Texas Pacific Land Corporation is one of the largest private landowners in Texas, holding approximately 882,000 surface acres and 224,000 net royalty acres concentrated in the Permian Basin. The company generates revenue through two core segments: Land and Resource Management, which collects oil and gas royalties from nonparticipating perpetual royalty interests, leases surface acreage for easements and infrastructure, and pursues emerging opportunities in renewable energy and carbon capture; and Water Services and Operations, which sources, treats, and sells water to oil and gas operators and invests in desalination technology to recycle produced water. TPL operates a capital-light business model focused on recurring passive revenues from oil and gas royalties, easement fees, and water services, with a customer base concentrated among major oil and gas operators in the Permian Basin.