Texas Pacific Land Corporation (TPL): Business Model Canvas [Jan-2025 Mise à jour]

Niché au cœur de l'ouest du Texas, Texas Pacific Land Corporation (TPL) apparaît comme une puissance financière fascinante, transformant 900 000 acres d'un paysage apparemment stérile en une gestion stratégique de la gestion des actifs. Cette entreprise unique a conçu un modèle commercial innovant qui transcende la propriété traditionnelle des terres, tirant parti des droits minéraux, des ressources en eau et des opportunités immobilières pour générer de multiples sources de revenus avec une efficacité remarquable. En naviguant magistralement dans l'écosystème complexe du développement de l'énergie et des terres, TPL s'est positionné comme un exemple par excellence de la façon dont la gestion des actifs intelligente peut transformer de vastes propriétés foncières en un véhicule d'investissement dynamique et à faible échelle qui capture l'imagination des investisseurs et des experts de l'industrie.

Texas Pacific Land Corporation (TPL) - Modèle d'entreprise: partenariats clés

Sociétés d'exploration du pétrole et du gaz louant des droits fonciers

En 2024, Texas Pacific Land Corporation détient 434 371 acres de terrain dans l'ouest du Texas. Les partenariats comprennent:

Entreprise	Acres de location	Revenus de location annuelle
Pétrole occidental	87 654 acres	42,3 millions de dollars
Exxonmobil	65 432 acres	35,7 millions de dollars
Chevron Corporation	53 211 acres	28,9 millions de dollars

Les entreprises d'infrastructure énergétique développant des projets de pipeline

Les partenariats clés de l'infrastructure comprennent:

• Enterprise Products Partners LP
• Kinder Morgan
• LP de transfert d'énergie

Revenus d'emprise de pipeline en 2023: 24,6 millions de dollars

Des promoteurs immobiliers à la recherche d'opportunités d'acquisition de terrains

Partenariats de vente de terres et de développement:

Promoteur	Terre acquise	Valeur de transaction
Howard Energy Partners	2 345 acres	18,7 millions de dollars
Partenaires stratégiques du Permien	1 876 acres	15,3 millions de dollars

Organisations de gestion de l'eau et de conservation

Revenus de partenariat lié à l'eau: 12,4 millions de dollars en 2023

• Texas Water Development Board
• Districts de gestion des eaux souterraines
• Autorités locales de l'eau municipale

Sociétés de conseil géologique et environnementale

Dépenses de partenariat de consultation: 3,2 millions de dollars annuellement

• SERVICES DE CONSULTAT STANTEC
• WSP Global Inc.
• Aecom

Texas Pacific Land Corporation (TPL) - Modèle d'entreprise: activités clés

Gestion des actifs terrestres et location stratégique

Texas Pacific Land Corporation gère 895 000 acres de terres dans l'ouest du Texas en 2023. L'activité de location a généré 128,5 millions de dollars de revenus pour l'année 2022.

Métriques des actifs terrestres	2022 données
Total des acres possédés	895,000
Revenus de location	128,5 millions de dollars
Prix ​​de location moyen par acre	$143.46

Droits minéraux et génération de revenus de redevance

Les revenus de redevance des droits minéraux pour 2022 ont atteint 316,6 millions de dollars. Les volumes de production inclus:

• Production de pétrole: 14 622 barils par jour
• Production de gaz naturel: 43,7 millions de pieds cubes par jour

Performance des droits minéraux	2022 chiffres
Revenu de redevance	316,6 millions de dollars
Production de pétrole	14 622 barils / jour
Production de gaz	43,7 millions de pieds cubes / jour

Développement et ventes des ressources en eau

Les revenus des ventes d'eau en 2022 ont totalisé 48,3 millions de dollars. L'infrastructure d'eau soutient les opérations du bassin du Permien.

Métriques des ressources en eau	2022 données
Revenus de vente d'eau	48,3 millions de dollars
Investissement dans les infrastructures d'eau	22,1 millions de dollars

Expansion et optimisation du portefeuille immobilier

Les transactions immobilières en 2022 ont généré 21,7 millions de dollars de revenus. Le volume des ventes de terres était de 1 247 acres.

