Texas Pacific Land Corporation (TPL): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Aninhado no coração do oeste do Texas, Texas Pacific Land Corporation (TPL) surge como uma potência financeira fascinante, transformando 900.000 acres do cenário aparentemente estéril em uma maravilha estratégica de gerenciamento de ativos. Esta empresa única criou um modelo de negócios inovador que transcende a propriedade tradicional da terra, alavancando os direitos minerais, os recursos hídricos e as oportunidades imobiliárias para gerar vários fluxos de receita com eficiência notável. Ao navegar magistralmente no complexo ecossistema de desenvolvimento de energia e terra, a TPL se posicionou como um exemplo por excelência de como a gestão inteligente de ativos pode transformar vastas propriedades em um veículo de investimento dinâmico e de baixa sobrecote que captura a imaginação de investidores e especialistas do setor.

Texas Pacific Land Corporation (TPL) - Modelo de negócios: Parcerias -chave

Empresas de exploração de petróleo e gás arrendando direitos à terra

A partir de 2024, a Texas Pacific Land Corporation detém 434.371 acres de terra no oeste do Texas. As parcerias incluem:

Empresa	Arrendamento acres	Receita anual de arrendamento
Petróleo ocidental	87.654 acres	US $ 42,3 milhões
ExxonMobil	65.432 acres	US $ 35,7 milhões
Chevron Corporation	53.211 acres	US $ 28,9 milhões

Empresas de infraestrutura de energia desenvolvendo projetos de pipeline

As principais parcerias de infraestrutura incluem:

• Enterprise Products Partners LP
• Morgan mais gentil
• LP de transferência de energia

Receitas de passagem do pipeline em 2023: US $ 24,6 milhões

Recomenda os promotores imobiliários que buscam oportunidades de aquisição de terras

Parcerias de vendas e desenvolvimento de terras:

Desenvolvedor	Terra adquirida	Valor da transação
Howard Energy Partners	2.345 acres	US $ 18,7 milhões
Parceiros estratégicos do Permiano	1.876 acres	US $ 15,3 milhões

Organizações de gestão e conservação de água

Receitas de parceria relacionadas à água: US $ 12,4 milhões em 2023

• Conselho de Desenvolvimento da Água do Texas
• Distritos de gerenciamento de águas subterrâneas
• Autoridades municipais de água local

Empresas de consultoria geológica e ambiental

Despesas de parceria consultor: US $ 3,2 milhões anualmente

• Serviços de consultoria STANTEC
• WSP Global Inc.
• Aecom

Texas Pacific Land Corporation (TPL) - Modelo de Negócios: Atividades -chave

Gerenciamento de ativos terrestres e leasing estratégico

A Texas Pacific Land Corporation gerencia 895.000 acres de terra no oeste do Texas a partir de 2023. A atividade de leasing gerou US $ 128,5 milhões em receita para o ano de 2022.

Métricas de ativos terrestres	2022 dados
Total acres de propriedade	895,000
Receita de arrendamento	US $ 128,5 milhões
Preço médio de arrendamento por acre	$143.46

Direitos minerais e geração de renda de royalties

Receita de royalties de direitos minerais para 2022 atingiu US $ 316,6 milhões. Volumes de produção incluídos:

• Produção de petróleo: 14.622 barris por dia
• Produção de gás natural: 43,7 milhões de pés cúbicos por dia

Desempenho dos direitos minerais	2022 Figuras
Renda de royalties	US $ 316,6 milhões
Produção de petróleo	14.622 barris/dia
Produção de gás	43,7 milhões de pés cúbicos/dia

Desenvolvimento de recursos hídricos e vendas

A receita de vendas de água em 2022 totalizou US $ 48,3 milhões. A infraestrutura de água suporta operações da Bacia do Permiano.

Métricas de recursos hídricos	2022 dados
Receita de vendas de água	US $ 48,3 milhões
Investimento de infraestrutura de água	US $ 22,1 milhões

Expansão e otimização do portfólio imobiliário

As transações imobiliárias em 2022 geraram US $ 21,7 milhões em receita. O volume de vendas de terras foi de 1.247 acres.

