Texas Pacific Land Corp (TPL) Form 10-Q — Aug 5, 2026
Texas Pacific Land Corp delivered a standout Q2 2026, with revenue of $246.1 million up 31% year over year and net income of $153.9 million, or $2.23 per share versus $1.68 a year ago. Oil and gas royalties surged 53.2% to $145.6 million on an average WTI price of $95.65 and production of 39.7 thousand Boe per day. The quarter also showcased the company's data-center power push: TPL sold land to Chevron U.S.A. for $42.5 million in aggregate consideration to support Chevron's Project Kilby power generation facility serving a customer data center in Reeves County, Texas, securing the exclusive right to source aquifer-derived water for the project with annual payments due through 2046.
Key figures
- Eps
- $2.23 diluted (Q2 2026) vs $1.68 prior year; $4.30 (H1 2026) vs $3.43
- Revenue
- $246.1 million (Q2 2026); $482.9 million (H1 2026)
- Net Income
- $153.9 million (Q2 2026) vs $116.1 million; $296.8 million (H1 2026) vs $236.8 million
- Total Debt
- $0 — $500 million revolving Credit Facility undrawn
- Revenue Yoy
- +31.2% Q2 YoY; +25.9% H1 YoY
- Total Assets
- $1.859 billion
- Cash Position
- $248.6 million
- Deal Value Usd
- $42.5 million (Chevron Project Kilby land sale aggregate consideration)
- Shares Outstanding
- 68974683
- Wti avg q2
- $95.65/Bbl (vs $64.57/Bbl prior year)
- Land sales h1
- $20.9 million recognized at closing
- Production q2
- 39.7 MBoe/d (vs 33.2 MBoe/d prior year)
- Surface acres
- approximately 894,000
- Water sales q2
- $39.7 million (+55% YoY)
- Buyback remaining
- $170.2 million of $250.0 million program
- Dividends paid h1
- $83.2 million
- Free cash flow h1
- $291.9 million
- Free cash flow q2
- $155.5 million
- Net royalty acres
- approximately 224,000
- Realized price q2
- $42.17/Boe (vs $32.94/Boe prior year)
- Adjusted ebitda h1
- $397.0 million
- Adjusted ebitda q2
- $215.6 million
- Dividends per share
- $0.60 quarterly declared August 4, 2026
- Easements income q2
- $23.7 million (vs $36.2 million prior year)
- Tax credit purchase
- up to $60.0 million of credits for $55.8 million (~$4.2 million estimated benefit)
- Land acquisitions h1
- $110.2 million
- Oil gas royalties q2
- $145.6 million (+53.2% YoY)
- Produced water royalties q2
- $37.1 million (+21% YoY)
- Chevron financing receivable
- $21.4 million carrying value; $42.4 million contractual payments at 7.5% effective rate
- Desalination spend cumulative
- $55.8 million; initial capacity 10,000 Bbl/d
Price after filing
Close on the filing date to close N calendar days later (from $395.52). Historical, not a forecast.
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