Texas Pacific Land Corporation
| Company type | Public |
|---|---|
| Industry |
|
| Founded | February 1, 1888 initially as Texas Pacific Land Trust |
| Headquarters | Dallas, Texas, U.S. |
Key people | Tyler Glover (CEO & President) Chris Steddum (CFO) |
| Products | Oil/Gas Land Royalties |
| Revenue |  Template:US$ (2023) |
| US$486.0 million (2023) | |
| US$405.6 million (2023) | |
| Total assets |  US$1.156 billion (2023) |
| Total equity | US$1.043 billion (2023) |
Number of employees | 99 (2023) |
| Website | www |
The Texas Pacific Land Corporation is a publicly listed real estate firm based in Dallas, Texas. It holds ownership of more than 900,000 acres spread across 20 counties in West Texas, making it one of the state's most substantial private landholders. Originally established as a trust, the company now primarily generates income through oil and gas royalty interests along with water sales.
History
Texas Pacific Land Holdings was created in 1888 following the bankruptcy of the Texas and Pacific Railway. Its purpose was to manage and sell over 3.5 million acres of land formerly owned by the railway, exchanging bonds for shares in the process. Although initially designed to liquidate assets, the trust evolved into a long-term investment vehicle with shares publicly traded on the NYSE since 1927.
In 1954, the mineral rights were assigned to TXL Oil Corporation, which took charge of oil and gas exploration and development over roughly 1.8 million acres. From 1980 to 1995, the company repurchased shares at a faster pace than it sold land, resulting in a 34% reduction in outstanding shares while only decreasing land holdings by about 8%, thus preserving approximately 1.1 million acres as strategic assets.
The introduction of hydraulic fracturing and horizontal drilling around 2010 unlocked substantial oil and gas deposits within the Permian Basin, where TPL owns close to 909,000 acres. A significant discovery in Reeves County’s Delaware Basin in 2016 further enhanced its resource portfolio, contributing to a rise in annual revenues from $66 million in 2016 to $451 million by 2021.
Following a proxy contest involving trustee Eric Oliver in 2019, TPL established a committee to explore restructuring from a trust into a Delaware corporation. This transition was finalized in 2021 when TPL adopted its current corporate form, changed its name accordingly, and formed an official board of directors aimed at improving governance and facilitating growth.
Operations
As of 2022, TPL ranks among Texas’s largest private landowners with holdings spanning roughly 900,000 acres across 20 counties in West Texas. Approximately two-thirds of its revenue is derived from royalties on oil and gas production, while around 30% stems from water services utilized in hydraulic fracturing operations.
In June 2017, TPL diversified its operations by launching Texas Pacific Water Resources, LLC, a wholly owned subsidiary focused on sourcing brackish water, disposal, recycling, and other water-related services for hydrocarbon extraction. This initiative capitalizes on TPL’s land assets to broaden revenue channels and strengthen its position within the energy services market.