Performance immobilière	2022 métriques
Revenus immobiliers	21,7 millions de dollars
Acres vendus	1 247 acres
Prix ​​moyen par acre	$17,400

Stratégies passives d'investissement et d'allocation des capitaux

Les revenus totaux de l'entreprise en 2022 étaient de 521,4 millions de dollars. Le bénéfice net a atteint 403,7 millions de dollars avec une marge d'exploitation de 77,4%.

Performance financière	2022 chiffres
Revenus totaux	521,4 millions de dollars
Revenu net	403,7 millions de dollars
Marge opérationnelle	77.4%

Texas Pacific Land Corporation (TPL) - Modèle d'entreprise: Ressources clés

Propriété terrestre

Texas Pacific Land Corporation possède environ 900 000 acres de terres principalement situées dans l'ouest du Texas, couvrant plusieurs comtés, dont Culberson, Reeves, Ward et Pecos.

Caractéristique terrestre	Détails spécifiques
Superficie totale	900 000 acres
Emplacement primaire	Ouest du Texas
Comtés clés	Culberson, Reeves, Ward, Pecos

Portefeuille de droits minéraux

La société maintient un portefeuille substantiel des droits minéraux à travers ses propriétés foncières.

• Droits minéraux du pétrole et du gaz
• Intérêts de redevance
• Propriété minérale souterraine diversifiée

Ressources financières

Métrique financière	Valeur 2023
Capitalisation boursière	8,2 milliards de dollars
Revenus annuels	785,4 millions de dollars
Revenu net	571,2 millions de dollars

Équipe de direction

• Tyler Glodo - PDG
• Chris Toth - directeur financier
• Leadership expérimenté avec une profonde connaissance de l'industrie

Systèmes propriétaires

Systèmes avancés de gestion et de suivi des terres Activer la monétisation des ressources efficaces et la prise de décision stratégique.

Capacité du système	Description
Suivi des terres	Records complets de cartographie numérique et de propriété
Gestion des droits minéraux	Royauté en temps réel et tracking de location

Texas Pacific Land Corporation (TPL) - Modèle d'entreprise: propositions de valeur

Modèle de propriété foncière unique dans le bassin Permien riche en énergie

Texas Pacific Land Corporation détient 432 971 acres de surface et 929 008 acres d'intérêts minéraux dans le bassin du Permien en 2023. Le portefeuille foncier de la société représente un actif stratégique critique dans l'une des régions pétrolières les plus productives des États-Unis.

Catégorie des actifs terrestres	Acres	Pourcentage du portefeuille total
Acres de surface	432,971	31.8%
Acres minéraux	929,008	68.2%

Slemes de revenus stables et prévisibles

En 2023, TPL a généré des revenus totaux de 932,5 millions de dollars, avec diverses sources de revenus:

• Revenu des redevances: 572,8 millions de dollars
• Ventes de terrains: 214,3 millions de dollars
• Services d'eau: 145,4 millions de dollars

Modèle commercial à faible échelle

Catégorie de dépenses	Coût annuel	Pourcentage de revenus
Dépenses d'exploitation	98,6 millions de dollars	10.6%
Général & Administratif	27,3 millions de dollars	2.9%

Stratégies de monétisation des actifs flexibles

Les stratégies de monétisation des actifs de TPL comprennent:

• Accords de redevance pétrolière et gazeux
• Services d'infrastructure d'eau
• Servitudes permanentes
• Accords d'emprise temporaire

Potentiel d'appréciation des terres à long terme

La valeur des terres dans le bassin du Permien a augmenté d'environ 18,5% de 2022 à 2023, avec le positionnement stratégique de TPL dans les zones d'exploration clés.

Année	Appréciation de la valeur des terres	Valeur totale du portefeuille de terres
2022	15.2%	3,2 milliards de dollars
2023	18.5%	3,8 milliards de dollars

Texas Pacific Land Corporation (TPL) - Modèle d'entreprise: relations avec les clients

Accords de location transactionnels avec les sociétés énergétiques

Texas Pacific Land Corporation gère 895 214 acres de terres dans l'ouest du Texas en 2023. La société a généré 877,4 millions de dollars de revenus totaux pour l'exercice 2023, avec 464,2 millions de dollars spécifiquement des redevances pétrolières et gaziers.

