Texas Pacific Land
18 named things its latest annual report says its results depend on, each in the company's own words. 8 of them are also named by other companies we've read.
Customers
Three major oil and gas operator customers
earns from · approximately 40% of our 2025 revenueWhile approximately 40% of our 2025 revenue was derived from only three customers, each of these customers are investment-grade rated and are among the largest companies in the world based on market capitalization.Business (Item 1)
Oil and gas operators on royalty acreage
depends onnamed as a riskAccordingly, a significant portion of our revenues is reliant on the management and actions of third parties, over whom we have no control.Risk factors (Item 1A)
Suppliers
Ryder Scott Company, L.P.
depends onnamed as a riskEstimates of our proved, developed and producing reserves and related valuations as of December 31, 2025 were prepared by Ryder Scott, which conducted a well-by-well review of all wells in which we have a mineral or royalty interest for the period covered by its reserve report using information provided by us.Risk factors (Item 1A)
Partners and platforms
Bolt Data & Energy, Inc.
$50.0 millionnamed as a riskIn December 2025, we made a minority investment of $50.0 million in Bolt Data & Energy, Inc. (“Bolt”) pursuant to a strategic agreement to develop and enable large scale data center campuses and supporting infrastructure across our land.Business (Item 1)
Other companies
Wells Fargo Bank, National Association
depends on · up to $500.0 millionOn October 23, 2025, we entered into a credit agreement with Wells Fargo Bank, National Association and certain other lenders (collectively the “Lenders”), which provides for a revolving credit facility (the “Credit Facility”) in the aggregate principal amount of up to $500.0 million.Business (Item 1)
Also named by TYL
Ad valorem tax obligor (third party)
named as a riskWe have received an indication from one such obligor that it does not intend to continue to make ad valorem tax payments related to historical royalty interests.Risk factors (Item 1A)
OPEC and OPEC+
exposed to its pricenamed as a riskPrice fluctuations for oil and gas have been particularly volatile in recent years due to supply and demand factors, worldwide energy conservation measures, OPEC and OPEC+ actions, global conflicts in major oil producing regions, especially in Eastern Europe and the Middle East, and general economic cycles, among other factors.Risk factors (Item 1A)
Decarbonization
named as a riskOur revenues may be negatively affected by changes driven by trends such as decarbonization efforts.Risk factors (Item 1A)
Places
Permian Basin
concentrated in · approximately 882,000 surface acresTexas Pacific Land Corporation (which, together with its subsidiaries as the context requires, may be referred to as “TPL,” the “Company,” “our,” “we,” or “us”) is a Delaware Corporation and one of the largest landowners in the State of Texas with approximately 882,000 surface acres of land, principally concentrated in the Permian Basin.Business (Item 1)
Also named by AESI, APA, ARLP, AROC, ATO, CRGY, CVX, DINO and 20 more
Midland Basin
operates in · $450.7 millionIn November 2025, we acquired 17,306 NRA located primarily in the Midland Basin in Martin, Howard, Midland, and other counties for an aggregate purchase price of $450.7 million, net of post-closing adjustments, in an all-cash transaction.Business (Item 1)
Culberson and Reeves counties, Texas
operates innamed as a riskFor example, in January 2024, the Railroad Commission of Texas indefinitely suspended all deep oil and gas produced water injections in Culberson and Reeves counties.Risk factors (Item 1A)
Hazards
Induced seismicity in Delaware and Midland Basins
operates innamed as a riskThe implementation of SRAs could limit the volume of produced water disposed on the Company’s surface within the SRAs or, in certain cases, could direct additional volumes of produced water to SWDs on the Company’s surface outside of SRAs.Risk factors (Item 1A)
Drought and aquifer decline
operates innamed as a riskOur business and financial results are therefore subject to disruption from natural or human causes beyond our control, including physical risks from severe storms, floods, droughts resulting in aquifer declines and other forms of severe weather, war, accidents, civil unrest, political events, fires, earthquakes, system failures, pipeline disruptions, environmental hazards such as oil and produced water spills, terrorist acts and epidemic or pandemic diseases, any of which could result in a material adverse effect on oil and gas production and, therefore, our results of operations.Risk factors (Item 1A)
Commodities and inputs
Crude oil
exposed to its price · $304,930named as a riskThe oil and gas royalties that we receive are dependent upon the market prices for oil and gas, and decreases in such prices for oil and gas negatively impact the revenue realized on our oil and gas royalties.Risk factors (Item 1A)
Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more
Natural gas
exposed to its price · $37,432named as a riskOur oil and gas royalties are dependent upon the market prices of oil and gas which fluctuate.Risk factors (Item 1A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Natural gas liquids (NGL)
exposed to its price · $69,315named as a riskMarket prices for oil and gas are subject to U.S. and global macroeconomic and geopolitical conditions and infrastructure and logistical constraints, amongst others, and, in the past, have been subject to significant price fluctuations.Risk factors (Item 1A)
Also named by AM, APA, AR, CHRD, CNX, CRGY, DOW, DVN and 17 more
Regulators
Railroad Commission of Texas
subject tonamed as a riskIn addition, due to increased seismicity in the Delaware and Midland Basins, the Texas Railroad Commission recently began implementing seismic response areas (“SRAs”) limiting the permitted capacity and use of certain saltwater disposal wells (“SWDs”) for the injection of produced water.Risk factors (Item 1A)
Also named by APA, ATO, DMLP, DVN, MUR, NRG, OKE, PR and 2 more
Technology
Produced water desalination (Transmissive Water Services)
$45.5 millionnamed as a riskCumulatively through December 31, 2025, we have spent $45.5 million ($33.6 million during the year ended December 31, 2025) on this new energy-efficient desalination and treatment process and equipment, of which $38.8 million has been capitalized as of December 31, 2025.Business (Item 1)