TPL

On May 15, 2026, Horizon Kinetics Asset Management reported buying 504,627 shares of WaterBridge Infrastructure (NYSE:WBI), an estimated $12.02 million trade based on quarterly average pricing. According to a SEC filing dated May 15, 2026, Horizon Kinetics Asset Management increased its holding in WaterBridge Infrastructure by 504,627 shares. The estimated value of the shares acquired was $12.02 million, based on the average closing price during the first quarter of 2026. The quarter-end valuation of the position rose by $59.88 million, reflecting both the purchase and price appreciation. WaterBridge Infrastructure now represents 2.1% of Horizon Kinetics Asset Management’s reportable AUM. Top holdings after the filing: As of Monday, shares of WaterBridge Infrastructure were priced at $31.06, up about 55% from their September IPO price of $20. WaterBridge Infrastructure provides water management solutions, including collection, transportation, recycling, and management of produced water for oil and gas operations. The firm operates an integrated water infrastructure network in major U.S. shale basins. It serves oil exploration and production companies, primarily in the Delaware Basin with additional assets in the Eagle Ford and Arkoma basins. WaterBridge Infrastructure LLC is a specialized water management provider supporting the energy sector, with a focus on efficient handling of produced water for oil and gas producers. The company leverages its extensive infrastructure network to deliver reliable and scalable services across key U.S. shale regions. Horizon Kinetics already has exposure to real asset and energy-adjacent plays (top holdings include Texas Pacific Land and LandBridge), so adding to WaterBridge fits neatly into that broader strategy.The company’s latest results suggest demand remains strong. WaterBridge reported first-quarter revenue of $201 million and adjusted EBITDA of $102.9 million, while raising full-year guidance for both produced water volumes and adjusted EBITDA. Management now expects up to 2.725 million barrels per day of produced water handling volume and as much as $465 million in adjusted EBITDA this year.The bigger story may be the company’s Speedway pipeline expansion and growing commercial demand from both existing and new customers. WaterBridge also generated a 51% adjusted EBITDA margin in the quarter. Ultimately, it looks l...

Texas Pacific Land’s first quarter was marked by robust growth in oil and gas royalties and a positive contribution from its water segment, but the market responded negatively to the company’s results. Management pointed to an increase in royalty production and strong water sales volumes as key drivers, while also acknowledging ongoing industry uncertainty around the duration of elevated oil prices. CEO Tyler Glover described operator activity as only “marginally” higher despite higher prices, highlighting that the broader industry response has yet to materialize. Is now the time to buy TPL? Find out in our full research report (it’s free). Revenue: $236.8 million vs analyst estimates of $238.6 million (20.8% year-on-year growth, 0.8% miss) EPS (GAAP): $2.07 vs analyst estimates of $2.02 (2.5% beat) Adjusted EBITDA: $181.4 million vs analyst estimates of $204 million (76.6% margin, 11.1% miss) Operating Margin: 77%, in line with the same quarter last year Market Capitalization: $27.69 billion While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Derrick Whitfield (Texas Capital) asked about the scale and counterparty of the new land and water agreement for the power/data project. CEO Tyler Glover could not disclose specifics but confirmed it was not BOLT-related and noted ongoing talks about using desalinated water in future developments. Derrick Whitfield (Texas Capital) followed up on urgency among hyperscalers and how this opportunity differs from previous years. Glover highlighted that “speed to power” is now a priority, with much grid capacity already committed, making behind-the-meter gas generation and water-intensive data campuses more attractive. Timothy Rezvan (KeyBanc Capital Markets) requested details on the desalination project’s goals and funding. EVP Robert Crain described it as a “research and development at scale” test, emphasizing operational reliability and commercial structure options, including potential partnerships. Timothy Rezvan (KeyBanc Capital Markets) asked about trends in the legacy water and SLEM segments. Crain and Glover advised not to overinterpret single-quarter results, citing activity “...

