01—Abstract
Summary
Summary of the 8-K filed May 6, 2026. Cited figures are marked; the original filing is the authoritative source.
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 milliona, 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 $37.06b 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.
02—Key points
Key Highlights
- Total revenues of $236.8 million for Q1 2026, up from $196.0 million in Q1 2025, with Land and Resource Management revenues of $153.6 million and Water Services and Operations revenues of $83.3 million.
- Net income of $142.9 million, or $2.07 per diluted share, compared with $120.7 million in Q1 2025.
- Adjusted EBITDA of $181.4 million and free cash flow of $136.4 million for the quarter.
- Land sale of $42.5 million tied to a power generation plant supporting data center operations, with $20.9 million of immediate land sale revenue recognized and a financing receivable recorded; a separate water supply agreement was also entered.
- Board Representative Agreement with Horizon Kinetics, TPL's largest shareholder, under which TPL will nominate a Horizon designee; Peter Doyle was appointed to the Board on May 5, 2026.
- Quarterly cash dividend of $0.60 per share declared, payable June 15, 2026 to holders of record on June 1, 2026.
- Oil and gas royalty production of 37.1 thousand Boe per day, with an average realized price of $37.06 per Boe versus $41.58 per Boe a year earlier.
03—Questions
Frequently Asked Questions
What drove the increase in TPL's first-quarter 2026 revenue?
Total revenues rose to $236.8 million from $196.0 million in Q1 2025, primarily due to a $20.9 million increase in land sales, an $8.1 million increase in water sales, a $6.9 million increase in oil and gas royalty revenue, and a $5.8 million increase in produced water royalties.
What is the Board Representative Agreement with Horizon Kinetics?
Entered into on May 5, 2026 with Horizon Kinetics Holding Corporation and Horizon Kinetics Asset Management LLC, the agreement requires TPL to nominate a Horizon designee for election to the Board at the 2026 Annual Meeting, subject to approval by the nominating and corporate governance committee. Peter Doyle has been selected as that designee.
Who is Peter Doyle and what committee did he join?
Doyle is co-founder and Co-Chief Executive Officer of Horizon Kinetics, a senior member of its research team, and Chairman and Co-Chief Executive Officer of FRMO Corp. He was appointed to the Board on May 5, 2026, and to the strategic acquisitions committee, and will stand for re-election at the 2026 Annual Meeting.
What was the $20.9 million land sale revenue in the quarter?
TPL entered into an arrangement with a developer of a power generation plant supporting data center operations and sold land for aggregate consideration of $42.5 million under a financing arrangement. This resulted in immediate recognition of $20.9 million in land sale revenue and a financing receivable, and TPL also agreed separately to supply water to the project.
What was TPL's dividend and when is it payable?
The Board declared a quarterly cash dividend of $0.60 per share on May 5, 2026, payable June 15, 2026 to stockholders of record at the close of business on June 1, 2026.
04—Continue