TPL 10-K & 10-Q changes, risk factors and insider trading
Texas Pacific Land Corp · NYSE · Oil Royalty Traders · CIK 1811074 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “Our produced water desalination project creates risks related to invested capital, environmental exposure and our reputation.”
New heading “Our Credit Facility may limit our operating flexibility or otherwise adversely affect our business.”
New heading “We may make minority investments, engage in joint ventures or make other strategic alliances with third parties that subject us to risks and uncertainties outside of our control.”
Removed heading “We face direct and indirect supply chain risks that may adversely affect our business.”
Largest changes
“The events of default under the Credit Facility include, among others, payment defaults, breaches of covenants, defaults under the related loan documents, material misrepresentations, cross defaults with certain other material indebtedness, bankruptcy and insolvency events, judgment defaults, certain events related to plans subject to the Employee Retirement Income Security Act of 1974, as amended, invalidity of the Credit Facility or the related loan documents and change in control events. …”see in full comparison
“Through Transmissive, we are developing a proprietary produced water desalination technology and advancing the beneficial reuse process. Development of a produced water treatment facility requires substantial capital and may result in total project costs exceeding initial estimates due to inflation, supply chain constraints, labor and equipment availability, design changes, regulatory requirements or technical challenges. …”see in full comparison
“Our business could be negatively affected by supply shortages and/or price increases driven by the increased costs of materials and logistics as a result of macroeconomic conditions, including geopolitical conflicts, general inflationary pressures, labor shortages, part or equipment availability, manufacturing capacity, tariffs, trade disputes and barriers, natural disasters or pandemics and the effects of climate change. …”see in full comparison
“We face direct and indirect supply chain risks that may adversely affect our business.”see in full comparison
“The companies in which we make investments may have indebtedness or equity securities, or may be permitted to incur indebtedness or to issue equity securities, which rank senior to our investment. We also may make investments in early-stage companies that depend on venture funding and are not profitable. …”see in full comparison
“We may make minority investments, engage in joint ventures or make other strategic alliances with third parties that subject us to risks and uncertainties outside of our control.”see in full comparison
Full comparison: every changed paragraph (43)
An investment in our securities involves a degree of risk. The risks described below, and other risks noted throughout this Annual Report on Form 10-K,Report, including those risks identified in Part II, Item 7,7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also have a material adverse effect on us. If any of the following risks actually occur, our financial condition, results of operations, cash flows or business could be harmed. In that case, the market price of our stock could decline and you could lose part or all of your investment in our stock.
The oil and gas royalties that we receive are dependent upon the market prices for oil and gas, and decreases in such prices for oil and gas negatively impact the revenue realized on our oil and gas royalties. Reductions in market prices for oil and gas could also lead to decreased exploration and development activity by the operators of the properties on which we own oil and gas royalty interests, which could reduce our revenue potential with respect to such interests. Market prices for oil and gas are subject to USU.S. and global macroeconomic and geopolitical conditions and infrastructure and logistical constraints, amongst others, and, in the past, have been subject to significant price fluctuations. Price fluctuations for oil and gas have been particularly volatile in recent years due to supply and demand constraints,factors, worldwide energy conservation measures, OPEC and OPEC+ actions, global conflicts in major oil producing regions, especially in Eastern Europe and the Middle East, and general economic cycles, among other factors. These events and conditions have, at times, resulted in a reduction of global economic activity and volatility in the global financial markets. The scale and duration of the impact of these factors remain unknowable but could lead to a decrease in our revenues and have a material impact on our business segments and earnings, cash flow and financial condition.
We are not an oil and gas producer. Our oil and gas royalty revenue is derived primarily from perpetual non-participating oil and gas royalty interests that we have retained or oil and gas interests that we have acquired. As oil and gas wells age, their production capacity may decline absent additional investment. However, the owners and operators of the oil and gas wells make all decisions as to investments in, and production from, those wells and our royalties are dependent upon decisions made by those owners and operators, among other factors. Accordingly, a significant portion of our revenues is reliant on the management and actions of third parties, over whom we have no control. Such third parties may not take actions or make decisions that will be beneficial to us, which could result in adverse effects on our financial results and performance.
Demand for TPWR’s products and services is substantially dependent on demand and expenditures by our customers for the exploration, development and production of oil and natural gas reserves. These expenditures are generally dependent on our customers’ overall financial position, capital allocation priorities, and views of future oil and natural gas prices. Declines, as well as anticipated declines, in oil and gas prices have in the past resulted, and may in the future result, in lower capital expenditures, project modifications, delays or cancellations, general business disruptions, and delays in payment, or nonpayment, of amounts that are owed to us, which could in the future, adversely affect our earnings, cash flow and financial condition. The results of operations for the Water Services and Operations segment have been impacted from time to time by reduced development pacing and declines in expenditures by our customers in response to varying industry or global circumstances. Our results may continue to be impacted by producer discretion on development pacing and capital expenditures.
We have encountered and may continue to encounter the challenges, uncertainties and difficulties frequently experienced in new and rapidly evolving markets with respect to the business of TPWR, including, but not limited to:
•lack of sufficient customers or loss of significant customers for the new line of business;
The business of TPWR is subject to applicable state and federal laws and regulations, including laws and regulations on water use, environmental and safety matters. These laws and regulations may increase the costs and timing of planning, designing, drilling, installing, operating and abandoning water wells and sourced water and treatment facilities and impact our customers’ ability to transport, store and/or dispose of produced water in certain locations. Due to increased seismicity in the Delaware and Midland Basins, the Texas Railroad Commission recently began implementing seismic response areas (“SRAs”) limiting the permitted capacity and use of certain saltwater disposal wells (“SWDs”) for the injection of produced water. The implementation of SRAs could limit the volume of produced water disposed on the Company’s surface within the SRAs or, in certain cases, could direct additional volumes of produced water to SWDs on the Company’s surface outside of SRAs. These limitations and/or redirections may require TPWR to adapt its business plans and could affect TPWR’s financial performance. We continue to actively engage with the Texas Railroad Commission and evaluate the potential effect of SRAs on our produced water royalties.
Our estimated proved developed producing (“PDP”) reserves are based on many assumptions that may prove to be inaccurate. Any inaccuracies in these estimates or underlying assumptions may materially affect the quantities and present value of our reserves.
It is not possible to measure underground accumulations of oil, natural gas, and NGL with precision. Oil and natural gas reserve engineering requires subjective estimates of underground accumulations of oil and natural gas and assumptions concerning future oil and natural gas prices, production levels, ultimate recoveries and operating and development costs. In estimating our proved developed producing (“PDP”) reserves, we and Ryder Scott Company, L.P. ("“Ryder Scott"”), an independent third-party petroleum engineering firm, must make various assumptions with respect to many matters that may prove to be incorrect, including:
•future oil, natural gas, and NGL prices;
Our historical estimatesEstimates of our proved, developed and producing reserves and related valuations as of December 31, 20242025 were prepared by Ryder Scott, which conducted a well-by-well review of all wells in which we have a mineral or royalty interest for the period covered by its reserve report using information provided by us. Over time, we may make material changes to reserve estimates. Some of our reserve estimates were made without the benefit of a lengthy production history, which are less reliable than estimates based on a lengthy production history. Our reserve estimates could differ materially from those reserve estimates of operators developing on our acreage. Numerous changes over time to the assumptions on which our reserve estimates are based, as described above, may result in the actual quantities of oil and natural gas that are ultimately recovered being different from our reserve estimates.
The successful implementation of our strategies and handling of other issues integral to our future success depends, in part, on our experienced management team, including with respect to the business of TPWR. The loss of key members of our management team could have an adverse effect on our business. If we cannot retain our experienced personnel or attract additional experienced technical personnel, our ability to compete within our industry could be harmed.
Demand for TPWR’s products and services is substantially dependent on demand and expenditures by our customers for the exploration, development and production of oil and gas reserves. These expenditures are generally dependent on our customers’ overall financial position, capital allocation priorities, and views of future oil and gas prices. Declines, as well as anticipated declines, in oil and gas prices have in the past resulted, and may in the future result, in lower capital expenditures, project modifications, delays or cancellations, general business disruptions, and delays in payment, or nonpayment, of amounts that are owed to us, which could in the future, adversely affect our earnings, cash flow and financial condition. The results of operations for the Water Services and Operations segment have been impacted from time to time by reduced development pacing and declines in expenditures by our customers in response to varying industry or global circumstances. Our results may continue to be impacted by producer discretion on development pacing and capital expenditures.
We have encountered and may continue to encounter the challenges, uncertainties and difficulties frequently experienced in a new and rapidly evolving market with respect to the business of TPWR, including, but not limited to:
•lack of sufficient customers or loss of significant customers for the business of TPWR;
The market in which TPWR operates is highly competitive and includes numerous companies capable of competing effectively on a local basis. TPWR competes with landowners, water supply and transfer companies, and companies who engage in the sale or treatment of produced water. Some of our larger diversified competitors have a broad geographic scope and have benefits of scale, while others focus on specific areas only and may have locally competitive cost efficiencies as a result.
Additionally, there may be new companies that enter the water solutions business, or our existing and potential customers may develop their own water management solutions. Our ability to maintain current revenue and cash flows, and our ability to expand our operations, could be adversely affected by the activities of our competitors and our customers.
