Texas Pacific Land (TPL) Earnings Call Transcript

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Date

Thursday, Feb. 19, 2026 at 10:30 a.m. ET

Call participants

• Chief Executive Officer — Tyler Glover
• Chief Financial Officer — Chris Steddum
• Executive Vice President, Texas Pacific Water Resources — Robert A. Crain
• Vice President of Finance and Investor Relations — Shawn Amini

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Takeaways

• Oil and gas royalty production growth -- Fourth quarter oil and gas royalty production grew 23% year over year, excluding the November acquisition.
• Water sales volumes -- Quarterly water sales volumes reached over 1 million barrels per day for the first time, up 36% year over year.
• Produced water royalty volumes -- Produced water royalty volumes increased 22% year over year in the quarter.
• Annual record financial metrics -- Fiscal year 2025 delivered record annual revenue, net income, and free cash flow.
• Free cash flow -- Full-year free cash flow was approximately $498 million, showing an 8% increase year over year.
• Quarterly financials -- Fourth quarter consolidated revenues were approximately $212 million, with adjusted EBITDA of $178 million and adjusted EBITDA margin of 84%.
• Dividend increase -- A regular dividend of $0.60 per share was declared, representing a 12.5% increase versus the prior-quarter dividend.
• Balance sheet -- Year-end cash was $145 million, with zero debt and a fully undrawn $500 million credit facility.
• Capital expenditures -- Fiscal year capital expenditures totaled $66 million, inclusive of $6 million of payables, at the low end of guidance.
• Line-of-sight wells -- As of quarter-end, there were 19.5 net line-of-sight wells, including 2 net wells from the recent royalty acquisition.
• Permian rig activity -- Permian horizontal rig count, per Baker Hughes, declined approximately 26% throughout the year.
• DUC drawdown -- TPL estimates the industry drew down around 600 drilled but uncompleted (DUC) wells during 2025, with about 3,500 remaining in the Permian at year-end.
• Longer lateral lengths -- Average lateral lengths for new permitted wells this quarter were 35% longer than 2024, all major well types exceeded 11,000 feet for the first time, with over 100 permitted wells above 15,000 feet and 34 exceeding 20,000 feet.
• Strategic investment in data centers -- TPL announced a strategic investment in BOLT Data and Energy, an AI infrastructure platform chaired by Eric Schmidt, with TPL holding a right of first refusal to provide water to BOLT projects.
• Desalination project status -- The Orla, Texas, 10,000 barrel per day Phase 2B desalination facility is nearing completion, with operations expected to begin in the coming months.
• Process innovation -- Implementation of a new process in freeze desalination is expected to substantially lower time and cycles required, reducing capital and operating expenses for commercial-scale facilities.
• 2026 capex guidance -- 2026 capital expenditures are projected at $65 million to $75 million, with $20 million allocated to waste heat capture and data center colocation at the Orla facility.
• Rare earth exploration -- TPL is conducting early-stage rare earth exploration projects on properties in Hudspeth County, with findings described as "promising so far."

Summary

Texas Pacific Land Corporation (NYSE:TPL) reported fourth quarter records in oil and gas royalty production, water sales volumes, and produced water royalties, driven by growing demand and prior strategic moves. Management highlighted acceleration in next-generation initiatives, including a strategic investment in BOLT Data and Energy and rapid progress in its freeze desalination project, with new process innovations aimed at lowering costs. The company reinforced its capacity to fund growth internally, reporting no debt and a fully undrawn large-scale credit facility alongside rising annual free cash flow and dividend. Guidance for 2026 calls for continued capital deployment focused on water infrastructure, energy synergy, and technological diversification across its vast land footprint. Executives also discussed the evolution of project opportunities, signaling that advanced planning is underway for large-scale data centers and further progress in Hudspeth County mineral exploration.

• Management emphasized that urgency and scale for data center and power projects in West Texas have increased, with several projects in advanced planning stages.
• CEO Tyler Glover said, "we have had a few deals we are working on. Commercial negotiations are ongoing."
• On the desalination side, changes to design now "providing substantial capital cost and operating expense savings for a commercial-scale facility," according to Glover.
• Operators in the Permian are increasing efficiency by completing wells with laterals 8% longer than last year and are drawing down their DUC inventories to maintain production despite fewer rigs.
• The company’s right of first refusal in supplying water to BOLT projects positions it for direct exposure to surging AI and power sector water demand if those projects progress as discussed.

