After reaching an important support level, Texas Pacific (TPL) could be a good stock pick from a technical perspective. TPL surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend. TPL has rallied 19.5% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests TPL could be on the verge of another move higher. With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep the ...

For those looking to find strong Oils-Energy stocks, it is prudent to search for companies in the group that are outperforming their peers. Texas Pacific (TPL) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? By taking a look at the stock's year-to-date performance in comparison to its Oils-Energy peers, we might be able to answer that question. Texas Pacific is one of 248 individual stocks in the Oils-Energy sector. Co ...

While there are numerous reasons why the stock of this landowner is a great growth pick right now, we have highlighted three of the most important factors below: Earnings Growth Arguably nothing is more important than earnings growth, as surging profit levels is what most investors are after. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration. Investors seek growth ...

Texas Pacific Land Corporation (NYSE:TPL) Q1 2024 Earnings Conference Call May 9, 2024 8:30 AM ET Company Participants Shawn Amini - Vice President, Finance and Investor Relations Tyler Glover - Chief Executive Officer Robert Crain - Executive Vice President, Texas Pacific Water Resources Chris Steddum - Chief Financial Officer Conference Call Participants Hamed Khorsand - BWS Financial John Annis - Stifel Operator Greetings and welcome to Texas Pacific Land Corporation First Quarter 2024 Earnings Call. [Op ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number: 1-39804 Exact name of registrant as specified in its charter: Texas Pacific Land Corporation State or other jurisdict ...

Exhibit 99.1 TEXAS PACIFIC LAND CORPORATION ANNOUNCES FIRST QUARTER RESULTS AND RECORD WATER SEGMENT REVENUES Earnings Call to be held 7:30 am CT on Thursday, May 9, 2024 DALLAS, TX (May 8, 2024) – Texas Pacific Land Corporation (NYSE: TPL) (the "Company" or "TPL") today announced its financial and operating results for the first quarter of 2024. First Quarter 2024 Highlights Reconciliations of Non-GAAP measures are provided in the tables below. (1) "Driven by the continued strength of our surface-derived c ...

Texas Pacific Land Corporation (NYSE:TPL) Q4 2023 Earnings Conference Call February 22, 2024 8:30 AM ET Company Participants Shawn Amini - Finance and Investor Relations Ty Glover - Chief Executive Officer Chris Steddum - Chief Financial Officer Conference Call Participants Hamed Khorsand - BWS Financial Nate Pendleton - Stifel Operator Ladies and gentlemen, good morning, and welcome to the Texas Pacific Land Corporation Fourth Quarter 2023 Earnings Conference Call. At this time, all participants are in a l ...