Desempenho imobiliário	2022 Métricas
Receita imobiliária	US $ 21,7 milhões
Acres vendidos	1.247 acres
Preço médio por acre	$17,400

Estratégias passivas de investimento e alocação de capital

A receita total da empresa em 2022 foi de US $ 521,4 milhões. O lucro líquido atingiu US $ 403,7 milhões com uma margem operacional de 77,4%.

Desempenho financeiro	2022 Figuras
Receita total	US $ 521,4 milhões
Resultado líquido	US $ 403,7 milhões
Margem operacional	77.4%

Texas Pacific Land Corporation (TPL) - Modelo de negócios: Recursos -chave

Propriedades terrestres

Texas Pacific Land Corporation possui Aproximadamente 900.000 acres de terra localizada principalmente no oeste do Texas, abrangendo vários municípios, incluindo Culberson, Reeves, Ward e Pecos.

Característica da terra	Detalhes específicos
Área total	900.000 acres
Localização primária	Oeste do Texas
Principais municípios	Culberson, Reeves, Ward, Pecos

Portfólio de direitos minerais

A corporação mantém um Portfólio de direitos minerais substanciais em suas propriedades terrestres.

• Direitos minerais de petróleo e gás
• Interesses de royalties
• Propriedade mineral de subsuperfície diversificada

Recursos financeiros

Métrica financeira	2023 valor
Capitalização de mercado	US $ 8,2 bilhões
Receita anual	US $ 785,4 milhões
Resultado líquido	US $ 571,2 milhões

Equipe de gerenciamento

• Tyler Glodo - CEO
• Chris Toth - Diretor Financeiro
• Liderança experiente com profundo conhecimento da indústria

Sistemas proprietários

Sistemas avançados de gerenciamento e rastreamento da terra Habilitar monetização eficiente de recursos e tomada de decisão estratégica.

Capacidade do sistema	Descrição
Rastreamento de terras	Registros abrangentes de mapeamento e propriedade digital
Gerenciamento de Direitos Minerais	Realeza em tempo real e rastreamento de leasing

Texas Pacific Land Corporation (TPL) - Modelo de Negócios: Proposições de Valor

Modelo exclusivo de propriedade da terra em bacia permiana rica em energia

A Texas Pacific Land Corporation possui 432.971 acres de superfície e 929.008 acres de interesses minerais na bacia do Permiano a partir de 2023. O portfólio de terras da empresa representa um ativo estratégico crítico em uma das regiões petrolíferas mais produtivas dos Estados Unidos.

Categoria de ativos terrestres	Acres	Porcentagem de portfólio total
Acres de superfície	432,971	31.8%
Acres minerais	929,008	68.2%

Fluxos de renda estáveis ​​e previsíveis

Em 2023, a TPL gerou receitas totais de US $ 932,5 milhões, com diversas fontes de receita:

• Renda de royalties: US $ 572,8 milhões
• Vendas de terra: US $ 214,3 milhões
• Serviços de água: US $ 145,4 milhões

Modelo de negócios de baixa sobrecote

Categoria de despesa	Custo anual	Porcentagem de receita
Despesas operacionais	US $ 98,6 milhões	10.6%
Em geral & Administrativo	US $ 27,3 milhões	2.9%

Estratégias flexíveis de monetização de ativos

As estratégias de monetização de ativos da TPL incluem:

• Acordos de royalties de petróleo e gás
• Serviços de infraestrutura de água
• Servidões permanentes
• Acordos temporários de passagem

Potencial de valorização da terra a longo prazo

O valor da terra na bacia do Permiano aumentou em aproximadamente 18,5%, de 2022 para 2023, com o posicionamento estratégico da TPL nas principais zonas de exploração.

Ano	Apreciação do valor da terra	Valor total do portfólio de terras
2022	15.2%	US $ 3,2 bilhões
2023	18.5%	US $ 3,8 bilhões

Texas Pacific Land Corporation (TPL) - Modelo de Negócios: Relacionamentos do Cliente

Acordos de arrendamento transacional com empresas de energia

Texas Pacific Land Corporation gerencia 895.214 acres de terra no oeste do Texas a partir de 2023. A empresa gerou US $ 877,4 milhões em receitas totais para o ano fiscal de 2023, com US $ 464,2 milhões especificamente de royalties de petróleo e gás.

