Texas Pacific Land Corporation (TPL) SEC Filings & Earnings Calls

Redomestication governance risk

“Texas law may provide greater protection to the Company’s officers and directors than provided under Delaware law.” · word for word

Concentration risk in Permian Basin

“Our revenues are derived from oil and gas royalties, water sales, produced water royalties, easements and other surface-related income and land sales. Due to the nature of our operations and concentration of our ownership in one geographic location, our revenue and net income are subject to substantial fluctuations from quarter to quarter and year to year.” · word for word

Commodity price risk

“Our performance against the pre-established financial goals can be heavily influenced by the impact of changes in commodity prices.” · word for word

Oil price volatility

“Oil prices are impacted by certain actions by OPEC+, geopolitics, and evolving global supply and demand trends, among other factors.” · word for word

Geopolitical risk in Middle East

“In February 2026, an escalating military conflict in Iran led to attacks on energy infrastructure in the broader Middle East and caused major disruptions to the Strait of Hormuz, a critical shipping channel where a significant portion of global oil and liquefied natural gas supply transits through daily.” · word for word

Commodity price exposure: unhedged position amplifies upside but also downside risk if oil prices decline.

“Our unhedged commodity position allowed us to capture the full upside of this quarter's elevated oil prices.” · word for word

Concentration in Permian Basin: land and royalty assets heavily tied to one region; diversification efforts underway but early.

“one of the largest land and royalty owners in the State of Texas; acquired land in Shackelford and Jones Counties, Texas as we expand our data center and power generation efforts to areas beyond the immediate Permian Basin.”

Desalination facility is a test facility; commercial viability and scalability not yet proven.

“completed construction and begun commissioning on our 10,000 barrel per day produced water desalination test facility” · word for word

Commodity price volatility

“Our revenues are directly and indirectly impacted by oil and natural gas prices.” · word for word

Permian Basin activity slowdown

“Average monthly horizontal permits: 604 in Q1 2026 vs 619 in Q1 2025. Average weekly horizontal rig count: 222 in Q1 2026 vs 289 in Q1 2025.”

Waha Hub negative pricing

“Waha Hub natural gas average price per mmbtu was ($1.40) for Q1 2026 vs $1.77 for Q1 2025.” · word for word

Concentration in oil and gas royalties exposes to commodity price volatility; data center land sale is nascent.

“Revenue heavily dependent on oil/gas production; data center opportunity is early stage.”

Key person risk due to death of director and CEO of major shareholder

“On April 7, 2026, Murray Stahl, a Director of the Issuer and Chief Executive Officer of HKAM, passed unexpectedly.” · word for word

Key person risk due to death of director and CEO of major shareholder

“On April 7, 2026, Murray Stahl, a Director of the Issuer and Chief Executive Officer of HKAM, passed unexpectedly.” · word for word

Loss of board member who was also CEO of largest shareholder may create uncertainty in shareholder alignment and board dynamics.

“Murray Stahl was CEO of Horizon Kinetics, TPL's largest shareholder.”

Oil and Gas Price Exposure

“Our oil and gas royalties are dependent upon the market prices of oil and gas which fluctuate... Reductions in market prices for oil and gas could also lead to decreased exploration and development activity...” · word for word

Regulatory Risk on Water Disposal

“Due to increased seismicity... the Texas Railroad Commission recently began implementing seismic response areas ('SRAs') limiting the permitted capacity and use of certain saltwater disposal wells...”

Commodity price sensitivity: lower realized oil and gas prices partially offset volume gains.

“Average realized price decreased from $34.10 per Boe in Q3 2025 to $29.33 per Boe in Q4 2025, contributing to a $12.0 million decrease in oil and gas royalty revenue.”

Customer concentration risk: revenue dependent on development decisions of customers.

“TPL’s revenue streams are directly impacted by commodity prices and development and operating decisions made by its customers.” · word for word

Execution risk in developing large-scale data centers; reliance on commercial partnerships and anchor customers.

“Bolt is currently pursuing commercial partnerships and anchor customers to develop large-scale data centers on TPL land.” · word for word

Concentration in Permian Basin

“Our assets are principally concentrated in the Permian Basin.”

Dependence on oil and gas prices

“Oil and gas royalties revenue is sensitive to commodity prices.”

Ad valorem tax exposure

“We have accrued and/or paid ad valorem taxes since January 1, 2022, and seek reimbursement from a third party.”

Commodity price weakness could impact royalty revenue and customer development decisions.

“Despite the ongoing weakness with broader commodity prices, we have leveraged our considerable competitive advantages to achieve record performance.” · word for word

Revenue streams directly impacted by commodity prices and customer development decisions.

“TPL’s revenue streams are directly impacted by commodity prices and development and operating decisions made by its customers.” · word for word

Debt covenant risk if leverage exceeds 2.50x, triggering springing security.

“springing security if the total debt-to-EBITDA leverage ratio exceeds 2.50x” · word for word