Financial Performance - Total revenues for 2023 were $631,595,000, a decrease of 5.4% from $667,422,000 in 2022[21] - Net income for 2023 was $405,645,000, down 9.1% from $446,362,000 in 2022[21] - The Land and Resource Management segment generated total revenue of $432,105,000 in 2023, accounting for 69% of consolidated revenue[28] - Water Services and Operations segment revenue for 2023 was $199,490,000, representing 31% of consolidated revenue, up from $160,447,000 (24%) in 2022 and $130,571,000 (29%) in 2021[35] - Adjusted EBITDA for 2023 was $541.4 million, down from $591.8 million in 2022, a decrease of 8.5%[176] - Free Cash Flow for 2023 was $415.5 million, compared to $451.6 million in 2022, reflecting a decline of 8.0%[176] Revenue Sources - Oil and gas royalties accounted for 57% of the Land and Resource Management segment revenue in 2023, totaling $357,394,000[28] - Revenue from easements and other surface-related income increased to $67,905,000 in 2023, representing 11% of total segment revenue[28] - Water sales increased by 21.8% in volume during 2023 compared to 2022, contributing to the revenue growth[36] - Oil and gas royalty revenue decreased by 21.0% to $357.4 million for the year ended December 31, 2023, with average realized prices declining 30.0% to $42.58 per Boe[162] - Water sales revenue increased by 32.4% to $112.2 million in 2023, driven by a 21.8% increase in water sales volumes[170] - Produced water royalties increased to $84.3 million in 2023 from $72.2 million in 2022, reflecting higher produced water volumes[171] Operational Highlights - The number of drilled but uncompleted (DUC) wells under the company's royalty interest increased to 675 in 2023 from 584 in 2022[30] - The average total equivalent price for oil and gas was $42.58 per barrel of oil equivalent (Boe) in 2023, a decrease of 30.0% from $60.81 per Boe in 2022[29] - The average WTI Cushing price per barrel in 2023 was $77.58, down from $94.90 in 2022, while the Henry Hub average price per mmbtu decreased from $6.45 to $2.53[133] - Oil production volumes increased to 3,701 MBbls in 2023 from 3,401 MBbls in 2022, representing an 8.8% increase[164] - The average monthly horizontal permits in the Permian Basin decreased to 499 in 2023 from 627 in 2022, and the average monthly horizontal wells drilled fell to 422 from 511[133] - The average weekly horizontal rig count in the Permian Basin was 323 in 2023, slightly up from 318 in 2022[133] Strategic Initiatives - The company is exploring new opportunities in renewable energy and technology, including carbon capture and bitcoin mining facilities[26] - The company has a long-term strategy focused on optimizing cash flow margins with low ongoing capital expenditure requirements[16] - The company invested $15.2 million in TPWR projects and acquired groundwater rights for $3.8 million to enhance water sourcing assets[37] - A saltwater disposal easement was acquired for $17.6 million, covering approximately 49,000 acres, providing future disposal opportunities[37] Risk Factors - The business is subject to fluctuations in oil and gas market prices, which can impact revenues from oil and gas royalties[56] - Future revenue may be negatively impacted by industry trends such as decarbonization and shifts towards renewable energy sources, affecting demand for oil and natural gas[62] - Cybersecurity threats pose a significant risk to the company's operations, as reliance on digital technologies increases vulnerability to attacks and data breaches[63] - Supply chain risks, including material shortages and price increases due to macroeconomic conditions, could adversely affect the company's revenues and operating costs[67] - The evolving regulatory and legal environment may impact the company's operations and financial performance, necessitating ongoing adjustments to compliance strategies[84] Corporate Governance - The company completed its Corporate Reorganization from a business trust to a corporation on January 11, 2021, changing its name from Texas Pacific Land Trust to Texas Pacific Land Corporation[200] - Rhys J. Best became the Chair of the Board on November 10, 2023, and no longer serves on any committees of the Board[202] - General Donald G. Cook has extensive governance experience and served on the board of Burlington Northern Santa Fe Railroad during its sale to Berkshire Hathaway in a transaction valued at $44 billion[203] - Barbara J. Duganier has been a member of the Board since January 11, 2021, and previously held various leadership positions at Accenture, including Global Chief Strategy Officer[207] - Donna E. Epps served as an attest Partner at Deloitte LLP from 1998 through 2003 and has over 30 years of experience in risk and financial advisory[209] - Karl F. Kurz has extensive private equity experience and previously served as Chief Operating Officer at Anadarko Petroleum Corporation[211] Environmental and Safety Measures - The company reported zero spills of produced water in 2023 and 2022, highlighting its focus on environmental safety[48] - The company has spent $15.8 million on electric infrastructure to reduce costs and emissions, reflecting its commitment to sustainability[48] - The company has established a comprehensive cybersecurity program aligned with the NIST Cybersecurity framework to manage material risks from cybersecurity threats[96] - The company conducts annual external penetration testing and disaster recovery testing to evaluate its cybersecurity risk program[99] - The company has implemented annual information security training for all employees to raise awareness of potential cybersecurity threats[106]