The business of TPWR is subject to applicable state and federal laws and regulations, including laws and regulations on water use, environmental and safety matters. These laws and regulations may increase the costs and timing of planning, designing, drilling, installing, operating and abandoning water wells and sourced water and treatment facilities and impact our customers’ ability to transport, store and/or dispose of produced water in certain locations. Some state and local governmental authorities have begun to monitor or restrict the use of water to ensure adequate local water supply. In addition, due to increased seismicity in the Delaware and Midland Basins, the Texas Railroad Commission recently began implementing seismic response areas (“SRAs”) limiting the permitted capacity and use of certain saltwater disposal wells (“SWDs”) for the injection of produced water. For example, in January 2024, the Railroad Commission of Texas indefinitely suspended all deep oil and gas produced water injections in Culberson and Reeves counties. The implementation of SRAs could limit the volume of produced water disposed on the Company’s surface within the SRAs or, in certain cases, could direct additional volumes of produced water to SWDs on the Company’s surface outside of SRAs. These limitations and/or redirections may require TPWR to adapt its business plans and could affect TPWR’s financial performance. We continue to actively engage with the Texas Railroad Commission and evaluate the potential effect of SRAs on our produced water royalties.
Our produced water desalination project creates risks related to invested capital, environmental exposure and our reputation.
Through Transmissive, we are developing a proprietary produced water desalination technology and advancing the beneficial reuse process. Development of a produced water treatment facility requires substantial capital and may result in total project costs exceeding initial estimates due to inflation, supply chain constraints, labor and equipment availability, design changes, regulatory requirements or technical challenges. Delays in permitting, produced water sourcing, waste disposal arrangements, construction or commissioning could defer or reduce expected cash flows and impair the anticipated return on our investment. Actual throughput, pricing, operating costs and utilization may also differ from forecasts because they depend on competing treatment or disposal options, and changes in environmental or water‑handling regulations. As a result, Transmissive may fail to achieve targeted returns or require additional unplanned capital, which could lead to impairments of invested capital and have a material adverse effect on our business, financial condition, results of operations and liquidity.
We are exposed to the risk that discharges of treated water and treatment‑related waste, including those made in compliance with permitted limits, may have unforeseen adverse environmental effects. Material failures to properly treat, handle or transport produced water or discharge treated water, including leaks, spills or non‑compliance with discharge permits and performance standards, could risk contaminating surface waters, groundwater or navigable waters or damage natural resources. Such material failures could also trigger enforcement actions, require remediation or corrective measures, lead to operational restrictions or permit suspension or revocation, harm our reputation or result in third‑party claims for personal injury, property damage and other losses, any of which could materially and adversely affect our business, financial condition, results of operations and liquidity.
Negative public opinion or adverse perceptions of Transmissive’s operations or reputation could materially affect our business, results of operations, or prospects over time. Negative sentiment may arise from unfavorable portrayals of produced water, water treatment operations or discharge locations by the media, special interest groups, political leaders, stakeholders, or other parties, including organized opposition to specific projects or the energy industry in general. Potential impacts of such sentiment include operational delays or interruptions, legal or regulatory challenges, blockades, increased regulatory oversight, reduced public or governmental support, and the delay, challenge, or revocation of regulatory approvals, permits, or licenses, each of which may increase costs or cause cost overruns.
The completion of the Corporate Reorganization implicated conditions and covenants contained in certain agreements to which the Trust was, and now TPL is, a party and thereby may cause us to lose certain benefits that the Trust historically received. For example, the obligation to pay ad valorem taxes with respect to certain of our royalty interests was assumed by a third party and is now the obligation of the successors in interest to such third party, so long as such royalty interests are held by the Trustees or their successors in office under the Declaration of Trust. We have received an indication from one such obligor that it does not intend to continue to make ad valorem tax payments related to historical royalty interests. In order to protect the historical royalty interests from any potential tax liens for non-payment of ad valorem taxes, we have accrued and/or paid such ad valorem taxes since January 1, 2022. While we intend to seek reimbursement from the third party following payment of such taxes, there can be no assurance that we will be successful in getting reimbursed, and accordingly, no loss recovery receivable has been recorded as of December 31, 2025. Taking on the cost of such payments will have an adverse impact on our business and results of operations.
Our Credit Facility may limit our operating flexibility or otherwise adversely affect our business.
The Credit Facility contains customary affirmative and negative covenants that, among other things, limit our ability to grant liens, incur debt, make investments, effect certain mergers, dispose of assets, make certain payments, pay dividends or distributions on our capital stock, change the nature of our business, enter into certain transactions with affiliates, enter into certain burdensome agreements, enter into swap agreements and enter into sale and leaseback transactions, in each case subject to customary exceptions. We therefore may not be able to engage in any of the foregoing transactions unless we obtain the consent of the required lenders and administrative agent under the Credit Facility or terminate the Credit Facility. Our inability to engage in such actions could limit our operating flexibility and prohibit us from taking certain actions that might be beneficial to our business. Additionally, we are required to maintain as of the end of each fiscal quarter a consolidated interest coverage ratio of not less than 3.0 to 1.0 and a consolidated total leverage ratio of not greater than 3.50 to 1.0. Borrowings under the Credit Facility are initially unsecured, with a springing senior security interest in substantially all of the equity securities of our subsidiaries in the event our consolidated total leverage ratio exceeds 2.50 to 1.0. There is no guarantee that we will be able to generate sufficient cash flow to comply with these financial covenants or pay the principal and interest on any debt we incur under the Credit Facility. Furthermore, there is no guarantee that future working capital, borrowings or equity financing will be available to repay or refinance any such debt. Any inability to make scheduled payments or comply with the covenants in our Credit Facility could result in the acceleration of the obligations thereunder and could adversely affect our business.
The events of default under the Credit Facility include, among others, payment defaults, breaches of covenants, defaults under the related loan documents, material misrepresentations, cross defaults with certain other material indebtedness, bankruptcy and insolvency events, judgment defaults, certain events related to plans subject to the Employee Retirement Income Security Act of 1974, as amended, invalidity of the Credit Facility or the related loan documents and change in control events. If an event of default occurs, the lenders under the Credit Facility may be entitled to terminate the commitments and letter of credit extensions, accelerate any outstanding indebtedness under the Credit Facility, require us to post cash collateral with respect to any letters of credit and exercise any additional rights and remedies under the Credit Facility. If our indebtedness is accelerated, we may not have sufficient funds available to pay the accelerated indebtedness or that we will have the ability to refinance the accelerated indebtedness on terms favorable to us or at all.
We may make minority investments, engage in joint ventures or make other strategic alliances with third parties that subject us to risks and uncertainties outside of our control.
As part of our business strategy, from time to time, we may make minority investments in the equity securities of companies, engage in joint ventures or make other strategic alliances with third parties that we do not control. For example, in December 2025, we made a minority investment of $50.0 million in Bolt pursuant to a strategic agreement to develop and enable large scale data center campuses and supporting infrastructure across our land. In connection with our investment, we received an equity interest, warrants, and a right of first refusal to supply water to Bolt-affiliated projects and related infrastructure. We may contribute land and receive additional equity that may or may not increase in value or be liquid. Minority investments inherently involve a lesser degree of control over business operations, thereby potentially increasing the financial, legal, operational and/or compliance risks associated with the minority investment.
To the extent we hold only a minority equity interest in a company, we may lack affirmative control rights, which may diminish our ability to influence the company’s affairs in a manner intended to enhance the value of our investment in the company. Our investment could become impaired if the majority stakeholders or the management of the company take risks or otherwise act in a manner that does not serve our interests. In addition, we could be subject to reputational harm if the company in which the investment is made makes business, financial or management decisions with which we do not agree. These circumstances could also lead to disputes and litigation with management or employees of the company in which the investment is made, or its other stockholders.
The companies in which we make investments may have indebtedness or equity securities, or may be permitted to incur indebtedness or to issue equity securities, which rank senior to our investment. We also may make investments in early-stage companies that depend on venture funding and are not profitable. In the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a company in which an investment is made, holders of debt instruments and securities ranking senior to our investment would typically be entitled to receive payment in full before distributions could be made in respect of our investment.
We may also enter into separate commercial arrangements with these companies similar to our strategic agreement with Bolt, whether before, concurrently with, or after making a minority investment. In certain cases, an underlying commercial arrangement may be a driving factor behind our investment. Such commercial arrangements may not further our business strategy as we expected, and we may not realize all the economic benefits expected from the commercial agreement or realize the expected return on our investments.
The successful implementation of our strategies and handling of other issues integral to our future success depends, in part, on our experienced management team, including with respect to the business of TPWR. The loss of key members of our management team could have an adverse effect on our business. If we cannot retain our experienced personnel or attract additional experienced personnel, our ability to compete within our industry could be harmed.
We face direct and indirect supply chain risks that may adversely affect our business.
Our business could be negatively affected by supply shortages and/or price increases driven by the increased costs of materials and logistics as a result of macroeconomic conditions, including geopolitical conflicts, general inflationary pressures, labor shortages, part or equipment availability, manufacturing capacity, tariffs, trade disputes and barriers, natural disasters or pandemics and the effects of climate change. Supply shortages and/or price increases could lead to a reduction in revenues and an increase in our operating costs, which would have a material impact on our business segments and earnings, cash flow and financial condition.
Supply chain issues may disrupt the operations and development activities of operators on our land, upon whom a significant portion of our revenue relies, which could negatively affect our revenues from oil and gas royalties, easements and our water offerings. Supply chain issues could also lead to an increase in TPWR’s operating costs and disrupt its water sourcing and treatment operations, which could further negatively affect our revenues from our water offerings. TPWR has adapted lead times for ordering parts and equipment to mitigate supply chain issues in the past and will use its best efforts to adapt to additional supply chain issues in the future, but given the uncertainty surrounding the macroeconomic factors and geopolitical situation, supply chain issues may negatively affect our business operations in the future.
