Texas Pacific Land Corporation reported solid Q3 2025 results driven by royalties and water services. Total revenue was $203.1 million, led by oil and gas royalties of $108.7 million, water sales of $44.6 million, produced water royalties of $32.3 million, and surface-related income of $16.7 million. Net income was $121.2 million, and diluted EPS was $5.27.
The company ended the quarter with $531.8 million in cash and equivalents. For the nine months, operating cash flow reached $432.2 million, supporting ongoing investments in water infrastructure and land/royalty acquisitions.
After quarter-end, TPL entered a $500.0 million revolving credit facility maturing in 2029, acquired approximately 17,306 net royalty acres for $474.1 million, declared a quarterly dividend of $1.60 per share, and approved a three-for-one stock split expected in December 2025, subject to finalization.
Texas Pacific Land Corporation furnished a press release announcing financial results for the three and nine months ended September 30, 2025, and posted an updated investor presentation. Both materials were made available on November 5, 2025.
The press release is furnished as Exhibit 99.1 and the investor presentation as Exhibit 99.2. The company noted that the information provided under Item 7.01, including these exhibits, is being furnished and not deemed filed under the Exchange Act.
Texas Pacific Land Corp (TPL): A Form 4 reports that a 10% owner executed an open-market purchase of 1 share of common stock at $911.86 on 11/04/2025.
Following the transaction, the reporting person beneficially owned 1,162,558 shares on a direct basis. An explanatory note references a prior Schedule 13D amendment filed on December 18, 2024 that cited 3,578,173 shares beneficially owned by Horizon Kinetics Asset Management LLC, and identified Murray Stahl’s direct interest of 7,848 shares and indirect interest of approximately 156,083 shares as of that date.
Texas Pacific Land Corp (TPL) reported an insider transaction on Form 4. A 10% owner purchased 1 share of common stock at $933.41 on 11/03/2025. Following the trade, the reporting person directly beneficially owned 1,162,557 shares.
A footnote references a December 18, 2024 Schedule 13D by Horizon Kinetics Asset Management LLC noting beneficial ownership of 3,578,173 shares, and Murray Stahl’s direct interest in 7,848 shares and indirect interest in approximately 156,083 shares. It also states Mr. Stahl does not exercise investment discretion with respect to the issuer’s securities.
Texas Pacific Land Corp (TPL) reported an insider transaction on a Form 4. A 10% owner executed a purchase on 10/31/2025 of 1 share at a price of $934.21.
Following the trade, the filing lists 1,162,556 shares as directly beneficially owned. An explanatory note references a prior Schedule 13D by Horizon Kinetics Asset Management LLC citing 3,578,173 shares and noting Murray Stahl’s direct interest of 7,848 shares and indirect interest of approximately 156,083 shares, and states that Mr. Stahl does not exercise investment discretion with respect to the issuer’s securities.
Texas Pacific Land Corp (TPL) reported an insider transaction on a Form 4 by a 10% owner. On 10/30/2025, the reporting person purchased 1 share of common stock at $940.76 (code P). Following the trade, the reporting person directly beneficially owned 1,162,555 shares.
An earlier Schedule 13D amendment dated December 18, 2024 referenced Horizon Kinetics Asset Management LLC’s beneficial ownership of 3,578,173 shares, and noted Murray Stahl’s 7,848 shares directly and approximately 156,083 shares indirectly.
Texas Pacific Land Corp (TPL) reported an insider transaction by a 10% owner. On 10/29/2025, the reporting person purchased 1 share of common stock at $912.12. Following the trade, direct beneficial ownership stood at 1,162,554 shares.
As additional context, a Schedule 13D amendment dated December 18, 2024 noted Horizon Kinetics Asset Management LLC’s beneficial ownership of 3,578,173 shares, and reported Murray Stahl’s direct interest in 7,848 shares and indirect interest in approximately 156,083 shares.
Texas Pacific Land Corp (TPL) insider activity: A reporting person disclosed an open‑market purchase of 1 share of Common Stock on 10/28/2025 at a price of $925.2.
Following this transaction, the filer reported 1,162,553 shares beneficially owned in direct form.
As context, an amendment to Schedule 13D filed on December 18, 2024 noted Horizon Kinetics Asset Management LLC beneficial ownership of 3,578,173 shares, and referenced Murray Stahl’s direct interest of 7,848 shares and indirect interest of approximately 156,083 shares, with the note that Mr. Stahl does not exercise investment discretion with respect to the issuer’s securities.
Texas Pacific Land (TPL): Form 4 insider transaction — A reporting person identified as a 10% owner reported an open‑market purchase (Transaction Code P) of 1 share of common stock on 10/27/2025 at $933.51 per share.
Following the trade, the filer reported 1,162,552 shares beneficially owned on a direct basis. An accompanying note references a prior Schedule 13D filed by Horizon Kinetics Asset Management LLC on December 18, 2024 that listed 3,578,173 shares beneficially owned by HKAM and Murray Stahl’s direct interest in 7,848 shares and indirect interest in approximately 156,083 shares.
Texas Pacific Land (TPL) entered a new unsecured revolving credit facility of up to $500.0 million, with the option to request up to an additional $250.0 million in lender commitments, effective October 23, 2025. The facility matures on October 23, 2029 and is currently undrawn.
Borrowings will bear interest at term SOFR plus 2.25% when the consolidated total leverage ratio is ≤ 2.0x or 2.50% when above 2.0x, or at a base rate plus 1.25% or 1.50% on the same leverage tiers, with customary letter of credit fees. There is no scheduled principal amortization prior to maturity, and the company may borrow, prepay, and reborrow, and reduce or terminate commitments, subject to conditions.
Covenants include a minimum consolidated interest coverage ratio of 3.0x and a maximum consolidated total leverage ratio of 3.50x. A springing senior security interest in substantially all subsidiary equity applies if total leverage exceeds 2.50x. Potential uses include capital expenditures, working capital, acquisitions, and general corporate purposes.