tpl-20250630

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 June 30, 2025

☐ 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 jurisdiction of incorporation or organization:						IRS Employer Identification No.:
Delaware						75-0279735

Address of principal executive offices:

1700 Pacific Avenue, Suite 2900 Dallas, Texas 75201

Registrant’s telephone number, including area code:

(214) 969-5530

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock
(par value $.01 per share)

TPL

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

As of July 31, 2025, there were 22,987,326 shares of the registrant’s common stock, par value $0.01 per share, outstanding.

TEXAS PACIFIC LAND CORPORATION

Form 10-Q

For the Quarter Ended June 30, 2025

Table of Contents

Page No.

PART I

FINANCIAL INFORMATION

Item 1.

Financial Statements (unaudited)

Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024

Condensed Consolidated Statements of Income and Total Comprehensive Income for the Three and Six Months Ended June 30, 2025 and 2024

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024

Notes to Condensed Consolidated Financial Statements

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

PART I. FINANCIAL INFORMATION

Item 1.Financial Statements.

TEXAS PACIFIC LAND CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except shares and per share amounts)

(Unaudited)


	June 30, 2025		December 31, 2024
ASSETS
Cash and cash equivalents	$	543,930	$	369,835
Accounts receivable and accrued receivables, net	114,314		126,670
Prepaid expenses and other current assets	9,256		5,318
Tax like-kind exchange escrow	—		1,546

Total current assets	667,500		503,369
Royalty interests acquired, net	416,048		432,401
Real estate acquired	147,683		143,178
Property, plant and equipment, net	127,949		122,578
Intangible assets, net	34,017		35,188
Real estate and royalty interests assigned through the Declaration of Trust, no value assigned:
Land (surface rights)	—		—
1/16th and 1/128th nonparticipating perpetual royalty interests	—		—


Other assets	11,467		11,306
Total assets	$	1,404,664	$	1,248,020
LIABILITIES AND EQUITY
Accounts payable and accrued expenses	$	26,987	$	26,958
Ad valorem and other taxes payable	4,958		8,418
Income taxes payable	4,181		4,388
Unearned revenue	9,000		6,797
Total current liabilities	45,126		46,561
Deferred taxes payable	48,730		47,401
Unearned revenue - noncurrent	21,218		20,636

Accrued liabilities - noncurrent	646		957
Total liabilities	115,720		115,555

Commitments and contingencies (Note 12)	—		—

Equity:
Preferred stock, $0.01 par value; 1,000,000 shares authorized, none outstanding as of June 30, 2025 and December 31, 2024	—		—
Common stock, $0.01 par value; 46,536,936 shares authorized as of June 30, 2025 and December 31, 2024, 22,987,326 and 22,971,803 outstanding as of June 30, 2025 and December 31, 2024, respectively	231		231
Treasury stock, at cost; 98,750 and 114,273 shares as of June 30, 2025 and December 31, 2024, respectively	(144,727)		(168,843)
Additional paid-in capital	5,433		19,900
Accumulated other comprehensive income	3,505		3,583
Retained earnings	1,424,502		1,277,594
Total equity	1,288,944