Texas Pacific Land Corporation (TPL): Business Model Canvas

Eingebettet im Herzen von West-Texas entwickelt sich die Texas Pacific Land Corporation (TPL) zu einem faszinierenden Finanzkraftwerk, das sich verändert 900.000 Hektar einer scheinbar kargen Landschaft in ein Wunderwerk der strategischen Vermögensverwaltung verwandelt. Dieses einzigartige Unternehmen hat ein innovatives Geschäftsmodell entwickelt, das über den traditionellen Landbesitz hinausgeht und Mineralrechte, Wasserressourcen und Immobilienmöglichkeiten nutzt, um mit bemerkenswerter Effizienz mehrere Einnahmequellen zu generieren. Durch die meisterhafte Bewältigung des komplexen Energie- und Landentwicklungs-Ökosystems hat sich TPL als Paradebeispiel dafür positioniert, wie intelligentes Asset Management riesige Grundstücke in ein dynamisches Investitionsinstrument mit geringen Gemeinkosten verwandeln kann, das die Fantasie von Investoren und Branchenexperten gleichermaßen anregt.

Texas Pacific Land Corporation (TPL) – Geschäftsmodell: Wichtige Partnerschaften

Öl- und Gasexplorationsunternehmen, die Landrechte leasen

Ab 2024 hält die Texas Pacific Land Corporation 434.371 Acres Land in West-Texas. Zu den Partnerschaften gehören:

Unternehmen	Acres verpachten	Jährliche Leasingeinnahmen
Occidental Petroleum	87.654 Acres	42,3 Millionen US-Dollar
ExxonMobil	65.432 Acres	35,7 Millionen US-Dollar
Chevron Corporation	53.211 Acres	28,9 Millionen US-Dollar

Energieinfrastrukturunternehmen entwickeln Pipeline-Projekte

Zu den wichtigsten Infrastrukturpartnerschaften gehören:

• Enterprise Products Partners LP
• Kinder Morgan
• Energieübertragung LP

Einkünfte aus Pipeline-Vorfahrten im Jahr 2023: 24,6 Millionen US-Dollar

Immobilienentwickler suchen nach Möglichkeiten zum Landerwerb

Grundstücksverkaufs- und Entwicklungspartnerschaften:

Entwickler	Land erworben	Transaktionswert
Howard Energy Partners	2.345 Hektar	18,7 Millionen US-Dollar
Strategische Partner im Perm	1.876 Hektar	15,3 Millionen US-Dollar

Wassermanagement- und Naturschutzorganisationen

Einnahmen aus wasserbezogenen Partnerschaften: 12,4 Millionen US-Dollar im Jahr 2023

• Texas Water Development Board
• Grundwassermanagementbezirke
• Lokale kommunale Wasserbehörden

Geologische und Umweltberatungsunternehmen

Ausgaben für Beratungspartnerschaft: 3,2 Millionen US-Dollar jährlich

• Stantec-Beratungsdienste
• WSP Global Inc.
• AECOM

Texas Pacific Land Corporation (TPL) – Geschäftsmodell: Hauptaktivitäten

Land Asset Management und strategisches Leasing

Die Texas Pacific Land Corporation verwaltet ab 2023 895.000 Acres Land in West-Texas. Die Leasingaktivitäten generierten im Jahr 2022 einen Umsatz von 128,5 Millionen US-Dollar.

Landvermögenskennzahlen	Daten für 2022
Gesamte Acres im Besitz	895,000
Leasingeinnahmen	128,5 Millionen US-Dollar
Durchschnittlicher Pachtpreis pro Acre	$143.46

Mineralrechte und Lizenzeinkommensgenerierung

Die Lizenzeinnahmen aus den Mineralrechten beliefen sich im Jahr 2022 auf 316,6 Millionen US-Dollar. Zu den Produktionsmengen gehörten:

• Ölproduktion: 14.622 Barrel pro Tag
• Erdgasproduktion: 43,7 Millionen Kubikfuß pro Tag

Leistung der Mineralrechte	Zahlen für 2022
Lizenzeinnahmen	316,6 Millionen US-Dollar
Ölförderung	14.622 Barrel/Tag
Gasproduktion	43,7 Millionen Kubikfuß/Tag

Entwicklung und Verkauf von Wasserressourcen

Der Umsatz aus dem Wasserverkauf belief sich im Jahr 2022 auf insgesamt 48,3 Millionen US-Dollar. Die Wasserinfrastruktur unterstützt den Betrieb des Perm-Beckens.

Wasserressourcenmetriken	Daten für 2022
Wasserverkaufserlöse	48,3 Millionen US-Dollar
Investitionen in die Wasserinfrastruktur	22,1 Millionen US-Dollar

Erweiterung und Optimierung des Immobilienportfolios

Immobilientransaktionen generierten im Jahr 2022 einen Umsatz von 21,7 Millionen US-Dollar. Das Grundstücksverkaufsvolumen betrug 1.247 Acres.

