Texas Pacific Land Corporation (TPL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Ubicado en el corazón del oeste de Texas, Texas Pacific Land Corporation (TPL) emerge como una potencia financiera fascinante, transformando 900,000 acres de un paisaje aparentemente árido en una maravilla estratégica de gestión de activos. Esta empresa única ha creado un modelo de negocio innovador que trasciende la propiedad tradicional de la tierra, aprovechando los derechos minerales, los recursos hídricos y las oportunidades inmobiliarias para generar múltiples flujos de ingresos con notable eficiencia. Al navegar magistralmente del complejo ecosistema de desarrollo de energía y tierra, TPL se ha posicionado como un ejemplo por excelencia de cómo la gestión inteligente de los activos puede convertir grandes tenencias de tierras en un vehículo de inversión dinámico y de bajo nivel que captura la imaginación de inversores y expertos de la industria.

Texas Pacific Land Corporation (TPL) - Modelo de negocios: asociaciones clave

Compañías de exploración de petróleo y gas Alquiler de derechos de la tierra

A partir de 2024, Texas Pacific Land Corporation posee 434,371 acres de tierra en el oeste de Texas. Las asociaciones incluyen:

Compañía	Acres de arrendamiento	Ingresos anuales de arrendamiento
Petróleo occidental	87,654 acres	$ 42.3 millones
Exxonmobil	65,432 acres	$ 35.7 millones
Corporación Chevron	53,211 acres	$ 28.9 millones

Empresas de infraestructura energética que desarrollan proyectos de tuberías

Las asociaciones clave de infraestructura incluyen:

• Enterprise Products Partners LP
• Kinder Morgan
• Transferencia de energía LP

Ingresos de derecho de paso de la tubería en 2023: $ 24.6 millones

Desarrolladores inmobiliarios que buscan oportunidades de adquisición de tierras

Asociaciones de ventas y desarrollo de tierras:

Revelador	Tierra adquirida	Valor de transacción
Howard Energy Partners	2,345 acres	$ 18.7 millones
Socios estratégicos de Pérmico	1,876 acres	$ 15.3 millones

Organizaciones de gestión del agua y conservación

Ingresos de asociación relacionados con el agua: $ 12.4 millones en 2023

• Junta de Desarrollo del Agua de Texas
• Distritos de gestión de aguas subterráneas
• Autoridades de agua municipal local

Empresas de consultoría geológica y ambiental

Gastos de consultoría de asociación: $ 3.2 millones anualmente

• Servicios de consultoría de Stantec
• WSP Global Inc.
• Aecom

Texas Pacific Land Corporation (TPL) - Modelo de negocio: actividades clave

Gestión de activos de tierra y arrendamiento estratégico

Texas Pacific Land Corporation administra 895,000 acres de tierra en el oeste de Texas a partir de 2023. La actividad de arrendamiento generó $ 128.5 millones en ingresos para el año 2022.

Métricas de activos de tierra	Datos 2022
Total de acres de propiedad	895,000
Ingresos de arrendamiento	$ 128.5 millones
Precio de arrendamiento promedio por acre	$143.46

Derechos minerales y generación de ingresos de regalías

Los ingresos por regalías de derechos minerales para 2022 alcanzaron $ 316.6 millones. Los volúmenes de producción incluyen:

• Producción de petróleo: 14,622 barriles por día
• Producción de gas natural: 43.7 millones de pies cúbicos por día

Rendimiento de los derechos minerales	2022 cifras
Ingreso de regalías	$ 316.6 millones
Producción de petróleo	14,622 barriles/día
Producción de gas	43.7 millones de pies cúbicos/día

Desarrollo y ventas de recursos hídricos

Los ingresos por ventas de agua en 2022 totalizaron $ 48.3 millones. La infraestructura de agua es compatible con las operaciones de la cuenca del Pérmico.

Métricas de recursos hídricos	Datos 2022
Ingresos de ventas de agua	$ 48.3 millones
Inversión en infraestructura de agua	$ 22.1 millones

Expansión y optimización de la cartera inmobiliaria

Las transacciones inmobiliarias en 2022 generaron $ 21.7 millones en ingresos. El volumen de ventas de tierras fue de 1,247 acres.