Industry glossary

• DUC (Drilled but Uncompleted Well): A well that has been drilled but not yet undergone the final steps required to begin producing hydrocarbons.
• SLB revenue: Income from surface land business, including leases, easements, and commercial agreements relating to land usage.
• DSU (Drilling Spacing Unit): A contiguous land area designated for efficient drilling and production of oil and gas, typically encompassing multiple leaseholds.
• Pore space: Subsurface voids in rock formations used for storage or disposal, particularly of produced water or carbon sequestration.

Full Conference Call Transcript

Operator: Greetings, and welcome to the Texas Pacific Land Corporation Fourth Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, as a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Shawn Amini, Vice President of Finance and Investor Relations. Thank you, sir. You may begin.

Shawn Amini: Thank you for joining us today for Texas Pacific Land Corporation’s fourth quarter 2025 earnings conference call. Yesterday afternoon, the company released its financial results and filed its Form 10-K with the Securities and Exchange Commission, which is available on the Investors section of the company’s website at www.texaspacific.com. As a reminder, remarks made on today’s conference call may include forward-looking statements. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those discussed today. We do not undertake any obligation to update our forward-looking statements in light of new information or future events.

For a more detailed discussion of the factors that may affect the company’s results, please refer to our earnings release for this quarter and to our recent SEC filings. During this call, we will also be discussing certain non-GAAP financial measures. More information and reconciliations about these non-GAAP financial measures are contained in our earnings release and SEC filings. Please also note, you may at times refer to our company by its stock ticker, TPL. This morning’s conference call is hosted by TPL’s Chief Executive Officer, Tyler Glover, TPL’s Chief Financial Officer, Chris Steddum, and Executive Vice President of Texas Pacific Water Resources, Robert A. Crain.

Management will make some prepared comments, after which we will open the call for questions. I will now turn the call over to Tyler Glover. Good morning, everyone, and thank you for joining us today. Fourth quarter was an excellent finish to 2025.

Tyler Glover: With quarterly records set for oil and gas royalty production, water sales volumes, and produced water royalties. Excluding the contribution from our previously announced royalties acquisition from last November, our fourth quarter oil and gas royalty production grew 23% year over year. Water sales volumes this quarter exceeded 1,000,000 barrels per day for the first time in our history, growing 36% year over year, and produced water royalty volumes grew 22% year over year. For the full fiscal year 2025, we set annual records across our major operating milestones of oil and gas royalty production, water sales, produced water royalties, and SLB revenue. We also delivered fiscal year records for consolidated metrics, including revenue, net income, and free cash flow.

Despite oil prices declining from $95 per barrel in 2022 to $65 per barrel in 2025, during the same span, TPL delivered a three-year compounded annual growth rate for oil and gas royalty production of 17%, water sales volumes of 18%, and produced water royalty volumes of 30%. We achieved this growth while maintaining a debt-free balance sheet and without any financing from new equity. We owe this countercyclical growth to our continued market capture, talented employees, commercial development focus, differentiated scale across royalties, land, water, and self-funded acquisitions and investments. Beyond this excellent performance from our core business, we also made tangible progress with next-generation opportunities in data centers and produced water desalination.

Starting with data centers, this past December, we announced a strategic investment into BOLT Data and Energy, a new AI infrastructure platform chaired by former Google CEO, Eric Schmidt. BOLT seeks to develop large-scale solutions across data centers and power generation. We are excited to team up with BOLT. For TPL, we can provide unrivaled access to land, conventional and renewable energy, and water. We can offer this in a state that maintains arguably the most pro-growth and pro-regulatory environment. BOLT is currently expanding its team and having productive conversations with potential customers, and our personnel have been evaluating future site selections across TPL land.

