olivLaw · US equity research
Texas Pacific Land Corporation TPL
Oil Royalty Traders · SIC 6792 · Vertical: Holding and investment offices (SIC 679x)
Texas Pacific Land Corporation (TPL) is a large Texas land and royalty owner concentrated in the Permian Basin that does not produce oil and gas itself, but earns revenue from royalties, water services, easements and land activity tied to others' operations. In the first half of 2026 it reported consolidated revenues of 482.9 million USD and net income of 296.8 million USD, with the second quarter presented as a record. Dependence on oil prices and on a few large operators remains the central factor in assessing it.
At the close of 02 Nov 2026, Texas Pacific Land Corporation (TPL) stock was 329.95 USD (−0.52% on the day), with market capitalisation 22.8 bn USD, P/E 32.4 on diluted EPS of 10.17 USD over the last 12 months, dividend yield 0.04%, beta 1.10, 52-week range 273.56–539.79 USD. Latest reported quarter (Q2 2026): revenue of 246.1 m USD (+31.2% YoY), net income of 153.9 m USD (+32.5% YoY), diluted EPS 2.23 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 40.8
- weak (30–45)
- Bollinger (20, 2)
- 320.08 – 369.38
- in the lower half of the band · %B 0.20 · band width 14.3%
- SMA 50 / 200
- 352.25 / 401.71
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -6.48 / -5.27
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.0% | −2.3% | −0.7 pp | — |
| 3 months | −18.8% | −0.8% | −18.0 pp | — |
| 6 months | −23.8% | +4.7% | −28.5 pp | — |
| Year to date | +14.9% | +10.2% | +4.7 pp | — |
| 1 year | +4.9% | +10.3% | −5.3 pp | +8.7% |
| 3 years | +64.2% | +73.0% | −8.9 pp | +23.2% |
| 5 years | +133.1% | +61.8% | +71.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 173.6 m | 185.8 m | 196.0 m | 187.5 m | 203.1 m | 211.6 m | 236.8 m | 246.1 m |
| Operating income | 127.3 m | 142.5 m | 150.1 m | 143.8 m | 149.1 m | 149.2 m | 182.3 m | 191.8 m |
| Depreciation & amortisation | 5.8 m | 11.5 m | 11.9 m | 13.7 m | 15.0 m | 21.9 m | 14.0 m | 16.6 m |
| Interest expense | — | — | 0 | 0 | — | — | 992.0 k | 973.0 k |
| Pre-tax income | 135.4 m | 151.0 m | 154.4 m | 149.0 m | 155.2 m | 151.8 m | 183.6 m | 193.7 m |
| Income tax | 28.8 m | 32.6 m | 33.7 m | 32.9 m | 33.9 m | 28.4 m | 40.7 m | 39.8 m |
| Net income | 106.6 m | 118.4 m | 120.7 m | 116.1 m | 121.2 m | 123.3 m | 142.9 m | 153.9 m |
| Diluted EPS | 4.63 | 0.57 ≈ | 1.75 | 1.68 | 5.27 | 0.60 ≈ | 2.07 | 2.23 |
| Operating cash flow | 118.6 m ≈ | 126.6 m | 156.7 m | 120.9 m ≈ | 154.6 m ≈ | 113.7 m | 162.0 m | 172.9 m ≈ |
| Dividends paid | 256.7 m ≈ | 36.8 m | 37.4 m | 36.8 m ≈ | 36.8 m ≈ | 36.8 m | 41.8 m | 41.4 m ≈ |
| Share repurchases | 6.1 m ≈ | 6.4 m | 100.0 k | 0 ≈ | 8.3 m ≈ | 0 | 0 | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 78 percentile of its own 23-quarter history (min 3.4, median 13.2, max 49.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 300.2 m | 490.5 m | 302.6 m | 451.0 m | 667.4 m | 631.6 m | 705.8 m | 798.2 m |
| Revenue YoY | unavailable | +63.4% | −38.3% | +49.0% | +48.0% | −5.4% | +11.8% | +13.1% |
| Net income | 209.7 m | 318.7 m | 176.0 m | 270.0 m | 446.4 m | 405.6 m | 454.0 m | 481.4 m |
| Net income YoY | unavailable | +52.0% | −44.8% | +53.4% | +65.3% | −9.1% | +11.9% | +6.0% |
| Diluted EPS | unavailable | 41.09 | 22.70 | 34.83 | 19.26 | 5.86 | 6.57 | 6.97 |
| Diluted EPS YoY | unavailable | unavailable | −44.8% | +53.4% | −44.7% | −69.6% | +12.1% | +6.1% |
| net % | 69.9% | 65.0% | 58.2% | 59.9% | 66.9% | 64.2% | 64.3% | 60.3% |
| Free cash flow | 147.6 m | 310.6 m | 202.0 m | 248.7 m | 428.2 m | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 144.8 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 1.5 bn USD
- Total assets
- 1.6 bn USD
- Debt / equity
- unavailable
- Current ratio
- 4.40x
- ROE
- 37.2%
- ROA
- 33.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 302.6 m | 451.0 m | 667.4 m | 631.6 m | 705.8 m | 798.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Operating income | 217.3 m | 362.4 m | 562.3 m | 486.1 m | 539.1 m | 592.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | 14.4 m | 16.3 m | 15.4 m | 14.8 m | 25.2 m | 62.5 m | SEC (XBRL)· 18 Feb 2026verified |
