TPL · CIK 1811074
What Texas Pacific Land Corporation told the SEC could break it.
Everything Texas Pacific Land flagged traces back to a single basin and the commodities produced there. Its oil and gas royalty interests are located solely in the Permian Basin of West Texas and southeast New Mexico, concentrating its revenue in that one region's production, pipeline-takeaway and regulatory dynamics. That revenue rides directly on commodity prices — average WTI oil fell about 15% in 2025 amid OPEC+ actions, geopolitics and tariff-driven uncertainty while Henry Hub gas rose roughly 61%, and negative Waha Hub differentials from limited Permian takeaway weigh on its realizations. Its counterparties are likewise a limited universe of oil and gas operators working on or near its land in the basin, concentrating its royalty and surface revenue in a small set of companies.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- oil and natural gas prices (royalty revenue)high
TPL's oil & gas royalty revenue moves with commodity prices — average WTI fell ~15% in 2025 (OPEC+, geopolitics, tariff-driven uncertainty) while Henry Hub gas rose ~61%; Waha Hub negative differentials from limited Permian takeaway also weigh on realizations.
“Average West Texas Intermediate (“WTI”) oil prices for the year ended December 31, 2025 were down approximately 15% compared to average WTI oil prices during the same period last year. Oil prices continue to be impacted by certain actions by OPEC+, geopolitics, and evolving global supply and demand trends, among other factors.”
Geographic concentration
- Permian Basin single-basin concentrationhigh
TPL's oil & gas royalty interests are located solely in the Permian Basin (West Texas and southeast New Mexico), concentrating revenue in one basin's production, takeaway and regulatory dynamics.
“Our oil and gas royalty interests are located solely in the United States in the Permian Basin.”
SEC filing →As of 2026
Customer concentration
- limited universe of Permian operatorsmedium
TPL's customers/operators are a limited universe of oil & gas companies operating on or near its land in the Permian Basin, concentrating royalty and surface revenue in a small set of counterparties.
“Further, the choice of with whom we do business largely depends on location of mineral royalties and surface rights on or near our assets and consists of a limited universe of oil and gas companies that operate in the Permian Basin.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Bolt
“Additionally, as discussed above under “Recent Developments,” we recently entered into a strategic agreement with Bolt to develop and enable large scale data center campuses and supporting infrastructure across our land.”
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