Texas Pacific Land

What Texas Pacific Land does

Texas Pacific Land Corporation (NYSE: TPL) is the corporate successor to the Texas Pacific Land Trust formed in 1888, and is one of the largest landowners in Texas, holding approximately 882,000 acres concentrated in the Permian Basin. The company operates through two reportable business segments: Land and Resource Management, which derives revenue from surface acreage leasing, oil and gas royalty interests, and infrastructure easements; and Water Services and Operations, which provides water sourcing, treatment, and management solutions — primarily brackish groundwater and produced water — to energy operators and, increasingly, to power generation projects serving AI data centers in West Texas.

The underlying technology stack is physical rather than software: it comprises Permian Basin land and mineral rights, brackish groundwater aquifer access in Reeves County, and a 10,000-barrel-per-day produced water desalination test facility being advanced to treat oilfield wastewater for industrial reuse, including data center cooling and power generation. The business model is asset-light in operating terms — oil and gas royalties generate approximately 71% operating margins with no drilling capex or hedging obligations — supplemented by transaction-fee revenue from land sales, water supply contracts, and infrastructure easements. Go-to-market is direct B2B, executed through negotiated long-term agreements with major enterprise counterparties including energy operators, Chevron (Project Kilby), Microsoft (20-year PPA for 2.67 GW), and Bolt Data & Energy.

TPL reported Q1 2026 revenue of $236.8 million (up 21% year-over-year) and approximately $136 million in free cash flow, with a market capitalization near $24.9 billion as of mid-2026. The company's strategic focus is shifting from traditional Permian royalty and water services toward enabling hyperscale AI infrastructure buildouts in West Texas, leveraging the co-location of surface rights, water, and natural gas resources within its contiguous Permian holdings.

Name

Texas Pacific Land

Legal name

Texas Pacific Land Corporation

Website

https://texaspacific.com

Company type

Public

Founded year

1888

Operating status

Operating

Headcount range

51–100 employees

Short description

Texas Pacific Land Corporation is a publicly traded Texas landowner holding approximately 882,000 acres in the Permian Basin, generating revenue from oil and gas royalties, water services, and infrastructure easements, and increasingly providing land, water, and power resources for AI data center developers.

Ownership category

akta.pro rank

Product category

Land and Resource Management

NAICS

Lessors of Real Estate (5311), Rental and Leasing Services (532)

SIC

Mineral Royalty Traders (6795), Lessors Of Real Property, Nec (6519), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Mineral Rights, Leasing & Land Management (EUALAAAB)

akta.pro secondary industries

Mineral & Subsurface Rights Brokerage (Oil, Gas, Mining) (BPAJADAI), Land, Water & Mineral Rights for Renewables (Water Rights, Geothermal Resource Rights) (EUAMAAAI), Transitional/Development Land Brokerage (Entitled, In-Path-of-Growth) (BPAJADAJ)

Keywords

• Land resource management
• Oil gas royalties
• Water services operations
• Permian basin acreage
• Surface rights leasing

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Others

Revenue model

1. Land Sales and Surface Usage Agreements: TPL generates revenue from selling surface acreage and granting land access rights to energy and data center developers. Recent activity includes $42.5 million land sale and water supply agreement for data center power generation.
2. Oil and Gas Royalties: TPL earns royalty income from approximately 882,000 acres of royalty acreage in the Permian Basin. Royalties are earned on oil and gas production with approximately 71% operating margins and no hedging or capital expenditure obligations.
3. Water Sales and Services: TPL provides water for hydraulic fracturing and other industrial uses, selling produced water and brackish groundwater to energy operators and increasingly to data center infrastructure projects. Water volumes are expanding with growing demand from Permian Basin operations.
4. Infrastructure Easements: TPL earns fees from infrastructure easements across its extensive land holdings for pipelines, power lines, and other energy infrastructure in West Texas.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Texas Pacific Land Corporation owns and manages approximately 882,000 acres of land and associated water and mineral rights in the Permian Basin of West Texas. It operates two business segments: Land and Resource Management (surface acreage leasing, oil and gas royalties, and infrastructure easements) and Water Services and Operations (sourcing, treatment, and sale of water for hydraulic fracturing and emerging industrial uses such as data center cooling and power generation).