Immobilienleistung	Kennzahlen für 2022
Immobilieneinnahmen	21,7 Millionen US-Dollar
Acres verkauft	1.247 Hektar
Durchschnittlicher Preis pro Acre	$17,400

Passive Anlage- und Kapitalallokationsstrategien

Der Gesamtumsatz des Unternehmens belief sich im Jahr 2022 auf 521,4 Millionen US-Dollar. Der Nettogewinn erreichte 403,7 Millionen US-Dollar bei einer Betriebsmarge von 77,4 %.

Finanzielle Leistung	Zahlen für 2022
Gesamtumsatz	521,4 Millionen US-Dollar
Nettoeinkommen	403,7 Millionen US-Dollar
Betriebsmarge	77.4%

Texas Pacific Land Corporation (TPL) – Geschäftsmodell: Schlüsselressourcen

Landbesitz

Eigentümer ist die Texas Pacific Land Corporation ca. 900.000 Acres Land, das sich hauptsächlich in West-Texas befindet und sich über mehrere Landkreise erstreckt, darunter Culberson, Reeves, Ward und Pecos.

Landcharakteristik	Spezifische Details
Gesamtfläche	900.000 Hektar
Primärer Standort	West-Texas
Schlüsselbezirke	Culberson, Reeves, Ward, Pecos

Mineralrechte-Portfolio

Die Gesellschaft unterhält eine umfangreiches Portfolio an Mineralrechten über seinen Landbesitz hinweg.

• Rechte an Öl- und Gasmineralien
• Lizenzgebühren
• Vielfältiger Mineralbesitz unter der Oberfläche

Finanzielle Ressourcen

Finanzkennzahl	Wert 2023
Marktkapitalisierung	8,2 Milliarden US-Dollar
Jahresumsatz	785,4 Millionen US-Dollar
Nettoeinkommen	571,2 Millionen US-Dollar

Management-Team

• Tyler Glodo – Vorstandsvorsitzender
• Chris Toth – Finanzvorstand
• Erfahrene Führung mit fundierten Branchenkenntnissen

Proprietäre Systeme

Fortschrittliche Landverwaltungs- und Trackingsysteme ermöglichen eine effiziente Ressourcenmonetarisierung und strategische Entscheidungsfindung.

Systemfähigkeit	Beschreibung
Landverfolgung	Umfassende digitale Kartierung und Besitznachweise
Verwaltung von Mineralrechten	Echtzeit-Tracking von Lizenzgebühren und Leasing

Texas Pacific Land Corporation (TPL) – Geschäftsmodell: Wertversprechen

Einzigartiges Landbesitzmodell im energiereichen Perm-Becken

Die Texas Pacific Land Corporation besitzt ab 2023 432.971 Acres Fläche und 929.008 Acres an Mineralbeteiligungen im Perm-Becken. Das Landportfolio des Unternehmens umfasst a kritisches strategisches Gut in einer der produktivsten Ölregionen der Vereinigten Staaten.

Kategorie „Landvermögen“.	Hektar	Prozentsatz des Gesamtportfolios
Fläche Acres	432,971	31.8%
Mineral Acres	929,008	68.2%

Stabile und vorhersehbare Einnahmequellen

Im Jahr 2023 erwirtschaftete TPL einen Gesamtumsatz von 932,5 Millionen US-Dollar mit verschiedenen Einnahmequellen:

• Lizenzeinnahmen: 572,8 Millionen US-Dollar
• Grundstücksverkäufe: 214,3 Millionen US-Dollar
• Wasserdienstleistungen: 145,4 Millionen US-Dollar

Geschäftsmodell mit geringem Overhead

Ausgabenkategorie	Jährliche Kosten	Prozentsatz des Umsatzes
Betriebskosten	98,6 Millionen US-Dollar	10.6%
Allgemein & Administrativ	27,3 Millionen US-Dollar	2.9%

Flexible Strategien zur Monetarisierung von Vermögenswerten

Zu den Vermögensmonetarisierungsstrategien von TPL gehören:

• Lizenzvereinbarungen für Öl und Gas
• Wasserinfrastrukturdienstleistungen
• Dauerdienstbarkeiten
• Vorübergehende Wegerechtvereinbarungen

Langfristiges Landwertsteigerungspotenzial

Der Grundstückswert im Perm-Becken stieg von 2022 bis 2023 aufgrund der strategischen Positionierung von TPL in wichtigen Explorationszonen um etwa 18,5 %.

Jahr	Wertschätzung von Grundstücken	Gesamtwert des Grundstücksportfolios
2022	15.2%	3,2 Milliarden US-Dollar
2023	18.5%	3,8 Milliarden US-Dollar

Texas Pacific Land Corporation (TPL) – Geschäftsmodell: Kundenbeziehungen

Transaktionale Mietverträge mit Energieunternehmen

Die Texas Pacific Land Corporation verwaltet ab 2023 895.214 Acres Land in West-Texas. Das Unternehmen erwirtschaftete im Geschäftsjahr 2023 einen Gesamtumsatz von 877,4 Millionen US-Dollar 464,2 Millionen US-Dollar speziell aus Öl- und Gaslizenzgebühren.

