Form 10-Q · Quarterly report
Texas Pacific Land Corporation 10-Q, filed Aug 5, 2026
- Filed
- CIK
- 0001811074
- Accession no.
- 0001811074-26-000058
Summary
Texas Pacific Land Corporation reported that average WTI oil prices rose about 24% in the first half of 2026 from a year earlier, exceeding $90 a barrel from March through early June as an escalating military conflict in Iran disrupted the Strait of Hormuz. The company, which owns roughly 894,000 surface acres and about 224,000 net royalty acres principally in the Permian Basin, effected a three-for-one stock split on December 22, 2025, and said the duration of the Iran conflict and any prolonged closure of the strait make the oil price impact for the rest of 2026 uncertain.
Key points
- Average WTI Cushing oil price was $95.65 per barrel in the three months ended June 30, 2026, versus $64.57 a year earlier, while Waha Hub natural gas averaged negative $2.92 per mmbtu.
- Permian Basin production is currently in excess of 6.8 million barrels per day, with average weekly horizontal rig count of 224 versus 273 a year earlier and drilled-but-uncompleted wells at 3,872 versus 4,428.
- TPL is not an oil and gas producer; its revenue comes from oil and gas royalties, water sales, produced water royalties, easements and other surface income, and land sales.
- TPL's principal liquidity sources are operating cash flow and a $500 million revolving credit facility, with no borrowings described as outstanding under it as of June 30, 2026.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
From the filing
Item 2. Management’s Discussion Overview Texas 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 land and royalty owners in the State of Texas with approximately 894,000 surface acres of land, principally concentrated in the Permian Basin. Additionally, we own a 1/128th nonparticipating perpetual oil and gas royalty interest (“NPRI”) under approximately 85,000 acres of land, a 1/16th NPRI under approximately 371,000 acres of land, and approximately 33,000 additional net royalty acres (normalized to 1/8th) (“NRA”), for a collective total of…
An excerpt of the text as filed with the SEC, cut for length.
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