Q2 FY26 · Ended Jun 30, 2026 · View SEC filing
A royalty it never pays to drill drives profit
Royalties need no well capital or operating spend from the company, yet they equal most of its operating income.
For investorsWhat the royalty line depends on if oil prices ease
For foundersCharging several times for the same asset
Volumes rose 37.5% and pricing 13.0%, while service costs took a smaller share of each water dollar sold.
Costs are mostly people, offices and depreciation, so most of the revenue gain reached operating income, up 33.4%.
Water, disposal space and rights of way all sit on the same acres, and no rival can build more land.
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Business Lens describes Texas Pacific Land Corporation from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