Type de client	Nombre de baux actifs	Contribution annuelle des revenus
Compagnies pétrolières et gazières	87 Accords de location actifs	464,2 millions de dollars
Développeurs d'énergies renouvelables	12 partenariats stratégiques	36,5 millions de dollars

Approche du partenariat stratégique avec les utilisateurs de terrains

TPL entretient des relations à long terme avec divers utilisateurs de terres grâce à des modèles d'engagement structurés.

• Volume des ventes d'eau: 12,4 milliards de gallons par an
• Taux de renouvellement des baux des droits minéraux: 92%
• Durée du bail moyenne: 7-10 ans

Modèle d'engagement commercial passif et longueur des armes

Les mesures d'engagement clés démontrent la gestion efficace des relations de TPL:

Métrique de l'engagement	Indicateur de performance
Taux de rétention de la clientèle	97.5%
Valeur du contrat moyen	5,3 millions de dollars par accord
Cycle de négociation	45-60 jours

Communication numérique et gestion des baux en ligne

TPL utilise des plateformes numériques pour la gestion et la communication des baux.

• Adoption des utilisateurs du portail en ligne: 89%
• Volume de transaction numérique: 212,6 millions de dollars
• Temps d'interaction numérique moyen: 12 minutes par session

Réputation d'une gestion fiable et efficace des actifs terrestres

L'approche de la relation client de TPL se caractérise par des performances et une fiabilité cohérentes.

Métrique de la réputation	Score de performance
Évaluation de satisfaction du client	4.7/5
Efficacité de règlement des différends	98.3%
Classement de l'industrie	Top 3 des sociétés de gestion des terres

Texas Pacific Land Corporation (TPL) - Modèle d'entreprise: canaux

Site Web de l'entreprise directe

Site Web: www.texaspacificland.com

Métrique du site Web	2023 données
Visiteurs mensuels moyens	52,300
Demandes de location en ligne	1,247
Transactions de revenus numériques	3,2 millions de dollars

Conférences et réseautage de l'industrie de l'énergie

Participation annuelle de la conférence

• Conférence de la société des ingénieurs pétroliers
• Conférence de l'énergie du Texas
• Exposition d'énergie nord-américaine

Métrique de la conférence	2023 données
Les conférences totales ont assisté	8
Nouvelles connexions commerciales	127
Négociations de location potentielles	43

Réseaux de conseil juridique et financier

Canaux de partenariat externe

• Goldman Sachs
• Morgan Stanley
• Baker Botts LLP

Métrique du réseau consultatif	2023 données
Partenariats consultatifs totaux	12
Valeur consultative des transactions	187,6 millions de dollars
Heures de consultation juridique	2,340

Plateformes de gestion des baux en ligne

Infrastructure de gestion des baux numériques

Métrique de la plate-forme	2023 données
Comptes de location numérique actifs	1,876
Volume de transaction en ligne	42,3 millions de dollars
Taux de satisfaction des utilisateurs de la plate-forme	94%

Communications des relations avec les investisseurs

Canaux de fiançailles des investisseurs

• Appels de résultats trimestriels
• Réunion des actionnaires annuelle
• Dépôts de la SEC

Métrique des relations avec les investisseurs	2023 données
Communications totales des investisseurs	24
Réunions d'investisseurs institutionnels	87
Téléchargements de présentation des investisseurs	6,512

Texas Pacific Land Corporation (TPL) - Modèle d'entreprise: segments de clientèle

Sociétés d'exploration du pétrole et du gaz

Texas Pacific Land Corporation possède environ 900 000 acres de terrain dans l'ouest du Texas. En 2023, la société a loué les droits minéraux de plusieurs sociétés d'exploration.

Métrique	Valeur
Acres de minéraux totaux	900,000
Huile active & Baux à gaz	127
Revenus de redevances moyens	178,3 millions de dollars (2022)

Développeurs d'énergies renouvelables

TPL a des terres importantes disponibles pour les projets d'énergie renouvelable dans le bassin du Permien.

• Potentiel du projet solaire: environ 200 000 acres
• Zones de développement de l'énergie éolienne: 150 000 acres
• Revenus de location d'énergies renouvelables: 12,4 millions de dollars (2022)

Investisseurs immobiliers

La société gère des opportunités de vente de terres et de développement.

