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Here are 1-3 brief analogies to describe Texas Pacific Land (TPL):

• Like a Real Estate Investment Trust (REIT), but for oil-rich land in West Texas, generating income from oil and gas royalties and water sales.
• Similar to a natural resource royalty company like Franco-Nevada, but focused on oil and gas in the Permian Basin, and uniquely owning the underlying vast land.

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• Oil and Gas Mineral Royalties: Income derived from owning extensive mineral rights that entitle TPL to a percentage of oil and gas production by third-party operators on its lands.
• Water Resources (Sales & Infrastructure): Providing and transporting water resources, primarily to support energy development, industrial, and agricultural operations on and around its properties.
• Surface Land Leases and Easements: Granting rights for various uses of its surface land, including for pipelines, infrastructure, renewable energy projects, and grazing.
• Strategic Land Sales: Occasional sale of portions of its landholdings, typically for specific development purposes or asset monetization.

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Texas Pacific Land (TPL) primarily sells to other companies rather than individuals. Its major customers are companies operating within the oil and gas industry and related sectors in the Permian Basin.

Due to the nature of TPL's business—which involves receiving royalties from numerous operators, selling water to multiple energy companies, and granting easements to various infrastructure providers across its vast landholdings—the company does not typically disclose specific major customer names or a concentrated customer list in its public filings. However, its customer base consists of a broad array of companies within the following categories that are highly active in the Permian Basin:

• Oil and Gas Exploration and Production (E&P) Companies: These companies lease TPL's mineral rights, drill wells, and produce oil and gas, paying royalties to TPL. They also frequently purchase water from TPL for their drilling and completion operations and require surface access for their activities.
  Examples of major public E&P companies that are significant operators in the Permian Basin and would be potential customers include:
  • ExxonMobil (NYSE: XOM)
  • Chevron (NYSE: CVX)
  • Occidental Petroleum (NYSE: OXY)
  • ConocoPhillips (NYSE: COP)
  • EOG Resources (NYSE: EOG)
  • Devon Energy (NYSE: DVN)
• Midstream Companies: These companies are involved in the transportation, processing, and storage of oil, natural gas, and natural gas liquids. They require easements and surface leases from TPL to build and operate pipelines, compressor stations, processing plants, and other crucial infrastructure across TPL's land.
  Examples of major public midstream companies with significant operations in the Permian Basin and would be potential customers include:
  • Enterprise Products Partners L.P. (NYSE: EPD)
  • Energy Transfer LP (NYSE: ET)
  • Plains All American Pipeline, L.P. (NASDAQ: PAA)
• Water Management and Oilfield Service Companies: TPL sells water (both fresh and produced) and provides water-related infrastructure and disposal services primarily to E&P companies operating on its land. However, some specialized water management and oilfield service companies might also be direct customers for certain services or lease land from TPL for their own operations serving the broader energy industry.
  While TPL's direct water customers are often the E&P companies listed above, examples of public companies involved in water services for the energy industry (though not necessarily direct TPL customers for water sales) include:
  • Select Energy Services (NYSE: WTTR)
  It's important to reiterate that TPL's largest and most direct customers for water sales and services are typically the E&P operators themselves.

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Tyler Glover, President and Chief Executive Officer

Tyler Glover serves as the President and Chief Executive Officer of Texas Pacific Land Corporation and is a member of its board. He also holds the role of President and Chief Executive Officer of Texas Pacific Water Resources, a position he has held since its inception. Previously, Mr. Glover served as Chief Executive Officer, Co-General Agent, and Secretary of TPL Trust. A Midland native, he possesses 17 years of experience in energy services and land management, having joined Texas Pacific in 2011 and leading the company since 2016.

