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Texas Pacific Land Corporation
Energy · Oil, Gas & Consumable Fuels
## Structural
- Largest private Permian Basin surface-rights owner (~873k acres); position is irreplaceable
- Royalty + easement model: revenue accrues with no drilling capex from TPL
- Water services segment (produced-water royalties, sourcing) scales with basin completions
- Share count has shrunk dramatically via buybacks; per-share economics compound faster than total revenue
- Conversion from trust to C-corp (2021) unlocked institutional ownership and index inclusion
## Bull
- Permian output growth directly lifts royalty volumes; no commodity-price ceiling on royalty structure
- Water scarcity in West Texas makes produced-water recycling royalties a durable fee stream
- Low float + low share count amplifies EPS leverage to any production uptick
- Minimal debt, high FCF conversion - management can sustain aggressive buybacks
## Bear
- Concentrated single-basin exposure; a structural Permian slowdown (regulation, export caps) hits all lines simultaneously
- Valuation reflects perfection - trades at a large premium to E&P peers on EV/EBITDA
- Operator consolidation ($XOM/$CVX Permian acquisitions) could shift negotiating leverage on new surface agreements
- Water services revenue is lumpy and dependent on completion activity, not production
- Thin float creates sharp drawdowns in risk-off environments
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Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.
Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.
Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.
Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.