The completion of the Corporate Reorganization implicated conditions and covenants contained in certain agreements to which the Trust was, and now TPL Corporation is, a party and thereby may cause us to lose certain benefits that the Trust historically received. For example, the obligation to pay ad valorem taxes with respect to certain of our royalty interests was assumed by a third party and is now the obligation of the successors in interest to such third party (the “obligors”), so long as such royalty interests are held by the Trustees or their successors in office under the Declaration of Trust. We have received an indication from one such obligor that it does not intend to continue to make ad valorem tax payments related to historical royalty interests. In order to protect the historical royalty interests from any potential tax liens for non-payment of ad valorem taxes, we have accrued and/or paid such ad valorem taxes since January 1, 2022. While we intend to seek reimbursement from the third party following payment of such taxes, there can be no assurance that we will be successful in getting reimbursed, and accordingly, no loss recovery receivable has been recorded as of December 31, 2024. Taking on the cost of such payments will have an adverse impact on our business and results of operations.
The market price of our Common Stock may fluctuate significantly due to a number of factors, some of which may be beyond our control, includingincluding, but not limited to:
The timing, declaration, amount of, and payment of any cash dividends to our stockholders is within the discretion of our Board and will depend upon many factors, including our financial condition, earnings, capital requirements of our operating subsidiaries, covenants associated with our Credit Facility or any future debt service obligations or other contractual obligations, legal requirements, regulatory constraints, industry practice, ability to access capital markets and other factors deemed relevant by the Board. These factors could result in a change in our current dividend policy.
On November 1, 2022, our Board approved a stock repurchase program, which became effective January 1, 2023, to purchase up to an aggregate of $250.0 million of our outstanding Common Stock. During the year ended December 31, 2025, the Company repurchased 27,000 outstanding shares of Common Stock for an aggregate purchase price of $8.4 million, which repurchased shares were placed in treasury. The Company opportunistically repurchases stock under the stock repurchase program with funds generated by cash from operations. The stock repurchase program may be suspended from time to time, modified, extended or discontinued by the Board at any time. Any future repurchase under the stock repurchase program will be within the discretion of our Board and will depend upon many factors, including market and business conditions, the trading price of our Common Stock, available cash and cash flow, capital requirements and the nature of other investment opportunities.
The timing, declaration, amount of, and payment of any cash dividends to our stockholders is within the discretion of our Board and will depend upon many factors, including our financial condition, earnings, capital requirements of our operating subsidiaries, covenants associated with any debt service obligations or other contractual obligations, legal requirements, regulatory constraints, industry practice, ability to access capital markets and other factors deemed relevant by the Board. These factors could result in a change in our current dividend policy.
On November 1, 2022, our Board approved a stock repurchase program, which became effective January 1, 2023, to purchase up to an aggregate of $250.0 million of our outstanding Common Stock. During the year ended December 31, 2024, the Company repurchased 30,432 outstanding shares of Common Stock for an aggregate purchase price of $29.2 million, which repurchased shares were placed in treasury. The Company opportunistically repurchases stock under the stock repurchase program with funds generated by cash from operations. The stock repurchase program may be suspended from time to time, modified, extended or discontinued by the Board at any time. Any future repurchase under the stock repurchase program will be within the discretion of our Board and will depend upon many factors, including market and business conditions, the trading price of our Common Stock, available cash and cash flow, capital requirements and the nature of other investment opportunities.
Our revenues depend on natural and environmental conditions with respect to operations that result in royalties to us, or that use our water services. Our business and financial results are therefore subject to disruption from natural or human causes beyond our control, including physical risks from severe storms, floods, droughts resulting in aquifer declines and other forms of severe weather, war, accidents, civil unrest, political events, fires, earthquakes, system failures, pipeline disruptions, environmental hazards such as oil and produced water spills, terrorist acts and epidemic or pandemic diseases, any of which could result in a material adverse effect on oil and natural gas production and, therefore, our results of operations.
Much of the value of the land we own and upon which we receive royalties is based on the oil and natural gas reserves located there. Our revenues may be negatively affected by changes driven by trends such as decarbonization efforts. Such changes may relate to the types or sources of energy in demand, such as a shift to renewable sources of power generation (for example, wind and solar), along with ongoing changes in regulatory, investor, customer and consumer policies and preferences. The evolution of global energy sources is affected by factors out of our control, such as the pace of technological developments and related cost considerations, the levels of economic growth in different markets around the world and the adoption of climate change-related policies. In addition, the possibility of taxes on energy sources, including oil and gas, may affect the demand for crude oil and natural gas and the operating costs for third-party operators on our royalty properties.
Management's Discussion & Analysis (MD&A)
New heading “Revolving Credit Facility”
New heading “Return of Capital to Stockholders”
New heading “Year Ended December 31, 2025 Compared to Year Ended December 31, 2024”
New heading “(1) MBbl = 1 thousand barrels of water.”
New heading “(2) MBbl/d = 1 thousand barrels of water per day.”
New heading “Oil and Gas Reserves”
Removed heading “Return of Capital to Shareholders”
Removed heading “Year Ended December 31, 2024 Compared to Year Ended December 31, 2023”
Removed heading “Consolidated Revenues and Net Income:”
Removed heading “(2) The metrics and dollars provided for the year ended December 31, 2023 exclude the impact of the $8.7 million recovery of oil and gas discussed above.”
Largest changes
“The events of default under the Credit Facility include, among others, payment defaults, breaches of covenants, defaults under the related loan documents, material misrepresentations, cross defaults with certain other material indebtedness, bankruptcy and insolvency events, judgment defaults, certain events related to plans subject to the Employee Retirement Income Security Act of 1974, as amended, invalidity of the Credit Facility or the related loan documents and change in control events. …”see in full comparison
(1) Commonly used definitions in the oil and gas industrysee in full comparisonnot previously defined: “Bbl” represents one barrel of 42 U.S. gallons of crude oil, condensate or NGLs. “Boe” represents barrels of oil equivalent. “NGL” represents natural gas liquid. “MBbls” represents one thousand barrels of crude oil, condensate or NGLs. “Mcf” represents one thousand cubic feet of natural gas. “MMcf” represents one million cubic feet of natural gas. “MBoe” represents one thousand Boe. “MBoe/d” represents one thousand Boe per day.
“(2) The metrics and dollars provided for the year ended December 31, 2023 exclude the impact of the $8.7 million recovery of oil and gas discussed above.”see in full comparison
(1) Commonly used definitions in the oil and gas industrysee in full comparisonprovided in the table above are defined as follows: “WTI Cushing” represents West Texas Intermediate. “Bbl” represents one barrel of 42 U.S. gallons ofoil.crude oil, condensate or NGLs. “Mmbtu” represents one million British thermal units, a measurement used for natural gas. “DUCs” represent drilled but uncompleted wells. DUC classification is based on well data and date stamps provided by Enverus. DUCs is based on wells that have a drilled/spud date stamp but do not have a completed or first production date stamp. Excludes wells that have been labeled plugged and abandoned or permit expired and wells drilled/spud more than five years ago.
“Year Ended December 31, 2024 Compared to Year Ended December 31, 2023”see in full comparison
“Year Ended December 31, 2025 Compared to Year Ended December 31, 2024”see in full comparison
Full comparison: every changed paragraph (88)
Average West Texas Intermediate (“WTI”) oil prices for the year ended December 31, 20242025 were relativelydown flatapproximately 15% compared to average WTI oil prices during the same period last year. Oil prices continue to be impacted by certain actions by OPEC+, geopolitics, and evolving global supply and demand trends, among other factors. In addition, ambiguity around tariffs implemented by and towards the United States has created incremental global economic uncertainty, which, in part, contributed to relatively weaker oil prices in 2025. Average Henry Hub natural gas prices during 20242025 decreasedincreased approximately 61% compared to average prior year natural gas prices. Global and domestic natural gas markets havebenefited experiencedin volatility2025 duefrom toimproved macroeconomicsupply-demand conditions,balances, infrastructureincluding tailwinds from expanded liquefied natural gas capacity and logisticalimproved constraints, weather,industrial and geopolitics,power demand, among other factors. Since mid-2022, the Waha Hub located in Pecos County, Texas has at times experienced significant negative price differentials relative to Henry Hub, located in Erath, Louisiana, due in part to growing local Permian natural gas production and limited natural gas pipeline takeaway capacity. Midstream infrastructure is currently being developed by operators to provide additional takeaway capacity, though the impact on future basis differentials will be dependent on future natural gas production and other factors. Changes in global and domestic macro-economic conditions could result in additional shifts in oil and gas supply and demand in future periods. Although our revenues are directly and indirectly impacted by changes in oil and natural gas prices, we believe our royalty interests (which require no capital expenditures or operating expense burden from us for well development), strong balance sheet, and liquidity position will help us navigate through potential commodity price volatility.
As the largest oil producing shale basin in the world, the Permian depends on large-scale water solutions related to well development and produced water disposal. For oil and gas well development, often hundreds of thousands of barrels of water are required per well completion. To enhance productivity and drilling economics, oil and gas operators have generally expanded the amount of water per well completion and reduced the time to complete a well. These factors have led to intensifying demands for completion water delivery and assurance, which generally benefits completion water providers with larger size and scale. We believe we have a competitive advantage in this market with our significant surface footprint and a large network of owned and operated water wells, storage ponds, recycling assets, and pipelines that can source and deliver water to customers throughout the Permian.
Permian produced water volumes have grown commensurately with overall Permian oil production. Though some produced water is reused and recycled for completion activities, the majority of Permian produced water is injected into subsurface pore space via saltwater disposal wells. Saltwater disposal availability varies throughout the Permian depending on regulations, permitted injected rates, and the availability of pore space and infrastructure. Our extensive land holdings contain and are adjacent to extensive pore space, and, through various commercial agreements, we allow produced water operators to transport and dispose of produced water across our surface footprint. Furthermore, our previously mentioned desalination project could potentially provide an additional solution for produced water by reducing the amount of water required to be injected subsurface.