| EBITDA | 231.7 m ≈ | 378.7 m ≈ | 577.7 m ≈ | 500.8 m ≈ | 564.3 m ≈ | 654.7 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Interest expense | — | — | — | 0 | 0 | 690.0 k | SEC (XBRL)· 18 Feb 2026verified |
| Pre-tax income | 219.7 m | 363.0 m | 568.9 m | 517.6 m | 578.8 m | 610.3 m | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | 43.6 m | 93.0 m | 122.5 m | 111.9 m | 124.9 m | 129.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Net income | 176.0 m | 270.0 m | 446.4 m | 405.6 m | 454.0 m | 481.4 m | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | 22.70 | 34.83 | 19.26 | 5.86 | 6.57 | 6.97 | SEC (XBRL)· 18 Feb 2026verified |
| Weighted average diluted shares | 7.8 m | 7.8 m | 23.2 m | 69.2 m | 69.1 m | 69.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividend per share | 10.00 | 11.00 | — | 4.33 | — | 2.13 | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 281.0 m | 428.2 m | 510.8 m | 725.2 m | 369.8 m | 144.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 332.5 m | 526.5 m | 633.4 m | 862.5 m | 503.4 m | 319.3 m | SEC (XBRL)· 18 Feb 2026verified |
| Property, plant & equipment, net | 79.3 m | 79.7 m | 85.5 m | 89.6 m | 122.6 m | 164.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Intangibles (excl. goodwill) | — | — | 0 | 21.0 m | 35.2 m | 32.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 571.6 m | 764.1 m | 877.4 m | 1.2 bn | 1.2 bn | 1.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Accounts payable | 13.3 m | 17.9 m | 23.4 m | 22.5 m | 27.0 m | 39.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 21.4 m | 50.9 m | 39.6 m | 44.4 m | 46.6 m | 72.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Total liabilities | 86.5 m | 112.4 m | 104.5 m | 113.2 m | 115.6 m | 164.4 m | SEC (XBRL)· 18 Feb 2026verified |
| Equity | 485.2 m † | 651.7 m † | 772.9 m † | 1.0 bn † | 1.1 bn † | 1.5 bn † | SEC (XBRL)· 18 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 207.0 m | 265.2 m | 447.1 m | 418.3 m | 490.7 m | 545.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Capex | 5.1 m | 16.4 m | 19.0 m | — | — | — | SEC (XBRL)· 22 Feb 2023verified |
| Free cash flow | 202.0 m ≈ | 248.7 m ≈ | 428.2 m ≈ | — | — | — | SEC (XBRL)· 22 Feb 2023derived |
| Investing cash flow | -26.0 m | -15.0 m | -21.4 m | -60.3 m | -471.7 m | -595.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | -201.7 m | -104.9 m | -336.8 m | -144.6 m | -378.1 m | -176.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividends paid | 201.7 m | 85.3 m | 247.3 m | 100.0 m | 347.3 m | 147.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Share repurchases | 0 | 19.7 m | 87.8 m | 42.6 m | 29.2 m | 8.4 m | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 51 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 22.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality97
- Growth61
- Valuation22
- Balance sheet100
- Returns22
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 53.79 – 70.34 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)outside the aggregate27.99 – 37.64 (Mid 32.11)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
- Peers: P/B53.79 – 70.34 (Mid 63.90)13 companies used · median multiple 2.6x · quartiles 2.2x – 2.9xDLR, ESS, EXR, HST, KIM, O, PLD, PSA, RGLD, VICI, VMRK, VTR, WELL
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 51/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 36.6% | 93 (vs peers) | 8% |
| EBITDA margin · Quality | 82.5% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 6.1% | 61 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 253.3x | 100 (on a fixed band) | 15% |
| P/B · Valuation | 13.6x | 7 (vs peers) | 23% |
| P/E (TTM) · Valuation | 32.4x | 56 (vs peers) | 10% |
| Dividend yield · Returns | 0.0% | 0 (vs peers) | 18% |
| Payout ratio (EPS) · Returns | 1.3% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth61/100 · 1/1 factors with a value
- Quality97/100 · 2/2 factors with a value
- Returns22/100 · 2/2 factors with a value
- Valuation22/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TEXAS PACIFIC LAND CORPORATION (TPL). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 798.2 m USD in 2025; YoY growth 13.1%; net margin 60.3%; ROE 36.6%.
