Texas Pacific Land is one of the largest private landowners in Texas, with roughly 882,000 surface acres concentrated in the Permian Basin. TPL does not drill or produce oil and gas — instead, it monetizes its land and subsurface rights through royalties, water services, and easements. Oil and gas royalties, the largest earnings driver, are collected on production from operators drilling on TPL's acreage, with no capital or operating cost obligation for TPL. Royalty interests span approximately 224,000 net royalty acres in the Permian, and revenue scales directly with production volumes and commodity prices. Through its subsidiary Texas Pacific Water Resources, TPL sells sourced and treated water to operators for drilling and completion activity, and collects royalties on produced water disposed of in saltwater disposal wells on its surface — together, water services account for roughly 38% of revenue. TPL also earns income from long-term pipeline and utility easements, commercial leases, and land and material sales. The business is highly capital-light in its royalty segment, and TPL consistently generates EBITDA margins in the mid-to-high 80s percent range. TPL grows through acquisitions of additional royalty interests and surface acres — deploying over $450M in FY25 alone — and through organic investment in water infrastructure. TPL is also pursuing nascent opportunities in data centers and power generation, including a $50M investment in Bolt Data & Energy to develop data center campuses on TPL land.