Risk Sleuth
TPL · 10-K filed 18 Feb 2026 · year to 31 Dec 2025

Texas Pacific Land

18 named things its latest annual report says its results depend on, each in the company's own words. 8 of them are also named by other companies we've read.

Customers

Three major oil and gas operator customers

earns from · approximately 40% of our 2025 revenue
While approximately 40% of our 2025 revenue was derived from only three customers, each of these customers are investment-grade rated and are among the largest companies in the world based on market capitalization.Business (Item 1)

Oil and gas operators on royalty acreage

depends onnamed as a risk
Accordingly, a significant portion of our revenues is reliant on the management and actions of third parties, over whom we have no control.Risk factors (Item 1A)

Suppliers

Ryder Scott Company, L.P.

depends onnamed as a risk
Estimates of our proved, developed and producing reserves and related valuations as of December 31, 2025 were prepared by Ryder Scott, which conducted a well-by-well review of all wells in which we have a mineral or royalty interest for the period covered by its reserve report using information provided by us.Risk factors (Item 1A)

Also named by CRGY, KRP

Partners and platforms

Bolt Data & Energy, Inc.

$50.0 millionnamed as a risk
In December 2025, we made a minority investment of $50.0 million in Bolt Data & Energy, Inc. (“Bolt”) pursuant to a strategic agreement to develop and enable large scale data center campuses and supporting infrastructure across our land.Business (Item 1)

Other companies

Wells Fargo Bank, National Association

depends on · up to $500.0 million
On October 23, 2025, we entered into a credit agreement with Wells Fargo Bank, National Association and certain other lenders (collectively the “Lenders”), which provides for a revolving credit facility (the “Credit Facility”) in the aggregate principal amount of up to $500.0 million.Business (Item 1)

Also named by TYL

Ad valorem tax obligor (third party)

named as a risk
We have received an indication from one such obligor that it does not intend to continue to make ad valorem tax payments related to historical royalty interests.Risk factors (Item 1A)

OPEC and OPEC+

exposed to its pricenamed as a risk
Price fluctuations for oil and gas have been particularly volatile in recent years due to supply and demand factors, worldwide energy conservation measures, OPEC and OPEC+ actions, global conflicts in major oil producing regions, especially in Eastern Europe and the Middle East, and general economic cycles, among other factors.Risk factors (Item 1A)

Decarbonization

named as a risk
Our revenues may be negatively affected by changes driven by trends such as decarbonization efforts.Risk factors (Item 1A)

Places

Permian Basin

concentrated in · approximately 882,000 surface acres
Texas Pacific Land Corporation (which, together with its subsidiaries as the context requires, may be referred to as “TPL,” the “Company,” “our,” “we,” or “us”) is a Delaware Corporation and one of the largest landowners in the State of Texas with approximately 882,000 surface acres of land, principally concentrated in the Permian Basin.Business (Item 1)

Also named by AESI, APA, ARLP, AROC, ATO, CRGY, CVX, DINO and 20 more

Midland Basin

operates in · $450.7 million
In November 2025, we acquired 17,306 NRA located primarily in the Midland Basin in Martin, Howard, Midland, and other counties for an aggregate purchase price of $450.7 million, net of post-closing adjustments, in an all-cash transaction.Business (Item 1)

Also named by COP, FANG, VNOM

Culberson and Reeves counties, Texas

operates innamed as a risk
For example, in January 2024, the Railroad Commission of Texas indefinitely suspended all deep oil and gas produced water injections in Culberson and Reeves counties.Risk factors (Item 1A)

Hazards

Induced seismicity in Delaware and Midland Basins

operates innamed as a risk
The implementation of SRAs could limit the volume of produced water disposed on the Company’s surface within the SRAs or, in certain cases, could direct additional volumes of produced water to SWDs on the Company’s surface outside of SRAs.Risk factors (Item 1A)

Drought and aquifer decline

operates innamed as a risk
Our business and financial results are therefore subject to disruption from natural or human causes beyond our control, including physical risks from severe storms, floods, droughts resulting in aquifer declines and other forms of severe weather, war, accidents, civil unrest, political events, fires, earthquakes, system failures, pipeline disruptions, environmental hazards such as oil and produced water spills, terrorist acts and epidemic or pandemic diseases, any of which could result in a material adverse effect on oil and gas production and, therefore, our results of operations.Risk factors (Item 1A)

Commodities and inputs

Crude oil

exposed to its price · $304,930named as a risk
The oil and gas royalties that we receive are dependent upon the market prices for oil and gas, and decreases in such prices for oil and gas negatively impact the revenue realized on our oil and gas royalties.Risk factors (Item 1A)

Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more

Natural gas

exposed to its price · $37,432named as a risk
Our oil and gas royalties are dependent upon the market prices of oil and gas which fluctuate.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Natural gas liquids (NGL)

exposed to its price · $69,315named as a risk
Market prices for oil and gas are subject to U.S. and global macroeconomic and geopolitical conditions and infrastructure and logistical constraints, amongst others, and, in the past, have been subject to significant price fluctuations.Risk factors (Item 1A)

Also named by AM, APA, AR, CHRD, CNX, CRGY, DOW, DVN and 17 more

Regulators

Railroad Commission of Texas

subject tonamed as a risk
In addition, due to increased seismicity in the Delaware and Midland Basins, the Texas Railroad Commission recently began implementing seismic response areas (“SRAs”) limiting the permitted capacity and use of certain saltwater disposal wells (“SWDs”) for the injection of produced water.Risk factors (Item 1A)

Also named by APA, ATO, DMLP, DVN, MUR, NRG, OKE, PR and 2 more

Technology

Produced water desalination (Transmissive Water Services)

$45.5 millionnamed as a risk
Cumulatively through December 31, 2025, we have spent $45.5 million ($33.6 million during the year ended December 31, 2025) on this new energy-efficient desalination and treatment process and equipment, of which $38.8 million has been capitalized as of December 31, 2025.Business (Item 1)