The Permian Basin is one of the oldest and most well-known hydrocarbon-producing areas and currently accounts for a substantial portion of oil and gas production in the United States, covering approximately 86,000 square miles in 52 counties across southeastern New Mexico and western Texas. Exploration and production (“E&P”) companies active in the Permian have generally increaseddecreased their drilling and development activity in 20242025 compared to recent prior year activity levels.levels Perin response to lower oil prices. Despite relatively lower activity, Permian production, per the U.S. Energy Information Administration (“EIA”), Permian production averaged approximately 6.3 million barrels per day during 2024, which represents the highest annual production ever. The EIA currently estimates that Permian oil production for December 2024 was approximately 6.5 million barrels of oil per day.day during 2025.
(1) Commonly used definitions in the oil and gas industry provided in the table above are defined as follows: “WTI Cushing” represents West Texas Intermediate. “Bbl” represents one barrel of 42 U.S. gallons of oil.crude oil, condensate or NGLs. “Mmbtu” represents one million British thermal units, a measurement used for natural gas. “DUCs” represent drilled but uncompleted wells. DUC classification is based on well data and date stamps provided by Enverus. DUCs is based on wells that have a drilled/spud date stamp but do not have a completed or first production date stamp. Excludes wells that have been labeled plugged and abandoned or permit expired and wells drilled/spud more than five years ago.
(2) Permian Basin specific information per Enverus analytics. USU.S. weekly horizontal rig counts per Baker Hughes United States Rotary Rig Count for horizontal rigs. Statistics for similar data are also available from other sources. The comparability between these other sources and the sources used by the Company may differ.
While average oil prices for the year ended December 31, 20242025 were generally flatlower compared to the same period in 2023,2024, Henry Hub and Waha Hub natural gas prices for the year ended December 31, 20242025 declinedincreased compared to the same period last year. E&P companies generallybroadly have continued to deploy capital at a measured pace astowards drilling and development activities acrossin the Permian Basin haveat remaineda strongmeasured overall.pace. Although average rig counts during the year ended December 31, 20242025 were lower compared to the same period last year, increased drilling and completion efficiencies have allowed operatorsoperators, in aggregate, to maintaingrow robust levels of well development.production. As we are a significant landowner in the Permian Basin and not an oil and gas producer, our revenue is affected by the development decisions made by companies that operate in the areas where we own royalty interests and land. Accordingly, these decisions made by others affectaffect, notboth onlydirectly and indirectly, our share of production volumesoil and gas royalties, produced water disposalroyalties, volumes,water butsales, alsoand directly impact ourother surface-related income and water sales.income.
Our principal sources of liquidity are cash and cash flows generated from operations and our operations.Credit Facility. Our primary liquidity and capital requirements are for acquisitions, capital expenditures related to our Water Services and Operations segment (the extent and timing of which are under our control), working capitalcapital, and general corporate needs.
We continuously review our levels of liquidity and capital resources. If market conditions were to change and our revenues were to decline significantly or operating costs were to increase significantly, our cash flows and liquidity could be reduced. Should this occur, we could draw on our Credit Facility or seek alternative sources of funding. WeAs of December 31, 2025, we had no debt, creditdraws facilities,on orour anyCredit Facility, and no off-balance sheet arrangements asthat require us to provide funding, guarantees, or other forms of Decemberfinancial 31, 2024.support.
As we evaluate our current capital structure, capital allocation priorities, business fundamentals, and investment opportunities, we have set a target cash and cash equivalents balance of approximately $700 million. Above this target, we will seek to deploy the majority of our free cash flow towards returning capital to our stockholders in the form of special dividends and/or share repurchases. As of December 31, 2024,2025, we had cash and cash equivalents of $369.8$144.8 million that we expect to utilize, along with cash flow from operations, to provide capital to support our business, to pay dividendsregular dividends, subject to the discretion of our Board, to, subject to market conditions, repurchase shares of our Common Stock subject to market conditions,Stock, for potential acquisitions and for general corporate purposes. We believe that cash from operations,operations together withand our cash and cash equivalents balances,balance together with our Credit Facility, will be sufficient to meet ongoing capital expenditures, working capital requirements and other cash needs and allow for opportunistic transactions for at least the next 12 months.
Return of Capital to Shareholders
During the year ended December 31, 2024, we paid total dividends to our stockholders of $347.3 million, consisting of cumulative regular cash dividends of $5.11 per share and a special dividend of $10.00 per share. In addition, we repurchased $29.2 million of our Common Stock (including share repurchases not settled at the end of the period).
Acquisition and Investment Activity
We completed the following asset acquisitions and business combinationinvestment during 20242025:
•Acquired mineral interests across 7,490 NRA located primarily in the Midland Basin in Martin, Midland and other counties in Texas and New Mexico for cash consideration of $275.2 million, net of post-closing adjustments.
•AcquiredIn mineralMarch interests2025, acrosswe 4,106acquired 177 NRA located primarily in Culbersonthe County,Midland TexasBasin for aan aggregate purchase price of $120.3$3.5 million, net of post-closing adjustments.adjustments, in an all-cash transaction.
•In May 2025, we acquired 787 acres of land in Reeves County, Texas for an aggregate purchase price, inclusive of closing costs, of $4.5 million in an all-cash transaction.
•In September 2025, we acquired 8,147 acres of land in Martin, County Texas for an aggregate purchase price, inclusive of closing costs, of $31.4 million in an all-cash transaction.
•In November 2025, we acquired 17,306 NRA located primarily in the Midland Basin in Martin, Howard, Midland, and other counties for an aggregate purchase price of $450.7 million, net of post-closing adjustments, in an all-cash transaction.
•In December 2025, we made a minority investment of $50.0 million in Bolt pursuant to a strategic agreement to develop and enable large scale data center campuses and supporting infrastructure across our land.
•Acquired 4,120 surface acres in Martin County, Texas along with other surface-related tangible and intangible assets in a business combination for total consideration of $45.0 million.
See Part I, Item 1,1. “Business — Recent Developments” for further discussion of our acquisition and investment activity during 2024.2025.
Revolving Credit Facility
On October 23, 2025, we entered into a Credit Facility in the aggregate principal amount of up to $500.0 million, and the ability to request potential increases in the commitments of the lenders of up to an additional $250.0 million; provided that any such request for an increase must be in a minimum amount of $50.0 million or, if less, the amount remaining available for all such increases. The Credit Facility and all borrowings thereunder will mature on October 23, 2029.
The borrowings under the Credit Facility will bear interest at a rate per annum (i) for each SOFR loan, equal to term SOFR for such interest period plus (x) 2.25% if our consolidated total leverage ratio is less than or equal to 2.0 to 1.0 or (y) 2.50% if our consolidated total leverage ratio is greater than 2.0 to 1.0 or (ii) for each base rate loan, equal to the base rate plus (x) 1.25% if our consolidated total leverage ratio is less than or equal to 2.0 to 1.0 or (y) 1.50% if our consolidated total leverage ratio is greater than 2.0 to 1.0. The base rate for any day is a fluctuating rate per annum equal to the highest of (a) the federal funds rate plus 0.50% of 1%, (b) the rate of interest per annum publicly announced by the Administrative Agent as its prime rate, and (c) term SOFR for a one-month tenor in effect on such day plus 1.00%. We are also required to pay customary letter of credit fees.
We intend to draw on the facility primarily for capital expenditures, ongoing working capital, acquisitions and general corporate purposes. Borrowings under the Credit Facility will be unsecured with a springing security interest in substantially all equity securities of our subsidiaries in the event our consolidated total leverage ratio exceeds 2.50 to 1.0. The Credit Facility also contains customary financial and other affirmative and negative covenants.
The events of default under the Credit Facility include, among others, payment defaults, breaches of covenants, defaults under the related loan documents, material misrepresentations, cross defaults with certain other material indebtedness, bankruptcy and insolvency events, judgment defaults, certain events related to plans subject to the Employee Retirement Income Security Act of 1974, as amended, invalidity of the Credit Facility or the related loan documents and change in control events. The occurrence of an event of default could result in the termination of commitments and letter of credit extensions, the acceleration of our obligations under the Credit Facility, the requirement to post cash collateral with respect to letters of credit and the exercise of the Lenders of all rights and remedies under the Credit Facility.
No draws had been made under the Credit Facility as of December 31, 2025, and the Credit Facility remained undrawn as of the date of this Annual Report.
Return of Capital to Stockholders
During the year ended December 31, 2025, we paid total dividends to our stockholders of $147.8 million, consisting of cumulative regular cash dividends of $2.13 per share. In addition, we repurchased $8.4 million of our Common Stock during the year ended December 31, 2025.
In May 2024, we announced our progress towards developing new solutions for produced water in the Permian Basin. Over the last few years, we have been working with a leading industrial technology and manufacturing firm to develop anpatented energy-efficient desalination and treatment process and associated equipment that can recycle produced water into fresh water with quality standards appropriate for surface discharge and beneficial reuse. DuringWith the Permian Basin generating over 20 million barrels of produced water per day, this technology provides an attractive and critical alternative to subsurface injection. We have begun construction of our test facility, which will have an initial capacity of 10,000 barrels of water per day, with an estimated service date in the first half of 2026. Cumulatively through December 31, 2025, we have spent $45.5 million ($33.6 million during the year ended December 31, 2024, we spent $9.9 million2025) on this new energy-efficient desalination and treatment process and equipment, of which $7.4$38.8 million washad capitalized.been Seecapitalized theas discussionof inDecember Part31, I, Item 1, “Business — Business Segments” for additional information.2025.
Additionally, during the year ended December 31, 2024,2025, we invested approximately $21.7$24.9 million to maintain and/or enhance our water sourcing assets.
The increase in cash flows provided by operating activities for the year ended December 31, 20242025 compared to the same period of 20232024 was primarily driven by an increase in operating incomeincome, principally related to increased oil and gas production volumes and water sales volumes, and changes in working capital requirements.requirements during 2025 as compared to 2024.
