Texas Pacific Land Corp

Listed Company

TPLCIK 0001811074NYSELarge AcceleratedOil Royalty TradersDelawareFY ends Dec 31

Period

FY 2025

Revenue

$798.19M

Net Income

$481.38M

Total Assets

$1.62B

Equity

$1.46B

Shares Out

68.94M

Op. Cash Flow

$545.91M

Business

Texas Pacific Land Corp is a land and resource management company that owns and manages extensive surface and royalty interests principally concentrated in the Permian Basin. It generates revenue from oil and gas royalties, easements, commercial leases, land and material sales, water sourcing and treated produced-water sales, produced-water royalties, and related surface-use fees including disposal site income. The company operates through two reportable segments: Land and Resource Management and Water Services and Operations. Its activities are conducted primarily in the Permian Basin through contractual arrangements with oil and gas operators and third parties.

Summary from filing dated 2025-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	798	706	632	667	451
Salaries and related employee expenses	58	54	43	41	40
Water service-related expenses	54	46	34	17	13
General and administrative expenses	24	34	46	22	12
Depreciation, depletion and amortization	63	25	15	—	—
Ad valorem and other taxes	8	7	7	9	144,000
Total operating expenses	206	167	146	105	89
Operating income	592	539	486	562	362
Interest expense	−690,000	0	0	—	—
Other income, net	19	40	32	7	624,000
Income before income taxes	610	579	518	569	363
Current	122	120	111	121	93
Deferred	7	5	1	1	−228,000
Total income tax expense	129	125	112	122	93
Net income	481	454	406	446	270
Amortization of net actuarial costs, net of income taxes of $(41), $(182), and $(27) for the years ended December 31, 2025, 2024 and 2023, respectively	−156,000	−684,000	−103,000	32,000	114,000
Net actuarial gain (loss) on pension plan, net of income taxes of $192, $483, and $(157) as of December 31, 2025, 2024 and 2023, respectively	723,000	2	−582,000	3	2
Total other comprehensive income (loss)	567,000	2	−685,000	—	—
Total comprehensive income	482	456	405	450	272
Basic (in dollars per share)	6.98	6.58	5.87	19.27	34.83
Diluted (in dollars per share)	6.97	6.57	5.86	19.26	34.83
Basic (in shares)	69	69	69	23	8
Diluted (in shares)	69	69	69	23	8

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	145	370	725	511	428
Accounts receivable and accrued receivables, net	165	127	129	104	95
Prepaid expenses and other current assets	5	5	3	7	3
Tax like-kind exchange escrow	595,000	2	5	6	0
Prepaid income taxes	4	0	0	5	0
Total current assets	319	503	862	633	527
Royalty interests acquired, net	840	432	47	45	44
Real estate acquired	179	143	130	110	109
Property, plant and equipment, net	165	123	90	85	80
Intangible assets, net	33	35	21	0	—
Equity investment	50	0	—	—	—
Operating lease right-of-use assets	14	1	2	3	2
Other assets	24	10	5	1	3
Total assets	1,623	1,248	1,156	877	764
Accounts payable and accrued expenses	40	27	23	23	18
Ad valorem and other taxes payable	9	8	11	8	101,000
Income taxes payable	4	4	5	3	29
Unearned revenue	20	7	6	4	4
Credit facility	0	0	—	—	—
Total current liabilities	73	47	44	40	51
Deferred taxes payable	54	47	42	41	39
Unearned revenue - noncurrent	21	21	25	22	20
Operating lease liabilities	16	453,000	1	2	1
Accrued liabilities - noncurrent	413,000	504,000	274,000	131,000	611,000
Total liabilities	164	116	113	105	112
Commitments and contingencies (Note 14)	0	0	0	0	0
Preferred stock, $0.01 par value; 1,000,000 shares authorized, none outstanding as of December 31, 2025 and December 31, 2024	0	0	0	0	0
Common stock, $0.01 par value; 139,610,808 shares authorized as of December 31, 2025 and December 31, 2024, 68,938,230 and 68,915,409 outstanding as of December 31, 2025 and December 31, 2024, respectively	691,000	231,000	78,000	78,000	78,000
Treasury stock, at cost; 319,998 and 342,819 shares as of December 31, 2025 and December 31, 2024, respectively	−151	−169	—	—	—
Additional paid-in capital	10	20	15	8	28,000
Accumulated other comprehensive income	4	4	2	3	−1
Retained earnings	1,595	1,278	1,172	866	668
Total equity	1,459	1,132	1,043	773	652
Total liabilities and equity	1,623	1,248	1,156	877	764

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of debt issuance costs	211,000	0	0	—	—
Share-based compensation	15	12	10	8	28,000
Pension curtailment/settlement gains	0	−5	0	0	—
Deferred taxes	7	5	1	1	220,000
Receivables and other assets	−53	−610,000	−24	−14	−48
Prepaid income taxes	−4	0	5	−5	0
Income taxes payable	−381,000	−407,000	2	−26	25
Unearned revenue	14	−4	5	2	−2
Operating liabilities, excluding income taxes	23	6	−3	10	3
Ad valorem and other taxes payable	494,000	−2	2	8	10,000
Cash provided by operating activities	546	491	418	447	265
Acquisition of royalty interests, net of post-closing adjustments	−454	−396	−4	−2	0
Acquisition of a business	0	−45	0	0	—
Acquisition of intangible assets	0	0	−21	0	0
Equity investment	−50	0	0	—	—
Acquisition of real estate	−36	−1	−20	−633,000	−535,000
Purchase of fixed assets	−60	−30	−15	−19	−16
Proceeds from sale of fixed assets	0	0	5,000	106,000	1
Post-close adjustment from seller related to prior year asset acquisition	4	0	0	—	—
Cash used in investing activities	−596	−472	−60	−21	−15
Dividends paid	−148	−347	−100	−247	−85
Shares exchanged for tax withholdings	−15	−2	−2	−2	0
Repurchases of common stock	−8	−29	−43	−88	−20
Debt issuance costs	−5	0	0	—	—
Cash used in financing activities	−176	−378	−145	−337	−105
Net (decrease) increase in cash, cash equivalents and restricted cash	−226	−359	213	89	145
Income taxes paid	127	121	104	152	68
Nonmonetary exchange of assets	0	0	880,000	4	0
Increase (decrease) in accounts payable related to capital expenditures	6	−273,000	403,000	−245,000	867,000
Accrued dividends on unvested stock awards	−309,000	730,000	158,000	—	—
Operating lease right-of-use assets	14	0	0	1	0

Filings

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