Rendimiento inmobiliario	2022 métricas
Ingresos inmobiliarios	$ 21.7 millones
Acres vendidos	1,247 acres
Precio promedio por acre	$17,400

Estrategias de inversión pasiva y asignación de capital

Los ingresos totales de la compañía en 2022 fueron de $ 521.4 millones. El ingreso neto alcanzó $ 403.7 millones con un margen operativo del 77.4%.

Desempeño financiero	2022 cifras
Ingresos totales	$ 521.4 millones
Lngresos netos	$ 403.7 millones
Margen operativo	77.4%

Texas Pacific Land Corporation (TPL) - Modelo de negocio: recursos clave

Tierras

Texas Pacific Land Corporation posee aproximadamente 900,000 acres de tierra ubicada principalmente en el oeste de Texas, que abarca múltiples condados, incluidos Culberson, Reeves, Ward y Pecos.

Característica de la tierra	Detalles específicos
Superficie total	900,000 acres
Ubicación principal	West Texas
Condados clave	Culberson, Reeves, Ward, Pecos

Cartera de derechos minerales

La corporación mantiene un cartera de derechos minerales sustanciales a través de sus tierras.

• Derechos minerales de petróleo y gas
• Intereses de regalías
• Diversa propiedad de minerales subsuperficiales

Recursos financieros

Métrica financiera	Valor 2023
Capitalización de mercado	$ 8.2 mil millones
Ingresos anuales	$ 785.4 millones
Lngresos netos	$ 571.2 millones

Equipo de gestión

• Tyler Glodo - Director Ejecutivo
• Chris Toth - Director Financiero
• Liderazgo experimentado con un profundo conocimiento de la industria

Sistemas propietarios

Sistemas avanzados de gestión de tierras y seguimiento Habilitar monetización eficiente de recursos y toma de decisiones estratégicas.

Capacidad del sistema	Descripción
Rastreo de tierras	Mapeo digital y registros integrales de propiedad
Gestión de derechos minerales	Realty en tiempo real y seguimiento de arrendamiento

Texas Pacific Land Corporation (TPL) - Modelo de negocio: propuestas de valor

Modelo único de propiedad de la tierra en la cuenca Pérmica rica en energía

Texas Pacific Land Corporation posee 432,971 acres de superficie y 929,008 acres de intereses minerales en la cuenca Pérmica a partir de 2023. La cartera de tierras de la compañía representa una Activo estratégico crítico en una de las regiones petroleras más productivas de los Estados Unidos.

Categoría de activos de tierra	Acres	Porcentaje de cartera total
Acres de superficie	432,971	31.8%
Acres mineral	929,008	68.2%

Flujos de ingresos estables y predecibles

En 2023, TPL generó ingresos totales de $ 932.5 millones, con diversas fuentes de ingresos:

• Ingresos de regalías: $ 572.8 millones
• Ventas de tierras: $ 214.3 millones
• Servicios de agua: $ 145.4 millones

Modelo de negocio bajo

Categoría de gastos	Costo anual	Porcentaje de ingresos
Gastos operativos	$ 98.6 millones	10.6%
General & Administrativo	$ 27.3 millones	2.9%

Estrategias de monetización de activos flexibles

Las estrategias de monetización de activos de TPL incluyen:

• Acuerdos de regalías de petróleo y gas
• Servicios de infraestructura de agua
• Servidumbres permanentes
• Acuerdos temporales de derecho de paso

Potencial de apreciación de la tierra a largo plazo

El valor de la tierra en la cuenca Pérmica aumentó en aproximadamente un 18.5% de 2022 a 2023, con el posicionamiento estratégico de TPL en zonas de exploración clave.

Año	Apreciación del valor de la tierra	Valor total de la cartera de tierras
2022	15.2%	$ 3.2 mil millones
2023	18.5%	$ 3.8 mil millones

Texas Pacific Land Corporation (TPL) - Modelo de negocios: relaciones con los clientes

Contratos de arrendamiento transaccional con compañías energéticas

Texas Pacific Land Corporation administra 895,214 acres de tierra en el oeste de Texas a partir de 2023. La compañía generó $ 877.4 millones en ingresos totales para el año fiscal 2023, con $ 464.2 millones específicamente de regalías de petróleo y gas.