[Texas Pacific Land Corporation Fourth Quarter and Full Year 2023 Results](index=1&type=section&id=Texas%20Pacific%20Land%20Corporation%20Fourth%20Quarter%20and%20Full%20Year%202023%20Results) [Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) The company achieved record quarterly royalty production in Q4 2023, driving the year's strongest revenue and free cash flow Q4 2023 Key Metrics | Metric | Value | | :--- | :--- | | Net Income | $113.1 million | | Revenues | $166.7 million | | Adjusted EBITDA | $150.9 million | | Free Cash Flow | $116.3 million | | Royalty Production | 26.3k Boe/day (Record High) | | Stock Repurchases | $10.2 million | Full Year 2023 Key Metrics | Metric | Value | | :--- | :--- | | Net Income | $405.6 million | | Revenues | $631.6 million | | Adjusted EBITDA | $541.4 million | | Free Cash Flow | $415.5 million | | Royalty Production | 23.5k Boe/day | | Stock Repurchases | $42.4 million | | Total Cash Dividends | $100.0 million | [Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlighted Q4's record performance and noted that full-year business diversification offset lower commodity prices - Q4 2023 was the strongest quarter of the year, with the **highest consolidated revenues and free cash flow**, driven by robust oil and gas royalty production[5](index=5&type=chunk) - For the full year 2023, **record revenues from the Water segment** and nearly **50% year-over-year growth in easements** substantially offset lower commodity prices[5](index=5&type=chunk) - The company is well-positioned for 2024 to capitalize on growth opportunities, supported by its Permian footprint and **large net cash balance**[7](index=7&type=chunk) [Financial Results](index=3&type=section&id=Financial%20Results) Financial results reflect a contrast between higher production volumes and the negative impact of lower commodity prices [Fourth Quarter 2023 Financial Results](index=3&type=section&id=Fourth%20Quarter%202023%20Financial%20Results) Q4 net income and revenue grew year-over-year, driven by increased water income, easements, and production volumes Q4 2023 vs Q4 2022 Financials | Metric | Q4 2023 | Q4 2022 | | :--- | :--- | :--- | | Net Income | $113.1 million | $99.7 million | | Total Revenues | $166.7 million | $152.7 million | | Operating Expenses | $32.8 million | $28.5 million | - The increase in revenue was principally due to a combined **$10.1 million increase in water sales and royalties** and an **$8.3 million increase in easements**[8](index=8&type=chunk) - Royalty production increased to **26.3k Boe/d** from 21.3k Boe/d YoY, while the average realized price per Boe fell from **$51.57 to $42.81**[8](index=8&type=chunk) [Full Year 2023 Financial Results](index=3&type=section&id=Full%20Year%202023%20Financial%20Results) Full-year net income and revenue declined due to a significant drop in oil and gas royalty revenue from lower prices Full Year 2023 vs 2022 Financials | Metric | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Net Income | $405.6 million | $446.4 million | | Total Revenues | $631.6 million | $667.4 million | | Operating Expenses | $145.5 million | $105.1 million | - Excluding an $8.7 million settlement, oil and gas royalty revenue **decreased by $103.7 million** compared to 2022, as the average realized price per Boe fell to **$42.58**[11](index=11&type=chunk) - The revenue decline was partially offset by a combined **$39.5 million increase in water-related income** and a **$22.9 million increase in easements**[11](index=11&type=chunk) - The **$40.4 million increase in total operating expenses** was principally related to increases in legal and water service-related expenses[12](index=12&type=chunk) [Shareholder Returns and Corporate Governance](index=3&type=section&id=Shareholder%20Returns%20and%20Corporate%20Governance) The company declared a quarterly dividend and is actively considering a stockholder proposal regarding special meetings - On February 13, 2024, the Board declared a quarterly cash dividend of **$3.50 per share**[13](index=13&type=chunk) - The Board is evaluating a stockholder proposal to grant stockholders the right to call a special meeting, with a final recommendation pending[14](index=14&type=chunk) - During the full year 2023, TPL returned capital to shareholders via **$100.0 million in total cash dividends** and **$42.4 million in stock repurchases**[5](index=5&type=chunk) [Segment Operating Results](index=8&type=section&id=Segment%20Operating%20Results) The Water Services segment grew significantly in 2023, increasing its contribution to total revenue and net income Full Year Segment Revenue (in thousands) | Segment | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Land and Resource Management | $432,105 | $506,975 | | Water Services and Operations | $199,490 | $160,447 | | **Total Consolidated Revenues** | **$631,595** | **$667,422** | Full Year Segment Net Income (in thousands) | Segment | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Land and Resource Management | $306,706 | $365,041 | | Water Services and Operations | $98,939 | $81,321 | | **Total Consolidated Net Income** | **$405,645** | **$446,362** | - The Water Services and Operations segment's share of total revenue grew from **24% in 2022 to 31% in 2023**, while its share of total net income grew from **18% to 24%**[28](index=28&type=chunk) [Financial Statements and Reconciliations](index=6&type=section&id=Financial%20Statements%20and%20Reconciliations) Detailed statements show increased production volumes offset by lower commodity prices, impacting full-year profitability [Financial and Operational Results (Detailed Tables)](index=6&type=section&id=Financial%20and%20Operational%20Results%20(Detailed%20Tables)) Higher production volumes in 2023 were insufficient to overcome a sharp decline in realized prices for oil and gas Production and Price Comparison (Full Year) | Metric | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Equivalents per day (MBoe/d) | 23.5 | 21.3 | | Realized Oil Price ($/Bbl) | $77.33 | $94.69 | | Realized Gas Price ($/Mcf) | $2.23 | $6.19 | | Realized Equivalents ($/Boe) | $42.58 | $60.81 | [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Full-year revenues and net income decreased, driven by lower oil and gas royalties and higher operating expenses Income Statement Summary (Full Year, in thousands) | Line Item | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Total Revenues | $631,595 | $667,422 | | Total Operating Expenses | $145,542 | $105,115 | | Operating Income | $486,053 | $562,307 | | Net Income | $405,645 | $446,362 | | Diluted EPS | $52.77 | $57.77 | [Non-GAAP Performance Measures](index=9&type=section&id=Non-GAAP%20Performance%20Measures) Non-GAAP metrics like Adjusted EBITDA and Free Cash Flow declined in 2023, consistent with lower net income - The company defines Free Cash Flow as Adjusted EBITDA less current income tax expense and capital expenditures[31](index=31&type=chunk) Non-GAAP Reconciliation Summary (Full Year, in thousands) | Metric | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Net Income | $405,645 | $446,362 | | Adjusted EBITDA | $541,442 | $591,814 | | Free Cash Flow | $415,494 | $451,617 | [Company Overview](index=5&type=section&id=About%20Texas%20Pacific%20Land%20Corporation) TPL is a major Texas landowner that monetizes its Permian-focused surface and royalty assets without producing oil and gas - TPL is a major landowner in Texas with approximately **868,000 acres**, primarily in the Permian Basin[17](index=17&type=chunk) - The company is not an oil and gas producer but generates revenue from its **surface and royalty ownership**[17](index=17&type=chunk) - Key revenue streams include land use payments, material sales, water services, oil and gas royalties, and infrastructure easements[17](index=17&type=chunk)

