Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The Land and Resource Management segment manages surface acres of land, and oil and gas royalty interest in Permian Basin. This segment also engages in easements, such as transporting oil, gas and related hydrocarbons, power line and utility, and subsurface wellbore easements. In addition, this segment leases its land for processing, storage, and compression facilities and roads; and is involved in sale of materials, such as caliche, sand, and other material, as well as sells land. The Water Services and Operations segment provides full-service water offerings, including water sourcing, produced-water treatment, infrastructure development, and disposal solutions to operators in the Permian Basin. This segment also holds produced water royalties. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 33,000 additional net royalty acres, total of approximately 224,000 NRA located in the Permian Basin. The company was founded in 1888 and is headquartered in Dallas, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $798M | $674M | $481M | $32M | 33.0% | 13.1% | 6.0% |
| 2024 | $706M | $564M | $454M | $65M | 40.1% | 11.8% | 11.9% |
| 2023 | $632M | $501M | $406M | $378M | 38.9% | -5.4% | -9.1% |
| 2022 | $667M | $578M | $446M | $426M | 57.8% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 667.42 | 631.60 | 705.82 | 798.19 |
| Operating Revenue | - | 667.42 | 631.60 | 705.82 | 798.19 |
| Cost Of Revenue | - | 32.84 | 48.32 | 71.29 | 116.06 |
| Gross Profit | - | 634.58 | 583.27 | 634.54 | 682.13 |
| Operating Expense | - | 72.28 | 97.22 | 95.40 | 89.97 |
| Selling General And Administration | - | 63.42 | 89.83 | 88.10 | 81.70 |
| Total Expenses | - | 105.12 | 145.54 | 166.68 | 206.03 |
| Operating Income | - | 562.31 | 486.05 | 539.14 | 592.16 |
| Total Operating Income As Reported | - | 562.31 | 486.05 | 539.14 | 592.16 |
| EBITDA | - | 577.68 | 500.81 | 564.30 | 673.55 |
| Normalized EBITDA | - | 577.68 | 500.81 | 564.30 | 673.55 |
| EBIT | - | 562.31 | 486.05 | 539.14 | 611.02 |
| Interest Income | - | 6.21 | 28.63 | 32.14 | 17.97 |
| Interest Expense | - | - | - | - | 0.69 |
| Net Interest Income | - | 6.21 | 28.63 | 32.14 | 17.28 |
| Other Non Operating Income Expenses | - | 0.34 | 2.88 | 7.54 | 0.89 |
| Other Income Expense | - | 0.34 | 2.88 | 7.54 | 0.89 |
| Interest Income Non Operating | - | 6.21 | 28.63 | 32.14 | 17.97 |
| Interest Expense Non Operating | - | - | - | - | 0.69 |
| Net Non Operating Interest Income Expense | - | 6.21 | 28.63 | 32.14 | 17.28 |
| Pretax Income | - | 568.86 | 517.56 | 578.82 | 610.33 |
| Tax Provision | - | 122.49 | 111.92 | 124.86 | 128.95 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 446.36 | 405.64 | 453.96 | 481.38 |
| Net Income From Continuing And Discontinued Operation | - | 446.36 | 405.64 | 453.96 | 481.38 |
| Net Income From Continuing Operation Net Minority Interest | - | 446.36 | 405.64 | 453.96 | 481.38 |
| Net Income | - | 446.36 | 405.64 | 453.96 | 481.38 |
| Net Income Common Stockholders | - | 446.36 | 405.64 | 453.96 | 481.38 |
| Net Income Including Noncontrolling Interests | - | 446.36 | 405.64 | 453.96 | 481.38 |
| Normalized Income | - | 446.36 | 405.64 | 453.96 | 481.38 |
| Diluted NI Availto Com Stockholders | - | 446.36 | 405.64 | 453.96 | 481.38 |
| Basic Average Shares | - | 69.50 | 69.13 | 68.96 | 68.95 |
| Diluted Average Shares | - | 69.54 | 69.18 | 69.06 | 69.03 |
| Reconciled Depreciation | - | 15.38 | 14.76 | 25.16 | 62.53 |
| Reconciled Cost Of Revenue | - | 32.84 | 48.32 | 71.29 | 116.06 |
| General And Administrative Expense | - | 63.42 | 89.83 | 88.10 | 81.70 |
| Other Gand A | - | 22.02 | 46.45 | 34.48 | 23.78 |
| Salaries And Wages | - | 41.40 | 43.38 | 53.62 | 57.92 |
| Other Taxes | - | 8.85 | 7.38 | 7.30 | 8.26 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Texas Pacific Land Corporationthis co. | TPL | $28.1B | 58.28β premium | 19.23 | 33.0% | 41.46 |
| Diamondback Energy, Inc. | FANG | $57.1B | 34.31 | 1.54 | 4.5% | 10.01 |
| ONEOK, Inc. | OKE | $56.0B | 16.52 | 2.49 | 15.1% | 11.40 |
| Devon Energy Corporation | DVN | $53.0B | 20.08 | 3.42 | 17.0% | 7.96 |
| EQT Corporation | EQT | $34.6B |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 16.94 |
| 1.45 |
| 8.6% |
| 7.03 |
| Halliburton Company | HAL | $34.4B | 26.84 | 3.29 | 12.3% | 12.38 |
| Coterra Energy Inc. | CTRA | $24.7B | 14.40 | 1.67 | 11.6% | 5.90 |
| Expand Energy Corporation | EXE | $22.3B | 12.28 | 1.20 | 9.8% | 4.87 |
| APA Corporation | APA | $13.5B | 9.42 | 2.22 | 23.5% | 3.27 |
| Peer Median | - | 16.73 | 1.94 | 11.9% | 7.50 | |