Texas Pacific Land Corporation's (NYSE:TPL ) stock didn't jump after it announced some healthy earnings. We did some digging and believe investors may be worried about some underlying factors in the report. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'. That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth. For the year to March 2026, Texas Pacific Land had an accrual ratio of 0.45. That means it didn't generate anywhere near enough free cash flow to match its profit. Statistically speaking, that's a real negative for future earnings. To wit, it produced free cash flow of US$43m during the period, falling well short of its reported profit of US$503.6m. Texas Pacific Land's free cash flow actually declined over the last year, but it may bounce back next year, since free cash flow is often more volatile than accounting profits. That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates. As we discussed above, we think Texas Pacific Land's earnings were not supported by free cash flow, which might concern some investors. As a result, we think it may well be the case that Texas Pacific Land's underlying earnings power is lower than its statutory profit. But at least holders can take some solace from the 16% per annum growth in EPS for the last three. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. So while earnings quality...

Image source: The Motley Fool. May 7, 2026 at 10:30 a.m. ET Chief Executive Officer — Tyler Glover Chief Financial Officer — Chris Steddum Executive Vice President, Texas Pacific Water Resources — Robert Crain Vice President of Finance and Investor Relations — Shawn Amini Need a quote from a Motley Fool analyst? Email [email protected] Operator: Ladies and gentlemen, greetings, and welcome to the Texas Pacific Land Corporation First Quarter 2026 Earnings Conference Call. At this time, all participants are in listen-only mode. A brief question and answer session will follow the formal presentation. If anyone requires operator assistance during the conference, as a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Shawn Amini, VP of Finance and Investor Relations. Please go ahead. Shawn Amini: Thank you for joining us today for Texas Pacific Land Corporation's first quarter 2026 earnings conference call. Yesterday afternoon, the company released its financial results and filed its Form 10-Q with the Securities and Exchange Commission. It is available on the investor section of the company's website at texaspacific.com. As a reminder, remarks made on today's conference call may include forward-looking statements. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those discussed today. We do not undertake any obligation to update our forward-looking statements in light of new information or future events. For a more detailed discussion of the factors that may affect the company's results, please refer to our earnings release for this quarter and to our recent SEC filings. During this call, we will also be discussing certain non-GAAP financial measures. More information and reconciliations about these non-GAAP financial measures are contained in our earnings release and SEC filings. Please also note, we may at times refer to our company by our stock ticker, TPL. This morning's conference call is hosted by Texas Pacific Land Corporation's Chief Executive Officer, Tyler Glover, and Texas Pacific Land Corporation's Chief Financial Officer, Chris Steddum, and Executive Vice President of Texas Pacific Water Resources, Robert Crain. Management will make some prepared comments, after which we will open the call for questions. Now I will turn the call over to Ty. Ty...

Texas Pacific (TPL) came out with quarterly earnings of $2.07 per share, beating the Zacks Consensus Estimate of $2.03 per share. This compares to earnings of $1.75 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +1.97%. A quarter ago, it was expected that this landowner would post earnings of $1.73 per share when it actually produced earnings of $1.79, delivering a surprise of +3.47%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Texas Pacific, which belongs to the Zacks Alternative Energy - Other industry, posted revenues of $236.82 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 2.14%. This compares to year-ago revenues of $195.98 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Texas Pacific shares have added about 49.9% since the beginning of the year versus the S&P 500's gain of 6%. While Texas Pacific has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Texas Pacific was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy...