For the years ended December 31, 20242025 and 2023,2024, net cash used in investing activities was $471.7$595.8 million and $60.3$471.7 million, respectively. Our cash flows used in investing activities are primarily related to acquisitionsroyalty acquisitions, investments and capitalpurchases expendituresof fixed assets primarily related to our waterWater servicesServices and operationsOperations segment. Our acquisitions may include land, royalty interestsinterests, land and other similar tangible and intangible assets.
For further information regarding acquisitions and investment activity during the year ended December 31, 2024,2025, see “Acquisition and Investment Activity” above. CapitalPurchases expendituresof fixed assets for the years ended December 31, 20242025 and 20232024 were $29.7$59.5 million and $15.0$29.7 million, respectively.
For the years ended December 31, 20242025 and 2023,2024, net cash used in financing activities was $378.1$176.0 million and $144.6$378.1 million, respectively. Our cash flows used in financing activities principally consist of activities that return capital to our stockholders such as payments of dividends and repurchases of our Common Stock.Stock, and activity related to our Credit Facility.
During the year ended December 31, 2025, we paid total dividends of $147.8 million, consisting of cumulative regular cash dividends of $2.13 per share. During the year ended December 31, 2024, we paid total dividends of $347.3 million consisting of cumulative regular cash dividends of $1.70 per share and a special dividend of $3.33 per share. During the years ended December 31, 2025 and 2024, employees surrendered $14.8 million and $1.6 million in shares, respectively, to the Company to settle tax withholdings related to stock vesting. We repurchased $8.4 million and $29.2 million of our Common Stock during the years ended December 31, 2025 and 2024, respectively. Debt issuance cost in connection with the Credit Facility was $5.1 million for the year ended December 31, 2025. We had no draws or repayments on the Credit Facility during the year ended December 31, 2025.
During the year ended December 31, 2024, we paid total dividends of $347.3 million, consisting of cumulative regular cash dividends of $5.11 per share and a special dividend of $10.00 per share. During the year ended December 31, 2023, we paid total dividends of $100.0 million consisting of cumulative regular cash dividends of $4.33 per share. We repurchased $29.2 million and $42.4 million of our Common Stock (in each case, including share repurchases not settled at the end of the period) during the years ended December 31, 2024 and 2023, respectively.
Results of Operations - Consolidated
Interest income by segment is included in other income, net in the table above.
Year Ended December 31, 2024 Compared to Year Ended December 31, 2023
Consolidated Revenues and Net Income:
Total revenues increased $74.2 million, or 11.8%, to $705.8 million for the year ended December 31, 2024 compared to $631.6 million for the year ended December 31, 2023. This increase was principally due to the $38.5 million increase in water sales, the $19.9 million increase in produced water royalties and the $15.9 million increase in oil and gas royalty revenue in 2024 over 2023. Individual revenue line items are discussed below under “Segment Results of Operations.” Net income of $454.0 million for the year ended December 31, 2024 was 11.9% higher than 2023, principally as a result of the increase in total revenues, partially offset by an increase in operating expenses, as discussed below.
Consolidated Expenses:Results of Operations
Year Ended December 31, 2025 Compared to Year Ended December 31, 2024
Total revenues were $798.2 million for the year ended December 31, 2025 compared to $705.8 million for the year ended December 31, 2024. Total operating expenses were $206.0 million for the year ended December 31, 2025 compared to $166.7 million for the year ended December 31, 2024. Net income was $481.4 million for the year ended December 31, 2025 compared to $454.0 million for the year ended December 31, 2024. Individual revenue and expense line items are discussed below under “Segment Results of Operations.”
Salaries and related employee expenses. Salaries and related employee expenses were $53.6 million for the year ended December 31, 2024 compared to $43.4 million for 2023. The number of employees increased from 100 at December 31, 2023 to 111 as of December 31, 2024, which, when coupled with market compensation adjustments effective at the beginning of 2024, resulted in increased salary and related employee expenses for the year ended December 31, 2024 compared to 2023. Additionally, contract labor expenses for the year ended December 31, 2024 increased over 2023, principally as a result of the 34.3% increase in water sales over the same period.
Water service-related expenses. Water service-related expenses increased $12.6 million to $46.1 million for the year ended December 31, 2024 compared to 2023. Certain types of water service-related expenses, including, but not limited to, treatment, transfer, water purchases, repairs and maintenance, equipment rental, and fuel costs vary from period to period as our customers’ needs and requirements change. Right of way and other expenses also vary from period to period depending on the location of customer delivery. The increase in water service-related expenses for the year ended December 31, 2024 was principally related to a 34.3% increase in water sales over 2023, primarily as a result of increased water volumes. Research and development expenses related to development of a new energy-efficient method of produced water desalination and treatment were $2.5 million and $1.2 million for the years ended December 31, 2024 and 2023, respectively. For further discussion of this new treatment method, see “Liquidity and Capital Resources — Development of New Solutions for Produced Water and Capital Expenditures” above.
General and administrative expenses. General and administrative expenses decreased $12.0 million to $34.5 million for the year ended December 31, 2024 from $46.5 million for the same period of 2023. The decrease in general and administrative expenses during the year ended December 31, 2024 compared to the same period of 2023 was principally related to a reduction in legal and professional fees associated with stockholder matters that occurred during 2023.
Depreciation, depletion and amortization. Depreciation, depletion and amortization was $25.2 million for the year ended December 31, 2024 compared to $14.8 million for the year ended December 31, 2023. The increase is principally due to additional depletion expense associated with royalty interests acquired in August 2024 and October 2024, as well as additional amortization expense associated with intangible assets acquired in August 2023 and August 2024.
Other income, net. Other income, net was $39.7 million and $31.5 million for the years ended December 31, 2024 and 2023, respectively. The increase in other income, net was primarily related to increased interest income earned on our cash balances during 2024. Higher interest yields during the year ended December 31, 2024 contributed to the increase in interest income. Additionally, during the year ended December 31, 2024, we recorded a curtailment and settlement gain of $4.6 million related to the Company’s pension plan. See further discussion at Note 8, “Pension and Other Postretirement Benefits” in the notes to our consolidated financial statements included under Part II, Item 8, “Financial Statements and Supplementary Data.”
Total income tax expense. Total income tax expense was $124.9 million and $111.9 million for the years ended December 31, 2024 and 2023, respectively. The increase in income tax expense was primarily related to increased operating income resulting from increased consolidated revenues.
Land and Resource Management segment revenues increased $8.7 million, or 2.0%, to $440.8 million for the year ended December 31, 2024 as compared to 2023. The increase in Land and Resource Management segment revenues was related to a $15.9 million increase in oil and gas royalty revenue, partially offset by a decrease in easements and other surface-related income of $4.8 million and a decrease in land sales of $2.4 million for the year ended December 31, 2024 compared to 2023.
Oil and gas royalties. Oil and gas royalty revenue was $411.7 million for the year ended December 31, 2025 compared to $373.3 million for the year ended December 31, 2024 compared to $357.4 million for the year ended December 31, 2023,2024, an increase of 4.5%. Oil and gas royalties for the year ended December 31, 2023 included an $8.7 million recovery with an operator with respect to unpaid oil and gas royalties for older production periods. Excluding the impact of the $8.7 million recovery on 2023 revenue, oil and gas royalties for the year ended December 31, 2024 increased $24.6 million due to increased production volumes over 2023.10.3%. Our share of production volumes increased to 26.834.6 thousand Boe per day for the year ended December 31, 20242025 compared to 23.526.8 thousand Boe per day for 2023.2024. The average realized prices decreased to $39.87$34.18 per Boe for the year ended December 31, 20242025 from $42.58$39.87 per Boe for 2023.2024, a decrease of 14.3%.
The table below provides financial and operational data by oil and gas royalty stream for the years ended December 31, 20242025 and 20232024:
(1) Commonly used definitions in the oil and gas industry not previously defined: “Bbl” represents one barrel of 42 U.S. gallons of crude oil, condensate or NGLs. “Boe” represents barrels of oil equivalent. “NGL” represents natural gas liquid. “MBbls” represents one thousand barrels of crude oil, condensate or NGLs. “Mcf” represents one thousand cubic feet of natural gas. “MMcf” represents one million cubic feet of natural gas. “MBoe” represents one thousand Boe. “MBoe/d” represents one thousand Boe per day.
(2) The metrics and dollars provided for the year ended December 31, 2023 exclude the impact of the $8.7 million recovery of oil and gas discussed above.
Easements and other surface-related income. Easements and other surface-related income was $78.2 million for the year ended December 31, 2025, an increase of 24.0% compared to $63.1 million for the year ended December 31, 2024, a decrease of 7.1% compared to $67.9 million for the year ended December 31, 2023.2024. Easements and other surface-related income includes revenue related to the use and crossing of our land for oil and gas exploration and production, renewable energy, and agricultural operations. The decreaseincrease in easements and other surface-related income was principally related to a decreaseincreases of $5.1$10.0 million in pipeline easements, $3.8 million in wellbore easements and $2.5 million in lease bonuses on acquired royalty interests for the year ended December 31, 20242025 compared to 2023.the same period of 2024. The amount of income derived from pipeline easements is a function of the term of the easement, the size of the easement, and the number of easements entered into for any given period. Easements and other surface-related income is dependent on development decisions made by companies that operate in the areas where we own land and is, therefore, unpredictable and may vary significantly from period to period. See “Permian Basin Activity” above for additional discussion of development activity in the Permian Basin during the year ended December 31, 2024.2025.
Salaries and related employee expenses. Salaries and related employee expenses, which include not only salaries, equity and non-equity incentive compensation, but also employee benefits and contract labor expense, were $29.2 million for the year ended December 31, 2025 compared to $27.5 million for the same period of 2024. The increase in salaries and related employee expenses was principally related to market compensation adjustments that take effect annually at the start of a given year.
General and administrative expenses. General and administrative expenses were $14.4 million for the year ended December 31, 2025 compared to $25.5 million for the same period of 2024. The decrease was primarily due to a decrease in legal and professional fees of $11.9 million over the same period of 2024.
What changed in the latest 10-Q
Risk Factors
There have been no material changes in the risk factors previously disclosed in response to Part I, Item 1A. “Risk Factors” set forth in the 2025 Annual Report.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
New heading “Land Acquisitions”
New heading “Purchase of Transferable Federal Income Tax Credits”
New heading “For the Six Months Ended June 30, 2026 as Compared to the Six Months Ended June 30, 2025”
New heading “For the Six Months Ended June 30, 2026 as Compared to the Six Months Ended June 30, 2025”
New heading “Land and Resource Management”
New heading “Water Services and Operations”
Largest changes
“For the Six Months Ended June 30, 2026 as Compared to the Six Months Ended June 30, 2025”see in full comparison
“For the Six Months Ended June 30, 2026 as Compared to the Six Months Ended June 30, 2025”see in full comparison
“Income tax expense. Income tax expense was $28.2 million for the three months ended June 30, 2026 compared to $24.4 million for the comparable period of 2025. The increase in income tax expense is primarily attributable to the increase in operating income for the three months ended June 30, 2026 compared to the same period of 2025, and, to a lesser extent, was partially offset by a lower effective tax rate due to the tax benefit from transferable federal income tax credits purchased during the current period. See “Liquidity and Capital Resources” above for additional discussion.”see in full comparison
Full comparison: every changed paragraph (69)
Texas Pacific Land Corporation (which, together with its subsidiaries as the context requires, may be referred to as “TPL”, the “Company”, “our”, “we” or “us”) is a Delaware corporation and one of the largest landownersland and royalty owners in the State of Texas with approximately 881,000894,000 surface acres of land, principally concentrated in the Permian Basin. Additionally, we own a 1/128th nonparticipating perpetual oil and gas royalty interest (“NPRI”) under approximately 85,000 acres of land, a 1/16th NPRI under approximately 371,000 acres of land, and approximately 33,000 additional net royalty acres (normalized to 1/8th) (“NRA”), for a collective total of approximately 224,000 NRA, principally concentrated in the Permian Basin.
Average West Texas Intermediate (“WTI”) oil prices for the threesix months ended MarchJune 31,30, 2026 increased slightlyby approximately 24% compared to average WTI oil prices during the same period last year. Oil prices are impacted by certain actions by OPEC+, geopolitics, and evolving global supply and demand trends, among other factors. In February 2026, an escalating military conflict in Iran led to attacks on energy infrastructure in the broader Middle East and caused major disruptions to the Strait of Hormuz, a critical shipping channel where a significant portion of global oil and liquefied natural gas supply transits through daily. As a result, global oil prices this year increased to over $90 per barrel during parts offrom March andthrough Aprilearly-June 2026.with continued volatility in July. The impact to oil prices for the balance of 2026 and beyond are uncertain and, in part, dependent on the duration of the conflict in Iran, the extent of damage to regional energy infrastructureinfrastructure, and the ramifications of a prolonged closure of the Strait of Hormuz. Average Henry Hub natural gas prices during 2026 increased approximately 14%4% compared to average prior year period natural gas prices. Global and domestic natural gas markets benefited in 2026 from improved supply-demand balances, including tailwinds from expanded liquefied natural gas capacity and improved industrial and power demand, among other factors. Since mid-2022, the Waha Hub located in Pecos County, Texas has at times experienced significant negative price differentials relative to Henry Hub, located in Erath, Louisiana, due in part to growing local Permian Basin natural gas production and limited natural gas pipeline takeaway capacity. Midstream infrastructure is currently being developed by operators to provide additional takeaway capacity, though the impact on future basis differentials will be dependent on future natural gas production and other factors. Changes in global and domestic macro-economic conditions could result in additional shifts in oil and gas supply and demand in future periods. Although our revenues are directly and indirectly impacted by oil and natural gas prices, we believe our royalty interests (which require no capital expenditures or operating expense burden from us for well development), strong balance sheet, and liquidity position will help us navigate through potential commodity price volatility.
Permian Basin produced water volumes have grown commensurately with overall Permian Basin oil production. Though some produced water is reused and recycled for completion activities, the majority of Permian Basin produced water is injected into subsurface pore space via saltwater disposal wells. Saltwater disposal availability varies throughout the Permian Basin depending on regulations, permitted injected rates, and the availability of pore space and infrastructure. Our extensive land holdings contain and are adjacent to extensive pore space, and, through various commercial agreements, we allow produced water operators to transport and dispose of produced water across our surface footprint. We do not operate any saltwater disposal wells. Furthermore, as discussed below, our desalination project could potentially provide an additional solution for produced water by reducing the amount of water required to be injected subsurface.
Due to our ownership concentration in the Permian Basin, our revenues are directly impacted by oil and gas pricing and drilling activity in the Permian Basin. The metrics below show selected domestic benchmark oil and natural gas prices and approximate activity levels in the Permian Basin for the three and six months ended MarchJune 31,30, 2026 and 2025:
Average WTI Cushing oil and Henry Hub natural gas prices for the threesix months ended MarchJune 31,30, 2026 increased compared to the same period in 2025. E&P companies broadly have continued to deploy capital towards drilling and development activities in the Permian Basin at a measured pace. Although average rig counts during the threesix months ended MarchJune 31,30, 2026 were lower compared to the same period in 2025, increased drilling and completion efficiencies have allowed operators, in aggregate, to grow Permian Basin production. As we are a significant landownerland and royalty owner in the Permian Basin and not an oil and gas producer, our revenue is affected by the development decisions made by companies that operate in the areas where we own royalty interests and land. Accordingly, these decisions made by others affect, both directly and indirectly, our oil and gas royalties, produced water royalties, water sales, and other surface-related income.
We continuously review our levels of liquidity and capital resources. If market conditions were to change and our revenues were to decline significantly or our operating costs were to increase significantly, our cash flows and liquidity could be reduced. Should this occur, we could draw on our Credit Facility or seek alternative sources of funding. As of MarchJune 31,30, 2026, we had no off-balance sheet arrangements that require us to provide funding, guarantees, or other forms of financial support. The Credit Facility remains undrawn, and the Company is in compliance with all covenants under the Credit Facility as of MarchJune 31,30, 2026.
As we evaluate our current capital structure, capital allocation priorities, business fundamentals, and investment opportunities, we have set a target cash and cash equivalents balance of approximately $700 million. Above this target, we will seek to deploy the majority of our free cash flow towards returning capital to our stockholders in the form of special dividends and/or share repurchases. As of MarchJune 31,30, 2026, we had cash and cash equivalents of $247.6$248.6 million that we expect to utilize, along with cash flow from operations, to provide capital to support our business, to pay regular dividends, subject to the discretion of our board of directors (the “Board”), to, subject to market conditions, repurchase shares of our Common Stock, for potential acquisitions and for general corporate purposes. We believe that our cash from operations and our cash and cash equivalents balance, together with our revolving Credit Facility will be sufficient to meet ongoing capital expenditures, working capital requirements, and other cash needs and allow for opportunistic transactions for at least the next 12 months.
Land Acquisitions
During the six months ended June 30, 2026, we acquired land for an aggregate purchase price of $110.2 million. The acquisitions included land in Shackelford and Jones Counties, Texas, in connection with our data center and power generation initiatives. Additionally, we acquired land in Winkler County, Texas.
Land SaleSales
During the threesix months ended MarchJune 31,30, 2026, we entered into an arrangementagreement with Chevron U.S.A. Inc., a developersubsidiary of Chevron Corporation (NYSE: CVX) (“Chevron”), to provide land and brackish water resources for Chevron’s recently announced development known as Project Kilby, involving a large-scale power generation plantfacility Chevron is developing to support a customer data center operations.in InReeves conjunctionCounty, withTexas. thisAs arrangement,part of the agreement, we sold land for aggregate consideration of $42.5 million.million and acquired the exclusive right to source aquifer-derived water for the power generation facility and other associated aspects of the project. The consideration consisted of a nominal cash payment received at closing and annual payments due to us through 2046.
We recognized land salesales revenue of $20.9 million at closing and recorded a financing receivable for the deferred consideration. The financing receivable was recorded at its present value of $20.9 million, which represents the contractual payments of $42.4 million discounted at an effective interest rate of 7.5%.
Purchase of Transferable Federal Income Tax Credits
During the six months ended June 30, 2026, we entered into an agreement to purchase up to $60.0 million of transferable federal tax credits from an eligible taxpayer for $55.8 million, resulting in an estimated tax benefit of $4.2 million. The purchased credits reduced federal income tax payments otherwise payable to the Internal Revenue Service and were reflected as a tax benefit in our effective tax rate during the period. The related cash payments to the seller are expected to occur during the remainder of 2026 as the underlying credits are generated and transferred.
In 2024, we announced our progress towards developing a patented, energy-efficient, desalination and treatment process and associated equipment that can recycle produced water into fresh water with quality standards appropriate for surface discharge and beneficial reuse. With the Permian Basin generating over 20 million barrels of produced water per day, this technology provides an attractive and critical alternative to subsurface injection. Construction of our facility, which will have an initial capacity of 10,000 barrels of water per day, is complete and commissioning has commenced. Cumulatively through June 30, 2026, we have spent $55.8 million ($10.2 million during the six months ended June 30, 2026) on this new energy-efficient desalination and treatment process and equipment, of which $48.1 million has been capitalized as of June 30, 2026.
Additionally, during the six months ended June 30, 2026, we invested approximately $18.2 million to enhance our water sourcing assets.
During the threesix months ended MarchJune 31,30, 2026, we paid $41.8$83.2 million in dividends to our stockholders. There were no repurchases of shares of our Common Stock during the threesix months ended MarchJune 31,30, 2026.
