$TPL · Texas Pacific Land Corp
Texas Pacific Land filed an 8-K (Items 2.02, 7.01, 9.01) reporting Q3 FY2026 results. Revenue rose to $273.4M from $246.1M sequentially, with net income of $167.4M ($2.42 diluted EPS) versus $153.9M prior quarter. Nine-month revenue was $756.3M versus $586.6M a year ago, with net income of $464.2M ($6.73 diluted EPS). The company declared a $0.60 quarterly dividend payable December 15, 2026.
- Record oil and gas royalty revenue of $167.3M on 42.3 thousand Boe/day production.
- Produced water royalty revenue of $41.4M on 5.5 million bbl/day volumes.
- Adjusted EBITDA of $238.4M and free cash flow of $170.3M for Q3.
- Nine-month net income of $464.2M, up from $358.0M a year earlier.
- Declared $0.60/share quarterly dividend payable December 15, 2026.
Extended-hours last trade $293.81, up +2.14% vs the $287.65 regular close, suggesting a mildly positive after-hours reaction to record results.
Record quarterly results across revenue, net income, and free cash flow confirm TPL's royalty model is scaling with Permian activity and higher oil prices.
TPL's royalty model benefits from Permian development activity and elevated oil prices, with record realized price of $44.97 per Boe in Q3.
Revenue streams are directly tied to commodity prices and customer development/operating decisions; water sales pricing declined sequentially.