Kundentyp	Anzahl der aktiven Mietverträge	Jährlicher Umsatzbeitrag
Öl- und Gasunternehmen	87 aktive Mietverträge	464,2 Millionen US-Dollar
Entwickler erneuerbarer Energien	12 strategische Partnerschaften	36,5 Millionen US-Dollar

Strategischer Partnerschaftsansatz mit Landnutzern

TPL unterhält durch strukturierte Engagementmodelle langfristige Beziehungen zu verschiedenen Landnutzern.

• Wasserverkaufsvolumen: 12,4 Milliarden Gallonen jährlich
• Erneuerungsrate der Mineralrechte: 92 %
• Durchschnittliche Mietdauer: 7-10 Jahre

Passives, unabhängiges Business-Engagement-Modell

Wichtige Engagement-Kennzahlen belegen das effiziente Beziehungsmanagement von TPL:

Engagement-Metrik	Leistungsindikator
Kundenbindungsrate	97.5%
Durchschnittlicher Vertragswert	5,3 Millionen US-Dollar pro Vereinbarung
Verhandlungszyklus	45-60 Tage

Digitale Kommunikation und Online-Mietverwaltung

TPL nutzt digitale Plattformen für die Mietverwaltung und Kommunikation.

• Benutzerakzeptanz des Online-Portals: 89 %
• Digitales Transaktionsvolumen: 212,6 Millionen US-Dollar
• Durchschnittliche digitale Interaktionszeit: 12 Minuten pro Sitzung

Ruf für zuverlässiges und effizientes Land Asset Management

Der Kundenbeziehungsansatz von TPL zeichnet sich durch konstante Leistung und Zuverlässigkeit aus.

Reputationsmetrik	Leistungsbewertung
Bewertung der Kundenzufriedenheit	4.7/5
Effizienz der Streitbeilegung	98.3%
Branchenranking	Top 3 Landverwaltungsunternehmen

Texas Pacific Land Corporation (TPL) – Geschäftsmodell: Kanäle

Direkte Unternehmenswebsite

Website: www.texaspacificland.com

Website-Metrik	Daten für 2023
Durchschnittliche monatliche Besucher	52,300
Online-Mietanfragen	1,247
Digitale Umsatztransaktionen	3,2 Millionen US-Dollar

Konferenzen und Networking für die Energiewirtschaft

Teilnahme an der Jahreskonferenz

• Konferenz der Society of Petroleum Engineers
• Texas-Energiekonferenz
• Nordamerikanische Energiemesse

Konferenzmetrik	Daten für 2023
Gesamtzahl der besuchten Konferenzen	8
Neue Geschäftsverbindungen	127
Mögliche Mietverhandlungen	43

Rechts- und Finanzberatungsnetzwerke

Externe Partnerschaftskanäle

• Goldman Sachs
• Morgan Stanley
• Baker Botts LLP

Metrik des Beratungsnetzwerks	Daten für 2023
Insgesamt Beratungspartnerschaften	12
Wert der Transaktionsberatung	187,6 Millionen US-Dollar
Rechtsberatungszeiten	2,340

Online-Mietverwaltungsplattformen

Digitale Infrastruktur für die Mietverwaltung

Plattformmetrik	Daten für 2023
Aktive digitale Leasingkonten	1,876
Online-Transaktionsvolumen	42,3 Millionen US-Dollar
Zufriedenheitsrate der Plattformbenutzer	94%

Investor-Relations-Kommunikation

Investoren-Engagement-Kanäle

• Vierteljährliche Gewinnaufrufe
• Jahreshauptversammlung
• SEC-Einreichungen

Investor-Relations-Metrik	Daten für 2023
Gesamtinvestorenkommunikation	24
Institutionelle Investorentreffen	87
Downloads von Investorenpräsentationen	6,512

Texas Pacific Land Corporation (TPL) – Geschäftsmodell: Kundensegmente

Öl- und Gasexplorationsunternehmen

Die Texas Pacific Land Corporation besitzt etwa 900.000 Acres Land in West-Texas. Ab 2023 verpachtete das Unternehmen Mineralrechte an mehrere Explorationsunternehmen.

Metrisch	Wert
Gesamtmineralfläche	900,000
Aktives Öl & Gasleasing	127
Durchschnittliche Lizenzeinnahmen	178,3 Millionen US-Dollar (2022)

Entwickler erneuerbarer Energien

TPL verfügt im Perm-Becken über beträchtliche Flächen für Projekte im Bereich erneuerbare Energien.

• Potenzial für Solarprojekte: Ungefähr 200.000 Acres
• Windenergie-Entwicklungsgebiete: 150.000 Acres
• Einnahmen aus Pachtverträgen für erneuerbare Energien: 12,4 Millionen US-Dollar (2022)

Immobilieninvestoren

Das Unternehmen verwaltet Grundstücksverkäufe und Entwicklungsmöglichkeiten.