The estimated value range is 53.79–70.34 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 63.90 USD, the price of 329.95 USD leaves a potential of -80.6% (value / price − 1) and a margin of safety of -416.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 51/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROE: 36.6%
- EBITDA margin: 82.5%
- Interest coverage: 253.3x
- Payout ratio (EPS): 1.3%
What contradicts it
- P/B: 13.6x
- Dividend yield: 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA.
Versus the vertical median
Holding and investment offices (SIC 679x) · same industry group (3-digit SIC) · compared with 18 companies
Only companies with a capitalisation between 2.9 bn and 184.1 bn (within 8× of the company's); 156 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WELLWelltower Inc. | 175.3 bn | 102.3 | 4.0% | 12.7% | +35.6% | +15% / +168% |
| PLDPrologis, Inc. | 120.9 bn | 32.7 | 7.1% | 42.5% | +7.2% | +1% / +13% |
| EQIXEquinix Inc | 98.4 bn | 59.7 | 11.5% | 16.4% | +5.4% | +32% / +22% |
| AMTAmerican Tower Corporation | 87.3 bn | 26.4 | 90.6% | 30.7% | +5.1% | +4% / −10% |
| PSAPublic Storage | 62.3 bn | 33.9 | 16.0% | 37.8% | +2.7% | +21% / +29% |
| DLRDigital Realty Trust, Inc. | 61.8 bn | 45.9 | 6.2% | 21.7% | +10.0% | +10% / +27% |
| ORealty Income Corporation | 54.5 bn | 42.0 | 3.3% | 21.5% | +9.1% | −0% / +7% |
| VTRVentas, Inc. | 45.9 bn | 163.1 | 1.9% | 4.0% | +18.5% | +8% / +89% |
| CCICrown Castle Inc. | 37.0 bn | 44.2 | — | 20.7% | −4.4% | −5% / −26% |
| IRMIron Mountain Inc | 34.3 bn | 81.6 | — | 5.7% | +12.2% | +33% / +80% |
| EXRExtra Space Storage Inc. | 32.6 bn | 31.7 | 7.9% | 29.9% | +3.7% | +17% / +20% |
| VICIVICI Properties Inc. | 27.5 bn | 11.5 | 8.3% | 56.5% | +4.1% | −13% / −16% |
| VMRKVivmark Residential | 23.3 bn | 27.2 | 8.1% | — | +4.8% | +1% / +9% |
| TPLTexas Pacific Land Corporation | 22.8 bn | 32.4 | 36.6% | 60.3% | +13.1% | +5% / +64% |
| RGLDRoyal Gold, Inc | 20.0 bn | 25.8 | 13.5% | 47.7% | +43.2% | +16% / +94% |
| SBACSba Communications Corporation | 19.6 bn | 19.9 | — | 34.5% | +5.1% | −5% / −25% |
| HSTHost Hotels & Resorts, Inc. | 17.5 bn | 17.1 | 15.8% | 16.5% | +7.6% | +45% / +46% |
| ESSEssex Property Trust, Inc. | 17.1 bn | 40.8 | 8.0% | 22.7% | +6.4% | +1% / +24% |
| KIMKimco Realty Corporation | 16.8 bn | 27.7 | 5.8% | 27.8% | +5.1% | +21% / +30% |
1- and 3-year price returns: for TPL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 153.02 Total return -54% · Per year -54% | 270.32 Total return -18% · Per year -18% | 406.88 Total return 23% · Per year 23% |
| 3 years | 153.46 Total return -53% · Per year -22% | 304.56 Total return -8% · Per year -3% | 502.64 Total return 52% · Per year 15% |
| 5 years | 153.90 Total return -53% · Per year -14% | 343.15 Total return 4% · Per year 1% | 620.92 Total return 88% · Per year 14% |
- Exit P/E± 76.14
- Net margin± 53.30
- Annual revenue growth± 43.07
- Annual dilution± 4.48
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Texas Pacific Land Corporation (TPL) is a large Texas land and royalty owner concentrated in the Permian Basin that does not produce oil and gas itself, but earns revenue from royalties, water services, easements and land activity tied to others' operations 1. In the first half of 2026 it reported consolidated revenues of 482.9 million USD and net income of 296.8 million USD, with the second quarter presented as a record 3. Dependence on oil prices and on a few large operators remains the central factor in assessing it 12.
SWOT
Strengths
- Large surface ownership and royalty interests give a position that is hard to replicate in the Permian Basin 1.
- The business model carries high margins and low capital needs for well development, and the balance sheet is strong with no drawn debt 1.