In 2024, we announced our progress towards developing a patented, energy-efficient, desalination and treatment process and associated equipment that can recycle produced water into fresh water with quality standards appropriate for surface discharge and beneficial reuse. With the Permian Basin generating over 20 million barrels of produced water per day, this technology provides an attractive and critical alternative to subsurface injection. Construction of our facility, which will have an initial capacity of 10,000 barrels of water per day, is underway with an estimated service date during the second quarter of 2026. Cumulatively through March 31, 2026, we have spent $48.3 million ($2.8 million during the three months ended March 31, 2026) on this new energy-efficient desalination and treatment process and equipment, of which $41.3 million has been capitalized as of March 31, 2026.
Additionally, during the three months ended March 31, 2026, we invested approximately $4.2 million to enhance our water sourcing assets.
Our cash flows provided by operating activities are primarily from oil, gas, produced water royalties, water and land sales, easements, and other surface-related income. Cash flows used in operations generally consist of operating expenses associated with our revenue streams, general and administrative expenses, and income taxes. Cash flows from operating activities are subject to fluctuations resulting from overall activity levels in the Permian Basin including development decisions made by our customers and commodity prices.
For the threesix months ended MarchJune 31,30, 2026 and 2025, cash provided by operating activities was $162.0$334.9 million and $156.7$277.6 million, respectively. The increase in cash flows provided by operating activities for the threesix months ended MarchJune 31,30, 2026 compared to the same period of 2025 was primarily driven by an increase in operating income and changes in working capital requirements during 2026 as compared to 2025.
For the threesix months ended MarchJune 31,30, 2026 and 2025, cash used in investing activities was $8.4$139.4 million and $12.5$16.5 million, respectively. For the threesix months ended MarchJune 31,30, 2026 and 2025, cash used for acquisitions totaled $1.0$110.2 million (including a deposit for an acquisition) and $3.6$8.1 million, respectively. Purchases of fixed assets for the threesix months ended MarchJune 31,30, 2026 and 2025 were $7.3$29.2 million and $9.0$12.3 million, respectively.
For the threesix months ended MarchJune 31,30, 2026 and 2025, cash used in financing activities was $50.9$92.3 million and $51.8$88.6 million, respectively. During the threesix months ended MarchJune 31,30, 2026 and 2025, we paid total dividends of $41.8$83.2 million and $37.4$74.2 million, respectively. During the threesix months ended MarchJune 31,30, 2026 and 2025, employees surrendered $9.1 million and $14.3 million in shares, respectively, to the Company to settle tax withholdings related to stock vesting.
The following tabletables showsshow our consolidated results of operations and our results of operations by reportable segment for Land and Resource Management (“LRM”) and Water ServiceServices and Operations (“WSO”) for the three and six months ended MarchJune 31,30, 2026 and 2025 (in thousands):
For the Three Months Ended MarchJune 31,30, 2026 as Compared to the Three Months Ended MarchJune 31,30, 2025
Total revenues were $236.8$246.1 million for the three months ended MarchJune 31,30, 2026 compared to $196.0$187.5 million for the three months ended MarchJune 31,30, 2025. Total operating expenses were $54.5$54.2 million for the three months ended MarchJune 31,30, 2026 compared to $45.9$43.8 million for the three months ended MarchJune 31,30, 2025. Net income was $142.9$153.9 million for the three months ended MarchJune 31,30, 2026 compared to $120.7$116.1 million for the three months ended MarchJune 31,30, 2025. Individual revenue and expense line items are discussed below under “Segment Results of Operations.”
For the Six Months Ended June 30, 2026 as Compared to the Six Months Ended June 30, 2025
Total revenues were $482.9 million for the six months ended June 30, 2026 compared to $383.5 million for the six months ended June 30, 2025. Total operating expenses were $108.7 million for the six months ended June 30, 2026 compared to $89.7 million for the six months ended June 30, 2025. Net income was $296.8 million for the six months ended June 30, 2026 compared to $236.8 million for the six months ended June 30, 2025. Individual revenue and expense line items are discussed below under “Segment Results of Operations.”
For the Three Months Ended MarchJune 31,30, 2026 as Compared to the Three Months Ended MarchJune 31,30, 2025
Oil and gas royalties. Oil and gas royalty revenue was $118.2$145.6 million for the three months ended MarchJune 31,30, 2026 compared to $111.2$95.0 million for the three months ended MarchJune 31,30, 2025, an increase of 6.2%.53.2%. The average realized price increased 28.0% to $42.17 per barrel of oil equivalent (“Boe”) for the three months ended June 30, 2026 from $32.94 per Boe for the three months ended June 30, 2025. Our share of production increased to 37.139.7 thousand barrels of oil equivalent (“Boe”) per day for the three months ended MarchJune 31,30, 2026 compared to 31.133.2 thousand Boe per day for the same period of 2025. The average realized price decreased 10.9% to $37.06 per Boe for the three months ended March 31, 2026 from $41.58 per Boe for the three months ended March 31, 2025.
The financial and operational data by royalty stream is presented in the table below for the three months ended MarchJune 31,30, 2026 and 2025:
Easements and other surface-related income. Easements and other surface-related income was $14.4$18.3 million for the three months ended MarchJune 31,30, 2026, compared to $15.3$33.5 million for the three months ended MarchJune 31,30, 2025. Easements and other surface-related income includes revenue related to the use and crossing of our land for oil and gas E&P, renewable energy, and agricultural operations. The decrease in easements and other surface-related income was principally related to decreasesa decrease of $1.1$15.0 million in materialpipeline sales and $0.9 million in damages revenue, partially offset by an increase in lease bonuses associated with acquired royalty interestseasements for the three months ended MarchJune 31,30, 2026 compared to the same period of 2025. The amount of income derived from pipeline easements is a function of the term of the easement, the size of the easement, and the number of easements entered into for any given period. Easements and other surface-related income is dependent on development decisions made by companies that operate in the areas where we own land and is, therefore, unpredictable and may vary significantly from period to period. See “Market Conditions” and “Permian Basin Activity” above for additional discussion of development activity in the Permian Basin during the three months ended MarchJune 31,30, 2026.
Land Sale. Land sale revenue was $20.9 million during the three months ended March 31, 2026 relating to the sale of land as discussed in Note 4, “Real Estate Activity” in the notes to the condensed consolidated financial statements in this Quarterly Report. There was no land sale revenue for the comparable period of 2025.
GeneralSalaries and administrativerelated employee expenses. GeneralSalaries and administrativerelated expensesemployee expenses, which include not only salaries, equity and non-equity incentive compensation, but also employee benefits and contract labor expense, were $5.5$8.3 million for the three months ended MarchJune 31,30, 2026 compared to $3.3$7.0 million for the comparablesame period of 2025. The increase in generalsalaries and administrativerelated employee expenses was primarilyprincipally duerelated to anmarket increasecompensation inadjustments legalthat andtake professionaleffect feesannually at the start of $0.9a milliongiven year and an increase in rentcompany and office-related expenses of $0.6 millionheadcount compared to the same period of 2025.
Depreciation, depletion and amortization. Depreciation, depletion and amortization was $9.2 million for the three months ended March 31, 2026 compared to $7.7 million for the comparable period of 2025. The increase in depreciation, depletion and amortization was principally due to depletion expense associated with royalty interests acquired during the second half of 2025.
Interest expense. Interest expense was $0.8 million for the three months ended March 31, 2026 related to the Credit Facility entered into during the fourth quarter of 2025. There was no interest expense incurred during the three months ended March 31, 2025.
Other income, net. Other income, net was $1.6 million for the three months ended March 31, 2026 compared to $3.4 million for the same period of 2025. Lower cash balances and investment yields during the three months ended March 31, 2026 compared to the same period of 2025 resulted in a decrease in interest income.
IncomeGeneral taxand expense.administrative Incomeexpenses. taxGeneral expenseand wasadministrative $28.6expenses were $5.2 million for the three months ended MarchJune 31,30, 2026 compared to $23.9$3.6 million for the comparable period of 2025. The increase in incomegeneral taxand expenseadministrative isexpenses directlywas attributableprimarily due to thean increase in operatingrent incomeand foroffice-related theexpenses threeof months$0.6 ended March 31, 2026million compared to the same period of 2025.
Depreciation, depletion and amortization. Depreciation, depletion and amortization was $11.7 million for the three months ended June 30, 2026 compared to $9.1 million for the comparable period of 2025. The increase in depreciation, depletion and amortization was principally due to depletion expense associated with royalty interests acquired during the second half of 2025.
Interest expense. Interest expense was $0.8 million for the three months ended June 30, 2026 related to the Credit Facility entered into during the fourth quarter of 2025. There was no interest expense incurred during the three months ended June 30, 2025.
Other income, net. Other income, net was $2.1 million for the three months ended June 30, 2026 compared to $4.2 million for the same period of 2025. Lower cash balances and investment yields during the three months ended June 30, 2026 compared to the same period of 2025 resulted in a decrease in interest income.
Income tax expense. Income tax expense was $28.2 million for the three months ended June 30, 2026 compared to $24.4 million for the comparable period of 2025. The increase in income tax expense is primarily attributable to the increase in operating income for the three months ended June 30, 2026 compared to the same period of 2025, and, to a lesser extent, was partially offset by a lower effective tax rate due to the tax benefit from transferable federal income tax credits purchased during the current period. See “Liquidity and Capital Resources” above for additional discussion.
Water sales. Water sales revenue increased $8.1$14.2 million to $46.9$39.7 million for the three months ended MarchJune 31,30, 2026, compared to $38.8$25.6 million for the same period of 2025. The increase in water sales was principally due to increasesan increase of 16.7%37.5% in pricingwater sales volumes and 3.5%13.0% in volumesaverage realized pricing for the three months ended MarchJune 31,30, 2026, compared to the same period of 2025. Water sales volumes are dependent upon customer demand in the areas in which we provide water to customers and may fluctuate from period to period.