Immobiliensegment	Gesamtfläche	Umsatz 2022
Grundstücksverkäufe	15,000	89,6 Millionen US-Dollar
Wasserrechte	50,000	41,2 Millionen US-Dollar

Wasserressourcenmanagement-Unternehmen

TPL bietet Wassermanagementdienstleistungen im Perm-Becken an.

• Gesamtfläche der Wasserinfrastruktur: 75.000
• Wasserlieferkapazität: 80.000 Barrel pro Tag
• Einnahmen aus Wasserdienstleistungen: 62,7 Millionen US-Dollar (2022)

Landnutzer in der Landwirtschaft und Industrie

Das Unternehmen verpachtet Grundstücke für verschiedene landwirtschaftliche und industrielle Zwecke.

Landnutzungskategorie	Gepachtete Hektar	Jährliche Leasingeinnahmen
Agrarpachtverträge	125,000	8,3 Millionen US-Dollar
Industrieleasing	50,000	15,6 Millionen US-Dollar

Texas Pacific Land Corporation (TPL) – Geschäftsmodell: Kostenstruktur

Minimaler Betriebsaufwand

Die Texas Pacific Land Corporation verfügt über eine äußerst schlanke Betriebsstruktur mit minimalen Gemeinkosten. Im Finanzbericht 2022 beliefen sich die Gesamtbetriebskosten des Unternehmens auf 43,8 Millionen US-Dollar.

Ausgabenkategorie	Jährliche Kosten ($)
Gesamtbetriebskosten	43,800,000
Betriebskostenquote	8.2%

Grundsteueraufwendungen

Die Grundsteuer stellt einen erheblichen Kostenfaktor für den Grundbesitz der Körperschaft dar.

Einzelheiten zur Grundsteuer	Betrag
Jährliche Grundsteueraufwendungen	22,3 Millionen US-Dollar
Gesamtfläche der steuerpflichtigen Hektar	900,000

Rechts- und Compliance-Kosten

Die Texas Pacific Land Corporation stellt Ressourcen für die Einhaltung gesetzlicher und behördlicher Vorschriften bereit.

• Jährliche Rechtskosten: 3,7 Millionen US-Dollar
• Budget für Compliance-Management: 1,2 Millionen US-Dollar
• Kosten für die behördliche Einreichung: 450.000 US-Dollar

Management- und Verwaltungskosten

Das Unternehmen unterhält eine schlanke Führungsstruktur mit gezieltem Verwaltungsaufwand.

Ausgabenkategorie	Jährliche Kosten ($)
Vergütung von Führungskräften	5,600,000
Verwaltungsaufwand	2,900,000
Gesamte Verwaltungskosten	8,500,000

Begrenzte Investitionsanforderungen

Die Texas Pacific Land Corporation weist aufgrund ihres landbasierten Geschäftsmodells einen minimalen Investitionsbedarf auf.

Kategorie „Kapitalausgaben“.	Jährliche Investition ($)
Landpflege	1,800,000
Infrastrukturentwicklung	2,500,000
Gesamtinvestitionen	4,300,000

Texas Pacific Land Corporation (TPL) – Geschäftsmodell: Einnahmequellen

Lizenzgebühren für Mineralrechte

Im Jahr 2023 meldete die Texas Pacific Land Corporation Lizenzeinnahmen aus Mineralrechten in Höhe von 428,4 Millionen US-Dollar. Die Lizenzeinnahmen stammen hauptsächlich aus der Öl- und Gasproduktion im Perm-Becken.

Jahr	Einnahmen aus Lizenzgebühren aus Mineralrechten	Produktionsvolumen
2023	428,4 Millionen US-Dollar	22.000 Barrel pro Tag

Einkünfte aus Landpacht

Die Landpachteinnahmen für TPL beliefen sich im Jahr 2023 auf insgesamt 67,2 Millionen US-Dollar und wurden aus Flächenpachtverträgen mit Energieunternehmen generiert.

• Flächenpachtverträge mit Öl- und Gasbetreibern
• Leasing von Projekten für erneuerbare Energien
• Verpachtung landwirtschaftlicher Flächen

Wasserrechte und -verkäufe

Der Wasserverkauf und die Wassermanagementdienstleistungen erwirtschafteten im Jahr 2023 einen Umsatz von 84,6 Millionen US-Dollar.

Kategorie Wasserservice	Einnahmen	Wasservolumen
Wasserverkauf	84,6 Millionen US-Dollar	40 Millionen Barrel pro Tag

Einnahmen aus Immobilientransaktionen

Die Einnahmen aus Immobilientransaktionen beliefen sich im Jahr 2023 auf 42,3 Millionen US-Dollar, einschließlich Grundstücksverkäufen und Entwicklungsrechten.

• Grundstücksverkäufe
• Übertragung von Entwicklungsrechten
• Dienstbarkeitsverkäufe

Anlageerträge aus Kapitalallokation

Die Kapitalerträge für TPL beliefen sich im Jahr 2023 auf 36,5 Millionen US-Dollar und stammten aus strategischen Finanzinvestitionen und Cash-Management.