Financial Data and Key Metrics Changes - Total consolidated revenue for Q3 2023 was $158 million, with net income at $106 million, and adjusted EBITDA of $141 million, reflecting a 6% increase compared to the prior sequential quarter [35] - Free cash flow was approximately $106 million, and the company exited the quarter with approximately $660 million in cash on the balance sheet [20] - Royalty production decreased by 12% sequentially to approximately 21,800 barrels of oil equivalent per day, while the realized price per barrel of oil equivalent increased by 19% to approximately $45 [20] Business Line Data and Key Metrics Changes - Revenues from the produced water segment increased by 9% year-over-year, with third quarter 2023 source water sales volumes at approximately 545,000 barrels per day, indicating high utilization across the system [6][16] - The surface leases, easements, and materials segment (SLEM) benefited from robust pipeline easements driven by expanding infrastructure development in the Permian [5] - Sand royalties reached just under $1 million in the last quarter, with expanded caliche sales into New Mexico contributing positively [30] Market Data and Key Metrics Changes - Benchmark prices for oil, gas, and NGLs rose over the prior sequential quarter, leading to improved realizations relative to benchmark prices [10] - Rig counts in the overall Permian have declined by approximately 10% compared to last year, but more than 50 rigs are currently operating on TPL acreage, up from approximately 42 rigs last year [18] Company Strategy and Development Direction - The company is well-positioned to succeed through various market environments, supported by a strong backlog of completed wells and high levels of ongoing new permits [8] - The management emphasized the importance of infrastructure and logistics, which are expected to improve with additional natural gas takeaway capacity coming online [15] - The company is expanding its footprint in water sales and treatment, indicating a strategic focus on increasing water revenue as completions activity ramps up [28] Management's Comments on Operating Environment and Future Outlook - Management noted that elevated temperatures and brownouts had previously impacted production, but these issues have subsided, allowing for improved development activities [15] - The company expects production growth in the coming year, driven by a high number of permits and quicker turnaround times for permits to production [39] - Management highlighted that the timing of permit to spud and spud to completion has compressed considerably in 2023 compared to prior years, indicating operational efficiency [33] Other Important Information - The company maintained its $3.25 per share dividend and repurchased approximately 3,600 shares of common stock for about $6 million [10] - The company will host its 2023 Annual Meeting in Dallas, encouraging shareholders to review proxy materials [34] Q&A Session Summary Question: Production impact split between elevated temperatures and brownouts versus delayed TILs - Management indicated that the production was likely more heavily impacted by delays in TILs due to larger pad developments, which caused lumpier near-term production [22][23] Question: Future water sales outlook - Management stated that water sales typically parallel completions activity, and with a high number of permits and spud activity, there is an expectation for increased water sales in the coming quarters [28][45] Question: Contributors to easement revenue - The primary contributors to easement revenue have been pipeline easements and material sales, driven by significant infrastructure build-out [46]