Chris Steddum, Chief Financial Officer

Chris Steddum is the Chief Financial Officer of Texas Pacific Land Corporation, a position he assumed in 2021 after serving as Vice President, Finance and Investor Relations from 2019 to 2021. Prior to joining TPL, Mr. Steddum held investment banking roles at Stifel Financial Corporation, where he most recently headed Energy Sponsors Coverage. His investment banking career also includes positions at GMP Securities' Oil & Gas Group and Credit Suisse's global oil & gas coverage team, where he worked on various equity capital markets, debt capital markets, and M&A transactions. While at Stifel, he acted as a lead strategic advisor to TPL during its corporate reorganization and advised on multiple M&A transactions, including acquisitions and divestitures of surface acreage and royalty assets.

Micheal W. Dobbs, Senior Vice President, Secretary and General Counsel

Micheal W. Dobbs serves as Texas Pacific Land Corporation's Senior Vice President, Secretary, and General Counsel. He previously held the same roles for TPL Trust. Before his tenure at TPL, Mr. Dobbs was a partner at Kelley Drye & Warren LLP. He brings over two decades of experience in property and mineral rights, water rights, easements, and leasehold negotiations, and is a licensed attorney in the State of Texas.

Stephanie Buffington, Chief Accounting Officer

Stephanie Buffington is the Chief Accounting Officer of Texas Pacific Land Corporation. She previously served as Vice President, Accounting for both TPL Corporation and TPL Trust. Before joining TPL Trust, Ms. Buffington was the Vice President of Financial Reporting at Monogram Residential Trust, Inc., a publicly traded REIT. She has over two decades of public company experience, beginning her career at KPMG, and is a licensed Certified Public Accountant in the State of Texas.

Katie Keenan, Senior Vice President, Commercial Transactions and Assistant General Counsel

Katie Keenan holds the position of Senior Vice President, Commercial Transactions and Assistant General Counsel at Texas Pacific Land Corporation. She initially joined TPL in January 2017 as a Land Manager and later transitioned to Vice President, Land and Legal at Texas Pacific Water Resources. Prior to her time at TPL, Mrs. Keenan worked for BHP Billiton in the Permian Basin, where her focus included property and water rights negotiations, right-of-way acquisitions, and land purchase contracts. She is a licensed attorney in the State of Texas.

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1. Dependence on Oil and Gas Market Prices and Production

2. Impact of Decarbonization Efforts and Environmental Regulations

3. Water Scarcity and Chronic Physical Risks

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The growing trend of produced water recycling and reuse by oil and gas operators in the Permian Basin poses a clear emerging threat to Texas Pacific Land's water business. As operators increasingly adopt technologies and infrastructure to treat and reuse water produced from wells, their demand for fresh groundwater, which TPL sells for hydraulic fracturing operations, is likely to diminish. This shift reduces a key revenue stream for TPL by offering a substitute source for a critical resource.

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Texas Pacific Land Corporation (TPL) operates primarily in West Texas, particularly within the Permian Basin, and generates revenue from several key areas:

• Oil and Gas Royalties/Mineral Interests: TPL owns extensive mineral rights and receives royalties from oil and gas production on its land. The Permian Basin is a significant region for crude oil and natural gas production in the United States. In 2023, crude oil production in the Permian Basin was 5,790 thousand barrels of oil per day, and natural gas production was 19,315 million cubic feet per day. Projections indicate that crude oil output in the Permian Basin will rise to 6.6 million barrels per day in 2025, with natural gas production reaching 25.8 billion cubic feet per day in the same year. The market value of recoverable oil and gas reserves in the Permian Basin was estimated at approximately $3.3 trillion (at $60 per barrel) in 2019. Mineral rights in key Permian Basin locations can be valued at $18,000–$25,000 per net royalty acre. The addressable market for these royalty interests is within the Permian Basin, U.S.
• Water Services and Infrastructure: TPL provides water sourcing, treatment, and disposal services to support oil and gas operations in the Permian Basin. The U.S. oilfield water management market was valued at approximately $37.5 billion in 2019. The U.S. midstream water market for oil and gas is projected to reach a total of $156 billion between 2025 and 2030, averaging over $26 billion per year. The Permian Basin is expected to account for the majority of this market, driving approximately $101.8 billion in midstream water spending through 2030, representing nearly two-thirds of the U.S. market value. The forecasted produced water volume in the Permian Basin is between 32 and 55 million barrels per day by 2025. This market is primarily concentrated in the Permian Basin, U.S.
• Surface Land Leasing, Easements, and Rights-of-Way: TPL leases its surface land for various purposes, including oil and gas operations, agricultural activities, and infrastructure development. TPL is one of the largest private landowners in Texas, with approximately 880,000 acres in 20 West Texas counties. While TPL generates revenue from these activities, a consolidated addressable market size for surface land leasing, easements, and rights-of-way specifically for the Permian Basin or West Texas is not explicitly available as a single quantifiable figure.
• Sales of Materials (e.g., Caliche): TPL also generates revenue from the sale of materials such as caliche, used in construction. An addressable market size for caliche as a distinct product market is not available.