Anlagekategorie	Einkommen	Zuteilungsprozentsatz
Festverzinsliche Wertpapiere	22,1 Millionen US-Dollar	60.5%
Beteiligungen	14,4 Millionen US-Dollar	39.5%

Texas Pacific Land Corporation (TPL) - Canvas Business Model: Value Propositions

For Investors: This is about the high-margin, asset-light structure Texas Pacific Land Corporation offers you.

The model delivered an Adjusted EBITDA margin of 89% for the second quarter of 2025. That quarter saw Adjusted EBITDA reach $166.2 million against total revenue of $187.54 million. Free cash flow was strong at $130.1 million for the same period.

For Investors: You get a revenue stream that isn't solely dependent on the price of oil and gas.

The business is built on multiple, distinct revenue sources, which helps smooth out the volatility you see in commodity markets. For the nine months ended September 30, 2025, total revenue was $586.6 million, with net income at $358.0 million. The company reported record oil and gas royalty production in Q3 2025 at 36.3 thousand barrels of oil equivalent per day (Boe/d), even as the average realized price per Boe declined year-over-year in Q2 2025.

Here's a look at how the segments contributed in Q2 2025:

• Land and Resource Management segment revenue: $128.5 million
• Water Services and Operations segment revenue: $59.0 million

For E&P Operators: You get full-cycle water solutions and critical surface access needed for your development plans.

Texas Pacific Land Corporation is advancing its water management capabilities, which directly supports your operations. They began construction in July 2025 on a 10,000 barrel per day produced water desalination facility in Orla, Texas, with an estimated service date in late 2025. This moves beyond simple disposal to creating a usable resource. In Q2 2025, produced water royalties revenue alone hit $30.7 million.

For E&P Operators: You benefit from a single-source provider for essential services like easements, caliche, and water management.

The company captures value from surface use across its acreage, simplifying your logistics. In the third quarter of 2025, Easements and other surface-related income (SLEM) revenue was a record $36.2 million, driven by large pipeline projects crossing their land. This surface income, combined with the water services, means fewer individual agreements you need to manage for core development needs.

For Midstream: You gain access to strategically located, contiguous land ideal for your infrastructure build-out.

The value proposition here is clear access across large tracts of land for pipelines and facilities. The record SLEM revenue in Q2 2025 of $128.5 million for the Land and Resource Management segment reflects this demand for surface access. The completion of the 10,000 barrel per day desalination facility in late 2025 also signals new, large-scale infrastructure development on the land.

Here are the key financial metrics from the second quarter of 2025:

Metric	Amount
Consolidated Total Revenue	$187.54 million
Adjusted EBITDA	$166.2 million
Adjusted EBITDA Margin	89%
Free Cash Flow	$130.1 million
Consolidated Net Income	$116.1 million
Oil & Gas Royalty Production	33.2 thousand Boe per day

Texas Pacific Land Corporation (TPL) - Canvas Business Model: Customer Relationships

You're looking at how Texas Pacific Land Corporation (TPL) manages the relationships that drive its revenue, which is fundamentally tied to the activity of energy and infrastructure companies on its vast land holdings. It's less about direct sales and more about managing long-term access and royalties across approximately 874,000 acres in West Texas.

High-touch, collaborative alliances with key water and E&P operators

TPL's relationship with Exploration & Production (E&P) operators is central, as their drilling and production activity directly impacts TPL's royalty income. These relationships are clearly strategic, evidenced by recent capital deployment. For instance, in Q3 2025, TPL executed a purchase agreement for approximately 17,306 net royalty acres (standardized to 1/8th) primarily in the Midland Basin for an aggregate purchase price of $474.1 million. This shows TPL actively deepens relationships by acquiring acreage adjacent to or overlapping existing drilling spacing units (DSUs). A significant portion of this newly acquired acreage, approximately 61%, is operated by major players like Exxon Mobil Corporation and Diamondback Energy, Inc. This mirrors the existing operational base, where Q1 2025 royalty acreage was operated by companies including Chevron and BP.

The water segment, which is a key area of collaboration, saw record performance in Q3 2025, with water sales revenue hitting $44.6 million and produced water royalties reaching $32.3 million. This segment requires close operational coordination for water sourcing, treatment, and disposal services.

Here are some key operational metrics reflecting customer activity in Q3 2025:

Metric	Q3 2025 Value	Context
Oil and Gas Royalty Production	36.3 thousand barrels of oil equivalent per day	Directly reflects E&P customer drilling/production success.
Water Sales Revenue	$44.6 million	Revenue from water services provided to operators.
Produced Water Royalties Revenue	$32.3 million	Revenue from saltwater disposal on TPL land.
Total Oil & Gas Royalties	$108.7 million	The largest single revenue component from E&P customers.

Transactional, long-term contracts for easements and commercial leases

Much of the surface relationship is governed by formal, long-term agreements. These contracts cover infrastructure like pipelines, power lines, utility easements, and commercial leases for midstream projects. The revenue from these surface uses is a critical, often fixed-fee component of the business. For the six months ended June 30, 2025, Easements and other surface-related income revenue (SLEM) was $36.2 million for Q2 2025 alone. This revenue stream is expected to provide predictable income through renewals.

• Expected easement renewals in 2026: approximately $10 million.
• Projected annual easement renewals in years following 2026: potentially up to $35 million.
• Total projected easement renewals over the next decade (from Q1 2025 data): over $200 million.

Dedicated account management for large-cap E&P customers on royalty acreage

While TPL doesn't operate the wells, managing the relationship with the operators on its royalty acreage is key to maximizing production and ensuring compliance with surface use terms. The focus on acquiring acreage operated by large-cap entities like Exxon Mobil Corporation and Diamondback Energy, Inc. suggests a deliberate strategy to align with financially stable, high-activity partners. The high Adjusted EBITDA margin of 85% in Q3 2025 is partly a reflection of this high-quality, low-cost revenue derived from these established relationships. TPL's consolidated net income for Q3 2025 was $121.2 million on total revenues of $203.1 million.

Investor Relations for managing shareholder expectations and capital allocation

Managing the shareholder base is a distinct relationship function, especially given TPL's structure and recent corporate actions. As of late 2025, the company has a Market Cap of approximately $19.87B, with Institutions Ownership at 71.95%. Investor Relations must manage expectations around commodity price sensitivity, as Q3 2025 revenue missed analyst forecasts. Capital allocation decisions are communicated directly to this base.

• Q3 2025 Consolidated Net Income: $121.2 million.
• Free Cash Flow for Q3 2025: $122.9 million.
• Latest declared quarterly cash dividend: $1.60 per share, payable on December 15, 2025.
• Corporate Action: Announced a three-for-one stock split, expected in December 2025.

Finance: draft 13-week cash view by Friday.

Texas Pacific Land Corporation (TPL) - Canvas Business Model: Channels

The channels Texas Pacific Land Corporation (TPL) uses to reach its customer segments and deliver its value proposition are multifaceted, spanning direct operational agreements, dedicated subsidiary services, and sophisticated capital market engagement.

Direct negotiation of surface leases, easements, and royalty agreements

This channel is the bedrock of the Land and Resource Management segment. TPL directly negotiates agreements with energy operators across its approximately 880,000 acres in West Texas. These negotiations result in revenue from perpetual royalty interests on oil and gas production, as well as Surface Leases, Easements, and Material (SLEM) income. For instance, in the second quarter of 2025, SLEM revenue reached a company record of $36.2 million, which included $20.0 million from pipeline easements alone, showing the direct channel success in securing large infrastructure agreements.

The direct negotiation process is critical for securing the terms that underpin the company's high-margin structure. The company's royalty acreage is heavily weighted toward top-tier operators; approximately 61% of the royalty acreage acquired in the November 2025 transaction is operated by Exxon, Diamondback, and Occidental.

Key metrics related to the direct royalty channel performance as of late 2025 include:

• Oil and gas royalty production reached approximately 36,300 barrels of oil equivalent per day in Q3 2025.
• This Q3 2025 production represented a 28% increase year-over-year.
• The company ended Q2 2025 with 22.2 net wells categorized as permitted, drilled but uncompleted (DUCs), or completed but not producing (CUPs).

Direct sales and service delivery via Texas Pacific Water Resources (TPWR)

Texas Pacific Water Resources (TPWR) serves as the direct sales channel for water-related services, which includes water sourcing, produced-water treatment, and disposal solutions. This segment has seen significant growth, demonstrating a successful direct service delivery model. In the third quarter of 2025, water sales revenue hit $45 million, a substantial 74% sequential growth. Furthermore, produced water royalty revenues, another direct water-related stream, were $32 million in Q3 2025.

TPWR's channel is supported by significant capital deployment into infrastructure. Since 2017, Texas Pacific Land Corporation has invested nearly $200 million to build out its source water and recycling infrastructure. A major milestone for this channel is the construction of the Phase 2b desalination facility in Orla, Texas, which has a capacity of 10,000 barrels per day and an estimated service date in late 2025.

Investor relations and public markets (NYSE: TPL) for capital access

The public markets channel is vital for capital access and liquidity management, facilitated by the listing on the New York Stock Exchange (NYSE: TPL). As of late 2025, the company held a market capitalization of approximately $22.99 billion. The investor relations function actively communicates financial health and strategic direction to maintain market confidence and access to capital. This channel was recently utilized to secure flexibility via an inaugural $500 million revolving credit facility, which closed in October 2025. The company also announced a three-for-one stock split expected in December 2025 to potentially enhance stock accessibility.

