Owns ~880k acres of Permian surface plus oil & gas royalty interests and a large water services/infrastructure business; royalty production reached ~34.6 mboe/d in FY2025 with revenue of ~$0.80bn and adjusted EBITDA of ~$0.69bn at ~86% margin.
Debt-free with a net-cash balance sheet, ~69m shares and a premium multiple; an atypical M&A target given S&P 500 membership, no capex burden and structurally high ROACE, but concentrated entirely in the Permian Basin.
Its EV/EBITDA of 41.9x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 1.7% is lower than the 6.5% median, and at $240.00/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Texas Pacific Land Corporation scores 49/100, strongest on asset quality (74/100). Sub-scores: value 9, quality 74, growth 73, risk 35 (higher = riskier).
Texas Pacific Land Corporation holds approximately 0.12 billion boe of proved (1P) reserves with FY2025 production of about 35 thousand boe/d (69% liquids), a reserve life of roughly 9.5 years. Break-even: n/a (royalty + surface + water model) — land/royalty/water; no drilling capex; economics driven by Permian activity on its acreage
For Texas Pacific Land Corporation, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United States | 100% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Land & Resource Management | United States | Oil & gas royalty | royalty interest across ~880k surface acres; core cash engine tied to Permian drilling/completion activity |
| Land & Resource Management | United States | Surface leases / easements | revenue from pipeline, road, facility and other surface-use easements on owned acreage |
| Water Services & Operations | United States | Water sourcing/sales | sale of sourced and treated water to E&P operators; ~$0.17bn FY2025 water sales |
| Water Services & Operations | United States | Produced-water royalties | royalties on operator-disposed produced water; ~$0.12bn FY2025 revenue |
| Land & Resource Management | United States | Land / surface ownership | fee-simple surface acreage underpinning royalty, easement and water franchise optionality |
| Water Services & Operations | United States | Water infrastructure | gathering, disposal and treatment infrastructure supporting Permian operators |
| Land & Resource Management | United States | Materials / other | caliche, aggregate sales and miscellaneous surface-related income |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 20 | 22 | 24 | 27 | 35 |
| Proved reserves (bnboe) | 0.08 | 0.09 | 0.10 | 0.11 | 0.12 |
| Revenue ($bn) | 0.5 | 0.7 | 0.6 | 0.7 | 0.8 |
| EBITDA ($bn) | 0.4 | 0.6 | 0.5 | 0.6 | 0.7 |
| Net income ($bn) | 0.3 | 0.5 | 0.4 | 0.5 | 0.5 |
| Free cash flow ($bn) | 0.2 | 0.4 | 0.4 | 0.5 | 0.5 |
Enter your email and we'll open a print-ready one-page tearsheet for Texas Pacific Land Corporation — and add you to the monthly oil & gas valuation screen.
✓ FY2025 figures verified against primary sources: