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Texas Pacific Land (TPL) investor relations material
Texas Pacific Land Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record quarterly revenue of $203.1 million in Q3 2025, driven by strong oil and gas royalty production and water sales, with significant acquisitions in the Midland Basin and Martin County enhancing future growth.
Oil and gas royalty production averaged 36,300 BOE/d in Q3, up 9% sequentially and 28% year-over-year, offsetting lower realized commodity prices.
Water sales reached $45 million, up 74% sequentially and 23% year-over-year; produced water royalty revenues were $32 million.
Completed a $500 million revolving credit facility, undrawn at quarter end, and announced a three-for-one stock split expected in December 2025.
Maintained a robust balance sheet with $532 million in cash and no debt as of quarter-end.
Financial highlights
Q3 2025 revenues were $203.1 million, up from $173.6 million in Q3 2024; net income was $121.2 million, up from $106.6 million year-over-year.
Adjusted EBITDA for Q3 was $173.6 million, with an 85% margin; free cash flow was $123 million, up 15% year-over-year.
Nine-month 2025 revenues reached $586.6 million; net income was $358.0 million.
Quarterly cash dividend of $1.60 per share paid in September 2025; $111.0 million in dividends and $8.4 million in share repurchases through September 30, 2025.
No debt outstanding and a strong cash position of $531.8 million as of Q3 2025.
Outlook and guidance
Expect continued growth from recent royalty and surface acquisitions, with double-digit pre-tax cash flow yields at $60/bbl oil and $2/mcf gas.
Management targets a cash balance of $700 million, with excess cash to be returned to shareholders via dividends and share repurchases.
Construction of a new water desalination facility is underway, expected in service by year-end 2025.
Decades of cash flow runway expected from diversified revenue streams and strong Permian exposure.
Business model designed to succeed throughout commodity cycles without hedging, preserving upside potential.
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