As part of our agreement, TPL retains a right of first refusal to provide water to BOLT-affiliated projects. We believe BOLT can become a large-scale, fully integrated data center and power generation platform. We look forward to working closely together as we seek to make West Texas one of the premier technology infrastructure hubs. In addition to BOLT, TPL continues to engage in productive conversations with potential developers and customers for various projects. The data center landscape in the region is rapidly evolving and highly dynamic. We are working on projects across the full extent of our acreage, both in-basin and out-of-basin.

Project timelines run the gamut as well, with developers viewing West Texas as a near-term priority for new developments but also as a longer-term hub that can support large-scale expansions. Given the size of these developments, which can potentially represent tens of billions of dollars of total investment across GPUs and power generation, these projects require extensive due diligence and negotiations across numerous counterparties. Projects of this scale are always difficult, especially with West Texas as a relative data center newcomer. That said, versus even a few quarters ago, urgency from developers and customers has clearly increased. Some of these conversations have progressed beyond just conceptual ideas and are in advanced stages of planning.

We are encouraged by the progress we have made thus far. We are hopeful to have multiple new updates to share before the end of the year. Turning to our desalination project, our 10,000 barrel per day R&D desalination facility in Orla, Texas, which we refer to as Phase 2B, is nearing completion. We had originally expected this facility to commence operations by the end of 2025, and we now expect the facility to begin taking produced water in the coming months. During equipment testing and flowing through synthetic produced water, the engineering team experimented with an additional process beyond the original design.

After successful testing of new equipment to assess efficacy, we implemented the new process into our freeze desalination design and will be installing the associated equipment into our Orla Phase 2 facility. We believe this will substantially reduce the amount of time and cycles produced water need to pass through the system, thereby providing substantial capital cost and operating expense savings for a commercial-scale facility. For TPL, desalination would provide another solution we can offer the industry in addition to our extensive in-basin and out-of-basin pore space. The Permian already generates nearly 25,000,000 barrels of produced water a day, with volumes expected to grow through the end of the decade even if oil production were to plateau.

To accommodate longer term produced water growth, the industry will likely need incremental solutions beyond traditional subsurface disposal

Shawn Amini: and desalination potentially provides a sustainable path

Tyler Glover: to reduce the amount of water injected subsurface. For 2026, we look forward to commencing operations and ramping volumes on our Orla desalination facility, evaluating the potential to bring large-scale freeze desalination to the Permian. In addition, we plan to invest approximately $20,000,000 on installing colocation equipment at the Orla facility to evaluate the feasibility of waste heat capture and data center cooling. Waste heat capture could provide significant energy savings for our freeze process, while our outlet freshwater stream, after having gone through a freezing process, could provide direct cooling benefits for data centers and power generation. In conclusion, as we look ahead to 2026, we are excited with the growth pipeline in front of us.

We are focused on exploiting our strengths and leveraging our expertise as we look to benefit from the long-term structural tailwinds unfolding across our business. We believe we can continue to drive growth and extract incremental value even as this relatively weak oil price environment persists. With our industry-leading margins, our fortress balance sheet, and a $500,000,000 undrawn credit facility, not only can we tolerate periods of low commodity prices, we have considerable capability to invest optimistically as we look to consolidate high-quality assets and expand market capture. We remain steadfastly focused on maximizing long-term intrinsic value per share, and the opportunity set in front of us today across our legacy and next-gen businesses is as robust as ever.

One additional housekeeping item I wanted to mention: yesterday, we announced an event for TPL shareholders for an office and water field visit in Midland, Texas. That event will be held on Monday, May 18. We welcome all shareholders to attend, and we ask that shareholders submit an RSVP by filling out a form on our website or emailing Investor Relations. Please visit the events section of our website for more information. I will now turn the call over to Chris Steddum.

Shawn Amini: Thanks, Ty. Consolidated revenues during the fourth quarter 2025 were approximately $212,000,000. Consolidated adjusted EBITDA was $178,000,000, adjusted EBITDA margin was 84%, and free cash flow was $119,000,000. For full year 2025, we generated record free cash flow of approximately $498,000,000, which represents an 8% year-over-year increase. Full-year performance benefited from higher daily oil and gas royalty production, which increased 29% year over year, higher water sales daily volumes, which increased 4%, and higher produced water royalty daily volumes, which increased 25%. Of the approximately 34,600 barrels of oil equivalent per day for full-year 2025 royalty production, the acquisition that closed last November contributed approximately 500 barrels of oil equivalent per day.