Tipo de cliente	Número de arrendamientos activos	Contribución anual de ingresos
Compañías de petróleo y gas	87 Contratos de arrendamiento activo	$ 464.2 millones
Desarrolladores de energía renovable	12 asociaciones estratégicas	$ 36.5 millones

Enfoque de asociación estratégica con usuarios de tierras

TPL mantiene relaciones a largo plazo con diversos usuarios de la tierra a través de modelos de participación estructurados.

• Volumen de ventas de agua: 12.4 mil millones de galones anuales
• Tasa de renovación de arrendamiento de derechos minerales: 92%
• Duración promedio de arrendamiento: 7-10 años

Modelo de participación comercial pasivo, hasta los brazos

Las métricas de participación clave demuestran la gestión eficiente de la relación de TPL:

Métrico de compromiso	Indicador de rendimiento
Tasa de retención de clientes	97.5%
Valor de contrato promedio	$ 5.3 millones por acuerdo
Ciclo de negociación	45-60 días

Comunicación digital y gestión de arrendamiento en línea

TPL utiliza plataformas digitales para la gestión y comunicación de arrendamiento.

• Adopción del usuario del portal en línea: 89%
• Volumen de transacción digital: $ 212.6 millones
• Tiempo de interacción digital promedio: 12 minutos por sesión

Reputación para la gestión de activos de tierras confiables y eficientes

El enfoque de relación con el cliente de TPL se caracteriza por un rendimiento y confiabilidad consistentes.

Métrico de reputación	Puntaje de rendimiento
Calificación de satisfacción del cliente	4.7/5
Eficiencia de resolución de disputas	98.3%
Clasificación de la industria	Las 3 principales compañías de gestión de tierras

Texas Pacific Land Corporation (TPL) - Modelo de negocios: canales

Sitio web corporativo directo

Sitio web: www.texaspacificland.com

Métrico del sitio web	2023 datos
Visitantes mensuales promedio	52,300
Consultas de arrendamiento en línea	1,247
Transacciones de ingresos digitales	$ 3.2 millones

Conferencias de la industria energética y redes

Participación anual de la conferencia

• Conferencia de la Sociedad de Ingenieros de Petróleo
• Conferencia de Energía de Texas
• Expo de energía norteamericana

Métrico de conferencia	2023 datos
Conferencias totales a las que asistió	8
Nuevas conexiones comerciales	127
Posibles negociaciones de arrendamiento	43

Redes de asesoramiento legal y financiero

Canales de asociación externa

• Goldman Sachs
• Morgan Stanley
• Baker Botts LLP

Métrica de red de asesoramiento	2023 datos
Asociaciones de asesoramiento total	12
Valor de asesoramiento de transacciones	$ 187.6 millones
Horas de consulta legal	2,340

Plataformas de gestión de arrendamiento en línea

Infraestructura de gestión de arrendamiento digital

Métrica de plataforma	2023 datos
Cuentas de arrendamiento digital activo	1,876
Volumen de transacciones en línea	$ 42.3 millones
Tasa de satisfacción del usuario de la plataforma	94%

Comunicaciones de relaciones con los inversores

Canales de participación de los inversores

• Llamadas de ganancias trimestrales
• Reunión anual de accionistas
• Presentación de la SEC

Métrica de Relaciones con Inversores	2023 datos
Comunicaciones totales de inversores	24
Reuniones de inversores institucionales	87
Descargas de presentación de inversores	6,512

Texas Pacific Land Corporation (TPL) - Modelo de negocios: segmentos de clientes

Empresas de exploración de petróleo y gas

Texas Pacific Land Corporation posee aproximadamente 900,000 acres de tierra en el oeste de Texas. A partir de 2023, la compañía alquiló los derechos minerales a múltiples compañías de exploración.

Métrico	Valor
Acres minerales totales	900,000
Aceite activo & Arrendamientos de gas	127
Ingresos promedio de regalías	$ 178.3 millones (2022)

Desarrolladores de energía renovable

TPL tiene tierras significativas disponibles para proyectos de energía renovable en la cuenca Pérmica.

• Potencial del proyecto solar: aproximadamente 200,000 acres
• Zonas de desarrollo de energía eólica: 150,000 acres
• Ingresos de arrendamiento de energía renovable: $ 12.4 millones (2022)

Inversores inmobiliarios

La corporación administra las ventas de tierras y las oportunidades de desarrollo.