Tipo de cliente	Número de arrendamentos ativos	Contribuição anual da receita
Empresas de petróleo e gás	87 acordos de locação ativa	US $ 464,2 milhões
Desenvolvedores de energia renovável	12 parcerias estratégicas	US $ 36,5 milhões

Abordagem de parceria estratégica com usuários da terra

A TPL mantém relacionamentos de longo prazo com diversos usuários terrestres por meio de modelos de engajamento estruturados.

• Vendas de água Volume: 12,4 bilhões de galões anualmente
• Taxa de renovação do arrendamento de direitos minerais: 92%
• Duração média do arrendamento: 7-10 anos

Modelo de engajamento de negócios passivo e de comprimento de armas

As principais métricas de engajamento demonstram gerenciamento de relacionamento eficiente da TPL:

Métrica de engajamento	Indicador de desempenho
Taxa de retenção de clientes	97.5%
Valor médio do contrato	US $ 5,3 milhões por contrato
Ciclo de negociação	45-60 dias

Comunicação digital e gerenciamento de arrendamento on -line

A TPL utiliza plataformas digitais para gerenciamento e comunicação de arrendamento.

• Adoção do Usuário do Portal Online: 89%
• Volume de transação digital: US $ 212,6 milhões
• Tempo médio de interação digital: 12 minutos por sessão

Reputação de gerenciamento de ativos da terra confiável e eficiente

A abordagem de relacionamento com o cliente da TPL é caracterizada por desempenho e confiabilidade consistentes.

Métrica de reputação	Pontuação de desempenho
Classificação de satisfação do cliente	4.7/5
Eficiência de resolução de disputas	98.3%
Classificação da indústria	3 principais empresas de gestão de terras

Texas Pacific Land Corporation (TPL) - Modelo de Negócios: Canais

Site corporativo direto

Site: www.texaspacificland.com

Métrica do site	2023 dados
Visitantes mensais médios	52,300
Consultas de arrendamento on -line	1,247
Transações de receita digital	US $ 3,2 milhões

Conferências do setor de energia e redes

Participação anual da conferência

• Conferência da Sociedade de Engenheiros de Petróleo
• Conferência de Energia do Texas
• North American Energy Expo

Métrica da conferência	2023 dados
As conferências totais compareceram	8
Novas conexões de negócios	127
Possíveis negociações de arrendamento	43

Redes de consultoria jurídica e financeira

Canais de parceria externa

• Goldman Sachs
• Morgan Stanley
• Baker Botts LLP

Métrica de rede consultiva	2023 dados
Total de parcerias consultivas	12
Valor consultivo da transação	US $ 187,6 milhões
Horário de consulta legal	2,340

Plataformas de gerenciamento de arrendamento online

Infraestrutura de gerenciamento de arrendamento digital

Métrica da plataforma	2023 dados
Contas de arrendamento digital ativo	1,876
Volume de transações online	US $ 42,3 milhões
Taxa de satisfação do usuário da plataforma	94%

Comunicações de Relações com Investidores

Canais de engajamento do investidor

• Chamadas de ganhos trimestrais
• Reunião Anual dos Acionistas
• Registros da SEC

Métrica de Relações com Investidores	2023 dados
Total de comunicações de investidores	24
Reuniões institucionais de investidores	87
Downloads de apresentação do investidor	6,512

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

Empresas de exploração de petróleo e gás

A Texas Pacific Land Corporation possui aproximadamente 900.000 acres de terra no oeste do Texas. A partir de 2023, a empresa alugou direitos minerais a várias empresas de exploração.

Métrica	Valor
Acres minerais totais	900,000
Óleo ativo & Arrendamentos de gás	127
Receita média de royalties	US $ 178,3 milhões (2022)

Desenvolvedores de energia renovável

A TPL possui terras significativas disponíveis para projetos de energia renovável na bacia do Permiano.

• Potencial do projeto solar: aproximadamente 200.000 acres
• Zonas de desenvolvimento de energia eólica: 150.000 acres
• Receita de arrendamento de energia renovável: US $ 12,4 milhões (2022)

Investidores imobiliários

A corporação gerencia as oportunidades de vendas e desenvolvimento de terras.

