Dallas, Texas-based Texas Pacific Land Corporation (TPL) is one of the largest private landowners in Texas, operating in the land and resource management and water services businesses. Valued at a market cap of $23.8 billion, the company generates revenue primarily from oil and gas royalties, as well as easements, commercial leases, material sales, and a rapidly growing water services division that supports fracking operations through water sourcing, treatment, and disposal solutions.
Companies valued at $10 billion or more are typically classified as “large-cap stocks,” and TPL fits the label perfectly, with its market cap exceeding this threshold, underscoring its size, influence, and dominance within the oil & gas E&P industry. The company’s key strength lies in its unique asset-light business model, where it earns high-margin revenue from oil and gas royalties, without engaging in any drilling or production itself. Its fixed royalty interests ensure upside exposure to oil and gas activity while minimizing capital risk.