- Results in 2026 showed rising profit and free cash flow supported by record production 3.
Weaknesses
Opportunities
Risks
- Dependence on oil and gas priceshigh
Royalties and activity-linked revenue move with prices, and a prolonged decline could weigh on profit 1.
- Customer concentrationhigh
Revenue depends on a few large operators, and a decision to cut activity could quickly affect results 1.
- Desalination project risksmedium
Costs, permitting delays or environmental effects could reduce the return on the Transmissive investment 1.
- Produced water regulationmedium
Seismic zones and injection restrictions could limit treated volumes or redirect water to other facilities 1.
- Land sales volatilitylow
Land sales revenue varies widely and depends on economic conditions and neighboring owners, which are hard to control 1.
Investment thesis
What would need to be true (bull case)
- If data center and power projects materialize, the company could add significant revenue beyond traditional royalties 13.
- Record royalty production and rising first-half profit suggest the low-capital model could support cash flow 3.
- Unique surface ownership and a debt-free balance sheet could provide flexibility for acquisitions and shareholder distributions 1.
What would break the thesis
What to watch
- Completion and results of the Phase 2B desalination facility2026
- Progress of Project Kilby and data center arrangements2026-2027
- Oil price path after the Iran conflictQ3 2026
- Royalty and water revenue in the next quarterly reportQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
TPL is one of the largest landowners in Texas, with approximately 882,000 surface acres at the end of 2025, plus royalty interests covering approximately 224,000 NRA 1. The company is not an oil and gas producer; revenue comes from royalties, water services, easements, commercial leases and land sales, which supports high cash flow margins and low capital expenditure 1. Beyond its core, it invested 50.0 million USD in Bolt Data & Energy and in 2026 announced involvement in data center and power generation projects 13.
Segments
Land and Resource Management
This segment manages land and royalty interests and generated 490.7 million USD in 2025, of which oil and gas royalties contributed 411.7 million USD 1. Revenue depends on oil and gas prices and on operators' decisions, while easements, commercial leases and material sales add comparatively steadier income 1.
Water Services and Operations
This segment supplies water for well completions and treats produced water through TPWR, with revenue of 307.5 million USD in 2025 1. Its results depend on customer development pacing in the Permian and on regulations on saltwater injection that could limit available volumes 1.
Market context
The Texas land market is fragmented and direct competition in land is limited, since few owners have comparable acreage and commercial expertise 1. In water, TPWR competes with landowners, water supply companies and produced water treaters, and new entrants or customers building their own systems could shift the balance 1.
Trends
- Oil price volatilitymixed
Oil prices flow directly into royalties, and the 2026 geopolitical conflict lifted prices while adding uncertainty about their duration 23. If prices fell again, royalty revenue could decline at the same time.
- Demand for data centers and powertailwind
Data center, power generation and Project Kilby arrangements open new revenue from land and water, although their timing and scale remain unclear 13. Their success could diversify the company's income.
- Saltwater injection regulationheadwind
Texas Railroad Commission limits on injection in seismically sensitive areas can reduce volumes available for produced water royalties 1. This could force TPWR to adjust its plans.
- Permian gas infrastructuremixed
Pipeline takeaway limits at Waha Hub can keep price differentials negative, but new pipelines under development could ease this pressure 1. The impact depends on future gas production.
Competitive position
In land, competition is essentially any other owner in the region, and TPL's scale of surface ownership is described as unique 1. In water, TPWR competes with landowners, water supply and transfer companies and produced water treaters, some with broad geographic reach and scale economies 1.
The company's competitive advantage rests on its owned surface, which lets it deliver water and offer pore space without negotiating with every neighboring owner 1. However, customers can build their own water systems, and price pressure from new competitors remains a risk 1.
- Permian Basin landowners
Neighboring owners can offer similar land and services, though rarely at comparable scale.
- Water supply and transfer companies
Compete in delivering water for well completions, sometimes with wide regional reach.
- Produced water treatment firms
Offer disposal and reuse solutions for produced water, in direct competition with TPWR projects.
- Operators building in-house water systems
Customers who develop their own water management could reduce external demand.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Jim Cramer Calls Texas Pacific Land (TPL) a “Fantastic Stock”Yahoo Finance — News · 14 Sept 2026 · EN
The latest news item in our archive is from 14 Sept 2026; the newest SEC filing is from 25 Sept 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report25 Sept 2026Departure or appointment of officers · Item 5.08
- Proxy statement25 Sept 2026
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report23 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report18 May 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report06 May 2026Material agreement · Results of operations · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report09 Apr 2026Regulation FD disclosure · Financial statements and exhibits
- Annual report18 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Texas Pacific Land Corporation · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Texas Pacific Land Corporation · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Texas Pacific Land Corporation · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.