Segmento inmobiliario	Total de acres	2022 Ingresos
Venta de tierras	15,000	$ 89.6 millones
Derechos de agua	50,000	$ 41.2 millones

Entidades de gestión de recursos hídricos

TPL ofrece servicios de gestión del agua en la cuenca Pérmica.

• Acres de infraestructura de agua total: 75,000
• Capacidad de entrega de agua: 80,000 barriles por día
• Ingresos de servicios de agua: $ 62.7 millones (2022)

Usuarios de tierras agrícolas e industriales

La corporación arrienda tierras para diversos fines agrícolas e industriales.

Categoría de uso del suelo	Acres arrendados	Ingresos anuales de arrendamiento
Arrendamientos agrícolas	125,000	$ 8.3 millones
Arrendamientos industriales	50,000	$ 15.6 millones

Texas Pacific Land Corporation (TPL) - Modelo de negocio: Estructura de costos

Sobrecarga operativa mínima

Texas Pacific Land Corporation mantiene una estructura operativa extremadamente delgada con gastos generales mínimos. A partir de los informes financieros de 2022, los gastos operativos totales de la compañía fueron de $ 43.8 millones.

Categoría de gastos	Costo anual ($)
Gastos operativos totales	43,800,000
Relación de gastos operativos	8.2%

Gastos de impuestos a la propiedad

El impuesto a la propiedad representa un componente de costo significativo para las tenencias de tierras de la corporación.

Datos del impuesto a la propiedad	Cantidad
Gastos anuales de impuestos a la propiedad	$ 22.3 millones
Acres totales sujetos a impuestos	900,000

Costos legales y de cumplimiento

Texas Pacific Land Corporation asigna recursos para el cumplimiento legal y regulatorio.

• Gastos legales anuales: $ 3.7 millones
• Presupuesto de gestión de cumplimiento: $ 1.2 millones
• Costos de presentación regulatoria: $ 450,000

Gestión y gastos administrativos

La compañía mantiene un estructura de gestión delgado con costos administrativos enfocados.

Categoría de gastos	Costo anual ($)
Compensación ejecutiva	5,600,000
Sobrecarga administrativa	2,900,000
Gastos de gestión total	8,500,000

Requisitos de gastos de capital limitados

Texas Pacific Land Corporation demuestra necesidades mínimas de gastos de capital debido a su modelo de negocio en tierra.

Categoría de gastos de capital	Inversión anual ($)
Mantenimiento de la tierra	1,800,000
Desarrollo de infraestructura	2,500,000
Gastos de capital total	4,300,000

Texas Pacific Land Corporation (TPL) - Modelo de negocios: flujos de ingresos

Regalías de derechos minerales

En 2023, Texas Pacific Land Corporation reportó ingresos por regalías de derechos minerales de $ 428.4 millones. El ingreso de regalías se deriva principalmente de la producción de petróleo y gas en la cuenca del Pérmico.

Año	Ingresos de regalías de derechos minerales	Volumen de producción
2023	$ 428.4 millones	22,000 barriles por día

Ingresos de arrendamiento de tierras

Los ingresos de arrendamiento de tierras para TPL en 2023 totalizaron $ 67.2 millones, generados a partir de contratos de arrendamiento de superficie con compañías de energía.

• Contratos de arrendamiento de superficie con operadores de petróleo y gas
• Arrendamientos del proyecto de energía renovable
• Arrendamiento de tierras agrícolas

Derechos de agua y ventas

Los servicios de ventas y gestión del agua de agua generaron $ 84.6 millones en ingresos durante 2023.

Categoría de servicio de agua	Ganancia	Volumen de agua
Ventas de agua	$ 84.6 millones	40 millones de barriles por día

Ingresos de transacciones inmobiliarias

Los ingresos por transacciones inmobiliarias para 2023 ascendieron a $ 42.3 millones, incluidos los derechos de venta y desarrollo de tierras.

• Venta de tierras
• Transferencias de derechos de desarrollo
• Ventas de servidumbre

Ingresos de inversión de la asignación de capital

Los ingresos por inversiones para TPL en 2023 fueron de $ 36.5 millones, derivado de inversiones financieras estratégicas y gestión de efectivo.

Categoría de inversión	Ingreso	Porcentaje de asignación
Valores de renta fija	$ 22.1 millones	60.5%
Inversiones de renta variable	$ 14.4 millones	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.