01—Abstract
Summary
Summary of the 8-K filed May 18, 2026. Cited figures are marked; the original filing is the authoritative source.
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 milliona 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 millionb 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 millionc 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.
02—Key points
Key Highlights
- FY 2025 water segment-related revenue of $386 million, representing 48% of TPL consolidated revenue
- Produced water royalties generated $124 million of FY 2025 revenue with zero direct operating expense and no capital expenditures; FY 2025 royalty volumes of 4.3 million barrels per day
- TPL Water segment reported profitability every year since its 2017 inception, with a 52% FY 2025 net income margin for Water Services & Operations versus 66% for Land & Resource Management and 60% consolidated
- Water Sales volumes rose to 763 thousand barrels per day in 2025 from 736 thousand in 2024, with sales prices generally $0.50 to $1.00 per barrel
- Desalination Phase 1 pilot completed in 2024; Phase 2 facility (~10,000 bbl/d capacity, $31 million capex through FY 2025) scheduled to begin operations in May 2026, with Phase 3 final investment decision pending Phase 2 results
- December 2025 investment of $50 million in Bolt Data & Energy, Inc., which has raised $150 million in initial capital and is advancing multi-gigawatt data center projects
- Filing is a Regulation FD furnishing of the Investor Day presentation; no new financial results are reported in the 8-K
03—Questions
Frequently Asked Questions
Does this 8-K report new financial results?
No. The filing furnishes the investor presentation for TPL's May 18, 2026 Investor Day under Item 7.01 (Regulation FD). The presentation is described as summary information to be considered alongside the company's SEC filings, and the furnished material is not deemed filed for Exchange Act Section 18 purposes.
How large is TPL's produced water royalty business?
According to the presentation, produced water royalties generated $124 million of FY 2025 revenue, with royalty volumes of 4.3 million barrels per day. The company states these royalties carry zero direct operating expense and no capital expenditures, and that TPL does not own or operate produced water disposal wells.
What is the status of TPL's desalination effort?
The presentation states the Phase 1 freeze desalination pilot was successfully completed in 2024. Phase 2 construction was completed with operations scheduled to commence in May 2026, at an estimated capex of $31 million through FY 2025, with Phase 3 commercial-scale investment decision pending Phase 2 results. Management is also evaluating license-plus-royalty, spin-co, joint venture and cost-plus commercialization strategies.
What is TPL's investment in Bolt Data & Energy?
TPL invested $50 million in Bolt Data & Energy, Inc. in December 2025 to develop large-scale data center campuses and supporting infrastructure. The presentation states Bolt has raised $150 million in initial capital, co-founded by Eric Schmidt, and is advancing letters of intent and requests for proposals with operators and developers on multi-gigawatt projects. The presentation does not provide financial returns from this investment.
How has the water business performed financially?
The presentation states the TPL Water segment has been profitable every year since 2017. It shows post-tax cash flow exceeding capital expenditures in each year from 2017 to 2025, with cumulative post-tax cash flow of $811 million versus $190 million of sourced and treated capex and $39 million of desalination capex since inception. Water Services & Operations reported a 52% FY 2025 net income margin.
04—Continue