Consolidated results were partially offset by lower realized oil prices, which declined year over year by 15%. Given the strong performance, yesterday, we announced

Chris Steddum: a regular dividend of $0.60 per share, which represents a 12.5% increase versus the prior-quarter dividend. Capital expenditures last year were $66,000,000, which is inclusive of $6,000,000 of payables. This was at the low end of our original guidance. Moving to our well inventory, as of quarter-end, TPL had 5.6 net permitted wells, 9.8 net drilled but uncompleted wells, or commonly referred to as DUCs, and 4.0 net completed but not producing wells. That amounts to 19.5 net line-of-sight wells, which also includes approximately two net wells from our recent royalty acquisition.

Across the Permian Basin, sustained low oil and Waha natural gas prices during 2025 have generally led to a decline in rig activity, which, according to Baker Hughes, shows Permian horizontal rig count is down approximately 26%. However, despite fewer rigs, the basin has been able to sustain production growth through a sizable drawdown in DUCs. The decline in our line-of-sight wells, and this is true basin-wide, is primarily due to this DUC drawdown. From our vantage point, we believe the industry will remain in DUC drawdown mode this year. During 2025, we estimate that the industry drew down approximately 600 DUCs, with roughly 3,500 of 4,000 DUCs still remaining in the Permian today.

With the current pacing of new completions, industry will generally require around 2,000 DUCs to maintain a buffer in front of active frac fleets, leaving roughly 1,500 to 2,000 discretionary DUCs. Thus, we believe the Permian still has ample DUC inventory to drive a completion pacing to support production via continued discretionary DUC draws, with at least a year or more of runway before the industry would need to begin adding rigs to bring new spuds and new completions into balance while maintaining current completion pacing. Another mitigating factor to lower rig counts is that operator efficiencies can continue to improve and well laterals continue to get longer. Wells completed are 8% longer than the prior year.

We are seeing substantial increases in lateral lengths across the board. This was the first quarter in which new permits, spuds, completions, and new PDP wells all had average lateral lengths in excess of 11,000 feet. For new permitted wells this past quarter, the average lateral length is 35% longer than the average permitted well in 2024. We also had over 100 new permitted wells with lateral lengths over 15,000 feet and 34 wells over 20,000 feet. Industry consolidation over the last few years is allowing operators to block up sections and create much larger DSUs.

With this trend of longer laterals, greater operator efficiencies, and sizable DUC balance, we do not anticipate nationwide production declines given the current oil strip. Turning to our capital allocation priorities for 2026. We exited the year with $145,000,000 of cash on the balance sheet and zero debt. During the quarter, we closed on TPL’s inaugural credit facility with $500,000,000 of commitments. That facility remains fully undrawn today. For fiscal year 2026, we anticipate capital expenditures to be approximately $65 to $75,000,000. And as Ty mentioned, $20,000,000 will be allocated towards investigating waste heat capture and data center and power generation colocation potential for our freeze desalination facility.

The remaining balance will be dedicated to our water sales business for electrification of equipment, and supply improvement and maintenance. With modest capital needs, a business that continues to generate strong free cash flow, and a balance sheet in a net cash position with a sizable undrawn facility, TPL has the flexibility and liquidity to respond to evolving macro and sector volatility. We retain the ability to simultaneously invest in the business, acquire high-quality assets, and expand shareholder return of capital, and we can flex up any or multiple aspects of those options should any opportunities or dislocations occur.

We have a resilient business and a pristine balance sheet, and our focus remains on maximizing intrinsic value per share over the long term. Operator, we will now take questions.

Operator: Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press 1 on your telephone keypad. You may press 2 if you would like to remove your question from the queue. It is necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Thank you. Our first question comes from the line of Derrick Whitfield with Texas Capital. Please proceed with your question.

Shawn Amini: Good morning, guys, and congrats on a strong financial and operational update.

Tyler Glover: Thanks, Derrick. Good morning.