Product overview

Texas Pacific Land Corporation operates as a pure-play Permian Basin landowner under two business segments: Land and Resource Management and Water Services and Operations. The Land and Resource Management segment provides surface acreage leasing, oil and gas royalty interests, and infrastructure easements, while the Water Services and Operations segment supplies water for hydraulic fracturing and is developing produced water desalination capabilities for data center power generation projects. The company is expanding into data center infrastructure support through partnerships with Bolt and Chevron (Project Kilby), positioning its land and water assets for AI infrastructure buildout.

Differentiator

Problem solved

Functional benefit

Products and services

• Land and Resource Management Core segment encompassing surface acreage leasing, oil and gas royalty interests on approximately 882,000 acres in the Permian Basin, and infrastructure easements for pipelines, power lines, and other energy infrastructure. Serves major and independent oil and gas operators, data center developers, and energy infrastructure builders.
• Water Services and Operations Provides water sourcing, treatment, and management solutions primarily for energy operators in the Permian Basin, including brackish groundwater supply and produced water desalination services. Supplies water for hydraulic fracturing and is expanding into industrial reuse for data center cooling and power generation applications.

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered core.

• Chevron U.S.A. Inc.coreStrategic or Co-development Partner · 23 June 2026TPL entered a strategic agreement with Chevron to provide surface acreage and exclusive access to aquifer-derived brackish groundwater for Project Kilby, a large-scale power generation facility in Reeves County, Texas. The project supports a 20-year power purchase agreement with a major customer to supply approximately 2.67 gigawatts of dedicated electricity to an AI data center. TPL received cash consideration and secured water supply rights for the power facility.
• Microsoft CorporationcoreStrategic or Co-development Partner · 23 June 2026Microsoft is the end customer for Project Kilby power generation through a 20-year power purchase agreement. The 2.67 GW power generation facility will supply dedicated electricity to Microsoft's AI data center operations, validating West Texas and the Permian Basin as a premier location for compute infrastructure development.
• Bolt Data & EnergycoreStrategic or Co-development Partner · 17 December 2025TPL announced a strategic partnership with Bolt Data & Energy, led by former Google Chairman Eric Schmidt, to pursue data center development in West Texas. The collaboration aims to develop large-scale AI compute campuses on TPL's extensive land holdings, positioning the Permian Basin as a premier location for compute infrastructure leveraging the region's energy resources, water availability, and supportive regulatory environment.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Black Stone Minerals, L.P. One of the largest mineral and royalty owners in the US with significant Permian exposure. Comparable as a large-scale, asset-light mineral royalty company with similar economic model to TPL's core royalty franchise.
• Select Water Solutions, Inc. Provider of water management and chemical solutions to the oil and gas industry with significant Permian operations. Comparable to TPL's water services business serving hydraulic fracturing and produced water needs.
• Aris Water Solutions, Inc. Permian-focused water infrastructure and recycling company serving E&P operators. Closely comparable to TPL's Water Services and Operations segment, including produced water handling and brackish water sourcing for industrial customers.
• Sitio Royalties Corp. Pure-play Permian-focused mineral and royalty company with comparable acreage exposure in the same basin as TPL. Directly comparable as a competing royalty interest holder benefiting from the same Permian production dynamics.
• Kimbell Royalty Partners: Oil and gas mineral and royalty company with assets across multiple US basins including the Permian. Directly comparable as a royalty interest business with similar margin structure and lack of drilling capex obligations.
• Viper Energy, Inc. Diamondback Energy's mineral and royalty subsidiary focused on the Permian Basin. Directly comparable as a Permian-focused royalty company with similar customer base of operators and similar commodity-price sensitivity.

Emerging players

• Brigham Minerals, Inc. Pre-merger Permian-focused mineral rights acquisition company that combined with Sitio Royalties. Historically a comparable Permian mineral acquirer with overlapping investment thesis to TPL's royalty franchise.

Broad incumbents

• Howard Hughes Holdings Inc. Large-scale landowner and real estate developer with master-planned communities and strategic land assets. Comparable to TPL's long-duration landholding and monetization strategy, though focused on commercial/residential development rather than resource royalties.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/texas-pacific-land-trust-tpl-

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Texas Pacific Land