Produced water royalties. Produced water royalties are received from the transfer or disposal of produced water on our land and are contractual and not paid as a matter of right. Produced water royalties are also fee based and not directly impacted by lower commodity prices. However, indirectly, volumes may vary from period to period depending upon development activity levels and operator decisions involving recycling versus disposal of produced water. We do not operate any saltwater disposal wells. Produced water royalties increased to $33.5$37.1 million for the three months ended MarchJune 31,30, 2026 compared to $27.7$30.7 million for the same period in 2025. This increase was principally due to a 23.5%14.7% increase in produced water volumes for the three months ended MarchJune 31,30, 2026 compared to the same period of 2025.
The table below provides financial and operational data by water revenue type for the three months ended MarchJune 31,30, 2026 and 2025:
Easements and other surface-related income. Easements and other surface-related income was $5.4 million for the three months ended June 30, 2026, an increase of $2.7 million compared to $2.7 million for the three months ended June 30, 2025. Easements and other surface-related income is dependent on development decisions made by companies that operate in the areas where we own land and may also be affected by volumes and commodity prices associated with royalties on certain hydrocarbons recovered in connection with produced water disposal activities. As a result, this income is unpredictable and may vary significantly from period to period.
Water service-related expenses. Water service-related expenses increased $3.2$3.1 million to $14.3$11.6 million for the three months ended MarchJune 31,30, 2026 compared to the same period of 2025. Certain types of water-related expenses, including, but not limited to, treatment, transfer, water purchases, repairs and maintenance, equipment rental, and fuel costs, vary from period to period as our customers’ needs and requirements change. Right of way and other expenses also vary from period to period depending upon location of customer delivery. The increase in water service-related expenses for the three months ended MarchJune 31,30, 2026 compared to the same period of 2025 was principally related to a 3.5%37.5% increase in water sales volumes.
Income tax expense. Income tax expense was $12.0$11.5 million for the three months ended MarchJune 31,30, 2026 compared to $9.9$8.4 million for the same period of 2025. The increase in income tax expense was directlyprimarily attributable to the increase in operating income for the three months ended MarchJune 31,30, 2026 compared to the same period of 2025.2025, and to a lesser extent, was partially offset by a lower effective tax rate due to the tax benefit from transferable federal income tax credits purchased during the current period. See “Liquidity and Capital Resources” above for additional discussion.
For the Six Months Ended June 30, 2026 as Compared to the Six Months Ended June 30, 2025
Land and Resource Management
Oil and gas royalties. Oil and gas royalty revenue was $263.8 million for the six months ended June 30, 2026 compared to $206.3 million for the six months ended June 30, 2025, an increase of $57.5 million. Our share of production increased to 38.4 thousand Boe per day for the six months ended June 30, 2026 compared to 32.2 thousand Boe per day for the same period of 2025. The average realized price increased 7.1% to $39.72 per Boe for the six months ended June 30, 2026 from $37.10 per Boe for the same period of 2025.
The financial and operational data by royalty stream is presented in the table below for the six months ended June 30, 2026 and 2025:
Easements and other surface-related income. Easements and other surface-related income was $32.7 million for the six months ended June 30, 2026, a decrease of $16.1 million compared to $48.8 million for the six months ended June 30, 2025. Easements and other surface-related income includes revenue related to the use and crossing of our land for oil and gas E&P, renewable energy, and agricultural operations. The decrease in easements and other surface-related income was principally related to decreases of $14.7 million in pipeline easements and $2.0 million in material sales, partially offset by a $3.2 million increase in lease bonuses associated with acquired royalty interests, for the six months ended June 30, 2026 compared to the same period of 2025. The amount of income derived from pipeline easements is a function of the term of the easement, the size of the easement, and the number of easements entered into for any given period. Easements and other surface-related income is dependent on development decisions made by companies that operate in the areas where we own land and is, therefore, unpredictable and may vary significantly from period to period. See “Market Conditions” and “Permian Basin Activity” above for additional discussion of development activity in the Permian Basin during the six months ended June 30, 2026.
Land sales. Land sales revenue was $20.9 million during the six months ended June 30, 2026 relating to the sale of land as discussed in Note 4, “Real Estate Activity” in the notes to the condensed consolidated financial statements in this Quarterly Report. There was no land sales revenue for the comparable period of 2025.
Salaries and related employee expenses. Salaries and related employee expenses, which include not only salaries, equity and non-equity incentive compensation, but also employee benefits and contract labor expense, were $15.9 million for the six months ended June 30, 2026 compared to $14.4 million for the same period of 2025. The increase in salaries and related employee expenses was principally related to market compensation adjustments that take effect annually at the start of a given year and an increase in company headcount compared to the same period of 2025.
General and administrative expenses. General and administrative expenses were $10.7 million for the six months ended June 30, 2026 compared to $7.0 million for the comparable period of 2025. The increase was principally related to increases in rent and office-related expenses of $1.1 million and legal and professional fees of $1.0 million over the same time period.
Depreciation, depletion and amortization. Depreciation, depletion and amortization was $20.9 million for the six months ended June 30, 2026 compared to $16.8 million for the comparable period of 2025. The increase was principally due to depletion expense associated with royalty interests acquired during the second half of 2025.
Other income, net. Other income, net was $3.7 million for the six months ended June 30, 2026 compared to $7.6 million for the same period of 2025. Lower cash balances and investment yields during the six months ended June 30, 2026 compared to the same period of 2025 resulted in a decrease in interest income.
Income tax expense. Income tax expense was $56.9 million for the six months ended June 30, 2026 compared to $48.3 million for the comparable period of 2025. The increase in income tax expense is directly attributable to the increase in operating income for the six months ended June 30, 2026 compared to the same period of 2025, and, to a lesser extent, was partially offset by a lower effective tax rate due to the tax benefit from transferable federal income tax credits purchased during the current period. See “Liquidity and Capital Resources” above for additional discussion.
Water Services and Operations
TPL insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 118 Form 4 filings (2 insiders, 117 trade dates, 131 shares, about $50.8K) and open-market sales in 1 filing (1 insider, 2 trade dates, 4,000 shares, about $1.6M; 1 of these filings say the sales were made under a Rule 10b5-1 trading plan). Net open-market shares: -3,869 (purchases minus sales); net value about -$1.6M.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-29 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 4 | $340.96 | $1.4K |
| 2026-09-28 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $340.12 | $340 |
| 2026-09-25 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $339.72 | $340 |
| 2026-09-24 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $340.28 | $340 |
| 2026-09-23 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $352.95 | $353 |
| 2026-09-22 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $361.36 | $361 |
| 2026-09-21 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $348.98 | $349 |
| 2026-09-18 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $351.34 | $351 |
| 2026-09-17 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $349.35 | $349 |
| 2026-09-16 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $352.36 | $352 |
| 2026-09-15 | Doyle Peter |
Open-market purchase | 5 | $371.64 | $1.9K |
| 2026-09-15 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $370.59 | $371 |
| 2026-09-14 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $371.73 | $372 |
| 2026-09-11 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $367.88 | $368 |
| 2026-09-10 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $366.18 | $366 |
| 2026-09-09 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $378.57 | $379 |
| 2026-09-08 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $375.10 | $375 |
| 2026-09-04 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $360.03 | $360 |
| 2026-09-03 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $367.61 | $368 |
| 2026-09-02 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $363.20 | $363 |
| 2026-09-01 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $369.10 | $369 |
| 2026-08-31 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $369.47 | $369 |
| 2026-08-28 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $364.42 | $364 |
| 2026-08-27 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $365.74 | $366 |
| 2026-08-26 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $375.00 | $375 |
| 2026-08-25 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $372.58 | $373 |
| 2026-08-24 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $377.39 | $377 |
| 2026-08-21 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $381.51 | $382 |
| 2026-08-20 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $377.85 | $378 |
| 2026-08-19 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $372.10 | $372 |
| 2026-08-18 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $361.16 | $361 |
| 2026-08-17 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $357.32 | $357 |
| 2026-08-14 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $357.56 | $358 |
| 2026-08-13 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $343.02 | $343 |
| 2026-08-12 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $353.15 | $353 |
| 2026-08-11 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $352.62 | $353 |
| 2026-08-10 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $345.10 | $345 |
| 2026-08-07 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $353.28 | $353 |
| 2026-08-06 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $355.62 | $356 |
| 2026-08-05 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $385.95 | $386 |
| 2026-08-04 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $403.53 | $404 |
| 2026-08-03 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $392.66 | $393 |
| 2026-07-31 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $400.09 | $400 |
| 2026-07-30 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $389.14 | $389 |
| 2026-07-29 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $394.14 | $394 |
| 2026-07-28 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $393.09 | $393 |
| 2026-07-27 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $409.31 | $409 |
| 2026-07-24 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $423.94 | $424 |
| 2026-07-23 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $429.51 | $430 |
| 2026-07-22 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $427.42 | $427 |
| 2026-07-21 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $413.48 | $413 |
| 2026-07-20 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $416.47 | $416 |
| 2026-07-17 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $420.15 | $420 |
| 2026-07-16 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $416.05 | $416 |
| 2026-07-15 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $414.13 | $414 |
| 2026-07-14 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $408.37 | $408 |
| 2026-07-13 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $411.10 | $411 |
| 2026-07-10 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $385.84 | $386 |
| 2026-07-09 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $400.13 | $400 |
| 2026-07-08 | Horizon Kinetics Asset Management Llc |
Open-market purchase | 1 | $397.47 | $397 |
Well-known investors holding TPL (13F)
None of the 59 investors we track reported a position in their latest 13F.