Shawn Amini: I would like to start with the AI macro. Based on the flurry of both power and AI now we have seen across West Texas over the last six months, I would love to hear your thoughts on how the opportunity set for power and data center development has evolved for TPL, and if it extends beyond what you have highlighted with BOLT Energy to date.

Operator: Yeah.

Tyler Glover: It definitely has. I think the further we dig into it, the bigger we think the opportunity is. We have got a few projects we are working on, some BOLT-related, some not. But I think when you look at that business, just like any other business, at the end of the day, scale is what really matters. There is not really anyone in Texas that offers scale like TPL does, whether that is land, access to gas, or water. And long term, we are trying to build a real business here. We are not trying to hodgepodge 200-meg facilities over the acreage footprint. Long-term goal is to build multiple multi-gig energy campuses, and that takes a little time.

But efforts have been very promising so far. And like I said, we have had a few deals we are working on. Commercial negotiations are ongoing. So very excited about the opportunity set.

Shawn Amini: Perfect. And Ty, for my follow-up, I really wanted to focus more firmly on BOLT Energy and the potential of your strategic agreement as laid out by one of your prominent investors. And maybe just for the benefit of level-setting the discussion, the investor believes BOLT’s ambition is to build a 10-gigawatt data center campus in West Texas, and then each gigawatt could be worth over $125,000,000 in water revenue per TPL with power generation requiring over 120,000 barrels of a less conditioned water and data center cooling requiring over 200,000 barrels per day of more conditioned water.

With the understanding that we are still in the early stages of charting this out, I know Robert and team have made a great deal of progress in understanding waste heat capture and cooling to improve fuel efficiencies for data centers. All that being said, are these reasonable numbers when thinking about the scale and the potential value we have in front of us? Well, what we have seen is

Tyler Glover: it varies pretty greatly with the design of the facility, both on the power side and the data center side. With certain designs, yes, those numbers are very reasonable. And we have got some power generators where the water usage numbers seem substantially higher than that. So for us, we are used to moving a lot of water. Fourth quarter, we moved over a million barrels of water a day. And we think that this could be pretty material to the water business over the long term. So again, I think the opportunity is pretty substantial. But the usage actually varies pretty widely depending on design of the facility.

Robert, I do not know if you have anything to add to that. I—

Robert A. Crain: you know our stance on it. It is variation in design. Our goal is to obviously work with the customer on how we implement the right volume and quality of water in that design.

Tyler Glover: But as things start to evolve, I know it is specific for BOLT, but I think you have to look at

Robert A. Crain: just how that power plant is designed. Is it a single cycle? Is it a combined cycle? Is it using evaporative or direct cooling to offset those efficiency losses due to higher ambient air? Our goal is to work with the customer, facilitate their design from a water perspective. Again, we focus on the quality and the volume that is needed. I think when we look at the amount of compute that is coming—you mentioned the 10-gigawatt goal from BOLT—we are confident in the amount of compute and associated generation that is going to be coming to the Permian, that the effect on our water business is going to be significant.

Tyler Glover: Perfect. And maybe just one quick follow-up if I could and pivot really more

Shawn Amini: to your

Tyler Glover: traditional water business. You guys saw record

Shawn Amini: volumes for both disposal and source

Hsu-Lei Huang: water

Tyler Glover: and really, for that matter, really strong implied

Shawn Amini: source water realization per barrel for this quarter. Given the broader contraction in activity that we are seeing across the basin, could you speak to some of the things that TPL is actively doing to drive this strength in the business, and just your current outlook for each of these businesses?

Tyler Glover: And the thing that we are seeing occur right now with both

Shawn Amini: is higher highs and higher lows. So any color you could provide would be helpful.

Robert A. Crain: Sure. I will start on the produced water side. You look at our growth of produced water volume, I think it is twofold. One, you go back to our legacy contracts, what we were able to really set up in the early days of ensuring the volumes and how we direct those volumes and work with operators and midstream companies to do it. But the second is the strategy that we implemented four, five years ago,

Tyler Glover: looking at the constraints we knew that were going to come from produced water management associated with pore space was

Robert A. Crain: two things: out-of-basin pore space for short-term solutions and desal. The result you are seeing in those higher numbers is a result of those legacy contracts and our strategy that we have implemented. We look at the produced water management space as—we are the solutions provider at the end of the day for operators and midstream companies. I think you are seeing the result in the numbers.

