $159.0 million. Adjusted EBITDA was $687.4 million and free cash flow was $498.3 million. The company expanded its asset base through about $536 million of acquisitions, including 17,306 NRA in the Midland Basin for $450.7 million, and made a $50.0 million minority investment in Bolt Data & Energy, Inc. tied to data center development on its land. It also entered a $500.0 million revolving Credit Facility dated October 23, 2025, which was undrawn as of the filing date, and effected a three-for-one stock split on December 22, 2025. Cash and cash equivalents were $144.8 million at year end, versus $369.8 million in 2024, and the company paid $2.13 per share in regular dividends for 2025, with a $0.60 quarterly dividend declared on February 10, 2026. The filing notes several risks, including commodity price exposure, reliance on operators' drilling decisions, a Texas Railroad Commission seismic response area program that could limit produced water disposal, and an ad valorem tax reimbursement dispute with a third party for which no receivable has been recorded. Deloitte & Touche LLP issued an unqualified opinion on both the financial statements and internal control over financial reporting, and the filing reports no material pending legal proceedings.
Feb 18, 2026
2024
Texas Pacific Land Annual Report, Year Ended Dec 31, 2024
Texas Pacific Land Corporation (TPL) reported record 2024 results, led by its Water Services and Operations segment. Total revenues were $705.8 million, up from $631.6 million in 2023, and net income was $454.0 million, or $19.75 per basic share, compared with $405.6 million in 2023. Water Services and Operations revenue rose to $265.0 million from $199.5 million, with water sales of $150.7 million and produced water royalties of $104.1 million. Land and Resource Management revenue was $440.8 million, driven by oil and gas royalties of $373.3 million, which were supported by a 26.8 thousand Boe per day share of production even though the average realized price fell to $39.87 per Boe from $42.58. TPL spent $471.7 million in investing activities in 2024, mainly on acquisitions of royalty interests totaling $395.6 million and a $45.0 million business combination in Martin County, Texas. Operating cash flow was $490.7 million, and free cash flow was $461.1 million. The company ended the year with no debt and $369.8 million in cash and cash equivalents. It paid $347.3 million in dividends, including a $10.00 special dividend, and repurchased $29.2 million of stock. The filing identifies concentration and commodity exposure as key risks. Three customers accounted for 40.9% of 2024 total revenues. Royalty revenue depends on oil and gas prices and on operator decisions, and the company disclosed that one obligor has indicated it will stop paying ad valorem taxes on certain historical royalty interests, which TPL has been paying itself since January 1, 2022 while pursuing reimbursement. The filing reports no material pending legal proceedings.
Feb 19, 2025
2023
Texas Pacific Land Annual Report, Year Ended Dec 31, 2023
Texas Pacific Land Corporation (TPL) reported 2023 total revenues of $631.6 million and net income of $405.6 million, or $52.77 per diluted share, compared with $667.4 million and $446.4 million in 2022. The decline was principally driven by a $95.0 million decrease in oil and gas royalty revenue, which fell to $357.4 million as the average realized price declined 30.0% to $42.58 per Boe. Partial offsets came from the Water Services and Operations segment, whose revenues rose to $199.5 million, and from easements and other surface-related income, which increased to $70.9 million. Operating expenses rose to $145.5 million, principally due to legal and professional fees of $31.5 million tied to stockholder matters, while other income, net increased to $31.5 million on higher interest income. The company ended 2023 with cash and cash equivalents of $725.2 million, no debt or credit facilities, and total equity of $1.04 billion. Cash provided by operating activities was $418.3 million, and free cash flow was $415.5 million. During 2023, TPL paid $100.0 million in dividends ($13.00 per share) and repurchased $42.4 million of common stock. On February 13, 2024, the board declared a quarterly dividend of $3.50 per share. The company owns approximately 868,000 surface acres in West Texas and about 195,000 net royalty acres, and it states that it is not an oil and gas producer, so its royalty revenue depends on operator decisions. The filing also flags several risks: an unresolved dispute over stockholder voting that is on appeal, an obligor that has indicated it will stop paying ad valorem taxes on certain royalty interests (which TPL has been paying and intends to seek reimbursement for, with no receivable recorded), and the potential effect of Seismic Response Areas on produced water royalties. The Permian Basin concentration means results are subject to substantial quarter-to-quarter and year-to-year fluctuations.
