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Sep 30, 2025
Texas Pacific Q3 2025 Earnings Report
Texas Pacific Land Corporation reported strong third quarter results with record revenue and net income from its Water Services and Operations segment.
Key Takeaways
TPL achieved record revenue of $203.1 million and net income of $121.2 million in Q3 2025, driven by increased water sales and oil and gas royalties.
Total revenue reached $203.1 million, up from $187.5 million in Q2 2025
Net income rose to $121.2 million from $116.1 million in Q2
Water Services and Operations segment delivered record revenue of $80.8 million
Oil and gas royalty production reached 36.3 thousand Boe per day
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
TPL expects continued strength in water operations and stable oil and gas royalty production. Recent acquisitions are expected to enhance future cash flows.
Positive Outlook
- Completed acquisition of 17,306 net royalty acres and 8,147 surface acres
- Water desalination facility expected to start service by year-end
- Stock split announced to improve liquidity
- Credit facility of $500 million secured for future flexibility
- New assets expected to deliver double-digit pre-tax cash yield
Challenges Ahead
- Decline in easements and surface-related income quarter-over-quarter
- Operating expenses increased to $54.0 million
- Weakness in broader commodity prices may impact revenue
- Realized price per Boe decreased YoY
Historical Earnings Impact
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Avg. Return Before/After Earnings
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