Texas Pacific Land Corp (TPL) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that Texas Pacific Land Corp surfaced in its latest filing.

• Ryder Scott Company, L.P. prepared proved developed producing reserve estimates as of December 31, 2025.December 31, 2025
• In January 2024, the Railroad Commission of Texas indefinitely suspended all deep oil and gas produced water injections in Culberson and Reeves counties.January 2024
• A third party assumed the obligation to pay ad valorem taxes on certain royalty interests, now the obligation of its successors in interest. One such obligor has indicated it does not intend to continue making ad valorem tax payments. TPL has accrued and/or paid such ad valorem taxes since January 1, 2022 to protect royalty interests from tax liens and intends to seek reimbursement, but no loss recovery receivable has been recorded as of December 31, 2025.January 1, 2022
• In December 2025, the company made a minority investment of $50.0 million in Bolt pursuant to a strategic agreement to develop and enable large scale data center campuses and supporting infrastructure across its land, receiving an equity interest, warrants, and a right of first refusal to supply water to Bolt-affiliated projects.December 2025
• Board approved a stock repurchase program effective January 1, 2023 for up to $250.0 million of Common Stock. During 2025, the Company repurchased 27,000 shares for $8.4 million.January 1, 2023