Key financial performance indicators communicated through this channel for the third quarter of 2025 are summarized below:

Metric	Q3 2025 Value	Year-over-Year/Sequential Change
Consolidated Total Revenue	$203 million	Record Quarter
Consolidated Net Income	$121.2 million	Reported Record
Adjusted EBITDA Margin	85%	High Margin Efficiency
Free Cash Flow	$123 million	15% increase year-over-year
Stock Price (Dec 1, 2025)	$853.74	N/A
Forward P/E Ratio (Dec 1, 2025)	37.74	N/A

Corporate website and investor presentations for financial communication

The corporate website, www.texaspacific.com, serves as the central hub for official documentation, including SEC filings and investor presentations. The latest Investor Presentation was posted on November 5, 2025. This digital channel is used to disseminate detailed performance narratives that support the high-level numbers shared in earnings calls. For example, the Q3 2025 earnings call highlighted that the company recorded over $200 million of revenue for the first time in its history. The company also uses this channel to communicate strategic acquisitions, such as the November 3, 2025, purchase of approximately 17,300 net royalty acres for approximately $474 million, funded entirely by cash.

The communication strategy emphasizes resilience, as evidenced by achieving record water royalty revenues of $32 million and record oil and gas royalty production of 36,300 BOE/d in Q3 2025, despite weak benchmark oil prices.

Texas Pacific Land Corporation (TPL) - Canvas Business Model: Customer Segments

You're looking at the core clientele Texas Pacific Land Corporation (TPL) serves across its vast West Texas acreage. The business model is fundamentally about monetizing land ownership through multiple, often non-correlated, revenue streams, meaning the customers fall into distinct, high-value groups.

Oil and Gas Exploration & Production (E&P) operators in the Permian Basin

These operators are the primary drivers of activity on TPL's royalty acreage. They are the ones drilling wells, which directly generates TPL's largest revenue component: oil and gas royalties. TPL is not a producer; it collects a fixed percentage of what they pull out of the ground. The level of activity from these customers dictates the pace of development on TPL's land.

Here's a look at the production volumes tied to these E&P customers through the first three quarters of 2025:

Metric	Q1 2025	Q2 2025	Q3 2025
Oil and Gas Royalty Production (Boe/d)	31,100 thousand Boe/d	33.2 thousand Boe/d	36,300 Boe/d
Average Realized Price (per Boe)	$41.58	$32.94	Not explicitly stated for Q3
Net Wells (Permits, DUCs, CUPs)	24.3 net wells (as of March 31, 2025)	22.2 net wells (as of June 30, 2025)	Not explicitly stated as of Q3 end

TPL manages approximately 868,000 surface acres, principally concentrated in the Permian Basin. For the acquired interests announced in Q3 2025, approximately 61% of the royalty acreage is operated by Exxon, Diamondback, and Occidental.

Midstream and infrastructure companies requiring easements (pipeline, power line)

These companies are customers for TPL's surface rights, paying fixed fees for the use of the land to build and operate essential infrastructure. This revenue stream is captured under Easements and Other Surface-Related Income (SLEM). This is a critical segment because these contracts often have long terms and renewal payments subject to CPI escalators.

• Easements and other surface-related income revenue (Q2 2025): $36.2 million.
• For the six months ended June 30, 2025, this income increased by $17.2 million year-over-year.
• The H1 2025 increase included $10.6 million from pipeline easements, $2.3 million from wellbore easements, and $1.5 million from commercial leases.

This segment provides a stable, fee-based income component that flexes with broader Permian activity levels.

Commercial users needing caliche, gravel, and other surface materials

This group overlaps with the infrastructure segment, as material sales, like caliche, are used in the construction of the infrastructure mentioned above. The sale of materials is explicitly listed as a way TPL captures revenue over the well lifecycle. While specific standalone revenue for caliche sales isn't isolated in the latest reports, it is bundled into the SLEM/SLIM category, which is tied to development activity.

Public equity investors seeking a royalty-based, high-margin energy-related play

These are the shareholders who value TPL's unique financial profile. They are buying into a business model that generates exceptional profitability with minimal associated operational risk or capital expenditure on the production side. The financial metrics appeal directly to this segment:

• Trailing Twelve Months (TTM) Gross Margin (as of Sep 2025): 94.13%.
• TTM Operating Margin (as of Sep 2025): 76.5%.
• Q3 2025 Adjusted EBITDA Margin: 85%.
• TTM Revenue (as of September 30, 2025): $772.40 million.
• Market Capitalization (as of late 2025 data): Approximately $22.99 billion.
• Cash Position (Q3 2025 end): $532 million in cash and equivalents with no debt.
• Dividend History: Maintained payments for 12 consecutive years.

The recent announcement of a 3-for-1 stock split, expected in December 2025, is also a direct action aimed at this customer segment to improve liquidity.

Texas Pacific Land Corporation (TPL) - Canvas Business Model: Cost Structure

Texas Pacific Land Corporation (TPL) maintains a structure where operating costs are relatively low compared to revenue generation, which is typical for a large-scale landowner deriving income primarily from royalties and surface use. This is evidenced by the profitability metrics reported for the prior year, where operating and net margins were reported at 79% and 64%, respectively, for the full year 2024.

For the first half of 2025, the total operating expenses were $89.7 million for the six months ended June 30, 2025. This compares to $77.2 million for the same period in 2024. The primary driver for this increase was the depletion expense.

