$TPL

Texas Pacific Land Corp

CIK:0001811074|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND TOTAL COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 246,059	$ 187,543	$ 482,877	$ 383,526
Expenses:
Salaries and related employee expenses	15,562	14,072	30,549	28,644
Water service-related expenses	11,570	8,451	25,857	19,577
General and administrative expenses	8,004	5,693	16,635	11,765
Depreciation, depletion and amortization	16,639	13,699	30,682	25,640
Ad valorem and other taxes	2,467	1,877	5,009	4,076
Total operating expenses	54,242	43,792	108,732	89,702
Operating income	191,817	143,751	374,145	293,824
Interest expense	(973)	0	(1,965)	0
Other income, net	2,854	5,240	5,082	9,561
Income before income taxes	193,698	148,991	377,262	303,385
Income tax expense	39,768	32,851	80,430	66,593
Net income	153,930	116,140	296,832	236,792
Other comprehensive loss — periodic pension costs, net of income taxes for the three and six months ended June 30, 2026 and 2025 of $96, $10, $191, $21, respectively	(358)	(39)	(717)	(78)
Total comprehensive income	$ 153,572	$ 116,101	$ 296,115	$ 236,714
Net income per share of common stock
Basic (in dollars per share)	$ 2.23	$ 1.68	$ 4.30	$ 3.43
Diluted (in dollars per share)	$ 2.23	$ 1.68	$ 4.30	$ 3.43
Weighted average number of shares of common stock outstanding
Basic (in shares)	68,974,580	68,961,978	68,966,839	68,952,087
Diluted (in shares)	69,034,580	69,040,740	69,019,380	69,026,862
Cash dividends per share of common stock (in dollars per share)	$ 0.60	$ 0.53	$ 1.20	$ 1.06
Oil and gas royalties
Revenues:
Total revenues	$ 145,589	$ 95,006	$ 263,756	$ 206,251
Water sales
Revenues:
Total revenues	39,733	25,577	86,596	64,390
Produced water royalties
Revenues:
Total revenues	37,075	30,737	70,604	58,437
Easements and other surface-related income
Revenues:
Total revenues	23,662	36,223	40,977	54,448
Land sales
Revenues:
Total revenues	$ 0	$ 0	$ 20,944	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 296,832	$ 236,792
Adjustments to reconcile net income to net cash provided by operating activities:
Land sale with financing arrangement	(20,944)	0
Depreciation, depletion and amortization	30,682	25,640
Share-based compensation	9,451	7,882
Deferred taxes	5,191	1,329
Other	111	0
Changes in operating assets and liabilities:
Operating assets, excluding income taxes	(8,549)	8,154
Operating liabilities, excluding income taxes	(6,549)	(1,964)
Income taxes payable	24,926	(207)
Prepaid income taxes	3,716	0
Cash provided by operating activities	334,867	277,626
Cash flows from investing activities:
Purchases of fixed assets	(29,201)	(12,277)
Acquisition of real estate	(110,162)	(4,505)
Acquisition of royalty interests, net of post-close adjustments	0	(3,546)
Post-close adjustment from seller related to prior year asset acquisition	0	3,878
Cash used in investing activities	(139,363)	(16,450)
Cash flows from financing activities:
Dividends paid	(83,183)	(74,216)
Shares exchanged for tax withholdings	(9,113)	(14,311)
Cash settlement of common stock repurchases	0	(100)
Cash used in financing activities	(92,296)	(88,627)
Net increase in cash, cash equivalents and restricted cash	103,208	172,549
Cash, cash equivalents and restricted cash, beginning of period	145,404	371,381
Cash, cash equivalents and restricted cash, end of period	248,612	543,930
Supplemental disclosure of cash flow information:
Income taxes paid	46,406	65,450
Interest paid	1,307	0
Supplemental non-cash investing and financing information:
(Decrease) increase in accounts payable related to purchases of fixed assets	(1,360)	1,439
Accrued dividends on unvested stock awards	(222)	(411)
Financing receivable from land sale	$ 21,425	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 248,612	$ 144,809
Accounts receivable and accrued receivables, net	174,770	164,905
Prepaid expenses and other current assets	5,062	5,295
Tax like-kind exchange escrow	0	595
Prepaid income taxes	0	3,716
Total current assets	428,444	319,320
Royalty interests acquired, net	820,373	840,024
Real estate acquired	289,291	179,129
Property, plant and equipment, net	182,877	164,538
Intangible assets, net	31,675	32,846
Real estate and royalty interests assigned through the Declaration of Trust, no value assigned:
Equity investment	50,000	50,000
Financing receivable, net	20,376	0
Operating lease right-of-use assets	13,130	13,683
Other assets	23,308	23,738
Total assets	1,859,474	1,623,278
LIABILITIES AND EQUITY
Accounts payable and accrued expenses	40,775	39,578
Ad valorem and other taxes payable	5,431	8,912
Income taxes payable	28,933	4,007
Unearned revenue	18,986	20,107
Credit facility	0	0
Total current liabilities	94,125	72,604
Deferred taxes payable	59,298	54,107
Unearned revenue - noncurrent	18,036	21,072
Operating lease liabilities	15,513	16,175
Accrued liabilities - noncurrent	104	413
Total liabilities	187,076	164,371
Commitments and contingencies (Note 12)	0	0
Equity:
Preferred stock, $0.01 par value; 1,000,000 shares authorized, none outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.01 par value; 139,610,808 shares authorized as of June 30, 2026 and December 31, 2025, 68,974,683 and 68,938,230 outstanding as of June 30, 2026 and December 31, 2025, respectively	691	691
Treasury stock, at cost; 283,545 and 319,998 shares as of June 30, 2026 and December 31, 2025, respectively	(132,673)	(151,242)
Additional paid-in capital	7,011	9,906
Accumulated other comprehensive income	3,433	4,150
Retained earnings	1,793,936	1,595,402
Total equity	1,672,398	1,458,907
Total liabilities and equity	1,859,474	1,623,278
Land (surface rights)
Real estate and royalty interests assigned through the Declaration of Trust, no value assigned:
Land (surface rights)	0	0
1/16th and 1/128th nonparticipating perpetual royalty interests
Real estate and royalty interests assigned through the Declaration of Trust, no value assigned:
1/16th and 1/128th nonparticipating perpetual royalty interests	$ 0	$ 0