West Texas landowner Texas Pacific Land (NYSE:TPL) fell short of the market’s revenue expectations in Q1 CY2026, but sales rose 20.8% year on year to $236.8 million. Its GAAP profit of $2.07 per share was 2.5% above analysts’ consensus estimates. Is now the time to buy Texas Pacific Land? Find out in our full research report. Revenue: $236.8 million vs analyst estimates of $238.6 million (20.8% year-on-year growth, 0.8% miss) EPS (GAAP): $2.07 vs analyst estimates of $2.02 (2.5% beat) Adjusted EBITDA: $181.4 million vs analyst estimates of $204 million (76.6% margin, 11.1% miss) Operating Margin: 77%, in line with the same quarter last year Free Cash Flow Margin: 57.6%, down from 75.4% in the same quarter last year Market Capitalization: $29.68 billion “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,” said Tyler Glover, Chief Executive Officer of the Company. One of America's largest private landowners with roughly 868,000 acres in the Permian Basin, Texas Pacific Land (NYSE:TPL) owns land in West Texas and earns revenue from oil and gas royalties, water services, and land leases. Cyclical industries such as Energy can make mediocre companies look great for a time, but a long-term view reveals which businesses can actually withstand and adapt to changing conditions. Thankfully, Texas Pacific Land’s 23.7% annualized revenue growth over the last five years was exceptional. Its growth surpassed the average energy upstream and integrated energy company and shows its offerings resonate with customers, a great starting point for our analysis. Within Energy, a singular timeframe, even if it’s quite long-term, only sheds light on how well a company rode the last commodity cycle. To better assess whether a company compounds through cycles, we validate our view with an even longer, ten-year view. Texas Pacific Land’s annualized revenue growth of 31.3% over the last ten years is above its five-year trend. This quarter, Texas Pacific Land generated an excellent 20.8% year-on-year revenue growth rate, but its $236.8 million of revenue fell short of Wall Street’s high expectations. ALSO WORTH WATCHING: Nvidia’s Quiet Partner. Nvidia’s chips cost a hundred grand. The...

DALLAS (AP) — DALLAS (AP) — Texas Pacific Land Corporation (TPL) on Wednesday reported earnings of $142.9 million in its first quarter. The Dallas-based company said it had profit of $2.07 per share. The landowner posted revenue of $236.8 million in the period. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TPL at https://www.zacks.com/ap/TPL

Achieved record quarterly revenue and free cash flow, driven by a 19% year-over-year increase in oil and gas royalty production to approximately 37,001 boe/d. Maintained a deliberate unhedged commodity position to capture direct upside from elevated oil prices, utilizing a strong net cash balance sheet as the primary risk hedge. Attributed royalty growth to robust completion activity by major operators including Occidental, BP, Devon, and Exxon across the Delaware and Midland Basins. Observed only a marginal uptick in recent operator activity due to uncertainty regarding global supply disruptions, though the company expects the industry to ramp rig and frac spread activity over coming quarters if elevated oil prices persist. Reported that operators are increasingly utilizing longer laterals, with new permits and spuds averaging in excess of 13,000 feet, enhancing the value of the existing inventory. Emphasized the company's unique ability to solve developer problems by bundling surface land, water rights, and aggregates for large-scale capital projects. Acknowledged the passing of long-time major shareholder Murray Stall, reaffirming a commitment to his long-term vision for the company's real property assets. Anticipates a potential ramp in rig and frac spread activity in coming quarters if elevated oil price signals persist and global inventories continue to deplete. Projects that Texas will become a dominant global hub for large-scale power and compute, driven by hyperscalers seeking 'behind-the-meter' gas power generation. Expects to provide additional details in the coming months regarding a $43 million land sale agreement structured over 20 years for a power and data development. Aims to evaluate the economic viability of produced water desalination at scale through the imminent startup of the Phase 2B 10,000-barrel-per-day facility. Targets the development of multiple multi-gigawatt energy campuses on company acreage to meet rising demand from AI labs and hyperscalers. Noted that Surface Leases, Easements, and Materials (SLEM) revenue can be 'lumpy' due to the timing of large infrastructure projects like gas pipeline buildouts. Identified 'accrual noise' in the water segment, suggesting a three-quarter trend is more reflective of actual contractual and functional volume growth. Highlighted that while grid power is largely exhausted, the shift to gas-fi...