The depletion expense, which reflects the consumption of the underlying mineral resources, saw a significant step-up due to recent asset additions. For the six months ended June 30, 2025, the depletion expense increased by $15.0 million compared to H1 2024, directly linked to oil and gas royalty interests acquired in the second half of 2024. Looking at the nine-month period ending September 30, 2025, the total operating expenses reached $143.7 million, with the depletion expense increasing by $23.2 million year-over-year.

Costs associated with managing the vast, dispersed land portfolio are variable, especially within the water segment. For instance, water service-related expenses decreased by $2.7 million in the second quarter of 2025 compared to the first quarter of 2025. However, these expenses subsequently increased by $8.0 million in the third quarter of 2025 compared to the second quarter of 2025.

Capital expenditures are significant when Texas Pacific Land Corporation executes on its growth strategy, particularly for land and water infrastructure. A concrete example of a recent land acquisition expenditure occurred in November 2025, when the company acquired approximately 17,300 net royalty acres for a total purchase price of approximately $474 million, funded entirely by cash on the balance sheet. On the water side, Texas Pacific Land Corporation began construction in July 2025 of a 10,000 barrel per day produced water desalination facility in Orla, Texas, with an estimated service date in late 2025.

Here is a summary of key cost and related financial metrics for the first half of 2025:

Metric	Period Ending June 30, 2025	Period Ending June 30, 2024
Total Operating Expenses (USD Millions)	$89.7	$77.2
Increase in Depletion Expense (USD Millions)	$15.0	N/A
Total Revenues (USD Millions)	$383.5	$346.5
Net Income (USD Millions)	$236.8	$229.0

The cost structure is heavily influenced by non-cash charges like depletion, but the cash operating costs remain relatively controlled, which is a key feature of the business model. The ongoing capital deployment for water infrastructure and land purchases represents the most significant cash outflows outside of general and administrative costs.

• Water Sales Revenue (2024 Annual): Approximately $150 million.
• Total Operating Expenses (Nine Months Ended Sept 30, 2025): $143.7 million.
• Depletion Expense Increase (Nine Months Ended Sept 30, 2025 vs 2024): $23.2 million.
• Quarterly Cash Dividend Declared (August 2025): $1.60 per share.

Texas Pacific Land Corporation (TPL) - Canvas Business Model: Revenue Streams

You're looking at the revenue generation engine for Texas Pacific Land Corporation (TPL) as of late 2025. It's a multi-pronged approach, heavily weighted toward the Permian Basin's subsurface and surface activity, but with water services showing significant growth momentum.

The largest single component remains the oil and gas royalties. This stream is directly tied to the production volumes of the operators on TPL's acreage. For the third quarter of 2025, the oil and gas royalty production hit a record of approximately 36.3 thousand Boe per day. This volume growth is happening even while benchmark oil and gas prices are reportedly weak, which speaks to the underlying asset quality and operator efficiency.

The Water Services and Operations (WSO) segment is clearly scaling up. This segment generated a record $80.8 million in revenue for Q3 2025. This is a combination of two key water-related revenue lines:

• Water sales revenue hit a record $44.6 million in Q3 2025, showing a 74% sequential growth.
• Produced water royalties reached a record $32 million in Q3 2025, representing a 16% increase year-over-year. (Note: More precise reporting shows this figure as $32.3 million in Q3 2025).

The surface-related income, categorized as Easements and other surface-related income (SLEM), shows more quarterly variability, often dependent on large infrastructure projects. While this segment hit a record $36.2 million in Q2 2025, it normalized down to $16.7 million in Q3 2025. That Q2 record was significantly boosted by about $20,000,000 of pipeline easements. TPL is also actively investing in water infrastructure, including construction on a 10,000 barrel per day produced water desalination facility in Orla, Texas, with commissioning expected by the end of 2025.

Beyond the big three, Texas Pacific Land Corporation captures revenue from other surface uses. This includes the sales of caliche and other materials, plus commercial leases and permits. These activities fall under the Land and Resource Management segment, which reported revenues of $128.5 million in Q2 2025 and contributed to the total Q3 2025 revenue of $203.1 million.

Here's a quick look at the major revenue drivers for the latest reported quarter, Q3 2025:

Revenue Stream Component	Q3 2025 Financial/Statistical Number
Total Consolidated Revenue	$203.1 million
Oil and Gas Royalty Production Volume	36.3 thousand Boe per day
Water Services & Operations (WSO) Segment Revenue	$80.8 million
Water Sales Revenue (Component of WSO)	$44.6 million
Produced Water Royalties Revenue (Component of WSO)	$32.3 million
Easements and other surface-related income (SLEM)	$16.7 million

The company also executed a significant royalty acquisition in November 2025, spending approximately $474.1 million cash for about 17,306 net royalty acres, which is expected to add over 3,700 Boe/d. This acquisition strategy directly feeds the primary oil and gas royalty revenue stream. Finance: draft 13-week cash view by Friday.