Chevron taps Texas Pacific Land (NYSE: TPL) for West Texas power and water
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Texas Pacific Land Corporation entered into an agreement with Chevron U.S.A. Inc. to provide land and brackish water resources for Project Kilby, a large-scale power generation facility supporting a customer data center in Reeves County, Texas.
Under the agreement, Texas Pacific Land contributed surface acreage in exchange for cash consideration and secured the exclusive right to source aquifer-derived water for the power facility and related project needs. The companies highlight water stewardship, with Texas Pacific Land planning to supply non-potable brackish groundwater and continue developing solutions for reuse of desalinated produced water from oil and gas operations in the Permian Basin.
Positive
- None.
Negative
- None.
Insights
Strategic land-and-water deal with Chevron deepens TPL’s Permian role.
Texas Pacific Land Corporation is partnering with Chevron U.S.A. Inc. on Project Kilby, supplying land and brackish water for a large-scale power plant tied to a customer data center in Reeves County, Texas. The agreement includes cash consideration and exclusive aquifer-derived water sourcing rights.
This reinforces Texas Pacific Land’s strategy of monetizing its Permian Basin surface estate through fees, water services, and infrastructure-related easements rather than producing hydrocarbons itself. The focus on brackish groundwater and produced-water reuse aligns the project with water stewardship themes important in West Texas.
While no financial figures are disclosed, association with a large power project and a Chevron-led value chain may support longer-term, recurring revenue opportunities from land access, water supply, and related services as Project Kilby advances and additional compute infrastructure develops in the region.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Form type: 8-K
Announcement date: June 23, 2026
Par value per share: $0.01 per share
3 metrics
Form type
8-K
Current report detailing Chevron agreement
Announcement date
June 23, 2026
Date of agreement press release and 8-K
Par value per share
$0.01 per share
Common stock par value disclosed for TPL
Key Terms
brackish water resources, Project Kilby, Permian Basin, forward-looking statements, +1 more
5 terms
brackish water resources technical
"to provide land and brackish water resources for Chevron’s recently announced development"
Project Kilby technical
"resources for Chevron’s recently announced development known as Project Kilby"
Permian Basin financial
"the Permian Basin combines critical resources with skilled talent"
forward-looking statements regulatory
"This press release contains certain statements that may include “forward-looking statements.”"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
produced water technical
"advance solutions for reuse of desalinated produced water from oil and gas operations"
Produced water is the salty, oily wastewater that comes up from underground alongside oil and gas when wells are drilled and operated; it contains dissolved salts, leftover hydrocarbons and treatment chemicals. For investors, produced water matters because handling, treating, storing and disposing of it creates ongoing operating costs, regulatory obligations and environmental risk—similar to how a factory’s wastewater can drive cleanup bills or fines—while opportunities to reuse or recover resources can offset some costs.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): June 23, 2026
Commission File Number: 1-39804
Exact name of registrant as specified in its charter:
| State or other jurisdiction of incorporation or organization: | IRS Employer Identification No.: | |||||||
Address of principal executive offices:
Registrant’s telephone number, including area code:
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
(par value $.01 per share) | ||||||||||||||
| NYSE Texas, Inc. | ||||||||||||||
Item 7.01. | Regulation FD Disclosure. | ||||
On June 23, 2026, Texas Pacific Land Corporation (the “Company”) issued a press release announcing its agreement to provide land and water solutions to Chevron U.S.A. Inc. for a large-scale power project in West Texas. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The information included in this Item 7.01 of this Current Report on Form 8-K, including the attached Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01. | Financial Statements and Exhibits. | ||||||||||||||||
| (d) | Exhibits. | ||||||||||||||||
99.1 | Press release dated June 23, 2026 (furnished pursuant to Item 7.01). | ||||||||||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||||||||||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| TEXAS PACIFIC LAND CORPORATION | |||||||||||
| Date: | June 23, 2026 | By: | /s/ Micheal W. Dobbs | ||||||||
| Micheal W. Dobbs | |||||||||||
| SVP, General Counsel and Secretary | |||||||||||
Exhibit 99.1 TEXAS PACIFIC LAND CORPORATION ANNOUNCES AGREEMENT TO PROVIDE LAND AND WATER SOLUTIONS TO CHEVRON FOR A LARGE-SCALE POWER PROJECT DALLAS, TX (June 23, 2026) – Texas Pacific Land Corporation (NYSE: TPL) (“TPL”) today announced an agreement with Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX) ( “Chevron”) to provide land and brackish water resources for Chevron’s recently announced development known as Project Kilby, involving a large-scale power generation facility Chevron is developing to support a customer data center in Reeves County, Texas. As part of the agreement, TPL contributed surface acreage in exchange for cash consideration and the exclusive right to source aquifer-derived water for the power generation facility and other associated aspects of the project. “This advancement of giga-watt scale power generation and data centers developed by the industry’s leading technology, energy, and industrial companies validates West Texas as a premier location for compute infrastructure,” said Ty Glover, CEO of TPL. “As the world’s largest supplier of conventional energy and a leading source of renewable energy, the Permian Basin combines critical resources with skilled talent and a supportive regulatory environment. We believe these virtues position the region to become a major hub for compute services, and TPL is well positioned to support that growth through our leading surface footprint, industry relationships, and access to energy and water resources.” Chevron has emphasized that water stewardship and community engagement are central considerations as the project advances. TPL intends to supply brackish groundwater, helping reduce demand for shared freshwater resources and reinforcing its ongoing commitment to responsible water development in the Permian Basin. TPL also continues to advance solutions for reuse of desalinated produced water from oil and gas operations. “This project demonstrates how large-scale energy infrastructure can be developed responsibly in West Texas to meet the increasing demands for power and technology,” said Daniel Droog, Vice President, Power Solutions of Chevron. “By securing access to land and reliable sources for non-potable brackish water supply, engaging openly with the community, and working closely with trusted long-term value chain partners such as TPL we aim to support economic growth while respecting the importance of water stewardship in West Texas.”
About Texas Pacific Land Texas Pacific Land Corporation is one of the largest landowners in the State of Texas, with the majority of its ownership concentrated in the Permian Basin. The Company is not an oil and gas producer, but its surface and royalty ownership provides revenue opportunities throughout the life cycle of a well. These revenue opportunities include fixed fee payments for use of the Company’s land, revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and/or treated produced water, revenue from the Company’s oil and gas royalty interests, and revenue related to saltwater disposal on the Company’s land. The Company also generates revenue from pipeline, power line and utility easements, commercial leases and temporary permits principally related to a variety of land uses including, but not limited to, midstream infrastructure projects and hydrocarbon processing facilities. Visit TPL at http://www.TexasPacific.com. Contact:IR@TexasPacific.com This press release contains certain statements that may include “forward-looking statements.” All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, statements regarding TPL’s business strategy, plans and objectives. TPL believes that the expectations reflected in these “forward-looking statements” are reasonable, they are inherently uncertain and involve a number of risks and uncertainties beyond TPL’s control. In addition, assumptions may prove to be inaccurate. Actual results may differ materially from those anticipated or implied in “forward- looking statements” as a result of a variety of factors. These “forward-looking statements” speak only as of the date made, and other than as required by law, TPL undertakes no obligation to update or revise any “forward-looking statement” or provide reasons why actual results may differ, whether as a result of new information, future events or otherwise.
FAQ
What agreement did Texas Pacific Land (TPL) announce with Chevron?
Texas Pacific Land agreed with Chevron U.S.A. Inc. to provide land and brackish water resources for Project Kilby. The project involves a large-scale power generation facility supporting a customer data center in Reeves County, Texas, tying TPL into emerging compute infrastructure demand.
What is Project Kilby mentioned in the Texas Pacific Land (TPL) filing?
Project Kilby is a large-scale power generation facility that Chevron is developing to support a customer data center in Reeves County, Texas. Texas Pacific Land will supply surface acreage and aquifer-derived brackish water, integrating its land and water services into the project’s long-term infrastructure needs.
What did Texas Pacific Land (TPL) contribute and receive in the Chevron agreement?
Texas Pacific Land contributed surface acreage associated with Project Kilby and received cash consideration plus the exclusive right to source aquifer-derived water for the power facility and related uses. This structure combines immediate compensation with potential ongoing water-related revenue opportunities tied to project development.
How does the Chevron Project Kilby deal align with Texas Pacific Land’s (TPL) business model?
The deal fits Texas Pacific Land’s model of monetizing surface and royalty interests rather than producing oil and gas. It leverages TPL’s Permian Basin footprint to earn from land access, water supply, and infrastructure-related activities over the life of a major power and data center project.
How is water stewardship addressed in Texas Pacific Land’s (TPL) agreement with Chevron?
The project emphasizes water stewardship by prioritizing brackish groundwater instead of shared freshwater resources. Texas Pacific Land plans to supply non-potable brackish water and continue advancing desalinated produced-water reuse solutions, aiming to support regional economic growth while respecting West Texas water constraints.
What does Texas Pacific Land (TPL) say about West Texas data center and power potential?
Texas Pacific Land highlights giga-watt scale power generation and data centers as evidence that West Texas is emerging as a premier compute hub. It cites the Permian Basin’s energy resources, skilled workforce, and regulatory environment as advantages that its land, energy, and water assets can help support.