Therefore, precise addressable market sizes can be identified for the oil and gas royalty interests and water services within the Permian Basin (U.S.). However, a quantifiable addressable market size for surface land leasing, easements, rights-of-way, and caliche sales is not readily available.

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1. Continued Growth in Oil and Gas Royalty Production: TPL has demonstrated significant increases in oil and gas royalty production, with a 28% year-over-year increase in Q3 2025. This core segment, benefiting from its extensive landholdings in the Permian Basin, is anticipated to sustain its upward trajectory, contributing substantially to future revenues.
2. Expansion of Water Services and Royalties: The company has seen substantial growth in its water sales and produced water royalty revenues. For instance, Q3 2025 saw water sales grow 23% year-over-year and produced water royalties increase by 16% year-over-year. TPL continues to invest in water infrastructure, including brackish and treated water facilities, and is actively pursuing desalination projects, which are expected to further enhance this revenue stream.
3. Strategic Acreage Acquisitions: TPL's strategy of acquiring additional royalty and surface acreage is a direct driver of future revenue. A recent acquisition of approximately 17,300 net royalty acres in the Midland Basin for $474 million and 8,100 surface acres is poised to generate significant cash flow and expand its operational footprint, with these new assets contributing to production and revenue in subsequent quarters.
4. Diversification into New Business Segments and Technology: TPL is actively exploring new opportunities for long-term value creation. This includes evaluating ventures into power and data centers in West Texas, leveraging its vast landholdings. Additionally, the company is confident in its patented freeze desalination process, with a focus on proving its economic viability at scale, potentially opening new revenue avenues.

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Share Repurchases

• Texas Pacific Land (TPL) repurchased $29.16 million in shares in 2024.
• For the nine months ended September 30, 2025, the company repurchased $8.3 million of common stock, with $170.2 million remaining authorized under the approved stock repurchase program.
• Share repurchases were limited from 2019 to 2021 but returned in 2022 and 2023.

Share Issuance

• A three-for-one stock split was approved by TPL's Board of Directors on November 3, 2025, and is expected to be completed in December 2025.
• Litigation in 2024 concerned increasing authorized shares from 7,756,156 to 46,536,936, partly to facilitate the 3-for-1 stock split.

Outbound Investments

• In 2024, TPL invested $500 million in acquisitions, adding 50,000 acres of surface rights and expanding its royalty acreage in the Permian Basin, projected to boost production by 10%.
• In September 2025, the company executed a purchase agreement for approximately 17,306 net royalty acres and acquired about 8,147 surface acres for a combined $505 million, closing in early November 2025.
• Since 2017, TPL has invested nearly $200 million to develop its source water and recycling infrastructure and acquired approximately $220 million in surface acreage and pore space for water-related operations.

Capital Expenditures

• Capital expenditures surged to $425.27 million in 2024, a significant increase from $40 million in 2023, primarily for property, plant, and equipment to support resource extraction and water infrastructure.
• This increase reflects a strategic focus on expanding water infrastructure and land resource capabilities.
• In July 2025, TPL began constructing a 10,000 barrel per day produced water desalination facility in Orla, Texas, expected to be in service by the end of 2025.