Feb 21, 2024
2022
Texas Pacific Land Annual Report, Year Ended Dec 31, 2022
Texas Pacific Land Corporation (TPL) reported full-year 2022 revenues of $667.4 million, up from $451.0 million in 2021, and net income of $446.4 million, or $57.77 per diluted share, compared with $270.0 million in 2021. Operating income rose to $562.3 million from $362.4 million. The Land and Resource Management segment generated $507.0 million of revenue, led by oil and gas royalties of $452.4 million, while the Water Services and Operations segment produced $160.4 million, including $84.7 million of water sales and $72.2 million of produced water royalties. The company has no debt or credit facilities and ended 2022 with $510.8 million in cash and cash equivalents. Cash provided by operating activities was $447.1 million. Capital returns were substantial. TPL paid $247.3 million in dividends in 2022, including a $20.00 per share special dividend on top of $12.00 per share in regular dividends, and repurchased $87.9 million of stock. The Board approved a new $250 million repurchase program effective January 1, 2023, and declared a quarterly dividend of $3.25 per share on February 10, 2023. Starting in 2023, repurchases will be subject to a 1% excise tax. Investors should note several items. The company disclosed that one third-party obligor has indicated it will no longer pay ad valorem taxes on certain historical royalty interests, and TPL has accrued about $8.0 million for these taxes while pursuing reimbursement. TPL is also in litigation with Horizon Kinetics and SoftVest, affiliates of two directors, over voting commitments under the Stockholders' Agreement, with trial scheduled for April 17, 2023. Revenue concentration is high, with four customers accounting for 51.8% of 2022 revenues, and results depend heavily on oil and gas prices and operator activity in the Permian Basin.
Feb 22, 2023
2021
Texas Pacific Land Annual Report, Year Ended Dec 31, 2021
Texas Pacific Land Corporation (TPL) reported 2021 total revenues of $450.96 million and net income of $269.98 million, or $34.83 per basic and diluted share, compared with revenues of $302.56 million and net income of $176.05 million in 2020. The Land and Resource Management segment generated $320.39 million of revenue and $208.90 million of net income, while the Water Services and Operations segment generated $130.57 million of revenue and $61.08 million of net income. Oil and gas royalty revenue was $286.47 million, up from $137.95 million, with the average realized equivalent price rising to $44.14 per Boe from $24.29 per Boe. Production averaged 18.6 thousand Boe per day, compared with 16.2 thousand in 2020. The company completed its reorganization from a business trust into a Delaware corporation, Texas Pacific Land Corporation, on January 11, 2021, and its common stock trades on the NYSE under the symbol TPL. The company reports no debt or credit facilities and held $428.2 million of cash and cash equivalents at year-end 2021. It paid $85.3 million in dividends, or $11.00 per share, and repurchased $19.9 million of stock during 2021. The board declared a quarterly dividend of $3.00 per share in February 2022. Management disclosed a material weakness in internal control over financial reporting related to accounting for income taxes, specifically the tax treatment of depletion on oil and gas royalty interests in prior-period returns. As a result, disclosure controls were not effective as of December 31, 2021. The filing states the error led to understated income tax expense and income taxes payable for 2018 through 2020 and the first three quarters of 2021, and that management judged the out-of-period adjustment of $19.4 million not material. Deloitte & Touche LLP issued an adverse opinion on internal control over financial reporting while giving an unqualified opinion on the financial statements.
Feb 23, 2022
2020
Texas Pacific Land Annual Report, Year Ended Dec 31, 2020
Texas Pacific Land Corporation (filed as Texas Pacific Land Trust) reported 2020 revenues of $302.6 million, down from $490.5 million in 2019, which included a $100 million land sale. Net income fell to $176.0 million, or $22.70 per Sub-share, from $318.7 million ($41.09 per Sub-share). Land and Resource Management revenue was $195.1 million and Water Services and Operations revenue was $107.4 million. Oil and gas royalties were $137.9 million, down from $154.7 million, with oil royalty revenue declining on a 24.1% lower average price per barrel. Water sales and royalties fell to $54.9 million, reflecting an 18.7% decrease in average water sales price, a 6.8% decrease in barrels sold and a $7.0 million take-or-pay deferral in the fourth quarter. The company had no debt and $281.0 million in cash and cash equivalents at December 31, 2020. Total dividends paid in 2020 were $201.7 million, consisting of a $10.00 regular dividend and $16.00 in special dividends per Sub-share. On January 11, 2021, the Trust completed its Corporate Reorganization into Texas Pacific Land Corporation, with shares distributed one-for-one to Sub-share holders and listed on the NYSE under the symbol TPL. The Board declared a quarterly cash dividend of $2.75 per share on February 17, 2021, and stated it intends to pay dividends quarterly going forward. The filing reports that the company owns the surface estate in approximately 880,523 acres in West Texas, plus NPRI interests under about 84,934 acres (1/128th) and 370,737 acres (1/16th). Two customers, Occidental Petroleum and Chevron, accounted for 18% and 10% of 2020 total revenues, respectively. Management reported effective internal control over financial reporting as of December 31, 2020, and the auditor, Lane Gorman Trubitt, LLC, issued an unqualified opinion dated February 25, 2021.
Feb 25, 2021