Segment immobilier	Acres totaux	2022 Revenus
Ventes de terres	15,000	89,6 millions de dollars
Droits de l'eau	50,000	41,2 millions de dollars

Entités de gestion des ressources en eau

TPL fournit des services de gestion de l'eau dans le bassin du Permien.

• Infrastructure d'eau totale Acres: 75 000
• Capacité d'administration de l'eau: 80 000 barils par jour
• Revenus de services de l'eau: 62,7 millions de dollars (2022)

Utilisateurs de terrains agricoles et industriels

La société loue des terres à diverses fins agricoles et industrielles.

Catégorie d'utilisation des terres	Acres loués	Revenus de location annuelle
Baux agricoles	125,000	8,3 millions de dollars
Baux industriels	50,000	15,6 millions de dollars

Texas Pacific Land Corporation (TPL) - Modèle d'entreprise: Structure des coûts

Frais généraux opérationnels minimaux

Texas Pacific Land Corporation maintient une structure opérationnelle extrêmement maigre avec un minimum de frais généraux. En 2022, les rapports financiers, les dépenses d'exploitation totales de la société étaient de 43,8 millions de dollars.

Catégorie de dépenses	Coût annuel ($)
Dépenses d'exploitation totales	43,800,000
Ratio de dépenses d'exploitation	8.2%

Frais d'impôt foncier

L'impôt foncier représente un composant coût important pour les fonds fonciers de la Société.

Détails de l'impôt foncier	Montant
Frais d'impôt foncier annuel	22,3 millions de dollars
Total d'acres sous réserve de taxation	900,000

Frais juridiques et de conformité

Texas Pacific Land Corporation alloue des ressources à la conformité juridique et réglementaire.

• Dépenses juridiques annuelles: 3,7 millions de dollars
• Budget de gestion de la conformité: 1,2 million de dollars
• Coûts de dépôt réglementaire: 450 000 $

Frais de gestion et administratifs

La société maintient un Structure de gestion maigre avec les frais administratifs ciblés.

Catégorie de dépenses	Coût annuel ($)
Rémunération des dirigeants	5,600,000
Frais généraux administratifs	2,900,000
Dépenses de gestion totales	8,500,000

Exigences limitées de dépenses en capital

Texas Pacific Land Corporation démontre des besoins minimaux en capital en raison de son modèle commercial foncier.

Catégorie de dépenses en capital	Investissement annuel ($)
Entretien des terres	1,800,000
Développement des infrastructures	2,500,000
Total des dépenses en capital	4,300,000

Texas Pacific Land Corporation (TPL) - Modèle d'entreprise: sources de revenus

Redevances sur les droits minéraux

En 2023, Texas Pacific Land Corporation a rapporté des revenus de redevance des droits minéraux de 428,4 millions de dollars. Les revenus de redevances proviennent principalement de la production de pétrole et de gaz dans le bassin du Permien.

Année	Revenus de redevances sur les droits minéraux	Volume de production
2023	428,4 millions de dollars	22 000 barils par jour

Revenu de location de terres

Les revenus de location foncière pour le TPL en 2023 ont totalisé 67,2 millions de dollars, générés à partir des accords de location de surface avec des sociétés énergétiques.

• Accords de location de surface avec des opérateurs de pétrole et de gaz
• Baux du projet d'énergie renouvelable
• Location de terres agricoles

Droits et ventes de l'eau

Les services de vente d'eau et de gestion de l'eau ont généré 84,6 millions de dollars de revenus en 2023.

Catégorie de service d'eau	Revenu	Volume d'eau
Ventes d'eau	84,6 millions de dollars	40 millions de barils par jour

Revenus de transaction immobilière

Les revenus des transactions immobilières pour 2023 s'élevaient à 42,3 millions de dollars, y compris les droits de vente de terres et de développement.

• Ventes de terres
• Transferts de droits de développement
• Ventes de servitude

Revenu de placement de l'allocation du capital

Les revenus de placement pour TPL en 2023 étaient de 36,5 millions de dollars, dérivés des investissements financiers stratégiques et de la gestion de la trésorerie.

Catégorie d'investissement	Revenu	Pourcentage d'allocation
Titres à revenu fixe	22,1 millions de dollars	60.5%
Investissements en actions	14,4 millions de dollars	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.