TPL · Texas Pacific Land Corporation

Texas Pacific Land Corporation delivered record Q1 2026 results with net income of $142.9 million on $236.8 million revenues, driven by $21.4 million higher oil/gas royalties sequentially from elevated realized prices ($37.06/Boe vs $29.33 prior quarter) despite flat 37.1 MBoe/d production, plus $20.9 million land sale to a power plant developer tied to data centers that included a water supply agreement. Year-over-year revenues rose from $196.0 million on higher production (37.1 vs 31.1 MBoe/d), land sales, and water services, though operating expenses increased to $54.5 million from water-related and G&A costs. CEO Tyler Glover highlighted strong core performance, unhedged commodity upside, advancing data center/power deals in West Texas, and nearing completion of a 10,000 bbl/day produced water desalination facility. Concurrently, TPL strengthened governance ties with largest shareholder Horizon Kinetics via a Board Representative Agreement and appointment of Co-CEO Peter Doyle to the Board and strategic acquisitions committee, positioning Horizon's expertise for value creation while standstill terms limit activism through the next stockholder meeting. A $0.60/share dividend underscores cash generation with $136.4 million free cash flow and $247.6 million cash, no debt.