Texas Pacific Land (TPL) Q3 FY25 earnings call

Earnings call· Sep 2025 (Q3 FY25)· Energy· Nov 6, 2025

Source: earnings call transcript

Texas Pacific Land Corporation delivered record Q3 FY25 results in royalty production and water sales, driven by strategic acquisitions and infrastructure investments. The company successfully navigated a low commodity price environment by leveraging its strong balance sheet and new credit facility to consolidate high-quality Permian assets. Management remains focused on long-term value creation and exploiting commercial potential, particularly in water and next-gen opportunities like data centers.

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TPL operating KPIs by quarter

TPL operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Mar 2025 Q1 FY25	Jun 2025 Q2 FY25	This call Sep 2025 Q3 FY25	Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Production Royalty	~29.1K boe/d Fourth quarter 2024 royalty production of approximately 29,100 barrels of oil equivalent per day represents an 11% increase compared to the same period last year and a 3% increase sequentially as activity remains robust in our Loving County, Central Midland Basin and Northern Reeves County subregions. Source: earnings call transcript	~31.1K boe/d Oil and gas royalty production averaged approximately 31,100 barrels of oil equivalent per day, representing 7% growth sequential quarter-over-quarter and 25% growth year-over-year. Source: earnings call transcript	33.2K boe/d Oil and gas royalty production of 33,200 barrels of oil equivalent per day also represents a company record. Source: earnings call transcript	~36.3K boe/d Oil and gas royalty production achieved a record of approximately 36,300 barrels of oil equivalent per day representing 9% sequential increase and a 28% increase year-over-year. Source: earnings call transcript	—	~37.1K boe/d Oil and gas royalty production averaged approximately 37,100 barrels of oil equivalent per day, roughly flat sequentially, and up roughly 19% year-over-year. Source: earnings call transcript	~39.7K boe/d Oil and gas royalty production averaged approximately 39,700 barrels of oil equivalent per day, up 7% sequentially and 20% year-over-year. Source: earnings call transcript	—
Produced water royalty volumes	~4M bbl/d Quarterly produced water royalty volumes grew 8% sequentially and 44% year-over-year to approximately 4 million barrels per day, benefiting from our new volumes into our out-of-basin pore space in Andrews County that we acquired in 2023. Source: earnings call transcript	—	—	—	—	—	4.9M bbl/d Produced water royalty volumes were 4.9 million barrels per day during the quarter, which represents growth of 6% sequentially and 15% year-over-year, driven by strong demand for TPL's in-basin and out-of-basin pore space. Source: earnings call transcript	—
Net permitted wells	6.4 As of quarter end, we had 6.4 net permitted wells, 13.2 net DUCs and 3.0 net completed but not producing wells. Source: earnings call transcript	—	6 As of quarter end, TPL had 6 net permitted wells, 11.1 net drilled but uncompleted wells and 5.1 net completed but not producing wells. Source: earnings call transcript	6.1 As of quarter end, TPL had 6.1 net permitted wells, 9.9 net drilled but uncompleted wells and 3.1 net completed but not producing wells. Source: earnings call transcript	5.6 As of quarter end, TPL had 5.6 net permitted wells, 9.8 net drilled but uncompleted wells, are commonly referred to as DUCs, and 4.0 net completed but not producing wells. Source: earnings call transcript	5.8 As of quarter end, TPL had 5.8 net permitted wells, 9.6 net drilled but uncompleted wells or commonly referred to as DUCs, and 5.2 net completed but not producing wells. Source: earnings call transcript	5.6 As of quarter end, TPL had 5.6 net permitted wells, 9.5 net drilled but uncompleted wells or commonly referred to as DUCs and 3.4 net completed but not producing wells. Source: earnings call transcript	-3.4%
Net DUCs	13.2 As of quarter end, we had 6.4 net permitted wells, 13.2 net DUCs and 3.0 net completed but not producing wells. Source: earnings call transcript	12.9 As of quarter end, we had 5.9 net permanent wells, 12.9 net drilled but uncompleted wells, otherwise known as DUCs, and 5.4 net completed but not producing wells, otherwise known as CUPs. Source: earnings call transcript	11.1 As of quarter end, TPL had 6 net permitted wells, 11.1 net drilled but uncompleted wells and 5.1 net completed but not producing wells. Source: earnings call transcript	9.9 As of quarter end, TPL had 6.1 net permitted wells, 9.9 net drilled but uncompleted wells and 3.1 net completed but not producing wells. Source: earnings call transcript	9.8 As of quarter end, TPL had 5.6 net permitted wells, 9.8 net drilled but uncompleted wells, are commonly referred to as DUCs, and 4.0 net completed but not producing wells. Source: earnings call transcript	9.6 As of quarter end, TPL had 5.8 net permitted wells, 9.6 net drilled but uncompleted wells or commonly referred to as DUCs, and 5.2 net completed but not producing wells. Source: earnings call transcript	9.5 As of quarter end, TPL had 5.6 net permitted wells, 9.5 net drilled but uncompleted wells or commonly referred to as DUCs and 3.4 net completed but not producing wells. Source: earnings call transcript	-1%
Net completed but not producing wells	3 As of quarter end, we had 6.4 net permitted wells, 13.2 net DUCs and 3.0 net completed but not producing wells. Source: earnings call transcript	5.4 As of quarter end, we had 5.9 net permanent wells, 12.9 net drilled but uncompleted wells, otherwise known as DUCs, and 5.4 net completed but not producing wells, otherwise known as CUPs. Source: earnings call transcript	5.1 As of quarter end, TPL had 6 net permitted wells, 11.1 net drilled but uncompleted wells and 5.1 net completed but not producing wells. Source: earnings call transcript	3.1 As of quarter end, TPL had 6.1 net permitted wells, 9.9 net drilled but uncompleted wells and 3.1 net completed but not producing wells. Source: earnings call transcript	4 As of quarter end, TPL had 5.6 net permitted wells, 9.8 net drilled but uncompleted wells, are commonly referred to as DUCs, and 4.0 net completed but not producing wells. Source: earnings call transcript	5.2 As of quarter end, TPL had 5.8 net permitted wells, 9.6 net drilled but uncompleted wells or commonly referred to as DUCs, and 5.2 net completed but not producing wells. Source: earnings call transcript	3.4 As of quarter end, TPL had 5.6 net permitted wells, 9.5 net drilled but uncompleted wells or commonly referred to as DUCs and 3.4 net completed but not producing wells. Source: earnings call transcript	-34.6%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.