Texas Pacific Land Corp Q1 FY26 Results

For the first quarter of 2026, TPL’s core business performance remained strong, and we are closing in on significant milestones in our emerging opportunities in produced water desalination and land opportunities involving data centers and power generation. TPL generated record quarterly revenue and net income this quarter, supported by robust volumes across oil and gas royalties, water sales, and produced water royalties. With our unhedged commodity position, we will fully capture the upside from elevated commodity prices. During the quarter, we completed a land sale related to a large-scale data center and power generation project. As part of that transaction, TPL secured a water supply agreement for the gas-powered generation and an option to provide additional water to the data center facility. The urgency amongst hyperscalers, AI labs, and developers to advance projects in West Texas has noticeably increased compared to a year ago, and our ongoing commercial conversations in this area are progressing well. In addition, our 10,000 barrel per day produced water desalination R&D test facility in Orla, Texas is nearing completion and is on track to receive its first inlet barrels in the coming weeks.

This is a bittersweet privilege on the heels of Murray Stahl’s sudden passing. I fully intend on preserving Murray’s legacy and advocating on behalf of Horizon Kinetics and all shareholders, and I will endeavor as the newest director to serve the Board with the utmost dedication and ability. TPL has long been, and will continue to be, a major holding across our investment funds and vehicles, and we remain of the steadfast belief that TPL’s best days are ahead.