– Earnings Call to be Held Thursday, May 7, 2026 at 9:30 am CT DALLAS, May 06, 2026--(BUSINESS WIRE)--Texas Pacific Land Corporation (NYSE: TPL) (the "Company," "TPL," "we," "our," or "us"), one of the largest landowners in the State of Texas with surface and royalty ownership that provides revenue opportunities through the support of energy production, today announced its financial and operating results for the first quarter of 2026. First Quarter 2026 Highlights Entered into an arrangement with a developer of a power generation plant to support data center operations. In conjunction with this arrangement, we sold land for aggregate consideration of $42.5 million pursuant to a financing arrangement with the developer, resulting in immediate recognition of $20.9 million in land sale revenue and the recording of a financing receivable. Additionally, we entered into a separate agreement to supply water to the project. On May 5, 2026, TPL’s board of directors (the "Board") appointed Peter Doyle to the Board. Mr. Doyle is a co-founder and the Co-Chief Executive Officer of Horizon Kinetics, which, through various owned subsidiaries, is TPL’s largest shareholder. Oil and gas royalty production of 37.1 thousand barrels of oil equivalent ("Boe") per day As of March 31, 2026, TPL’s royalty acreage had an estimated 5.8 net well permits, 9.6 net drilled but uncompleted wells ("DUCs"), and 5.2 net completed but not producing wells ("CUPs"), totaling 20.7 net wells.(1) TPL had 124.4 net producing wells as of March 31, 2026, and net producing wells added during the quarter had an average lateral length of approximately 10,650 feet. Land and Resource Management segment revenues of $153.6 million Water Services and Operations segment revenues of $83.3 million Consolidated net income of $142.9 million, or $2.07 per share (diluted) Adjusted EBITDA(2) of $181.4 million Free cash flow(2) of $136.4 million Quarterly cash dividend of $0.60 per share was paid on March 16, 2026 "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," said Tyler Glover, Chief Executive Officer of the Company. "TPL generated record quarterly revenue and net income this quarter, supported by robust volu...

Texas Pacific Land (TPL) reported Q1 earnings late Wednesday of $2.07 per diluted share, up from $1.

Texas Pacific Land Corporation TPL is set to release first-quarter 2026 results on May 6, after market close. The Zacks Consensus Estimate for earnings is $2.03 per share on revenues of $242 million. Let’s delve into the factors that might have influenced the Permian Basin landowner’s results for the March quarter. But it’s worth taking a look at TPL’s previous-quarter performance first. In the last reported quarter, the company, which generates its revenues primarily from oil and natural gas royalties, beat the consensus mark on strong royalty production and water sales. Texas Pacific Land had reported net income per share of $1.79, topping the Zacks Consensus Estimate of $1.73. Revenues of $211.6 million also beat the Zacks Consensus Estimate by nearly 4%. Texas Pacific Land Corporation price-eps-surprise | Texas Pacific Land Corporation Quote The Zacks Consensus Estimate for the first-quarter bottom line has remained unchanged in the past seven days. The estimated figure indicates a 16% increase year over year. The Zacks Consensus Estimate for revenues, meanwhile, suggests a 23.5% improvement from the year-ago period. Texas Pacific Land entered first-quarter 2026 with clear operating strength. In fourth-quarter 2025, oil and gas royalty production hit a quarterly record, with organic royalty production up 23% year over year, even excluding the November royalty acquisition. Water sales also crossed 1 million barrels per day for the first time, rising 36%, while produced water royalty volumes increased 22%. For full-year 2025, royalty production grew 29%, produced water royalty volumes rose 25%, and free cash flow reached a record $498 million, up 8%. This favorable setup is likely to lift TPL’s first-quarter 2026 results. But on a somewhat bearish note, a softer oil and gas backdrop could have weighed on Texas Pacific Lands’ to-be-announced first-quarter earnings. Management had previously noted that realized oil prices declined 15% year over year in 2025, partly offsetting stronger production and water volumes. The broader Permian also faced weaker activity, with horizontal rig count down about 26%, pressured by low oil and Waha natural gas prices. TPL’s line-of-sight well inventory (number of wells the company can clearly track and expect to come online) fell to about 19.5, mainly because operators are using up previously drilled but uncompleted wells in...