When you look at our source water business, the scale and scope of our system that we continue to expand on every year as we see water demands go up due to cube development and tremor fracs, we have always said the scale and scope of our business allows us to expand and capture more market. We can bolt on and build onto the system to capture more where even if we see a slight contraction in overall activity level, we are able to touch so much more as we continue to expand.

Shawn Amini: Great update, guys. I will turn it back to the operator.

Tyler Glover: Thanks, Derrick.

Operator: Our next question comes from the line of Tim Rezvan with KeyBanc. Please proceed with your question.

Shawn Amini: Good morning, folks. Derrick actually hit on some of my topics here, just wanted to follow up again on the

Robert A. Crain: commentary on data centers.

Shawn Amini: The—your shareholder put out some pretty impressive comments. Do you anticipate putting something out yourself on that opportunity set? Is there a time when you may feel comfortable doing that, or do you think that your shareholder’s commentary is sufficient as it created quite a stir, and people are trying to understand the opportunity set here?

Tyler Glover: I think, eventually, we will put more information out. We have got pretty strict confidentiality agreements in place with all of our counterparties. And kind of like when we started the water business, keeping most of the commercial terms private, at least in the near term, we think it is a competitive advantage for us. But yes, we do hope to put a stronger narrative out eventually with some additional information on the opportunity set.

Hsu-Lei Huang: Okay.

Operator: Okay. I guess we will stay tuned on that.

Shawn Amini: And then if I could pivot to the desalination update, it sounds like there is a change in process that you think

Robert A. Crain: creates more efficiencies.

Shawn Amini: So just to be clear on that, this waste heat capture

Robert A. Crain: is the idea that it will sort of just improve the

Shawn Amini: efficiency of the operation? And where I am going with that is there is a debate in the marketplace about the power and

Robert A. Crain: intensity to run that

Shawn Amini: process,

Robert A. Crain: and in an area that is short electricity today,

Shawn Amini: people are trying to understand how feasible it would be

Robert A. Crain: to scale that. So if you could just talk through the efficiencies you are trying to

Hsu-Lei Huang: capture

Robert A. Crain: and overall power intensity of that business, that would be helpful. Sure. The overall goal in water is to reduce energy consumption to overall reduce your price per barrel. If you look at how these metrics—how desal metrics—are measured, it is really in your kilowatt-hour per barrel of water treated. So I will touch first on our adaptation of design. Again, that is trying to achieve that goal of processing the water without having to put more energy consumption into it to bring that kilowatt-hour per barrel down.

Tyler Glover: When you look at the power piece of all thermal technologies, you are right. They do require power. So that is where we go when you look at waste heat capture. Again, anything we can do from a waste heat capture standpoint—

Robert A. Crain: waste heat is almost free energy. And so we look at one of the big benefits of desal combined with power generation, be it for compute, microgrids, whatever the use may be. Again, it is just further bringing that kilowatt-hour per barrel treated down.

Hsu-Lei Huang: Okay.

Shawn Amini: Okay. So stay tuned for an update on that. I appreciate that. And then if I could sneak one more question in. On the western part of your acreage position, you have meaningful

Robert A. Crain: acreage in Hudspeth County.

Shawn Amini: There have been companies developing, exploring for rare earths out there.

Robert A. Crain: Could you discuss your exposure to that activity?

Shawn Amini: Maybe from any exploration or right-of-way occurring there. Any color there would be helpful. Thank you.

Tyler Glover: Yes. So we do have a couple of exploration projects going on currently out there on some properties that we have actually purchased or traded for in the last seven or eight years. Early stages, but findings seem promising so far. So we will be glad to update you as we have additional information.

Hsu-Lei Huang: Okay. Fair enough.

Shawn Amini: Thank you, everybody. Thanks, Tim.

Operator: Our next question comes from the line of Hsu-Lei Huang with Tudor, Pickering, Holt & Co. Please proceed with your question.

Shawn Amini: Good morning, Ty and team, and thanks for taking our questions.

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