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Texas Pacific Land Corporation (TPL) is one of the largest landowners in Texas, primarily operating in the Permian Basin, a major oil and gas production region. The company generates revenue through a capital-light business model focused on oil and gas royalties, surface-related activities, and water services. TPL actively manages its land and royalty interests to maximize value while providing essential services to the energy sector.
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Land and Resource Management - Generates revenue from oil and gas royalties, surface leases, easements, and land sales, leveraging its extensive land holdings in the Permian Basin.
- Oil and Gas Royalties - Earns royalties from oil and gas production without incurring development costs.
- Surface Leases and Easements - Monetizes third-party development activities on its land.
- Land Sales - Occasionally sells portions of its land holdings.
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Water Services and Operations - Provides water solutions for oil and gas activities, including water sales, produced water disposal, and related easements.
- Water Sales - Supplies water for hydraulic fracturing and other energy-related operations.
- Produced Water Royalties - Earns royalties from the disposal of produced water.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Tyler Glover ExecutiveBoard | President and Chief Executive Officer | Tyler Glover has served as the President and Chief Executive Officer of TPL since January 11, 2021 and is also a member of the Board of Directors from that date. Previously, he held roles including CEO, Co-General Agent, and Secretary of the Trust from November 2016 to January 11, 2021, and Assistant General Agent of the Trust from December 2014 to November 2016. | View Report → | |
Chris Steddum Executive | Chief Financial Officer (CFO) | Chris Steddum is the Chief Financial Officer (CFO) of Texas Pacific Land Corporation (TPL) since June 1, 2021. He previously served as Vice President, Finance and Investor Relations from 2019 to May 2021 and has extensive experience in oil and gas investment banking with roles at Stifel Financial Corporation and GMP Securities. | ||
Micheal W. Dobbs Executive | Senior Vice President, Secretary, and General Counsel | Micheal W. Dobbs has served as Senior Vice President, Secretary, and General Counsel of TPL since January 11, 2021. He previously served as Senior VP and General Counsel of the Trust from August 2020 until January 11, 2021 and was formerly a partner at Kelley Drye & Warren LLP. | ||
Robert A. Crain Executive | Executive Vice President of Texas Pacific Water Resources (TPWR) | Robert A. Crain has served as Executive Vice President of TPWR, a subsidiary of TPL, since June 2017. Previously, he served as Water Resources Manager at EOG Resources from 2015 to 2017. | ||
Stephanie Buffington Executive | Chief Accounting Officer | Stephanie Buffington is the Chief Accounting Officer at TPL since June 1, 2021. Previously, she was Vice President of Financial Reporting from September 2020 through May 2021 and Director of Financial Reporting from December 2017 through September 2020. She has over 25 years of public company experience, began her career at KPMG, and is a licensed CPA in Texas. |
- Given the robust M&A activity and your strategy for consolidating fragmented royalty, water, and surface assets, how do you plan to maintain asset quality while ensuring that these acquisitions consistently enhance intrinsic value per share?
- With record free cash flow and shareholder return in 2024, what contingencies are in place if lower oil prices or production delays occur, and how will these factors impact your planned capital allocation for 2025?
- Your Phase 2b desalination project is critical to your water strategy—can you elaborate on the assumptions that underpin your target of achieving a treatment cost of $0.75 per barrel and the risks that might derail these cost targets?
- You reported a strong near-term inventory with increased net permitted wells and DUCs; what measures are you implementing to mitigate the risk of production inefficiencies or delays impacting your quarterly run rate in 2025?
- As you pursue diversification into next-generation opportunities like behind-the-meter power generation and data centers, what operational hurdles do you anticipate, and how will these initiatives be integrated into your core business without straining your capital resources?
Recent press releases and 8-K filings for TPL.
- Financial Performance: The company reported consolidated revenue of $196 million, adjusted EBITDA of $169 million with an 86.4% margin, and free cash flow of $127 million in Q1 2025.
- Operational Highlights: Oil and gas royalty production averaged 31,100 barrels per day (a 25% year-over-year increase) while water segment revenue reached $69 million, and near-term well inventory hit a record 24.3 net wells.
- Strong Balance Sheet & Strategic Initiatives: With a net cash position of $460 million and 0 debt as of March 31, the firm is well-positioned to benefit from pipeline projects, easement renewal escalators, and further development opportunities.
- Q1 2025 highlights include a record oil and gas royalty production of 31.1 thousand Boe/day, record Water Services revenue of $69.4 million, and a consolidated net income of $120.7 million (diluted EPS of $5.24 per share).
- Sequential improvements saw total revenues rise from $185.8 million in Q4 2024 to $196.0 million in Q1 2025, with Adjusted EBITDA of $169.4 million and free cash flow of $126.6 million; an earnings call is scheduled for May 8, 2025.
- Strong Q4 Financial Performance: The company reported Q4 consolidated revenues of $186 million, adjusted EBITDA of $161 million with an 87% margin, and diluted EPS of $5.14, reflecting robust operational efficiency.
- Record Production and Operational Growth: Q4 royalty production increased by 11% sequentially with significant YoY gains in oil and gas production, water sales, and produced water royalties, supporting momentum in Permian operations.
- Robust Free Cash Flow and Capital Allocation: For full year 2024, TPL generated a record free cash flow of $461 million (11% YoY increase), and returned $376 million to shareholders via dividends and buybacks, including a 37% YoY increase to $1.60 per share.
- Strategic Investments and Future Growth Initiatives: The company made over $400 million in Permian asset acquisitions and is advancing projects like a 10,000 barrel-per-day desalination facility and co-located gas generation, with FY 2025 CAPEX expected to be $65–75 million.
- The company reported Q4 2024 net income of $118.4 million (or $5.14 per diluted share), with adjusted EBITDA of $161.3 million and free cash flow of $123.7 million, underlining strong quarterly performance.
- In Q4 2024, Texas Pacific Land Corp executed a significant acquisition of mineral interests covering 7,490 net royalty acres for $275.2 million in an all-cash transaction, enhancing its asset base.
- For the full year 2024, the company achieved record performance metrics including oil and gas royalty production of 26.8 thousand Boe per day and consolidated net income of $454.0 million (or $19.72 EPS), strongly supported by its diversified revenue streams in water sales and produced water royalties.