Segmento imobiliário	Total de acres	2022 Receita
Vendas de terras	15,000	US $ 89,6 milhões
Direitos da água	50,000	US $ 41,2 milhões

Entidades de gerenciamento de recursos hídricos

A TPL fornece serviços de gerenciamento de água na bacia do Permiano.

• Total de infraestrutura de água acres: 75.000
• Capacidade de entrega de água: 80.000 barris por dia
• Receita dos Serviços de Água: US $ 62,7 milhões (2022)

Usuários de terras agrícolas e industriais

A corporação aluga terras para vários fins agrícolas e industriais.

Categoria de uso da terra	Acres arrendados	Receita anual de arrendamento
Arrendamentos agrícolas	125,000	US $ 8,3 milhões
Arrendamentos industriais	50,000	US $ 15,6 milhões

Texas Pacific Land Corporation (TPL) - Modelo de Negócios: Estrutura de Custo

Overcarga operacional mínima

A Texas Pacific Land Corporation mantém uma estrutura operacional extremamente enxuta com despesas indiretas mínimas. A partir de 2022, os relatórios financeiros, as despesas operacionais totais da Companhia foram de US $ 43,8 milhões.

Categoria de despesa	Custo anual ($)
Despesas operacionais totais	43,800,000
Índice de despesa operacional	8.2%

Despesas de imposto sobre a propriedade

O imposto sobre a propriedade representa um componente de custo significativo para as propriedades de terras da corporação.

Detalhes do imposto sobre a propriedade	Quantia
Despesas anuais de imposto sobre a propriedade	US $ 22,3 milhões
Acres totais sujeitos a tributação	900,000

Custos legais e de conformidade

A Texas Pacific Land Corporation aloca recursos para conformidade legal e regulatória.

• Despesas legais anuais: US $ 3,7 milhões
• Orçamento de gerenciamento de conformidade: US $ 1,2 milhão
• Custos de arquivamento regulatório: US $ 450.000

Gestão e despesas administrativas

A empresa mantém um Estrutura de gerenciamento enxuto com custos administrativos focados.

Categoria de despesa	Custo anual ($)
Compensação executiva	5,600,000
Sobrecarga administrativa	2,900,000
Despesas totais de gerenciamento	8,500,000

Requisitos de despesa de capital limitado

A Texas Pacific Land Corporation demonstra necessidades mínimas de gastos com capital devido ao seu modelo de negócios em terra.

Categoria de despesa de capital	Investimento anual ($)
Manutenção da terra	1,800,000
Desenvolvimento de infraestrutura	2,500,000
Gastos totais de capital	4,300,000

Texas Pacific Land Corporation (TPL) - Modelo de negócios: fluxos de receita

Royalties de direitos minerais

Em 2023, a Texas Pacific Land Corporation registrou receitas de royalties de direitos minerais de US $ 428,4 milhões. A renda de royalties é derivada principalmente da produção de petróleo e gás na bacia do Permiano.

Ano	Receita de royalties de direitos minerais	Volume de produção
2023	US $ 428,4 milhões	22.000 barris por dia

Renda do arrendamento de terras

As receitas de arrendamento de terras para a TPL em 2023 totalizaram US $ 67,2 milhões, gerados a partir de acordos de arrendamento de superfície com empresas de energia.

• Acordos de arrendamento de superfície com operadores de petróleo e gás
• Arrendamentos de projeto de energia renovável
• Leasing de terras agrícolas

Direitos da água e vendas

Os serviços de vendas de água e gerenciamento de água geraram US $ 84,6 milhões em receita durante 2023.

Categoria de serviço de água	Receita	Volume de água
Vendas de água	US $ 84,6 milhões	40 milhões de barris por dia

Receita de transação imobiliária

As receitas de transações imobiliárias para 2023 totalizaram US $ 42,3 milhões, incluindo os direitos de vendas e desenvolvimento de terras.

• Vendas de terras
• Transferências de direitos de desenvolvimento
• Vendas de servidão

Receita de investimento da alocação de capital

A receita de investimento da TPL em 2023 foi de US $ 36,5 milhões, derivada de investimentos financeiros estratégicos e gerenciamento de caixa.

Categoria de investimento	Renda	Porcentagem de alocação
Títulos de renda fixa	US $ 22,1 milhões	60.5%
Investimentos em ações	US $ 14,4 milhões	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.